Italmobiliare S p A : The Board of Directors has approved the draft financial statements of the company at December 31, 2022

PRESS RELEASE

THE BOARD OF DIRECTORS HAS APPROVED THE DRAFT FINANCIAL STATEMENTS OF THE COMPANY AT DECEMBER 31, 2022

• Within a complex global macroeconomic scenario, marked not only by war but also by the climate crisis, the 2022 results confirm the value and resilience of Italmobiliare's diversified portfolio of Italian industrial excellence. The Net Asset Value, excluding treasury shares, is equal to 2,029.1 million euro; considering the distribution of 59.2 million euro of dividends during the year shows a positive net performance of 6.2 million euro (at December 31, 2021 the Net Asset Value was equal to 2,082.1 million euro). NAV per share comes to 48 euro.
• The positive trend in NAV is driven by the increase in value of the portfolio companies (+56.7 million on a like-for-like basis), with growing aggregate revenue and substantially stable EBITDA. Further positive signals come from analysing the trend in the fourth quarter of the year alone, which sees revenue and EBITDA growing compared with the same period of 2021.
• With the aim of following up on the important results already achieved in recent years in the ESG area by the Holding Company and by the Portfolio Companies, by virtue of which Italmobiliare ranks at the top among the comparables in the main ESG Ratings worldwide, the
  Board has approved Italmobiliare's participation in the Science Based Targets initiative, which commits to setting and pursuing short and long-term emission reduction objectives in line with the net-zero scenario.
• During the year, net new investments were made for approximately 99 million, mainly the acquisition of SIDI Sport, an iconic brand known internationally, and a stake in Bene Assicurazioni, an innovative company capable of intercepting the transformations taking place in the insurance industry.
• In 2022 Italmobiliare S.p.A. recorded revenue and income of 137.0 million euro (110.8 million euro at December 31, 2021), an EBITDA of 70.3 million (76.2 million in 2021) and a profit of 33.5 million (53.1 in 2021).
• The Board of Directors will propose to the next Shareholders' Meeting the distribution of a dividend of 0.70 euro per share, for a total of 29,598,051 euro, to be taken out of the profit for the year.

Milan, March 8, 2023 - Today the Board of Directors of Italmobiliare S.p.A. reviewed and approved the consolidated financial statements and the draft separate financial statements of the Company at December 31, 2022. The Board of Directors will propose to the next Shareholders' Meeting the distribution of a dividend of 0.70 euro per share, for a total of 29,598,051 euro, to be taken out of the profit for the year, which amounts to 33.5 million.

In 2022, Italmobiliare's Portfolio Companies had aggregate revenue of 2,090.4 million euro, an increase of 18% compared with 2021. The aggregate EBITDA was 268.3 million, down due to the pressure on margins linked to the rise in the cost of raw materials and a number of contingent factors. In particular, Italgen's production was affected by the ongoing drought, while AGN Energia's results compare with a 2021 that featured the positive impact of hedging LPG purchases during the lock-down. The negative performance during the year of SIDI also weighs on the overall results, though it only became a

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Portfolio Company on October 25, 2022. If we eliminate these three factors, EBITDA remained substantially stable (+1.4% compared with the previous year), confirming yet again the resilience of the Holding Company's portfolio.

Excluding treasury shares, the Net Asset Value of Italmobiliare comes to 2,029.1 million euro (2,082.1 million euro at December 31, 2021. Considering the distribution of 59.2 million euro of dividends during the year, the net performance is positive for 6.2 million euro.

Italmobiliare S.p.A. has closed its 2022 financial statements with a profit of 33.5 million euro (53.1 million in 2021). The pre-tax result amounts to 21.4 million (74.9 in 2021).

"The 2022 results confirm the value of our diversified portfolio of Italian industrial excellence - commented Carlo Pesenti, Chief Executive Officer of Italmobiliare - even in a complex global macroeconomic scenario, conditioned by the rise in energy costs following the war in Ukraine and the increase in raw material costs. The positive net performance of the NAV, considering the distribution of dividends during the year, together with the growth in aggregate revenue and substantial stability of the Portfolio Companies' EBITDA confirm both the validity of investment choices and the management skills of the Holding and of the companies themselves, which have been able to react pro-actively to the difficulties. During the year, investments were also made in Bene Assicurazioni, an innovative company able to intercept the transformations underway in the insurance sector, and SIDI Sport, an iconic brand known all over the world. Going forward, we aim to focus more and more on developing this core portfolio of shareholdings."

