Interim report at June 30, 2026

Presenta tion | GENERAL INFORMA TION | A1

Interim

Report

AT JUNE 30, 202 6

2026

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Interim Report | GENERAL INFORMATION

| 3

Interim

Report

AT JUNE 30 , 2026

2026 2026 Interim Report reviewed by the Board of Directors on July 29, 202 6

ITALMOBILIARE

Società per Azioni Registered Office: Via Borgonuovo, 20 - 20121 Milan - Italy Fully paid -up Share Capital € 100,166,937 Milan Companies Register

Translation from the Italian original version which remains the definitive one.

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Interim Report | GENERAL INFORMATION

| 5Contents

GENERAL INFORMATION

Corporate bodies 6 Company officers and delegation of powers 7 Our investments at June 30, 202 6 8 Net Asset Value at June 30, 202 6 9

DIRECTORS' REPORT

Information on operations 12 Italmobiliare S.p.A. 24 Caffè Borbone 27 Officina Profumo -Farmaceutica di Santa Maria Novella 29 CDS -Casa della Salute 31

Italgen 33

SIDI Sport 35

Capitelli 37

Tecnica Group 39

ISEO 41

Bene Assicurazioni 43 Clessidra Group 45 Other consolidated companies 48

Outlook 50

Annex 53

CONDENSED CONSOLIDATED INTERIM

FINANCIAL STATEMENTS

Consolidated financial statements 62 Notes to the condensed consolidated interim financial statements 69

Annex 101

DECLARATION OF THE CHIEF EXECUTIVE OFFICER 110

AND THE MANAGER IN CHARGE OF FINANCIAL REPORTING

REPORT OF THE INDEPENDENT AUDITORS 111

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GENERAL INFORMATION

Corporate Bodies

(Administration and control system with a management control committee)

BOARD OF DIRECTORS

(Term ends on approval of financial statements at December 31, 2028) Carlo Pesenti 1 Chairman and Chief Executive Officer Livio Strazzera 6 Vice Chairman

Giorgio Bonomi

Alessandra Carra 4-5 Valentina Casella 1-2-4-5 Antonia Di Bella * 2-3-5 Member of the Management Control

Committee

Alessandra Genco 1-3-5 Chairperson of the Management Control

Committee

Luca Minoli

Roberto Pesenti 1 Silvia Pezzini 1-5 Pietro Ruffini 2-4-5 Gabriele Villa * 3-5 Member of the Management Control

Committee

The Board of Directors resolved to assign the functions of the Risk Committee to the Management Control Committee.

FINANCIAL REPORTING OFFICER

Mauro Torri

INDEPENDENT AUDITORS

(Term ends on approval of financial statements at December 31, 2027 ) Deloitte & Touche S.p.A.

1 Member of the Committee for Sustainability and Social

Responsibility

2 Member of the Remuneration and

Nominations Committee

3 Member of the Risk Committee 4 Member of the Committee for Transactions with Related Parties 5 Director who meets the

independence requirements

pursuant to Article 2396 ‑septies of the Italian Civil Code, article 148 of the Consolidated Law on Finance and the Corporate Governance

Code

Director who meets the independence requirements pursuant to Article 2396‑septies of the Italian Civil Code and article 148 of the Consolidated Law on Finance 6

* Registered Auditor

Interim Report | GENERAL INFORMATION

| 7 Company officers and delegation of powers With effect from April 24 , 2026, pursuant to the resolution of the Extraordinary Shareholders’ Meeting of April 22, 2026 approving the related amendments to the By ‑laws, Italmobiliare adopted the administration and control system with a management control committee (the so ‑called “one ‑tier” governance system), under which the administration and control functions are entrusted respectively to the Board of Directors and to the Management Control Committee established within it.

At the same meeting, in its ordinary session, following the approval of the amendments to the By ‑laws, the Shareholders’ Meeting appointed the new Board of Directors, composed of 12 members, who will remain in office until the approval of the financial statements for the year ending December 31, 2028: Carlo Pesenti, Livio Strazzera, Giorgio Bonomi, Alessandra Carra, Valentina Casel la, Antonia Di Bella, Luca Massimo Minoli, Roberto Pesenti, Silvia Pezzini, Pietro Ruffini and Gabriele Villa, elected from the majority list submitted by CFN Generale Fiduciaria S.p.A., and Alessandra Genco, elected from the minority list submitted by a g roup of investors and not connected, even indirectly, with the shareholders holding a controlling interest in the Company.

At its first meeting held on April 28, 2026, the Board of Directors appointed Carlo Pesenti as Chairman and Chief Executive Officer and Livio Strazzera as Vice Chairman. Having verified that the relevant legal and statutory requirements were met, the Board of Directors subsequently appointed the Management Control Committee , composed of Alessandra Genco, a Director elected by the minority shareholders, as Chairperson, Antonia Di Bella and Gabriele Villa.

As Chairman , in addition to the general power of representation of the Company, Carlo Pesenti has been assigned the tasks of submitting proposals to be resolved on by the Board of Directors; ensuring compliance with the principles of Corporate Governance adopted by t he Company and proposing any amendments to their application to be submitted to the Board of Directors for approval; supervising the regularity of meetings and the activities of the corporate bodies, ensuring that the documentation relating to the items on the agenda is made available to the Directors suitably in advance; and maintaining relations with the economic and financial community, institutional bodies and authorities.

As Chief Executive Officer , among other things and in addition to the general power of representation of the Company, Carlo Pesenti has been assigned the tasks of submitting proposals to be resolved on by the Board of Directors; overseeing the execution and implementation of the in vestment plans defined by the Board of Directors;

looking after the management policies and corporate development strategies of Italmobiliare S.p.A. and its directly or indirectly controlled companies; overseeing and directing the activities of Italmobilia re S.p.A. and its directly or indirectly controlled companies, also in order to ensure full ESG integration at all stages of investments and value creation founded on sound economic growth that respects human and labour rights; assisting in setting guideli nes for managing the companies in which Italmobiliare S.p.A., directly or indirectly, holds an equity investment that allows it to exercise significant influence; looking after corporate organisation and proposing the main organisational changes to the Boa rd of Directors; evaluating and exploring initiatives to promote the international expansion of Italmobiliare and its directly and indirectly controlled companies; and overseeing compliance with cybersecurity regulations, coordinating the relevant function s and reporting periodically to the Board of Directors.

To carry out the above -mentioned tasks, the Chief Executive Officer may perform any appropriate activity or initiative and, by way of example: to oversee financial and sustainability reporting, submitting to the Board of Directors the periodic reports and disclosures required by applicable laws and regulations; to prepare the budgets and multi -year development and investme nt plans of Italmobiliare S.p.A. to be submitted to the Board of Directors for approval; to define the general guidelines for the financial management of the Company and the Group; and to determine the guidelines relating to the selection of the main manag ers of Italmobiliare S.p.A . – excluding the Chief Operating Officer, whose appointment falls within the competence of the Board of Directors – and of the main companies directly or indirectly controlled, as well as, limited to Italmobiliare S.p.A. only, to personnel management.

As Chief Executive Officer of the Company, Carlo Pesenti has been granted powers to carry out dispositive, managerial and development activities to be exercised vis ‑à‑vis third parties with sole signature, within a maximum limit of 25 million euro for each individual transaction, with the exception of the provision of guarantees (in the interest of Italmobiliare or its subsidiaries), which may be granted up to a maximum amount of 50 million euro.

In exercising the delegated powers, Carlo Pesenti is supported by an internal managerial committee (the “ManCom”), which assists him in the structured and programmatic implementation of the Group’s strategic guidelines.

8 | Our investments at June 30, 202 6

REAL ESTATE AND

RELATED ACTIVITIES

FINANCIAL ASSETS,

TRADING AND CASH

CASH AND

OTHER ACTIVITIES

PORTFOLIO

COMPANIES

PRIVATE

CAPITAL

FUNDS

OTHER

INVESTMENTS

Interim Report | GENERAL INFORMATION | 9Net Asset Value at June 30, 202 6

(million euro)

Portfolio Companies 1,588.5 Other equity investments 145.8 Private Capital Funds 275.7 Properties and related assets 64.5 Financial assets, trading and cash 165.9 Total NAV at June 30, 2026 2,240.5

FINANCIAL ASSETS,

TRADING AND CASH

7.4%

OTHER EQUITY

INVESTMENTS

6.5%

2,240.5

million euro

PROPERTIES AND

RELATED ASSETS

2.9%

PORTFOLIO

COMPANIES

70.9%

PRIVATE CAPITAL

FUNDS

12.3%

NAV PER SHARE

53.3€

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DIRECTORS’

REPORT

AT JUNE 30, 202 6

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DIRECTORS’ REPORT

Information on operations

INTRODUCTION

The interim report at June 30, 202 6 is prepared in compliance with Article 154 -ter, paragraphs 2, 3 and 4 , of Legislative Decree no. 58 of February 24, 1998 , and subsequent amendments.

In accordance with paragraph 3, t he condensed interim financial statements are prepared in consolidated form.

During the first half of 2026, the scope of consolidation underwent a number of changes, mainly due to the decrease in the consolidation percentage of Farmagorà from 26.864% to 24.649%, following a capital increase subscribed by the other shareholders; the decrease in the consolidation percentage of CDS -Casa della Salute from 89.239% to 89.036%, following a capital increase subscribed by the other shareholders; the increase in the consolidation percentage of Callmewine from 80.577% to 88.04%, following a capital increase that was not subscribed pro rata by all shareholders; the line -by-line consolidation of Technos Medica S.r.l. (Italy), which controls Premium Medica, following its 100% acquisition by CDS Medical for a total investment of 5.7 million euro; the line -by-line consolidation of Servizi Medici Due S.r.l., 100% acquired by CDS Medical with a total investment of 2.5 million euro; the line -by-

line consolidation of Sport Center 2000 S.r.l. (Italy), 100% acquire d by CDS -Casa della Salute S.p.A., with a total investment of 0.5 million euro; the merger by incorporation into Casa della Salute S.p.A. of Ecoscan S.r.l. and Novamedica; the liquidation of Callmewine UK Limited and Sirap Gema S.r.l.; the establishment of Santa Maria Novella China Limited by Santa Maria Novella Hong Kong; and the reclassification of the subsidiaries Credit Mobilier de Monaco and Capitelli in accordance with IFRS 5.

SIGNIFICANT EVENTS DURING THE PERIOD

During the period from March 16 to April 17, 2026, Italmobiliare completed the treasury share buyback programme approved by the Shareholders’ Meeting on April 17, 2025, purchasing a total of 56,078 treasury shares, representing 0.132% of the share capital, for a total consideration of 1.5 million euro. As of the date of this Report, the Company held 484,053 treasur y shares, representing 1.139% of the share capital.

Following the resolution of the Extraordinary Shareholders’ Meeting held on April 22, 2026, which became effective upon its filing with the Register of Companies on April 24, 2026, the Company adopted the so ‑called one ‑tier governance system, under which the management and control functions are exercised, respectively, by the Board of Directors and by a Management Control Committee established within the Board. The same Shareholders’ Meeting appointed, in accordance with the updated By ‑laws, the new Board of Directors, which will remain in office until the approval of the financial statements for the year ending December 31, 2028.

The Board of Directors of Italmobiliare S.p.A., which met on April 28, 2026 following the Shareholders’ Meeting held on April 22, 2026 , appointed Carlo Pesenti as Chairman and Chief Executive Officer and Livio Strazzera as Vice Chairman.

Interim Report | DIRECTORS’ REPORT

| 13 NET ASSET VALUE

At June 30, 202 6, the NAV per share , excluding treasury shares , amount ed to 53.3 euro and, taking into account the distribution of dividends of 1.1 euro per share, show ed a slight de crease of 0.6% compared with the corresponding figure at December 31, 202 5.

The Net Asset Value of Italmobiliare S.p.A. , excluding treasury shares , amounted to 2,240.5 million euro (2,304.9 million euro at December 31, 202 5). Taking into account dividend payments made during the half -year amounting to 46.2 million euro, net performance was nega tive at 16.7 million euro.

NAV (in millions of euro) NAV per share

(euro)

December 31, 2025 2,304.9 54.8 June 30, 2026 2,240.5 53.3 Change (64.4) (1.5) Dividends paid 46.2 1.1 Share buyback 1.5 0.0 Net performance (16.7) (0.3) Net performance % (0.7)% (0.6)%

The NAV performance for the half -year, considering the distribution of dividends of 46.2 million euro and the share buyback programme , was nega tive at 16.7 million euro . The increase in the value of the Portfolio Companies (+9. 5 million euro), financial assets, trading , cash and cash equivalents (+3.9 million euro), private capital funds (+3.4 million euro) and taxes (+1 million euro) was offset by negative performance of 5. 4 million euro relating to other equity investments and properties and related assets, and by holding company costs totalling 2 9.1 million euro , including cash outflows related to the payment of incentive plan s for the previous three -year period.

(in millions of euro) Net performance Portfolio Companies1 9.5 Other equity investments (4.1) Financial assets, trading, cash and cash equivalents 3.9 Private capital funds 3.4 Properties and related assets (1.3) Holding Company costs (29.1) Income tax 1.0 Italmobiliare NAV net performance (16.7) Dividends paid (46.2) Share buyback (1.5)

Change (64.4)

1. "Portfolio Companies" include the investments in Italgen S.p.A., Caffè Borbone S.r.l., Clessidra Holding S.p.A., Tecnica G roup S.p.A., Iseo Serrature S.p.A., Capitelli S.r.l., Officina Profumo -Farmaceutica di Santa Maria Novella S.p.A., Casa della Salute S.p.A., Bene Assicurazioni S.p.A. Società Benefit and SIDI Sport S.r.l.

The composition of NAV updated to June 30, 202 6 is shown below:

(in millions of euro) June 30, 2026 % of total December 31, 2025 % of total Change Portfolio Companies1 1,588.5 70.9 1,582.5 68.7 5.9 Other equity investments2 145.8 6.5 153.6 6.7 (7.8) Private capital funds 275.7 12.3 276.3 12.0 (0.6) Properties and related assets 64.5 2.9 65.6 2.8 (1.1) Financial assets, trading, cash and cash equivalents3 165.9 7.4 226.8 9.8 (60.9) Total Net Asset Value (*) 2,240.5 100.0 2,304.9 100.0 (64.4) 1. "Portfolio Companies" include the investments in Italgen S.p.A., Caffè Borbone S.r.l., Clessidra Holding S.p.A., Tecnica G roup S.p.A., Iseo Serrature S.p.A., Capitelli S.r.l., Officina Profumo -Farmaceutica di Santa Maria Novella S.p.A., Casa della Salut e S.p.A., Bene Assicurazioni S.p.A. Società Benefit and SIDI Sport S.r.l.

2. "Other Equity Investments" include the equity investment in Archimede S.p.A. (parent company of Formula Impresoft S.p.A.) including the reclassification of the 6 million euro loan granted to Archimede S.p.A.

3. Note that "Financial assets, trading , cash and cash equivalents" include the net financial position of the parent company Italmobiliare and the net financial posit ion of the vehicle FT2 S.r.l. (parent company of Officina Profumo -Farmaceutica di Santa Maria Novella) after the reclassification of the 6 million euro loan granted to Archimede S.p.A.

to "Other equity investments".

(*) The criteria used for calculating NAV may be different from those adopted by other companies, so the figures may not be compar able.

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At June 30, 2026, the value of “Portfolio Companies” showed an overall increase of 5.9 million euro , attributable to:

(i) an increase of 9. 5 million euro resulting from positive performance, mainly driven by Italgen , Iseo and Bene Assicurazioni ; (ii) an increase of 9.9 million euro resulting from the contribution made in connection with the capital increase of Casa della Salute ; and (iii) a decrease of 13.6 million euro resulting from dividends distributed by the Portfolio Companies.

The value of "Other equity investments" amounted to 145.8 million euro and decreased mainly due to the nega tive fair value effect ( 4.1 million euro ) of certain equity investments , only partially offset by the distribution of dividends .

The decrease in “Financial assets, trading , cash and cash equivalents” , amounting to 6 0.9 million euro, was mainly driven by dividends distributed and paid ( -46.2 million euro), share buyback s (-1.5 million euro), operating costs and taxes ( -28.1 million euro ), and investments ( -6.8 million euro) , partially offset by dividends received (1 3.9 million euro) , the net cash flow from private capital funds ( 4.0 million euro) and the positive performance of trading activities (3.9 million euro).

The NAV at June 30, 202 6 was calculated by applying a specific procedure, based on valuations by independent experts, taking into account:

▪ the market price at June 30, 202 6 of the equity investments in listed companies;

▪ the value of unlisted companies , determined on the basis of commonly used valuation methods (DCF and/or market multiples) or, where sufficient information is not available to apply the methods envisaged by the International Private Equity and Venture Capital (IPEV) valuation guidelines and/or their significance can be considered immaterial, based on their equity resulting from the latest approved financial statements, prepared in accordance with IAS/IFRS or local accounting standards;

▪ the market value of the real estate assets as determined by an independent expert at December 31, 2025 ;

▪ the deferred tax effect, if any.

The Independent Auditors have carried out a limited assurance engagement in accordance with the International Standard on Assurance Engagements (ISAE) 3000 (Revised) to verify the conformity of the valuation methods adopted by the Directors for the calculation of NAV with the IPEV criteria.

Interim Report | DIRECTORS’ REPORT

| 15 PERFORMANCE OF THE MAIN GROUP COMPANIES

SUMMARY OF RESULTS FOR THE FIRST HALF OF THE YEAR

(in millions of euro) Revenue Gross operating profit (EBITDA)

June 30,

2026 June 30, 2025 Change % June 30, 2026 June 30, 2025 Change % Italmobiliare 54.5 52.7 3.4 26.1 21.7 20.3

Portfolio Companies

Caffè Borbone 189.4 184.5 2.7 28.3 23.3 21.7 Officina Profumo -Farmaceutica di Santa Maria Novella 34.7 32.5 6.7 5.0 6.6 (24.4) CDS -Casa della Salute 51.0 38.0 34.4 6.4 4.3 49.8 Italgen 31.2 32.3 (3.3) 10.0 14.1 (29.2) SIDI Sport 14.7 15.6 (5.7) 0.1 (0.4) n.s.

Capitelli 11.8 12.4 (5.0) 2.2 2.5 (10.0) Tecnica Group 173.8 171.5 1.3 (11.4) (12.2) n.s.

Iseo 84.0 78.4 7.2 9.3 5.2 78.4 Bene Assicurazioni 1 216.3 174.1 24.2 n.a. n.a. n.a.

Total Industrial Portfolio Companies 807.0 739.3 9.2 49.9 43.4 14.9 Clessidra Group 32.0 25.9 23.6 9.0 4.3 >100 Total Portfolio Companies 839.0 765.2 9.6 58.9 47.7 23.4 1. Figures are estimated on the basis of the information provided by the company.

n.a. not available n.s. not significant

Looking at the pro -forma aggregate of the Industrial Portfolio Companies:

▪ At an aggregate level, revenue and income of the Group’s Industrial Portfolio Companies amounted to 807 million euro, up 9.2% compared with 739.3 million euro in the first half of last year. This performance was mainly driven by the excellent results of CDS -Casa della Salute (+34.4%), Caffè Borbone (+2.7%), Officina Profumo -

Farmaceutica di Santa Maria Novella (+6.7%) and the investee companies Bene Assicurazioni (+24.2%) and Iseo (+7.2%).

▪ At an aggregate level, gross operating profit amounted to 49.9 million euro, up 14.9% compared with 43.4 million euro in the corresponding period of the previous year. The result benefited from the good performance of Caffè Borbone, CDS -Casa della Salute and Iseo, all of which recorded a significant increase in gross operating profit compared with the same period of the previous year.

Looking at the individual companies, while reference should be made to the relevant sections for further details:

▪ In the food sector, Caffè Borbone recorded revenue of 189.4 million euro, up 2.7%, mainly driven by growth in single -serve volumes. The strong development of international markets continued, with their contribution reaching approximately 15% of total revenue, while digital channels record ed double -digit growth. Gross operating profit increased by 21 .7% to 28.3 million euro, mainly due to the reduction in green coffee prices, the benefits of which are not yet fully reflected in the financial results because of inventories carried over from the end of the previous financial year. Capitelli closed the per iod with revenue of 11.8 million euro. Positive signs emerged from the analysis of the second quarter of 2026, which showed a progressive improvement, with June reporting slight growth compared with the corresponding period of the previous year. Gross oper ating profit for the half -year amounted to 2.2 million euro, with a margin on revenue of 20.2%, substantially in line with the same period of the previous year.

▪ Officina Profumo -Farmaceutica di Santa Maria Novella recorded revenue of 34.7 million euro, up 6.7% compared with the corresponding period of the previous year. The positive performance was supported by all distribution channels. The Direct -to-Consumer cha nnel grew by 7.4%, with a particularly positive contribution from e -commerce (+14%), while indirect channels also delivered positive performance (+5.1%). Gross operating profit amounted to 5 million euro, declining as a result of the strategic investment plan aimed at enhancing the brand’s positioning and supporting future growth, under which both the central team and the retail organisation have been significantly strengthened and are now substantially in place.

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▪ CDS -Casa della Salute continued its growth and consolidation path across Italy, expanding into a new region, Valle d’Aosta, and continuing to invest in the enhancement of its healthcare services and technological infrastructure. Revenue amounted to 51 mill ion euro during the half -year, up 34.4% compared with the same period of the previous year. In terms of services, diagnostic s was the fastest -growing area, while outpatient clinics and dentistry also delivered above -average results . Gross operating profit amounted to 6.4 million euro (+49.8%).

▪ During the half -year, Italgen brought into operation two photovoltaic plants in Chignolo d’Isola and Borgonovo Val Tidone, with a combined installed capacity of approximately 15 MW. Construction of the Notaresco greenfield photovoltaic project (5.8 MW) is also at an advanced stage and is expected to enter into operation by the end of the year. The share of energy generated by photovoltaic plants continued its steady growth, reaching approximately 14% of total production during the half -year. Excluding pass -through revenue of 2.1 million euro, normalised revenue decreased by 3.1 million euro, mainly attributable to lower volumes compared with the same period of the previous year, when hydroelectric production had benefited from exceptionally high rainfall volumes and frequency. Gross operating profit for the half -year was positive at 10.0 million euro, down by 4.1 million euro, mainly due to the decline in normalised revenue.

▪ In the outdoor sector, SIDI closed the half -year with revenue of 14.7 million euro, down 5.7% compared with the corresponding period of the previous year, with the cycling segment showing greater resilience than the motorcycling segment. Gross operating pr ofit was positive at 0.1 million euro, improving thanks to the recovery in industrial margins and the containment of the fixed cost structure. Tecnica Group recorded revenue of 173.8 million euro, up 1.3% compared with the same period of 2025. The winter s ports segment (Nordica, Tecnica, Blizzard ) and Moon Boot delivered an excellent performance, growing overall by 23.6%. The Group’s gross operating profit was negative at 11.4 million euro, improving compared with the same period of the previous year.

▪ ISEO closed the half -year with growth, reporting revenue of 84 million euro, up 7.2%. Even more significant was the increase in gross operating profit, which rose by 78.4% to 9.3 million euro. This result reflects both revenue growth and improved margins, which also benefited from a fixed -cost reduction plan. During the half -year, the company was also awarded a major contract for the supply of mechatronic cylinders and keys to Poste Italiane post offices, the main effects of which are expected to be reflect ed in the second half of 2026.

▪ During the half -year, Bene Assicurazioni acquired from Tecnocasa Group a 51% stake in CF Vita, subsequently renamed Bene Life, and the insurance portfolio of CF Assicurazioni, which generated more than 60 million euro in Non -Life and Life premiums in 2025. During the period, the Company recorded gross written premiums of 216.3 million euro, up 24.2% compared with the corresponding period of the previous year. The network expanded to 519 agencies, 51 more than in the same period of the previous year, confirming the continued strengthening of Bene Assicurazioni’s position in the Italian insurance market.

▪ Lastly, the Clessidra Group, a non -industrial portfolio company, closed the first half of 202 6 with a positive brokerage margin of 25.1 million euro, up 21.8%.

Interim Report | DIRECTORS’ REPORT

| 17 SUMMARY OF RESULTS FOR THE SECOND QUARTER

(in millions of euro) Revenue Gross operating profit (EBITDA) Q2

2026 Q2

2025 Change % Q2

2026 Q2

2025 Change % Italmobiliare 8.8 9.1 (3.3) (3.8) (9.1) (58.2)

Portfolio Companies

Caffè Borbone 95.5 95.6 (0.1) 13.3 10.6 25.5 Officina Profumo -Farmaceutica di Santa Maria Novella 19.9 18.2 9.3 3.8 4.4 (13.6) CDS -Casa della Salute 25.8 19.2 34.4 3.4 2.3 47.8 Italgen 17.4 17.4 0.0 6.7 9.0 (25.6) SIDI Sport 7.4 7.3 1.4 0.3 (0.3) n.s.

Capitelli 5.9 6.2 (4.8) 1.1 1.4 (21.4) Tecnica Group 70.2 68.2 2.9 (12.9) (12.4) 4.0 Iseo 43.3 41.0 5.7 6.1 4.3 41.4 Bene Assicurazioni 125.8 90.8 38.5 n.a. n.a. n.s.

