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Introduction & Market Context
Italmobiliare, the Italian investment holding company controlled by the Pesenti family, presented its first half 2025 results on July 30, 2025, highlighting a modest growth in its Net Asset Value (NAV) amid mixed performance across its diversified portfolio. The company, which has transformed from its origins in the cement industry to a diversified investment holding, continues to focus on mid-sized Italian companies with international potential.
As shown in the company’s strategic approach, Italmobiliare positions itself as a partner for entrepreneurs seeking to accelerate growth, with a strong emphasis on ESG integration:
Executive Summary
Italmobiliare reported a NAV of €2,200 million as of June 30, 2025, representing a 1.0% increase year-to-date. The company maintains a dividend of €0.9 per share, yielding 3.1% based on the July 23, 2025 share price. Since the end of 2017, Italmobiliare has generated €1.06 billion in additional NAV, of which €0.4 billion has been distributed to shareholders.
The investment portfolio remains heavily weighted toward portfolio companies, which account for 68% of NAV, followed by private equity investments (12%), other investments (9%), and financial investments, trading & liquidity (8%). This allocation reflects the company’s strategic focus on direct investments in Italian mid-sized companies with growth potential.
The following chart illustrates the company’s investment portfolio breakdown:
Portfolio Performance Highlights
In the first half of 2025, Italmobiliare’s portfolio companies contributed positively to NAV with a €26 million increase in fair value, while other investments added €15.6 million. However, private equity investments saw a decline of €5.6 million in fair value. The company’s liquidity position stood at €183 million, down €87 million year-to-date, primarily due to dividend distributions (€38 million), investments in Bene and CDS (€14 million), Microtec (€15 million), and private equity net capital calls (€14 million).
The following slide summarizes the company’s performance in the first half of 2025:
Italmobiliare’s portfolio companies showed mixed results in 1H 2025. While aggregate revenues increased, EBITDA declined, primarily due to weaker performance at Caffè Borbone and Italgen. On the positive side, Santa Maria Novella continued to show strong revenue growth.
The company’s long-term NAV development shows consistent growth since 2017, with a significant shift in asset allocation toward portfolio companies:
Key portfolio companies include Caffè Borbone (coffee), Tecnica Group (outdoor footwear and ski equipment), Santa Maria Novella (luxury fragrances), Casa della Salute (healthcare centers), Italgen (renewable energy), ISEO (access control solutions), Bene Assicurazioni (insurance), Capitelli (premium food products), and SIDI Sport (cycling and motorcycling boots). The following overview provides details on each company’s sector, strategy, and financial performance:
ESG Strategy and Performance
Italmobiliare has placed increasing emphasis on ESG integration, adhering to the United Nations Global Compact and focusing on six Sustainable Development Goals. The company has committed to the Science Based Targets initiative (SBTi) with validated 2030 GHG reduction targets and a 2050 Net-Zero commitment.
The company’s ESG approach is illustrated in the following diagram, showing how sustainability is integrated throughout the investment lifecycle:
Italmobiliare has demonstrated tangible progress on key ESG metrics, with improvements in gender diversity, workplace safety, responsible resource use, and carbon intensity reduction:
These ESG initiatives have contributed to improved ratings from major agencies, including an "A-" climate rating from CDP in 2024, positioning Italmobiliare as a leader in sustainable investment practices among Italian holding companies.
Strategic Initiatives and Outlook
Since 2017, Italmobiliare has executed a strategic transformation, investing in 11 portfolio companies while completing 4 major exits. The divestments, including the sale of AGN Energia in 2024 and Florence Group in 2023, have generated approximately €1 billion, with an impressive total IRR of 48% and 2.4x money multiple.
The following chart details the company’s strategic divestments:
Looking ahead, Italmobiliare continues to execute its strategy of identifying and developing Italian mid-sized companies with growth potential. In 2025, the company launched a treasury share buyback program, demonstrating confidence in its long-term value proposition despite share price performance (+13% over 5 years) lagging behind the FTSE Italia STAR index (+32%) and peer investment holdings.
The company’s investment thesis is summarized in its closing remarks:
With its diversified portfolio, strong balance sheet, and integrated ESG approach, Italmobiliare is positioned to continue its evolution as a leading Italian investment holding. However, the modest 1% NAV growth in 1H 2025 and mixed performance across portfolio companies suggest potential challenges in maintaining growth momentum in the current economic environment.
Full presentation:
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