Milan, February 28, 2024 – As of today, the Board of Directors of AGN ENERGIA has established that the conditions exist to complete the buyback of Italmobiliare's entire shareholding in AGN ENERGIA. As a result – under an agreement between Italmobiliare and the majority shareholder of AGN ENERGIA – the obligation of the parties to implement the buyback became effective. The transaction is expected to be completed today. Italmobiliare has a 32.02% interest in AGN ENERGIA and will earn 100 million euro from the sale, approximately 20% more than the latest NAV valuation, with a capital gain of around 40 million euro and a cash-on-cash return of 1.8x.

Italmobiliare announced its entry into the capital of Autogas Nord in November 2018 through a reserved increase in capital of 60 million euro, which helped to finance the acquisition of Lampogas, another leading Italian distributor of LPG. The aggregation of Autogas Nord and Lampogas laid the foundations for the birth of AGN ENERGIA, a leading group in the LPG sector which in just a few years has been the protagonist of extraordinary development, consolidating the core business and expanding its scope of activity, becoming to all effects an energy multi-utility, active in the electricity and gas markets, in the provision of energy efficiency solutions and in the distribution of technical gases. A development certified by the results: AGN ENERGIA today employs over 550 employees and closed 2022 with 704.5 million euro in revenues (526.2 million¹ in 2018), a gross operating margin of 51.8 million euro (35.7 million¹ in 2018) and a profit of 19.1 million (7.8 million¹ in 2018). The growth is even more evident if we compare the current results with those of Autogas Nord on its own, which in 2018 had around 230 employees and revenues of 260.1 million euro.

“We are very happy to have accompanied AGN ENERGIA over the last few years, giving a boost to the process of development that has made it possible to consolidate the company's leadership in the LPG business, responding to the challenges of the energy transition and becoming an energy multi-utility, explains Carlo Pesenti, CEO of Italmobiliare. The operation was agreed and carried out together with the majority shareholders, which led to the achievement of the ambitious objectives laid down at the time of Italmobiliare's entry. Autogas Nord has made a significant leap in size and has been able to maximise the benefits and synergies of this growth thanks to the evolution of its governance and a growing managerialisation of all company functions. A success story that demonstrates the great growth potential of Italian companies. It is also representative of the role that Italmobiliare can play in supporting excellent mid caps that are wanting to develop their business."

"The journey that we have shared with Italmobiliare has brought about an important transformation and growth for our company, which operates in a challenging and constantly evolving context, where there are great opportunities for those who know how to seize them" comments Umberto Risso, the chairman of AGN Energia. “It was certainly a successful operation, an example of opening up the capital to an external partner, which is not so common among medium-sized companies. We have achieved important results through collaboration between Italian entrepreneurs from different sectors and with different skills, but with the same vision, without resorting to foreign investors: this too is still not very common. We are very satisfied with this experience: tomorrow sees the start of the next phase in a well-defined strategic plan".

¹ Consolidation of Autogas Nord and Lampogas

Milan, December 11, 2023 - Italmobiliare S.p.A. announces its annual calendar of corporate events for 2024.

BOARD OF DIRECTORS’ MEETINGS

• March 7, 2024 draft of statutory financial statements and consolidated financial statements 2023
• May 13, 2024 quarterly financial disclosure at 31 March 2024
• July 31, 2024 half year financial results at 30 June 2024
• November 12, 2024 quarterly financial disclosure at 30 September 2024

SHAREHOLDERS’ MEETING

April 23, 2024 approval of the 2024 statutory financial statements (single call)

DEVELOPMENT OF THE ITALMOBILIARE GROUP CONTINUES: GROWTH AT A CONSOLIDATED LEVEL IN BOTH REVENUE (+14.1%) AND EBITDA (+50%)

