Consolidated half -year financial report as at 30 June 2026 tamburi investment partners group
(This Consolidated half -year financial report constitutes a non -official version Which is not compliant with the provisions of the Commission Delegated Regulation (EU) 2019/815. The Consolidated half -year financial report has been translated into the English language solely for the convenience of international readers.
Accordingly, only the original text in Italian language is authoritative)
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CONTENTS
Company Boards 3
Interim directors’ report 4
Condensed consolidated half-year financial statements
Financial statements 20 ▪ Consolidated income statement ▪ Consolidated comprehensive income statement ▪ Consolidated statement of financial position ▪ Consolidated statement of changes in equity ▪ Consolidated cash flow statement
Explanatory notes to the condensed consolidated half-year financial statements as at 30 June 2026 26
Attachments 56
▪ Declaration of the Executive Officer for Financial Reporting ▪ Changes in associated companies measured at FVOCI ▪ Changes in investments measured by the equity method ▪ Independent auditor’s report
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Company Boards
Board of Directors of Tamburi Investment Partners S.p.A.
Giovann i 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) Sergio Marullo di Condojanni (1) Independent director *
Manuela Mezzetti
Daniela Palestra (2) Independent Director * Paul Schapira (2) Independent director *
Board of Statutory Auditors
Myriam Amato Chairperson Marzia Nicelli Standing auditor Fabio Pasquini Standing 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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Interim Directors’ Report of the Tamburi Investment Partners Group as at 30
June 2026
At the consolidated level, TIP closed the first six months of 2026 with a pro forma consolidated net profit of 26.6 million and a consolidated equity at 30 June 2026 of approximately 1.55 billion, after the distribution of more than 42 million in dividends and following the decrease -
approximately 41 million - due to the effects of the withdrawals of some shareholders from the investee companies Club Design (now liquidated) and Investindesign.
Given that Bending Spoons listing took place on 1 July, those results do not include the capital gain of more than 54 million realised immediately after the end of the period. In this regard, it should be noted that the remaining share of StarTip in Bendin g Spoons at current market prices worth s more than 600 million dollars.
The contribution of the associated companies to net profit for the period was 19.2 million, thanks in particular to the results of Beta, Chiorino, Limonta, Interpump, OVS, Roche Bobois, SeSa and Vianova.
Alpitour, after a start of the financial year with results significantly above expectations and the previous year, closed the first half with revenues in line with the same period of the previous year and profitability affected by the impacts of the conflicts in the Middle East, particularly trough their impact on fuels and currencies.
Amplifon, BasicNet and Moncler also had a good, in some cases excellent, first half.
The accounting effects of the transactions carried out in the period in Vianova, with the transfer of the shareholding in Vianova Holding, together with the increase in the stake held in ITH (holding company of SeSa), generated approximately 44.8 million, in financial income and income from associated companies measured under the equity method. In the first part of the half-year, as already reported in the 31 March statement, the book amount of the shareholding in Beta was prudently adjusted due to ongoing uncertainties related to achieving the prospective performance targets underlying our valuations.
The usual pro forma income statement for the financial year 1 January - 30 June 2026, prepared taking into account the realised capital gains and losses and write -downs on investments in equity, is set out below . As is widely recognised, this approach , which was in force until a few years ago, is considered much more meaningful in reflecting the reality of TIP’s business.
In the first half of 2025, the income statement benefited from a significant capital gain due to Alpitour.
The pro forma figures are commented on in the Interim Directors’ Report on operations, while the
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notes provide information on the figures determined in accordance with IFRS 9.
Consolidated income
statement IFRS
30/6/2026 Recognition of realised capital gains (losses) PRO FORMA
30/6/2026 PRO FORMA
30/6/2025
(in euro)
Total revenues 3,013,074 3,013,074 730,750 Purchases, services and other costs (1,396,802) (1,396,802) (1,452,512) Personnel expenses (10,118,759) (10,118,759) (11,658,097) Depreciation and amortisation (208,658) (208,658) (212,098) Operating profit/(loss) (8,711,145) 0 (8,711,145) (12,591,957) Financial income 9,330,021 42,773,740 52,103,761 13,774,407 Financial expenses (13,300,663) (13,300,663) (9,710,714) Share of profit/(loss) of
associated companies
measured under the equity method (2,419,884) (2,419,884) 64,423,382 Adjustments to financial assets 0 0 (8,410,999) Profit/(loss) before taxes (15,101,671) 42,773,740 27,672,069 47,484,119 Current and deferred income taxes (543,453) (513,285)
(1,056,738)
(624,209)
Profit/(loss) for the period (15,645, 124) 42,260,455 26,615,331 46,859,910 Profit/(loss) for the period attributable to shareholders of the parent (15,403, 503) 42,260,455 26,856,951 52,165,675 Profit/(loss) for the period attributable to minority interests (241,621) 0 (241,621) (5,305,765)
The IFRS income statement does not include realised capital gains in the period on equity investments and shares amounting to 42.8 million.
Revenues from advisory activities amounted to 2.9 million , representing strong growth.
Personnel costs are, as always, influenced by the variable remuneration of executive directors which, as is known, is linked to results; from 2025, a correlation was introduced between this remuneration and the performance of TIP shares which, in this first half of 2026, resulted in an accrual limited to 80% compared with the metrics existing for many years for calculating the amounts to be paid for this remuneration.
Financial income, in addition to the capital gain generated by the Vianova operation, includes 6.6 million from the capital gain on the disposal of the shareholding in LIO Factory, 5.5 million from dividends received, 2.2 million from income realised on the purchase of Amplifon shares at a discount to the spot market price, 0.8 million from positive changes in the fair value of warrants, and 0.7 million from accrued interest income; financial expenses mainly relate to interest accrued on the bond for approximately 9.2 million, other interest on loans for 2.6 million and changes in the fair value of derivatives for 1.5 million.
The consolidated net financial position at 30 June 2026, without taking into account non-current financial assets considered from a management standpoint to be usable short -term liquidity , was a negative 606.8 million, compared with 495.1 million at 31 December 2025. The change in the period essentially relates to the use of liquidity in the half year for the finalisation of equity investments (66.7 million), for the distribution of dividends (42.3 million), for the purchase of treasury shares (5 million) and for operating expenses, net of receipts for sales and dividends; quite obviously, also the net financial position at 30 June does not take into account the collection, at the beginning of July, of approximat ely 56 million from the sale, at the time of the IPO, of a marginal stake in Bending Spoons.
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INVESTMENTS AND DIVESTMENTS
In January, the reorganisation of control over Vianova was completed . On 31 December 2025, TIP had a 17.04% shareholding in Vianova, which in January 2026 it transferred to Vianova Holding, obtaining a 24.5% interest , in order to unify and strengthen the group’s control, also in view of the future stock exchange listing of Vianova S.p.A, of which Vianova Holding holds 69.5% (71.8% in terms of voting rights).
In February, following the liquidation of Club Design, the period of exercise of the contractual right of withdrawal of Investindesign ended. At 31 December 2025, TIP held 50.69% of Investindesign, which in turn held 48.612% of Dexelance. TIP also held a 20% stake in Club Design S.r.l., which in turn held a 20% stake in Investindesign. Club Design had gone into liquidation and had allocated to its shareholders the shares held in Investindesign. In February 2026, also some Investindesign shareholders exercis ed their right of withdrawal and obtained Dexelance shares directly. Following such operations and some purchases Investindesign held 8,477,575 Dexelance shares, representing about 31.48% of the capital (32.10% net of treasury shares) and TIP had 85.21% of Investindesign.
In May, the board of directors of Dexelance exercised the mandate to increase the share capital by up to 50 million, plus 20 million by issuing warrants, which was subscribed for 33,017,280 shares, for a total value of 49,856,092.80 euros. Investindesign subscribed to a total of 13,545,890 shares, more than its pro rata share, with a total investment , including the purchase of rights, of approximately 22 million, of which 18.2 million by TIP. At the same time, TIP directly subscribed a total of 44,935 shares and purchased a further 552,026 shares, for a total outlay of 1.1 million.
Following such further operations, as at 30 June Investindesign held 22,023,465 Dexelance shares, representing about 36.740% of the capital (37.057% net of treasury shares) in addition to 13,545,890 warrants, and TIP had 84.24% of Investindesign. Moreover TIP directly held 632,907 Dexelance shares at that date, representing 1.056% of the capital (1.065% net of treasury shares), in addition to 191,185 warrants.
In the period, as already mentioned, TIP increased its stake in ITH, parent company of SeSa, by subscribing a capital increase of approximately 10 million. At 31 December 2025, TIP had a 21.5% direct associated shareholding (net of treasury shares) in ITH, which increased to 23.93%. ITH, following the transaction that also involved the contribution of 0.40% of the capital of SeSa by Marco and Leonardo Bassilichi and the purchase of treasury shares by ITH, held approximately 55% of the capital of SeSa, while the main shareholder of ITH, HSE S.p.A., holds approximately 71% of the capital of ITH. ITH subsequently purchased additional Sesa shares, 9,300 ITH shares were allocated to the management of Sesa, and ITH and HSE merged, becoming SeSa Holding S.p.A. (SeSa Holding). As a result of these operations, on 30 June 2026 SeSa Holding held approximately 56.88% of the capital of SeSa; TIP, which has become the single largest shareholder of SeSa Holding, now holds approx imately 23.57% of the capital of SeSa Holding.
In May, TIP invested 30 million in the subscription of newly issued Amplifon shares, i.e. more than double the pro rata share of its holding, as part of the 453 million capital increase carried out to contribute to finance the acquisition of GN Hearing.
Also in May, TIP agreed to sell its stake in LIO Factory for 17.5 million, with deferred payment.
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In April the Shareholders’ Meeting approved a new share buyback programme for up to a further 10,000,000 treasury shares, to be completed by 29 October 2027. During the half-year, purchases of treasury shares amounted to approximately 5 million.
In June, TIP participated, for 3.3 million, more than its pro rata share, in the capital increase of Clubitaly designed to finance the subscription, for 6.6 million, of the second tranche of the capital increase approved by Eataly in 2025 and already half subscribed in November 2025.
Smaller investments also continued during the period, including Dexelance, Elica and Roche Bobois.
PERFORMANCE OF THE TIP STOCK
The ten-year performance of the TIP stock shown in the chart at 4 September 2026 is 168.4%, outperforming some of the main national and international indices, with a total return (1) of 213.8%, which corresponds to an average annual figure of approximately 21.4% and a compound figure of 12.1%.
TIP’s share price , currently fluctuating around 9.5/10 euros per share, is still far below the target price of analysts covering the stock, which, updated to also take into account the value creation recognised following the Bending Spoons listing, currently ranges between 14.6 and 17.1 euros per share. Also the current N.I.V. (Net Intrinsic Value), which has always been calculated internally by TIP, to try to represent the fair valuation of the group taking into account the TIP team’s direct knowledge of each of the investee companies, is considerably higher than the current listing price.
MAIN INVESTMENTS AS AT 30 JUNE 2026
TIP is an industrial partner with almost unique characteristics on the Italian scene, for entrepreneur shareholders and for the companies in which it invests; in particular, it:
(1) Total return source Bloomberg (Divs. Reinv. in secur.)
0,52,54,56,58,510,512,514,516,518,520,5FTSE MIB
+203,1%
FTSE Small Cap
+118,7%
IT Star
+97,0%
MSCI Eur
+83,5%+168,4%
S&P 500
+254,2%
DOW JONES
+ 188,9%Nasdaq
+404,9%TIP calculations based on data captured at 18.44 on 4 September 2026, source: Bloomberg
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▪ is the most extensive network of Italian entrepreneurs united by a common project for business development and growth, with dozens of participating family offices, now with more than 30 years of industrial experience both in Italy and internationally;
▪ is completely independent of large banking and financial groups;
▪ has made investments, both directly and through club deals, in excellent companies, almost always leaders in their respective sectors, that, at today values, can be estimated at more than 5
billion;
▪ operates with “patient capital”, effectively without an investment time horizon, characteristics that enable it to structure, alongside the entrepreneur and top management, a path of investment enhancement in their common interest, without imposing an exit time, numeric constraints in terms of IRR or contractual constraints by entering drag-along or similar clauses;
▪ since its market listing, TIP has been able to generate very attractive returns for shareholders that, when compared with the level of diversification and therefore implied risk, can be considered to be optimal and almost unique, including at the internati onal level;
▪ possesses in-depth knowledge of the dynamics of family businesses and the ability to contribute to their governance to enable a strong alignment of their interests with those of partner entrepreneurs, who in any case always retain the operational leadershi p of the companies;
▪ has a team of professionals, many with decades of experience, focused on value creation and able to interact effectively with entrepreneurs, companies, banks and corporate finance professionals, making processes efficient, streamlined and fast.
Over the years, TIP has built a group of industrial excellence, diversified by sector, size, shareholder structure and the role performed by TIP.
AN INDEPENDENT , DIVERSIFIED INDUSTRIAL GROUP
The distinguishing features common to investee companies are that they are leading companies in
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their sector with low levels of debt, very often with substantial liquidity available, with a solid international presence, but above all with high ambitions/growth prospects.
ECONOMIC PERFORMANCE OF INVESTEE COMPANIES
The financial data indicated below refer, where available, to the 2026 half-year reports approved by the Board of Directors of the investee companies before the date of this Report. In the absence of such data, reference is made to the reports for the first three months of 2026 or to previous financial statements.
(1) Growth at constant exchange rates (2) Values in US dollars. EBITDA not available, operating income on revenues was 27.6% (3) Quarterly results as of 30 April 2026 (4) Annual results as of 30 April 2026 (5) Half -yearly results as of 30 April 2026. The EBITDA margin is not significant as it is influenced by seasonal effects. The results do not include the summer season, which significantly affects performanc e.
The contribution of the investees in terms of the share of the results in the consolidated financial statements was very positive, with only very few associated companies falling. Revenue growth continued in most investees in 2026, with consistently very good margins, despite an economy with modest growth in Europe and with stumbling factors due to political instability, thus practically demonstrating rare levels of excellence, especially when considered together, within the same reference group.
Amplifon S.p.A.
Listed on the Euronext Star Milan Market of Borsa Italiana S.p.A.
TIP has a direct stake of 3.844% in Amplifon.
Amplifon is the world leader in the hearing care retail market, offering exclusive, innovative and customised products and services, with a network of about 10,000 points of sale in 25 countries and on all 5 continents.
In the first half of 2026, revenues were 1,185.7 million (up 1.3% at constant exchange rates), with adjusted EBITDA of 298 million, up 3.6% compared to the first half of 2025. Net financial debt at the end of June (pro forma, excluding flows from the capital increase to acquire GN Hearing) was 1,049 million, with 1.87x leverage, an improvement on 31 December 2025.
In 2026, Amplifon signed an agreement to purchase GN Hearing, the world’s most technologically
Sales
1H26
(€ mln)Sales
1H26 vs
1H25Ebitda
margin
adj. 1H26Cash /
(Debt)
885 - 1.6% n.s. - 254 127 + 0.2% 12.1% - 67 98 + 2.7% 23.5% 34 100 + 1.0% 21.2% 112 59 + 10.6% 24.4% 8
Sales
1H26
(€ m ln)Sales
1H26 vs
1H25Ebitda
margin
adj. 1H26Cash /
(Debt)
1,186 + 1.3% 25.1% - 1,049 216 + 25.4% 4.2% - 146 1,305 + 129.0% n.a. -4,088 183 + 17.9% 7.6% - 25 223 - 6.9% 6.5% - 63 1,086 + 0.9% 22.4% - 306 1,290 + 9.0% 33.7% 1,112 397 + 12.1% 7.4% - 261 188 - 7.2% 16.7% 10 3,565 + 8.1% 7.3% 182Listed companies Private companies (3)
(4)(1)
(1) (5)
(1) (2)
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innovative company, creating a vertically integrated global leader in audiology. The combination is highly strategic, between two complementary groups, with aggregate revenues of around 3.3 billion and a presence in more than 100 countries. Great value creation is expected through major synergies. The transaction valued GN Hearing at around 2.3 billion and was funded with 1.69 billion cash and 56 million of Amplifon shares. Liquidity was raised through a mix of debt and equity. In May 2026, 45,300,000 newly issued ordinary shares were placed for a total gross amount of 453 million, of which 30 million were invested by TIP, and in June a senior loan of 1.35 billion was subscribed with a pool of leading financial institutions.
