The Group has grown during the first half: revenue and EBITDA are on the rise, both at aggregate and consolidated level

First half 2024 results reviewed by the Board of Directors

The group has grown during the first half: revenue and ebitda are on the rise, both at aggregate and consolidated level

  • During the first half of the year the Group recorded positive trends by continuing the path of development and operational optimisation of the portfolio of investments and business activities. At a consolidated level, revenue comes to 337.6 million euro (+18.4% compared with the corresponding period of last year) with EBITDA more than doubled to 76.4 million. In particular, the growth of the main subsidiaries continues:
    • revenue is up by 8.4% to 166.7 million euro for Caffè Borbone, with very positive performances, especially in the Large-Scale Retail channel and abroad;
    • Officina Profumo-Farmaceutica di Santa Maria Novella recorded growth in revenue and EBITDA of 20.8% and 30.9% respectively, thanks to the good performance of direct retail and e-commerce and the purchase of the Japanese distributor;
    • the total energy production of the Italgen Group has doubled compared with last year, with revenue growing to 32.3 million euro and EBITDA to 17.9 million;
    • the development of CDS-Casa della Salute continues, recording revenues of 31.5 million (50.7%) and EBITDA of 3.9 million (88.5%).
  • The Group has given further impetus to the process of decarbonisation, guided by the methodological approach of the Science Based Targets initiative, which approved Italmobiliare's short-term emissions reduction objectives.
  • At an aggregate level, the industrial Portfolio Companies grew in terms of revenue (+7.3% to 663.8 million euro) and EBITDA (+9.2% to 66 million).
  • The Net Asset Value of Italmobiliare S.p.A., excluding treasury shares, comes to 2,128.9 million euro (2,201.4 million euro at December 31, 2023). Considering that 126.9 million euro was distributed in the form of dividends during the period, the net performance is positive for 54.4 million euro, with an increase of 2.5% compared with the figure at December 31, 2023. The NAV per share (excluding treasury shares) is equal to 50.4 euro after paying a dividend of 3.0 euro per share.
  • The net financial position of Italmobiliare S.p.A. is positive and amounts to 232.2 million euro, up by 27.9 million euro, compared with December 31, 2023, mainly thanks to the dividends received from investees and some disposals of non-core investments in the portfolio.
  • Taking into account the dividend of 3.0 euro per share paid during the period the Italmobiliare stock turned in a positive performance during the half-year of 13.7%.

Milan, July 31, 2024 – Italmobiliare's Board of Directors has reviewed and approved the interim report at June 30, 2024.

During the first half of the year the Group recorded positive trends by continuing the path of development and operational optimisation of its business activities, achieving growth in revenue and EBITDA at both aggregate and consolidated level. In particular, at a consolidated level the Group's revenue and income amounted to 337.6 million euro, an increase of 18.4% compared with the same period last year, mainly thanks to excellent performances by Caffè Borbone, Italgen, CDS-Casa della Salute, Officina Profumo-Farmaceutica di Santa Maria Novella and Italmobiliare. EBITDA has more than doubled, coming in at 76.4 million euro.

At June 30, 2024, the Net Asset Value of Italmobiliare S.p.A., excluding treasury shares, comes to 2,128.9 million euro (2,201.4 million euro at December 31, 2023). Considering the distribution of 126.9 million euro of dividends during the half-year, the net performance is positive for 54.4 million euro. The NAV per share (excluding treasury shares) is equal to 50.4 euro and, in consideration of the distribution of dividends of 3.0 euro per share, shows an increase of 2.5% compared with the same figure at December 31, 2023.

At June 30, 2024 the net financial position of Italmobiliare S.p.A. is positive, showing an increase of 27.9 million euro, going from 204.3 million euro at December 31, 2023 to 232.2 million euro at the end of June 2024.

Carlo Pesenti, CEO of Italmobiliare, declared “In a challenging context, due to the macroeconomic situation and the high prices of many raw materials, we closed a positive half-year, with growing revenues and EBITDA and good cash generation at an operating level for most of our investees. These results confirm the value of our diversified portfolio of Italian industrial excellence and the superb work that both the companies and the Holding are doing in supporting them in their growth and development path. In the second part of the year the focus of activity will still be on the organic development and international expansion of the main portfolio companies, also taking advantage of any opportunities for targeted M&A and add-on operations.”

A growth path, that of the Holding and the Group companies, which involves the full integration of ESG principles in all phases of the investment and in the business strategies of the individual companies in the portfolio, making sustainability a strategic lever for success. In particular, in these months the Group gave a further boost to decarbonisation guided by the methodological approach of the Science-Based Targets initiative (SBTi), which assists companies in implementing scientifically measurable mitigation steps with the aim of halving greenhouse gas emissions by 2030 and reaching net zero by 2050. “Italmobiliare's short-term emissions reduction targets have already been approved by SBTi, points out Laura Zanetti, Chair of Italmobiliare. With this first step and the mitigation measures already adopted, we have taken the first steps towards developing a net-zero strategy and are actively working to establish long-term objectives in line with the SBTi net-zero criteria. The furrow has been traced and all of the Portfolio Companies are moving in this direction, with the aim of adding a new and important element to the Group's sustainable strategy.

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