• During the first nine months of the year the Group has seen positive trends linked to the path of development and greater efficiency being followed by the main Portfolio Companies. Consolidated revenue stands at 418.5 million euro (+14.1%) and EBITDA is up by 50% to 66.7 million.
• At an aggregate level, there has been growth in the revenue (1,427 million euro, +2%) and EBITDA (178.9 million, +11.2%) of the industrial Portfolio Companies. Specifically:
  • The development of Caffè Borbone continues – mainly due to the significant growth of large-scale retail trade and the digital channel – with revenue and EBITDA rising to 221.2 million euro (+14.7%) and 58.3 million (+21%) respectively;
  • An excellent performance on the part of Officina Profumo-Farmaceutica di Santa Maria Novella – mainly due to the success of the new product launches and an excellent performance on the part of the retail channel – with an increase in revenue of 19.9% to 37.5 million and EBITDA (+30.4%).
  • Increase in revenue and EBITDA at CDS–Casa della Salute, which in the first nine months of the year opened four new clinics and completed two acquisitions, and at Italgen, thanks to higher rainfall, the entry into operation of the new photovoltaic systems and the elimination of the price cap from the beginning of July 2023.
  • In a challenging market context, with falling consumption and higher meat prices, Capitelli has managed to increase both its revenue (+15.7%) and EBITDA (+22.3%).
• At September 30, 2023, the Net Asset Value of Italmobiliare S.p.A., excluding treasury shares, comes to 2,068.6 million euro (2,029.1 million euro at December 31, 2022); considering the distribution of 29.5 million euro of dividends during the first half of the year, the net performance is positive for 69.0 million euro.
• The NAV per share (excluding treasury shares) is equal to 48.9 euro and, considering the distribution of dividends of 0.7 euro per share, shows an increase of 3.4% compared with the same figure at December 31, 2022.
• At September 30, 2023 the net financial position of Italmobiliare S.p.A. is positive showing an increase of 2.5 million euro, going from 151.5 million euro at December 31, 2022 to 154.0 million euro.
• The definition of the decarbonisation objectives for 2030 is currently underway and will be sent to the team of experts at the Science Based Target initiative for validation by the end of the year: with different methods and according to the challenging protocols that are envisaged, the objectives involve over 70% of the Net Asset Value and almost 100% of the Group's carbon footprint.

Milan, November 9, 2023 – The Board of Directors of Italmobiliare S.p.A. today approved the results for the nine months ending September 30, 2023.

During the first nine months of the year, the Italmobiliare Group has turned in positive trends linked to the development and continuous improvement in the efficiency of the Portfolio Companies. The Group's consolidated revenue comes to 418.5 million euro, up 14.1% compared with the same period of 2022, mainly due to the positive contribution of Caffè Borbone, Casa della Salute and Officina Profumo-Farmaceutica di Santa Maria Novella, as well as the inclusion of SIDI Sport in the scope of consolidation. The gross operating profit (66.7 million euro) is up by 50% compared with the same period last year, mainly thanks to excellent performances on the part of Caffè Borbone, Officina Profumo-Farmaceutica di Santa Maria Novella and Italgen.

On the ESG front, the Group is further refining its decarbonisation strategy. Last March, membership of the Science Based Targets initiative was formalised, when Italmobiliare took a commitment to set and pursue short- and long-term objectives for the reduction of greenhouse gas emissions in line with the net-zero scenario. The final phase of defining the decarbonisation objectives for 2030 is underway and will be sent to a team of experts at the Science Based Target initiative for validation by the end of the year: with different methods and according to the challenging protocols that are envisaged, the objectives involve over 70% of the Net Asset Value and almost 100% of the Group's carbon footprint.

Looking at the pro-forma aggregate of the industrial Portfolio Companies, revenue has risen to 1,427 million euro (+2%). If we normalise the inclusion of SIDI, which only joined the Group at the end of 2022, and the drop in AGN's revenues, which did not have a direct impact on the company's profitability and which is attributable to the contraction in energy prices, revenues are up by 7.7%. The aggregate gross operating profit grew by 11.2%, reaching 178.9 million euro.