The recent additional investment by TIP, well above its pro rata share, was made also in the belief that, precisely as a result of the aforesaid significant acquisition, the company can better compete with the two main international competitors; in this way, by merely aligning with their valuation criteria, the Amplifon stock should be able to comfortably exceed 20/22 euros within a relatively short timeframe. Strategically, we believe Amplifon remains, whilst further strengthening itself, the best-positioned company in the sector worldwide.
BasicNet S.p.A.
Listed on the Euronext Milan market of Borsa Italiana S.p.A.
TIP has a direct stake of 5.444% (6.276% net of treasury shares) in BasicNet.
The BasicNet group operates in clothing, footwear and accessories for sport and leisure with the brands Kappa®, Robe di Kappa®, K-Way®, Superga®, Briko® Jesus® Jeans, Sebago®, Woolrich® and Sundek®, with a network of licensees in more than 130 countries.
The half-year results of 2026 show consolidated turnover growth, partly thanks to the integration of Woolrich® and Sundek®, at 216.4 million, up 25.4% compared to 172.6 million in the same period of the previous year, including direct sales of 188.7 millio n (137.3 million in June 2025) and royalties from commercial and production licensees of 27.2 million (34.6 million in June 2025).
Aggregate sales were 453.1 million. Adjusted pro forma EBITDA was 9.1 million (15.1 million in the first half of 2025). The result reflects the transformation and expansion of the group, characterised by investments and costs incurred to integrate the new brands. The NFP to banks stands at 146.2 million (74.4 million at 31 December 2025) and reflects, in addition to the normal seasonality of the business cycle, mainly the financial debt taken by the Group at the end of 2025 following the acquisitions of Woolrich® and Sundek®.
Bending Spoons S.p.A.
Listed on the Nasdaq in New York
Bending Spoons is one of the world's leading players in mobile app management, specialising in the acquisition and development of historic technology companies. Over recent years companies with global reputations, such as Evernote, Meetup, Streamyard, Vime o and WeTransfer, have been acquired and subsequently optimised and repositioned. In 2026, the company finalised the purchase of AOL, Eventbrite and, in August, Airtable and Miro.
On July 1, 2026, it was listed on the Nasdaq with an initial value of 29 dollars per share,
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corresponding to a capitalization of approximately 18.6 billion dollars, which at the end of the first day of listing came to approximately 25.7 billion dollars. As at 31 December 2025 TIP held 2.91% (fully diluted) in Bending Spoons, through StarTIP, which was reduced to 2.447% after the partial sale at the time of the IPO, generating a capital gain of approximately 54 million, more than 30 times the amount invested. The price of the Bending Spoons stock followed an upward trend in the period following the IPO of approximately 40% compared to the initial listing value, bringing the value of the remaining stake in Bending Spoons to the current market value of over 600 million dollars.
The 2026 half-year results show, mainly thanks to numerous acquisitions, revenue of 1,305 million dollars compared to 570 million dollars in the same period of the previous year and a gross profit of 872 million dollars compared to 370 million dollars in the first half of 2025. The NFP at June 30 was 4.09 billion dollars with a 2.4× leverage ratio.
Investindesign S.p.A.
Following the operations described above, as at 30 June 2026 Investindesign holds 22,023,465 Dexelance shares, representing an associated shareholding of about 36.740% of the capital (37.057% net of treasury shares), in addition to 13,545,890 warrants, and TIP holds 84.24% of Investindesign. Moreover TIP directly holds 632,907 Dexelance shares, representing 1.056% of the capital (1.065% net of treasury shares), in addition to 191,185 warrants.
Dexelance – one of the Italian leaders in high-quality design, lighting and furnishings – controls a number of excellent industrial and commercial entities in these sectors, with the aim of strengthening them strategically and creating an aggregation hub focused on sectors in which our country is the undisputed leader worldwide.
Dexelance comprises 13 companies, with approximately 1,000 people and an export share amounting to 75% of its turnover.
In the first half of 2026, Dexelance achieved a turnover of 182.6 million, up compared with the same period last year due to the acquisition of Mohd in September 2025, with an adjusted EBITDA of 13.8 million. The limited margin of the period is affected by the seasonality of business, the sales of the Luxury contract segment, usually concentrated in the second half of the year, while the group's marketing expenses are concentrated in the first half.
Net indebtedness to banks as at 30 June 2026 amounts to 25.2 million. The net financial position amounts to 101.1 million, with 37.4 million of potential disbursements relating to the earn-out and put option, 33.2 million relating to the effects of IFRS 16 and 5.3 million to other financial debts.
Elica S.p.A.
Listed on the Euronext Star Milan Market of Borsa Italiana S.p.A.
TIP has a direct associated shareholding of 23.200% in Elica S.p.A.
Elica is one of the world's leading players in design, technology and high-end solutions in the field
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of ventilation, filtration and air purification, with a particular specialisation in kitchen hoods.
Revenues in the first half of the year decreased slightly to 223.5 million. Normalized EBITDA was 14.5 million, in line with the first half of 2025. The NFP at 30 June was 62.7 million euros.
On 30 June 2026 Elica signed a new loan agreement with a pool of institutions for a maximum total amount of 120 million, intended to support its investment plan, with particular reference to innovation, product development and the transformation of the Cooking business.
Gruppo IPG Holding S.p.A.
TIP holds a 26.92% associated shareholding in the Gruppo IPG Holding S.p.A., which in turn holds 24.266%, net of its treasury shares, of Interpump Group, the world leader in piston pumps, strength sockets, distributors and hydraulic systems.
Interpump Group closed the first six months of 2026 with revenues of 1,086 million and EBITDA of 243 million. The NFP at 30 June 2025 was (excluding put options) negative by 305.7 million.
Moncler S.p.A.
Listed on the Euronext Milan market of Borsa Italiana S.p.A.
TIP holds a direct stake of 0.746% in Moncler S.p.A.
Moncler is a global leader in the luxury clothing and accessories segment.
The first half of 2026 recorded higher revenues (+5%) than in the first six months of 2025 at 1.290 billion, with EBIT of 245.4 million; cash at 30 June 2026 was approximately 1.1 billion, after the payment of dividends of 374.1 million.
OVS S.p.A.
Listed on the Euronext Milan market of Borsa Italiana S.p.A.
TIP has a direct associated shareholding of 32.445% in OVS S.p.A. .
OVS is a leader in Italy in women’s, men’s and children’s clothing. It has over 2,600 direct and franchise stores in Italy and abroad , with brands like OVS, Upim, Piombo, Les Copains, Stefanel, Altavia, Utopja and other.
OVS S.p.A. closed the first three months of 2026/27 in April with net sales of 397 million, up 12% (+7% organic) compared with the first quarter of 2025. Adjusted EBITDA stood at 29.4 million (+27%). The NFP as of 30 April 2026 was negative at 260.6 million, in line with 30 April 2025, with leverage further improving.
The integration of Goldenpoint is progressing very well and sales growth of Stefanel, Les Copains
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and Goldenpoint in particular is very satisfactory.
TXR S.r.l
TXR, wholly owned by TIP, has an associated shareholding of 34.229% (38.816% of the voting rights) in Roche Bobois S.A., a company listed on the French stock exchange, which controls the largest chain of high-end furniture and design stores in the world, with a network – direct or in franchising – of around 350 stores located in prestigious areas in the most important cities in the world.
Roche Bobois generated revenues of 187.9 million during the half-year, down from 206.2 million in the same period of the previous year, with EBITDA of 31.4 million and cash at the end of the half-year of 10 million.
SeSa Holding S.p.A. (formerly ITH S.p.A.)
During the half-year, TIP increased its stake in SeSa Holding to 23.57%, which controls 56.884% of the capital of SeSa.
Sesa is a leader in Italy – but also with a strong and growing presence elsewhere – in high value -
added IT solutions and services with strong innovative content for the business sector. It has developed products to meet digital transformation in medium -sized companies and in the cybersecurity, cloud, digital platforms and data science/AI segments.
Sesa closed the year 2025/26 (the annual financial statements close on 30 April) with growth once again, with revenues and other income increasing to 3.621 billion and EBITDA of 260.4 million.
The NFP at 30 April 2026, including IFRS debts, is positive (net liquidity) at 182.1 million, compared to 158.4 million at 30 April 2025.
Asset Italia S.p.A.
TIP holds 20% of Asset Italia as well as various stakes related to specific investments, made by Asset Italia through its subsidiaries Asset Italia 1 S.r.l. and Asset Italia 3 S.r.l. As at 30 June 2026, Asset Italia held, through Asset Italia 1 and Asset Italia 3, shares in:
Alpitour S.p.A.
TIP has a stake in Alpitour (transparently on a fully diluted basis) of approximately 43.13% through Asset Italia 1. In fact, TIP holds 46.30% of the shares related to Asset Italia 1, which controls 100% of Alpiholding S.r.l., which in turn holds 54.64% (57.64% fully diluted) of the capital of Alpitour S.p.A., and a direct 34.18% shareholding in Alpitour S.p.A.(36.05% fully diluted).
Alpitour is the undisputed leader in the tourism sector in Italy, thanks to an absolutely unique IT platform and a strong presence in the tour operating (off-line and online), aviation, hotels,
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travel agencies and incoming segments. This is a combination of autonomous and independent yet complementary businesses that have an opportunity to achieve synergies that can have significant effects on the Group’s growth and profitability, due also to the scalability of its business model. The Group’s leadership has been strengthened thanks to continued investment in IT, hotels, some of which are five-star, and aircraft; the Group has approximately 1 million travellers in more than 100 destinations, a fleet of 18 aircraft and a collection of 28 luxury hotels and resorts (including 20 in Italy and 8 abroad).
After a start with results well above expectations and the previous year, Alpitour closed the first half of 2025/2026 (in April 2026) with consolidated revenues of 885 million, in line with the same period of the previous year since, as from March, booking s were affected by the conflict in the Middle East. EBITDA (even before IFRS 16) remains positive, despite the low seasonality of business over the period and slightly lower than the previous year due to the effects of the geopolitical situation.
Net financial debt as of 30 April 2026, without considering the effect of certain financial items and the significant value of numerous surplus assets, amounted to 254 million (pre-IFRS 16), an improvement compared to 297 million at the same date of the previous year.
Limonta S.p.A.
TIP has 12.86% of Limonta (on a fully diluted basis), through Asset Italia 3. In fact, TIP has 51.77% of the shares related to Asset Italia 3, which has 25% of the capital of Limonta.
Limonta is a European leader at the high end of the textile sector. It has a complete textile supply chain, with resin, coating, coagulation and printing technologies, with a particular focus on the development of sustainable products, which make it unique internationally. It has now become a strategic partner of many large international fashion houses.
Limonta Group closed the first half of 2026 with consolidated revenues of 100.1 million, with EBITDA of 21.3 million and available cash of approximately 112.4 million.
Azimut|Benetti S.p.A.
TIP has a direct stake of 8.09% in Azimut|Benetti.
Azimut Benetti S.p.A. is one of the world’s most prestigious builders of yachts and mega yachts.
For 26 years, it has held first place in the Global Order Book, the ranking of the major builders in the global marine industry of yachts and mega yachts over 24 metres. It operates at six production sites and has one of the most extensive sales networks in the world.
After record -breaking years for the sector and the consequent physiological normalisation of orders in recent months on the market, at 31 August 2026 – the end of the year – revenues are expected to be over 1.4 billion, slightly lower than the previous year. Operating profitability remains excellent and net
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cash at the end of the year was more than 500 million, an improvement on the same date last year.
The order backlog is robust and offers good visibility for the coming years.
Beta Utensili S.p.A.
TIP has a direct stake of 48.99% in Beta.
Beta Utensili is the Italian leader in the high quality tool sector, with ten production plants in Italy.
Beta closed the first half of 2026 with stable revenues of 127.2 million, adjusted EBITDA of around 15.4 million and a negative net financial position of around 67.3 million.
Sant’Agata S.p.A. - Chiorino Group
TIP holds a 20% stake in Sant’Agata S.p.A., which controls 100% of the Chiorino group.
The Chiorino group is a world leader in the production and distribution of transportation and process tapes for various industrial applications, including food, packaging, paper, printing, logistics, airports, textiles and many more.
In the first half of 2026, Chiorino achieved consolidated revenues of approximately 98 million with EBITDA of 23 million, in line with the first six months of last year. Cash at 30 June 2026 amounts to approximately 34 million.
Clubitaly S.p.A.
Clubitaly S.p.A. owns 17.67% of Eataly S.p.A., one of Italy’s leading global food retail companies in both distribution and catering. TIP has a 43.87% associated shareholding in Clubitaly.
Eataly is present in Italy, France, Germany, the United States, Canada, the UK, the Middle East and the Far East and is implementing a significant new store opening plan, in various formats, in some of the world’s leading cities, through both directly operated stores and franchising.
Eataly's consolidated revenues for the first half of 2026 were 331 million.
In 2025, Eataly resolved on a capital increase of 75 million euros, half of which was subscribed in November 2025 and the other half in June 2026. The share of the capital increase in Eataly paid in 2026 by Clubitaly was 6.6 million, financed by a capital increase to which TIP participated for 3.3 million.
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Overlord S.p.A.
TIP has a 40.12% associated shareholding in Overlord, which in turn holds 4.57% of Centurion Newco S.p.A., parent company of the Engineering group. Engineering is a digital transformation company, a leader in Italy and constantly expanding worldwide, with approximately 15,000 employees and over 70 offices distributed across Europe, the United States and South America.
During the six-month period, Overlord reached an agreement, subject to conditions precedent, to sell its stake in Centurion Newco S.p.A. during 2027.
Apoteca Natura Investment S.p.A.
TIP owns 28.57% of Apoteca Natura Investment S.p.A., which has a stake of 94.66% in Apoteca Natura.
Apoteca Natura was established with the aim of developing a network of independent affiliated pharmacies focused on providing personal services and promoting a way of doing pharmacy inspired by the concept of “conscious health” and “natural therapies”, in line with the historical philosophy of the Mercati family, which is a founder of the ABOCA group and still a majority shareholder.
Apoteca Natura has an affiliate network consisting of approximately 1,500 independent pharmacies in Italy, France, Spain and Portugal, for a total turnover estimated at around 2 billion. It also holds the majority stake and the management of the 22 municip al pharmacies of Florence, a qualified minority stake and the management of the 6 municipal pharmacies of Grosseto, as well as the ownership of 19 other pharmacies in Italy acquired during 2024 and 2025.
In line with the IPO plan, more than 100 pharmacists have already become shareholders of Apoteca Natura, with a total stake higher than 5%.
Preliminary figures for the half-year indicate consolidated revenues of more than 40 million (50 million also considering pharmacies in which a minority stake is held). EBITDA is estimated at around 7/8% of revenues and net debt at 30 June is around 7 million.
Vianova S.p.A.
TIP has a 24.51% associated shareholding in Vianova Holding, which in turn has a 69.52% controlling interest in Vianova S.p.A (71.76% in terms of voting rights).
Vianova is an Italian tech company that offers – with national coverage – premium services dedicated exclusively to business clients (B2B): fixed and mobile telecommunications services, cloud, unified communication & collaboration, cyber security and system integration. Its business model is asset light and is based on proprietary technologies and platforms, direct control over key infrastructure assets and an innovation -oriented approach, with an in-house digital factory of over
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130 developers and a commercial network of over 280 business partners.
