Tamburi Investment Partners S p A : Additional periodic disclosure at 31 March 2024 Tamburi Investment Partners Group

Additional periodic disclosure at 31 March 2024

Tamburi Investment Partners Group

(TRANSLATION FROM THE ITALIAN ORIGINAL WHICH REMAINS THE DEFINITIVE VERSION)

We should all feel nothing but shame for the reputation that finance has earned itself in the last few years, but if you manage to guide healthy capital from successful businesses, long-term investors and the assets of families that wish to invest them intelligently in companies that want to grow, you are doing one of the most beneficial jobs in the world.

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CONTENTS

Company Boards	3
Interim Directors' Report	4
Quarterly Consolidated Financial Report
Financial Statements	10

• Consolidated income statement
• Consolidated comprehensive income statement
• Consolidated statement of financial position
• Consolidated statement of changes in equity

Notes to the quarterly consolidated financial report at 31 March 2024	14
Attachments	24

• Declaration of the Executive Officer for Financial Reporting
• Changes in investments measured at FVOCI
• Changes in investments in associated companies measured under the equity method

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TAMBURI INVESTMENT PARTNERS GROUP

Company Boards

Board of Directors of Tamburi Investment Partners S.p.A.

Giovanni Tamburi	Chairperson and Managing Director
Alessandra Gritti	Vice Chairperson and Managing Director
Cesare d'Amico	Vice Chairperson
Claudio Berretti	Executive Director and General Manager
Isabella Ercole (1)(2)	Independent director *
Giuseppe Ferrero (1)	Independent director *
Sergio Marullo di Condojanni (1)	Independent director *
Manuela Mezzetti (1)(2)	Independent director *
Daniela Palestra (2)	Independent director *
Paul Schapira	Independent director *

Board of Statutory Auditors

Myriam Amato	Chairperson
Marzia Nicelli	Statutory auditor
Fabio Pasquini	Statutory auditor
Simone Montanari	Alternate auditor
Marina Mottura	Alternate auditor

Independent audit firm

KPMG S.p.A.

Registered office

Via Pontaccio No. 10, Milan, Italy

1. Member of the Appointments and Remuneration Committee
2. Member of the Control and Risk, Related Parties and Sustainability Committee * In accordance with the Corporate Governance Code

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TAMBURI INVESTMENT PARTNERS GROUP

Interim Directors' Report of the Tamburi Investment Partners Group at 31 March 2024

At the consolidated level, TIP closed the first three months of 2024 with a pro forma consolidated net profit of 29.4 million, up more than 50% from 19.6 million for the period ended March 31, 2023. Consolidated equity was approximately 1.48 billion at March 31, 2024, compared with 1.44 billion at December 31, 2023.

The excellent result for the quarter was essentially due to a further positive contribution to results from associates, including, in particular, the very positive contribution of OVS (relating to the period November 2023-January 2024), which more than doubled compared with the same period of the previous year, as well as the capital gains realised on the completion of the Prysmian disinvestment.

The customary pro forma income statement for the financial year January 1 - March 31, 2024, determined by considering the realized gains and losses and write-downs on equity investments, is set out below. As is well known, this system, which was in force until a few years ago, is considered much more meaningful in representing the reality of TIP's business.

The pro forma figures are commented on in the Directors' report, while the notes provide information on the figures determined in accordance with IFRSs.

		Reclassification to income
Consolidated Income	IFRS	statement of capital gain (loss)
Statement	31/3/2024	realised
(in euro)
Total revenues	390,931
Purchases, service and other
costs	(629,602)
Personnel expenses	(7,140,230)
Amortisation	(98,898)
Operating profit/(loss)	(7,477,799)	0
Financial income	1,716,495	21,619,711
Financial charges	(2,852,245)
Share of profit of associated
companies measured under the
equity method	15,835,257
Adjustments to financial assets	0
Profit/(loss)before taxes	7,221,708	21,619,711
Current and deferred taxes	818,365	(303,638)
Profit/(loss) of the period	8,040,073	21,316,073
Profit/(loss)attributable to
shareholders of the parent	8,173,813	21,316,073
Profit/(loss)attributable to
minority interests	(133,740)	0

PRO FORMA

31/3/2024

390,931

(629,602)

(7,140,230)

(98,898)

(7,477,799)

23,336,206

(2,852,245)

15,835,257

0

28,841,419

514,727

29,356,146

29,489,886

(133,740)

PRO FORMA

31/3/2023

327,212

(549,975)

(4,636,495)

(92,147)

(4,951,405)

9,733,071

(4,329,377)

18,522,268

0

18,974,558

575,760

19,550,318

19,550,318

0

The IFRS income statement does not include capital gains in the period on equity investments and equity instruments of 21.6 million.