With particular reference to the performance of the Portfolio Companies, the excellent results achieved by Caffè Borbone and Capitelli in the food sector deserve to be highlighted. Caffè Borbone closed the period with revenue of 221.2 million euro, up by 14.7%, and EBITDA of 58.3 million (+21%). Capitelli has boosted its revenue to 16.4 million euro (+15.7%) with volumes up by 8%, in contrast to the Italian cured meats market which is experiencing a decline of 4.5% (source ISMEA). EBITDA increased by 22.3% despite the sharp increase in raw material prices. Callmewine's revenue is down on last year, mainly because the market is returning to normal after the boom that followed the outbreak of the pandemic.

Officina Profumo-Farmaceutica di Santa Maria Novella has closed the first three quarters of the year with revenue up by 19.9% compared with the same period last year. If we normalise the effect of non-recurring expenses, EBITDA comes to 10 million euro, up by 39% compared with last year.

CDS-Casa della Salute continues its expansion path, with the opening of four new clinics and two acquisitions. Revenue increased significantly (+26.8%), EBITDA grew by 11%, despite the non-recurring costs linked to development initiatives.

In the energy sector, there was a good performance by Italgen, which in the third quarter recovered from a difficult start to the year due to the ongoing drought. It closed the first nine months with EBITDA double what it was the previous year, even if it is still lower than historical averages. AGN Energia has seen revenue on the decline (-11.8%), influenced by the trend in energy prices, and EBITDA on the rise (+24.5%), thanks to the excellent unit margins recorded in the various businesses, even if influenced by the capital gain generated by the sale of the bottled gas business.

In the outdoor sector, the Tecnica Group is showing results in line with the first nine months of last year with revenue of 356.6 million euro; LOWA and Moon Boot performed particularly well. SIDI, which joined the Group at the end of 2022, closed the first nine months with revenue of 16.4 million euro, in a market that is suffering from a significant slowdown in consumption after the extraordinary growth during the pandemic, especially in the bike segment.

ISEO has ended the period with revenue essentially stable and a lower gross operating profit, mainly due to an increase in fixed costs attributable to the marketing of the electronic business and the company's digitisation. Bene Assicurazioni recorded an increase in premiums of 31.6% on last year, exceeding the expectations of the ambitious budget for 2023.

Lastly, Clessidra Holding, a non-industrial Portfolio Company, developed as a multi-asset portfolio in the management of alternative investments, posted revenue of around 27.6 million and EBITDA of 8.5 million.

At September 30, 2023, the Net Asset Value of Italmobiliare S.p.A., excluding treasury shares, is equal to 2,068.6 million euro (2,029.1 million euro at December 31, 2022); considering the distribution of 29.5 million euro of dividends during the first half of the year, the net performance is positive for 69.0 million euro. The NAV per share (excluding treasury shares) is equal to 48.9 euro and, in consideration of the distribution of dividends of 0.7 euro per share, shows an increase of 3.4% compared with the same figure at December 31, 2022.

At September 30, 2023 the net financial position of Italmobiliare S.p.A. is positive, showing an increase of 2.5 million euro, going from 151.5 million euro at December 31, 2022 to 154.0 million euro; this has been allocated 50% to the Vontobel Fund, a multi-asset portfolio with a conservative risk profile in line with the Company's investment policies. Among the main outflows are investments in private equity funds, net of redemptions
(-17.5 million euro), other investments (-16.3 million euro) and overheads, taxes and incentive plans (-37.0 million euro). These outflows were partially offset by the sales of HeidelbergCement AG and other equity investments (+36.6 million euro), the repayment of capital by Sirap Gema and FT2 (+16.0 million euro) and the positive net flow between payment of the ordinary dividend and dividends received (+13.8 million euro). Lastly, cash management was positive, generating 5.7 million euro.

Events after the reporting date

On October 19, 2023, Florence InvestCo S.r.l., in which Italmobiliare held a 13.98% stake, was sold to Permira. Italmobiliare was part of the shareholding structure of the Florence Group from the start. It was created with the aim of aggregating Italian industrial excellence in the sector of luxury textile manufacturing on behalf of third parties. On completion of the sale, Italmobiliare received 78.2 million euro, versus an investment of 30.7 million euro, giving an MoM return of 2.5% and an IRR of 51.2%.

