Italmobiliare S p A : Company Presentation

COMPANY PRESENTATION

MAY 2024

INDEX

02

Italmobiliare: Overview

ESG approach

Investment Portfolio

Focus on portfolio companies

Exits

Closing remarks

Vision & Mission and strategic approach	03

"Italmobiliare Investment Holding owns and manages a diversified portfolio of investments in excellent Italian

INVESTMENT STRATEGY

mid-sized companies with a strategic vision based on a

financial and industrial history that goes back over 150 years"

VISION

Italmobiliare intends to be a reference partner for entrepreneurs and managers willing to accelerate and enhance their long-term growth plans and actively

contribute to global challenges, creating sustainable, innovative, more competitive and resilient businesses

MISSION

Italmobiliare plays a proactive role in the process of growth and enhancement of its portfolio companies by promoting their development,

FOCUS

VALUE

CREATION

AND NETWORK

Focus on Italian champions operating in resilient industrial, services and consumer sectors with strong brands, distinctive capabilities, and international presence

Flexible approach on investments, usually focused on entrepreneurs skills and talent

Contribution to value creation of portfolio companies with strategic and financial support for organic and M&A growth, as well as identification of synergies between portfolio companies and Italmobiliare itself

Private equity investments provide Italmobiliare and its direct investee companies a global footprint for business opportunities

internationalisation and innovation with an effective governance and risk management model, and full ESG integration at all stages of investing

	Italmobiliare is committed on improving the ESG
ESG DRIVEN	positioning of its portfolio companies
leveraging its industrial heritage and
	governance expertise as a listed holding

Italmobiliare at a glance

• Investment holding since 1946
• Majority shareholder: Pesenti family, active in the Italian business community for over 150 years
• Focus on equity investments on Italian mid-sized companies
• NAV: Euro 2.2 bn or Euro 52.4 per share(1),
• Increase in NAV since end of 2017: Euro 0.9 bn, of which Euro 0.24 bn of dividends paid out to shareholders
• Listed on Euronext STAR segment of Borsa Italiana
• Market cap: approx. Euro 1.31 bn(2)
• Total shareholders return last 5 years: 109%(2)
• Ordinary dividend of Euro 0.80 per share (2.4% yield)(3)
• Extraordinary dividend in 2024 of Euro 2.20 per share (6.5% yield)(3)

04	(1)	As of March 31, 2024, net of treasury shares
(2)	As of May 7, 2024, share price of Euro 30.9 per share, net of treasury shares
(3)	Dividend for 2023 results, based on share price on May 7, 2024 adjusted for dividend distribution

Our History

Since 2017 invested in 11 portfolio companies and executed 4 major exits

		1 9 4	6																						1	9	7 9																							1 9 9	2																							1	99 3 -																													20	1	6
																																																					2 0 0 5
Italcementi, founded in								In 1979 Italmobiliare acquires				Italcementi acquires Ciments										Portfolio diversification														Sale of Italcementi for a mix of cash and
1864, carves out into newly								the control of Italcementi and		Français becoming a world leading																																					assets incl. Italgen, BravoSolution and
created Italmobiliare the								in 1980 is listed on the Milan				player in the cement industry																																										HeidelbergCement shares
non-building materials												Stock Exchange
	related assets