Total Industrial Portfolio Companies 411.3 363.9 13.0 21.8 19.2 13.4 Clessidra Group 15.9 13.1 21.5 3.6 1.4 >100 Total Portfolio Companies 427.2 377.0 13.3 25.4 20.6 23.2 Please note that the financial information relating to the individual quarterly figures ha s not been subject to either a limited or a full audit .

n.a. not available n.s. not significant

Looking at the second -quarter aggregate:

▪ Revenue of the Industrial Portfolio Companies amounted to 411.3 million euro, up by 13.4%;

▪ Gross operating profit of the Industrial Portfolio Companies for the quarter amounted to 21.8 million euro, up compared with the same period of the previous year .

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KEY CONSOLIDATED FIGURES AT JUNE 30, 202 6

(in millions of euro) H1 202 6 H1 202 5* Change % Revenue and income 375.7 351.0 7.0 Gross operating profit 47.0 39.2 19.8 % of revenue 12.5 11.2 Amortisation and depreciation (30.5) (24.9) Impairment losses on non -current assets (2.8) (0.5) Operating profit 13.8 13.8 (0.2) % of revenue 3.7 3.9 Net finance income (costs) (7.4) (6.5) Impairment losses on financial assets 0.0 0.0 Share of profit/(loss) of equity -accounted associates 0.2 (16.3) Profit/(loss) before tax 6.6 (9.0) n.s.

% of revenue 1.8 (2.6) Income tax (5.6) 1.6 Profit/(loss) from continuing operations 1.0 (7.4) n.s.

Profit/(loss) from discontinued operations, net of tax 1.4 1.3 Profit/(loss) for the period 2.4 (6.1) n.s.

attributable to:

- Owners of the parent company (2.9) (10.6)

- Non-controlling interests 5.3 4.5 Cash flows from investing activities 71.5 93.8 (23.8)

(in millions of euro) June 30, 202 6 December 31, 202 5 Total equity 1,632.7 1,695.0 Equity attributable to the owners of the parent company 1,440.2 1,499.4 Net financial position (368.1) (257.3) Employees (headcount) at the end of the period 1,927 1,807

* The fi gures for the first half of 2025 have been restated to reflect the classification of Capitelli’s results within “Profit/(loss) from discontinued operations, net of tax” (under IFRS 5) , following the definition of a disposal plan that is considered likely to be completed within twelve months of the classific ation date.

The main economic indicators in the first half of 202 6 are as follows:

▪ Revenue and income amounted to 375.7 million euro, up by 24.7 million euro (+7.0%), mainly due to the positive contribution made by Caffè Borbone, CDS -Casa della Salute and Clessidra .

▪ Gross operating profit (EBITDA) amounted to 47.0 million euro, up by 7.8 million euro compared with the same period of the previous year , mainly d riven by the improved performance of Caffè Borbone, Italmobiliare and Clessidra .

▪ Operating profit (EBIT) , after higher amortisation and depreciation compared with the first half of 202 5, amount ed to 13.8 million euro , in line with the same period of the previous year .

▪ Profit/(loss) before tax , after finance income and costs and the share of profit/(loss) of equity -accounted associat es, amounted to 6.6 million euro, compared with -9.0 million euro at June 30, 202 5.

▪ Profit/(loss) after tax was positive at 2.4 million euro compared with nega tive 6.1 million euro at June 30, 202 5.

▪ Total equity at June 30, 202 6 was 1,632.7 million euro, while the Equity attributable to the owners of the parent company was 1,4 40.2 million euro, compared with 1,695.0 million euro and 1, 499.4 million euro respectively at December 31, 202 5.

▪ Financial and industrial investments were made i n the first half of 202 6 for a total of 71.5 million euro, down 22.3 million euro compared with the same period in 202 5.

▪ The consolidated net financial position at June 30, 202 6 was negative at 368.1 million euro, compared with -

257.3 million euro at the end of December 202 5. The change was mainly due to operating costs (-11.8 million euro), investments and divestments ( -71.5 and + 20.4 million euro , respectively), and dividend payments ( -46.6 million euro).

Interim Report | DIRECTORS’ REPORT

| 19 FINANCE COSTS AND OTHER ITEMS

Net finance costs increased from 6.5 million euro to 7.4 million euro.

It should be noted that this item does not include the finance income and costs of Italmobiliare and the other financ ial companies as these, being part of their core business, are included in the items that make up gross operating profit.

PROFIT FOR THE PERIOD

The above figures led to a positive profit before tax of 6.6 million euro (nega tive at 9.0 million euro at June 30, 2025).

After nega tive income taxes of 5.6 million euro ( positive at 1.6 million euro in the first half of 202 5), the profit for the period was positive at 2.4 million euro ( nega tive at 6.1 million euro in 202 5), of which -2.9 million euro was attributable to the Group and +5.3 million euro attributable to non-controlling interests (-10.7 and +4.5 million euro respectively in the corresponding period of 202 5).

20 |

REVENUE AND OPERATING RESULTS AT JUNE 30, 202 6

CONTRIBUTION TO CONSOLIDATED REVENUE AND INCOME

(net of intragroup eliminations)

(in millions of euro) H1 202 6 H1 202 5* Change % % % %1

Business segments

Italmobiliare 19.2 5.1 18.2 5.2 5.6 5.6 Caffè Borbone 189.4 50.4 184.5 52.6 2.7 2.7 Officina Profumo -Farmaceutica di Santa Maria Novella 34.6 9.2 32.5 9.3 6.6 9.5 CDS -Casa della Salute 51.0 13.6 38.0 10.8 34.3 26.3 Italgen 29.3 7.8 30.7 8.7 (4.6) (6.3) SIDI Sport 14.7 3.9 15.6 4.4 (5.9) (5.3) Capitelli - - - - - -

Clessidra 32.0 8.5 25.9 7.4 23.6 23.6 Other companies 5.4 1.4 5.6 1.6 (3.0) (2.8) Total 375.7 100.0 351.0 100.0 7.0 6.4 1. On a like -for-like basis and at constant exchange rates .

* The figures for the first half of 2025 have been restated following the definition of a disposal plan relating to Capitelli, which is considered likely to be completed within twelve months of the classification date (under IFRS 5) .

The positive change in revenue and income, up 7.0% compared with the first half of 2025, was mainly driven by the results of Caffè Borbone, CDS -Casa della Salute and Clessidra .

BREAKDOWN OF GROUP CONSOLIDATED PROFIT BY SEGMENT

(in millions of euro) June 202 6 June 202 5

Business segments

Italmobiliare 24.1 24.9 Caffè Borbone 8.8 7.6 Officina Profumo -Farmaceutica di Santa Maria Novella (0.4) 0.8 Italgen 3.4 6.8 CDS -Casa della Salute (4.6) (4.0) Capitelli 1.0 1.2 SIDI Sport (4.1) (1.6) Clessidra 3.0 1.0 Tecnica Group (8.1) (12.6) Iseo 7.8 (3.1) Bene Assicurazioni 1.9 0.0 Other companies (4.6) (2.8) Elimination of dividends and intragroup gains/losses (31.1) (28.9) Profit/(loss) for the period attributable to the owners of the parent company (2.9) (10.7)

Interim Report | DIRECTORS’ REPORT

| 21 STATEMENT OF COMPREHENSIVE INCOME

In the first half of 202 6, the other components of comprehensive income had a nega tive balance of 10.0 million euro (positive at 18.7 million euro in the first half of 202 5), mainly due to nega tive fair value adjustments of FVTOCI assets amounting to 9.7 million euro.

Taking into account the profit for the period of 2.4 million euro and the components mentioned above, total comprehensive income for the period was nega tive at 7.6 million euro ( 12.5 million euro at June 30, 202 5).

The rel evant statement is presented within the consolidated financial statements.

CONDENSED STATEMENT OF FINANCIAL POSITION

(in millions of euro) June 30, 202 6 December 31, 202 5 Property, plant & equipment and investment property 398.7 382.1 Intangible assets 611.4 619.5 Other non -current assets 618.6 635.7 Non-current assets 1,628.7 1,637.3 Current assets 824.2 884.4 Assets classified as held for sale (*) 46.5 23.8 Total assets 2,499.4 2,545.5 Equity attributable to the owners of the parent company 1,440.2 1,499.4 Non-controlling interests 192.6 195.6 Total equity 1,632.7 1,695.0 Non-current liabilities 300.0 300.5 Current liabilities 551.4 543.5 Total liabilities 851.3 844.0 Liabilities directly associated with assets classified as held for sale (*) 15.3 6.5 Total equity and liabilities 2,499.4 2,545.5 (*) Following the application of IFRS 5, the figures include the reclassification of the subsidiary Crédit Mobilier de Monaco, al ready classified as held for sale in the 2025 financial year, and Capitelli, which was included within the scope of assets held for sale during 2026.

EQUITY

Total equity at June 30, 202 6 amounted to 1,632.7 million euro, down by 62.3 million euro compared with December 31, 202 5. This change was mainly attributable to the combined effect of the profit for the period, the change in the fair value reserve on FVTOCI investments, dividends approved, changes in the scope of consolidation and other movements in non -controlling interests, as summarised below:

▪ a profit for the period of 2.4 million euro;

▪ a change in the fair value reserve on FVTOCI investments of -9.7 million euro , net of the related tax effect;

▪ dividends approved totalling 54.8 million euro;

▪ change s in the scope of consolidation and other negative movements of 0.2 million euro ;

▪ a change in non -controlling interests amounting to 3.0 million euro , from 195.6 million euro at December 31, 2025 to 19 2.6 million euro at June 30, 202 6. This change was mainly attributable to dividend distributions of -

8.6 million euro ( of which approximately 8 million euro related to the non-controlling interests of Caffè Borbone), partially offset by the share of profit for the period of 5.3 million euro.

At June 30, 202 6 the share capital of Italmobiliare S.p.A. amounted to 100,166,937 euro, divided into 42,500,000 ordinary shares. At June 30 , 2026 Italmobiliare S.p.A. h eld 484,053 ordinary shares as treasury shares, equal to approximately 1.139% of the share capital.

22 |

NET FINANCIAL POSITION

At June 30, 202 6 the net financial position was negative at 368.1 million euro, worsening by 110.8 million euro compared with December 31, 202 5 (-257.3 million euro) , mainly due to net investment flows of 50.9 million euro and dividends distributed totalling 46.6 million euro.

A breakdown of the " Consolidated n et financial position" is given in the notes to the consolidated financial statements in the relevant section on page 85.

BREAKDOWN OF THE NET FINANCIAL POSITION

(in millions of euro) June 30, 2026 December 31,

2025

Current financial assets 219.2 298.3 Current financial liabilities (356.7) (327.6 ) Non-current financial assets 13.1 12.6 Non-current financial liabilities (246.6) (246.0 ) Liabilities relating to assets classified as held for sale 2.9 5.4 Net financial position (368.1) (257.3 )

CONDENSED STATEMENT OF CASH FLOWS

(in millions of euro) H1 202 6 H1 202 5* Net financial position at the beginning of the period (257.3) (133.4) Cash flows from operating activities (11.8) (11.2) Capital investment in:

PPE, investment property and intangible assets (53.3) (47.6) Non-current financial assets (18.2) (46.2) Cash flows from investing activities ** (71.5) (93.8) Proceeds from disposal of non -current assets 20.6 9.3 Dividends paid (46.6) (39.2) Translation and structural differences 0.2 (0.4) Other changes (2.5) 7.3 Net cash flows for the period (111.6) (128.0) Cash flows relating to assets classified as held for sale 0.8 (1.4) Net financial position at the end of the period (368.1) (262.8)

* The cash flow figures for the first half of 2025 have been restated to reflect the classification of Capitelli within “ Cash flows relating to assets classified as held for sale ” (under IFRS 5) , following the definition of a disposal plan that is considered likely to be completed within twelve months of the classific ation date.

** This item differs from the amount reported in the statement of cash flows as it includes lease liabilities of approximatel y 4.7 million euro.

Interim Report | DIRECTORS’ REPORT

| 23 INVESTMENTS

(in millions of euro) Investments in

non-current financial

assets Investments in PPE and investment property Investments in intangible assets Total

investments

H1

2026 H1

2025 H1

2026 H1

2025 H1

2026 H1

2025 H1

2026 H1

2025

Business segment

Italmobiliare 11.2 44.2 0.8 0.1 - - 12.0 44.3 Caffè Borbone - - 24.7 4.5 0.1 0.1 24.7 4.6 Officina Profumo -Farmaceutica di Santa Maria Novella - - 1.7 4.8 1.0 0.6 2.7 5.4 CDS -Casa della Salute 8.7 2.0 10.3 8.5 4.0 2.3 23.0 12.8 Italgen - - 5.3 10.8 0.1 - 5.4 10.8 SIDI Sport - 0.5 1.2 0.1 0.2 0.6 1.4 Capitelli - - 0.4 0.2 0.0 - 0.4 0.2 Tecnica - - - - - - - -

Iseo - - - - - - - -

Clessidra - - 0.4 0.3 0.2 - 0.6 0.3 Other companies - - 1.2 0.1 0.3 0.3 1.5 0.4 Assets classified as held for sale - - 11.2 - - 11.2 Inter-segment eliminations - - - - - - - -

Total investments 19.9 46.2 45.2 41.7 5.8 3.4 70.9 91.3 Change in receivables/payables for purchase s of property (1.7) - 2.3 2.4 - - 0.6 2.4 Total investments 18.2 46.2 47.5 44.1 5.8 3.4 71.5 93.7

Investments made by the Group in the half -year totalled 70.9 million euro, down by 22.8 million euro compared with the first half of 2025 (93.7 million euro).

Cash flows f rom financial investments, amounting to 19.9 million euro ( 46.2 million euro in the first half of 202 5), mainly re lated to investments made by Italmobiliare in private capital funds and acquisition s carried out by CDS -

Casa della Salute .

Cash flows for investments in PPE and investment property amount ed to 45.2 million euro and were mainly attributable to Caffè Borbone, CDS -Casa della Salute and Italgen .

Divestments made by the Group in the first half of 202 6 amounted to 20.6 million euro.

24 |

Italmobiliare S.p.A.

KEY FIGURES

(in millions of euro) H1 202 6 H1 2025 Change % Revenue and income 54.5 52.7 3.4 Gross operating profit (EBITDA) 26.1 21.7 20.3 % of revenue 47.9 41.1 Amortisation and depreciation (0.5) (0.5) Operating profit (EBIT) 25.6 21.2 20.8 % of revenue 47.1 40.1 Net finance income (costs) 0.0 0.0 Impairment losses on financial assets (3.5) (3.8) Profit/(loss) before tax 22.1 17.4 27.0 % of revenue 40.7 32.9 Income tax 1.9 7.5 Profit/(loss) for the period 24.0 24.9 (3.6)

(in millions of euro) June 30, 202 6 December 31, 202 5 Total e quity 1,318.4 1,344.1 Net financial position 169.4 231.0 Employees (headcount) at the end of the period 46 46

Interim Report | DIRECTORS’ REPORT

| 25 RESULTS IN ACCORDANCE WITH THE FINANCIAL MODEL

Given the specific nature of the Company, and in order to allow a full understanding of its performance, the following table shows the results in a format typically used for finance companies. The model reflects the following

classification :

▪ "Net gains (losses) on equity investments" include , for FVTOCI equity investments, the dividends received ; for investments in subsidiaries and associates (measured at cost), the item includes both dividends and gains/losses realised on sales, as well as any impairment losses/reversals ;

▪ "Net gains (losses) on cash and cash equivalent investments " include interest income from coupons and bank deposits, fair value gains/losses on bonds and trading equities measured at FVTPL, gains/losses reali sed on the disposal of trading securities, income/ (expense s) on trading derivatives and investment funds measured at FVTPL and "Net borrowing costs". "Net borrowing costs" consist primarily of interest expense on borrowings, bank fees and commissions;

▪ "Other income and expense s" include personnel expense s and operating expenses for the financial structure, net of amounts recovered from other Group companies or third parties.

(in millions of euro) H1 2026 H1 2025 Change % Net gains (losses) on equity investments 31.3 30.4 3.0 Net gains (losses) on cash and cash equivalent investments 10.8 (1.0) Total finance income/costs 42.1 29.4 43.2 Other income and expenses (20.0) (12.0) Income tax 1.9 7.5 Profit/(loss) for the period 24.0 24.9 (3.6)

Net gains (losses) on equity investments were positive at 31.3 million euro, up 3% compared with 30.4 million euro at June 30, 202 5, and substantially in line with the figure recorded in the previous year .

Net gains (losses) on cash and cash equivalent investments were positive at 10.8 million euro ( nega tive at 1.0 million euro at June 30, 202 5), mainly attributable to favourable exchange rate movements (+16.7 million euro compared with the previous year) .

Other income and expense s were negative at 20.0 million euro ( -12.0 million euro at June 30, 202 5), mainly due to higher non-recurring operating costs of 4.6 million euro (MBO and LTI payments related to the previous three -year period ).

After a positive tax contribution of 1.9 million euro (positive at 7.5 million euro at June 30, 202 5), the half-year result was positive at 24.0 million euro (positive at 24.9 million euro at June 30, 202 5).

EQUITY

Equity at June 30, 202 6 amount ed to 1,3 18.4 million euro, down by 25.7 million euro compared with December 31, 2025 (1,344.1 million euro), mainly due to :

▪ the variance in the FVTOCI reserve of -2.2 million euro;

▪ share buyback s during the period ( -1.5 million euro);

▪ dividends distributed totalling 46.2 million euro;

▪ a profit for the period of 24.0 million euro.

26 |

NET FINANCIAL POSITION

(in millions of euro) June 30, 202 6 December 31, 202 5 Current financial assets 126.6 193.5 Current financial liabilities (4.3) (5.2) Current net financial position 122.3 188.3 Non-current financial assets 47.5 43.2 Non-current financial liabilities (0.4) (0.5) Non-current net financial position 47.1 42.7 Net financial position 169.4 231.0

At June 30, 202 6 the net financial position of Italmobiliare S.p.A. decrease d by 61.6 million euro, from 231.0 million euro at December 31, 202 5 to 169.4 million euro, with 41.9% allocated to the Vontobel Fund , a multi -asset portfolio with a conservative risk profile , in line with the Company's investment policies. The main outflows include d the payment of the ordinary dividend ( -46.2 million euro), investments in portfolio companies (-10.9 million euro) , and operating costs and taxes ( -29.8 million euro). These outflows were partially offset by the following inflows: dividends received (+ 11.8 million euro) ; private capital funds reimbursements , net of investments (+5.6 million euro). Lastly, cash management generated a positive result of 3.3 million euro.

LITIGATION AND DISPUTES PENDING

A description of the main legal and tax disputes involving Italmobiliare S.p.A. is provided in the relevant section on page 49, to which reference should be made .

SIGNIFICANT EVENTS AFTER THE REPORTING DATE

No significant events took place after the end of the period.

OUTLOOK

The business outlook for Italmobiliare S.p.A. is explained in the relevant section on page 50, to which reference should be made .

MAIN FINANCIAL ASSETS OF ITALMOBILIARE S.P.A.

Other equity investments The Company holds equity interests in other companies, primarily through co -investment vehicles, such as Archimede S.p.A., the parent company of Formula Impresoft, and ITM Bacco S.r.l., a co-investment vehicle in Argea , and Callmewine S.r.l. In addition, its portfolio includes minor investments in a number of listed companies.

Private Capital Funds The Company has invested in a portfolio of select ed Italian and international private and venture capital funds with a view to diversifying its investments by sector and geographical area , including the various Clessidra funds (CCP3, CCP4, CRF, CRF Parallel , Debt Fund and Green Harvest ), BDT Capital Partners Funds II and III, Isomer Capital I , II and III , Isomer Capital Opportunities, Connect Ventures 3 and 4, I CONIQ IV and V, Lindsay Goldberg Fund V and VI, Lindsay A ttain, Lauxera Growth I and II , 8-Bit Capital I, Expedition Growth Capital Fund I, JAB Consumer, Visionaries Club Seed Fund II GmbH & Co. KG, Visionaries Club Growth Fund II GmbH & Co. KG, FOF Impact Investing , Lakestar Growth II and IV , and Italian Founders Fund .

At June 30 , 202 6 the value of private capital funds recorded an overall decrease of 0.6 million euro, mainly reflecting divestments of 15.2 million euro, partially offset by 11.2 million euro of new investments, a positive exchange -rate effect of 2.7 million euro and a positive fair value change of 0.7 million euro .

Interim Report | DIRECTORS’ REPORT

| 27 Caffè Borbone (60% INTEREST)

KEY FIGURES

(in millions of euro) H1 2026 H1 2025 Change % Revenue and income 189.4 184.5 2.7 Gross operating profit (EBITDA) 28.3 23.3 21.7 % of revenue 15.0 12.6 Amortisation and depreciation (7.1) (6.5) Operating profit (EBIT) 21.2 16.7 26.9 % of revenue 11.2 9.1 Net finance income (costs) (1.0) (1.5) Profit/(loss) before tax 20.2 15.2 32.9 % of revenue 10.7 8.2 Income tax (5.6) (2.6) Profit/(loss) for the period 14.6 12.6 15.7 Cash flows from investing activities 24.2 3.7 Free Cash Flow (7.3) 9.7 The figures in the table refer to the Caffè Borbone Group .

(in millions of euro) June 30 , 2026 December 31 , 2025 Total equity 379.1 384.6 Net financial position (62.4) (55.3) Employees (headcount) at the end of the period 353 343

28 |

During the first half of the year, Caffè Borbone continued its growth and consolidation path, implement ing a number of strategic initiatives related to the expansion of its production facilit y, as well as to marketing an d product development . Notably :

▪ Caffè Borbone , which was ranked as the most recognised coffee brand in Italy (source: Nextplora), presented its new advertising campaign built around the claim “Una storia di casa” (“A Story of Home”). Launched on the occasion of the Sanremo Music Festival, the commercial aims to consolidate Caffè Borbone ’s positioning, which is now firmly established as a leader in the single -serve segment and records its highest consumption levels in the domestic market. During Milan Design Week, a dedicated activation was organised, featuring Alberto Tomba and Federica Brignone as brand ambassadors.

▪ In the first quarter, the agreement for the acquisition of a building adjacent to the current production facility was finalised and investments for the expansion of production capacity were approved . The new premises will allow the company to further expand its production capacity.

▪ Product development activities continued , aimed at further strengthening the company’s presence across all relevant segments. In particular, during the half -year, “Le Compostabili”, the new line of compostable capsules compatible with the Nespresso® and Lavazza A Modo Mio® systems, was launched. The company also introduced its new ground coffee range, marking the relau nch of Caffè Borbone in one of the most significant segments of the Italian at -home coffee market.

In the first half of the year, Caffè Borbone recorded revenue of 189.4 million euro, up 2.7% compared with the corresponding period of the previous year. The increase was mainly attributable to growth in single -serve volumes.

The international business continued to expand, with its contribution reaching approximately 15% of total revenue .

Digital channels also delivered a very positive performance, recording double -digit growth.

Coffee prices remained broadly stable during the second quarter of 2026, at levels lower than those recorded in the previous year. As already reported in the previous quarterly report, the benefits arising from green coffee price dynamics are not yet fully reflected in the financial results, which continue to be affected by inventories carried over from the end of the previous financial year. In particular, the lower cost of green coffee generated savings of approximately 6 million euro compared with the first half of 2025.

Gross operating profit at June 30, 2026 amounted to 28.3 million euro, up by 5 million euro compared with the corresponding period of the previous year (+21%). The result includes non -recurring costs of 1.1 million euro.

Excluding these costs, the increase compared with the previous period would have amounted to 6.1 million euro , substantially equivalent to the reduction in green coffee costs referred to above. The EBITDA margin increased from 12.6% to 15%, although it is still well below historical normalised levels.

After amortisation and depreciation of 7.1 million euro, operating profit amounted to 21.2 million euro. Profit for the period amounted to 14.6 million euro, up 15.7% compared with the corresponding period of the previous year.

Net financial position at June 30, 2026 was negative at 62.4 million euro. Cash generation1 in the half -year was negative at 7.3 million euro, reflecting investments of 24.2 million euro made during the period, mainly attributable to the acquisition of the industrial building referred to above.

SIGNIFICANT EVENTS AFTER THE REPORTING DATE

No significant events took place after the end of the period.

OUTLOOK

The company expects revenue growth to continue in the second half of the year. In terms of profitability, based on inventory levels at the end of the period and purchases already made, green coffee costs are expected to be significantly lower than in the previous year, with a positive impact on overall gross operating profit.

1. Free Cash Flow (cash generation) represents the difference between the net financial position at June 30, 202 6 and at the end of the previous year, before any dividends distributed, capital increases or capital repayments , non -recurring transactions and the effects of applying IFRS 16.

Interim Report | DIRECTORS’ REPORT

| 29 Officina Profumo -Farmaceutica di Santa Maria Novella

KEY FIGURES

(in millions of euro) H1 2026 H1 2025 Change % Revenue and income 34.7 32.5 6.7 Gross operating profit (EBITDA) 5.0 6.6 (24.4) % of revenue 14.3 20.2 Amortisation and depreciation (4.5) (4.1) Operating profit (EBIT) 0.5 2.4 (81.0) % of revenue 1.3 7.5 Net finance income (costs) (0.4) (0.7) Profit/(loss) before tax 0.1 1.8 (94.6) % of revenue 0.3 5.4 Income tax (0.4) (0.8) Profit /(loss) for the period (0.3) 0.9 >100 Cash flows from investing activities * 1.9 3.1 Free Cash Flow (1.1) (3.4) The figures refer to the consolidation results of Officina Profumo -Farmaceutica di Santa Maria Novella S.p.A. and its subsidiaries , excluding the vehicle FT2 S.r.l.