The results for the first half of 2026 show revenues of 58.8 million, with significant growth and adjusted EBITDA of 14.3 million. The NFP is positive (cash and cash equivalents) for 7.6 million.
Its listing remains an objective of the group, with timescales being assessed.
Itaca Equity Holding S.p.A./Itaca Equity S.r.l.
TIP holds 29.32% of Itaca Equity Holding S.p.A. and 40% of Itaca Equity S.r.l.
Itaca invested in Landi Renzo in 2022, through Itaca Gas, which in turn holds 49.15% of GBD S.p.A., parent company of Landi Renzo S.p.A.
The total investment amounted to approximately 46 million, of which approximately 11.5 million was provided by TIP.
Landi Renzo S.p.A.
Landi Renzo is one of the world’s leaders in automotive fuel systems using alternative sources and gas compression systems.
In 2025, Landi Renzo S.p.A. had access to a negotiated settlement of its business crisis and launched operations aimed at the best possible enhancement of its activities.
In April, it signed an agreement for an industrial integration project between its “Green Transportation” business segment and Westport Fuel Systems. A merger and partial demerger of the Green Transportation business were approved in July.
In June Landi Renzo signed a contract for the sale to its Indian partner of 16% of Krishna Landi Renzo, with reciprocal mechanisms for possible exits.
In July, its subsidiary SAFE S.p.A., a leader in the design and manufacture of compressors and gas compression and treatment solutions, sold 100% of IMW Industries Ltd.’s share capital to EcoFusion Energy Holdings Inc..
On 7 August the Board of Directors of Landi Renzo approved the 2024 and 2025 financial statements, as well as the plan and the financial manoeuvre agreed with its creditors to get over its crisis.
OTHER EQUITY INVESTMENTS AND FINANCIAL INSTRUMENTS
TIP also has holdings and bonds in other companies, including Monrif , Mulan , Symbiosis and Tefindue, and, via StarTIP, Joivy, TAG and Zest.
TIP has shares in two foreign financial boutiques: Gatti & Co. GmbH and Palazzari & Turries Ltd.
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SIGNIFICANT EVENTS AFTER 30 JUNE 2026
As reported earlier, in July Bending Spoons was listed on the Nasdaq. On the occasion of the IPO, TIP sold 2,300,000 shares at the listing price of 29 dollars, for gross proceeds of 63.8 million dollars, with a capital gain of approximately 54.2 million euros (more than 30 times the amount invested) that will be accounted for in the third quarter.
In July, the amount of 9.5 million in dividends was received from associated companies.
Also in July, continuing to simplify the group, TIP received the repayment of the loan granted to a smaller investee company and at the same time the consideration for the sale thereof. Overall, it collected 2.8 million, with a capital gain of approximatel y 1.1 million.
Purchases of treasury shares, 13.5 million since the first of July, and of Dexelance shares, for 1.1 million, continued, as did the usual active liquidity management.
BUSINESS OUTLOOK
Despite geopolitical issues and the resulting slowdown, TIP's investee companies maintain solid market positions and show no signs of either sharp declines in revenue or material reductions in the related margins compared with 2025. Indeed, their frequentl y highlighted leadership positions and strong capital structures enable them to withstand the current adverse economic environment without undue impact.
Nor are their economic prospects for the remainder of the year a particular cause for concern.
Conversely, as demonstrated in the half-year just ended, several investee companies have continued along their development paths, pursuing and sometimes accelerating their growth through acquisitions and investments, in some cases of considerable significa nce.
In the coming months, with the aim of bringing the actual value of the investee companies to light as fully as possible, both the simplification of the group and support for their growth, organically and through investments and acquisitions, will continue. However, one of the principal cornerstones of investment will undoubtedly be the continued purchase of treasury shares, given the unjustifiable discount on any parameter.
At the same time, we will continue our proactive efforts, at every level, to persuade authorities, politicians, institutions and bodies able to hold or influence relevant roles and/or positions to ensure that the relationship between savers, companies and markets can finally develop in a positive and virtuous manner worthy of our country.
This is all the more true now that the difficulties affecting private credit/debt internationally are so evident; fundraising by private equity has slowed, and divestments even more so; banks, particularly European banks, remain very cautious about financi ng companies and even more cautious about leveraged buyouts; and interest rates are not being reduced. A strategy, including at the political level, to facilitate IPOs and, more generally, encourage savings flows towards listed companies is therefore not merely appropriate, but genuinely necessary.
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RESEARCH AND DEVELOPMENT
The company did not incur any research and development costs during the year.
RELATED PARTY TRANSACTIONS
Related party transactions are detailed in note 33.
MAIN RISKS AND UNCERTAINTIES
For the main risks and uncertainties faced by the Group, see note 30.
TREASURY SHARES
As at 30 June 2026, the Company held 21,795,914 treasury shares, representing 11.821 % of the share capital of TIP S.p.A. As of 10 September 2026, they amounted to 23,201,051, representing 12.583 % of the capital.
On behalf of the Board of Directors
Executive Chairperson
Giovanni Tamburi
Milan, 11 September 2026
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(1) The income statement for the period ended on 30 June 2026 (like that for the period ended 30 June 2025) was prepared according to IFRSs and therefore does not include capital gains in the period on equity investments and equity instruments taken direct ly to equity of 42.8 million. In the report on operations (page 5), the pro-forma income statement is presented, drawn up considering realised capital gains on investments in equity, reporting a net profit for the period of approximately 26.6 million euros .
Consolidated income statement Tamburi Investment Partners Group (1)
(in euro) 30 June 2026 Of which
related
parties 30 June 2025 Of which
related
parties Note
Revenues from sales and services 2,906,001 314,250 703,250 419,250 4 Other revenues 107,073 27,500 Total revenues 3,013,074 730,750 Purchases, services and other costs (1,396,802) 45,862 (1,452,512) 40,651 5 Personnel expenses (10,118,759) (11,658,097) 6 Amortisation and depreciation (208,658) (212,098) Operating profit/(loss) (8,711,145) (12,591,957) Financial income 9,330,021 42,120 10,518,407 11,232 7 Financial expenses (13,300,663) (9,710,714) 7 Share of profit/(loss) of associated companies measured under the equity method (2,419,884) 64,423,382 8 Profit/(loss) before taxes (15,101,671) 52,639,118 Current, deferred and prepaid income taxes (543,453) (624,209) 9 Net profit/(loss) for the period (15,645,124) 52,014,909
Profit (loss) for the period attributable to shareholders of the parent (15,403,503) 57,320,674 Profit (loss) for the period attributable to minority interests (241,621) (5,305,765)
Profit/(loss) per share (basic)
(0.09)
0.32 23
Earnings/(loss) per share (diluted) (0.09) 0.32 23 Number of shares outstanding
162,583,387
163,570,994
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Consolidated statement of comprehensive income Tamburi Investment Partners Group
(in euro) 30 June 2026 30 June 2025 Note
Net profit/(loss) for the period (15,645,124) 52,014,909
Other comprehensive income Income with transferral to the income
statement
22 Increases/(decreases) in associated companies measured under the equity method 8,138,838 (12,808,880) Unrealised profit/(loss) 8,237,690 (12,985,705) Tax effect (98,853) 176,825
Increases/(decreases) in the value of current financial assets measured at FVOCI 54,330 218,603 Unrealised profit/(loss) 54,330 218,603 Tax effect 0 0
Income without transferral to the income
statement 22
Increases/(decreases) in the value of equity investments valued at FVOCI 134,067,665 (34,536,459) Profit/(Loss) 135,698,610 (34,820,685) Tax effect (1,630,945) 284,226
Increases/(decreases) in associated companies measured under the equity method 0 0 Profit/(Loss) 0 0 Tax effect 0 0
Other items 3,150 10,454
Total other comprehensive income 142,263,982 (47,116,282)
Total comprehensive income/(loss) for the period 126,618,858 4,898,627 Comprehensive income/(expense) for the period attributable to shareholders of the parent 126,862,596 10,291,010 Comprehensive income/(expense) for the period attributable to minority interests (243,738) (5,392,383)
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Consolidated statement of financial position Tamburi Investment Partners Group (in euro) 30 June 2026 Of which
related
parties
31 December
2025 Of which
related
parties Note
Non -current assets Property, plant and equipment 147,889 97,742 Rights of use 1,863,582 1,309,573 Goodwill 9,806,574 9,806,574 10 Other intangible assets 33,162 41,332 Investments measured at FVOCI 869,406,643 764,963,136 11 Associated companies measured under the equity method 1,274,199,280 1,247,745,455 12 Financial receivables measured at amortised cost 11,609,745 3,703,767 13 Tax receivables 460,688 460,688 20 Total non-current assets 2,167,527,563 2,028,128,267
Current assets
Trade receivables 1,555,419 374,748 557,077 415,131 15 Current financial receivables measured at amortised cost 6,973,168 4,364,542 16 Derivatives 4,642,730 2,491,355 17 Current financial assets measured at FVOCI 11,750,860 41,735,082 18 Current financial assets measured at FVTPL 2,312,192 3,004,272 14 Cash and cash equivalents 2,402,351 4,392,820 19 Tax receivables 97,309 128,122 20 Other current assets 377,602 156,898 Total current assets 30,111,631 56,830,168 Total assets 2,197,639,194 2,084,958,435
Equity
Share capital 95,877,237 95,877,237 21 Reserves 688,530,788 595,887,938 22 Retained earnings 765,264,612 692,181,099 Result for the period attributable to shareholders of the parent (15,403,503) 73,132,919 23 Total equity attributable to shareholders of the parent 1,534,269,134 1,457,079,193 Equity attributable to minority interests 14,885,740 52,405,137 Total equity 1,549,154,874 1,509,484,330 Non -current liabilities Post-employment benefits 416,552 396,558 24 Financial liabilities for leasing 1,726,007 998,368 Non-current financial liabilities 550,255,408 475,218,235 25 Deferred tax liabilities 7,432,689 5,650,403 26 Total non-current liabilities 559,830,656 482,263,564
Current liabilities
Trade payables 588,413 37,437 506,075 41,498 Current financial liabilities for leasing 181,515 361,778 Current financial liabilities 82,673,444 74,541,800 27 Tax payables 309,316 295,765 28 Other liabilities 4,900,976 17,505,123 29 Total current liabilities 88,653,664 93,210,541 Total liabilities 648,484,320 575,474,105 Total equity and liabilities 2,197,639,194 2,084,958,435
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Consolidated statement of changes in equity amounts in euro
Share
capital Share
premium
reserve Legal
reserve FVOCI reserve
without reversal
to profit and loss FVOCI reserve
with reversal
to profit and loss Treasury
shares
reserve Other
reserves IFRS
business
combination
reserve Merger
surplus Retained
earnings Profit/(loss)
for the period
attributable to
shareholders of
the
parent Equity
attributable to
shareholders of the
parent Equity
attributable
to minority
interests Profit/(loss)
for the period
attributable
to minority
interests Equity
At 31 December 2024 consolidated 95,877,237 264,953,239 19,175,447 408,507,109 3,182,008 (131,358,694) (10,595,931) (483,655) 5,060,152 690,662,307 38,228,267 1,383,207,485 68,469,259 3,118,212 1,454,794,957 Change in fair value of investments measured at FVOCI (34,536,459) (34,536,459) (34,536,459) Change in associated companies measured under the equity method (12,722,262) (12,722,262) (86,618) (12,808,880) Change in fair value of current financial assets measured at FVOCI 218,603 218,603 218,603 Employee benefits 10,454 10,454 10,454 Total income and expenses recognised directly in equity (34,536,459) (12,503,659) 10,454 (47,029,664) (86,618) (47,116,282) Profit/(loss) of the period 57,320,674 57,320,674 (5,305,765) 52,014,909 Total comprehensive income (34,536,459) (12,503,659) 57,320,674 10,291,010 (86,618) (5,305,765) 4,898,627 Transferral of FVOCI reserve due to capital gain realised (101,264) 101,264 0 0 Change in reserves of associated companies measured under the equity method (4,247,267) (4,247,267) (165,441) (4,412,708) Dividends distribution (26,188,211) (26,188,211) (26,188,211) Allocation profit 2024 38,228,267 (38,228,267) 0 3,118,212 (3,118,212) 0 Allocation of Units related to performance shares 3,709,200 3,709,200 3,709,200 Exercise of stock options (584,683) 1,008,958 (243,375) 180,900 180,900 Acquisition of treasury shares (12,960,476) (12,960,476) (12,960,476) Assignment of treasury shares due to the exercise of units related to performance shares 3,515,973 2,229,839 (5,745,812) (0) (0) At 30 June 2025 consolidated 95,877,237 267,884,529 19,175,447 373,869,386 (9,321,651) (141,080,373) (17,112,731) (483,655) 5,060,152 702,803,627 57,320,674 1,353,992,642 71,335,412 (5,305,765) 1,420,022,289
Share
capital Share
premium
reserve Legal
reserve FVOCI reserve
without reversal
to profit and loss FVOCI reserve
with reversal
to profit and loss Treasury
shares
reserve Other
reserves IFRS
business
combination
reserve Merger
surplus Retained
earnings Profit/(loss)
for the period
attributable to
shareholders of
the
parent Equity
attributable to
shareholders of the
parent Equity
attributable
to minority
interests Profit/(loss)
for the period
attributable
to minority
interests Equity
At 31 December 2025 (consolidated) 95,877,237 267,884,529 19,175,447 482,100,317 (4,168,399) (152,837,075) (20,843,376) (483,655) 5,060,152 692,181,100 73,132,919 1,457,079,193 70,826,888 (18,421,752) 1,509,484,330 Change in fair value of investments measured at FVOCI 134,067,665 134,067,665 134,067,665 Change in associated companies measured under the equity method 8,140,955 8,140,955 (2,117) 8,138,838 Change in fair value of current financial assets measured at FVOCI 54,330 54,330 54,330 Employee benefits 3,150 3,150 3,150 Total income and expenses recognised directly in equity 134,067,665 8,195,285 3,150 142,266,099 (2,117) 142,263,982 Profit/(loss) of the period (15,403,503) (15,403,503) (241,621) (15,645,124) Total comprehensive income 134,067,665 8,195,285 (15,403,503) 126,862,596 (2,117) (241,621) 126,618,858 Transferral of FVOCI reserve due to capital gain realised (42,260,456) 42,260,456 0 0 Change in reserves of associated companies measured under the equity method (6,664,362) (6,664,362) 43,549 (6,620,813) Dividends distribution (42,309,862) (42,309,862) (42,309,862) Capital increase 0 3,636,162 3,636,162 Allocation profit 2025 73,132,919 (73,132,919) 0 (18,421,752) 18,421,752 0 Change in consolidation area 0 (40,955,370) (40,955,370) Allocation of Units related to performance shares 4,325,632 4,325,632 4,325,632 Acquisition of treasury shares (5,024,062) (5,024,062) (5,024,062) Assignment of treasury shares due to the exercise of units related to performance shares (406,242) 6,872,814 (6,466,572) 0 0 At 30 June 2026 consolidated 95,877,237 267,478,287 19,175,447 573,907,526 4,026,886 (150,988,323) (29,645,528) (483,655) 5,060,152 765,264,612 (15,403,503) 1,534,269,134 15,127,359 (241,621) 1,549,154,874
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Consolidated cash flow statement Tamburi Investment Partners Group
euro/thousands 30 June 2026 30 June 2025
A.- INITIAL NET CASH BALANCES (56,284) (39,167)
B.- CASH FLOW FROM OPERATING ACTIVITIES
Profit for the period (15,645) 52,015 Depreciation and amortisation 209 212 Share of profit/(loss) of associated companies measured under the equity method 2,420 (64,423) Financial income and expenses (1,517) 767 Change in “employee benefits” 23 18 Charges for performance shares 4,326 3,709 Interest on loans and bonds 10,966 8,125 Change in deferred tax assets and liabilities (544) 624
238 1,047
Decrease/(increase) in trade receivables (998) (209) Decrease/(increase) in other current assets (221) (134) Decrease/(increase) in tax receivables 31 (170) Decrease/(increase) in financial receivables, FVTPL financial assets and derivatives (306) (12,523) Decrease/(increase) in other negotiable securities 30,039 (362) (Decrease)/increase in trade payables 82 197 (Decrease)/increase in taxes payable 14 37 (Decrease)/increase in other current liabilities (12,625) (4,905) Cash flow from (for) operating activities 16,254 (17,022)
C.- CASH FLOW FROM
INVESTMENT IN FIXED ASSETS
Tangible and intangible assets Investments/divestments (805) (40)
Financial assets
Investments (66,664) (1,186) Divestments 20,182 16,657 Cash flow from (for) investment (47,287) 15,431
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euro/thousands 30 June 2026 30 June 2025
D.- CASH FLOW FROM
FINANCING ACTIVITIES
Loans
New loans 75,728 136,925 Repayment of loans/bonds (4,232) (19,207) Interest paid on loans and bonds (20,296) (15,281)
Capital
Capital increase and paid-in capital 3,636 0 Change due to purchase/sale of treasury shares (5,024) (12,780) Payment of dividends (42,310) (26,188) Cash flow from (for) financing 7,502 63,469
E.- CASH FLOW FOR THE PERIOD (23,531) 61,878
F.- NET FINAL CASH BALANCES (79,815) 22,711
The final net cash balances are as follows:
Cash and cash equivalents 2,402 66,831 Payables to banks due within one year (82,217) (44,120) Net final cash balances (79,815) 22,711
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EXPLANATORY NOTES TO THE CONDENSED CONSOLIDATED HALF -YEAR FINANCIAL
STATEMENTS AS AT 30 JUNE 2026
(1) Group activities The TIP Group is an independent, diversified industrial group focused on medium/large -sized Italian companies. In particular, it carries out the following activities:
• investment as an active shareholder in companies (listed and unlisted) representing “excellence” in their respective sectors of reference and, as part of the StarTIP project, in start-ups and innovative companies;
• investments - through Itaca Equity Holding, now simply aimed at concluding the only transaction carried out - in companies undergoing temporary financial difficulties and in need of strategic and organisational reorientation;
• advisory work in extraordinary finance transactions, particularly acquisitions and disposals, through the Tamburi & Associati (T&A) division.