The share of the profit of associated companies amounts to 15.8 million, attributable in particular to the positive results of the investee companies OVS Sp.A., IPGH S.p.A., parent company of the Interpump group, ITH S.p.A., parent company of the Sesa group, Beta

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TAMBURI INVESTMENT PARTNERS GROUP

Utensili S.p.A., Sant'Agata S.p.A., parent company of the Chiorino group, and Limonta S.p.A. After having recorded in 2023, for the first time in its history, a positive first quarter, at Ebitda level, Alpitour further improved the Ebitda in the period, confirming the extremely positive trend which allows to demonstrate how the leap in profitability recorded recently can be considered structural.

Revenues from advisory activities amounted to approximately 0.4 million during the period.

Personnel costs rose slightly on 2023 and, as always, were significantly influenced by the variable remuneration component for executive directors which, as known, is performance- related.

Financial income also includes 1.5 million in dividends and 0.2 million in other income. Financial expenses mainly relate to interest accrued on the bond of approximately 2 million and other interest on loans of approximately 0.6 million.

The consolidated net financial position of the TIP Group at 31 March 2024, without considering non-current financial assets considered from a management perspective as operational liquidity for use in the short term, was negative for approximately 378 million, down considerably from approximately 409 million at December 31, 2023. The reduction in the period essentially relates to proceeds from disposals, net of the use of liquidity to finalise equity investments and the purchase of treasury shares in the quarter.

In January 2024, StarTIP, participated pro rata, with an investment of approximately 4.7 million in a new capital increase of Bending Spoons on the basis of a post-moneyequity value valuation of over USD 2.5 billion. Following the transaction, the TIP Group holds an approximately 3.3% stake in Bending Spoons.

In March 2024, Investindesign acquired additional Dexelance shares, with an investment of approximately 2.6 million, slightly increasing its stake.

Following the decision made in 2023, sales of Prysmian shares continued in the first few months of 2024, with the divestment completed in March. Prysmian remains an exceptional group, which has also recently demonstrated growing results and great vision and strategic ambition. The progressive dismantling of the club deal organised through Clubtre and our absence from governance led us to decide on this divestment, but the high esteem for management and our appreciation of the company's performance, including future performance, remain unchanged.

Buy-backs also continued and we invested a further 3.2 million during the quarter.

As regards other significant operations, the activity aimed at valorising the Alpitour group continued, among others, during the quarter which, as is known, we managed to slow down given the goodness of the current results and the strengthening of the positive perspectives.

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TAMBURI INVESTMENT PARTNERS GROUP

More generally, an increasing number of investment proposals are being analysed because, with interest rates not yet falling and very likely to have a more gradual decline than expected a few months ago, the interest of many companies in an operator such as TIP is increasing.

With the Board of Directors' approval of the update of the document entitled "A Culture of Sustainability" on 14 March 2024, TIP once again confirmed and analytically detailed TIP's historically established commitment to ESG issues.

Amplifon closed the first three months of 2024 with a strong increase in revenues, which in the quarter reached 573 million (+8.8% at constant exchange rates) and record profitability, with a recurring EBITDA of 137 million and a recurring EBITDA margin of 23.9% on revenues, an increase of 100 basis points on the first quarter of 2023, thanks to the measures to improve productivity launched in the second part of last year. Financial debt and free cash flow continue to improve, even after capex and M&A investments of around 100 million. Net financial debt as at 31 March 2024 was 883 million and leverage further reduced to 1.52x.

Dexelance closed the first three months of 2024 with revenues of 72.7 million, up 10.4% compared with full revenues (including, for the full year, the total revenues of the companies acquired during the period) in the first quarter of 2023. Adjusted EBITDA was 9.5 million, down 13.1% compared to full adjusted EBITDA in the same period of 2023.

ELICA in the first three months of 2024 recorded sales of 117.2 million, down on the same period of 2023, but recovering (+4%) compared to the last quarter of 2023. Normalised EBITDA was 7.6 million, lower than the 12.6 million recorded in the first three months of 2023, significantly affected by costs incurred to support growth, in products, rebranding, positioning and the participation at Eurocucina.