* The figures for the first half of 2025 have been restated for better comparability.

(in millions of euro) June 30, 2026 December 31, 2025 Total equity 174.7 177.4 Net financial position (6.6) (4.6) Employees (headcount) at the end of the period 364 348

(95% INTEREST

THROUGH FT2 S.r.l. )

30 |

With regard to Officina Profumo -Farmaceutica di Santa Maria Novella, the following should be noted during the

half-year:

▪ On May 3 1, Ludivine Pont resigned from the position of Chief Executive Officer. At the same time, the company define d a new organisational structure aimed at ensuring continuity in the management of day -to-day operations and business development activities.

▪ In the first half of the year, the company prepared for the launch of the direct management of the Hong Kong and Chin a markets, initially through the T -Mall online channel only. This initiative represents the first step in a long-term organic growth strategy. To support the project, a dedicated team has already been established to manage local operations .

▪ The company continues to support art and culture. In conjunction with the “Rothko in Florence ” exhibition promoted by Fondazione Palazzo Strozzi, it is hosting the RESONANCE project in the Sacristy of the historic Florence boutique of Officina Profumo -Farmaceutica di Santa Maria Novella, in collaboration with the Rothko Chapel in Houston, until Au gust 23.

In the first half of the year, the company recorded revenue of 34.7 million euro, up 6.7% compared with the corresponding period of the previous year. The positive trend was supported by the contribution of all distribution channels. The Direct -to-Consumer (DTC) channel grew by 7.4% , benefiting from the positive performance of retail, driven by Italy and, in particular, the city of Florence. While remaining positive, results in the United States and Japan were affected by exchange -rate movements compared with the previous year. At cons tant exchange rates, like-for-like retail perfo rmance amounted to +8.8% . The e -commerce channel also showed a particularly positive trend, growing by 14%, mainly thanks to the results achieved in Europe. Finally, the positive trend in indirect channels was confirmed, with growth of 5.1%.

Gross operating profit amounted to 5 million euro, down by 1.6 million euro compared with the previous year .

Excluding the impact of non -recurring costs of 0. 4 million euro (0. 6 million euro at June 30, 202 5), current gross operating profit amounted to 5.4 million euro. The performance for the period should be viewed in the context of a business environment that has, in recent years, been characterised by a significant strategic investment plan to support and enhance the brand’s positioning. As part of this initiative, the company has significantly strengthened both its central team and retail organisation, which are now substantially in place, with the aim of supporting commercial development and future g rowth. Margins in the half -year were also affected by certain provision s and the temporary increase in some logistics costs, partly linked to the macroeconomic environment.

Net financial position was negative at 6.6 million euro and includes approximately 21.3 million euro of lease liabilities related to rents in the direct retail channel, in accordance with IFRS 16. Net of the 2.5 million euro dividend payment made during the second quarter and certain non -cash items, cash generation in the half-year was nega tive at 1.1 million euro , mainly due to retail investments and working capital dynamics .

SIGNIFICANT EVENTS AFTER THE REPORTING DATE

No significant events took place after the end of the period.

OUTLOOK

As already highlighted in previous reports, the company is pursuing a comprehensive brand enhancement project aimed at strengthening its distinctive identity and enhancing its heritage , while further consolidating the positioning of Officina Profumo -Farmaceutica di Santa Maria Novella in its reference market. In the second half of the year, the company will continue its growth path, focusing on several development priorities. On the commercial front, efforts will be directed towards maximising like -for-like growth in the retail channel and enhancing the value of the new website, which went live in July. The development of the international partnerships already in place will also continue. Particular attention will be devoted to the Chinese market, where the company has recently started direct operations. On the product front, new launches are planned in the second half of the year, with a particular focus on the holiday season.

Interim Report | DIRECTORS’ REPORT

| 31 CDS -Casa della Salute (89.036% INTEREST)

KEY FIGURES

(in millions of euro) H1 2026 H1 2025 Change % Revenue and income 51.0 38.0 34.4 Gross operating profit (EBITDA) 6.4 4.3 49.8 % of revenue 12.5 11.2 Amortisation and depreciation (10.6) (7.2) Impairment losses on non -current assets - -

Operating profit (EBIT) (4.2) (3.0) (42.0) % of revenue (8.2) (7.8) Net finance income (costs) (2.4) (2.5) Profit/(loss) before tax (6.6) (5.4) (21.7) % of revenue (12.9) (14.2) Income tax 1.3 0.8 Profit /(loss) for the period (5.2) (4.6) (13.2) Cash flows from investing activities 23.2 17.0 Free Cash Flow (17.5) (10.6) The figures in the table refer to the Casa della Salute Group .

(in millions of euro) June 30 , 2026 December 31 , 2025 Total equity 60.2 54.1 Net financial position (91.7) (84.8) Employees (headcount) at the end of the period 663 635

32 |

During the first half of the year, CDS -Casa della Salute continued its growth trajectory and consolidation across Italy, entering a new region, Valle d’Aosta, and steadily investing in the enhancement of its healthcare services and technological infrastructure . Notably :

▪ In March , the Group inaugurated a new medical centre in Turin, the first opened in the Piedmont regional capital.

The total number of facilities in Piedmont has thus risen to 12, with CDS now present in seven of the region’s eight provinces.

▪ In March, CDS completed the acquisition of Technos Medica, a company based in Saint -Christophe, a municipality adjacent to Aosta, operating in the fields of diagnostic imaging and specialist medical consultations, with 14 employees and more than 50 physici ans. In addition, construction activities are currently under way for a new clinic in Aosta, the regional capital.

▪ Two M&A transactions were completed involving the acquisition of a clinic in Bordighera and an outpatient facility in Cagliari, which has since been transferred to the new clinic opened in the Sardinian regional capital at the beginning of 202 6.

▪ CDS, which has been the Official Medical Partner of Genoa Calcio for several years, became the reference HealthTech Centre for the club’s newly established medical -scientific committee, one of the first in Italy to introduce a multidisciplinary panel of experts dedicated to safeguarding the health and wellbeing of its registered players and staff.

▪ CDS played a leading role at the “G19+2 Sanità – Regioni a confronto ” forum held in Genoa, involving institutions and healthcare operators from across Italy, with an exhibition area, a panel dedicated to AI in diagnostic workflows and a mobile clinic offering free cardiovascular screening.

In the half -year CDS recorded revenue of 51 million euro, up 34.4% compared with the same period of the previous year. On a like -for-like basis, considering only clinics opened or acquired before 202 4, growth stood at 8%. This result is even more positive considering that a number of the new openings are located in regions where CDS was already present. Looking at the areas in which the company operates, Piedmont continued to deliver an outstanding performance. In terms of services, diagnostics was the fastest -growing area, while medical centres and dentistry also recorded above -average growth.

Gross operating profit amounted to 6.4 million euro. Excluding non-recurring costs of 2. 6 million euro incurred during the half -year in connection with the growth trajectory mentioned above , current gross operating profit amount ed to 9.0 million euro, up 39% compared with the same period in 2025.

After depreciation and amortisation of 10.6 million euro, which increased following investments made during 2026 for new openings, operating profit for the half -year was negative at 4.2 million euro.

The net result for the half -year was negative at approximately 5.2 million euro , reflecting the above -mentioned non -

recurring costs incurred to support the company’s growth and the fact that recently opened clinics have not yet fully expressed their potential.

Net financial position at June 30, 202 6 was negative at 91.7 million euro, including 3 5.7 million euro in lease liabilities, as required by IFRS 16. Capital increases amounting to 11.6 million euro were carried out during the half -

year; excluding these, cash generation in the half-year was negative at 1 7.5 million euro, due to investments made during the period totalling 23.2 million euro .

SIGNIFICANT EVENTS AFTER THE REPORTING DATE

No significant events took place after the end of the period.

OUTLOOK

The company expects revenue growth in the second half of 202 6, in line with the trend recorded in recent periods .

In terms of profit ability , the company expects a significant increase in gross operating profit .

Interim Report | DIRECTORS’ REPORT

| 33 Italgen (100% INTEREST)

KEY FIGURES

(in millions of euro) H1 2026 H1 2025 Change % Revenue and income 31.2 32.3 (3.3) Gross operating profit (EBITDA) 10.0 14.1 (29.2) % of revenue 32.0 43.7 Amortisation and depreciation (4.3) (3.3) Impairment losses on non -current assets (0.3) -

Operating profit (EBIT) 5.4 10.8 (49.4) % of revenue 17.4 33.3 Net finance income (costs) (1.0) (1.3) Share of profit/(loss) of equity -accounted associat es - -

Profit/(loss) before tax 4.4 9.4 (52.4) % of revenue 14.4 29.3 Income tax (1.3) (2.6) Profit/( loss) for the period 3.2 6.8 (52.7) Cash flows from investing activities 6.8 8.3 Free Cash Flow (4.0) (5.9) The figures refer to the Italgen Group.

(in millions of euro) June 30 , 2026 December 31 , 2025 Total equity 40.3 60.3 Net financial position (55.9) (46.3) Employees (headcount) at the end of the period 70 66

34 |

As reported in the previous quarterly report, i n the first half of 2026 , Italgen further advanced its strategic investment plan, aimed at strengthening its position in the renewable energy sector. Notably :

▪ The photovoltaic plant in Chignolo d’Isola, with an installed capacity of 9.8 MW, and the photovoltaic plant in Borgonovo Val Tidone, with an installed capacity of 4.9 MW, entered into operation;

▪ The greenfield photovoltaic project in Notaresco, with an installed capacity of 5.8 MW, is at an advanced stage of development and is expected to enter into operation by year -end.

The Italgen group's total energy production amounted to 153.4 GWh in the first half of the year , down compared with historical averages and the corresponding period of the previous year, when hydroelectric production had benefited from exceptionally high rainfall volumes and frequency . It should be noted that the share of energy generated by photovoltaic plants continues to increase and reached approximately 14% of total production during the half -year.

Revenue amounted to 3 1.2 million euro, a slight decrease compared with the previous year. Net of 2. 1 million euro in pass -through revenue, normalised revenue decreased by 3.1 million euro, mainly attributable to a decline in volumes. This effect was partially offset by a n increase in prices, with an average unit contribution margin of approximately 11 9 euro.

Gross operating profit for the half-year was positive at 1 0.0 million euro, down by 4.1 million euro , mainly due to the above -mentioned decline in normalised revenue. The result includes non -recurring costs of 1 million euro, primarily attributable to the payment of past concession fees to the regional authority.

After amortisation and depreciation of approximately 4.3 million euro, operating profit was positive at 5.4 million euro. Net profit for the period amounted to 3.2 million euro.

At June 30, 202 6 the Italgen group’s net financial position was negative at 55.9 million euro. This figure includes the payment of the first dividend tranche of 8 million euro made in the second quarter . Excluding dividend payments, cash generation for the half-year was negative at 4.0 million euro, mainly attributable to investments of 6.8 million euro and by a negative working capital trend, which the company expects to absorb in the second half of the year.

SIGNIFICANT EVENTS AFTER THE REPORTING DATE

No significant events took place after the end of the period.

OUTLOOK

The first weeks of the second half of 2026 continue to be characterised by rainfall levels below historical averages.

Energy prices remain at elevated levels; in this regard, it should be noted that, in accordance with company policy, a significant portion of non -incentivised production is sold in advance at fixed prices.

Interim Report | DIRECTORS’ REPORT

| 35 SIDI Sport

KEY FIGURES

(in millions of euro) H1 2026 H1 2025 Change % Revenue and income 14.7 15.6 (5.7) Gross operating profit (EBITDA) 0.1 (0.4) n.s.

% of revenue 0.9 (2.4) Amortisation and depreciation (1.1) (1.0) Impairment losses on non -current assets (2.8) -

Operating profit (EBIT) (3.7) (1.4) >100 % of revenue (25.3) (8.8) Net finance income (costs) (0.6) (0.6) Profit/(loss) before tax (4.3) (1.9) >100 % of revenue (29.4) (12.4) Income tax 0.2 0.3 Profit/(loss) for the period (4.1) (1.6) >100 Cash flows from investing activities 1.0 1.2 Free Cash Flow (4.3) (3.6) The figures refer to the SIDI Sport Group.

n.s. not significant

(in millions of euro) June 30, 202 6 December 31, 202 5 Total equity 53.6 57.7 Net financial position (23.6) (19.6) Employees (headcount) at the end of the period 242 242

(100% INTEREST)

36 |

With regard to SIDI, the following should be noted during the half -year:

▪ SIDI played a leading role at international events and trade fairs, including the Motor Bike Expo in Verona, Strade Bianche, the Riva Bike Festival, Eroica, the Maratona dles Dolomites and international industry events held in Taipei, Chengdu, Tokyo and the United Kingdom. SIDI athletes also achieved excellent results across all segments and categories. In particular, Billy Bolt secured his fifth SuperEnduro World Championship title in Newcastle, while the young cyclist Isaac Del Toro won the general classification of the UAE Tour and Tirreno -

Adriatico, as well as his first stage victory at the Tour de France.

▪ In April, the company hosted at its headquarters in Maser two sales meetings for international agents and distributors from the cycling and motorcycling segments, during which the new Spring/Summer 2027 collection was presented and a visit to the manufactu ring facility was organised. In preparation for the sales meetings, SIDI invested in improvements to offices and infrastructure, for the benefit of all employees.

SIDI closed the half -year with revenue of 14.7 million euro, down 5.7% compared with the corresponding period of the previous year. As already highlighted in the previous quarterly report, the result for the first quarter of 2025 had benefited from the recovery of outstanding orders at the end of the 2024 financial year. In addition, some delays in deliveries of the Spring/Summer 2026 collection recorded at the end of 2025 had a negative impact on reo rders in the first half of the year. With reference to product categories, in the first half of 2026 the cycling segment showed greater resilience than the motorcycling segment.

Gross operating profit f or the period was positive at 0.1 million euro, an improvement compared with a negative 0.4 million euro in the first half of 2025 . The improvement in the result was attributable to the recovery in industrial margins and the containment of the fixed cost structure. In particular, the actions implemented by management made it possible to rationalise certain cost components, including marketing expenses and general and administrative costs. These initiatives helped to offset the trend in revenue and support the improvement in operating performance.

Operating profit amounted to -3.7 million euro , down compared with the corresponding period of 2025. Amortisation and depreciation amounted to approximately 1.1 million euro, substantially in line with 2025. The result was negatively affected by the impairment of intangible assets amounting to 2. 8 million euro, following the reduction in the recoverable amount of goodwill identified in the valuation prepared by the independent expert.

After finance costs of 0.6 million euro, the loss for the period amounted to 4.1 million euro.

Net financial position was negative at 23.6 million euro and includes approximately 4.9 million euro of lease liabilities in accordance with IFRS 16, related to the rental of offices and manufacturing facilities in Italy and Romania. Cash generation in the period was negative at 4.3 million euro .

SIGNIFICANT EVENTS AFTER THE REPORTING DATE

No significant events took place after the end of the period.

OUTLOOK

As already highlighted in the introduction, in April SIDI present ed its new cycling and motorcycling collection for the upcoming season . Currently, the sales team is focused o n order intake activities for the newly launched collection , leveraging the expansion and renewal of the product range . In the second half of the year, further trade marketing activities are planned to support distributors and customers.

Maintaining industrial margins remains a priority, as they are considered a key factor in supporting the company’s profitability and competitiveness over the medium to long term. In this context, management will continue its initiatives aimed at rationalis ing the fixed cost structure, while preserving those development projects considered strategic for the company’s growth path.

Interim Report | DIRECTORS’ REPORT

| 37 Capitelli (80% INTEREST)

KEY FIGURES

(in millions of euro) H1 2026 H1 2025 Change % Revenue and income 11.8 12.4 (5.0) Gross operating profit (EBITDA) 2.2 2.5 (10.0) % of revenue 19.1 20.1 Amortisation and depreciation (0.6) (0.6) Operating profit (EBIT) 1.6 1.9 (13.0) % of revenue 14.3 15.7 Net finance income (costs) 0.0 0.0 Profit/(loss) before tax 1.6 1.9 (14.0) % of revenue 14.0 15.5 Income tax (0.5) (0.5) Profit /(loss) for the period 1.1 1.4 (16.8) Cash flows from investing activities 0.4 0.2 Free Cash Flow 1.2 0.5

(in millions of euro) June 30 , 2026 December 31 , 2025 Total equity 13.0 14.4 Net financial position (2.1) (2.0) Employees (headcount) at the end of the period 36 37

38 |

The investment has been classified as a non -current asset classified as held for sale in accordance with IFRS 5, as a disposal plan has been established and , also in light of the ongoing negotiations with a potential purchaser, the sale is expected to be completed within twelve months of the date of classification.

As noted in the previous quarterly report, this year Capitelli celebrates the 50th anniversary of the company’s establishment, founded in 1976 by the Capitelli family. This is an important milestone for a company that has become synonymous with excellence and quality in the production of artisanal cooked cured meat s.

At June 30, Capitelli recorded revenue of 11.8 million euro, down 5.0% compared with the same period of the previous year. As already highlighted in the previous quarterly report, th e decrease was due both to the inventory effect at customer level generated in the final part of 2025, ahead of the planned three -week production shutdown straddling the end of the financial year , and to the contraction in the cooked cured meat market that characterised the beginning of 2026 . However, both at market level and for the company, performance in the individual months of the second quarter of 2026 showed a progressive improvement, with June reporting results slightly up compared with the corresponding period of the previous year.

Gross operating profit for the half-year amounted to 2.2 million euro . Net of non -recurring costs, gross operating profit amounted to 2.4 million euro. The margin on revenue stood at 20.2%, substantially in line with the same period of the previous year. The decline in revenue was in fact offset by higher unit margins, attributable to lower meat prices , which nevertheless remained above the historical average.

After amortisation and depreciation, which were substantially constant, the operating profit for the half-year came to 1.6 million euro.

Net p rofit for the period was positive at 1.1 million euro.

At June 30, 202 6, net financial position was nega tive at 2.1 million euro . Net of dividend payments of 1.25 million euro, cash generation was positive at 1.2 million euro , up compared with the previous year.

SIGNIFICANT EVENTS AFTER THE REPORTING DATE

No significant events took place after the end of the period.

OUTLOOK

In light of the progressive improvement in the market and the positive performance recorded in June, the company expects revenue growth to resume in the second half of the year. This expectation is supported by the favourable sales trend in the early weeks of July, which shows an increase compared with the corresponding period of the previous year.

With regard to profitability, pork meat prices, a key component of the cost structure, stood at lower levels at the beginning of the second half than in the previous year. In this context, the company expects to achieve higher margins in the second half of 2026.

Interim Report | DIRECTORS’ REPORT

| 39 Tecnica Group (40% INTEREST)

KEY FIGURES

(in millions of euro) H1 2026 H1 2025 Change % Revenue and income 173.8 171.5 1.3 Gross operating profit (EBITDA) (11.4) (12.2) n.s.

% of revenue (6.6) (7.1) Operating profit (EBIT) (24.1) (25.2) n.s.

% of revenue (13.9) (14.7) Profit /(loss) for the period (20.2) (30.9) n.s.

Free Cash Flow (40.3) (18.0) The figures refer to the Tecnica Group.

n.s. not significant

(in millions of euro) June 30, 202 6 December 31, 202 5 Total equity 139.2 166.8 Equity attributable to the owners of the parent company 104.7 132.7 Net financial position (163.0) (116.8) Employees (headcount) at the end of the period 3,504 3,455

40 |

A leader among Italian companies in the ski equipment sector, the world’s second -largest manufacturer of ski boots, with a 22% global market share, and the fifth -largest producer of alpine skis, with an 11% market share (source:

Mediobanca Research Departm ent), Tecnica Group played a leading role in numerous meetings and events organised in connection with the Milano Cortina 2026 Winter Olympic and Paralympic Games during the first half of the year. Although not an official sponsor of the event, the Games provided an opportunity to showcase the Group’s history, expertise and role as an internationally recognised benchmark in the sector , both through direct participation in events and conferences in Italy and abroad and through the involvement of selected customers and dealers in competitions featuring athletes associated with the Group’s brands.

In the first half of the year, Tecnica Group recorded revenue of 17 3.8 million euro, up 1.3% compared with the same period in 202 5. Excellent performance was recorded by the winter sports segment (Nordica, Tecnica, Blizzard ) and Moon Boot, which grew overall by 23.6% and benefit from a solid order book for the second half of the year. LOWA recorded a contraction during the period , mainly attributable to the fact that the first quarter of 2025 had benefited from the recovery of outstanding orders relating to the final part of the previous financial year. However, the decline continued to moderate compared with that recorded in the first quarter.

The Group’s gross operating profit was negative at 1 1.4 million euro, improving compared with the same period of the previous year. The result was attributable to the improvement in industrial margin s during the period , partially offset by a slight increase in fixed costs , including marketing expenses and indirect personnel costs , which support the development of the multi -brand platform.

At June 30, 202 6, net financial position was negative at 16 3.0 million euro. Net of dividend payments of 6.0 million euro and the effects of IFRS 16 , cash generation for the half -year was negative at 40.3 million euro, a result mainly attributable to working capital dynamics .

SIGNIFICANT EVENTS AFTER THE REPORTING DATE

No significant events took place after the end of the period.

OUTLOOK

Looking ahead to the second half of 2026, Tecnica Group expects to continue its growth and business consolidation path. On the revenue side, the winter sports brands benefit from a solid order book, providing positive indications for performance in the coming months. As regards the LOWA brand, the company is implementing a series of targeted commercial and marketing initiatives aimed at further strengthening the brand’s positioning and fully restoring the expected growth trajectory fol lowing the performance recorded in the first half of the year.

At the same time, the Group continues the organisational transformation process initiated over the past year following the appointment of the new Chief Executive Officer and the implementation of the new strategic vision defined by management, with the objective of supporting future growth.

From a profitability perspective, management will continue to pursue the efficiency measures already underway, with particular focus on optimising operating costs and the fixed cost structure.

Interim Report | DIRECTORS’ REPORT

| 41 ISEO (39.246% INTEREST)

KEY FIGURES

(in millions of euro) H1 2026 H1 2025 Change % Revenue and income 84.0 78.4 7.2 Gross operating profit (EBITDA) 9.3 5.2 78.4 % of revenue 11.0 6.6 Operating profit (EBIT) 5.1 0.4 >100 % of revenue 6.0 0.5 Profit /(loss) for the period 2.2 (1.0) >100 Free Cash Flow (3.1) (6.9) The figures in the table refer to the I SEO Group.

(in millions of euro) June 30 , 2026 December 31 , 2025 Total equity 73.4 71.4 Equity attributable to the owners of the parent company 72.4 70.4 Net financial position (41.3) (38.1) Employees (headcount) at the end of the period 1,037 1,043

42 |

During the half -year, ISEO continued its strategic development in the electronic business segment. In particular:

▪ the company was awarded a contract for the supply of mechatronic cylinders and keys to Poste Italiane post offices. This contract confirms the quality of ISEO’s electronic product offering and solutions;

▪ in May, the company received the Copernico40 Award, a recognition granted by Quotidiano Immobiliare to companies making the most significant contribution, through innovation, to the transformation of the real estate sector. ISEO received the award for the advanced technologies it has developed in the field of intelligent access management, a business ar ea in which the company has been investing with conviction for several years and whose contribution to revenue is steadily increasing.

ISEO closed the first half of 2026 with revenue of 84.0 million euro, up 7.2% compared with the same period of the previous year. At market level, Italy and the United Kingdom delivered excellent performances, both recording double -digit growth.

Gross operating profit amounted to 9.3 million euro, up 78.4% compared with 5.2 million euro in the first half of 2025. The result includes 1 million euro of non -recurring costs. Excluding these costs, the increase compared with the previous year amounted to 4.5 million euro, driven by the above -mentioned growth in revenue and by higher margins resulting from lower fixed costs.

At June 30, 2026 , net financial position was negative at 41.3 million euro. Cash generation in the half -year was negative at 3.1 million euro, mainly due to the typical seasonal absorption of working capital during this time of the year, in line with the business’s seasonal trends. Over a twelve -month period (from July 1, 2025 to June 30, 2026), cash generation was positive at 10.2 million euro.

Information on tax risks and provisions As already explained in the previous quarterly financial report, on March 31, 2026 the company received notification of a Tax Audit Report (“Processo Verbale di Constatazione ” or “PVC”) issued by the Italian Financial Police (Guardia di Finanza) – Economic and Financial Police Unit of Brescia, relating to tax audits originally conducted for the 2023 and 2025 tax periods, subsequently extended to the 2020, 2021, 2022 and 2024 f inancial years, concerning the transfer pricing policy adopted by the company in its transactions with foreign affiliated companies. The PVC raised certain findings, the most significant of which may be summarised as follows:

▪ determination of transfer prices for transactions carried out with a subsidiary;

▪ failure to charge royalties for the use of the “I SEO ” trademark to two subsidiaries and to a company not belonging to the group, based on an assumed dominant influence over such entity.