(2) Accounting standards The parent company, TIP, has been incorporated under the laws of Italy as a limited liability company and with registered office in Italy.
The company was listed in November 2005, and on 20 December 2010 Borsa Italiana S.p.A.
assigned the STAR classification to ordinary TIP shares.
The condensed consolidated half-year financial report as at 30 June 2026 was approved by the Board of Directors on 11 September 2026.
The condensed consolidated half-year financial statements at 30 June 2026 have been prepared on a going concern basis and in accordance with the valuation criteria established by the International Financial Reporting Standards and the International Account ing Standards (hereinafter the “IFRS”, “IAS” or international accounting standards) issued by the International Accounting Standards Board (IASB) and the relevant interpretations of the International Financial Reporting Interpretations Committee (IFRIC) and adopted by the European Commission by Regulation No.
1725/2003, as amended, in accordance with Regulation No. 1606/2002 of the European Parliament and, in particular the condensed consolidated half-year financial statements are compliant with IAS 34 international accounting standard.
The condensed consolidated half-year financial statements consist of the income statement, the comprehensive income statement, the statement of financial position, the statement of changes in equity, the cash flow statement and the explanatory notes, and are accompanied by the Interim Director’s Report. The financial statements have been prepared in Euro, without decimal amounts.
The accounting statements were prepared in accordance with IAS 1, while the explanatory notes were compiled in condensed form, applying the option provided for in IAS 34 and therefore do not include all the information required for the annual financial statements prepared in accordance with IFRS.
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The accounting standards and measurement criteria used to prepare this consolidated financial report are as described in the consolidated financial statements at 31 December 2025, except for those adopted from 1 January 2026 and described below, the applic ation of which did not have significant effects.
Data from the income statement, the comprehensive income statement, the consolidated cash flow statement as at 30 June 2025 and the statement of financial position as at 31 December 2025 have been used for comparative purposes.
During the half-year, no exceptional cases arose that would have required recourse to the exceptions provided for in IAS 1.
The preparation of the condensed consolidated half-year financial statements requires the formulation of assessments, estimates and assumptions that affect the application of accounting policies and the value of assets, liabilities, costs and revenue recog nised in the financial statements.
These estimates and their underlying assumptions are based on past experience and on other factors that are deemed reasonable in each case. However, it should be noted that, since they are estimates, the results obtained will not necessarily be the same as the results indicated here. Estimates are used to recognise provisions for credit risks, fair value measurements of financial instruments, impairment tests, leases, employee benefits and taxes.
New accounting standards
New standards, amendments to existing standards and interpretations effective for periods beginning on or after 1 January 2026 At the date of this document, the competent bodies of the European Union have completed the approval process for the adoption of the amendments and standards described below.
▪ On 30 May 2024, the IASB published an amendment to IFRS 9 – Financial Instruments and IFRS 7 – Financial Instruments: Disclosures. The same: - provides clarifications on how to apply the SPPI test to financial assets whose contractual flows may change according to a potential event (e.g. ESG objectives); - regulates the derecognition of financial liabilities settled in cash through an electronic payment system; - imposes new disclosure requirements for investments in equity instruments measured at FVTOCI and financial assets and liabilities not measured at FVTPL with contractual flows that vary according to potential events. The document has been approved for adoption in the European Union and will enter into force on 1 January 2026.
▪ On 18 December 2024, the IASB published an amendment to IFRS 9 – Financial Instruments and IFRS 7 – Financial Instruments: Disclosures. The amendment provides clarifications on nature -dependent electricity contracts, to enable entities to represent nature -dependent electricity contracts more adequately in their financial statements,
through:
o the application, under certain conditions, of the own use exemption;
o the possibility of applying hedge accounting;
o the introduction of new disclosure obligations to enable investors to understand the impact of such contracts on the entity’s economic performance and cash flows.
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The document has been approved for adoption in the European Union and is applicable to financial statements for financial years starting on or after 1 January 2026. In addition, transitional provisions establish that for the own-use exemption, application is retrospective, based on facts existing at the date of first application, which may not coincide with the start of the year. The redetermination of comparative periods is not required, unless it is possible without using subsequent information.
For hedge accounting, the new rules apply only prospectively to new hedging relationships.
Existing relationships can be terminated if the same instrument is designated in a new hedge.
▪ In July 2024, the IASB published “Annual Improvements – Volume 11”, which introduces minor amendments to IAS 7 and IFRSs 1, 7, 9 and 10, in order to improve the clarity, consistency and practical application of the standards. The main amendments include: the resolution of a conflict between IFRS 9 and IFRS 15 on the measurement of trade receivables, clarifications on the treatment of lease liabilities, updates for the transparency of cash flows and simplifications for first-time adopters of IFRS 1. The docu ment has been approved for adoption in the European Union and will enter into force on 1 January 2026.
The adoption of these amendments has not had a direct significant effect for TIP.
New standards, amendments to existing standards and interpretations effective for periods starting on or after 1 January 2026 not yet adopted by the Group ▪ On 9 April 2024, the IASB published an amendment to IFRS 18 entitled “Presentation and Disclosure in Financial Statements” in order to provide a new way of presenting economic results. It also introduces the obligation to provide certain performance measur ement indicators (“management performance measures” or “MPM”) in the financial statements.
Application will be retroactive to financial statements for financial years beginning on or after 1 January 2027, and early application is permitted. The document has been approved for adoption in the European Union.
▪ On 9 May 2024, the IASB published IFRS 19 - Subsidiaries without Public Accountability:
Disclosures, in order to simplify the preparation of financial statements by reducing the disclosures to be provided in the notes. Application is expected to take place as of the financial statements for financial years beginning on or after 1 January 2027, and early application is permitted. The document is in the process of being approved by the EU.
▪ On 13 November 2025, the IASB published Amendments to IAS 21 Translation to a Hyperinflationary Presentation Currency, which clarify the accounting treatment when financial statements are presented in a presentation currency subject to hyperinflation, including relations with IAS 29, the order of application between restatement and translation and the relevant disclosure requirements. Application is expected to take place as of the financial statements for financial years beginning on or after 1 January 2027, and early application is permitted. The document is in the process of being approved by the EU.
Any impacts on the consolidated financial statements of the Group arising from the amendment to IFRS 18 are being analysed; on the basis of a preliminary review of potential cases, no significant direct impacts on TIP from the other amendments are expected .
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Consolidation principles and basis of consolidation
Scope of consolidation The consolidation scope includes the parent company TIP - Tamburi Investment Partners S.p.A.
and the companies over which it directly or indirectly exercises control. An investor controls an investee when it is exposed to or has rights to variable income streams arising from its relationship with the investee and at the same time has the capacity to affect those income streams, by exercising its power over that entity in order to obtain benefits from its activities. The financial statements of the subsidiar ies are included in the consolidated financial statements from the date at which control is effectively transferred to the Group and cease to be consolidated from the date at which control is transferred outside the Group.
At 30 June 2026, the scope of consolidation included the companies StarTIP S.r.l., TXR S.r.l., Investindesign S.p.A. and Club Design S.r.l. in the final stage of liquidation.
Details of the subsidiaries are as follows:
Name Registe
red office Share capital Number of shares/units Number of shares/units held % ownership Investindesign S.p.A. Milan 1,100,000 21,270,598 17,917,721 84.24% Club Design S.r.l. in liquidation (1) Milan 100,000 100,000 20,000 20.00% StarTIP S.r.l. Milan 50,000 50,000 50,000 100.00% TXR S.r.l. Milan 100,000 100,000 100,000 100.00% (1) Equity investment considered a subsidiary by virtue of governance rights, liquidated company.
Consolidation procedures
Subsidiaries are consolidated on the basis of the respective financial statements, adjusted appropriately to render them consistent with the accounting policies adopted by the parent company.
All intercompany balances and transactions, including any unrealised gains arising from relations between Group companies, are fully eliminated. Unrealised losses are eliminated, unless they represent impairment losses.
Valuation criteria
The valuation criteria used in the preparation of the consolidated half-year report as at 30 June 2026 are set out below.
PROPERTY, PLANT AND EQUIPMENT
Tangible assets are recognised at historical cost, including directly attributable ancillary costs necessary for the installation of the asset and its set-up for the use for which it was purchased. If significant parts of these tangible assets have differe nt useful lives, those components are accounted for separately.
Tangible assets are stated net of accumulated depreciation and any impairment losses determined according to the methods described below.
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Depreciation is calculated on a straight -line basis over the estimated useful life of the asset for the business, which is reviewed annually. Any changes, where necessary, are made with prospective application; the main economic and technical rates used are the following:
- furniture and fittings 12%
- various appliances and installations 15%
- electronic office machinery 20%
- mobile phones 20%
- equipment 15%
- Cars 25%
The book value of tangible assets is periodically tested for impairment if events or changes in circumstances indicate that the book value cannot be recovered. If there are such indications, and if the book value exceeds the estimated realisable value, the assets are written down to reflect their realisable value. The realisable value of tangible fixed assets is the higher of the net selling price and the value in use. When defining value in use, expected future cash flows are discounted using a pre-
tax discount rate that reflects the current market estimate of the time value of money and the risks specific to the asset. Impairment losses are recorded in the income statement under depreciation, amortisation and write -downs costs. Such impairment losses are reversed if the reasons for generating them no longer pertain.
When an asset is sold or when there are no expected future economic benefits from its use, it is derecognised and any loss or gain (calculated as the difference between the disposal value and the book value) is recognised in the income statement for the year of its derecognition.
GOODWILL
Business combinations are recognised using the purchase method. Goodwill represents the excess of the purchase cost over the purchaser’s share of the net fair value of the identifiable values of current and contingent assets and liabilities. After initial recognition, goodwill is reduced by any accumulated impairment losses, determined in the manner described below.
Goodwill arising from acquisitions made prior to 1 January 2004 is recorded at the deemed cost, which is equal to the value recorded under that heading in the latest financial statements compiled on the basis of the previous accounting standards applied (31 December 2003). In fact, when preparing the opening financial statements in accordance with international accounting standards, the acquisition transactions concluded before 1 January 2004 were not reconsidered.
Goodwill is subject to a recoverability analysis on an annual basis, or more frequently if events or circumstances occur that may impairment. At the acquisition date, any goodwill arising is allocated to each of the cash-generating units that are expected to benefit from the effects of the acquisition.
Any impairment loss is identified through valuations based on the ability of each unit to produce cash flows to recover the portion of goodwill allocated to it, in the manner indicated above in the section on property, plant and equipment. If the recoverable amount of the cash-generating unit is less than the attributed book value, an impairment loss is recognised.
The impairment loss is not reversed if the reasons for the loss no longer pertain.
OTHER INTANGIBLE ASSETS
Other intangible assets are recognised at cost, determined in the same way as tangible assets.
Other intangible assets with a finite useful life are recognised net of accumulated amortisation and
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any impairment losses determined in the same manner as previously indicated for tangible assets.
Useful life is reviewed annually and any changes, where necessary, are made prospectively.
Gains or losses from the disposal of an intangible asset are determined as the difference between the disposal value and the book value of the asset, and are recognised in the income statement at the time of disposal.
LEASING
A lease agreement grants an entity the right to use an asset for a certain period of time in exchange for a consideration. For the lessee, at the accounting level there is no distinction between finance leases and operating leases: both are subject to a single lease recognition accounting model.
According to this model, the company recognises an asset on its balance sheet, representing the relevant right of use, and a liability, representing the obligation to make the payments under the agreement, for all leases within a term of more than twelve months, the value of which cannot be considered immaterial, while in the income statement, it recognises the amortisation of the recognised asset and separately recognises interest on the recognised liability.
ASSOCIATED COMPANIES MEASURED UNDER THE EQUITY METHOD
Associated companies are entities over which significant influence is exercised in terms of financial and management policies, although they are not controlled. Significant influence is assumed to exist when between 20% and 50% of the voting power of anoth er entity is held.
Investments in associated companies are accounted for according to the equity method and are initially recognised at cost. Equity investments include goodwill identified at the time of acquisition, net of any accumulated impairment losses. Where there is objective evidence of impairment, the recoverability of the book value is assessed by comparing the book value with the relevant recoverable value, recognising any difference in the income statement. The consolidated financial statements include the share of the profits or losses of the investees recognised according to the equity method, net of the adjustments necessary to align the accounting principles and to eliminate unrealised intra-group margins from the date on which the significant influence or joint control begins until the date on which that influence or control ceases. Adjustments necessary for the elimination of unrealised intra-group margins are accounted for in the item “share of profit from equity investments measured using the equity method”. When the portion of losses pertaining to an equity investment accounted for using the equity method exceeds the book value of the investee company, the equity investment is written off and the portion of the further losses ceases to be recognised, except where legal or implicit obligations have been entered into or payments have been made on behalf of the investee company.
Where the affiliation is established in subsequent phases, the cost of the investment is measured as the sum of the fair values of the previously held interests and the fair value of the consideration transferred at the date the investment is classified as an associate. The effect of the revaluation of the book value of the previously held shares is recognised in the same way as if the investment had been disposed of. Therefore, once the significant influence has been ascertained, the higher cumulative fair value recognised in the OCI reserve, is reclassified as retained earnings in shareholders’ equity.
Investments in associates are tested for their recoverable amount if there are any indicators of impairment compared with the valuation of the associate using the equity method.
