- In the first nine months, the aggregate revenue of the Group's Industrial Portfolio Companies grew by 7.9% to 1,284.1 million euro. Gross operating profit (EBITDA) came to 130.9 million, up 13.5% compared with the same period of the previous year.
- More specifically, of the main industrial Portfolio Companies:
- Caffè Borbone has turned in stable revenue of 271.6 million euro, with EBITDA rising 16.4% to 39 million euro. Growth in foreign markets is continuing, with particularly favourable signals from the North American market (+50%).
- Revenue has increased 5.8% to 54.3 million euro for Officina Profumo-Farmaceutica di Santa Maria Novella, which opened its first directly operated store in China in the third quarter.
- CDS-Casa della Salute's revenue and EBITDA have both grown by double digits, reaching 74.1 million euro (+31%) and 8.8 million euro (+44.7%) respectively. This is the result of good performances on the part of both the new facilities and the clinics that were already active.
- Good results have been achieved by all the Group's minority shareholdings: Tecnica Group has closed the period with revenue of 372.9 million euro (+6.2%) and EBITDA up by 24.6% to 37.5 million. Iseo recorded revenue of 122.3 million euro (+7.8%) and EBITDA of 14 million (+81.8%). Bene Assicurazioni has reported gross written premiums up 15.1% to 297.2 million euro.
- The Board of Directors has approved the updated Code of Ethics, Sustainability Policies, Responsible Investment Policy and Partnership Charter. The changes introduce further elements of sustainable commitment, confirming the direction that the Group has been pursuing for many years.
- Italmobiliare's Net Asset Value is now equal to 2,251.6 million euro. NAV per share is 53.6 euro and, considering the dividend distribution of 1.1 euro per share, it is substantially stable compared with December 31, 2025.
- Italmobiliare S.p.A.'s net cash position is positive at 229.5 million euro.
- The Group is continuing its mission to enhance the value of its assets, the path defined during the investment phase having reached maturity: in September, Italmobiliare completed the sale of 9.09% of Tecnica Group's capital to the Zanatta family, while in October a binding agreement was signed for the sale of Capitelli to the CA Animation group.
Milan, November 11, 2026 – The Board of Directors of Italmobiliare S.p.A. today approved the Additional Periodic Financial Information at September 30, 2026.
At an aggregate level, in the first nine months of the year, there was an increase in the revenue (+7.9%) and EBITDA (+13.5%) of the Industrial Portfolio Companies. Aggregate revenue from industrial investments amounted to 1,284.1 million euro, up 7.9% compared with September 30, 2025. Turnover is up for all of the main Portfolio Companies, with the largest increases recorded by CDS-Casa della Salute (+31%), Bene Assicurazioni (+15.1%), Iseo (+7.8%) and Tecnica Group (+6.2%). Aggregate EBITDA also performed well, growing by 13.5% compared with the same period last year to 130.9 million euro. The increase is the result of good performances on the part of Caffè Borbone (+16.4%), CDS-Casa della Salute (+44.7%), Iseo (+81.8%) and Tecnica Group (+24.6%).
The commitment to sustainability continues, with initiatives structured on multiple aspects, such as value chain management, decarbonisation of the entire portfolio, responsible use of natural resources, workplace safety and the enhancement of human capital. Confirming the direction that it has long been pursuing, the Board of Directors has approved the updated Code of Ethics, Sustainability Policies, Responsible Investment Policy and Partnership Charter, the founding documents of the Group's strategy. The update introduces further elements of sustainable commitment, to be translated into quantified objectives and action plans.
At September 30, 2026, Italmobiliare's NAV per share was 53.6 euro and, considering the distribution of dividends of 1.1 euro per share, it is substantially in line with the figure at December 31, 2025. Net Asset Value comes to 2,251.6 million euro (2,304.9 million euro at December 31, 2025); given the distribution of 46.2 million euro of dividends during the period, the net performance is slightly negative at 5.6 million euro.
Italmobiliare S.p.A.'s net financial position (cash) is positive at 229.5 million euro (231 million euro at December 31, 2025). The main outflows include payment of the ordinary dividend (-46.2 million euro), investments in portfolio holdings (-19.9 million euro), general costs and taxes (-34.9 million euro). Outflows were partially offset by inflows from the sale of equity investments (+64.5 million) and dividends received (+32.1 million).