For more information

Italmobiliare

Media Relations: Tel +39 0229024313 | e-mail: comunicazione@italmobiliare.it

Investor Relations: Tel. (+39) 0229024212 | e-mail: IR@italmobiliare.it

***

The presentation for the financial community, updated with the results at September 30, 2023, will be made available today on the Company's website in the Investor/Presentations section

Milan, October 19, 2023 – The sale of Florence InvestCo S.r.l. to Permira was completed today. Florence InvestCo Srl, in which Italmobiliare had a 13.98% interest, is the majority shareholder of Gruppo Florence S.p.A.

Italmobiliare was part of the shareholding structure of Gruppo Florence from the start. It was created with the aim of aggregating Italian industrial excellence in the sector of luxury textile manufacturing on behalf of third parties. On completion of the sale, Italmobiliare received Euro 78.2 million.

“Gruppo Florence is an outstanding project. We very proudly contributed to its launch and development, thus creating in just few years a leading player of textile manufacturing with exceptional development opportunities that the new shareholder will undoubtedly be able to grasp” declared Carlo Pesenti, Chief Executive Officer of Italmobiliare.

Milan, August 4, 2023 - Italmobiliare S.p.A. announces that the Interim Report at June 30, 2023, has been filed, together with the report of the Independent Auditing Firm, with the Company’s registered office in Milan, Via Borgonuovo no. 20, and with the authorized storage platform eMarket Storage at www.emarketstorage.com, and it is available to the public on the Company’s website www.italmobiliare.it, under the Investor/Reports section (https://www.italmobiliare.it/en/investor/reports).

REVENUE AND EBITDA OF INDUSTRIAL PORTFOLIO COMPANIES BOTH UP. NAV IS UP, AFTER PAYING DIVIDENDS

• During the first half of the year, despite the ongoing uncertainty and a series of critical issues, the Group turned in positive trends thanks to continuing development and various measures to optimised operations. Group turnover is up by 11.6%, coming in at 285 million euro.
• The Industrial Portfolio Companies recorded growth in revenue (949.8 million, +5.1%) and EBITDA (99.8 million, +11.7%), in particular:
  • Caffè Borbone closes the half-year with a significant increase in revenue (153.7 million, +14.7%) and EBITDA (41.1 million, +21.2%);
  • the development of Officina Profumo-Farmaceutica di Santa Maria Novella continues, with revenue increasing to 23.7 million (+21.5%);
  • CDS–Casa della Salute reaches the milestone of 20 clinics, with revenue growing by 26% to 20.9 million euro;
  • Capitelli's revenue (11.3 million, +16.3%) and EBITDA (1.7 million, +5.5%) have increased.
• The Net Asset Value of Italmobiliare S.p.A., excluding treasury shares, comes to 2,064.8 million euro (2,029.1 million euro at December 31, 2022); considering the distribution of 29.5 million euro of dividends during the first half of the year, the net performance is positive for 65.2 million euro.
• The NAV per share (excluding treasury shares) is equal to 48.8 euro and, in consideration of the distribution of dividends of 0.7 euro per share, shows an increase of 3.2% compared with the same figure at December 31, 2022.
• The net financial position of Italmobiliare S.p.A. is positive and has increased by 10.1 million euro, going from 151.5 million euro at December 31, 2022 to 161.6 million euro at the end of June 2023.
• In May, the signing of an agreement was announced for the sale of Florence InvestCo S.r.l., the company that holds a majority stake in Gruppo Florence S.p.A. Italmobiliare, which holds a 13.98% stake in Florence InvestCo S.r.l., expects to realise around 75 million euro for this sale.
• In the first half of 2023 all the Portfolio Companies completed their adhesion to the UN Global Compact. Furthermore, Italgen and Casa della Salute have started the transformation process into B Corp.

Milan, July 28, 2023 – Italmobiliare's Board of Directors has reviewed and approved the interim report at June 30, 2023.