The recoverable amount is the greater of the fair value, less costs to sell, of an asset and the value
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in use, defined according to the discounted future cash flow method.
When determining the fair value net of the costs to sell of associates, the official prices available on active markets are first considered, if available. Alternatively, appropriate valuation models are used.
Such calculations are made using appropriate income multipliers, publicly traded share prices referable to similar companies, comparable transactions on similar assets or other available fair value indicators, appropriate for the assets to be valued.
The value in use of the associates is estimated by taking into account the present value of the future cash flows that the investment may generate, including the final disposal value of the investment.
Where appropriate, recoverable value measurements are subject to sensitivity analyses based on the (negative) change in the economic values applied to the reference multiples at reasonable intervals.
If the recoverable amount is lower than the carrying amount, the difference is recognised in the income statement.
If, in a year following one in which there was an impairment loss, there is a change in the estimates used to determine the recoverable amount, the carrying amount of the investment will be revalued against the recoverable amount and the revaluation will constitute a recovery of value.
INVESTMENTS MEASURED AT FVOCI
Investments in equity, generally consisting of equity investments with a percentage holding of less than 20% that are not held for trading purposes according to the option provided for in IFRS 9, are recognised by recording changes in fair value under Othe r Comprehensive Income (FVOCI), i.e.
with a balancing entry in an equity reserve. FVOCI accounting for investments in equity provides for the reversal of the fair value reserve accrued directly to other equity reserves at the time of sale.
Dividends receiv ed from equity investments are therefore charged to the income statement.
The fair value s identified, in the case of listed equity investments, with the stock market value at the end of the period, and in the case of investments in unlisted companies, with the value estimated using valuation techniques. These valuation techniqu es include comparisons with the values expressed in recent similar transactions and other valuation techniques that are essentially based on an analysis of the investee’s ability to produce future cash flows, discounted over time to reflect the cost of money and the specific risks of the business.
Investments in equity instruments that do not have a price quoted on a regulated market and those for which a fair value cannot be reliably measured, are valued at cost, reduced for impairment if necessary.
The choice between the above methods is not optional, as they must be applied in hierarchical order:
absolute priority is given to official prices available on active markets (effective market quotes – level 1) or for assets and liabilities measured on the basis of valuation techniques that take observable parameters as a reference (comparable approaches – level 2) and a lower priority is given to assets and liabilities with a fair value that is calculated on the basis of valuation techniques that take as a reference parameters that are not observable on the market and therefore more discretionary (market model -
level 3). The use of level 3 valuation techniques, adopted in the absence of adequate observable market parameters, mainly refers to valuations based on cash flow forecasts and income statement results. These measurements are subject to sensitivity analyses based on the (negative) change in the economic values applied to the reference multiples at reasonable intervals.
FINANCIAL RECEIVABLES MEASURED AT AMORTISED COST
These are financial assets acquired by the company for the purpose of holding them to maturity to
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collect interest. Any sales of these assets are incidental events. These financial assets are valued at amortised cost.
FINANCIAL ASSETS MEASURED AT FVTPL
Financial assets, generally convertible loans, which generate cash flows that provide for the allocation of shares and/or include embedded derivatives related to conversion clauses are measured at fair value, with the relevant changes in value recognised in the income statement.
Investments in equity held for the temporary liquidity purposes are measured at fair value with changes in value recognised in the income statement.
DERIVATIVE INSTRUMENTS
Derivative instruments not embedded in other financial instruments are measured at fair value with changes in value recognised directly in the income statement.
CURRENT FINANCIAL ASSETS MEASURED AT FVOCI
Current financial assets valued at FVOCI are non-derivative financial assets consisting of investments made in bonds that constitute a temporary commitment of liquidity according to a business model in which the relevant cash flows are collected and the bonds are sold at the appropriate time. The cash flows of these financial instruments consist solely of interest and principal.
These are measured at FVOCI, by recording changes in the fair value of the securities in the equity reserve until the date of disposal, and recording the interest income and any write -downs in the income statement. At the time of any total or partial sale, the cumulative gain/loss in the valuation reserve is transferred, in whole or in part, to the income statement.
Purchases and sales of securities are recognised and eliminated on the settlement date.
TRADE RECEIVABLES
Receivables are recorded at fair value and subsequently measured at amortised cost. If necessary they are adjusted for sums deemed uncollectable.
CASH AND CASH EQUIVALENTS
Cash and cash equivalents include ‘near cash’ assets, i.e. assets that meet the requirements of being available on demand or in the very short term (within three months), of being in good standing, and of having no collection costs. Financial transactions are recognised on the settlement date.
For the purposes of the Cash Flow Statement, net cash and cash equivalents consist of cash and cash equivalents net of bank overdrafts at the reporting date.
TRADE AND FINANCIAL PAYABLES
Trade payables are initially recorded at fair value and subsequently valued at amortised cost.
Financial liabilities are recognised and stated at amortised cost using the effective interest rate method.
EMPLOYEE BENEFITS AND PERSONNEL EXPENSES
Guaranteed benefits paid on or after termination of employment through defined benefit plans are recognised over the vesting period. The liability relating to defined benefit plans, net of any plan assets,
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is determined on the basis of actuarial assumptions and is recognised on an accrual basis consistent with the work required to obtain the benefits. The liability is valued by independent actuaries.
The Company grants additional benefits to certain employees through incentive plans. Performance share plans are currently in place.
In accordance with IFRS 2 - Share -based Payments - these plans are a component of the remuneration of their beneficiaries and provide for an “equity settlement” as per the regulations.
Accordingly, the relevant cost is represented by the fair value of the financial instruments granted at the grant date and is recognised in the income statement over the period between the grant date and the vesting date, with a balancing entry in shareholders’ equity. A portion of the plan was exercised on a “cash settlement” basis, and the relevant cost, consisting of the consideration disbursed, was recognised in the income statement over the period between the grant date and the vesting date with a balancing entry reduction in cash and cash equivalents.
Upon the exercise by the beneficiaries of “equity settled” options with the transfer of treasury shares in return for cash, the reserve for stock options is reversed for the portion attributable to the options exercised, the reserve for treasury shares is reversed, based on the average cost of the shares transferred, and the residual differential is recognised as a plus-minus in treasury shares trading with a balancing entry in the share premium reserve, in accordance with the accounting policy adopted.
Similarly, at the time of the transfer of treasury shares corresponding to accrued performance shares, the reserve for performance share plans is reversed for the portion attributable to the units exercised and therefore to the transferred shares, the reserve for treasury shares is reversed, based on the average cost of the shares transferred, and the residual differential is recognised as a plus-
minus in treasury shares trading with a balancing entry in the share premium reserve, in accordance with the accounting policy adopted.
TREASURY SHARES
Treasury shares held by the parent company are deducted from shareholders’ equity in the negative reserve for treasury shares. The original cost of treasury shares and proceeds from any subsequent sales are recognised as changes in equity, with the differe nce entered as a plus-minus on trading of treasury shares with a balancing entry in the share premium reserve, according to the accounting policy adopted.
REVENUES
Revenues are recognised when the client acquires control over the services provided and, consequently, when the client has the ability to direct their use and obtain the benefits. Where the contract provides for a part of the variable consideration based on the occurrence or otherwise of certain future events, the estimate of the variable portion is included in revenue only if their occurrence is highly probable. In the case of transactions involving the simultaneous provision of several services, the sale price is allocated based on the price that the company would charge its clients if the same services included in the agreement were sold individually . Depending on the type of transaction, revenues are recognised on the basis of the following specific criteria:
- revenues from the provision of advisory services are recognised with reference to the state of completion of the assets. For practical reasons, when services are rendered through an indefinite number of shares over a given period of time, revenues are recognised on a straight -
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line basis over a given period of time, unless it is evident that other methods better represent the stage of completion of the service;
- success fees that accrue upon the performance of a significant act are recognised as revenue when the significant act is completed;
- variable service revenue components other than success fees are recognised with reference to the state of completion, insofar as it is highly probable that, when the uncertainty associated with the variable consideration is subsequently resolved, there will not be a significant downward adjustment to the amount of the cumulative revenues recognised.
Where it is not possible to reliably determine the value of revenues, they are recognised up to the amount of costs incurred that are expected to be recovered.
INCOME AND CHARGES FROM THE SALE OF SECURITIES
Income and expenses arising from the sale of securities classified among current financial assets and measured at FVOCI are recognised on an accruals basis on the basis of the value date of the transaction, with changes in fair value previously recognised in equity also recognised in the income statement.
FINANCIAL INCOME AND CHARGES
Financial income and expenses are recognised on the basis of accrued interest on the net value of the relevant financial assets and liabilities using the effective interest rate.
DIVIDENDS
Dividends are recognised in the financial year in which the shareholders’ right to receive payment is established. Dividends received from equity investments measured using the equity method are recognised as a reduction in the value of the investment.
INCOME TAXES
Current income taxes for the period are determined on the basis of estimated taxable income and in accordance with applicable provisions. Deferred and prepaid income taxes are calculated on the temporary differences between the asset values recorded in the financial statements and the corresponding values recognised for tax purposes. Deferred tax assets are recognised when recovery is deemed probable, i.e. when it is expected that sufficient taxable profits will be available in the future to enable this asset to be realised. The recoverability of deferred tax assets is reviewed at the end of each period. Deferred taxes are always recognised in accordance with IAS 12.
(3) Presentation methods The choices adopted by the Group in relation to the presentation of the consolidated financial statements are summarised below:
- income statement and comprehensive income statement: IAS 1 requires that items be classified based on either their nature or destination. The Group has decided to use the format of items classified by nature;
- statement of financial position: in accordance with IAS 1, assets and liabilities must be classified as current and non-current or, alternatively, in order of liquidity. The Group has chosen the criteria of classification as current and non-current;
- statement of changes in consolidated equity, prepared in accordance with IAS 1;
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- cash flow statement: in accordance with IAS 7, the statement of cash flows presents cash flows during the year classified among operating, investment and financing assets, based on the indirect method.
(4) Segment disclosure TIP is a diversified, independent industrial group. The work performed by management to support activities, in terms of marketing contacts, initiatives, including institutional initiatives on the external side, and involvement in the various deals, is highly integrated. Furthermore, execution and other activity is organised with the aim of more flexible use of experts available “on call” when necessary in advisory or equity processes.
It is therefore impossible to provide a precise separate economic and financial representation of the different areas of activity, as the division of labour costs could lead to a distortion of the profitability levels of the business segments.
In this quarterly consolidated financial report, only details of the performance of the “Revenues from sales and services” component, linked solely to advisory activities, are therefore provided, thus excluding the “Other revenues” item.
euro 30 June 2026 30 June 2025 Revenues from sales and services 2,906,001 703,250 Total 2,906,001 703,250
The performance of revenues is strongly conditioned by the timing of accrual of success fees, which may have a variable distribution either during the year or over several years.
(5) Purchases, services and other costs This item comprises:
euro 30 June 2026 30 June 2025 1. Services 1,070,437 970,770 3. Other charges 326,365 481,742 Total 1,396,802 1,452,512
Service costs mainly refer to general and commercial expenses and professional and legal consultancy. These include 48,494 euros for independent auditors’ fees and 47,770 euros in fees for members of the Board of Statutory Auditors and Supervisory Board.
Other expenses mainly include non-deductible VAT and stamp duty.
(6) Personnel expenses This item comprises:
euro 30 June 2026 30 June 2025 Salaries and wages 1,894,081 1,724,612 Social security contributions 317,565 353,642 Directors’ fees 7,865,436 9,541,206 Provision for employee post-employment benefits 41,677 38,637 Total 10,118,759 11,658,097
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The cost of personnel under the “Salaries and wages” and “Directors’ fees” items includes a total charge of 4,325,632 euros in charges accrued pro rata temporis in relation to the allocation, in the second quarter of 2023, of 2,000,000 units under the “Performance Share TIP 2023 - 2025 Plan”, the allocation, in the third quarter of 2024, of 2,000,000 units under the “Performance Share TIP 2024 – 2026 Plan”, the allocation, in the third quarter of 2025, of 1,500,000 units under the “Performance Share TIP 2025 – 2027 Plan” and the allocation, in the second quarter of 2026, of 1,500,000 units under the “Performance Share TIP 2026 – 2028 Plan”. In accordance with IFRS 2, the Units allocated were measured according to the equity settlement method.
As always, personnel costs are significantly influenced by the variable remuneration of executive directors which, logically, is performance -linked. As of 2025, as is known, there will be a correlation mechanism between variable remuneration and TIP stock performance. A potential reduction was introduced with respect to the resolutions passed by the designated corporate bodies, as it was established that variable remuneration could be reduced by 20% if the TIP stock, in the reference period (in this case 1 January – 30 June 2026), had a negative performance and reduced by 10% if the TIP stock had, again in the reference period, a performance of less than 10%, all obviously taking into account the dividends distributed. In the first half of 2026, this mechani sm resulted in an allocation limited to 80% compared with the metrics existing for many years for calculating the amounts to be paid for this remuneration.
The “Provision for employee post-employment benefits” is updated on the basis of an actuarial valuation; the actuarial gain or loss is recognised in an equity item.
As at 30 June 2026, the number of TIP employees is as follows:
30 June 2026 30 June 2025 Clerical staff and apprentices 7 7 Middle managers 2 2 Executives 5 5 Total 14 14
It should be noted that the Chairperson/Chief Executive Officer and the Vice Chairperson/Chief Executive Officer are not employees of TIP or other Group companies.
(7) Financial income/(expenses) This item comprises:
euro 30 June 2026 30 June 2025 1. Income from equity investments 7,799,966 10,027,697 2. Other income 1,530,055 490,710 Total financial income 9,330,021 10,518,407 3. Interest and other financial expenses (13,300,663) (9,710,714) Total financial expenses (13,300,663) (9,710,714)
(7).1. Income from equity investments euro 30 June 2026 30 June 2025 Dividends 5,499,280 10,027,697 Other 2,300,686 0 Total 7,799,966 10,027,697
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At 30 June 2026, income from equity investments refers to dividends received from the following investee companies (euros):
Moncler S.p.A. 2,870,000 Amplifon S.p.A. 2,158,880 Basicnet S.p.A. 470,400
Total 5,499,280
Other income from equity investments includes 2.2 million relating to the income earned on the purchase of listed shares at a discount to their spot market price.
(7).2. Other income It mainly includes changes in the value of the Dexelance 2026 -2029 Warrants of 833,656 euros, interest income on bonds of 583,787 euros, interest income from loans and bank interest of 112,585 euros.
(7).3. Interest and other financial expenses euro 30 June 2026 30 June 2025 Interest on bonds 9,161,381 6,905,727 Other 4,139,282 2,804,987 Total 13,300,663 9,710,714
“Interest on bonds” refers to the TIP 2024 - 2029 bond of 400.5 million, calculated using the amortised cost method by applying the effective interest rate.
The “Other” item includes bank interest on loans of 2,638,334 euros, changes in the value of derivative instruments of 1,481,963 and other financial expenses.
(8) Share of profit/(loss) of associated companies measured under the equity method The contribution of the associated companies to the net profit for the period, gross of write -downs of 21.6 million, was approximately 10.4 million (19.2 million taking into account the effects of the SeSa Holding operation), despite being affected in the first half of the year by the seasonality of the business of major investees such as Alpitour, thanks to the results of Beta, Chiorino, Limonta, Interpump, OVS, Roche Bobois, SeSa and Vianova. Alpitour, after a start with results well above expectations and the previous year, closed the first half with revenues broadly in line with the same period of the previous year and a positive EBITDA despite the low seasonality of business over the period. The book amount of the shareholding in Beta was prudently adjusted for about 21.6 million due to ongoing uncertainties related to achieving the prospective performance targets underlying our valuations.
Dexelance, Itaca and Elica contributed negatively, but in the case of the first two, better than the first half of 2025.
