- The Italmobiliare Group continued to grow during the first half of the year. At an aggregate level, total revenue of the Industrial Portfolio Companies grew by 12.3% to 739.3 million euro, with a gross operating profit of 43.4 million euro.1
- More specifically, of the main Industrial Portfolio Companies:
- revenue up 10.7% to 184.5 million euro for Caffè Borbone, whose margins were affected by the high cost of green coffee. The brand confirms its leadership in terms of sales volumes in the single-serve market in Italy and continues to grow abroad (+18%);
- Officina Profumo-Farmaceutica di Santa Maria Novella recorded increases in revenue and gross operating profit to 32.5 million (+13.5%) and 6.6 million (+13.7%) respectively, with a positive contribution from all distribution channels;
- CDS-Casa della Salute continues to grow and thanks to new openings, it now has 38 active outpatient clinics in Liguria, Piedmont and Sardinia. Revenue is up by 20.4% to 38 million, with EBITDA positive and growing to 4.3 million.
- SIDI's renewal and relaunch continues, with the company unveiling its new logo in May. The company closed the first half of the year with revenue of 15.6 million euro, an increase of 11%.
- Capitelli has posted revenue of 12.4 million (+6.8%) with EBITDA growing by 19.8% to 2.5 million, an all-time record for the company.
- The Group's sustainable strategy continues across the entire value chain. SBTi has validated the CO2 emissions reduction targets of all the Portfolio Companies controlled by the Holding Company. CDP Worldwide has also awarded Italmobiliare its highest rating in the Supplier Engagement Assessment.
- Italmobiliare's Net Asset Value, excluding treasury shares, is equal to 2,200.0 million euro and, considering the 38 million euro of dividends distributed in the first half, shows an increase of 22.2 million euro (+1%) compared with the equivalent figure at December 31, 2024. The NAV per share is equal to 52.0 euro.
- Italmobiliare S.p.A.'s net financial position is positive at 182.3 million euro, with a decrease mainly due to payment of the ordinary dividend and investments in investee companies.
Milan, July 30, 2025 – Italmobiliare's Board of Directors has reviewed and approved the interim report at June 30, 2025.
During the period, the Group recorded positive trends linked to continuation of the development path of the industrial portfolio companies, which have posted aggregate revenue that is up by 12.3% to 739.3 million euro. Of particular note are the good performances of CDS–Casa della Salute (+20.4%), Officina Profumo-Farmaceutica di Santa Maria Novella (+13.5%), SIDI (+11%) and Bene Assicurazioni (+29.7%). Italgen remains stable, turning in excellent results but facing comparison with a first quarter 2024 marked by exceptional rainfall that pushed hydroelectric power production to record levels. At an aggregate level, the gross operating profit decreased to 43.4 million euro2. This result has been influenced by the performance of Caffè Borbone, which incurred higher costs of 26.7 million due to the high price of its raw material: after reaching record highs, the price of green coffee has been falling significantly since April, partially thanks to the drop in the US dollar. However, the effect of this will only be visible in the second half of the year. The Group result has been affected too by that of Italgen, which is also facing comparison with a record previous half-year, and that of Tecnica. All of the other companies are growing.
At June 30, 2025, the Net Asset Value of Italmobiliare S.p.A., excluding treasury shares, comes to 2,200.0 million euro (2,215.8 million euro at December 31, 2024); considering the distribution of 38.0 million euro of dividends during the half-year, the net performance is positive for 22.2 million euro. The NAV per share is equal to 52.0 euro.
At June 30, 2025, Italmobiliare S.p.A.'s net financial position is positive at 182.3 million euro, compared with 273.8 million euro at December 31, 2024. The main outflows include payment of the ordinary dividend (-38.0 million euro) and investments in investee companies (-42.4 million euro).
Carlo Pesenti, Chief Executive Officer of Italmobiliare, commented as follows: “Italmobiliare confirms the solidity of its business model and continues on its path of sustainable development, with revenue growing at an aggregate level. This result is the fruit of the positive performance of all the Group's industrial platforms, which continue to demonstrate their capacity for adaptation, innovation and strategic vision. In a highly challenging competitive environment, made even more uncertain by the recent tariff agreement signed with the United States, we will continue to actively support the portfolio companies, focusing on actions and investments aimed at maintaining industrial margins and accompanying them in their respective paths of consolidation and expansion into international markets. We will do this by providing the resources and the organisational and management skills needed to further strengthen their competitiveness and accelerate both organic and external growth, always with a long-term perspective oriented towards value creation."
During the period, the Group continued along the decarbonisation path that it has undertaken, guided by the methodological approach of the Science Based Targets initiative, which validated the CO2 emissions reduction targets of all of the Portfolio Companies controlled by the Holding Company. The results of its sustainable development path have allowed Italmobiliare to significantly improve its rating by CDP Worldwide, an international non-profit organisation that collects and analyses environmental information from nearly 25,000 companies worldwide. After raising Italmobiliare's overall climate rating to "A-" in January, all of three notches above its previous assessment, in July CDP Worldwide awarded Italmobiliare the highest possible rating ("A") for its Supplier Engagement Assessment (SEA). This evaluates the effectiveness of supplier engagement and recognises best practices with a view to accelerating the reduction of climate-altering emissions in global supply chains.
Laura Zanetti, Chairman of Italmobiliare, emphasised, “SBTi's validation of the CO2 reduction targets of Italmobiliare and all of the Portfolio Companies under its control confirms the Holding Company's commitment to strategies that have concrete and measurable social, environmental, and economic impacts, in line with its mission to actively contribute to global challenges by creating sustainable, innovative, and therefore more competitive and resilient businesses. A path that over the years has yielded important results in terms of performance and resilience, and whose effectiveness is also demonstrated by the excellent results achieved by Italmobiliare in the CDP Worldwide ratings."
1The aggregate gross operating profit does not take into account the positive contribution of Bene Assicurazioni.
[2The aggregate gross operating profit does not take into account the positive contribution of Bene Assicurazioni.