The value of sport (also) lies in the values it conveys
by CARLO PESENTI
The prism through which we have chosen to present the Group in this newsletter is sport, because sporting activity, more than many other experiences, helps to understand the deeper meaning of the word value. It teaches us that talent alone is not enough, but that method, consistency and dedication are required. It instils respect for rules, for opponents and for results. It makes us aware that every achievement is the result of a balance between individual qualities and shared responsibility. These are principles that business understands well.
The quality of an organisation depends on its ability to bring together different people, recognise their value, assign responsibility and pursue objectives with consistency. But sport is also a universal language capable of building strong connections, a language increasingly used by companies to engage with all stakeholders, both internal and external. This is precisely what happens with the Italmobiliare Golf Challenge, which, now in its fourth edition, sees the active participation of many Group companies.
There are, however, many other virtuous examples involving our companies that we wanted to highlight. These include Sidi and Tecnica Group, whose connection with sport is deeply rooted, as well as projects and initiatives developed by Caffè Borbone, CDS – Casa della Salute, Italgen and Bene Assicurazioni. Alongside the stories of companies, there are also the equally compelling stories of people. Among the Group’s employees, there are those who have taken part in three editions of the Giro d’Italia; a former professional volleyball player; those who dedicate their spare time to coaching young ski champions; those who seek opportunities around the world; and those who have learned on the field the values they continue to uphold today.
Beyond sport, there are many important developments to report. In a context of ongoing uncertainty and instability, the Group closed 2025 with growing results and rewarded shareholders with a dividend of 1.1 euro per share, an increase of more than 20% compared to the previous year and corresponding to a dividend yield of approximately 4%. The first quarter of the current year also delivered positive results, with Portfolio Companies recording increases in both revenue and EBITDA at an aggregate level.
In the first half of the year, Italmobiliare has adopted the “monistic” governance system, the most widely used and internationally recognised management and supervisory model, which will ensure ongoing synergy between oversight and management functions. A new Board of Directors has also been appointed, characterised by a balanced composition in terms of gender and generations, and strengthened by the addition of new directors with significant international experience. The Board will remain in office for the next three years and will be called upon to guide the Company through an important phase of investment rotation and increasing internalisation.
The Group has also made significant progress in its sustainability strategy. In 2025, the supplier qualification process was further refined, the lowest accident frequency rate ever recorded was achieved, and the interim target of 40% women in managerial positions was reached — results that represent not an endpoint, but a starting point towards even more ambitious goals. The commitment to decarbonisation in line with the Science Based Targets initiative (SBTi) continues: all controlled Portfolio Companies have already obtained validation of their emission reduction targets, both Near-Term and Net Zero, and are implementing structured action plans to achieve them.
This commitment has been recognised by leading international ratings, including MSCI ESG, which has recently assigned Italmobiliare the highest score, AAA. The holding company has also been included in the Europe’s Climate Leaders 2026 ranking, compiled by the Financial Times together with the research institute Statista, and was ranked first for the second consecutive year in the ESG Observatory conducted by Il Sole 24 Ore in collaboration with the University of Milano-Bicocca.
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Closely linked to the Group’s sustainability commitment is also Odissea Terra, a project promoted by Fondazione Pesenti ETS, with the support of Italmobiliare and in collaboration with Fondazione Corriere della Sera. In 2025, the project took shape through four public events, engaging more than 1,200 attendees in person and 500,000 online, and resulting in the creation of digital content and a podcast series designed to expand the debate. This year, the journey is enriched by a new chapter dedicated to the Visionari: individuals, leaders and interpreters of the present endowed with both vision and pragmatism, capable of making visible what is not yet seen and of indicating possible directions.
gres art 671 is also in constant evolution, as the artistic and cultural hub promoted by Italmobiliare together with Fondazione Pesenti. In April, Museum Dreams was inaugurated, the first major retrospective in Italy dedicated to Sir Isaac Julien, a British artist and filmmaker among the most influential figures in the dialogue between video art, installation and contemporary visual culture. In the second half of the year, the opening of gres art 671 + is planned: a new space of approximately 2,000 square metres, created within the existing building adjacent to gres art 671. This expansion takes on particular significance in light of the positive response received in the first years of gres art 671, which has established itself as a new reference point for contemporary culture and social innovation in the city, promoting — alongside the exhibition space — projects, events and meetings aimed at fostering ever broader participation among citizens, both in terms of numbers and diversity of audiences.
Finally, it is important to highlight that this year marks the 80th anniversary of the founding of Italmobiliare, a milestone that will be at the centre of the next edition of this newsletter. While we are always forward-looking, this important anniversary offers an opportunity to pause and reflect on the journey undertaken by Italmobiliare, and on the role it has played — and intends to continue playing — in the economic, industrial, financial and social development of the country.