The SeSa Holding transaction, which saw the increase in the equity investment through the subscription of a capital increase of approximately 10 million, generated income from associated companies measured under the equity method of approximately 8.7 million related to the increase in the equity investment.
For details on these equity investments, see Note 12, “Investments in associated companies
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measured under the equity method”, and Attachment 2.
(9) Current and deferred taxes Taxes recognised in the income statement are as follows:
euro 30 June 2026 30 June 2025 Prepaid taxes (645,091) 178,320 Deferred taxes 101,638 (802,529) Total (543,453) (624,209)
Deferred tax recognised directly in equity The company recognised a negative change of 1,675 ,468 euros directly in shareholders’ equity, mainly relating to the reduction in deferred taxes related to the fair value of equity investments valued at OCI.
(10) Goodwill
The “Goodwill” item, amounting to 9,806,574 euros, refers to the merger of the subsidiary Tamburi & Associati S.p.A. into TIP S.p.A. in 2007.
As at 30 June 2026, based on the expected trend in revenues in the next few years, there were no indicators that would suggest an impairment loss with regard to the aforementioned goodwill.
Therefore, no impairment testing was necessary.
(11) Equity investments measured at FVOCI This account refers to minority investments in listed and non-listed companies.
euro 30 June 2026 31 December 2025 Investments in listed companies 227,917,757 241,330,746 Investments in unlisted companies 641,488,886 523,632,390 Total 869,406,643 764,963,136
Changes in investments measured at FVOCI are shown in Attachment 1. The change in the period includes 180.5 million relating to the alignment of the value of Bending Spoons with its initial listing value, which subsequently increased further by approximate ly 40%. A reduction of 47 million is related to the operation to realign Vianova. In 2026, TIP contributed the 17.04% equity investment in Vianova to Vianova Holding, a company of which it holds 24.5% and which is classified as an associated company measured under the equity method.
The composition of the valuation methodologies for FVOCI -valued investments in listed and unlisted companies is set out in the following table:
Methodology Listed companies (% of total) Unlisted companies (% of total) Prices quoted on active markets (level 1) 100% 0.0% Valuation models based on market inputs (Level 2) 0.0% 71.1% Other valuation techniques (level 3) 0.0% 28.7% Acquisition cost 0.0% 0.2% Total 100.0% 100.0%
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Level 3 valuation techniques were adopted in the absence of adequate observable market parameters and mainly refer to valuations based on cash flow forecasts and income statement results. The cash flows and income statement results used for valuations are those prepared by the companies being valued. The discount rates used are based on primary sector analyses. These measurements are subject to sensitivity analyses based on the (negative) change in the economic values applied to the reference multiples at reasonable intervals.
In line with the ESMA recommendations, the direct and indirect effects of climate change as well as the conflict in Ukraine and the conflicts in the Middle East were taken into account when determining the fair values of unlisted companies. Specifically, there were no particularly significant effects on shareholdings; some may be affected by trends in the price of raw materials, energy, fuel and currencies, but these phenomena are well monitored. In the context of the use of level 3 valuation techniques, adopted in the absence of adequate observable market parameters, mainly referring to valuations based on cash flow forecasts and income statement results, these aspects are included in expected cash flows. There are currently no significant impacts resulting from the introduction of tariffs by the United States; the issue is constantly monitored to assess any future impacts.
Specifically, the main valuation carried out using level 3 methodologies is supported by a previous measurement of fair value based on a market transaction, of which it is effectively an update. The plans used for valuation are consistent with the historic al trend of the results of the company being valued and with trends in its reference market, of which the company is a global leader.
The sensitivity analyses, based on the (negative) change in the economic parameters applied to the reference multiples at reasonable intervals, applied to level 3 valuations, did not show any signs of impairment.
As 30 June 2026, the TIP Group holds investments (Apoteca Natura Investment, Buzzoole, DV Holding, Mulan Holding and Simbiosi) that have not been classified as associated companies, despite the presence of a direct or indirect equity investment of more than 20% and/or other indicators that may indicate significant influence, since they are not able to provide periodic financial information that would enable the TIP Group to process the accounting data required for the equity method. The unavailability of this information is an objective limitation on the exercise of significant influence, and consequently it was deemed appropriate to classify the equity investments as investments measured at FVOCI.
(12) Associated companies measured under the equity method euro 30 June 2026 31 December 2025 Asset Italia S.p.A. 295,775,364 303,741,956 Beta Utensili S.p.A. 105,049,673 121,564,511 Clubitaly S.p.A. 50,545,112 47,278,608 Dexelance S.p.A. 95,584,425 115,356,995 Elica S.p.A. 39,869,467 41,011,708 Gruppo IPG Holding S.p.A. 158,923,808 153,666,035 Itaca Equity Holding S.p.A. 3,151,809 3,647,016 Itaca Equity S.r.l. 308,059 397,849 SeSa Holding S.p.A. (formerly ITH S.p.A.) 107,246,107 87,204,569 Overlord S.p.A. 26,935,299 26,941,834
OVS S.p.A. 187,727,322 192,724,238
Roche Bobois S.A. 86,118,789 84,834,267 Sant’Agata S.p.A. 69,460,315 68,866,915
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The main changes during the period consist of the increase of 47 million attributable to Vianova Holding, already mentioned in note 11, and 10 million attributable to SeSa Holding for the subscription of a capital increase, the reduction in the shareholdin g in Dexelance for approximately 40.3 million, with a contra -entry reduction in the equity of third parties, due to the allocation of Dexelance shares to some shareholders who withdrew from Investindesign, the share of profit/(loss), net of write -downs, which was negative for approximately 2.4 million - commented on in note 8 - and shares of changes in the reserves of associated companies, positive for approximately 1.5 million.
For details on these equity investments, see Note 8, “Investments in associated companies measured under the equity method”, and Attachment 2.
The summary financial information relating to the main associates (Dexelance S.p.A., OVS S.p.A., Gruppo IPG Holding S.p.A., Beta Utensili S.p.A. and Asset Italia S.p.A.) is as follows:
Dexelance S.p.A.
euro/000 30 June 2026 30 June 2025 Revenues 182,635 154,843 Share of result of associated companies 0 0 Net profit (loss) (4,627) (7,764)
euro/000 30 June 2026 31 December 2025 Non-current assets 352,062 358,598 Current assets 236,713 186,436 Non-current liabilities 189,416 195,664 Current liabilities 169,327 164,932 Minority interest in shareholders’ equity 35,895 35,154 Net assets 194,137 149,284
This summary financial information may be reconciled with the carrying amount of the investment in the associated company as follows:
euro/000 30 June 2026 31 December 2025 Net assets 194,137 149,284 Share of net assets (%) 37.80% 48.14% Net assets on a pro rata basis 73,384 71,865 Adjustments made using the equity method 22,201 43,492 Book value 95,584 115,357
euro/000 30 June 2026 30 June 2025 Share of profit (2,313) (4,642) Dividends received 0 0 Write -downs 0 (7,210)
OVS S.p.A.
euro/000 30 April 2026 30 April 2025 Revenues 397,173 354,378 Share of result of associated companies 0 0 Net profit (loss) 6,751 (15,204) euro 30 June 2026 31 December 2025 Vianova Holding S.r.l. 47,048,276 0 Other associated companies 455,455 508,955 Total 1,274,199,280 1,247,745,455
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euro/000 30 April 2026 31 January 2026 Non-current assets 2,305,757 2,291,119 Current assets 729,587 733,177 Non-current liabilities 1,364,157 1,303,284 Current liabilities 767,951 817,385 Minority interest in shareholders’ equity 1,038 839 Net assets 902,198 902,788
This summary financial information may be reconciled with the carrying amount of the investment in the associated company as follows:
euro/000 30 April 2026 31 January 2026 Net assets 902,198 902,788 Share of net assets (%) 32.445% 32.445% Net assets on a pro rata basis 292,718 292,910 Adjustments made using the equity method (104,991) (93,398) Book value 187,727 199,512
euro/000 30 June 2026 30 June 2025 Share of profit 9,640 1,752 Dividends received 11,584 9,102 Write -downs 0 0
The portion of the result transposed in the first half of the year by TIP includes the portion of the result for the first quarter of 2026/2027 of OVS and the portion of the result for the fourth quarter of 2025/2026 of OVS.
Gruppo IPG Holding S.p.A.
euro/000 30 June 2026 30 June 2025 Revenues 1,086,263 1,076,923 Share of result of associated companies (188) 202 Net profit (loss) 119,183 114,398
euro/000 30 June 2026 31 December 2025 Non-current assets 1,971,286 1,970,220 Current assets 1,623,890 1,566,155 Non-current liabilities 712,234 728,692 Current liabilities 724,241 703,460 Minority interest in shareholders’ equity 1,632,649 1,597,702 Net assets 526,052 506,521
This summary financial information may be reconciled with the carrying amount of the investment in the associated company as follows:
euro/000 30 June 2026 31 December 2025 Net assets 526,052 506,521 Share of net assets (%) 26.92% 26.92% Net assets on a pro rata basis 141,613 136,355 Adjustments made using the equity method 17,311 17,311 Book value 158,924 153,666
euro/000 30 June 2026 30 June 2025 Share of profit 7,197 6,745 Dividends received 1,750 0 Write -downs 0 0
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Beta Utensili S.p.A.
euro/000 30 June 2026 30 June 2025 Revenues 127,218 126,916 Share of result of associated companies 0 0 Net profit (loss) 6,229 2,196
euro/000 30 June 2026 31 December 2025 Non-current assets 113,114 114,252 Current assets 193,502 196,244 Non-current liabilities 64,072 66,473 Current liabilities 82,173 84,340 Minority interest in shareholders’ equity 939 764 Net assets 159,432 158,919
This summary financial information may be reconciled with the carrying amount of the investment in the associated company as follows:
euro/000 30 June 2026 31 December 2025 Net assets 159,432 158,919 Share of net assets (%) 48.99% 48.99% Net assets on a pro rata basis 78,106 77,854 Adjustments made using the equity method 26,944 43,711 Book value 105,050 121,565
euro/000 30 June 2026 30 June 2025 Share of profit 3,836 1,977 Dividends received 0 1,962 Write -downs 0 0
Asset Italia S.p.A. (separate financial statements) euro/000 30 April 2026 30 June 2025 Revenues 0 0 Share of result of associated companies 0 0 Net profit (loss) (175) (139)
euro/000 30 April 2026 31 October 2025 Non-current assets 445,662 445,664 Current assets 436 566 Non-current liabilities 0 0 Current liabilities 1,389 1,345 Minority interest in shareholders’ equity 0 0 Net assets 444,709 444,885
This summary financial information may be reconciled with the carrying amount of the investment in the associated company as follows:
euro/000 30 April 2026 31 October 2025 Net assets 444,709 444,885 Share of net assets (%) (*) (*) Net assets on a pro rata basis 209,860 209,895 Adjustments made using the equity method 85,915 93,847 Book value 295,775 303,742
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euro/000 30 June 2026 30 June 2025 Share of profit (13,573) 62,722 Dividends received 0 0 Write -downs 0 0
(*) TIP has an equity investment in Alpitour (on a fully diluted basis) of approximately 43.1% through the investment in Asset Italia 1, in which TIP holds a 46.3% stake of the shares. In addition, TIP has a stake in Limonta, through the investment in Asset Italia 3, of approximately 12.9% (on a fully diluted basis).
Investments in associated companies are tested for their recoverable amount if there are any indicators of impairment compared with the valuation of the associate using the equity method.
The recoverable amount is the greater of the fair value, less costs to sell, and the value defined according to the discounted future cash flow method. When determining the fair value net of the costs to sell of associates, the official prices available on active markets are first considered, if available.
In line with the ESMA recommendations, the direct and indirect effects of climate change as well as the conflict in Ukraine and tensions in the Middle East were taken into account in order to identify any indicators of potential impairment of goodwill embe dded in the equity method valuations of the associated companies and their investees. Specifically, the analysis did not reveal any particularly significant specific effects on holdings; some may be affected by any increase in the price of raw materials, energy, fuels and currencies, but these phenomena are well monitored.
There are currently no significant impacts resulting from the introduction of tariffs by the United States; the issue is constantly monitored to assess any future impacts.
The result of the analysis of any indicators of impairment entailed the need for some impairment testing that, carried out according to the methods indicated, resulted in the identification of a write -
down (commented on below) as the recoverable amount was lower than the book value.
The valuations for the purposes of impairment testing were carried out using as a reference database the multi -year business and financial plans, drawn up over a time horizon of three to five years and presented to the management bodies of the respective companies or available following the calculations published by research analysts, and were developed having regard to alternative scenarios for estimating the medium/long -term value (terminal value).
The discount rate of flows was estimated in the form of the weighted average cost of capital (WACC) based on publicly available parameters of returns on the financial market, the equity risk premium, the sector risk coefficient (beta), country risk premium s and dimensional premiums drawn from sources of authoritative valuation theory (Bloomberg, Kroll, Damodaran, etc.).
The discount rates used in impairment exercises at 30 June 2026 vary from 9.0% to 11.3%.
The long-term growth rate (“g”) was estimated to be in line with the long-term expected rate of inflation, derived from the International Monetary Fund’s estimates. For all years, this parameter was assumed to be 2%.
The sensitivities with respect to the WACC and “g” valuation parameters show a limited margin of variation of the parameters given the use in the valuation phase of alternative scenarios that “mediate” the forward -looking results and the estimate of pruden t valuation parameters that include all the additional risk components normally suggested by theory (sector, country, small size for the WACC). Given the results produced by valuation control methods, the central value of the
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sensitivity chosen as a reference for the result of the impairment analysis is considered reasonable and adequately balanced, confirming the carrying amount at 30 June 2026, with the exception of the following case.
Specifically, for the purposes of the impairment test relating to the book value of the shareholding in Beta Utensili S.p.A., the alternative profitability scenarios and prospective volumes have been updated.
Forward -looking cash flows were discounted at a rate – estimated in the WACC configuration – of approximately 11.3%, with a long-term growth rate “g” of 2%, in line with long-term expected inflation.
The impairment test led to the recognition of a lower value for Beta Utensili S.p.A. of 21.6 million.
(13) Financial receivables measured at amortised cost euro 30 June 2026 31 December 2025 Non-current financial receivables measured at amortised cost 11,609,745 3,703,767 Total 11,609,745 3,703,767
Financial receivables calculated at non-current amortised cost mainly refer to loans with medium -
term repayment. The main change in the period is attributable to the recognition of a deferred receivable relating to the sale of a shareholding whose value has been discounted according to the expected timing of collection.
(14) Current financial assets measured at FVTPL euro 30 June 2026 31 December 2025 Current financial assets measured at FVTPL 2,312,192 3,004,272
Financial assets valued at FVTPL refer to convertible bonds.
(15) Trade receivables euro 30 June 2026 31 December 2025 Trade receivables (gross of provision for bad debts) 1,733,228 734,886 Provision for bad debts (177,809) (177,809) Total 1,555,419 557,077 Total receivables due from clients after 12 months 0 0
The evolution of trade receivables is closely linked to the different mix of turnover between the success fee revenue component and services revenue component .
(16) Financial receivables measured at amortised cost euro 30 June 2026 31 December 2025 Financial receivables measured at amortised cost 6,973,168 4,364,542 Total 6,973,168 4,364,542
The main changes in the period are due, on the one hand, to the collection of the portion set aside in 2025 for deferred consideration deriving from a share sale agreement and, on the other hand, to an additional receivable deriving from the disposal of a shareholding.
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(17) Derivatives
The derivatives item relates to ETF short instruments purchased to cover the large investments in the portfolio, from Hugo Boss stock options to Dexelance 2026 -2029 warrants.
(18) Current financial assets measured at FVOCI euro 30 June 2026 31 December 2025 Current financial assets measured at FVOCI 11,750,860 41,735,082 Total 11,750,860 41,735,082
These are non-derivative financial assets consisting of investments in bonds and government securities for the purposes of temporary use of liquidity.