In September Italmobiliare completed the sale of a 9.09% stake in Tecnica Group S.p.A. to Prime Holding S.p.A. (the holding company of Tecnica Group owned by the Zanatta family). At the beginning of October, so after the end of the period, a binding agreement was signed for the sale of Italmobiliare's entire stake in Capitelli to the CA Animation group. The transaction, expected to close by the fourth quarter of 2026, will generate a cash-on-cash return of 3x for Italmobiliare (including dividends received over time), with an IRR of 20%. These transactions are consistent with Italmobiliare's policy of portfolio asset rotation, with a view to leveraging certain investments that have reached the point of maturity established at the time of the initial investment.
Looking at the performance of the main portfolio holdings, in the food sector, Caffè Borbone recorded revenue of 271.6 million euro, substantially in line with the same period of 2025. Among the sales channels, the good performance of Modern Distribution (Large-Scale Retail and Specialised Large-Scale Retail) continues. Growth in foreign markets is ongoing, with particularly favourable signals from North America (+50%). EBITDA went up by 16.4% to 39 million euro, in itself a positive result, but one that has not yet fully benefited from the decrease in the price of green coffee due to the level of stocks at the end of 2025. Capitelli recorded revenue of 17.7 million euro, a 2% decrease compared with the 18 million euro achieved in the same period of 2025. This is because of the contraction recorded in the first quarter, while signs of improvement emerged in the second quarter, further consolidated in the third quarter, when revenue grew by 5.4%. EBITDA has remained substantially stable at 3.4 million euro.
Officina Profumo-Farmaceutica di Santa Maria Novella continues to grow, closing the period with revenue up 5.8% to 54.3 million euro. This is the result of a positive performance on the part of all sales channels: retail (+5%), e-commerce (+15.6%) and the indirect channel (+3.5%). EBITDA comes to 11.4 million euro; despite the positive impact of higher sales volumes, the result is lower than in the same period of the previous year due to significant strategic investments aimed at strengthening the brand, reinforcing the team and developing the sales outlets on a continuous basis. At the end of August, the company inaugurated its first directly operated store in China (Shanghai) as part of a new process designed to ensure a direct presence on the Chinese market.
CDS-Casa della Salute has seen double-digit growth, having opened a new medical centre in Aosta in September; it now has 43 outpatient clinics in Liguria, Piedmont, Valle d'Aosta and Sardinia. In the first nine months of 2026, the company posted revenue of 74.1 million euro, up 31% compared with the same period of the previous year, thanks to a strong performance on the part of the new facilities and the existing clinics. EBITDA amounts to 8.8 million euro, an increase of 44.7%.
Italgen continues to implement its strategic investment plan that aims for growth. In particular, work continues on the construction of new greenfield photovoltaic projects. In the first nine months of the year, the Group's overall energy production decreased by 16% compared with the same period last year, when hydroelectric production benefited from above-average rainfall in terms of both volume and frequency. Revenue amounted to 50.5 million euro (+3.8%), whereas EBITDA decreased to 16.6 million euro.
In the outdoor sector, SIDI recorded revenue of 23.6 million euro, up 4.1% thanks to a strong performance on the part of the bicycle segment. EBITDA was positive at 0.2 million euro, an improvement of approximately 1 million compared with the same period of the previous year. Revenue increased to 372.9 million euro (+6.2%) for Tecnica Group. This was achieved thanks to excellent results by the winter sports segment (Nordica, Blizzard and Tecnica), Moon Boot and Rollerblade. The Group's EBITDA was positive at 37.5 million euro, up 24.6%, thanks to higher sales volumes and margins.
Iseo recorded revenue of 122.3 million euro, an increase of 7.8%. At product level, the electronics segment performed well, growing by 16%. EBITDA came in at 14 million euro, an 81.8% increase compared with the same period last year.
Bene Assicurazioni's gross written premiums increased by 15.1% to 297.2 million euro. The result is mainly attributable to the expansion of the scope of operations following the acquisitions of 51% of CF Life and the insurance portfolio of CF Assicurazioni.
The Clessidra Group, a non-industrial Portfolio Company, further consolidated its strong growth and development path and closed the nine-month period with a brokerage margin of 36.6 million euro, up 14.4% compared with the same period of the previous year.