"The uncertainties of the traditional economy, the climate challenge, social inequalities and the imbalance in the distribution of wealth confirm how sustainability is a real urgency and no longer just an option - underlines the Chairman Laura Zanetti. For some time, Italmobiliare has chosen sustainability as a lever for success, integrating ESG policies into its business strategy, through an accurate assessment of the profile of potential investments, active ownership in the management phase, transparency and performance reporting in all the management phases up to disinvestment, which is also designed to continue the path undertaken up to that point. Faced with what are by now the tangible effects of climate change, the Holding and Portfolio Companies have responded by reducing direct CO2 emissions by 35% compared with 2020 and eliminating indirect ones by using only renewable electricity. Furthermore, just today the Board of Directors approved Italmobiliare's adhesion to the Science Based Targets initiative, which commits to setting and pursuing short and long-term emission reduction objectives in line with the net-zero scenario. It is no coincidence that Italmobiliare ranks at the top of the comparables in the main ESG Ratings worldwide."

NET ASSET VALUE (NAV)

At December 31, 2022, the NAV of Italmobiliare S.p.A., excluding treasury shares, comes to 2,029.1 million euro (2,082.1 million euro at December 31, 2021). Considering the distribution of 59.2 million euro of dividends during the year, the net performance is positive for 6.2 million euro.

The period saw a significant increase in the value of the Portfolio Companies (+56.7 million euro) and Other Equity Investments (+23.5 million euro), partially offset by a negative performance on the part of the Private Equity funds (-9.2 million euro), a decrease in the value of financial assets, trading, cash and cash equivalents (-8.8 million euro), as well as by holding costs and taxes.

The NAV per share (excluding treasury shares) is equal to 48.0 euro and, in consideration of the distribution of dividends of 1.40 euro per share, shows a positive performance of 0.3% compared with the same figure at December 31, 2021.

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At the end of the year, the component represented by the Portfolio Companies was equal to 67% of NAV for a total value of 1,359.1 million euro (1,262.9 million euro at the end of 2021). The positive change of 96 million is due to the balance of: (i) net new investments of approximately 99 million (main changes in the purchase of the stake in Bene Assicurazioni and SIDI Sport and the sale of 5% of Officina Profumo-Farmaceutica di Santa Maria Novella), (ii) increase in the value of the Portfolio Companies (+56.7 million) and (iii) the reduction of 60 million for the payment of dividends by the Portfolio Companies to Italmobiliare.

SUMMARY OF RESULTS

In 2022 Italmobiliare S.p.A. recorded revenue and income of 137.0 million euro (110.8 million euro at December 31, 2021), an EBITDA of 70.3 million (76.2 million in 2021) and a profit of 33.5 million (53.1 in 2021).

Net income and charges from equity investments are positive for 68.8 million euro, up by 36.9 million euro compared with

31.9 million euro at December 31, 2021. Net income and expenses from the investment of liquid assets, on the other hand, decreased by 89.5 million euro, mainly due to the negative performance of the investment and private equity funds. Other income and expenses are negative for 28.4 million euro, substantially in line with the previous year.

At December 31, 2022 the net financial position of Italmobiliare S.p.A. is showing a decrease of 186 million euro, going from 337.5 million euro at December 31, 2021 to 151.5 million euro at the end of December 2022. The main flows include loans net of repayments in private equity funds (-34.1 million euro), the investment in Bene Assicurazioni Società Benefit S.p.A. with a 19.996% stake (-40 million euro), the acquisition of 100% of SIDI Sport S.r.l. (-53.5 million euro) and other equity investments (-50 million euro). Payments of the ordinary and extraordinary dividend and taxes were more than offset by the dividends received from subsidiaries and associates.