Following detailed and prudent assessments, the amount deemed adequate to cover the estimated burden for taxes, penalties and interest has been recognised in the “Provision for tax risks and charges”. With the support of its tax and legal advisors, the company will continue to monitor the developments of the procedures following the Tax Audit Report, adjusting the provision recognised in the financial state ments should new information emerge or should there be changes in the assessed level of risk.

SIGNIFICANT EVENTS AFTER THE REPORTING DATE

No significant events took place after the end of the period.

OUTLOOK

For the second half of the year , the company expects to maintain its current margins and increase cash generation, driven both by the normalisation of business seasonality and by the efficiency measures implemented by management and already initiated in the first six months of the year , while taking into account the increase in raw material costs.

Interim Report | DIRECTORS’ REPORT

| 43 Bene Assicurazioni (24.996% INTEREST)

KEY FIGURES

(in millions of euro) H1 202 6 H1 202 5 Change % Gross written premiums * 216.3 174.1 24.2 Employees (headcount) at the end of the period 276 197 40.1

* Gross written premiums include the perimeter of Bene Assicurazioni and Bene Life. Figures at June 30, 2026 were not yet available at the date of preparation of this report.

The figures referring to 2026 are based on the information provided by the company.

During the half -year, following the receipt of the authorisation measures issued by the Supervisory Authority upon completion of the relevant review process, Bene Assicurazioni took a significant step in its development and market diversification path by acquiring, at the end of April, from the Tecnocasa Group a 51% stake in CF Life, subsequently renamed Bene Life, and the insurance portfolio of CF Assicurazioni. The two companies generated a total of more than 60 million euro in Non -Life and Life premiums in 2025. In a highly concentrated insurance market, the acquisition represents an important opportunity for Bene Assicurazioni to consolidate its position in the Italian insurance sector by strengthening its presence through access to a new distribution channel tha t intercepts insurance demand related to residential mortgage lending for home purchases and family needs. The transaction also marks the company’s entry into the Life insurance business, with a particular focus on the protection segment.

In the first half of 2026, the Bene Insurance Group recorded gross written premiums of 216.3 million euro, up 24.2% compared with the corresponding period of the previous year. This result was significantly supported by the distribution network acquired as part of the CF transaction, which generated more than 20 million euro of Non -Life and Life premiums. Organic growth in the Non -Life business also recorded a positive trend , supported in particular by the performance of the agency channel and partnerships. With reference to the individual business segments, Non-Motor recorded growth of 35.6%, making it the most dynamic segment during the half -year. The Motor segment and service lines also delivered a p ositive performance, recording double -digit growth.

The territorial network continued to expand, reaching 519 agencies, 51 more than in the first half of 2025. This result, which exceeded expectations, confirms the continued strengthening of Bene Assicurazioni’s competitive positioning in the Italian insura nce market.

The company’s extraordinary growth path has also been recognised within the industry. In May, Andrea Sabìa, founder and CEO of Bene Assicurazioni, was awarded “Best Insurance CEO” at the Insurance Awards 2026, a prestigious award recognising excellence in innovation and transformation within the insurance sector.

44 |

SIGNIFICANT EVENTS AFTER THE REPORTING DATE

No significant events took place after the end of the period.

OUTLOOK

In the second half of the year, Bene Assicurazioni will focus on integrating the recently acquired businesses. The integration process represents one of the company’s main strategic priorities and will involve all business areas.

Activities will focus on harmonising organisational models, operating processes and governance systems, as well as integrating technological platforms and IT systems.

At the same time, the company will continue to maintain a strong focus on the development of its core business. In this context, the objectives for 2026 will not be solely focused on growth in gross written premiums, but also on the progressive improvement of technical profitabi lity and overall margins.

Interim Report | DIRECTORS’ REPORT

| 45 Clessidra Group (100% INTEREST)

KEY FIGURES

(in millions of euro) H1 2026 H1 2025 Change % Net interest income 2.6 2.5 4.1% Net fees and commissions 22.6 17.9 26.2% Income (expenses) from financial assets (0.1) 0.2 Brokerage margin 25.1 20.6 22.0% Administrative expenses (16.8) (15.3) Impairment losses/recoveries on PPE and intangible assets (1.6) (1.5) Other operating income and expenses (1.4) (1.2) Result of operations 5.3 2.6 >100% Income tax (2.4) (1.6) Profit/(loss) for the period 3.0 1.0 >100% The figures are presented in accordance with the formats provided by the Bank of Italy.

(in millions of euro) June 30, 202 6 December 31, 202 5 Total equity 46.3 43.3

46 |

At June 30, 202 6 the Clessidra Financial Group consisted of the parent company Clessidra Holding S.p.A., which directly holds 100% of the shares of Clessidra Private Equity SGR S.p.A., Clessidra Capital Credit SGR S.p.A. and Clessidra Factoring S.p.A., as well as indirect control of Società Semplice Clessidra CRF G.P., in which it indirectly holds a 49% interest through its subsidiary Clessidra Capital Credit SGR S.p.A.

The first half of 2026 for the Clessidra Group closed with a positive brokerage margin of 25.1 million euro ( 20.6 million euro at June 30, 202 5), includ ing 11.5 million euro in management fees for the Clessidra Funds ( 9.8 million euro at June 30, 202 5) and 11.1 million euro in net commissions from factoring ( 8.1 million euro at June 30, 202 5), up due to increased volumes .

Administrative expenses amount ed to 16.8 million euro ( 15.3 million euro at June 30, 202 5), comprising personnel costs of 11.8 million euro ( 10.8 million euro at June 30, 202 5), mainly due to an increase in headcount and other administrative expenses of 4.9 million euro ( 4.5 million euro at June 30, 202 5), relating to consultancy fees and the ordinary operating costs of the Clessidra Group companies . Other operating income and expenses showed a nega tive balance of 1.4 million euro ( negative at 1.2 million euro at June 30, 202 5), a slight increase compared with the same period last year.

The Clessidra Group's consolidated net profit at June 30, 202 6, net of 2.4 million euro of income tax, c ame to approximately 3 million euro.

During the half-year, the Group companies continued their activities in their respective business segments. Notably:

▪ Clessidra Holding : as in the previous year, the company holds investments in Clessidra Private Equity SGR S.p.A., Clessidra Capital Credit SGR S.p.A. and Clessidra Factoring S.p.A. and, in its capacity as parent company of the Financial Group, performs a coordination role for the investee companies. During the first half of 2026, in its capacity as parent company, it continued its investment management activities and, in its role as an outsourcer, undertook a reorganisation process, strengthening its position both as parent company and as a provider o f centralised services, including HR Administration, Management Control and Financial Reporting , Legal and Corporate Affairs , among others . It also outsources key functions, including Compliance , Anti-Money Laundering and Internal Audit.

At June 30, 202 6 the company reported a positive result of 2.3 million euro.

▪ Clessidra Private Equity SGR : during the first half of 2026, the company continued the management of its funds. Clessidra Capital Partners 4 Fund reached total commitments of 581 million euro and, with regard to the management of the Clessidra Capital Partners 3 fund, the company continued its activities aimed at enhancing the value of the portfolio companies. In addition, the investment period of Clessidra Capital Partners 4 was extended until September 30, 2026 (the original expiry date would have been June 14, 2026). On May 18, the investment in the Sopran Ciodue group, operating mainly in the fire protection sector, was completed on behalf of the CCP4 fund. As regards the Clessidra Capital Partners Green Harvest Fund, the subscription period was extended by a further six months (until January 7, 2027) following expressions of interest in subscribing for units of the Fund received from potential institutional investors, with the aim of increasing total commitments to approximately 180 million euro. On June 15, the SGR submitted the prior notification to the Bank of Italy in order to obtain the management passport pursuant to Article 33 of the AIFMD for the management of a Luxembourg AIF (SCSp -RAIF “CCP5”), and also notified CONSOB of the commencement of the pre -marketing activities of CCP5 towards professional investors. Finally, it should be noted that the Italian Financial Police (Guardia di Finanza) – Economic and Financial Police Unit of Rome is continuing its tax audit activities relating to the 2020 tax year and, at present, there are no updates to report.

At June 30, 2026, the management company posted a positive result of 0.2 million euro.

▪ Clessidra Capital Credit SGR : during the first half of 2026, the closing of the transaction relating to D.I.MAR.

S.r.l., active in the distribution of frozen seafood products and ready meals under the “Sapore di Mare” brand, was completed through the Clessidra Credit Recovery Fund. In May, the second closing of the CPDII fund took place, bringing total subscriptions to 124.5 million euro. Fundraising activities are continuing with a view to achieving a third closing and increasing total subscriptions to approxi mately 150 million euro. Also in May, the SGR notified CONSOB of the commencement of the pre -marketing activities of a new AIF, to be named “Clessidra Capital Solutions Fund” (the “Capital Solutions Fund”), mainly dedicated to investing in debt instruments issued by or granted to Italian companies characterised by solid and sustainable fundamentals, but with limited access to credit , capital structure inefficiencies and/or temporary difficulties in meeting their financial obligations .

At June 30, 202 6 the company reported a positive result of 0.1 million euro.

Interim Report | DIRECTORS’ REPORT

| 47 ▪ Clessidra Factoring : during the half-year, the company continued to grow in terms of volumes (turnover, loans and outstanding ), driven both by the significant development of its commercial activities and by the consolidation of its existing client portfolio.

At June 30, 202 6 the company reported a positive result of 4.4 million euro.

SIGNIFICANT EVENTS AFTER THE REPORTING DATE

No significant events took place after the end of the period.

OUTLOOK

During the second half of 2026 , the Group will pursue its objectives across its various business segments, in

particular:

▪ As part of its strategic plan, Clessidra Private Equity SGR will continue its scouting and investment activities for the CCP4 Fund , leveraging the current pipeline which provides good visibility into potential new transactions .

With regard to the Clessidra Capital Partners Green Harvest Fund, the company will continue its dedicated marketing activities with a number of investors who have expressed interest in the vehicle, while continuing the management and value enhancement activities relating to the investments currently held in the portfolio. The launch of the CCP5 Fund is expected during the second half of 2026.

▪ Clessidra Capital Credit SGR will continue the management and value enhancement activities relating to the Clessidra Private Debt, Clessidra Restructuring Fund and Clessidra Restructuring Parallel Fund. The company will also continue the scouting and investment activities of the second edition of the Clessidra Private Debt Fund, launched at the end of the 2025 financial year. With regard to the Clessidra Credit Recovery Fund, the company expects to increase assets under management through new contributions and the reinvestment of generated liquidity, with targeted investments in new NPL and distressed asset portfolios selected through a rigorous approach in both the primary and seco ndary markets. The launch of the Clessidra Capital Solutions Fund is expected during the second half of 2026.

▪ Clessidra Factoring expects to continue increasing intermediated volumes during the second half of 2026 and in the years thereafter, supported by its now well -established market presence and the expansion of its business channels. The target product will remain factoring, both in the B2B segment and towards suppliers to the Public Administration, combining the traditional "Crossover" segment – targeting SMEs with limited access to bank credit – with greater focus and growing volumes in “Special Situations” factoring, aimed at companies with good industrial fundamentals, but affected by crisis settlement procedures in - or out -of-court.

48 |

Other consolidated companies “Other Companies” of the Italmobiliare Group include : Callmewine, a number of companies that own property and land, service companies that carry out activities essentially for the Group and a credit institution based in the Principality of Monaco. This segment is of marginal importance to the Italmobiliare Group, taken a s a whole.

At June 30, 202 6, total revenue and income amounted to 6.7 million euro (6.9 million euro in the same period of the previous year) , with a gross operating profit of -1.8 million euro ( -1.5 million euro at June 30, 202 5).

After amortisation and depreciation of 1.0 million euro, financ e items , income tax and the result s of equity -accounted associates , the result for the first half was nega tive at 3.9 million euro ( -2.8 million euro in the first half of 202 5).

At June 30, 202 6 there were 43 employees working in this sector.

TRANSACTIONS WITH RELATED PARTIES

With regard to the Group's consolidated financial statements, transactions with related parties involved:

▪ associates and their subsidiaries;

▪ other related parties.

All transactions with related parties, whether for the exchange of goods and services or of a financial nature, are conducted at normal market conditions and in compliance with the Code of Corporate Governance .

Summary figures at June 30, 202 6 for transactions with related parties are provided in the notes.

No atypical or unusual transactions as defined by C ONSOB Communication no. DEM/6064293 of July 28, 2006 took place during the period.

Transactions with subsidiaries, associates and their subsidiaries Transactions with subsidiaries, associates and their non -consolidated subsidiaries are of a commercial nature (exchange of goods and/or services) or of a financial nature.

The parent company , Italmobiliare S.p.A. , also provides administrative services to certain subsidiaries, which are charged on the basis of the costs attributable to the services provided.

Transactions with other related parties During the half-year under review, transactions with other related parties concerned:

▪ consulting and legal assistance services, in both in -court and out -of-court matters, provided to Italmobiliare by Studio LCA law firm, of which Board Member Avv. Luca Minoli is a partner, for a total amount of 48,400 euro ;

▪ compensation for the activities performed by former Italmobiliare Board Member Mirja Cartia D’Asero , who held office until April 24, 2026, within the Clessidra Group, for a total amount of 7 3,312 euro;

▪ Pesenti family: 833,733 euro, representing compensation arising from the employment relationship and the fees for the positions held within the Group by the family members;

▪ donation of 250,000 euro to the "Fondazione Cav. Lav. Carlo Pesenti", whose Board of Directors is chaired by Carlo Pesenti , revenue relating to seconded personnel of 9,585 euro, and costs of 12,000 euro relating to the transfer from Fondazione Pesenti to Italmobiliare of the interest held by the former in MIP Politecnico di Milano Società Consortile per Azioni.

Fees paid are in line with market conditions for the type of professional service provided.

Interim Report | DIRECTORS’ REPORT

| 49 LEGAL AND TAX DISPUTES

As explained in previous financial reports, following the completion of various M&A transactions in recent years, the Company – as the seller – is subject to compensation claims, notified by the respective purchasing parties, for alleged breaches of the representations and warranties given by the seller and/or breaches of obligations imposed on it under the relevant contractual documentation. In this regard, no events occurred during the period that would require changes to the previously recognised provisions.

COMPLIANCE WITH THE CONDITIONS FOR LISTING ACCORDING TO CONSOB'S

MARKET REGULA TION

With reference to the Conditions for the listing of certain companies, laid down in Art. 15 et seq. of the Market Regulation adopted by CONSOB with Resolution no. 20249 of December 28, 2017, it should be noted that, based on the "Review Plan", no subsidiary based in a non -European Union country falls within the scope of relevance .

COMPLIANCE WITH SIMPLIFIED RULES PURSUANT TO ARTS. 70 AND 71 OF THE

ISSUERS REGULATION

Italmobiliare S.p.A. has adopted the opt -out regime envisaged by the C ONSOB Issuers Regulation, exercising the right to waive the obligations to publish disclosure documents required in connection with significant merger and demerger transactions, acquisitions, disposals or share capital increases by contributions in kind.

In compliance with this regime, Italmobiliare S.p.A. provided appropriate disclosures to the market.

* * * “Events after the reporting date” are commented on in the notes , to which reference is made.

50 |

Outlook

During the first half of the year, the global economy continued to expand despite a significant energy shock which, in terms of the magnitude of the contraction in oil supply, exceeded that experienced during the oil crises of the 1970s. The destruction of demand was contained by the resilience of the global economy, supported in particular by the simultaneous increase in US exports and reduction in Chinese imports, managed through the release of strategic reserves as well as the reduction of commercial inventories. The mitigation of the shock and expectations that the conflict would be resolve d within a relatively short timeframe were reflected in an acceleration of both current and leading indicators during the second quarter. Overall economic expansion in the first half of the year was driven primarily by the manufacturing sector, supported i n part by inventory restocking processes. Conversely, the services sector showed a more moderate trend , reflecting the effects of higher inflation and rising energy prices on consumption.

Inflation accelerated significantly across the main advanced economies. In the Eurozone, the annual inflation rate increased from a low of 1.7% in January to a peak of 3.2% in May. Although lower oil prices compared with the spring peaks are expected to su pport a gradual decline in inflation during the second half of the year, the second -

round effects of higher energy costs have yet to fully emerge. In addition, persistent inflation in services (Eurozone) and pricing pressures on certain non -energy industri al goods, such as semiconductors (United States and Europe), could slow the normalisation process.

During the second half of the year, monetary policy is expected to remain geared towards containing inflation expectations. Interest rate increases should be viewed as targeted adjustments, dependent on developments in inflation and labour market condition s, rather than as effective monetary tightening, given the low level of real interest rates, which were even negative in the Eurozone . Japan represents an exception, where the normalisation of interest rates primarily reflects stronger domestic demand, the prospect of more sustainable inflation growth and the need to contain the depreciation of the yen. Financial and credit conditions remain broadly supportive worldwide.

Against a backdrop of generally balanced labour markets in major economies, with the exception of China, wage growth is slowing but generally remains in line with, or above, inflation. Consumer demand is expected to continue growing at a moderate pace and, in the case of the United States, to be supported in particular by wealth effects, as the benefits arising from the fiscal measures adopted in the first half of the year begin to fade .

The overall fiscal policy impulse remain s positive . In the Eurozone, fiscal expansion is being sustained by German public spending, European funds and investments in defence and digitalisation, although implementation remains gradual. Taking into account weak external demand, Eurozone growth forecasts remain within a range of between 0.5% and 1%. The Chinese economy is also expected to continue to be supported during the second half of the year by the technology sector and exports. Economic policy remains focused on accelerating public spending directed towards artificial intelligence and strategic infrastructure, whi lst significant fiscal and monetary stimulus aimed at domestic demand appears unlikely. Chinese growth is expected to slow compared with the 5% recorded in 2025.

At a global level, real GDP growth in 2026 is expected to be moderately lower than in the previous year. Underlying the international economic cycle are a number of interconnected structural factors: investments in artificial intelligence and related infra structure, energy capacity and security, as well as increased defence spending, together with the spillover effects generated by these trends, are feeding into a broad cycle of industrial investment.

Artificial intelligence is evolving from a software -based phenomenon into a global economic infrastructure that is expected t o progressively permeate all productive sectors. This represents a structural discontinuity, marking the transition from a predominantly low -capital -intensity growth model, characterised by limited use of physical capital, to a model with significantly higher capital intensity.

The economic outlook remains subject to a number of risk factors, most notably the geopolitical environment. The fragility of the preliminary agreement between the United States and Iran continues to generate uncertainty regarding energy flows, against a backdrop of disruptions affecting transit through th e Strait of Hormuz and the Red Sea. This is compounded by damage to energy infrastructure resulting from the conflicts in the Middle East and between Russia and Ukraine. Global refining capacity has declined and plants are operating at high utilisation rates, limiting the ability to absorb potential supply shocks. The market environment for both refined products and agricultural commodities is also exposed to weather -related risks associated with the El Niño climate phenomenon, which is expected to be particularly intense .

Interim Report | DIRECTORS’ REPORT

| 51 A prolonged conflict would exert further upward pressure on energy prices, with particularly adverse effects on economies that are more vulnerable and dependent on imports, such as those of Europe. Europe also remains exposed to a continued increase in nat ural gas prices , fuelled both by geopolitical tensions in the Persian Gulf region and by the concurrent seasonal increase in Asian demand for LNG.

The economic effects could be amplified by financial market reactions to inflation volatility, through an increase in the risk premium required by investors on long -term government bonds and the resulting impact on equity valuations .

Italmobiliare will continue to support the Group’s companies with the aim of ensuring effective oversight of production chains and international distribution channels, which today remain heavily influenced by persistent geopolitical and trade tensions, whi le at the same time offering attractive growth and development opportunities in certain markets. In this context, it will be essential to further strengthen production and financial planning capabilities, diversify and consolidate sourcing and distribution channels, adopt effective hedging and pricing strategies and maintain a particularly proactive commercial approach, especially in those markets offering the greatest opportunities for Italmobiliare’s Portfolio Companies, including North America, Japan, Korea and, despite the current temporary slowdown, China.

In line with Italmobiliare’s mission and its strategic sustainability objectives, it will also be essential to continue and accelerate the transformation processes of the Portfolio Companies by acting on the main growth drivers:

investments in technology, with particular attention to the efficiency and optimisation opportunities offered by automation and artificial intelligence; product innovation focused on the continuous pursuit of quality and excellence;

strengthening brand positioning; enhancing human capital; and developing managerial capabilities.

At the same time, the Company intends to seize the opportunities offered by an investment market that continues to show significant dynamism, both through the value enhancement of equity investments that have reached full maturity following the growth path developed together with the holding company and through the identification of new investment opportunities, particularly in sectors adjacent to Italmobiliare’s main investment platforms, namely food & beverage, healthcare services and the lifestyle sector.

Milan, July 29, 2026 For the Board of Directors The Chairman and Chief Executive Officer

(Carlo Pesenti)

52 |

Interim Report | DIRECTORS’ REPORT

| 53

ANNEX

54 |

Annex

The Net Asset Value (NAV) of Italmobiliare S.p.A., as a non -accounting measure, is defined as the fair value of financial assets and property investments, net of financial liabilities and the tax effect.

(in millions of euro) Notes June 30, 2026 December 31,

2025 Change

Portfolio Companies B 1,588 1,583 5 Other equity investments B 146 154 (8) Private capital funds C 276 276 (0) Properties and related assets D 65 66 (1) Financial assets, trading, cash and cash equivalents E 166 227 (61) Total Net Asset Value 2,240 2,305 (65)

The following is a reconciliation of the captions that make up the NAV with the statement of financial position of Italmobiliare included in the Italmobiliare Group's condensed consolidated interim financial statements at June 30, 2026.

(in millions of euro) Notes June 30, 2026 December 31,

2025 Change

Portfolio Companies as per NAV A 1,588 1,583 5 Investments in subsidiaries and associates Caffè Borbone 144 144 0 Italgen 20 20 0 Fratelli Capitelli 14 14 0 FT2 Officina Profumo -Farmaceutica di Santa Maria Novella 194 194 0 SIDI Sport 54 57 (3) CDS -Casa della Salute 100 90 10 Tecnica Group 43 43 0 Iseo 43 40 3 Bene Assicurazioni 56 56 0 Clessidra 33 33 0 Total amounts as per statement of financial position F 701 692 9 Difference F-A (887) (891) 3 The difference is due to the fact that , in the statement of financial position of Italmobiliare S.p.A. , equity investments are measured at cost, whereas for NAV purposes they are measured at fair value .

During the period , the investment in F.lli Capitelli was reclassified within non -current assets classified as held for sale in accordance with IFRS 5.

Interim Report | DIRECTORS’ REPORT

| 55

(in millions of euro) Notes June 30, 2026 December 31,

2025 Change

Other equity investments as per NAV B 146 154 (8) Investments in other companies G Archimede 19 19 0 Vontobel 2 4 (2) Piaggio 0 0 (0) Sesaab 0 1 (1) 035 Investimenti 1 1 0 Ariston 2 4 (2) New Flour 0 1 (0) CCC Holdings Europe 7 7 0 Compagnia Fiduciaria 1 1 (0) Schema Piada 0 0 0 Cartiere Burgo 8 10 (2) Lewis S.p.A. 15 15 0 MIP Politecnico 0 0 0 Total H 57 63 (6)

Investments in subsidiaries and associates Crédit Mobilier de Monaco 17 17 0

SES 8 9 (1)

Franco Tosi Ventures 1 1 (0) Farmagorà 24 24 0 ITM Bacco 12 12 0 Callmewine 6 5 1 Total I 67 68 (1)

Total amounts as per statement of financial position H+I 124 131 (8) Difference (G+H+I) -B (22) (22) 0 The difference is due to the fact that , in the statement of financial position of Italmobiliare S.p.A. , equity investments in ITM Bacco S.r.l. and Farmagorà are measured at cost, whereas for NAV purposes they are measured at fair value .

In addition, the Archimede loan was reclassified for NAV purposes from “Financial assets, trading , cash and cash equivalents ” to “Other equity investments” .

The investment in Cr édit Mobilier de Monaco was classified as a non-current asset classified as held for sale in accordance with IFRS 5.

56 |

(in millions of euro) Notes June 30, 2026 December 31,

2025 Change

Private capital funds as per NAV C 276 276 (0)

Bonds and mutual funds Clessidra (Funds) 138 141 (3)

BDT2 49 50 (1)

BDT3 11 10 1

Isomer 9 10 (1) Isomer II 3 2 1 Isomer III 1 1 (0) Isomer Opportunities 2 2 (0)

ICONIQ IV 8 10 (2)

ICONIQ V 11 11 (0)

LINDSAY 4 4 (0)

Lauxera 2 3 (1) Expedition 3 3 (0) Connect Ventures 4 3 1 JAB Consumer 24 22 2 Italian Founder Fund 1 0 1 Other 7 5 2 Total L 276 276 (0) Difference L-C - - -

(in millions of euro) Notes June 30, 2026 December 31, 2025 (*) Change Properties and related assets as per NAV D 65 66 (1) of which properties 19 18 1 of which subsidiaries 12 13 (1)

Property, plant and equipment of Italmobiliare S.p.A.

