Aggregate group revenue up by over 14% thanks to growth in all the industrial portfolio companies. Italmobiliare closes the period with a stable nav of more than 2.2 billion euro and positive cash of 273.8 million to support portfolio growth.
- The Italmobiliare Group continued to grow in the first quarter of the year, with revenue increasing for all the main industrial affiliates. At an aggregate level, revenue of the Industrial Portfolio Companies grew by 14.3% to 375.4 million euro, with a gross operating profit of 24.2 million.
- Specifically, of the main industrial portfolio companies:
- Revenue up 6.3% to 88.9 million euro for Caffè Borbone, which confirms its position as the leading brand in single-serve coffee sales by volume in the large-scale retail trade, while continuing to expand abroad.
- Officina Profumo-Farmaceutica di Santa Maria Novella is showing revenue growth of 20.6% to 14.3 million with EBITDA doubled thanks to a good performance on the part of all sales channels and product categories.
- CDS-Casa della Salute continues its development path, with revenue and EBITDA increasing by 23% and 13.3% respectively.
- SIDI closes the quarter with a significant growth in turnover of 8.3 million (+32.8%) thanks to a good performance by the motorbike and bicycle segments.
- Among the other Portfolio Companies, double-digit growth has been seen in the revenue of Tecnica Group (+13.6%), Iseo (+17.8%) and Bene Assicurazioni (+21.3%).
- The Net Asset Value of Italmobiliare S.p.A. is equal to 2,222.4 million euro, with a positive net performance of 6.6 million euro compared with the figure at December 31, 2024.
- The net financial position of Italmobiliare S.p.A. at March 31, 2025 is positive and stands at 273.8 million euro.
- During the period, the Group continued on the decarbonisation path undertaken, guided by the methodological approach of the Science Based Targets initiative, and further consolidated its sustainability strategy, built on solid governance aligned with the highest global standards, including the UN Global Compact, and extended across the entire value chain.
Milan, May 13, 2025 - The Board of Directors of Italmobiliare S.p.A. today approved the additional periodic financial information at March 31, 2025.
At an aggregate level, the Group’s Industrial Portfolio Companies sales revenue and other income come to 375.4 million euro, up 14.3% compared with 328.6 million in 2024. Revenue is up for all industrial portfolio companies: in particular, there is double-digit growth at SIDI (+32.8%), CDS-Casa della Salute (+23%), Officina Profumo-Farmaceutica di Santa Maria Novella (+20.6%), Bene Assicurazioni (+21.3%), Iseo (+17.8%) and Tecnica Group (+13.6%). Positive performances also for Caffè Borbone (+6.3%), Capitelli (+6.4%) and Italgen (+3.8%). The aggregate EBITDA stands at 24.2 million (27.4 million in the same quarter of the previous year) and is increasing for all industrial Portfolio Companies with two exceptions: Caffè Borbone, which despite being penalized by the record cost of coffee at origin, has still been able to maintain a good margin on sales (14.3%), and Italgen, which has turned in excellent results in absolute terms, but is being compared with the first quarter of 2024 when hydroelectric production benefited from exceptional rainfall in terms of volume and frequency.
The Net Asset Value of Italmobiliare S.p.A. is equal to 2,222.4 million euro (2,215.8 million euro at December 31, 2024) with a positive net performance of 6.6 million. At March 31, 2025, the NAV per share is equal to 52.6 euro, up 0.3% compared with the figure at December 31, 2024.
At March 31, 2025, Italmobiliare S.p.A.'s net financial position is positive and equal to 273.8 million euro, in line with December 31, 2024, a significant endowment that allows the Company to take advantage of any opportunities and to continue supporting the Portfolio Companies, providing them, where necessary, with the resources needed to intensify their organic and inorganic growth path.
Performance of the Portfolio Companies
In the first quarter of the year, the Italmobiliare Group continued to grow, with revenue increasing for all of the industrial Portfolio Companies.
In the food sector, Caffè Borbone posted revenue of 88.9 million euro in the quarter, up 6.3%. At channel level, during the period the company consolidated its leadership in the Large-Scale Retail Trade, confirming itself as the leading brand in terms of sales volumes in single-serve products. Growth also continues abroad, particularly the American market which is recording increases of over 50%. The gross operating profit for the quarter was 12.7 million euro, down 6.5 million euro on the previous year due to the record price of coffee at origin, which led to an increase in procurement costs of over 40%, with a rise in expenditure of 14.5 million. In this challenging context, the company is still proving itself capable of maintaining a good margin on sales (14.3%). There was an excellent performance on the part of Capitelli, which in a challenging market context is seeing growth in both revenue (+6.4% to 6.2 million euro), mainly thanks to the rise in sales volumes, and gross operating profit (+21.8% to 1.2 million).
Turnover up to 14.3 million euro (+20.6%) for Officina Profumo-Farmaceutica di Santa Maria Novella, with double-digit growth across all sales channels. Retail has seen a 17.2% increase, due to good like-for-like performance and the contribution made by new stores opened during the last year; the results of e-commerce and the wholesale channel were also positive. All segments of the offer are growing, in particular fragrances and body care products. The gross operating profit doubled compared with the same period last year, reaching 2.2 million euro.
CDS - Casa della Salute continues its development path and closes the quarter with revenue of 18.8 million, up 23% thanks to the contribution of new openings and the good results of the like-for-like perimeter (+7%), referring only to clinics opened or acquired before 2023. Gross operating profit comes to 2 million euro, up 13.3% compared with 1.8 million euro in the first quarter of the previous year.
A very positive quarter for SIDI which posted turnover of 8.3 million euro, an increase of 32.8% compared with the same period of the previous year, with double-digit growth in both the motorbike segment (+36.6%) and the bicycle segment (+28.4%). The gross operating result was negative by 0.1 million euro, an improvement compared with the same period of the previous year (-0.6 million euro).
In the first quarter of 2025 Italgen started work on the construction of two photovoltaic plants with a total installed power of 15 MW, with completion expected by the end of the year. During the period, the total energy production of the Italgen Group was equal to 67.2 GWh, higher than the historical average, but lower than the 87.7 GWh of the same period in 2024, which featured record rainfall. Revenue comes to 14.9 million euro with a gross operating profit of 5.1 million euro.
Turnover is up 13.6% to 103.3 million euro for Tecnica Group thanks to the positive contribution of all segments and, in particular, of the LOWA brand. The gross operating result is positive for 0.2 million euro, improving compared with the same period of the previous year thanks to the increase in volumes.
In the first three months of the year ISEO posted a turnover of 37.4 million euro, up 17.8% compared with the same period of the previous year, which was affected by critical issues related to the adoption of the new ERP system that prevented the company from fulfilling all of its order book. The electronic lock segment, in particular, performed very well, growing at rates of more than 30%. The gross operating profit has risen to 0.9 million euro.
Bene Assicurazioni closes the quarter with premium income of 83.3 million euro, up 21.3% thanks to the positive performance of all sales channels. Good results also for the auto sector, which contributes approximately two thirds of the Company's overall premium income.
Clessidra turned in a positive brokerage margin of 10.2 million euro, up 13% compared with 9 million at March 31, 2024 due to higher net commissions from Clessidra Capital Credit SGR S.p.A. and Clessidra Factoring S.p.A.