Hugo Boss reported record revenue in the first quarter of 2024, reaching 1.014 million, an increase of more than 5% on the same period of 2023, with EBITDA of 154 million, also up 9% from 141 million in the first three months of 2023. In light of these results, management confirmed its growth forecasts for the year 2024.

Interpump Group closed the first three months of 2024 with good results, slightly below the record results for the same period of 2023 but up on the last quarter of 2023. In the quarter Interpump reported revenues of 545.9 million, down 7.8% from 592.3 million in the corresponding period of 2023, with EBITDA of 127.4 million compared to 149.6 million in the first three months of 2023. For the entire year 2024, the company, on a like-for-like basis, expects turnover and profitability to remain essentially stable compared to 2023.

Moncler closed the first three months of 2024 with consolidated revenues of 818.0 million, up 16% at constant exchange rates and 13% at current exchange rates, thanks to a 20% growth (+17% at current exchange rates) in revenues of the Moncler brand and despite a decrease in revenues of the Stone Island brand in the wholesale channel.

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TAMBURI INVESTMENT PARTNERS GROUP

OVS ended the financial year (February 2023 - January 2024) with growth of net sales, which reached 1,536 million, +1.5% on 2022-23, when robust growth had already been reported. The increase in sales was also due to the best fourth quarter ever, with net sales of 433.1 million and adjusted EBITDA for the period of 60.7 million. Adjusted EBITDA for the full year was

182.2 million, with an EBITDA margin of 11.9% despite the effects of inflation tensions on costs. Reported net profit was 52.4 million, up significantly compared with the previous year. Operating cash flow was a positive 64.3 million. The adjusted net financial position at 31 January 2024 was 145.5 million, with a leverage ratio further reduced to 0.80x.

Roche Bobois reported revenues of 94.2 million in the first quarter of 2024, down slightly, as expected, from the 104 million in the same period of the previous year, but forecast to grow in the second part of the year with the expectation of replicating or in any case very close to the excellent level of annual revenues achieved in 2023.

Sesa closed the first nine months of 2023/24 (the annual financial statements closed on April

1. with continued growth, revenues of 2,396.1 million, up 10.1%, and EBITDA of 180.3 million, up 15.6% on the same period in the previous year, thanks to market share growth and new acquisitions. Net financial position is positive (net cash) at approximately 148.3 million.

The businesses of many of the other direct and indirect equity investments also reported positive results, following the already excellent performances seen in 2023.

12,5

10,5

8,5

6,5

4,5

2,5

0,5

N asdaq +2 9 3,5%

+ 254, 9%

S&P 500 +1 7 4,9%

IT Star +1 5 6,6%

D OW JONES + 1 3 6,5%

F TSE MIB +6 1 ,2%

MSC I Eur +4 8 ,8%

F TSE Small Cap +4 4 ,0%

TIP calculations on the basis of data collected on 10 May 2024 at 19:53 source Bloomberg

The ten-year performance of TIP shares shown by the chart to 10 May 2024 is 254.9%, higher than almost all the major national and international indices, with a total return(1) of 314.6%, which corresponds to an average annual figure of approximately 31.5% and a compound figure of 15.3%.

Despite the significant price increase in March 2024 and the strong performance of 2023, TIP shares are still far from the value we estimate on the basis of existing investments, as well as from the target prices of analysts covering TIP shares.

(1) Total return source Bloomberg (Divs. Reinv. in secur.)

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TAMBURI INVESTMENT PARTNERS GROUP

RELATED PARTY TRANSACTIONS

Related party transactions are detailed in note 22.

SIGNIFICANT EVENTS AFTER MARCH 31, 2024

In April, a new share buyback programme was launched up to a maximum of 5,000,000 shares, to be carried out by 29 October 2025.

In April, the merger by absorption of Digital Magics S.p.A. into Zest S.p.A. (formerly LVenture Group S.p.A.) took effect. Following the merger, according to the exchange ratio, StarTIP received 22,029,906 shares of Zest S.p.A. With a 13.708% stake in equity and 13.334% of the voting rights, it remains the single largest shareholder of the group, which currently contains more than 250 shareholdings in innovative and technological companies.

Purchases of treasury shares and the usual active liquidity management continued.

OUTLOOK

Our recent letter to shareholders began with: "strana tempora currunt".

