IN THE FIRST QUARTER OF 2026, AGGREGATE REVENUE (+5.4%) AND EBITDA (+16.5%)
OF PORTFOLIO COMPANIES INCREASED.
NAV REMAINED STABLE AT 2,299.7 MILLION EURO.
ITALMOBILIARE’S NFP WAS POSITIVE AT 225.2 MILLION EURO.
At an aggregate level, revenue and income from the Group's Industrial Portfolio Companies amounted to 395.7 million euro, up by 5.4% compared with 375.4 million in the first quarter of last year. The result was mainly driven by excellent performances on the part of CDS-Casa della Salute (+34%), Caffè Borbone (+5.6%), Iseo (+8.8%) and Bene Assicurazioni (+8.6%). The aggregate gross operating profit comes to 28.1 million, an increase of 16.5% compared with the same period last year. Mainly thanks to the good results achieved by CDS-Casa della Salute, Caffè Borbone, Tecnica Group and Iseo, which posted significant growth in EBITDA compared with the same period last year.
The Group is continuing with its sustainability strategy. During the period, it further strengthened its commitment to decarbonisation according to the protocol of the Science Based Targets initiative, a programme that guides companies in taking climate action that is scientifically measurable. All of the Portfolio Companies under the Group's control have already obtained validation of their climate-altering emissions reduction targets, both Near-Term and Net Zero, towards which they are implementing structured action plans. Italmobiliare, the holding company, whose Near-Term targets had already been validated, has taken a further step, defining its Net-Zero targets according to the specific protocol for financial institutions, recently made available, and submitting them for validation by the SBTi team of experts. Clessidra will soon complete the same process.
talmobiliare's Net Asset Value, excluding treasury shares, amounts to 2,299.7 million (2,304.9 million at December 31, 2025), with a negative net performance of 4.3 million considering the 0.9 million buyback. At March 31, 2026, the NAV per share was 54.7 euro, substantially in line with the figure at December 31, 2025.
The net financial position of Italmobiliare S.p.A. is positive at 225.2 million euro (231 million at December 31, 2025), a substantial reserve that allows the Company to take advantage of any opportunities and to continue supporting the Portfolio Companies, providing them, where necessary, with the resources needed to intensify their organic and inorganic growth path.
In a complex global geopolitical and macroeconomic environment characterised by a high degree of uncertainty, Italmobiliare will remain focused on providing full financial and strategic support to the Group’s companies, with the aim of ensuring effective oversight of production supply chains and international distribution channels, which may be affected by geopolitical and trade tensions. To this end, it will be necessary to pursue continuous improvements in production, commercial and financial planning capabilities, diversification and close management of supply sources and distribution channels, as well as the adoption of effective hedging and pricing policies. Initiatives aimed at positioning and strengthening the brands in the portfolio will also continue, focusing on the highest levels of actual and perceived product quality, while, in parallel, the transformation paths of the Portfolio Companies along the competitive lever of sustainability will be further intensified.
Strategic and financial support will also remain central to sustaining both organic and inorganic growth of the Portfolio Companies with higher growth potential. At the same time, market M&A dynamics will be closely monitored in order to assess potential opportunities to enhance the value of investments that have reached a more mature stage in their growth path within the Group.