At a consolidated level, in 2022 the Italmobiliare Group recorded revenue and income of 483.6 million (492.3 million at December 31, 2021). EBITDA has fallen to 54.9 million (170.5 million at December 31, 2021) mainly due to the results of Italmobiliare which are affected by the negative performance of the private equity portfolio and trading activities (2022 result -27.4 million compared with the positive performance of 62.7 million in 2021) and a reduction in the EBITDA of Caffè Borbone (-17.3 million) and Italgen (-13.2 million). After an increase in amortisation and depreciation and impairment losses on non-current assets compared with 2021, operating profit was 22.7 million (145.2 million in 2021). Taking into account the overall positive performance of the portfolio companies, the profit attributable to the owners of the parent company comes to 21.1 million, compared with 139.7 million at the end of 2021, and the consolidated equity attributable to the owners of the parent company amounts to 1,426.8 million (1,459.6 million at the end of 2021).

DIVIDEND

The Board of Directors of Italmobiliare will propose to the Shareholders' Meeting on April 27, 2023 the distribution of a dividend of 0.70 euro per share, paid out of the profit for the year, for a total of 29,598,051 euro. The dividend will be paid on May 10, 2023, going ex-coupon on May 8, 2023 (with a record date of May 9, 2023).

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PERFORMANCE OF THE PORTFOLIO COMPANIES

Despite a scenario characterised by events of an extraordinary nature and a high level of uncertainty, in 2022 Italmobiliare's portfolio was able to confirm significant resilience thanks to the reactivity of the Portfolio Companies, a consequence also of the proactive risk management and constant strategic support of Italmobiliare as an active shareholder and partner wanting to promote development and value creation.

• In 2022, Italmobiliare's Portfolio Companies had revenue of 2,090.4 million euro, an increase of 18% compared with 2021.
• The EBITDA was 268 million, down due to the pressure on margins linked to the rise in the cost of raw materials and a number of contingent factors. In particular, Italgen's production was affected by the ongoing drought, while AGN Energia's results compare with a 2021 that featured the positive impact of hedging LPG purchases during the lock- down. The negative performance during the year of SIDI also weighs on the overall results, though it only became a Portfolio Company on October 25, 2022. If we eliminate these three factors, EBITDA remains substantially stable (+1.4% compared with the previous year), confirming yet again the resilience of the Holding Company portfolio.

CAFFÈ BORBONE (60% interest)

Caffè Borbone closed 2022 with revenue of 262.7 million euro, up 4% on the previous year, which was positively affected by the increase in domestic coffee consumption due to the pandemic.

Analysing the distribution channels, 2022 discounts the short-term impacts of the strategy of serving specialist stores directly, reducing recourse to the wholesale channel, while the GDO (large-scale retail trade) channel is growing at above- average rates. Encouraging signals from abroad with growth of 22%. In terms of products, single-serve coffee is still the main product, though there has been a recovery in sales of coffee beans (+17% compared with 2021), having been affected by the slowdown in the Ho.Re.Ca. channel (hotels, restaurants and bars) due to the health emergency.

EBITDA comes to 65.8 million euro, with a margin on sales of just over 25%, and non-recurring costs of 2.7 million euro. Without these costs, operating profit would have been 68.5 million euro. The contraction compared with the same period of the previous year is mainly due to higher raw material costs and the increases in transport and electricity. Net of slightly higher depreciation and amortisation, the operating result comes to 54.8 million euro with a net profit for 2022 of 38.8 million euro. The net financial position at December 31, 2022 is negative for 20.6 million euro, already net of 50 million euro of dividends paid (20 million euro in the last quarter). Cash generation, gross of dividends, has been positive for 22 million euro, despite the 10.5 million euro increase in working capital.

OFFICINA PROFUMO-FARMACEUTICA DI SANTA MARIA NOVELLA (95% interest)

2022 was a very positive year for Officina Profumo-Farmaceutica di Santa Maria Novella, which turned in a 55% increase in revenue to 46.6 million euro. A significant contribution to this increase came from the excellent performance of the direct retail channel, which more than doubled world-wide. In particular, the Italian shops enjoyed a recovery following the pandemic, including the flagship store in Via della Scala in Florence, which grew significantly compared with the previous year, above all thanks to the return of tourists to the Tuscan capital. Double-digit growth was also seen in e-commerce, supported by online advertising, and in the wholesale channel, mainly driven by the APAC area, which is still showing interesting growth prospects.