Property - Via Borgonuovo, Milan 8 7 (0) Total M 8 7 1 0 Investment property of Italmobiliare S.p.A.

Property - Via Borgonuovo, Milan apt. 20 -23 7 6 1 Property - Via Sallustiana, Rome 5 5 (0) Total N 12 11 1

Investments in subsidiaries and associates (which own properties) Punta Ala 2 2 (0) Sepac 0 0 0 ITM Servizi 10 11 (1) Total O 12 13 (1)

Investments in other companies Astra Immobiliare 0 0 0 Total P 0 0 0

Total amounts as per statement of financial position (M+N+O+P) 31 31 0 Difference D-(M+N+O+P) (34) (35) (1) The difference relates , for approximately 34 million euro , to the fact that in the statement of financial position of Italmobiliare S.p.A. properties are measured at cost, whereas for NAV purposes they are measured at fair value (including the subsidiaries that own the properties ).

Interim Report | DIRECTORS’ REPORT

| 57

(in millions of euro) Notes June 30, 2026 December 31,

2025 Change

Financial assets, trading, cash and cash equivalents as per NAV E 166 227 (61)

Cash and cash equivalents 20 81 (61) FV of derivatives receivable - 0 0 Other current assets (1) 109 116 (7) Non-current financial assets (2) 44 40 4 Total cash and cash equivalents 173 237 (64)

Current loans and borrowings - (1) 1 Current financial liabilities (4) (3) (1) Current options on securities - (2) 2 Non-current lease payables (3) - 0 0 Total financial position (4) (6) 2 0 Total net financial position of Italmobiliare S.p.A. 169 231 (62)

Other current assets Sirap Gema S.r.l. * - 2 (2) Other current assets Archimede ** (6) (6) 0 Other current assets FT2 *** 3 0 3 Total financial assets, trading, cash and cash equivalents as per NAV (*) Q 166 227 (61) Difference Q-E - - -

(1) This item also includes mutual funds, bonds, intercompany current accounts, accrued interest and commission income on loa ns and mutual funds.

(2) This item includes medium/long -term loans and CASHES securities .

(3) This item includes intercompany current accounts and short -term payables for lease contracts.

(*) Note that the item “Financial assets, trading, cash and cash equivalents” no longer includes the investment in Sirap Gema S.r.l., as it was liquidated at December 31, 2025 (1.6 million euro at December 31, 2025).

(**) Note that the item “Total net financial position of Italmobiliare S.p.A.” includes the loan granted to Archimede S.p.A., reclassified for NAV purposes from “Financial assets, trading, cash and cash equivalents” to “Other equity investments”.

(***) Note that the item “Financial assets, trading, cash and cash equivalents” includes the financial position of FT2 S.r.l. amounting to 2.5 million euro (0.2 million euro at December 31 , 2025 ).

58 |

RECONCILIATION OF THE CAPTIONS INCLUDED IN THE STATEMENT OF FINANCIAL

POSITION OF ITALMOBILIARE S.P.A.

(in millions of euro) Notes June 30, 2026 December 31,

2025 Change

Investments in subsidiaries and associates Amount as per statement of financial position of Italmobiliare S.p.A. 779 773 6 Amount from reconciliation F+I+O 779 773 6 Difference - - -

(in millions of euro) Notes June 30, 2026 December 31,

2025 Change

Investments in other companies Amount as per statement of financial position of Italmobiliare S.p.A. 57 63 (6) Amount from reconciliation G+H+P 57 63 (6) Difference - - -

(in millions of euro) Notes June 30 , 2026 December 31 ,

2025 Change

Other non -current assets Amount as per statement of financial position of Italmobiliare S.p.A. 327.2 322.6 4.6 Amount from reconciliation L 275.7 276.3 (0.6) Difference 51.5 46.3 5.2 Bond s Included in NFP 0.0 0.0 0.0 CASHES securities Included in NFP 2.4 2.9 (0.5) Difference 49.0 43.4 5.6 Receivables due from subsidiaries Included in NFP 35.4 30.7 4.7 Receivables due from other Included in NFP 9.7 9.6 0.1 Other assets Not included in NFP 0.2 0.8 (0.5) Guarantee deposits Not included in NFP 0.0 0.0 (0.0) Tax consolidation receivables from subsidiaries Not included in NFP 3.7 2.3 1.4 Difference - - (0.1)

(in millions of euro) Notes June 30, 2026 December 31,

2025 Change

Property, plant and equipment Amount as per statement of financial position of Italmobiliare S.p.A. 8.4 8.9 (0.5) Amount from reconciliation M 7.7 7.1 0.6 Difference 0.7 1.8 (1.1) The difference relates to the fact that the item in the statement of financial position of Italmobiliare S.p.A. also includes the investment in property, plant and equipment of 0.1 million euro and the IFRS 16 impact of 0.6 million euro.

(in millions of euro) Notes June 30, 2026 December 31,

2025 Change

Investment property

Amount as per statement of financial position of Italmobiliare S.p.A. 11.6 10.8 0.8 Amount from reconciliation N 11.6 10.8 0.8 Difference - - -

(in millions of euro) Notes June 30, 2026 December 31,

2025 Change

NFP Amount as per statement of financial position of Italmobiliare S.p.A. 169.4 231.1 (61.6) Amount from reconciliation Q 165.9 226.5 (60.7) Difference 3.6 4.5 (1.0) Note that the item “ Amount as per statement of financial position of Italmobiliare S.p.A.” does not include the financial position of FT2 S.r.l. amounting to 2.5 million euro (0.2 million euro at December 31, 202 5) and includes the loan granted to Archimede S.p.A. amounting to 6 million euro at June 30, 202 6, which was reclassified, for NAV purposes, from "Financial assets, trading , cash and cash equivalents" to "Other equity investments".

Interim Report | DIRECTORS’ REPORT

| 59 RECONCILIATION OF THE PERFORMANCE INDICATORS WITH THE FINANCIAL

STATEMENTS

(in millions of euro) Notes June 30 , 2026 June 30 ,

2025* Change

Gross operating profit (EBITDA) A 47.0 39.2 7.8 Revenue and income 375.7 351.0 24.7 Other revenue and income 1.2 0.8 0.4 Change in inventories 3.6 1.0 2.6 Internally produced and capitalised assets 1.8 1.7 0.1 Raw materials and supplies (151.8) (150.0) (1.8) Services (82.5) (69.9) (12.6) Personnel expenses (80.9) (66.3) (14.6) Other operating income (expense) (20.1) (29.1) 9.0 Total amounts as per statement of financial position B 47.0 39.2 7.8 Difference A-B - - -

* The figure at June 30, 2025 has been restated to reflect the classification of Capitelli in accordance with IFRS 5.

(in millions of euro) Notes June 30 , 2026 June 30 ,

2025* Change

Operating profit (EBIT) as per report C 13.8 13.8 (0.0) Revenue and income 375.7 351.0 24.7 Other revenue and income 1.2 0.8 0.4 Change in inventories 3.6 1.0 2.6 Internally produced and capitalised assets 1.8 1.7 0.1 Raw materials and supplies (151.8) (150.0) (1.8) Services (82.5) (69.9) (12.6) Personnel expenses (80.9) (66.3) (14.6) Other operating income (expense) (20.1) (29.1) 9.0 Amortisation and depreciation (30.5) (24.9) (5.5) Impairment losses on non -current assets (2.8) (0.5) (2.2) Total amounts as per statement of financial position D 13.8 13.8 (0.0) Difference C-D - - -

* The figure at June 30, 2025 has been restated to reflect the classification of Capitelli in accordance with IFRS 5.

(in millions of euro) Notes June 30 , 2026 December 31 ,

2025 Change

Net financial position E (368.1) (257.3) (110.8) Caption Financial statement class Cash and bank balances Cash and bank balances 110.9 143.7 (32.8) Short -term derivatives Other current assets including derivatives 0.0 0.1 (0.1) Equity investments measured at FVTPL Investments , bonds and current financial receivables 2.0 1.6 0.3 Financial assets at amortised cost Investments , bonds and current financial receivables - - -

Funds and other financial instruments Investments , bonds and current financial receivables 103.1 148.4 (45.3) Other receivables Investments , bonds and current financial receivables 2.5 3.0 (0.5) Other loan assets and financial instruments Other current assets including derivatives 0.6 1.5 (0.8) Prepaid expenses Other current assets including derivatives - - -

Total current financial assets 219.2 298.3 (79.2) Loans and borrowings Loans and borrowings (279.5) (259.0) (20.6) Financial liabilities Financial liabilities (68.7) (59.6) (9.0) Due to financial and private equity companies Other liabilities (0.0) (0.1) 0.1 Derivatives Other liabilities (8.5) (8.9) 0.4 Total current financial liabilities (356.7) (327.6) (29.1) Non-current receivables Trade receivables and other non -current assets 10.6 9.6 1.0 Other Trade receivables and other non -current assets - - -

Financial assets measured at amortised cost Trade receivables and other non -current assets - - -

Financial assets at FVTPL in NFP Trade receivables and other non -current assets 2.4 2.9 (0.5) Derivatives Other current assets including derivatives 0.1 0.0 0.0 Total non -current assets 13.1 12.6 0.5 Financial liabilities Financial liabilities (246.6) (245.9) (0.7) Derivatives payable on loans Other non -current payables and liabilities (0.0) (0.1) 0.0 Total non -current financial liabilities (246.6) (246.0) (0.6) Financial assets held for sale Financial assets held for sale 11.9 11.4 0.5 Liabilities directly associated with assets classified as held for sale Liabilities directly associated with assets classified as held for sale (8.9) (6.0) (2.9) Ttoal NFP held for sale 2.9 5.4 (2.4) Total net financial position F (368.1) (257.3) (110.8) Difference E-F . .

60 |

Interim Report | CONDENSED CONSOLIDATED INTERIM FINANCIAL ST ATEMENTS | 61

CONDENSED

CONSOLIDATED

INTERIM

FINANCIAL

STATEMENTS

62 |

CONSOLIDATED FINANCIAL STATEMENTS

Statement of financial position

(in thousands of euro) Notes 30.06.202 6 31.12.2025 Change

Non-current assets

Property, plant and equipment 1 381,535 365,590 15,945 Investment property 17,157 16,469 688 Goodwill 2 288,801 291,334 (2,533) Intangible assets 322,576 328,214 (5,638) Investments in equity -accounted associates 3 211,121 214,424 (3,303) Other equity investments 4 105,189 118,542 (13,353) Trade receivables and other non -current assets 5 291,343 291,880 (537) Deferred tax assets 6 10,992 10,891 101 Non-current receivables from employees Total non -current assets 1,628,714 1,637,344 (8,630)

Current assets

Inventories 7 110,316 118,371 (8,055) Trade receivables 8 447,259 428,414 18,845 Other current assets including derivative financial instruments 26,500 19,070 7,430 Tax assets 21,549 21,783 (234) Equity investments, bonds and current financial receivables 9 107,578 153,089 (45,511) Cash and cash equivalents 10 110,925 143,703 (32,778) Total current assets 824,127 884,430 (60,303) Assets classified as held for sale 11 46,441 23,674 22,767 Total assets 2,499,282 2,545,448 (46,166)

Equity

Share capital 12 100,167 100,167 Share premium 55,607 55,607 Reserves 13 41,393 50,360 (8,967) Treasury shares 14 (12,743) (11,234) (1,509) Retained earnings 13 1,255,735 1,304,542 (48,807) Equity attributable to owners of the parent company 1,440,159 1,499,442 (59,283) Non-controlling interests 15 192,562 195,558 (2,996) Total equity 1,632,721 1,695,000 (62,279)

Non-current liabilities

Financial liabilities 17 246,576 245,899 677 Employee benefits 9,083 9,958 (875) Provisions 16 19,948 20,311 (363) Non-current tax liabilities Other non -current payables and liabilities 2,505 995 1,510 Deferred tax liabilities 6 21,865 23,329 (1,464) Total non -current liabilities 299,977 300,492 (515)

Current liabilities

Financial liabilities 17 348,182 318,596 29,586 Trade payables 18 103,063 121,830 (18,767) Provisions 16 1,641 846 795 Tax liabilities 924 706 218 Other liabilities 19 97,552 101,518 (3,966) Total current liabilities 551,362 543,496 7,866 Total liabilities 851,339 843,988 7,351 Liabilities directly associated with assets classified as held for sale 11 15,222 6,460 8,762 Total equity and liabilities 2,499,282 2,545,448 (46,166)

Interim Report | CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

D63 |

| 63

Income statement

(in thousands of euro) Notes H1

2026 % H1

2025 IFRS 5 % Change % Revenue and income 20 375,705 100.0 351,028 100.0 24,677 7.0 Other revenue and income 1,155 775 380 Change in inventories 3,618 1,019 2,599 Internally produced and capitalised assets 1,828 1,707 121 Raw materials and supplies 21 (151,795) (149,993) (1,802) Service costs 22 (82,536) (69,934) (12,602) Personnel expenses 23 (80,909) (66,300) (14,609) Other operating income/(expenses) 24 (20,069) (29,057) 8,988 Gross operating profit (EBITDA) 46,997 12.5 39,245 11.2 7,752 19.8 Amortisation and depreciation (30,459) (24,924) (5,535) Impairment losses on non -current assets (2,750) (506) (2,244) Operating profit (EBIT) 13,788 3.7 13,815 3.9 (27) -0.2 Finance income 25 72 302 (230) Finance costs 25 (7,428) (6,069) (1,359) Exchange -rate difference s and net gains/(losses) on derivatives 25 (1) (728) 727 Impairment of financial assets -

Share of profit/(loss) of equity -accounted associates 3 226 (16,335) 16,561 Profit/(loss) before tax 6,657 1.8 (9,015) -2.6 15,672 n.s.

Income tax 26 (5,584) 1,590 (7,174) Profit/(loss) from continuing operations 1,073 0.3 (7,425) -2.1 8,498 n.s.

Profit/(loss) from discontinued operations, net of tax effects 1,363 1,293 70 Profit/(loss) for the period 2,436 0.6 (6,132) -1.7 8,568 n.s.

Attributable to:

Owners of the parent company (2,907) -0.8 (10,663) -3.0 7,756 72.7 Non-controlling interests 5,343 1.4 4,531 1.4 812 17.9 Earnings per share 28 Basic ordinary shares (0.069) € (0.252) € Diluted ordinary shares n.a. n.a.

n.a. not a pplicable n.s. not significant

64 |

The table below presents the reclassifications of the Income Statement resulting from the application of IFRS 5 to Capitelli.

(in thousands of euro) H1 2025

IFRS 5 % H1 2025

PUBLISHED % Change %

Revenue and income 351,028 100.0 363,442 100.0 (12,414) -3.4 Other revenue and income 775 779 (4) Change in inventories 1,019 1,667 (648) Internally produced and capitalised assets 1,707 1,707 -

Raw materials and supplies (149,993) (156,790) 6,797 Service costs (69,934) (71,736) 1,802 Personnel expenses (66,300) (67,576) 1,276 Other operating income/(expenses) (29,057) (29,669) 612 Gross operating profit (EBITDA) 39,245 11.2 41,824 11.5 (2,579) -6.2 Amortisation and depreciation (24,924) (25,478) 554 Impairment losses on non -current assets (506) (506) -

Operating profit (EBIT) 13,815 3.9 15,840 4.4 (2,025) -12.8 Finance income 302 307 (5) Finance costs (6,069) (6,099) 30 Exchange -rate difference s and net gains/(losses) on derivatives (728) (728) -

Impairment of financial assets - -

Share of profit/(loss) of equity -accounted associates (16,335) (16,335) -

Profit/(loss) before tax (9,015) -2.6 (7,015) -1.9 (2,000) -28.5 Income tax 1,590 883 707 Profit/(loss) from continuing operations (7,425) -2.1 (6,132) -1.7 (1,293) -21.1 Profit/(loss) from discontinued operations, net of tax effects 1,293 1,293 Profit/(loss) for the period (6,132) -1.7 (6,132) -1.7 -

Attributable to:

Owners of the parent company (10,663) -3.0 (10,663) -3.0 -

Non-controlling interests 4,531 1.3 4,531 1.3 -

Earnings per share Basic ordinary shares (0.252) € (0.252) € Diluted ordinary shares n.a. n.a.

n.a. not applicable

Interim Report | CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

D65 |

| 65 Statement of comprehensive income

(in thousands of euro) Notes H1

2026 % H1

2025 % Change % Profit/(loss) for the period 2,436 0.6 (6,132) -1.7 8,568 n.s.

Other comprehensive income/(expense) from continuing operations, net of tax 27 Items that will not be reclassified subsequently to profit or loss, net of tax Remeasurement of net defined benefit liability/(asset) (103) (103) Remeasurement of net defined benefit liability/(asset) -

investments in equity -accounted associates Fair value gain/(loss) on investments in equity instruments designated as at FVTOCI (10,028) 16,490 (26,518) Fair value gain/(loss) on investments in equity instruments designated as at FVTOCI - investments in equity -accounted associates Income tax 384 (186) 570 Total items that will not be reclassified to profit or loss, net of tax (9,747) 16,304 (26,051) Items that may be reclassified subsequently to profit or loss, net of tax Foreign exchange differences on translation of foreign operations 378 (1,202) 1,580 Foreign exchange differences on translation of foreign operations -

investments in equity -accounted associates 571 (2,802) 3,373 Fair value gain/(loss) on cash flow hedging derivatives 106 217 (111) Fair value gai n/(loss) on cash flow hedging derivatives -

investments in equity -accounted associates (1,332) 6,162 (7,494)

Income tax

Total items that may be reclassified subsequently to profit or loss, net of tax (277) 2,375 (2,652) Total other comprehensive income for the period from continuing operations, net of tax (10,024) 18,679 (28,703) Total other comprehensive income for the period from discontinued operations, net of tax Total other comprehensive income for the period (10,024) 18,679 (28,703) Total comprehensive income for the period (7,588) -2.0 12,547 3.6 (20,135) n.s.

Attributable to:

Owners of the parent company (12,212) 7,071 (19,283) Non-controlling interests 4,624 5,476 (852)

n.s. not significant

66 |

Consolidated statement of changes in equity

Attributable to owners of the parent company Non-

controlling

interests Total

equity

Reserves

(in thousands of euro) Share

capital Share

premium FVTOCI

fair

value

reserve Fair value

hedging

reserve Actuarial

gain/(loss) on

defined

benefit plans Other

reserves Treasury

shares Translation

reserve Retained

earnings Total

share

capital

and

reserves

Balances at December 31, 2024 100,167 55,607 40,342 (2,270) 649 1,765 (5,166) 2,422 1,287,918 1,481,434 191,668 1,673,102 Profit/(loss) for the period (10,663) (10,663) 4,531 (6,132) Total other comprehensive income from continuing operations 15,276 6,366 (3,908) 17,734 945 18,679 Total other comprehensive income from

discontinued operations,

net of tax Total comprehensive income for the period 15,276 6,366 (3,908) (10,663) 7,071 5,476 12,547 Dividends (38,055) (38,055) (9,250) (47,305)

Share buyback

Other (8,107) 2 538 5,116 (2,451) 1,118 (1,333) Balances at June 30, 2025 100,167 55,607 47,511 4,096 651 2,303 (5,166) (1,486) 1,244,316 1,447,999 189,012 1,637,011 Profit/(loss) for the period 66,401 66,401 6,401 72,802 Total other comprehensive income from continuing operations 9,900 (1,259) 725 (782) 8,584 (260) 8,324 Total other comprehensive income from

discontinued operations,

net of tax Total comprehensive income for the period 9,900 (1,259) 725 (782) 66,401 74,985 6,141 81,126

Dividends

Share buyback (6,068) (6,068) (6,068) Other (16,177) (1) (16) 2,627 (3,907) (17,474) 405 (17,069) Balances at December 31, 2025 100,167 55,607 41,234 2,836 1,360 4,930 (11,234) (2,268) 1,306,810 1,499,442 195,558 1,695,000 Profit/(loss) for the period (2,907) (2,907) 5,343 2,436 Total other comprehensive income from continuing operations (8,956) (1,228) (48) 927 (9,305) (719) (10,024) Total other comprehensive income from

discontinued operations,

net of tax Total comprehensive income for the period (8,956) (1,228) (48) 927 (2,907) (12,212) 4,624 (7,588) Dividends (46,218) (46,218) (8,625) (54,843) Share buyback (1,509) (1,509) (1,509) Other 1,454 (84) 1 (106) (609) 656 1,005 1,661 Balances at June 30, 2026 100,167 55,607 33,732 1,524 1,313 4,824 (12,743) (1,341) 1,257,076 1,440,159 192,562 1,632,721

Interim Report | CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

D67 |

| 67 Statement of cash flows

(in thousands of euro) Notes H1 202 6 H1 202 5

IFRS 5

A) Cash flows from operating activities Profit/(loss) before tax 6,657 (9,015)

Adjustments for:

Amortisation, depreciation and impairment 33,209 25,926 Reversal of share of profit/(loss) of equity -accounted associates (226) 16,335 (Gain)/loss on non -current assets (390) (1,502) Change in employee benefits and other provisions 141 942 Reversal of net finance costs and income (5,252) (946) Inventories 7,461 1,299 Trade receivables (23,645) (48,865) Trade payables (15,905) 1,407 Other receivables/liabilities, accruals and deferrals (15,789) 11,031 Net finance costs paid/received 3,328 (686) Dividends received 457 797 Income tax paid (1,795) (7,968) Cash outflows on derivatives Cash flows from operating activities of assets held for sale 2,160 809 Total A) (9,589) (10,436) B) Cash flows from investing activities

Capital expenditure:

Property, plant and equipment , and investment property (42,724) (37,751) Intangible assets (5,802) (3,445) Financial assets (equity investments and funds), net of cash acquisitions (16,652) (46,161) Proceeds from disposal of net non -current assets 20,559 9,306 Change in financial assets 39,090 59,665 Change in current equity investments (330) 19,566 Cash flows from investing activities of assets held for sale (10) (10) Total B) (5,869 ) 1,170 C) Cash flows from financing activities Change in financial liabilities 30,570 27,450 Share buyback (1,509)

Capital increases

Dividends paid (46,593) (39,205) Other changes 1,838 (4,577) Cash flows from financ ing activities of assets held for sale (793) 2,356 Total C) (16,487 ) (13,976) D) Translation differences and other changes Translation differences and other changes (266) (214) Translation differences and other changes relating to assets held for sale (*) (567) (1,521) Total D) (833) (1,735) E) Cash flows for the period (A+B+C+D) (32,778) (24,977) F) Cash and cash equivalents at the beginning of the period 143,703 138,083 Change in cash and cash equivalents relating to assets held for sale 790 1,634 Cash and cash equivalents at the end of the period (E+F) 10 110,925 113,106

(*) The item “Translation differences and other changes relating to assets held for sale” includes the reclassification of cash and cash equivalents relating to Crédit Mobilier de Monaco and Capitelli.

The main changes of the cash flows from investing activities are discussed in the relevant section of the notes.

68 |

The table below presents the reclassifications of the Statement of Cash Flows resulting from the application of IFRS 5 to Capitelli.

(in thousands of euro) H1 202 5

IFRS 5 H1 2025

PUBLISHED

A) Cash flows from operating activities Profit/(loss) before tax (9,015) (7,015)

Adjustments for:

Amortisation, depreciation and impairment 25,926 26,484 Reversal of share of profit/(loss) of equity -accounted associates 16,335 16,335 (Gain)/loss on non -current assets (1,502) (1,502) Change in employee benefits and other provisions 942 974 Reversal of net finance costs and income (946) (922) Inventories 1,299 1,723 Trade receivables (48,865) (48,673) Trade payables 1,407 3,471 Other receivables/liabilities, accruals and deferrals 11,031 6,546 Net finance costs paid/received (686) (686) Dividends received 797 797 Income tax paid (7,968) (7,968) Cash outflows on derivatives Cash flows from operating activities of assets held for sale 809 Total A) (10,436) (10,436) B) Cash flows from investing activities

Capital expenditure:

Property, plant and equipment , and investment property (37,751) (37,751) Intangible assets (3,445) (3,445) Financial assets (equity investments and funds), net of cash acquisitions (46,161) (46,161) Proceeds from disposal of net non -current assets 9,306 9,306 Change in financial assets 59,665 72,544 Change in current equity investments 19,566 19,566 Cash flows from investing activities of assets held for sale (10) Total B) 1,170 14,059 C) Cash flows from financing activities Change in financial liabilities 27,450 10,169

Share buyback

Capital increases

Dividends paid (39,205) (39,205) Other changes (4,577) 2,171 Cash flows from financ ing activities of assets held for sale 2,356 Total C) (13,976) (26,865) D) Translation differences and other changes Translation differences and other changes (214) 752 Translation differences and other changes relating to assets held for sale (1,521) (1,521) Total D) (1,735) (769) E) Cash flows for the period (A+B+C+D) (24,977) (24,011) F) Cash and cash equivalents at the beginning of the period 138,083 138,083 Change in cash and cash equivalents relating to assets held for sale 1,634 (1,521) Cash and cash equivalents at the end of the period (E+F) 113,106 114,072

Interim Report | CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

D69 |

| 69 NOTES TO THE CONDENSED CONSOLIDATED INTERIM

FINANCIAL STATEMENTS

The condensed consolidated interim financial statements of Italmobiliare S.p.A. at June 30, 202 6 were approved by the Board of Directors on July 29, 202 6. During the meeting, the Directors also authorised the publication of a press release dated July 29, 202 6, containing key information from these condensed consolidated interim financial statements.