At the end of the half year, the Net Asset Value of Italmobiliare S.p.A., excluding treasury shares, amounted to 2,064.8 million euro, up from 2,029.1 million euro at December 31, 2022; considering the distribution of 29.5 million euro of dividends during the half-year, the net performance is positive for 65.2 million euro. The increase in the Net Asset Value of 36 million euro is mainly due to the positive performance of the Portfolio Companies for 56.7 million euro, relating in particular to Caffè Borbone and Officina Profumo-Farmaceutica di Santa Maria Novella, and of the Other Equity Investments for 40.4 million euro, in particular Florence InvestCo and HeidelbergCement, partially offset by the distribution of dividends for 29.5 million euro and overheads, taxes and incentive plans for 30 million euro. NAV per share (excluding treasury shares) is equal to 48.8 euro and, in consideration of the distribution of dividends of 0.7 euro per share, shows an increase of 3.2% compared with the same figure at December 31, 2022.

Carlo Pesenti, Chief Executive Officer of Italmobiliare, stated “The good results achieved in the first half of the year, combined with the increase in NAV, confirm both the quality of the portfolio companies and the ability of our managers, both at the holding company and at the investees, to create value even in a particularly challenging context, like the one we are going through at present. Our goal is to continue this process of development in the second half as well, with a view to reaching the ambitious targets of sustainable growth that we have set ourselves. In this regard, I would like to point out that, following the commitment taken by Italmobiliare in 2020, in the first half of 2023 all the Portfolio Companies completed their adhesion to the UN Global Compact, the world’s largest corporate sustainability initiative. Furthermore, Italgen and Casa della Salute have started the transformation process into B Corp, in recognition of their sustainable business model.”

Looking at the pro-forma aggregate of the Industrial Portfolio Companies, revenue amounts to 949.8 million euro, up by 5.1% on the first half of 2022; the increase is essentially unchanged if we normalise the figures for the inclusion of SIDI in the first half and the drop in AGN's revenue due to the contraction in energy prices, though this did not have a direct impact on the company's profitability. The EBITDA of the Industrial Portfolio Companies amounted to 99.8 million euro, up by 11.7% compared with the same period of the previous year, driven by the good performances of Caffè Borbone and AGN Energia. Gross of dividends paid in the period for 61.6 million euro and the non-recurring transactions, overall free cash flow for the first half was negative for 0.9 million euro. This result is more than explained by the investments made during the period, amounting to 62.1 million euro. In particular, the good cash flow generated by Caffè Borbone and AGN Energia should be highlighted.

On May 25, 2023, the signing of an agreement was announced for the sale to Permira of Florence InvestCo S.r.l., a company that holds a majority stake in Gruppo Florence S.p.A. and in which Italmobiliare holds 13.98%. Italmobiliare has been a shareholder in Florence S.p.A. since the start of this initiative, born with the aim of aggregating Italian industrial excellence in the subcontracting of luxury textile manufacturing. It is estimated that Italmobiliare should realize around 75 million euro as a result of the sale, net of transaction costs and top management bonuses.

At June 30, 2023 the net financial position of Italmobiliare S.p.A. is showing an increase of 10.1 million euro, going from 151.5 million euro at December 31, 2022 to 161.6 million euro at the end of June 2023.

Milan, May 25, 2023 – The signing of an agreement for the sale of Florence InvestCo S.r.l. to Permira has been announced today. Florence InvestCo S.r.l. - in which Italmobiliare has an equity interest of 13.98% - holds a majority stake of the capital of Gruppo Florence S.p.A.
Italmobiliare has been a shareholder in Florence since the start of this initiative - born with the aim of aggregating Italian industrial excellence in the subcontracting of luxury textile manufacturing - and is expected to realize around 78 million euro as a result of the sale, net of transaction costs and top management bonuses. 
“Florence is an outstanding project. We very proudly contributed to its launch and development, thus creating in just few years a leading player of textile manufacturing with exceptional development opportunities that the new shareholder will undoubtedly be able to grasp” declared Carlo Pesenti, Chief Executive Officer of Italmobiliare.