(19) Cash and cash equivalents This item represents the balance of bank deposits determined by the nominal value of the current accounts held with credit institutions.
euro 30 June 2026 31 December 2025 Bank deposits 2,396,581 4,388,750 Cash in hand and similar 5,770 4,070 Total 2,402,351 4,392,820
The table below shows the composition of the net financial position at 30 June 2026, compared with the net financial position as at 31 December 2025.
euro 30 June 2026 31 December 2025 A Cash and cash equivalents 2,402,351 4,392,820 B Other cash equivalents 0 0 C Other current financial assets 25,678,950 51,595,250 D Liquidity (A+B+C) 28,081,301 55,988,070 E Current financial debt (including debt instruments but excluding current portion of non-current financial debt) 82,086,413 64,795,299 F Current portion of non-current financial debt 768,545 10,108,279 G Current financial debt (E+F) 82,854,958 74,903,578 H Net current financial debt (G-D) 54,773,657 18,915,508 I Non-current financial debt (excluding current portion and debt instruments) 151,332,953 75,544,083 J Debt instruments 400,648,461 400,672,520 K Trade payables and other non-current payables 0 0 L Non -current financial debt (I+J+K) 551,981,414 476,216,603 M Total financial debt (H+L) 606,755,071 495,132,111
The consolidated net financial position of the TIP Group at 30 June 2026, without taking into account non-current financial assets considered from a management standpoint to be usable short -
term liquidity, was a negative 606.8 million, compared with 495.1 million at 31 December 2025.
The change in the period essentially relates to the use of liquidity in the half year for the finalisation of equity investments (66.7 million), for the distribution of dividends (42.3 million, +60% compared with the previous year), for interest on bonds and loans (10.5 million), for the purchase of treasury shares (5 million) and for operating expenses, net of receipts for sales and dividends;
quite obviously, also the net financial position does not take into account the collection, at the beginning of July, of approximately 56 million from the sale of a marginal stake in Bending Spoons.
The cash on current accounts bears interest.
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euro Dec-25 Cash flow Non -cash flows
Jun-26 Exchange
rate
differences Change from IFRs 16 Other
changes
Non-current financial
debt 476,216,603 75,000,000 0 0 764,811 551,981,414 Current financial debt 74,903,578 (3,612,558) 0 (180,263) 11,744,201 82,854,958 Net liabilities arising from financing activities 551,120,181 71,387,442 0 (180,263) 12,509,012 634,836,372 Liquidity 4,392,820 (1,990,469) 0 0 0 2,402,351 Other current financial assets 51,595,250 (31,343,618) 0 0 5,427,317 25,678,950 Net financial debt 495,132,111 104,721,529 0 (180,263) 7,081,695 606,755,071
(20) Tax receivables This item breaks down as follows:
euro 30 June 2026 31 December 2025 Due within 12 months 97,309 128,122 Due after 12 months 460,688 460,688
Current tax receivables mainly comprise withholding taxes on account. The non-current component mainly refers to withholdings required for reimbursement.
(21) Share capital The share capital of TIP S.p.A. is composed as follows:
Shares Number
ordinary shares 184,379,301
Total 184,379,301
The share capital of TIP S.p.A. amounts to 95,877,236.52 euros, represented by 184,379,301 ordinary shares.
At 30 June 2026, the Company held 21,795,914 treasury shares, amounting to 11.821% of its share capital. The number of shares outstanding at 30 June 2026 was therefore 162,583,387.
treasury shares at 1 January 2026 shares bought at 30 June 2026 shares sold at 30 June 2026 treasury shares at 30
June 2026
22,219,708 576,206 1,000,000 21,795,914
Shares sold refers to the allocation of shares to directors and employees following the exercise of performance share Units.
Further information on shareholders’ equity at 30 June 2026 is provided below.
(22) Reserves
Share premium reserve This was 267,478,287 and decreased during the year as a result of the exercise of performance shares.
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Legal reserve
The legal reserve stood at 19,175,447 and was unchanged compared with 31 December 2025.
FVOCI reserve without reversal to the income statement The reserve was positive and amounted to 573,907,526 euros. It refers to changes in the fair value of investments in equity, net of the effect of the relevant deferred taxes. Amounts relating to capital gains realised on partial disinvestments of equity investments that are not reversed to the income statement pursuant to IFRS 9 have been reclassified from the reserve to retained earnings.
For details of the changes, see Attachment 1 and Note 11 (Investments measured at FVOCI) and Note 12 (Investments measured under the equity method).
OCI reserve with transferral to the income statement The reserve was positive and amounted to 4,026,886 euros. It mainly refers to the portion of changes in the OCI reserve of associated companies measured under the equity method and to changes in the fair value of securities acquired as temporary liquidity investments. The related fair value reserve will be reversed to the income statement when the underlying security is sold.
Treasury share acquisition reserve The reserve was negative and amounted to 150,988,323 euros.
Other reserves
These were negative for a total of 29,645,528 euros. They mainly refer to decreases in reserves due to equity investments measured using the equity method. They include the reserve for the assignment of performance share Units.
IFRS business combination reserve The reserve was negative and amounted to 483,655, unchanged from 31 December 2025.
Merger surplus
The merger surplus amounted to 5,060,152 euros and arose from the merger of Secontip S.p.A.
into TIP S.p.A. on 1 January 2011.
Retained earnings (accumulated losses) Retained earnings amounted to 765,264,612 euros, an increase compared with 31 December 2025, due to the allocation of the profit for 2025 and the reclassification from the OCI fair value reserve without reclassification to the income statement of the amoun ts relating to capital gains realised on partial divestments of holdings not recognised in the income statement, net of dividends paid.
Minority interest in shareholders’ equity This item refers to the minority interest of the subsidiary Investindesign S.p.A. held at 84.24%.
(23) Net profit/(loss) for the period Basic earnings per share As of 30 June 2026 the basic earnings per share – i.e. profit for the period divided by the average number of shares outstanding during the period, also taking into account the treasury shares held
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– were a negative 0.09.
Diluted earnings per share Diluted earnings per share were a negative 0.09 at 30 June 2026. This amount represents the profit for the period divided by the average number of ordinary shares outstanding at 30 June 2026, calculated taking into account treasury shares and any dilutive effects of the shares in service of the performance share plans.
(24) Post-employment benefit provisions As at 30 June 2026, the balance of the item related to the post-employment benefits due to all employees of the company at the end of their employment. The liability has been updated on an actuarial basis.
(25) Non -current financial liabilities Non-current financial liabilities refer to:
- 400,648,461 for the TIP 2024-2029 Bond Loan placed in June 2024, with the original nominal value of 290,500,000, and increased in June 2025 by 110,000,000 nominal, the latter with an issue price of 101.75% of the nominal value. The interest on the loan began to accrue on 21 June 2024 for the original issue and on 20 June 2025 for the second tranche . The common expiry date is 21 June 2029. The Bond offers annual coupons at a gross annual nominal fixed rate of 4.625%. The loan has been accounted for at amortised cost by applying the effective interest rate that takes into account the transaction costs incurred for the issue of the bond and the bonds repurchased by the company;
- the sum of 99,646,767 euros relates to a medium/long -term loan with a nominal value of 100,000,000 euros with final repayment on 29 December 2028, recorded at amortised cost by applying the effective interest rate that takes account of the transaction costs incurred to obtain the loan. The loan includes compliance with a covenant on an annual basis.
- the sum of 24,982,715 euros relates to a medium/long -term loan with a nominal value of 25,000,000, repayable at maturity on 30 June 2027, recorded at amortised cost by applying the effective interest rate that takes account of the transaction costs incurre d to obtain the loan.
The loan includes compliance with a covenant on an annual basis;
- the sum of 24,977,465 euros relates to a medium/long -term loan with a nominal value of 25,000,000 with final repayment on 21 February 2028, recorded at amortised cost by applying the effective interest rate that takes account of the transaction costs incur red to obtain the loan. The loan includes compliance with a covenant on an annual basis.
In accordance with the application of the international accounting standards referred to in Consob recommendation DEM 9017965 of 26 February 2009 and in Bank of Italy/Consob/ISVAP document no. 4 of March 2010, it should be noted that the item under review does not include any exposure related to covenants that have not been complied with.
(26) Deferred tax assets and liabilities The following table shows a breakdown of item as at 30 June 2026 and 31 December 2025:
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Assets Liabilities Net euro 30/06/2026 31/12/2025 30/06/2026 31/12/2025 30/06/2026 31/12/2025 FVOCI -valued and equity -
accounted equity investments (16,484,745) (15,347,550) (16,484,745) (15,347,550) Other assets/liabilities 9,052,055 9,697,147 9,052,055 9,697,147 Total 9,052,055 9,697,147 (16,484,745) (15,347,550) (7,432,689) (5,650,403)
Movements in tax assets and liabilities were as follows:
euro
31 December 2025 Changes in
the income
statement Changes in
shareholders’
equity
30 June 2026 FVOCI -valued and equity -accounted equity investments (15,347,550) 101,638 (1,238,833) (16,484,745) Other assets/liabilities 9,697,146 (645,091) 0 9,052,055 Total (5,650,403) (543,453) (1,238,833) (7,432,690)
(27) Current financial liabilities Current financial liabilities of 82,673,444 euros refer to:
- 82,216,709 euros in bank payables, mainly relating to the use of current account facilities and hot money lines;
- 456,735 euros in interest accrued on the TIP 2024 -2029 Bond Loan.
(28) Taxes payable This item breaks down as follows:
euro 30 June 2026 31 December 2025
IRES 131,003
VAT 11,751 92,554
Withholding and other tax payables 297,565 72,208 Total 309,316 295,765
(29) Other liabilities The item mainly consists of payables for directors’ fees and employee remuneration.
euro 30 June 2026 31 December 2025 Payables to directors and employees 4,575,161 17,087,969 Payables to social security institutions 186,285 290,624 Others 139,530 126,530 Total 4,900,976 17,505,123
The change in payables to directors relates to the decrease in the variable portion of remuneration calculated on the pro forma results for the period.
(30) Risks and uncertainties At 30 June 2026, the impairment test on the goodwill performed in December 2025 was not repeated as in the absence of direct and indirect effects on the goodwill of TIPs arising from the conflict in Ukraine and the Middle East, no indicators of impairment were identified that would require specific testing of its recoverability.
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The direct exposure of the main subsidiaries of the TIP Group to Russia, Ukraine and the Middle East is not particularly significant. Some may be affected by the rise in the price of raw materials, energy , fuels and currencies , but they are all well monitored. There has also been no significant impact at this time as a result of the US launching tariffs. The investee companies were in any case able to deal with such scenarios, containing the negative effects, and the results of the impairment tests identified a limited number of write -downs as the recoverable value was generally higher than the relative carrying value.
Climate change risk In view of the ESMA guidelines on the potential importance of climate change and energy transition aspects on economic activities and the related changes in the regulatory environment at EU level, the TIP Group has assessed the potential direct impact on the business of the parent company and the consolidated companies, and has concluded that it is not particularly exposed directly, but it obviously has to consider these aspects in the context of its investment activity. For their part, the investee compani es have carried out initial assessments of the potential physical and transitional risks arising from climate change. The initial assessments have not revealed any particular short -term critical issues. However, these aspects will be explored further, with particular reference to transitional risks, including in the light of recent international developments.
Financial risk management Due to the nature of its activities, the group is exposed to various types of financial risk, in particular the risk of changes in the market value of equity investments and, albeit to a lesser extent, to interest rate risk. The policies adopted by the group for financial risk management are outlined below.
Interest rate risk The group is exposed to interest rate risk in relation to the value of current financial assets represented by bonds and financial receivables. Given the prevailing nature of such investments as temporary cash investments that can be quickly liquidated, it was not deemed necessary to take specific risk hedging measures. From the point of view of sources of financing, the group, where possible, takes out fixed -rate loans with voluntary early repayment clauses in order to reduce exposure to the risk of an increase in interest rates while maintaining the opportunity to refinance at more favourable rates.
Risk of change in value of equity investments Due to the nature of its business, the group is exposed to the risk of changes in the value of equity investments.
With regard to listed equity investments, at present there is no efficient instrument for hedging a portfolio such as the one with the group’s characteristics. However, the group has bought short financial instruments in order to partially hedge against the risk of falling stock market prices.
With regard to unlisted companies, the associated risks:
a) to the valuation of the said investments, in view of : (i) the absence in these companies of control systems similar to those required for companies with listed securities, with the consequent unavailability of a flow of information at least equal, in quan titative and qualitative terms, to what is available to the latter; (ii) difficulty in carrying out independent audits in the companies and therefore of assessing the completeness and accuracy of the information they
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provide;
b) the possibility of influencing the management of these holdings and promoting their growth, which is a prerequisite for the investment, based on the group’s relationships with management and shareholders and therefore subject to the verification and develo pment of these relations;
c) the liquidity of the investments, which are not negotiable on a regulated market;
have not been hedged through specific derivative instruments as no such instruments are available.
The group seeks to minimise the risk - albeit in the context of its business as an industrial holding company which is therefore by definition at risk - through careful analysis of the company and its sector of reference at the time of its entry into the capital, and through careful monitoring of the evolution of the activities of investee companies, even after entry into their capital.
The following table shows a sensitivity analysis illustrating the effects on shareholders’ equity of a hypothetical change in the fair value of instruments held at 30 June 2026 of +/- 5%, compared with the corresponding values for 2025.
Sensitivity analysis 30 June 2026 31 December 2025 thousands euro -5.00% Base +5.00% -5.00% Base +5.00% Investments in listed companies 216,522 227,918 239,314 229,264 241,331 253,397 Investments in unlisted companies 609,414 641,489 673,563 497,451 523,632 549,814 Investments measured at FVOCI 825,936 869,407 912,877 726,715 764,963 803,211 Effects on shareholders’ equity (43,470) 43,470 (38,248) 38,248
Credit risk
The group’s exposure to credit risk depends on the specific characteristics of each client and the type of business operated and is not considered significant at the date of preparation of these financial statements.
Before taking on an assignment, the group conducts thorough analyses of the client’s creditworthiness, drawing on the group’s wealth of knowledge.
Liquidity risk
The Group's approach to liquidity management is to ensure, as far as possible, that there are always sufficient funds to meet its obligations when they fall due.
As at 30 June 2026, the Group had lines of credit in place that were deemed adequate to secure its financial needs. Medium -/long -term loans, including bond loans, are generally refinanced ahead of maturity.
Capital management
The capital management policies of the Board of Directors envisage maintaining a high level of equity capital in order to maintain a relationship of trust with investors that facilitates the development of business.
The parent company purchases treasury shares on the market within timescales that depend on market prices and in any case delegating all of this to an external broker.
Fair value hierarchy according to IFRS 13 The classification of financial instruments at fair value under IFRS 13, determined on the basis of the quality of the sources of inputs used in the valuation, entails the following hierarchy:
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▪ level 1: determination of fair value based on quoted prices (unadjusted) in active markets for identical assets or liabilities. This category includes instruments with which TIP operates directly in active markets (e.g. shareholdings in listed companies, listed bonds, etc.);
▪ level 2: determination of fair value based on inputs other than quoted prices included in “level 1” but which are directly or indirectly observable (e.g. prices for recent or comparable
transactions);
▪ level 3: determination of fair value based on valuation models with inputs that are not based on observable market data (unobservable inputs). This concerns, for example, the valuation of unlisted shareholdings on the basis of valuation models based on Discounted Cash Flow.
In compliance with the analyses required by IFRS 13, the types of financial instruments present in the financial statement as at 30 June 2026 are reported below, with an indication of the valuation criteria applied and, in the case of financial instruments measured at fair value, of the exposure to changes in fair value (income statement or equity), also specifying the level of fair value hierarchy assigned.