Conversion of Italmobiliare saving shares

Acquisition of Clessidra SGR

20

2 0

20

1

9

2 0

1

8

20

1 7

Acquisition of a 80% stake in Officina

Acquisition of 30% of Autogas Nord (now

Purchase of 60% of Caffè Borbone

Share buy back for €100m

Profumo-Farmaceutica di Santa Maria Novella

AGN Energia) and 80% of Capitelli

and 39% of ISEO

Acquisition of 92.5% of Casa della Salute

Purchase of 40% of Tecnica Group

(now CDS) and 60% of Callmewine

Sale of stake in Jaggaer

Sale of BravoSolution and acquisition

Cancellation of 90% of treasury shares

Adherence to UN Global Compact

of a stake in Jaggaer

Listing on STAR segment

of Borsa Italiana

20

2

1

2 0

2

2

20 2

3

20

2

4

Exit from the food plastic packaging

Acquisition of a 19,99% stake

Sale of investment in Florence Group

In February sale of investment in

sector by disposing Sirap Group's

in Bene Assicurazioni and 100% of SIDI Sport

Participation to the Science Based

AGN Energia

assets

Targets Initiative (SBTi), committing

Distributed €127m of ordinary and

Increased stake in Officina Profumo-

to set emission reduction targets in

extraordinary dividend

Farmaceutica di Santa Maria Novella

Distributed €59m of ordinary and extraordinary

line with the net-zero scenario

to 100%

dividend

05

Investment Portfolio

Deployment of a new diversified portfolio of strategic participations after the sale of Italcementi in 2016

Italmobiliare is an investment holding with a diversified NAV of Euro 2.2 bn

NAV					PORTFOLIO HIGHLIGHTS
Euro 2.2 bn
	Portfolio companies (64% of NAV)		Private Equity Funds
Financial		Other					(11%)
	Real Estate &
investments,	investments	Other
trading &	7%	3%

liquidity

15%

Private

Equity

11%

Portfolio
Companies	and others…
64%

2022 2022

Liquidity and financial assets (15%)

06

Other investments

(7%)

and others…

9% pro-forma for dividend payment in May 2024

Italmobiliare total return 2018 - 2023

Generated Euro 0.9 bn of additional NAV of which Euro 0.24 bn distributed to shareholders

In the period 2015-2017 Italmobiliare divested nearly Euro 2.0 bn of assets (Italcementi, BravoSolution, Finter Bank and HC shares) and distributed cash (dividend and buy back) and Heidelberg Cement shares for approx. Euro 680 m

Since 2018 Italmobiliare:

• Divested Euro 770 m of direct assets(1) and invested Euro 600 m on Portfolio Companies (Euro 660 m including Tecnica)
• Distributed dividends for Euro 240 m
• Increased its NAV by almost Euro 660 m net of dividends distribution

Total NAV value creation for shareholders: Euro 900 m or Euro 21 per share (IRR 8.3%; MoM 1.6x)

Data in Euro m

			894		Portfolio Companies:
			2,201	64% of NAV(1)
Portfolio Companies:					Average vintage of
15% of NAV		238			portfolio companies:
	1,545			~4 years
Cash and liquidity:
36% of NAV
NAV @31/12/2017	Dividends	NAV value variation	NAV @31/12/2023
NAV MoM	1.0x	0.15x	0.57x	1.57x
Per share (€)	36.8	5.7	21.0	52.1	07

1. Includes the sale of investment in AGN Energia in 2024 Note: NAV net of treasury shares

Net Asset Value development				08
Over the past 5 years achieved transition towards target capital allocation
€1,545 m		€2,201 m		€2,217 m	TARGET	NEW TARGET
		ALLOCATION	ALLOCATION
December 31, 2017	December 31, 2023	March 31, 2024	2018
					Real Estate &	Financial investments,	Financial investments,
	Real Estate &			Other	trading & liquidity
Other	Other	Real Estate &	investments Other	trading & liquidity
investments	Other	investments	Other	Financial 7%	3%	>10%	~10%
4%	Private Equity
4%
Financial 8%	3%	investments,		Private Equity
	Listed		>10%
	Participations	investments,		trading &			~10%
	35%		liquidity
	trading &				Other assets
			15%		Other assets
Financial		liquidity			~10%
				<20%
investments,		9%

trading & liquidity			Private Equity
36%			Private Equity	Portfolio				Portfolio
		11%
				Portfolio	11%	Companies				Companies
							Companies			64%		Portfolio	~70%
							69%				Companies
	Private Equity	Portfolio
									>50%
	Companies
6%
15%
		(€m)
	Portfolio Companies		240				(€m)					(€m)
	Listed Participations(1)		544			Portfolio Companies	1,518		Portfolio Companies		1,412
	Private Equity		95			Private Equity	239
					Private Equity		243
	Financial investments, trading &	549			Financial investments, trading &	205
				Financial investments, trading & liquidity
	liquidity				liquidity		325
	Other investments		59			Other investments(1)	167		Other investments		165
	Real Estate & Other		58			Real Estate & Other	72		Real Estate & Other		71
	NAV		1,545			NAV	2,201		NAV		2,217
	NAV per Share		36.8 €			NAV per Share	52.1 €
					NAV per Share		52.4 €
	NAV Discount		35%			NAV Discount	47%
					NAV Discount		34%
									Dividends paid from Dec-17 to Mar-23	238