The minutes of the ordinary shareholders’ meeting held on April 27, 2023 is available at the Company’s registered office in Milan, Via Borgonuovo no. 20, on the authorized storage platform eMarket STORAGE (www.emarketstorage.com) and on the Company’s website www.italmobiliare.it, under the Governance/Shareholders’ Meetings section (https://www.italmobiliare.it/en/governance/shareholders-meeting).

Consolidated turnover in the first quarter up by 6.4%

• In the first quarter of the year, in a context that featured a series of critical issues, both extraordinary and prolonged, the Group has been recording positive trends by continuing its path of efficiency-raising and development of the various businesses. Consolidated turnover in the first quarter (138.5 million euro) has gone up by 6.4%.
• Specifically, of the main industrial portfolio companies:
  • the revenue of Caffè Borbone has grown significantly to 77.2 million euro (+16.3%);
  • Officina Profumo-Farmaceutica di Santa Maria Novella is showing revenue that is up by 7.9% to 10.2 million euro;
  • Casa della Salute (CDS) is continuing to grow, with revenue of 10.4 million euro, an increase of 23.5% compared with the same period of last year.
• The consolidated gross operating profit (EBITDA) has decreased from 29.8 million to 7.6 million euro, mainly due to the reduction in the margins of Italmobiliare S.p.A., which in the first quarter of 2022 benefited from the extraordinary distribution of dividends essentially linked to the disposal of the investment in Sirap and the early distribution of dividends by Capitelli and Italgen.
• The Net Asset Value of Italmobiliare S.p.A., excluding treasury shares, comes to 2,029.6 million euro (2,029.1 million euro at December 31, 2022).
• The net financial position of Italmobiliare S.p.A. is positive, going from 151.5 million euro at December 31, 2022 to 146.5 million euro at the end of March 2023, mainly because of investments in portfolio equity investments.

Milan, May 10, 2023 - Today the Board of Directors of Italmobiliare S.p.A. approved the additional periodic financial report at March 31, 2023.

In a context of prolonged uncertainty of extraordinary significance, Italmobiliare confirms its strategy focused on proactive risk management, implementation of transformational evolution paths along guidelines of efficiency and sustainability and constant operational and strategic support for its subsidiaries to face up to the challenges of a complex scenario. An approach that has made it possible to achieve good results in terms of resilience and responsiveness in the management of the portfolio companies.

In the light of this scenario, the consolidated revenue and income of the Italmobiliare Group in the first quarter of 2023, equal to 138.5 million euro, recorded an increase of 8.3 million euro (+6.4%) compared with the corresponding period of last year, mainly thanks to Caffè Borbone (+10.8 million euro) and SIDI (+7.7 million euro). The gross operating profit is down (to 7.6 million euro) as is the operating result (-0.9 million euro), mainly due to the reduction in the margins of Italmobiliare S.p.A. (which in the first quarter of 2022 benefited from the extraordinary distribution of dividends essentially linked to the disposal of the investment in Sirap and the early distribution of dividends by Capitelli and Italgen).

Performance of the industrial sectors of activity. In the first quarter of the year, the industrial portfolio companies posted aggregate revenue of 522.2 million euro, +6.3% on Q1 2022. The portfolio companies in the food sector have registered the excellent performance by Caffè Borbone which – despite comparison with a very good Q1 2022 – has seen revenue rise (+16.3%), driven by an excellent performance on the part of the digital channel and by the specialist stores, while the gross operating profit has gone up (+20.2%), even though the context continues to be very challenging because of high raw material prices. Capitelli has also done well, with revenue up by 15.5%, while the gross operating profit has been penalised by the huge rise in the cost of raw material. In 2022 Callmewine benefited from the higher domestic consumption of wine during Covid lockdowns; this year revenue is down, while gross operating result, even if negative, has improved thanks to the increased focus on profit margins.