EBITDA amounts to 11.3 million euro, 38% up on the previous year, mainly thanks to the increase in volumes. This result was affected by higher personnel costs and the increase in marketing and sales expenses incurred in support of the numerous initiatives to expand the business and strengthen brand awareness. During the year, the company recorded a profit of 4.7 million euro, up by 86% compared with 2.5 million in 2021. At December 31, 2022 the net financial position of the FT2 Group was 21.8 million euro (12.8 million euro at December 31, 2021).

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ITALGEN (100% interest)

The extraordinary drought that characterised 2022 hit the Italgen Group's production of hydroelectric energy, which fell to 179.6 GWh, a lot lower than the 315.5 GWh generated the previous year and 43% down on the ten-year average. In 2022 Italgen recorded revenue of 50 million euro, 4.6 million euro up on the previous year. However, this increase was due to pass-through revenue - because the company had to buy energy and transport services on the market to fulfil its commitments under existing contracts, making up for low production - and the negative impact of the Sostegni-ter Decree and price cap. Without these effects, the company's revenue would have been 13.2 million euro lower than in 2021 due to the drought.

EBITDA amounts to 9.8 million euro, down by 13.2 million euro compared with 2021, for the same reasons as above. Taking into account amortisation and depreciation of 6.3 million euro, slightly higher than in 2021 due to the investments made during the year, the operating result in 2022 was 3.5 million euro. In 2022, the net profit of the Italgen Group amounted to 4.9 million euro, down on 12.6 million the previous year. Investments of 9.9 million were made during the period, mainly in photovoltaic projects. The net financial position of the Italgen Group at December 31, 2022 is negative for 29.6 million euro. If we exclude the 8 million euro of dividends paid in the second quarter, cash generation would have been negative for 0.5 million euro.

CASA DELLA SALUTE (84.67% interest)

During 2022, Casa della Salute continued its growth trajectory, recording revenue for 32.5 million euro, a 26% increase compared with the previous year, an increase that rises to 36% if calculated net of Covid-related activities (swabs, serological tests and management of vaccination hubs) which had a positive impact on 2021 turnover. Excluding the new openings in 2021/2022 and neutralizing the non-recurring revenue linked to Covid, the like-for-like increase is 6%, a very positive figure considering that the new openings are also in Liguria.

In terms of services, the growth in revenue is driven by polyclinic activities, which are the services that contribute most to turnover with growth in line with the average; the trends in diagnostics (+59%) and dental services (+57%) were particularly positive. Surgery is growing at lower than average rates, due to delays in the process of authorising the new operating theatres. Laboratory activities are down, following the progressive easing of the pandemic.

EBITDA comes to 4.8 million euro, almost doubling what it was in 2021. Amortisation and depreciation have risen to 5.9 million euro due to the investments made by the company for the new clinics opened in 2021 and 2022. The pre-tax result, negative for 2.2 million euro, is explained for 80% by non-recurring costs linked to the new openings. The net result for 2022 is a loss of 1.7 million euro. The net financial position at December 31, 2022 is negative for 44.5 million euro.

CAPITELLI (80% interest)

In 2022 Capitelli saw revenue rise to 19.2 million euro, an increase of 10% compared with the same period of 2021, mainly attributable to the growth in volumes. With specific reference to the various distribution channels, there was a positive trend in sales through GDO, which grew at above-average rates. Even more significant is the increase in the Ho.Re.Ca. channel, which grew by 17% compared with a 2021 that was negatively affected by the lock-down. Analysing sales product by product, "San Giovanni" cooked ham is confirmed as the flagship of the company's production, with above-average growth on 2021; "Giovanna" (bacon cooked in three different ways) confirms the product's strong potential.

EBITDA amounts to 2.8 million euro, with an 8-point drop in margins compared with 2021, which was entirely due to a contraction in the industrial margin (-8%) because of the significant increase in the cost of meat, currently at historical highs. Capitelli closed 2022 with a profit of 1.3 million euro, down for the same reasons as mentioned above. The net financial position at December 31, 2022 was negative for 1.4 million euro.

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