The last column of the following tables shows, where applicable, the fair value at the end of the period of the financial instrument.
Type of instrument Criteria applied in the valuation of financial instruments in the financial statements
fair value
at 30.6.2026 fair value
Amortis
ation
cost Investment
s measured
at cost Book
value at
30.6.202
6 with change in
fair value
recognised in: Total
fair
value Fair value hierarchy (Amounts expressed in thousands euro) income equity 1 2 3 statemen t
Investments measured
at FVOCI 869,407 869,407 869,407 869,407
- Listed companies 227,918 227,918 227,918 227,918 227,918
- Unlisted companies 641,489 641,489 455,800 184,057 1,632 641,489 641,489
Financial assets
measured at FVOCI 1 11,751 11,751 11,751 11,751 11,751
Financial receivables
measured at amortised cost 1 18,583 18,583 18,583
Financial assets
measured at FVTPL (inc. derivatives) 6,955 4,643 4,643 2,312 6,955 6,955 Trade receivables 1,555 1,555 1,555 Cash and cash equivalents 1 2,402 2,402 2,402
Non-current financial
payables (inc. leasing) 2 551,981 551,981 560,928 Trade payables 1 588 588 588
Current financial
liabilities (inc. leasing) 2 82,855 82,855 82,855 Other liabilities 1 4,901 4,901 4,901
Notes
1. The fair value was not calculated for these items as the corresponding book value is essentially approximately the same.
2. This item includes a listed bond, for which the fair value as at 30 June 2026 was determined.
(31) Equity investments in Group companies held by members of the management and control bodies and general managers The tables below show the financial instruments of the parent company TIP directly or indirectly owned at the end of the period, including through trust companies, reported to the Company by members of the Board of Directors and the Board of Statutory Auditors. The table also shows the financial instruments purchased, sold and currently held by the above parties in the first half of 2026.
TAMBURI INVESTMENT PARTNERS GROUP
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Members of the Board of Directors
First name and surname Position shares held at 31 December 2025 shares bought in 2026 shares sold in 2026 shares held at 30
June 2026
Giovanni Tamburi(1) Chairperson and
Chief Executive
Officer 15,585,305 390,000 15,975,305 Alessandra Gritti(2) Vice Chairperson
and Chief
Executive Officer 3,317,279 210,000 3,527,279 Cesare d’Amico(3) Vice Chairperson 23,880,000 23,880,000 Claudio Berretti(4) Director and General Manager 3,630,291 197,500 3,827,791 Isabella Ercole Director 0 0 Giuseppe Ferrero(5) Director 0 7,852,036 7,852,036 Manuela Mezzetti Director 0 0 Daniela Palestra Director 0 0 Paul Schapira Director 50,015 0 50,015 Sergio Marullo di Condojanni (6) Director 19,537,137 19,537,137
(1) Giovanni Tamburi holds part of his stake in the share capital of TIP directly, and the remaining party indirectly through Lippiuno S.r.l., a company in which he holds an 87.26% stake. Furthermore, Giovanni Tamburi is married to the director Alessandra Gritti, who in turn holds the number of TIP shares indicated in the above table.
(2) Alessandra Gritti holds, directly and through subsidiaries, the number of TIP shares indicated in the above table. Moreover, she is married to the director Giovanni Tamburi, who in turn holds, directly and through subsidiaries, the number of TIP shares indicated in the above table.
(3) Cesare d’Amico holds a total of 23,880,000 shares in TIP, in part directly, in part through d’Amico Società di Navigazione S.p.A. (a company in which he directly and indirectly holds a 50% stake) and through the company Fi.Pa. Finanziaria di Partecipazione S.p.A. (a company in which he directly holds a 54% stake). A further 180,000 shares in TIP are held by Mr Cesare d'Amico's spouse.
(4) Claudio Berretti holds, directly and through subsidiaries, the number of TIP shares indicated in the above table.
(5) Giuseppe Ferrero holds, through subsidiaries, the number of TIP shares indicated in the above table.
(6) Sergio Marullo di Condojanni does not hold TIP shares, either directly or indirectly. The 19,537,137 shares in TIP indicated in the table are held by a company controlled by the director's spouse.
Members of the Board of Statutory Auditors do not hold shares and/or warrants of the Company.
(32) Remuneration for members of company bodies for any reason and in any form The table below shows the sum of monetary remuneration, expressed in euro, awarded to members of corporate bodies during the first half of 2026.
Position in TIP Remuneration at 30/06/2026
Directors 7,865,436
Auditors 43,612
The remuneration payable to the Supervisory Board is 4,000.
TIP has also taken out two insurance policies with Chubb Insurance Company of Europe S.A., A D&O and another professional indemnity policy for the Directors and Statutory Auditors of TIP, its subsidiaries, investee companies in which TIP is represented in management bodies, and the General Manager, to cover any damage caused to third parties by policyholders in the exercise of their functions.
(33) Related party transactions The table shows the details of transactions concluded with related parties during the year, with details of the amounts, types, and counterparties.
TAMBURI INVESTMENT PARTNERS GROUP
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The services offered to all the parties listed above were provided at arm's -length contractual and economic terms and conditions.
(34) Subsequent events See the report on operations for any subsequent events.
(35) Corporate Governance The TIP Group adopts, as a reference model for its own corporate governance, the provisions of the Corporate Governance Code in the new version promoted by Borsa Italiana.
The report on Corporate Governance and Ownership Structure for the financial year is approved by the Board of Directors and published annually in the “Corporate Governance” section of the company website at www.tipspa.it .
On behalf of the Board of Directors
Executive Chairperson
Giovanni Tamburi
Milan, 11 September 2026 Entity Type Consideration/balance as at 30 June 2026 Consideration/balance as at 30 June 2025 Asset Italia S.p.A. Revenues 92,050 92,050 Asset Italia S.p.A. Trade receivables 92,050 92,050 Asset Italia S.p.A. Shareholder loan 1,249,981 -
Asset Italia S.p.A. Financial income 26,778 -
Asset Italia 1 S.r.l. Revenues 137,050 137,050 Asset Italia 1 S.r.l. Trade receivables 137,050 137,050 Asset Italia 3 S.r.l. Revenues 27,050 27,050 Asset Italia 3 S.r.l. Trade receivables 27,050 27,050 Clubitaly S.p.A. Revenues 17,050 17,050 Clubitaly S.p.A. Trade receivables 51,150 17,050 Clubitaly S.p.A. Shareholder loan - 100,333 Clubitaly S.p.A. Financial income - 333 Gruppo IPG Holding S.p.A. Revenues 15,000 15,000 Gruppo IPG Holding S.p.A. Trade receivables 15,000 15,000 Itaca Equity S.r.l. Revenues 15,000 19,000 Itaca Equity S.r.l. Trade receivables 7,500 11,500 Itaca Equity S.r.l. Shareholder loan 725,342 710,000 Itaca Equity S.r.l. Financial income 15,342 10,899 Itaca Equity Holding S.p.A. Revenues 5,000 5,000 Itaca Equity Holding S.p.A. Trade receivables 5,000 5,000 Itaca Gas S.r.l. Revenues 4,000 4,000 Itaca Gas S.r.l. Trade receivables 4,000 4,000 Overlord S.p.A. Revenues 2,050 2,050 Overlord S.p.A. Trade receivables 2,050 2,050 Services provided to companies related to the Board of Directors Revenues - 105,000 Services provided to companies related to the Board of Directors Trade receivables 9,610 8,418 Services received from companies related to the Board of Directors Costs (services received) 2,045,854 3,006,119 Services received from companies related to the Board of Directors Trade payables 1,762,429 2,731,199
TAMBURI INVESTMENT PARTNERS GROUP
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ATTACHMENTS
TAMBURI INVESTMENT PARTNERS GROUP
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Declaration of the Executive Officer for Financial Reporting and the delegated administrative bodies as per Article 81-ter of CONSOB Regulation no. 11971 of 14 May 1999 as subsequently amended.
1. The undersigned, Alessandra Gritti, as Chief Executive Officer, and Claudio Berretti, as the Financial Reporting Officer of Tamburi Investment Partners S.p.A., declare, pursuant to Article 154-bis, paragraphs 3 and 4, of Legislative Decree No. 58 of 24 February 1998:
▪ the adequacy in relation to the characteristics of the Company; and ▪ the effective application, during the period to which the condensed consolidated half-
year financial statements refer,
of the administrative and accounting procedures for the preparation of the condensed consolidated half-year financial statements as at 30 June 2026.
No significant issues have emerged in this regard.
2. We also declare that:
a) the condensed consolidated half-year financial statements as at 30 June 2026 correspond to the accounting documents and records;
b) the condensed consolidated financial statements for the period ended 30 June 2026 were prepared in compliance with the International Financial Reporting Standards (IFRS) and the related interpretations published by the International Accounting Standards Board (IASB) and adopted by the Commission of the European Communities by Regulation no.
1725/2003, as subsequently amended, in accordance with Regulation no. 1606/2002 of the European Parliament, and to our knowledge, is suitable to provide a true and fair view of the consolidated financial position, profit performance and cash flows of Tamburi Investment Partners S.p.A.
c) the Directors’ Report includes a reliable analysis of significant events that occurred during the year and their impact on the condensed consolidated half-year financial statements, as well as a description of the main risks and uncertainties. The Directo rs’ Report also includes a reliable analysis of information on significant transactions with related parties.
The Chief Executive Officer The Executive Officer for
Financial Reporting
Milan, 11 September 2026
TAMBURI INVESTMENT PARTNERS GROUP
58 Attachment 1 – Changes in investments measured at FVOCI
Balance at 1.1.2026 increases decreases in euro historical adjustment of P&L book value acquisitions or reclassifications increases decreases decreases fair value reversals P&L Value at cost fair value changes fair value incorporations fair value fair value for realisations changes 30/06/2026
Unlisted companies
Apoteca Natura Investment S.p.A. 25,000,000 1,372,035 26,372,035 1,631,119 28,003,154 Azimut|Benetti S.p.A. 26,123,313 86,876,687 113,000,000 113,000,000 Bending Spoons S.p.A. 13,944,354 260,392,464 274,336,819 180,545,641 454,882,460 Lio Factory Scsp 10,012,688 7,531,375 17,544,063 (10,012,688) (898,661) (6,632,715) 0 Vianova S.p.A. (formerly Welcome Italia S.p.A.) 10,867,774 36,132,225 47,000,000 (10,867,774) (36,132,225) 0 Other equity instr. & other minor 64,874,640 (10,190,006) (9,305,161) 45,379,473 225,000 8,800 (1,200) (8,800) 45,603,273 Total unlisted companies 150,822,769 382,114,781 (9,305,161) 523,632,390 225,000 (10,867,774) 182,185,560 (10,013,888) (898,661) (42,773,740) 0 641,488,886
Listed companies no. of shares Amplifon S.p.A. 10,444,415 62,653,513 39,707,193 102,360,706 30,000,010 (35,564,730) 2,175,290 98,971,277 Basicnet S.p.A. 2,940,000 14,793,319 7,197,880 21,991,200 (1,323,000) 20,668,200 Moncler S.p.A. 2,050,000 32,102,928 80,483,072 112,586,000 (8,487,000) 104,099,000 Other listed equity investments 14,909,973 (10,517,133) 4,392,840 308,200 (521,759) 4,179,281 Total listed companies 124,459,733 116,871,013 241,330,746 30,000,010 308,200 (45,896,489) 2,175,290 227,917,757 Total equity investments 275,282,502 498,985,795 (9,305,161) 764,963,135 30,225,010 (10,867,774) 182,493,760 (10,013,888) (46,795,150) (42,773,740) 2,175,290 869,406,643
TAMBURI INVESTMENT PARTNERS GROUP
59 Attachment 2 – Changes in associated companies measured by the equity method
Book value Book value in euro at 31.12.2024 Purchases/reclassifications Share of profit increases increases increases Write -downs Dividends at 31.12.2025 of associated companies (decreases) (decreases) (decreases) valued by FVOCI reserve OCI reserve other reserves equity method without transferral with transferral Asset Italia S.p.A. 120,430,795 90,631,612 94,576,222 (879,938) 8,402 (1,025,137) 303,741,956 Beta Utensili S.p.A. 122,975,850 4,808,369 (2,296,161) (3,923,546) 121,564,511 Clubitaly S.r.l. 44,055,451 3,268,010 (44,854) 47,278,608 Dexelance S.p.A. 157,583,555 (10,432,792) 11,745 (1,710,755) (30,094,758) 115,356,995 Elica S.p.A. 42,703,203 1,345,109 (2,423,824) 793,870 (843,449) (563,200) 41,011,708 Gruppo IPG Holding S.r.l. 146,590,205 11,982,657 (4,575,665) (331,162) 153,666,035 Itaca Equity Holding S.p.A. 7,655,722 (1,307,297) (2,701,409) 3,647,016 Itaca Equity S.r.l. 493,919 149,370 (245,439) 397,849
ITH S.p.A. / SeSa S.p.A. 87,169,597 7,274,625 (11,600) (6,155,886) (1,072,168) 87,204,569
Overlord S.p.A. 26,955,092 (13,258) 26,941,834
OVS S.p.A. 190,117,380 15,867,006 (134,798) (4,023,470) (9,101,881) 192,724,238
Roche Bobois S.A. 85,709,906 237,223 3,537,380 (99,503) (238,183) (4,312,556) 84,834,267 Sant’Agata S.p.A. 66,512,315 3,652,600 (598,000) (700,000) 68,866,915 Other associated companies 552,944 (43,989) 508,955 Total 1,099,505,934 95,481,954 127,582,216 0 (7,790,050) (13,294,504) (33,041,607) (20,698,488) 1,247,745,455
Book value Book value in euro at 31.12.2025 Purchases/reclassifications Share of profit increases increases increases Decreases Write -downs Dividends at 30.06.2026 of associated companies (decreases) (decreases) (decreases) for withdrawal or valued by FVOCI reserve OCI reserve other reserves divestment equity method without transferral with transferral Asset Italia S.p.A. 303,741,956 (13,573,039) 5,621,078 (14,631) 295,775,364 Beta Utensili S.p.A. 121,564,511 3,835,917 1,249,245 (21,600,000) 105,049,673 Clubitaly S.p.A. 47,278,608 3,284,434 (17,929) 50,545,112 Dexelance S.p.A. 115,356,995 22,515,804 (2,313,224) (14,489) 298,026 (40,258,687) 95,584,425 Elica S.p.A. 41,011,708 206,350 (1,441,822) 99,239 (6,008) 39,869,467 Gruppo IPG Holding S.r.l. 153,666,035 7,197,418 1,199,274 (1,388,798) (1,750,122) 158,923,808 Itaca Equity Holding S.p.A. 3,647,016 (495,207) 3,151,809 Itaca Equity S.r.l. 397,849 (89,790) 308,059 SeSa Holding S.p.A. (formerly ITH S.p.A.) 87,204,569 10,000,053 13,635,340 (67,105) (2,640,147) (886,604) 107,246,107 Overlord S.p.A. 26,941,834 (6,535) 26,935,299
OVS S.p.A. 192,724,238 9,639,931 89,618 (3,142,252) (11,584,212) 187,727,322
Roche Bobois S.A. 84,834,267 431,233 1,122,078
24,087 (292,877)
86,118,789
Sant’Agata S.p.A. 68,866,915 1,118,200 175,200 (700,000) 69,460,315 Vianova Holding S.p.A. 0 47,000,000 568,777 (138,457) 485,458 (867,502) 47,048,276 Other associated companies 508,955 (53,500) 455,455 Total 1,247,745,455 83,437,874 19,180,115 0 8,237,690 (6,701,228) (41,145,291) (21,600,000) (14,955,336) 1,274,199,280
TAMBURI INVESTMENT PARTNERS GROUP
60