1. From 31 December 2022 Listed Participations are included in Other investments Note: NAV net of treasury shares, discount calculated as of NAV's date

1Q 2024 results and key highlights	09

NAV

dynamics

Performance

of Portfolio

Companies

Subsequent

events

• NAV of Euro 2,217 m as of March 2024 (Euro +15 m from December 2023), mainly effect of increase in fair value of other investments (Euro +8 m) and private equity funds (Euro +9m) net of holding costs, taxes and trading income (Euro -2 m)

Data in €M

		0	9	8	-	(2)
						Trading activities, taxes
						and holding costs
	2,201						2,217

NAV	Change in	Change in	Change in other	Dividends	Change in other	NAV
@31/12/2023	portfolio	private equity	investments fair		NAV items	@31/03/2024
	companies fair	fair value	value
	value

• Industrial Portfolio Companies in the first quarter of 2024 reported aggregated revenues up by 8% YoY and a lower aggregated EBITDA by 12% YoY, mainly influenced by the performance of Tecnica and Iseo only partially compensated by Italgen
• Continuing growth of Caffè Borbone with revenues +8% and EBITDA -6% YoY despite high coffee prices
• Strong growth for Santa Maria Novella (revenues +17%) thanks to good performance of DOS and e-commerce with lower EBITDA due to increase in personnel and new stores openings
• Stable revenues for Tecnica (-3% YoY) with lower EBITDA due to higher personnel costs
• Strong recovery for Italgen thanks to higher energy production and termination of negative regulatory effects (revenues +61% and EBITDA Euro +8.8m YoY)
• Iseo lower revenues and EBITDA due to delays in sales and non recurring costs related to the new ERP system implementation
• Continuing growth for CDS - Casa della Salute with revenues +47% and EBITDA +35% YoY and Bene Assicurazioni (premiums +42%)
• Solid performance of Capitelli with revenues up by 4% YoY and EBITDA up by 28% despite high raw materials prices
• SIDI Sport and Callmewine registered lower revenues YoY due to post pandemic market demand normalization and weakness in discretionary consumption
• On May 6th 2024 Italmobiliare distributed an ordinary and extraordinary dividend of Euro 3.0 per share for a total amount of approx. Euro 127 m

Italmobiliare shareholding structure

• Major shareholder is Efiparind B.V., 100% owned by the Pesenti family
• Italmobiliare Board of Directors composed by 12 members, majority of independent directors, in office until the approval of 2025 results

S H AR E H O L D I N G S T R U C T U R E ( 1 )		B O AR D O F D I R E C TO R S

Mainly represented by institutional investors, of which 75% based outside Italy

Free float

25.6%

Trasury shares

0.5%

(2)	(3)
Morgan Stanley	Carlo Pesenti
5.5%	50.4%

Mediobanca

6.8%

Serfis 11.2%

1. As of April 2024
2. Servicing equity swap instruments

1. Zanetti (Chairman)

1. Strazzera (Deputy Chair)

1. Pesenti (CEO)
   R. Pesenti
   G. Bonomi

M. Cartia d'Asero

1. Casella

M. Cipelletti

E. Fornero

P. Ruffini

L. Minoli

1. Palmieri

Independent Director according to CLF (Consolidated Law on Finance)

Indipendent Director

according to the

Code of Corporate

Governance and CLF

(Consolidated Law

on Finance)

Non-executive

Director

1. Indirectly through Efiparind BV, Efiparind BV & CIE SCPA, Cemital Privital Aureliana S.p.A. and with a fiduciary header to CFN Generale Fiduciaria S.p.A. for 49.334% and directly, on a personal basis for 1.031% of the share capital.

10