In fact, the period we are living in is strange, difficult to decipher. On the one hand, in fact, the most heralded recession of the last few decades will, most likely, not happen, on the other the central banks continue to fiddle about starting that lowering of interest rates which is also much heralded, but which seems not to arrive.

Faced with this, the financial markets are breaking records, but the valuations in mergers and acquisitions operations continue, albeit slowly, to decrease.

In all this some logic can be found and, attempting a synthesis, it can be argued that:

1. the central banks, after having realized the seriousness of their mistakes in having lowered rates too much and for too long, are finding it very difficult to start the easing plan, even if foreseen, to avoid - with inflation which, especially in the USA, does not give up - to make even bigger mistakes;
2. the real economy is clearly slowing down almost everywhere, but few realize that, after the very strong growth of 21/22, a consolidation was normal and healthy and many are struggling to metabolize negative trends;
3. the enormous liquidity poured into the markets in the post-Covid period is clearly drugging all asset classes, creating strong disorientation among most operators; the drug of drugs seems to be on a few stocks listed on Wall Street which, fueled by the mega prospects of artificial intelligence, mean that 10 stocks now represent over a third of the total stock market capitalization of those markets;
4. in a historically less volatile market, that of mergers and acquisitions, we note first of all a strong lack of outgoing deals by private equity funds, which evidently are unable to achieve

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TAMBURI INVESTMENT PARTNERS GROUP

what was expected and prefer to wait, in some cases giving rise to those continuation funds which until recently were described to us as having a conflict of interest with the traditional activity, but which are evidently now convenient; in contrast, the enormous liquidity of industrial companies is increasing the desire for add-ons and mergers with strategic content and a clear trend of corporate combinations based on synergies is emerging;

5. the above phenomena are giving rise to a significant, albeit gradual, downsizing of valuations, starting from those "multiples" much cited and taken as examples as effectively valid parameters for establishing both values and prices of companies.

In this context, at TIP we see the number of dossier of potential investment increasing, but we continue to see no urgency to materialize operations, unless they are of particular interest. In fact, we expect many potential deals from the 3.2 trillion dollars of unsold assets in private equity funds, but the general feeling is that - at least for now - the awareness of a decisive turning point in these markets does not want to be taken seriously into consideration. Therefore we will continue first of all to support the investees in their development policies, even non-organic ones and, with the usual prudence, to evaluate new acquisition operations and also IPOs which, precisely according to what has just been mentioned, could, among these year and next, become very relevant again.

TREASURY SHARES

At 31 March 2024, the Company held 18,701,643 treasury shares, equal to 10.143% of share capital. At 14 May 2024, they were 18,861,098, representing 10.230% of share capital.

On behalf of the Board of Directors

Chairperson

Giovanni Tamburi

Milan, 15 May 2024

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TAMBURI INVESTMENT PARTNERS GROUP

Consolidated Income Statement

Tamburi Investment Partners Group (1)

(in euro)	31 March 2024	31 March 2023	Note
Revenues from sales and services	375,713	312,794	4
Other revenues	15,218	14,418
Total revenues	390,931	327,212
Purchases, service and other costs	(629,602)	(549,975)	5
Personnel expenses	(7,140,230)	(4,636,495)	6
Amortisation and depreciation	(98,898)	(92,147)
Operating profit/(loss)	(7,477,799)	(4,951,405)
Financial income	1,716,495	889,466	7
Financial charges	(2,852,245)	(4,329,377)	7
Share of profit of associated companies
measured under the equity method	15,835,257	18,522,268	8
Profit/(loss) before taxes	7,221,708	10,130,952
Current and deferred taxes	818,365	785,818
Profit/(loss) for the period	8,040,073	10,916,770
Profit/(loss) attributable to the shareholders
of the parent	8,173,813	10,916,770
Profit/(loss) attributable to minority
interests	(133,740)	0
Basic earnings/(loss) per share	0.05	0.07	19
Diluted earnings/(loss) per share	0.05	0.07	19
Number of shares in circulation	165,677,658	167,093,041

1. The income statement for the period ended 31 March 2024 (like that for the period ended 31 March 2023) has been prepared according to IFRSs and therefore does not include capital gains in the period on equity investments and equity instruments taken directly to equity of 21.6 million. In the Interim Directors' Report (page 4), the pro-forma income statement is presented, drawn up considering the capital gains and losses realised and the write-downs on investments in equity, which reports a net profit of approximately 29.4 million.

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