Statement of compliance with IFRS The condensed consolidated interim financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the European Union and applicable from January 1, 202 6, and, in particular IAS 34 – Interim Financial Reporting.

The condensed consolidated interim financial statements do not contain all of the information and notes required in annual financial statements and should therefore be read in conjunction with the consolidated financial statements of Italmobiliare S.p.A. at December 31, 202 5.

In compliance with Regulation (EC) No. 1606/2002 of July 19, 2002, the accounting standards adopted do not include the standards and interpretations published by the IASB and the IFRIC at June 30, 202 6 but not yet endorsed by the European Union a t that date.

The following accounting standards, amendments and IFRS interpretations were applied for the first time by the Group starting from January 1, 202 6:

▪ On May 30, 2024 the IASB published a document titled “ Amendments to the Classification and Measurement of Financial Instruments – Amendments to IFRS 9 and IFRS 7 ”. The document clarifies some issues identified during the post -implementation review of IFRS 9, including the accounting treatment of financial assets whose returns vary based on the achievement of ESG objectives (i.e., green bonds). In particular, the a mendments

aim to:

• clarify the classification of financial assets with variable returns linked to ESG objectives, as well as the criteria to be used for assessing the SPPI test;

• determine that the settlement date of financial liabilities settled through electronic payment systems is the date on which the liability is extinguished. Nevertheless, an entity may adopt an accounting policy that allows derecognition of a financial liabi lity before transferring cash on the settlement date, subject to specific conditions.

With these amendments, the IASB has also introduced additional disclosure requirements, particularly for investments in equity instruments designated at FVTOCI.

▪ On December 18, 2024 the IASB published an amendment titled “ Contracts Referencing Nature -dependent Electricity – Amendment to IFRS 9 and IFRS 7 ”. The document aims to support entities in reporting the financial effects of contracts for the purchase of electricity generated from renewable sources (often structured as Power Purchase Agreements). Under such contracts, the quantity of electricity gen erated and purchased may vary due to uncontrollable factors, such as weather conditions. The IASB has introduced targeted amendments to IFRS 9 and IFRS 7. The amendments include:

• a clarification regarding the application of the “own use” requirements to this type of contract;

• criteria for accounting for such contracts as hedging instruments; and • new disclosure requirements to enable financial statement users to understand the impact of these contracts on an entity's financial performance and cash flows.

▪ On July 18, 2024 the IASB published a document titled “ Annual Improvements Volume 11 ”. This document includes clarifications, simplifications, corrections and changes aimed at improving the consistency of several IFRS Accounting Standards. The document amends the following:

• IFRS 1 First -time Adoption of International Financial Reporting Standards;

70 |

• IFRS 7 Financial Instruments: Disclosures and the related IFRS 7 implementation guidance;

• IFRS 9 Financial Instruments;

• IFRS 10 Consolidated Financial Statements; and • IAS 7 Statement of Cash Flows.

The adoption of th ese amendment s did not have any effect on the Group’s condensed consolidated interim financial statements .

ACCOUNTING STANDARDS, AMENDMENTS AND IFRS ACCOUNTING STANDARDS

INTERPRETATIONS ENDORSED BY THE EUROPEAN UNION

At the date of this document, the competent bodies of the European Union have completed the endorsement process required for the adoption of the amendments and standards described below. These standards are not yet mandatory and have not been adopted early by the Group at June 30, 2026:

▪ On April 9, 2024 the IASB published a new standard titled “IFRS 18 Presentation and Disclosure in Financial Statements ”, which will replace “IAS 1 Presentation of Financial Statements ”. The new standard aims to improve the presentation of financial statements, with particular focus on the income statement layout. In particular, the new standard requires:

• the classification of income and expenses into three new categories (operating, investing, and financing), in addition to the existing categories for taxes and discontinued operations in the income statement layout.

• the presentation of two new subtotals: operating profit and profit before interest and taxes (i.e., EBIT).

In addition, the new standard:

• requires more detailed information on management -defined performance measures;

• introduces specific new criteria for aggregating and disaggregating information; and • implements changes to the cash flow statement layout, including the requirement to use operating profit as the starting point for the cash flow statement prepared under the indirect method, and the removal of certain existing classification options (e.g., interest and dividends paid and interest and dividends received).

The new standard will apply from January 1, 2027, with early adoption permitted. The Directors are currently assessing the possible effects of the introduction of this new standard on the Group's consolidated financial statements, with the assistence of a consulting firm.

ACCOUNTING STANDARDS, AMENDMENTS AND IFRS ACCOUNTING STANDARDS

INTERPRETATIONS , NOT YET ENDORSED BY THE EUROPEAN UNION

At the date of this document, the competent bodies of the European Union have not yet completed the endorsement process required for the adoption of the amendments and standards described below.

▪ On May 9, 2024 the IASB published a new standard titled “ IFRS 19 Subsidiaries without Public Accountability:

Disclosure s” (together with the “ Amendments to IFRS 19 Subsidiaries without Public Accountability:

Disclosures ” published on August 21, 2025). The new standard introduces certain simplifications with respect to the disclosure requirements under IFRS Accounting Standards in the separate financial statements of a subsidiary that meets the following criteria:

• it has not issued, and is not in the process of issuing, equity or debt instruments traded in a public market;

• its parent prepares consolidated financial statements in accordance with IFRS Accounting Standards.

The new standard will apply from January 1, 2027, with early adoption permitted. The new standard is not applicable to the Group's consolidated financial statements.

Interim Report | CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

D71 |

| 71 ▪ On November 13, 2025 the IASB published a document titled “ Translation to a Hyperinflationary Presentation Currency – Amendment to IAS 21 ”, which clarifies the translation procedures for an entity whose presentation currency is that of a hyperinflationary economy. An entity applies the amendments when:

• its functional currency is that of a non -hyperinflationary economy and it is translating its results and financial position into the currency of a hyperinflationary economy; or • it is translating into the currency of a hyperinflationary economy the results and financial position of a foreign operation whose functional currency is that of a non -hyperinflationary economy.

The amendment s will apply to financial statements for periods beginning on or after January 1, 2027. The Directors do not expect this amendment to have a ny effect on the Group’s consolidated financial statements.

▪ On May 27, 2026 the IASB published the standard titled “ IFRS 20 – Regulatory Assets and Regulatory Liabilities ”. The new standard applies to all entities subject to a specific type of rate regulation, namely rate regulation that creates timing differences. The objective of the new standard is to require an entity to provide relevant information that faithfully rep resents the effects of regulatory income and expenses on the entity’s financial performance, as well as the effects of regulatory assets and regulatory liabilities on its financial position. To achieve this objective, the new standard establishes requireme nts for the recognition, measurement, presentation and disclosure of regulatory assets, regulatory liabilities, regulatory income and regulatory expenses. Regulatory assets and regulatory liabilities represent a subset of the rights and obligations created by a regulatory agreement. Information about this subset of rights and obligations enables users of financial statements to understand:

• an entity’s regulatory income and regulatory expenses, which arise from regulatory assets and regulatory liabilities. This understanding, together with the information required by other IFRS Accounting Standards, provides insight into the total compensatio n allowed for regulated goods or services supplied by the entity during a reporting period and, consequently, into the entity’s financial performance and prospects for future

cash flows;

• an entity’s regulatory assets and regulatory liabilities. This understanding provides information about the entity’s financial position at the end of a reporting period and about the amount, timing and uncertainty of the entity’s future cash flows.

IFRS 20 will replace IFRS 14 – Regulatory Deferral Accounts and will apply from January 1, 2029, with early adoption permitted. The Directors are currently assessing the possible effects of the introduction of this new standard on the Group’s consolidated financial statements.

▪ On June 27, 2026 the IASB published a document titled “ Amendments to the Fair Value Option for Investments in Associates and Joint Ventures (Amendments to IAS 28) ”, which clarifies which entities are eligible to measure investments in associates and joint ventures using the fair value option provided for by IAS 28. The IASB decided to develop the amendments to address:

• the lack of clarity regarding the meaning of “similar entities, including investment -linked insurance funds” and how that definition should be interpreted, whether narrowly or broadly; and • different interpretations of the relationship between the scope of the fair value option in IAS 28 and the IFRS 18 requirements relating to “specified main business activities”.

The amendments will apply at the same time as IFRS 18 and therefore to annual reporting periods beginning on or after January 1, 2027. The Directors do not expect these amendments to have a significant effect on the Group’s consolidated financial statement s.

MEASUREMENT CRITERIA AND BASIS OF PRESENTATION

The consolidated financial statements are prepared using the cost method, except for derivatives and financial assets, which are measured at fair value. The consolidated financial statements are presented in euro, the functional currency of the Parent Company , Italmobiliare S.p.A. All amounts in the accounting schedules and notes are rounded to the nearest thousands of euro, unless otherwise specified.

72 |

The basis of presentation of the Italmobiliare Group’s financial statements is as follows:

▪ Current and non -current assets and liabilities are presented as separate classifications in the statement of financial position. Current assets, which include cash and cash equivalents, are assets that the Group intends to reali se, sell or consume during its normal business cycle; current liabilities are those the Group expects to settle during the normal business cycle or within twelve months after the end of the reporting period;

▪ In the income statement, costs are analysed by nature;

▪ For comprehensive income, the Group presents two statements . The first statement presents the traditional income statement components together with the profit (loss) for the period, while the second statement, starting from the profit (loss) for the period , presents other comprehensive income: fair value changes on financial assets measured at FVTOCI , fair value changes on derivative financial instruments designated in hedge accounting, translation differences and effects of the remeasurement of defined benefit plans , presenting separately the items that may subsequently be reclassified to profit or loss for the period from those that will not be reclassified;

▪ The statement of cash flows is prepared using the indirect method, with separate presentation of cash flows from operating, investing and financing activities relating to discontinued operations. In particular, although the Group does not diverge from the provisions of IAS 7 in the classification of items, the following should be noted :

• cash flows from operating activities report cash flows from core operations, interest on loans granted and obtained and dividends received from associates;

• investing activities include investments in property, plant and equipment and intangible assets, shareholdings, private capital funds and disposals of such assets. They also include the effects of business combinations in which the Group acquires or loses control of companies, as well as other minor

investments;

• cash flows from financing activities include cash flows generated by liability management transactions and leases, dividends and interim dividends paid to owners of the Parent Company and non -controlling interests , and the effects of transactions in non -controlling interests that do not change control of the

companies involved;

• a separate item reports the impact of exchange rates on cash and cash equivalents , and their effect on profit or loss is fully eliminated to neutrali se the impact on cash flows from operating activities.

SIGNIFICANT JUDGEMENTS AND USE OF ESTIMATES

The financial statements have been prepared on a going -concern basis. The Group considers that there are no significant uncertainties about its going -concern status, by virtue of its financial solidity.

In preparing the condensed consolidated interim financial statements , the following significant judgements were made in applying the Group's accounting standards :

▪ the investment in Bacco S.p.A. is measured at FVTOCI , consistent with the 2025 financial statements ;

▪ the investment in the CCC Holdings Europe Group (Italy) is measured at FVTOCI, as the investment amounts to 8.4 30% and Italmobiliare does not have significant influence over the investment , consistent with the 2025 financial statements ;

▪ the investment in Archimede is measured at FVTOCI, as the investment amounts to 17.24 % and Italmobiliare does not have significant influence over the investment , consistent with the 2025 financial statements .

The main assumptions regarding the future and the principal causes of estimation uncertainty at the end of the reporting period, which present a significant risk of material adjustments to the carrying amounts of assets and liabilities in the next financial year, are as follows :

▪ impairment of goodwill and investments in associates (for further details, see the paragraph on goodwill);

▪ impairment of assets with an indefinite useful life ;

Interim Report | CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

D73 |

| 73 ▪ measurement of the fair value of financial assets: for investments in listed companies, fair value is measured on the basis of the market price at the reporting date and could undergo significant changes during the following period; for financial assets measured using a Level 2 and Level 3 fair value measurements , there is a high degree of judgement due to the complexity of the valuation techniques and significant inputs. Furthermore, for private capital funds, assessments are made on the basis of the latest NAV communicated by the fund (updated on March 31, 202 6);

▪ calculation of expected credit loss es: currently, the subsidiaries have not encountered significant problems in recovering trade receivables and do not expect any material adverse impact from this matter in the future ;

▪ estimation of provisions and key assumptions regarding future events affecting provisions (for further details, see the paragraph on current and non -current provisions).

EXCHANGE RATES USED TO TRANSLATE THE FINANCIAL STATEMENTS OF

FOREIGN OPERATIONS

Average rate Closing rate Currencies H1 2026 H1 2025 June 30, 202 6 June 30, 2025 US dollar 1.16660 1.09275 1.13940 1.72000 Romanian leu 5.14254 5.00409 5.24390 5.07850 Pound sterling 0.86720 0.84229 0.86178 0.85550 Japanese yen 184.45872 162.11952 185.08000 169.17000 Chinese Renminbi 8.00731 7.73140 South Korea n Won 1,730.65856 1,767.08000 Hong Kong dollar 9.12744 8.93500

The exchange rates used to translate the financial statements of foreign companies are those pu blished by the Bank of Italy.

SIGNIFICANT EVENTS AND CHANGES IN THE CONSOLIDATION AREA

The main changes in the consolidation area during the period are as follows:

▪ reclassification of Capitelli as assets held for sale (IFRS 5), with the consequent restatement of comparative income statement figures , as describ ed in the Interim Directors’ Report ;

▪ change in the consolidation percentage of Farmagorà S.p.A. Società Benefit from 24.864% to 24.649%, following the subscription of a capital increase by the other shareholders;

▪ change in the consolidation percentage of Casa della Salute S.p.A. from 89.239% to 89.036%, following the subscription of a capital increase by the other shareholders;

▪ change in the consolidation percentage of Callmewine S.r.l. from 80.577% to 88.04%, following the subscription of a capital increase not subscribed proportionally by all shareholders;

▪ line-by-line consolidation (100%) of Technos Medica S.r.l. (Italy) (which controls Premium Medica S.r.l.), 100% acquired by CDS Medical S.r.l., with an investment amount of 5.7 million euro;

▪ line-by-line consolidation (100%) of Servizi Medici Due S.r.l. (Italy), 100% acquired by CDS Medical S.r.l., with an investment amount of 2.5 million euro;

▪ line-by-line consolidation (100%) of Sport Center 2000 S.r.l. (Italy), 100% acquired by Casa della Salute S.p.A., with an investment amount of 0.5 million euro;

▪ merger by incorporation of Ecoscan S.r.l. and Novamedica S.r.l., which were already wholly owned, into Casa della Salute S.p.A.;

74 |

▪ liquidation of Callmewine UK Limited;

▪ liquidation of Sirap S.r.l.;

▪ incorporation of Santa Maria Novella China Limited (China), wholly owned by Santa Maria Novella Hong Kong.

SEASONAL NATURE OF INTERMEDIATE RESULTS

The Group's industrial sectors are influenced by seasonal factors , and this circumstance should be taken into account when examining and evaluating interim results. In particular, t he compan y most affected is Tecnica Group , which limits the representativeness of the first -half results as an indicator of performance for the full year. For a description of the activities of the individual companies, please refer to the 202 5 Annual Financial Report.

Acquisitions of subsidiaries and associates During 2026, for the acquisitions made during the year by CDS -Casa della Salute, consisting of companies managing medical centres, the net assets acquired were considered broadly in line with their fair value and the premium paid was provisionally allocate d to goodwill.

The provisional allocation of the consideration paid for the companies Technos Medica and Premium Medica is

summarised below:

(in thousands of euro) 100% statutory amount of the acquired companies Fair value adjustment Fair value attributable to the acquisition Net property, plant and equipment and other non -current assets 664 664 Intangible assets 29 29 Trade receivables and other current assets 282 282 Cash and cash equivalents 1,320 1,320 Trade payables and other current liabilities (1,600) (1,600) Employee benefits (50) (50) Fair value of net assets acquired (A) 645 645 Goodwill (B) 5,064 5,064 Total purchase consideration A + B 645 5,064 5,709

(in thousands of euro) Purchase price of equity investments 5.709 Cash and cash equivalents acquired (1.320) Net cash outflow on acquisition 4.389 The provisional allocation of the consideration paid for the company Servizi Medici Due is summarised below:

(in thousands of euro) 100% statutory amount of the acquired companies Fair value adjustment Fair value attributable to the acquisition Net property, plant and equipment and other non -current assets 27 27 Trade receivables and other current assets 225 225 Cash and cash equivalents 235 235 Trade payables and other current liabilities (333) (333) Provisions and deferred tax liabilities (116) (116) Employee benefits (71) (71) Fair value of net assets acquired (A) 10 10 Goodwill (B) 2,490 2,490 Total purchase consideration A + B 10 2,490 2,500

(in thousands of euro) Purchase price of equity investments 2,500 Cash and cash equivalents acquired (235) Net cash outflow on acquisition 2,265

Interim Report | CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

D75 |

| 75 Finally, the provisional allocation of the consideration paid for the company Sport Center 2000 is summarised below:

(in thousands of euro) 100% statutory amount of the acquired companies Fair value adjustment Fair value attributable to the acquisition Net property, plant and equipment and other non -current assets 10 10 Intangible assets 6 6 Trade receivables and other current assets 11 11 Cash and cash equivalents 6 6 Trade payables and other current liabilities (13) (13) Employee benefits (20) (20) Fair value of net assets acquired (A) Goodwill (B) 500 500 Total purchase consideration A + B 500 500

(in thousands of euro) Purchase price of equity investments 500 Cash and cash equivalents acquired (6) Net cash outflow on acquisition 494 Operating segment disclosure The activities in which the Group operates and which constitute the operating segment disclosure required by IFRS 8 are the following : Caffè Borbone, Officina Profumo -Farmaceutica di Santa Maria Novella, Italgen, CDS -Casa della Salute, Capitelli, SIDI Sport, Clessidra Group, Tecnica Group, Iseo , Bene Assicurazioni and “Other companies ”, including Crédit Mobilier de Monaco , Italmobiliare Servizi , and Callmewine (which together account for 1.5% of consolidated revenue).

The Group ’s management and organisational structure reflects the business segment disclosure described above.

Identification of the operating segments is based on the information used by the Group ’s senior management to make decisions regarding the allocation of resources and the evaluation of results.

The table below presents the segment data related to revenue and income and the results at June 30, 202 6:

(in thousands of euro) Revenue and income Inter -

company

sales Contribution

revenue Gross

operating

profit

(EBITDA) Operating

profit

(EBIT) Net finance

income/

(expenses ) Impairment

of financial

assets Share of

profit /(loss)

of equity -

accounted

associates Profit

(loss)

before tax Income tax Italmobiliare 54,512 (35,298) 19,214 26,125 25,659 Caffè Borbone 189,422 (11) 189,411 28,346 21,252 Officina Profumo -

Farmaceutica di Santa Maria Novella 34,657 (28) 34,629 4,931 428 Italgen 31,230 (1,941) 29,289 9,987 5,446 1 CDS -Casa della Salute 51,028 51,028 6,388 (4,199)

Capitelli

Clessidra Group 32,020 32,020 9,006 7,409 SIDI Sport 14,682 14,682 128 (3,720) Tecnica Group (8,076) Bene Assicurazioni 1,941

Iseo 7,767

Other companies 6,726 (1,294) 5,432 (1,790) (2,793) (1,407) Unallocated items and adjustments (38,572) 38,572 (36,124) (35,694) (7,357) 9,210 (5,584) Total 375,705 375,705 46,997 13,788 (7,357) 226 9,210 (5,584)

76 |

The table below presents the segment data related to revenue and income and the results at June 30, 202 5, restated for the application of IFRS 5 :

(in thousands of euro) Revenue and

income Intercompany

sales Contribution

revenue Gross

operating

profit

(EBITDA) Operating

profit

(EBIT) Net finance

income/

(expenses) Impairment

of financial

assets Share of

profit /(loss)

of equity -

accounted

associates Profit

(loss)

before

tax Income

tax Italmobiliare 52,737 (34,530) 18,207 21,657 21,170 Caffè Borbone 184,483 (3) 184,480 23,292 16,740 Officina Profumo -

Farmaceutica di Santa Maria Novella 32,470 (14) 32,456 6,530 2,395 Italgen 32,287 (1,581) 30,706 14,098 10,755 (22) CDS -Casa della Salute 37,966 37,966 4,265 (2,958)

Capitelli

Clessidra Group 25,916 25,916 4,295 2,796 SIDI Sport 15,574 15,574 (381) (1,375) Tecnica Group (12,557)

Bene Assicurazioni

Iseo (3,126)

Other companies 6,948 (1,225) 5,723 (1,486) (2,878) (630) Unallocated items and adjustments (37,353) 37,353 (33,025) (32,830) (6,495) (9,015) 1,590 Total 351,028 351,028 39,245 13,815 (6,495) (16,335) (9,015) 1,590

The following table presents other segment figures at June 30, 202 6:

June 30, 202 6 June 30, 202 6 (in thousands of euro) Total assets Total liabilities Capital

expenditure Non-current

financial

investments Amorti sation and

depreciation Impairment

losses o n non-

current assets

Italmobiliare 1,355,843 37,398 787 11,214 (467) Caffè Borbone 563,025 183,888 24,716 (7,094) Officina Profumo -Farmaceutica di Santa Maria Novella 246,254 37,103 2,736 (4,503) Italgen 133,506 93,182 5,423 (4,274) (267) CDS -Casa della Salute 208,967 148,448 14,254 8,709 (10,587)

Capitelli 401

Clessidra Group 400,691 354,389 595 (1,597) SIDI Sport 95,801 42,219 583 (1,098) (2,750) Tecnica Group 72,680 Bene Assicurazioni 58,517

Iseo 47,564

Other companies 98,144 28,627 1,464 (1,003) Inter-segment eliminations (828,151) (73,915) 164 267 Total 2,452,841 851,339 50,959 19,923 (30,459) (2,750) From assets classified as held for sale 46,441 15,222 Total 2,499,282 866,561 50,959 19,923 (30,459) (2,750)

Capital expenditure on tangible and intangible assets includes increases arising from the application of IFRS 16 amounting to 4,721 thousand euro, which have been excluded from the cash flow statement as they do not represent cash flows.

Trade payables for tangible and intangible assets increased by 2,2 88 thousand euro.

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| 77 The following table presents other segment figures at December 31 , 202 5 and June 30, 202 5:

December 31, 202 5 June 30, 202 5 (in thousands of euro) Total assets Total liabilities Capital

expenditure Non-current

financial

investments Amortisation

and

depreciation Impairment

losses o n non-

current assets

Italmobiliare 1,396,602 52,484 87 44,198 (488) Caffè Borbone 550,579 166,027 4,613 (6,552) Officina Profumo -Farmaceutica di Santa Maria Novella 250,966 41,474 5,402 (4,135) Italgen 137,224 76,897 10,804 (3,343) CDS -Casa della Salute 188,321 134,218 10,714 1,948 (7,223) Capitelli 24,583 10,231 216 (554) Clessidra Group 381,848 338,531 301 15 (1,501) SIDI Sport 102,019 44,357 1,408 (994) Tecnica Group 83,866 Bene Assicurazioni 57,117

Iseo 39,848

Other companies 100,753 26,282 11,622 (886) (506) Inter-segment eliminations (791,952) (46,513) 198 Total 2,521,774 843,988 45,167 46,161 (25,478) (506) From assets classified as held for sale 23,674 6,460 Total 2,545,448 850,448 45,167 46,161 (25,478) (506)

Capital expenditure on tangible and intangible assets includes increases arising from the application of IFRS 16 amounting to 6,394 thousand euro, which have been excluded from the cash flow statement as they do not represent cash flows .

Market capitalisation

During the period, Italmobiliare S.p.A .’s market capitalisation increased slightly compared with December 31, 202 5 (from 1,150.7 million euro to 1,174.4 million euro, equal to 2.1%), despite a decline in the reference equity market (ITSTAR -4.87%).

NAV decreased slightly, as explained in the Interim Directors’ Report , while market capitalisation recorded a slight increase ; consequently, the discount against NAV decreased.

78 |

ASSETS

Non-current assets

1) PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment amount ed to 381,535 thousand euro. Increases for investments during the period amounted to 45,076 thousand euro, of which 4,721 thousand euro related to right s-of-use assets arising from the application of IFRS 16 , and were mainly concentrated in Italy , amounting to 44,895 thousand euro.

Property, plant and equipment of Crédit Mobilier de Monaco and Capitelli were reclassified to “Assets held for sale” , amounting to 16,737 thousand euro.

Amorti sation and depreciation for the period relating to “Property, plant and equipment” amounted to 22,940 thousand euro (18,397 thousand euro in the first half of 202 5, restated ), of which 6,934 thousand euro related to rights -of-use assets arising from the application of IFRS 16.

Property, plant and equipment are not pledged as collateral for bank loans .