In the energy sector, Italgen – with a turnover of 8.9 million euro, in line with Q1 2022 – was hit by a severe drought during the period, with production 40% lower than the historical average, and the impact of the Sostegni Ter and Price Cap regulations. AGN Energia has closed the period with revenue holding up compared with the previous year at 214.8 million euro, despite the drop in retail volumes due to higher temperatures versus the historical average.

In the outdoor sector, Tecnica Group has turned in substantially stable revenue compared with the same period of the previous year (94.1 million euro). However, the quarterly result does not fully reflect the growth expectations for the current year, which to date has a good order backlog. SIDI, which has been within the Italmobiliare scope of consolidation since October 25, 2022, closed the period with revenue in line with expectations (7.7 million euro), despite the physiological slowdown in demand after the extraordinary growth in consumption due to the pandemic.

Officina Profumo-Farmaceutica di Santa Maria Novella is reporting revenue growth of 7.9% compared with Q1 2022, thanks above all to a good performance by the retail side of the business with sales volumes bouncing back, having been penalised during the pandemic, and to the contribution made by the new points of sale opened in Italy and abroad. Current investments to support the business are cutting into margins, which are on the decline.

Casa della Salute (CDS) is continuing to grow with revenue well up by 23.5% compared with the same period of last year. This increase is even higher (+31%) if we normalise the effect of Covid which had a positive impact on Q1 2022 revenue. Confirming CDS's process of growth during the quarter the company also concluded its first acquisition transaction.

Iseo's revenue is more or less constant, with EBITDA down, partly due to the growth in commercial costs to support the development of the electronic business and IT costs involved in the company's process of digitisation.

Bene Assicurazioni is continuing to grow, with a 33,6% increase in premium income compared with Q1 2022.

Performance of the financial sector. Clessidra, a non-industrial portfolio company, shows a brokerage margin substantially in line with the previous year, while the gross operating margin has decreased, mainly due to higher fixed costs.

The Net Asset Value of Italmobiliare S.p.A., excluding treasury shares, comes to 2,029.6 million euro (2,029.1 million euro at December 31, 2022); the net performance is therefore positive for 0.5 million euro. At March 31, 2023, the NAV per share (excluding treasury shares) is equal to 48.0 euro, with no change from the equivalent figure at December 31, 2022.

The net financial position of Italmobiliare S.p.A. is positive, going from 151.5 million euro at December 31, 2022 to 146.5 million euro at the end of March 2023. The main flows include net investments in private equity funds (-1.9 million euro), investments in portfolio equity investments (-7.5 million euro) and payments of income tax (-1.2 million euro), partially offset by the sale of shares in HeidelbergCement (+6.5 million euro).

At today's meeting, the Board of Directors also adopted the Regulations for the long-term incentive plan 'Italmobiliare 2023-2025 phantom stock grant plan' approved by the shareholders' meeting on April 27 and approved the allocation in favour of the Chief Executive Officer-Chief Operating Officer, the key managers and certain other managers of the Company. Detailed information on the assignment of the Plan will be published in accordance with art. 84-bis, paragraph 5, of CONSOB's Issuers Regulations.

The Board of Directors, following the appointment of directors and statutory auditors resolved by the shareholders’meeting on April 27, 2023, has checked that the integrity and professional requirements established by law are met for corporate representatives of legal persons who hold qualified shareholdings in companies in the financial and insurance sector.

The presentation for the financial community, updated with the results at March 31, 2023, will be made available on the Company's website in the Investor/Presentations section (https://www.italmobiliare.it/en/investor/presentations) by May 10.

Milan, April 27, 2023 - The shareholders’ meeting of Italmobiliare S.p.A., held today in Milan, approved the distribution, for each share entitled, of a dividend of euro 0.70, gross of the withholdings required by law. The dividend will be paid on May 10, 2023. Shares will be traded ex dividend on May 8, coupon no. 6; the record date will be May 9.

As required by current regulations, shareholders whose shares have not yet been dematerialized shall previously present their shares to an “Intermediary” for introduction into the centralized dematerialization management system.

This notice will be published tomorrow on daily newspapers.