The strength of a vision that creates value
The Capital Market Day was a valuable opportunity to provide a summary of the path taken and the results achieved since, almost ten years ago, Italmobiliare was reconfigured as a modern investment holding company.
di LAURA ZANETTI e CARLO PESENTI
Over these years, Italmobiliare has consolidated its role as a strategic partner for Italian entrepreneurship, guiding the growth and international development of the portfolio companies with a clear perspective: to create value and shared values over time. A path that has produced concrete results, well summarized by the CEOs of the Group’s Portfolio Companies who took part in the Capital Market Day, describing the evolution undergone by their companies. Caffè Borbone, from an excellence tied to its local area, has become the leading producer of single-serve coffee in Italy and has begun a development trajectory in the main international markets. Officina Profumo-Farmaceutica di Santa Maria Novella has launched new product lines that combine tradition and innovation and started a solid internationalization path, opening direct subsidiaries in France, the UK and Japan and inaugurating new stores in strategic markets. CDS-Casa della Salute has gone from 8 to 40 outpatient clinics and now operates in 3 regions, employing around 600 employees and over 1,000 doctors, and providing more than 1.2 million healthcare services every year. Italgen has doubled its installed production capacity, while at the same time diversifying its energy production sources, and has signed numerous long-term contracts for the supply of 100% renewable energy with major clients. SIDI has started a deep renewal process that has involved all levels of the organization, from production to marketing, aimed at strengthening the brand’s global leadership in the premium segment of cycling and motorcycling footwear. Tecnica Group, a global point of reference for outdoor and winter sports, has strengthened its multibrand platform, inaugurating a new phase of growth and international development. Bene Assicurazioni has recorded extraordinary growth, reaching the milestone of 500,000 insured customers, which it aims to double by 2030. Clessidra Group has undertaken a path of diversification and growth and is today a multi-asset player structured along three business lines – Private Equity, Capital Credit and Factoring – with 1.7 billion euro in assets under management.
Drawing on the experience gained over the years, Italmobiliare has also transferred to all companies an advanced approach that integrates ESG values and strategies into every business process: from governance to the value chain, from climate strategy to human capital management. Since joining the Group, all Portfolio Companies have made significant progress: adoption of 100% renewable energy, decarbonization plans validated by the Science Based Targets initiative, commitment to Net Zero by 2050, and implementation of policies for diversity, equity and inclusion. These results are not only a sign of responsibility, but a concrete lever of competitiveness, which strengthens the resilience of companies and increases their long-term value.
The combined effect of these initiatives has given strong impetus to the growth of the Portfolio Companies which, since 2016, have recorded an aggregate IRR of 17%, and generated significant value for shareholders, well summarized by the growth of Italmobiliare’s NAV, which has increased from 1.5 to 2.2 billion euro, after the distribution of more than 400 million euro in dividends.
The Group’s commitment to generating value and shared values also takes shape through its support for gres art 671, the center for art and culture created in Bergamo on the initiative of Italmobiliare with Fondazione Pesenti. Over the course of the year, gres art 671 has hosted major events, first and foremost the cycle of meetings de bello | The Culture of Peace, which involved four Nobel Peace Prize laureates who, from the stage of the cultural center, stimulated fundamental reflections on reconciliation, justice and human rights, helping to underline the urgency of peace. Awaiting the Milan Cortina 2026 Winter Olympic and Paralympic Games, in November gres art 671 also inaugurated FUORIPISTA, an exhibition that tells the story of winter sports through a perspective that ranges between art, design, architecture and research.
Linked to the Group’s sustainable commitment is also the Odissea Terra project, a series of meetings promoted by Fondazione Pesenti Ets with the support of Italmobiliare. Created to spread awareness, stimulate participation and promote concrete actions on the major issues of environmental, social and cultural sustainability, the project was developed in collaboration with Fondazione Corriere della Sera and in 2025 led to the organization of four conferences and a podcast series.
In a global context that is still profoundly uncertain, Italmobiliare looks to the future with the awareness of having launched a path, founded on deep values and a solid vision, which in recent years has generated value for shareholders and all stakeholders. The goal is to continue along the furrow that has been traced, enhancing mature holdings and investing in the industrial platforms that represent the heart of our portfolio. An approach that will allow us to strengthen synergies and accelerate growth, while at the same time maintaining the flexibility needed to seize selected opportunities.