2) GOODWILL

The goodwill shown in the financial statements at June 30, 202 6 amount ed to 288,801 thousand euro (291,334 thousand euro at December 31, 202 5) and relates to:

▪ Caffè Borbone for 160,556 thousand euro;

▪ SIDI Sport Group for 31,466 thousand euro;

▪ Officina Profumo -Farmaceutica di Santa Maria Novella for 36,168 thousand euro (36,183 thousand euro at December 31, 202 5);

▪ CDS -Casa della Salute for 42,996 thousand euro (34,788 thousand euro at December 31, 202 5);

▪ Callmewine for 7,638 thousand euro;

▪ Clessidra Group for 9,631 thousand euro;

▪ Italgen Group for 346 thousand euro.

Goodwill relating to Capitelli was reclassified to “ Assets classified as held for sale ” for 8,011 thousand euro.

Goodwill impairment testing Goodwill , acquired in a business combination, is allocated to cash -generating units (CGUs). The Group tests goodwill recoverability at least once a year or more frequently if there are indicators of impairment.

The increase in goodwill allocated to the CDS -Casa della Salute group relates to the difference between the purchase price of the acquired entities, as described in the paragraph “Significant Events and Changes in the Consolidation Area” , and the ir related net equity, which was provisionally allocated to goodwill.

No trigger events related to the businesses of the cash -generating units (CGUs) emerged that would require an impairment test (either on goodwill or on intangible assets), with the exception of SIDI, as the company did not achieve the budget targets set fo r the first half of the year.

The recoverable amount of SIDI was determined with the assistance of an independent expert based on the 2026 forecast and the 2025 -2028 plan (updated in January 2025). The test identified evidence of an impairment loss on goodwill of 2,750 thousand euro.

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| 79 3) INVESTMENTS IN EQUITY -ACCOUNTED ASSOCIATES

This item includes the portions of net equity held in equity -accounted investments in associates. The main equity -

accounted investments in associates are listed below.

Carrying amount of investments Share of profit (loss) (in thousands of euro) June 30, 2026 December 31, 2025 2026 2025

Associates

Tecnica Group 72,680 83,866 (8,076) (12,557) Iseo 47,564 39,848 10,320 (3,126) Bene Assicurazioni 58,517 57,117 1,941

S.E.S. 8,100 9,201 (1,240)

Farmagorà 23,986 24,119 (167) (630) Other 274 273 1 (22) Total associates 211,121 214,424 2,779 (16,335)

It should be noted that the valuation of Bene Assicurazioni , accounted for using the equity method, was based on data as at March 31, 2026.

The negative result of Tecnica Group was influenced by the seasonality of its business. However, at June 30, 2026, its recoverable amount was recalculated and determined on a fair value basis, taking into account : (i) the non -

binding agreements entered into with the majority shareholder; and (ii) the EV/EBITDA 2026 multiple applied to the 2026 forecast EBITDA. In applying the market multiples method, an adequate discount was taken into account to determine the fai r value of the investment compared with the value resulting from the application of the average multiple of the reference sample. Since the fair value of the investment estimated on the basis of this multiple is significantly higher than its carrying amoun t, there is no evidence of an impairment loss on the investment. The sensitivity analysis showed that even in the event of significant changes ( -20%) in the reference EBITDA used, there would be no evidence of impairment.

With regard to the associate ISEO Serrature S.p.A., the recoverable amount was recalculated on the basis of an estimate of the fair value of the investment (in line with the approach applied at December 31, 2025). The latter was determined by applying the market multiples method (specifically, the average EV/EBITDA 2026 multiple was used).

Since the associate's specific situation and the effective level of comparability in terms of size, profitability and risk of the listed companies included in the sample used to calculate the multiples were taken into account, an adequate discount was applied to determine the fair value of the investment compared with the value implicit in the straightforward application of the average multiple for the reference sample. Th e analysis resulted in a reversal of impairment losses amounting to 7,035 thousand euro.

With regard to the investment in the associate Società Editrice Sud S.p.A. (S.E.S.), an impairment test was carried out based on an estimate of its fair value. The latter was determined by applying the market multiples method. Since there are no updates to the accounting data, nor any forward -looking indications formalised in a budget/plan document, the fair value of the investment was estimated based on the EV/Sales 2025 multiple obtained from a sample of listed companies in the same sector. Since these co mpanies have sizes and business profiles that are sometimes significantly different, an appropriate discount was applied to determine the fair value of the investment compared with the value implicit in a straightforward application of the average multiple for the sample. The estimate of the fair value of the investment carried out according to the criteria described above resulted in a reduction in the value of the investment of 1,240 thousand euro.

With regard to the investment in the associate Bene Assicurazioni S.p.A., the fair value was determined by applying the market multiples method, specifically, the P/GWP 2026 multiple obtained from a sample of listed companies in the same sector and applied to the company’s 2026 Gross Written Premium (GWP). Since the associate's specific situation and the effective level of comparability in terms of size, profitability and risk of the listed companies included in the sample used to calculate the multiples we re taken into account, an appropriate discount was applied to determine the fair value of the investment compared with the value implicit in a straightforward application of the average multiple for the reference sample. Since the fair value of the investm ent estimated on the basis of this multiple is higher than the carrying amount of the investment, there is no evidence of impairment loss on the investment.

Except as specified above, no trigger events emerged that would require an impairment test.

80 |

4) OTHER EQUITY INVESTMENTS

Other equity investments at June 30, 202 6 were as follows:

(in thousands of euro) Number of shares June 30, 202 6 Investments in listed companies Vontobel 25,000 1,989 Ariston 504,766 1,812 Piaggio 169,699 273 Can Fite 20

Total 4,074

Investments in unlisted companies

Bacco 39,947

Burgo 8,400

Archimede 19,280

Lewis 15,400

Tri Alpha Energy 7,651 Cold Chain Capital Holdings Europe S.p.A. (CCCHE) 7,400 New Flour 340

Sesaab 200

Other 2,497

Total 101,115

At period -end 105,189

The fair value of listed companies was determined based on the official share price on the last trading day, while for unlisted investments, in accordance with IFRS 13, the fair value was determined using different methods depending on the characteristics and available data, such as fair value less cost s to sell, discounted cash flow or, where insufficient information is available, the net equity as reported in the latest approved financial statements.

The carrying amount of equity investments decreased by 13,353 thousand euro compared with December 31, 202 5 (118,542 thousand euro).

The change was mainly attributable to the following events:

▪ partial disposal of the investment in Vontobel for 2,087 thousand euro (with the disposal price including the reclassification of the FVTOCI reserve to retained earnings for -802 thousand euro);

▪ partial disposal of the investment in Ariston for 1,816 thousand euro (with the disposal price including the reclassification of the FVTOCI reserve to retained earnings for 2,257 thousand euro);

▪ fair value adjustment relating to Archimede for 464 thousand euro;

▪ fair value adjustment relating to Vontobel for 263 thousand euro;

▪ fair value adjustment relating to Ariston for -437 thousand euro;

▪ fair value adjustment relating to Sesaab for -800 thousand euro;

▪ fair value adjustment relating to Burgo for -1,500 thousand euro;

▪ fair value adjustment relating to Bacco for -1,801 thousand euro;

▪ fair value adjustment relating to Tri Alpha Energy for -5,389 thousand euro.

These fair value adjustments were recognised in the specific FVTOCI reserve within equity.

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D81 |

| 81 With regard to the investment in Cold Chain Capital Holdings Europe S.p.A. (CCCHE), the fair value was determined by applying the market multiple s method. Since there are no updates to the accounting data, nor any forward -

looking indications formalised in a budget/plan document, the fair value of the investment was estimated based on the EV/EBITDA 202 5 multiple obtained from a sample of listed companies in the same sector. An appropriate discount was applied with respect to the reference benchmark , which consisted of the market multiples recorded for a sample of comparable listed companies. The discount was defined based on facts and circumstances relating to the specific situation of the investee considered and the effective level of comparability in terms of size, profitability and risk of the listed companies that make up the sample.

With regard to the investment in SESAAB S.p.A., the fair value was determined by applying the market multiple s method. Since there are no updates to the accounting data, nor any forward -looking indications formalised in a budget/plan document, the fair value of the investment was estimated based on the EV/EBITDA 202 5 multiple obtained from a sample of listed companies in the same sector. Given that these companies have sizes and business profiles that are , in some cases, significantly different, an appropriate discount was applied in determining the fair value of the investment compared with the value implicit in a straightforward application of the average multiple for the sample. The analysis resulted in an impairment loss recognised through the FVTOCI reserve of 800 thousand euro.

With regard to the investment in Burgo Group S.p.A., the fair value was determined by applying the market multiples method. The fair value of the investment was estimated based on the EV/EBITDA 2025 multiple obtained from a sample of listed companies in th e same sector. Since these companies have sizes and business profiles that are sometimes significantly different, an appropriate discount was applied to determine the fair value of the investment compared with the value implicit in a straightforward applic ation of the average multiple for the sample. Since the fair value of the investment estimated on the basis of this multiple is lower than the carrying amount of the investment, an impairment loss recognised through the FVTOCI reserve of 1,500 thousand eur o was recorded.

5) TRADE RECEIVABLES AND OTHER NON -CURRENT ASSETS

(in thousands of euro) June 30, 2026 December 31, 2025 Change Non-current receivables 10,859 10,390 469 Financial assets at FVTPL in NFP 2,447 2,911 (464) Financial assets at FVTPL not in NFP 275,752 276,306 (554) Guarantee deposits 2,234 2,225 9 Other 51 48 3 Total 291,343 291,880 (537)

“Financial assets at FVTPL no t in NFP” include private capital funds , mainly increased because of investments for 11,162 thousand euro and net revaluations of 745 thousand euro , offset by partial repayments of 7,723 thousand euro, disposals of 7,194 thousand euro and positive exchange -rate differences of 2,710 thousand euro .

6) DEFERRED TAX ASSETS AND DEFERRED TAX LIABILITIES

Deferred tax assets of 10,992 thousand euro ( 10,891 thousand euro at December 31, 2025) mainly consist of deferred tax assets calculated on the temporary differences of the various subsidiaries. The assets are recognised because, based on forecast s prepared by the consolidated companies, it is considered probable that sufficient taxable income will be generated in the coming years.

The deferred tax liabilities of 21,865 thousand euro ( 23,329 thousand euro at December 31, 2025) are mainly attributable to deferred taxes relating to intangible assets and tax stepped -up goodwill.

82 |

Current assets

7) INVENTORIES

The decrease is attributable to Caffè Borbone for 9,063 thousand euro, mainly due to the reduction in coffee prices.

8) TRADE RE CEIVABLES

(in thousands of euro) June 30, 202 6 December 31, 2025 Change Factoring receivables 322,051 311,890 10,161 Other trade receivables 130,567 121,996 8,571 Impairment losses (5,359) (5,472) 113 Total 447,259 428,414 18,845

The increase in "Other trade receivables" is mainly attributable to Caffè Borbone, due to a more favourable product mix in channels with longer payment terms, as well as to the increased activity of Clessidra Factoring.

9) EQUITY INVESTMENTS, BONDS AND CURRENT FINANCIAL RECEIVABLES

This item is broken down as follows:

(in thousands of euro) June 30, 2026 December 31, 2025 Change Equity investments at FVTPL 1,959 1,629 330 Funds and other financial instruments 103,127 148,439 (45,312) Other receivables 2,492 3,021 (529) Total 107,578 153,089 (45,511)

Note that “Funds and other financial instruments ” include the movement s in the Vontobel Fund , consisting of a disposal of 5,913 thousand euro and a revaluation of 1,184 thousand euro , bringing its value to 70,925 thousand euro. Investments of 30,055 thousand euro and divestments of 69,296 thousand euro were also made in listed government bonds.

10) CASH AND CASH EQUIVALENTS

(in thousands of euro) June 30, 202 6 December 31, 2025 Change Cash and cheques in hand 2,485 1,157 1,328 Bank and postal deposits 105,462 122,546 (17,084) Restricted deposits 2,978 20,000 (17,022) Total 110,925 143,703 (32,778)

Short -term deposits have various maturities of up to three months. The m ain variations of the item are explained in the analysis of the cash flow statement .

11) ASSETS AND LIABILITIES CLASSIFIED AS HELD FOR SALE

This item mainly includes the reclassification of assets (in particular, 23,252 thousand euro relating to Capitelli and 23,195 thousand euro relating to Cr édit Mobilier) and liabilities ( in particular, 8,965 thousand euro relating to Capitelli and 6,257 thousand euro relating to Cr édit Mobilier) .

It should be noted that the disposal consideration currently under negotiation is higher than the carrying amount.

Interim Report | CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

D83 |

| 83 EQUITY AND LIABILITIES

Share capital, reserves and retained earnings

12) SHARE C APITAL

At June 30, 2026 the Parent Company's fully paid -up share capital amounted to 100,166,937 euro represented by 42,500,000 no-par ordinary shares , as follows:

Number of shares June 30, 202 6 December 31, 2025 Change Ordinary shares 42,500,000 42,500,000 Total 42,500,000 42,500,000

13) RESERVES

Fair value reserve for financial assets measured at FVTOCI – Group share The changes in the reserve are due to the reclassification to “Retained earnings ” of the share of the reserve realised in 202 5 linked to the partial disposal of Ariston and Vontobel for 1,673 thousand euro completed in 2026 and the fair value adjustment of FVTOCI financial assets for 9,175 thousand euro.

Translation reserve – Group share At June 30, 2026 this reserve was nega tive and amount ed to 1,252 thousand euro, broken down into the following

currencies:

(in thousands of euro) June 30, 2026 December 31, 2025 Change US Dollar 128 (235) 363 UK Pound Sterling (14) (25) 11 Romanian Leu 190 90 100 Japanese Yen (620) (609) (11) Chinese Renmi nbi (9) (9) Hong Kong Dollar (8) (8) Other currencies (equity -accounted associates) (919) (1,489) 570 Net amount (1,252) (2,268) 1,016

Dividends paid

The Parent Company Italmobiliare S.p.A. has paid the following dividends:

2026 2025 2026 2025 (euro per share) (euro per share) (in thousands of euro) (in thousands of euro) Ordinary shares 1.100 0.900 46,218 38,055 Total dividends 46,218 38,055

Retained earnings

“Retained earnings” changed mainly as a result of the dividends distributed amounting to 46,218 thousand euro .

14) TREAS URY SHARES

At June 30, 2026 the carrying amount of treasury shares in portfolio stood at 12,743 thousand euro, an increase compared with December 31, 2025, following the launch during the period of a share buyback programme, which resulted in the purchase of 56,078 shares .

84 |

The composition is as follows:

No. ordinary shares Carrying amount (in thousands of euro) At the beginning of the period 427,975 11,234 Increases 56,078 1,509 At the end of the period 484,053 12,743

15) NON -CONTROLL ING INTERESTS

Non-controlling interests at June 30, 2026 amounted to 192,562 thousand euro ( 195,558 thousand euro at December 31, 2025) and mainly refer s to the 40% non -controlling interest in Caffè Borbone S.r.l., the 20% interest in Capitelli, the 11.96% interest in Callmewine , with smaller interests in the CDS -Casa della Salute group and the Officina Profumo -Farmaceutica di Santa Maria Novella group . The change is mainly attributable to the distribution of dividends of 8,625 thousand euro (of which 8 million euro to Caffè Borbone’s non -controlling interests) , offset by the share of profit for the period of 5,343 thousand euro.

Non-current and current liabilities

16) PROVISIONS

Total current and non -current provisions amounted to 21,589 thousand euro at June 30, 2026 (21,157 thousand euro at December 31, 2025). They mainly include provisions for legal disputes and for contractual and commercial liabilities. Reference is made to the Interim Directors’ Report for further updates during the half -year.

17) BORROWINGS

The following table shows borrowings, included in the net financial position, by category, split between the current and non -current parts:

(in thousands of euro) June 30, 2026 December 31, 2025 Change Bank loans and borrowings 127,564 126,624 940 Bonds 51,564 51,432 132 Other loans and borrowings 2,389 1,166 1,223 Lease liabilities 65,059 66,677 (1,618) Non-current financial liabilities 246,576 245,899 677 Fair value of hedging derivatives 26 71 (45) Total non -current financial liabilities 246,602 245,970 632 Current loans and borrowings 279,521 258,956 20,565 Current portion of borrowings 11,919 11,299 620 Bonds 308 283 25 Other loans and borrowings 45,603 37,081 8,522 Lease liabilities 10,669 10,781 (112) Accrued interest expense 162 196 (34) Current financial liabilities 348,182 318,596 29,586 Other current financial liabilities 18 105 (87) Put options 8,351 7,200 1,151 Fair value of derivatives 137 1,734 (1,597) Total current financial liabilities 356,688 327,635 29,053 Total financial liabilities 603,290 573,605 29,685 Liabilities directly associated with assets classified as held for sale 8,936 8,936 Total financial liabilities recognised in the statement of financial position 612,226 573,605 38,621

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| 85 “Bonds”, within medium/long -term financial liabilities, refers to the issue of a bond called “Clessidra Factoring S.p.A.

– Floating -rate bond loan – 2025 -2028”, subscribed for a total amount of 50 million euro. It was issued on May 19, 2025 and expires on May 19, 2028. The bonds bear semi -annual interest payable in arrears at a nominal floating rate equal to the six-month Euribor plus a spread of 2.60%. The Bond Loan is reserved exclusively for subscription by entities falling within the category of Qualified Investors Subject to Prudential Supervision. The securities are measured at amortised cost.

Long -term borrowings can be analysed by currency as follows:

(in thousands of euro) June 30, 2026 December 31, 2025 Change Euro 239,095 237,686 1,409 US Dollar 3,894 4,449 (555) UK Pound Sterling 1,785 1,979 (194) Romanian Leu 1,554 186 1,368 Japanese Yen 248 1,599 (1,351) Total 246,576 245,899 677

Long -term borrowings can be analysed by maturity as follows:

(in thousands of euro) June 30, 2026 December 31, 2025 Change 2027 26,704 42,872 (16,168) 2028 88,136 83,524 4,612 2029 64,743 64,241 502 2030 18,440 11,786 6,654 2031 12,716 9,936 2,780 2032 9,871 7,036 2,835 Thereafter 25,966 26,504 (538) Total 246,576 245,899 677

This difference does not match the change in financial liabilities presented in the statement of cash flows, mainly due to the impact of IFRS 16, amounting to 4,721 thousand euro, the NCI put option on CDS -Casa della Salute, amounting to 8,351 thousand euro, as discussed in the paragraph “Other liabilities” , as well as changes in the consolidation area and the application of IFRS 5 to Capitelli and Cr édit Mobilier de Monaco.

Net financial position The net financial position at June 30, 2026 is positive and is included in the following balance sheet items:

(in thousands of euro) Item NOT NFP NFP Current

assets Current

liabilities Non-

current

assets Non-

current

liabilities NFP

classified

as held

for sale

Trade receivables and other non -current assets 291,343 278,258 13,085 13,085 Other current assets including derivative financial instruments 26,500 25,832 668 668 Investments, bonds and current financial receivables 107,578 107,578 107,578 Cash and cash equivalents 110,925 110,925 110,925 Non-current financial liabilities (246,576) (246,576) (246,576) Other non -current payables and liabilities (2,505) (2,479) (26) (26) Current financial liabilities (348,182) (348,182) (348,182) Other liabilities (97,552) (89,046) (8,506) (8,506) Total (158,469) 212,565 (371,034) 219,171 (356,688) 13,085 (246,602) Assets classified as held for sale 46,441 34,568 11,873 11,873 Liabilities directly associated with assets classified as held for sale (15,222) (6,286) (8,936) (8,936) Total (127,250) 240,847 (368,097) 219,171 (356,688) 13,085 (246,602) 2,937

86 |

For more details on the items included or not included in the NFP, see the table comparing the fair value and carrying amount of financial assets and liabilities.

The net financial position at June 30, 2026, which is nega tive at 368,097 thousand euro, is broken down below :

(in thousands of euro) June 30, 2026 December 31, 2025 Change Current financial assets 219,171 298,343 (79,172) Cash and cash equivalents 110,925 143,703 (32,778) Derivative financial instruments 27 63 (36) Other current financial assets 108,219 154,577 (46,358) Current financial liabilities (356,688) (327,635) (29,053) Bank loans and borrowings (279,521) (258,956) (20,565) Borrowings (68,679) (59,745) (8,934) Derivative financial instruments (8,488) (8,934) 446 Non-current financial assets 13,085 12,560 525 Non-current financial assets 13,034 12,512 522 Non-current d erivative financial instruments 51 48 3 Non-current financial liabilities (246,602) (245,970) (632) Non-current b orrowings (246,576) (245,899) (677) Non-current d erivative financial instruments (26) (71) 45 Net financial position from continuing operations (371,034) (262,702) (108,332) Assets classified as held for sale 11,873 11,390 483 Liabilities directly associated with assets classified as held for sale (8,936) (6,017) (2,919) Net financial position held for sale 2,937 5,373 (2,436) Total net financial position (368,097) (257,329) (110,768)

Net financial debt at June 30, 2026, calculated as envisaged in the C ONSOB communication “Call for attention no.

5/21 of April 29, 202 1”, is positive (i.e. , a negative net financial position ) at 381,182 thousand euro ( positive at 269,889 thousand euro at December 31, 2025), i.e. net of “Non -current financial assets” .

Current financial assets include all assets due within 12 months.

The Group has no reverse factoring/supply agreements.

As regards the change in net financial position, reference is made to the information provided in the Interim Directors’ Report.

Interim Report | CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

D87 |

| 87 COMPARISON BETWEEN FAIR VALUE AND CARRYING AMOUNT

The following table compares the carrying amount and fair value of financial assets and liabilities at June 30, 2026:

Carrying amount Fair value (in thousands of euro) FVTPL FVTOCI Amortised

cost FV

hedges Other

financial

liabilities Total Level 1 Level 2 Level 3 Total

Financial assets

Other equity investments 105,189 105,189 11,725 93,464 105,189 Trade receivables and other non-current assets 278,199 13,093 51 291,343 2,498 275,752 278,250 Financial assets at FVTPL in

NFP 2,447 2,447 2,447 2,447

Financial assets at FVTPL not in NFP 275,752 275,752 275,752 275,752 Non-current receivables 10,859 10,859

Trade receivables

Derivatives 51 51 51 51 Guarantee deposits 2,234 2,234 Trade receivables 447,259 447,259 Current assets including

derivative financial

instruments 26,473 27 26,500 27 27 Derivatives 27 27 27 27 Trade receivables 641 641 Other receivables 25,832 25,832 Equity investments, bonds and current financial receivables 105,086 2,492 107,578 31,790 72,000 1,296 105,086 Equity investments at FVTPL in NFP 1,959 1,959 1,959 1,959 Financial assets at FVTPL in

NFP 103,127 103,127 29,831 72,000 1,296 103,127

Financial receivables and accruals 2,492 2,492 Cash and cash equivalents 110,925 110,925 Total 383,285 105,189 600,242 78 1,088,794 43,515 74,525 370,512 488,552

Financial liabilities

Non-current financial liabilities 51,564 195,012 246,576 195,012 195,012 Loans and borrowings 127,564 127,564 127,564 127,564 Bond loans 51,564 51,564 Financial l ease liabilities 65,059 65,059 65,059 65,059 Other loans and borrowings 2,389 2,389 2,389 2,389 Other non -current payables and liabilities 2,479 26 2,505 26 26 Derivatives 26 26 26 26 Other non -current payables 2,479 2,479 Current financial liabilities 348,182 348,182 348,182 348,182 Loans and borrowings 291,440 291,440 291,440 291,440 Bond loans 308 308 308 308 Financial lease liabilities 10,669 10,669 10,669 10,669 Other loans and borrowings 900 900 900 900 Other financial liabilities 44,865 44,865 44,865 44,865 Trade payables 103,063 103,063 Other liabilities 89,064 8,488 97,552 8,488 8,488 Derivatives 137 137 137 137 Put options 8,351 8,351 8,351 8,351 Trade payables 18 18 Other payables, accruals and deferrals 89,046 89,046 Total 246,170 8,514 543,194 797,878 551,708 551,708

88 |

The following table compares the carrying amount and fair value of financial assets and liabilities at December 31,

2025:

Carrying amount Fair value (in thousands of euro) FVTPL FVTOCI Amortised

cost FV

hedges Other

financial

liabilities Total Level 1 Level 2 Level 3 Total

Financial assets

Other equity investments 118,542 118,542 8,188 13,040 97,314 118,542 Trade receivables and other non-current assets 279,217 12,615 48 291,880 2,959 276,306 279,265 Financial assets at FVTPL in

NFP 2,911 2,911 2,911 2,911

Financial assets at FVTPL not in NFP 276,306 276,306 276,306 276,306 Non-current receivables 10,390 10,390

Trade receivables

Derivatives 48 48 48 48 Guarantee deposits 2,225 2,225 Trade receivables 428,414 428,414 Current assets including

derivative financial

instruments 19,007 63 19,070 63 63 Derivatives 63 63 63 63 Trade receivables 1,488 1,488 Other receivables 17,519 17,519 Equity investments, bonds and current financial receivables 150,068 3,021 153,089 71,992 76,723 1,353 150,068 Equity investments at FVTPL in NFP 1,629 1,629 1,629 1,629 Financial assets at FVTPL in

NFP 148,439 148,439 70,363 76,723 1,353 148,439

Financial receivables and accruals 3,021 3,021 Cash and cash equivalents 143,703 143,703 Total 429,285 118,542 606,760 111 1,154,698 80,180 92,785 374,973 547,938

Financial liabilities

Non-current financial liabilities 51,432 194,467 245,899 194,467 194,467 Loans and borrowings 126,624 126,624 126,624 126,624 Bond loans 51,432 51,432 Financial lease liabilities 66,677 66,677 66,677 66,677 Other loans and borrowings 1,166 1,166 1,166 1,166 Other non -current payables and liabilities 924 71 995 71 71 Derivatives 71 71 71 71 Other non -current payables 924 924 Current financial liabilities 318,596 318,596 318,596 318,596 Loans and borrowings 270,255 270,255 270,255 270,255 Bond loans 283 283 283 283 Financial lease liabilities 10,781 10,781 10,781 10,781 Other loans and borrowings 659 659 659 659 Other financial liabilities 36,618 36,618 36,618 36,618 Trade payables 121,830 121,830 Other liabilities 92,584 8,934 101,518 8,934 8,934 Derivatives 1,734 1,734 1,734 1,734 Put options 7,200 7,200 7,200 7,200 Trade payables 105 105 Other payables, accruals and deferrals 92,479 92,479 Total 266,770 9,005 513,063 788,838 522,068 522,068

Interim Report | CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

D89 |

| 89 The Group uses the following hierarchy based on different valuation techniques to determine and document the fair value of financial instruments:

▪ Level 1: financial instruments with prices quoted on active markets;

▪ Level 2: prices quoted on active markets for similar financial instruments, or fair value determined using other measurement methods where all significant inputs are based on observable market data;

▪ Level 3: fair value determined using valuation techniques where no significant input is based on observable market data.

