THE PORTFOLIO COMPANIES' REVENUE (+9.2%) AND EBITDA (+14.9%) ARE GROWING IN AGGREGATE. NAV STANDS AT 2,240.5 MILLION EURO, STABLE CONSIDERING THE DISTRIBUTION OF DIVIDENDS
- During the first half of the year, at an aggregate level, the industrial Portfolio Companies posted revenue of 807 million euro (+9.2% compared with the same period in 2025) with EBITDA increasing to 49.9 million euro (+14.9%). More specifically:
- Caffè Borbone recorded revenue of 189.4 million euro (+2.7%) and EBITDA up by 21.7% to 28.3 million euro. The strong growth in the foreign market continues, accounting for approximately 15% of revenue, with digital channels posting double-digit growth.
- CDS-Casa della Salute continues to develop, entering a new region in the first half of the year, Valle d'Aosta, and closing the period with revenue and EBITDA growing to 51 million euro (+34.4%) and 6.4 million euro (+49.8%) respectively.
- Officina Profumo-Farmaceutica di Santa Maria Novella recorded an increase in revenue to 34.7 million euro (+6.7%), thanks to a good performance by all distribution channels, with EBITDA of 5 million euro.
- Among the Group's minority holdings, there have been good performances on the part of Iseo, with revenue (+7.2%) and EBITDA (+78.4%) on the rise, and Bene Assicurazioni, which recorded premium income of 216.3 million euro (+24.2%). Revenue and EBITDA for Tecnica Group are substantially stable.
- The Italmobiliare Group is continuing with its sustainability strategy: engaging strategic suppliers on shared objectives, consolidating climate transition plans, continuously promoting safety and developing human capital.
- Italmobiliare's NAV is equal to 2,240.5 million euro and, considering the dividend distributed during the period, it is broadly stable (-0.7%) compared with the figure at December 31, 2025 (2,304.9 million euro). The NAV per share is equal to 53.3 euro.
- Italmobiliare's net financial position is positive, coming in at 169.4 million euro (231 million euro at December 31, 2025).
Milan, July 29, 2026 – Italmobiliare's Board of Directors has reviewed and approved the interim report at June 30, 2026.
At an aggregate level, revenue and income from the Group's Industrial Portfolio Companies amounted to 807 million euro, up by 9.2% compared with 739.3 million euro in the first half of last year. The result was influenced mainly by excellent performances on the part of CDS-Casa della Salute (+34.4%), Caffè Borbone (+2.7%), Officina Profumo-Farmaceutica di Santa Maria Novella (+6.7%) and the affiliates Bene Assicurazioni (+24.2%) and Iseo (+7.2%). The aggregate gross operating profit (EBITDA) comes to 49.9 million euro, an increase of 14.9% compared with 43.4 million euro in the same period last year. This figure benefits from the good results achieved by Caffè Borbone, CDS-Casa della Salute and Iseo, which turned in significant growth in EBITDA compared with the same period last year.
At June 30, 2026, Italmobiliare S.p.A.'s net financial position is positive, standing at 169.4 million euro, (231 million euro at December 31, 2025). One of the main cash outflows was payment of an ordinary dividend (-46.2 million euro).
The Group is continuing with its sustainability strategy: engaging strategic suppliers on shared objectives, consolidating climate transition plans, continuously promoting safety and developing human capital. In particular, regarding the decarbonisation of its entire portfolio, the holding company Italmobiliare, whose near-term objectives were validated in 2024, has begun discussing its net-zero objectives with the SBTi team of experts. This will soon lead to their validation according to the specific protocol for financial institutions. Clessidra will also complete the same process by the end of this year. All controlled portfolio companies have already obtained validation of their climate-altering emissions reduction targets, both near-term and net-zero.
NET ASSET VALUE
The NAV per share at June 30, 2026 (excluding treasury shares) is equal to 53.3 euro and, in consideration of the distribution of dividends of 1.1 euro per share, shows a slight decrease of 0.6% compared with the same figure at December 31, 2025.
The Net Asset Value of Italmobiliare S.p.A., excluding treasury shares, comes to 2,240.5 million euro (2,304.9 million euro at December 31, 2025); considering the distribution of 46.2 million euro of dividends during the half-year, the net performance was negative for 16.7 million euro.