Movements in Level 3 financial instruments at June 30, 202 6 are as follows :

Increases Decreases

(in thousands

of euro) Level 3 31/12/ 2025 Purchases Gains on

disposals in

income

statement Other

gains in

income

statement Gains

in

equity Other

changes Transfers

from other

levels Sales Repayments Losses on

disposals in

income

statement Other

losses in

income

statement Losses

in

equity Other

changes Transfers

to other

levels Level 3

30/06/ 2026

Non-current equity

investments 97,314 68 566 1 (61) (4,424) 93,464

Receivables and

other non -current assets 276,306 11,162 6,856 2,710 (7,194) (7,723 ) (6,111) (254) 275,752

Equity investments,

bonds and current financial assets 1,353 11 (38) (11) (19) 1,296

"Receivables and other non -current assets" consist of private capital funds. Movements refer to repayments and contributions made in the half‑year and fair value revaluations and write -downs.

Covenants

In addition to the usual clauses, certain loan agreements entered into by Group companies include special clauses known as "covenants", which require compliance with certain financial ratios , mainly determined at year -end.

Borrowings of the Italgen Group subject to covenants at June 30, 2026 amounted to 45.0 million euro. The contractual conditions of these loans provide that covenants are calculated only once a year, on 31 December ;

therefore, at June 30, 2026 the loans were not tested for compliance with the relevant financial ratio , namely leverage (the ratio between gross financial debt , net of cash and cash equivalents , and EBITDA).

Borrowings subject to covenants of the CDS -Casa della Salute group at June 30, 2026 amounted to 60.5 million euro. The contractual conditions of these loans provide that covenants are calculated on a half ‑yearly basis on December 31 and June 30 (12 -month rolling). These loans were tested for compliance with the relevant financial ratio, namely leverage (the ratio between gross financial debt, net of cash and cash equivalents and IFRS 16 liabilities for property leases, and adjusted EBITDA appropriately adjusted on a pro ‑forma basis for the acquisitions made in the period). The covenants were met a t June 30, 2026.

Derivatives

The table below shows the fair value of the derivative financial instruments recogni sed in the statement of financial position, subdivided by type of hedge:

June 30, 2026 December 31, 202 5 (in thousands of euro) Assets Liabilities Assets Liabilities Interest -rate derivatives hedging cash flows 10 (137) 11 (79) Interest -rate derivatives 10 (137) 11 (79) Foreign exchange derivatives hedging cash flows 1 Foreign exchange derivatives 1 Derivatives on shares and securities 16 52 (1.655) Total current instruments 27 (137) 63 (1.734) Interest -rate derivatives hedging cash flows 51 (19) 48 (45) Interest -rate derivatives hedging fair value (7) (26) Interest -rate derivatives 51 (26) 48 (71) Total non -current instruments 51 (26) 48 (71) Total 78 (163) 111 (1,805)

90 |

Liquidity risk

The Group also has un committed lines of credit for 72.8 million euro (90.4 million euro at December 31, 2025) and committed lines of credit for 103.0 million euro at June 30, 2026 (130.6 million euro at December 31, 2025) .

The existence of cash and cash equival ents (110.9 million euro) and readily liquidable investment funds ( the Vontobel Fund amounting to 70.9 million euro) significantly reduce s liquidity risk, also taking into account the maturity analysis of non -current liabilities presented in Note 17 .

18) TRADE PAYABLES

This item is broken down as follows :

(in thousands of euro) June 30, 2026 December 31, 2025 Change Payables to suppliers 103,063 121,830 (18,767) Total 103,063 121,830 (18,767)

The decrease is reported in all sectors, with the exception of Clessidra Factoring, due to increased business activity .

19) OTHER LIABILITIES

(in thousands of euro) June 30, 2026 December 31, 2025 Change Due to employees 17,246 32,755 (15,509) Due to social security institutions 6,252 7,549 (1,297) Due to tax authorities 9,270 10,804 (1,534) Accrued expenses and deferred income 34,897 23,476 11,421 Derivative financial instruments 137 1,734 (1,597) Due to the put option liability – CDS -Casa della Salute 8,351 7,200 1,151 Due to financial and private capital companies 18 105 (87) Advances from customers 125 1,565 (1,440) Due to the acquisition of equity investments 6,780 7,177 (397) Due to suppliers for non -current assets 329 1,811 (1,482) Other liabilities 14,147 7,342 6,805 Total 97,552 101,518 (3,966)

The item “Due to the put option liability – CDS -Casa della Salute ” includes a put option granted to non-controlling interests relating to the CDS -Casa della Salute group. The option has been measured at the present value of the estimated exercise price, determined based on the NAV (pro rata attributable to the third party) of the CDS -Casa della Salute group at June 30, 202 6, with a corresponding decrease in Equity attributable to owners of the parent company.

Commitments

At June 30, 2026 commitments for future contributions to private capital funds amounted to € 70,557 thousand, USD 6,415 thousand and GBP 426 thousand.

Interim Report | CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

D91 |

| 91 INCOME STATEMENT

20) REVENUE AND INCOME

Revenue and income totalled 375,705 thousand euro, broken down as follows:

(in thousands of euro) H1 2026 H1 2025 IFRS 5 Change Change %

Industrial revenue

Product sales 243,078 237,099 5,979 2.5% Service revenue 80,513 68,896 11,617 16.9% Total 323,591 305,995 17,596 5.8%

Financial income

Interest income 8,504 7,875 629 8.0% Dividend income 368 796 (428) -53.8% Gains and other income 17,995 16,661 1,334 8.0% Fee income 24,393 18,880 5,513 29.2% Total 51,260 44,212 7,048 15.9% Income from other activities Interest income 747 818 (71) -8.7% Other income 107 3 104 n.s.

Total 854 821 33 4.0% Grand total 375,705 351,028 24,677 7.0% n.s. not significant

Industrial revenue relate s to Caffè Borbone, Italgen, Officina Profumo -Farmaceutica di Santa Maria Novella, CDS -

Casa della Salute, Callmewine and SIDI Sport , while financial income is attributable to Italmobiliare and Clessidra.

The increase in industrial revenue is reported in almost all sectors. Reference is made to the Interim Directors’ Report for comments on the changes in revenues and purchase costs. In “Commissions” the increase is attributable to the Clessidra Group and particularly to Clessidra Factoring.

21) RAW MATERIALS AND SUPPLIES

Raw materials and supplies amounted to 151,795 thousand euro, broken down as follows:

(in thousands of euro) H1 2026 H1 2025 IFRS 5 Change Change % Raw materials and semi -finished goods 81,645 92,481 (10,836) -11.7% Fuel 1,461 1,539 (78) -5.1% Materials and equipment 31,833 32,101 (268) -0.8% Finished goods 14,214 10,841 3,373 31.1% Electricity and water 12,151 9,873 2,278 23.1% Change in inventories of raw materials, consumables and other 10,491 3,158 7,333 n.s.

Total 151,795 149,993 1,802 1.2% n.s. not significant

Raw material costs increased in line with revenue. Conversely, Caffè Borbone recorded a decrease of more than 5 million euro, mainly due to the significant decrease in coffee prices.

92 |

22) SERVICE COSTS

Service costs amounted to 82,536 thousand euro, broken down as follows :

(in thousands of euro) H1 2026 H1 2025 IFRS 5 Change Change % Services 4,794 4,020 774 19.3% Maintenance 2,651 2,171 480 22.1% Transport 12,765 11,114 1,651 14.9% Legal and consultancy fees 9,831 10,125 (294) -2.9% Rents 5,668 5,348 320 6.0% Insurance 2,219 2,254 (35) -1.6% Membership fees 254 205 49 23.9% Other expenses 44,354 34,697 9,657 27.8% Total 82,536 69,934 12,602 18.0%

“Rents” mainly includes concession fees that do not fall within the scope of IFRS 16.

“Other expense s” include s an increase in marketing and advertising costs, which amounted to 1 4,369 thousand euro (1 3,719 thousand euro in the first half of 202 5, restated ), mainly for SIDI Sport, Caffè Borbone, and Officina Profumo -Farmaceutica di Santa Maria Novella. There was also an increase in service costs related to the CDS -

Casa della Salute group, amounting to 23,624 thousand euro ( 17,011 thousand euro at June 30, 202 5).

23) PERSONNEL EXPENSES

Personnel expenses amount ed to 80,909 thousand euro, broken down as follows:

(in thousands of euro) H1 2026 H1 2025 IFRS 5 Change Change % Wages and salaries 56,696 46,794 9,902 21.2% Social security contributions 13,106 11,897 1,209 10.2% Social security contributions and pension provisions 2,653 1,747 906 51.9% Other expenses 8,454 5,862 2,592 44.2% Total 80,909 66,300 14,609 22.0% The increase in personnel expenses is due to the increase in the number of employees at CDS -Casa della Salute and Officina Profumo -Farmaceutica di Santa Maria Novella, as well as to the settlement of the LTI plans relating to the previous three -year period at Italmobiliare .

The number of employees is shown below:

(headcount) H1 2026 H1 2025 IFRS 5 Change Number of employees at the end of the period – continuing operations 1,891 1,770 121 Number of employees at the end of the period – assets held for sale 36 37 (1) Number of employees at the end of the period 1,927 1,807 120 Average number of employees – continuing operations 1,790 1,741 49 Average number of employees – assets held for sale 36 37 (1) Average number of employees 1,826 1,778 48

The increase in the number of employees is mainly attributable to growth of the CDS -Casa della Salute group, with 77 additional employees compared with the first half of 202 5 and 28 more compared with December 31, 202 5 (driven by business expansion and the opening of new centres), and to growth of the Officina Profumo -

Farmaceutica di Santa Maria Novella Group, with 38 additional employees compared with the first half of 202 5 and 16 more compared with December 31, 202 5 (due to increased business activity).

Interim Report | CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

D93 |

| 93 24) OTHER OPERATING INCOME /(EXPENSES)

Other operating expenses, net of other operating income, amounted to 20,069 thousand euro, broken down as

follows:

(in thousands of euro) H1 2026 H1 2025 IFRS 5 Change Change % Other taxes 3,155 2,651 504 19.0% Provision for a llowance for doubtful accounts 947 1,955 (1,008) -51.6% Interest expenses and other financial expenses related to financial companies 13,669 23,653 (9,984) -42.2% Provisions and other expenses 5,523 7,353 (1,830) -24.9% Other income (4,236) (5,773) 1,537 -26.6% Net gains on disposal of non -current assets (213) (1,500) 1,287 -85.8% Other (income)/expenses 1,224 718 506 70.5% Total 20,069 29,057 (8,988) -30.9%

The decrease in “Interest expense s and other financial expenses related to financial companies ” is mainly attributable to Italmobiliare , due to lower foreign exchange losses on financial assets measured at fair value , recognised in profit or loss , amounting to 14,149 thousand euro.

The provision for allowance for doubtful accounts is not significant and therefore did not require a separate line item in the financial statements.

25) FINANC E INCOME/(EXPENSES) , NET GAINS (LOSSES) ON EXCHANGE -RATE

DIFFERENCES AND DERIVATIVES

Net financ ial costs amounted to 7,357 thousand euro. This amount is broken down as follows:

H1 2026 H1 2025 IFRS 5

(in thousands of euro) Income Expenses Income Expenses Interest income 67 284 Interest expenses (6,665) (5,046) Dividends and income/(expenses) from equity investments Gains/(losses) on disposal of equity investments 5 (496) Other finance income 18 Capitalised interest expense Other finance expenses (763) (527) Total finance income/(expenses) 72 (7,428) 302 (6,069) Gains/(losses) on interest -rate derivatives (39) (2) Gains/(losses) on exchange -rate derivatives Net exchange -rate differences 38 (726) Net gain/(loss) on exchange -rate differences and derivatives (1) (728) Total finance income/(expenses), exchange -rate differences and net gains/(losses) on derivatives (7,357) (6,495)

Interest expense for lease contracts amount ed to 1,283 thousand euro (1,241 thousand euro in the first half of 2025).

94 |

26) INCOME TAX

Income tax for the period was negat ive at 5,584 thousand euro, broken down as follows:

(in thousands of euro) H1 2026 H1 2025 IFRS 5 Change Change % Current tax 8,102 5,252 2,850 54.3% Prior -year tax and other prior -year tax items (835) (6,035) 5,200 -86.2% Deferred tax (1,683) (807) (876) n.s.

Total 5,584 (1,590) 7,174 n.s.

n.s. not significant

The increase in current tax is due to the higher margins in the first half of 202 6.

The item “Prior -year tax” for 2025 include d 4.8 million euro related to the reimbursement of the Ansaldo dispute .

27) OTHER COMPREHENSIVE INCOME

(in thousands of euro) Gross amount Income tax Net amount Other comprehensive income at June 30, 2026 Fair value gains/(losses) on:

Financial assets at FVTOCI (10,028) 360 (9,668) Derivatives (1,226) (1,226) Translation differences 949 949 Actuarial gains/(losses) on defined benefit plans (103) 24 (79) Total other comprehensive income/(expense) (10,408) 384 (10,024)

The change in derivatives is mainly attributable to Tecnica Group.

28) EARNINGS (LOSSES) PER SHARE

Earnings (losses) per share at June 30 are calculated on the basis of the result attributable to the Parent Company and are recognised for ordinary shares.

Basic earnings (losses) per share The weighted average number of shares and attributable profit (loss) are shown below:

H1 2026 H1 2025 IFRS 5

(no. shares in thousands) Ordinary shares Ordinary shares No. shares at January 1 42,500 42,500 Treasury shares at January 1 (428) (217) Weighted average number of treasury shares sold in the period (45) Total 42,027 42,283 Attributable net profit (loss) in thousands of euro (2,907) (10,663) Basic earnings (loss) per share in euro (0.069) (0.252)

Interim Report | CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

D95 |

| 95 The weighted average number of shares and attributable net profit (loss) from continuing operations are shown

below:

H1 2026 H1 2025 IFRS 5

(no. shares in thousands) Ordinary shares Ordinary shares No. shares at January 1 42,500 42,500 Treasury shares at January 1 (428) (217) Weighted average number of treasury shares sold in the period (45) Total 42,027 42,283 Attributable net profit (loss) from continuing operations in thousands of euro (3,997) (10,663) Basic earnings (loss) per share in euro (0.095) (0.252)

The weighted average number of shares and attributable net profit (loss) from discontinued operations are shown

below:

H1 2026 H1 2025 IFRS 5

(no. shares in thousands) Ordinary shares Ordinary shares No. shares at January 1 42,500 42,500 Treasury shares at January 1 (428) (217) Weighted average number of treasury shares sold in the period (45) Total 42,027 42,283 Attributable net profit (loss) from discontinued operations in thousands of euro 1,090 Basic earnings (loss) per share in euro 0.026

Profit /(loss) attributable by share category was determined as follows:

H1 2026 H1 2025 IFRS 5

(in thousands of euro) Ordinary shares Ordinary shares Residual profit/(loss) apportioned to all shares (2,907) 3,293 Total (2,907) 3,293

29) TRANSACTIONS WITH RELATED PARTIES

The figures for transactions with related parties at June 30, 2026 are summarised in the following table:

(in thousands of euro) Revenue and

income

(expense) Trade

receivables

(payables) Financial

assets

(liabilities) Net finance

income

(expense ) Other operating

income

(expense)

Associates not consolidated line -by-line 679 182 (39) (490) (4) Other related parties 10 5 (942) (53) (250) Total 689 187 (981) (53) (490) (4) (250) % impact on financial statement items 0.2% 0.0% -0.3% -0.1% -0.1% -0.1% -1.2%

96 |

The corresponding figures at June 30, 2025 are as follows:

(in thousands of euro) Revenue and

income

(expense) Trade

receivables

(payables) Financial

assets

(liabilities) Net finance

income

(expense ) Other operating

income

(expense)

Associates not consolidated line -by-line 654 164

(2) (82)

Other related parties 9 5 (521) (75) (250) Total 663 169 (523) (75) (82) (250) % impact on financial statement items 0.2% 0.0% 0.2% 0.1% 1.3% 0.8%

At June 30, 2026 the item " Other operating income ( expense ) – Other related parties" includes 250 thousand euro of contributions paid by Italmobiliare S.p.A. to Fondazione Cav. Lav. Carlo Pesenti ( 250 thousand euro in the first half of 2025).

30) STATEMENT OF CASH FLOWS

Equity investments mainly relate to Technos Medica and Premium Medica for 5,709 thousand euro, Servizi Medici Due for 2,500 thousand euro, Sport Center 2000 for 500 thousand euro and private capital fund drawdowns for 11,202 thousand euro. Disposals include property, plant and equipment disposals for 1,50 2 thousand euro, the partial disposal of the investment in Vontobel for 2,201 thousand euro, the partial disposal of the investment in Ariston for 1,920 thousand euro and reimbursements and disposals of private capital funds for 14,917 thousand euro.

Dividends paid, amounting to 54,843 thousand euro, mainly refer to dividends distributed by Italmobiliare S.p.A. for 46,218 thousand euro, together with dividends paid to non-controlling interests of Capitelli ( 500 thousand euro) and Officina Profumo -Farmaceutica di Santa Maria Novella (125 thousand euro). The change in financial liabilities of 30,570 thousand euro mainly corresponds to the variation in current and non -current financial liabilities, net of the non-monetary increase in lease liabilities amounting to 4,721 thousand euro , and the reclassification of Capitelli’s financial liabilities to the item “Liabilities directly associated with assets classified as held for sale”.

Interim Report | CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

D97 |

| 97 Grants from the Public Administration Following approval of the annual Competition Law no. 124/2017 , aimed at improving the transparency of public grants received, it should be noted that:

▪ During the half-year, Italgen received from Gestore dei Servizi Energetici S.p.A. ( Italian Tax Code 05754381001 ) GRIN incentives (a new form of incentive introduced by Ministerial Decree dated July 6, 2012 for all IAFR plants formerly benefiting from Green Certificates, in force since 2016 ) totalling 835 thousand euro, gross of statutory tax withholdings and management costs , as provided for by Article 4 of the incentive tariff agreement . In addition, Italgen also recorded, from Gestore dei Servizi Energetici S.p.A., all-inclusive tariff electricity sales – i.e., tariffs for the withdrawal of electricity fed into the grid whose value includes both the price component and the incentive component – and electricity sales under the FER-E scheme for a total of 577 thousand euro.

▪ During the half-year, Solar Rooftop S.r.l. received 3 thousand euro from Gestore dei Servizi Energetici S.p.A.

for electricity sales under the FER -E scheme.

▪ During the half-year, Idroenergy S.r.l. received 19 thousand euro from Gestore dei Servizi Energetici S.p.A. for electricity sales under the FER -E scheme.

▪ During the half-year, Idrodezzo S.r.l. received 25 thousand euro from Gestore dei Servizi Energetici S.p.A. for incentivised electricity sales under the FER -E scheme .

▪ During the half-year, Rovale S.r.l. received 205 thousand euro from Gestore dei Servizi Energetici S.p.A. for incentivised electricity sales under the FER -E scheme .

▪ During the half -year, Idrolima S.r.l. received 324 thousand euro from Gestore dei Servizi Energetici S.p.A. for electricity sales under the FER -E scheme .

▪ During the half -year, Dal Sass Eneco S.r.l. received 95 thousand euro from Gestore dei Servizi Energetici S.p.A. for electricity sales under the FER -E scheme.

▪ During the half -year, Alben S.r.l. received 41 thousand euro from Gestore dei Servizi Energetici S.p.A. for electricity sales under the FER -E scheme.

▪ During the half -year, the CDS -Casa della Salute group collected 86 thousand euro in aid in the form of exemption from social security contributions for new hires or conversions to permanent contracts in the 2021 -

2022 two‑year period (Article 1, paragraphs 10 -15, Law 178/2020) , 176 thousand euro in aid in the form of exemptions from social security contributions for the hiring of young workers (Article 1, paragraphs 10 -15, Law 178/2020 and Article 1, paragraph 297, Law 197/2022) , 3, 706 thousand euro in the form of a tax credit for Transition 5.0 investments and 441 thousand euro in the form of a tax credit for Industry 4.0 investments.

▪ During the half -year, Caffè Borbone received a contribution under a programme agreement relating to a proposed industrial development contract (Invitalia) amounting to 990 thousand euro, received 25 thousand euro pursuant to the regulation governing interprofessional funds for continuing training for the granting of State aid exempted under EC Regulation No. 651/2014 and under the de minimis regime pursuant to EC Regulation No. 1407/2013, and used 545 thousand euro as a tax credit for Industry 4.0 investments, 919 thousand euro as a tax credit for Tra nsition 5.0 investments and 2,014 thousand euro as a tax credit for investments in Special Economic Zones (“ZES”).

Events after the reporting date No significant events took place after the end of the period.

98 |

Outlook

During the first half of the year, the global economy continued to expand despite a significant energy shock which, in terms of the magnitude of the contraction in oil supply, exceeded that experienced during the oil crises of the 1970s. The destruction of demand was contained by the resilience of the global economy, supported in particular by the simultaneous increase in US exports and reduction in Chinese imports, managed through the release of strategic reserves as well as the reduction of commercial inv entories. The mitigation of the shock and expectations that the conflict would be resolved within a relatively short timeframe were reflected in an acceleration of both current and leading indicators during the second quarter. Overall economic expansion in the first half of the year was driven primarily by the manufacturing sector, supported in part by inventory restocking processes. Conversely, the services sector showed a more moderate trend, reflecting the effects of higher inflation and rising energy pr ices on consumption.

Inflation accelerated significantly across the main advanced economies. In the Eurozone, the annual inflation rate increased from a low of 1.7% in January to a peak of 3.2% in May. Although lower oil prices compared with the spring peaks are expected to su pport a gradual decline in inflation during the second half of the year, the second -

round effects of higher energy costs have yet to fully emerge. In addition, persistent inflation in services (Eurozone) and pricing pressures on certain non -energy industri al goods, such as semiconductors (United States and Europe), could slow the normalisation process.

During the second half of the year, monetary policy is expected to remain geared towards containing inflation expectations. Interest rate increases should be viewed as targeted adjustments, dependent on developments in inflation and labour market condition s, rather than as effective monetary tightening, given the low level of real interest rates, which were even negative in the Eurozone. Japan represents an exception, where the normalisation of interest rates primarily reflects stronger domestic demand, the prospect of more sustainable inflation growth and the need to contain the depreciation of the yen. Financial and credit conditions remain broadly supportive worldwide.

Against a backdrop of generally balanced labour markets in major economies, with the exception of China, wage growth is slowing but generally remains in line with, or above, inflation. Consumer demand is expected to continue growing at a moderate pace and, in the case of the United States, to be supported in particular by wealth effects, as the benefits arising from the fiscal measures adopted in the first half of the year begin to fade.

The overall fiscal policy impulse remains positive. In the Eurozone, fiscal expansion is being sustained by German public spending, European funds and investments in defence and digitalisation, although implementation remains gradual. Taking into account w eak external demand, Eurozone growth forecasts remain within a range of between 0.5% and 1.0%. The Chinese economy is also expected to continue to be supported during the second half of the year by the technology sector and exports. Economic policy remains focused on accelerating public spending directed towards artificial intelligence and strategic infrastructure, whilst significant fiscal and monetary stimulus aimed at domestic demand appears unlikely. Chinese growth is expected to slow compared with the 5% recorded in 2025.

At a global level, real GDP growth in 2026 is expected to be moderately lower than in the previous year. Underlying the international economic cycle are a number of interconnected structural factors: investments in artificial intelligence and related infra structure, energy capacity and security, as well as increased defence spending, together with the spillover effects generated by these trends, are feeding into a broad cycle of industrial investment.

Artificial intelligence is evolving from a software -base d phenomenon into a global economic infrastructure that is expected to progressively permeate all productive sectors. This represents a structural discontinuity, marking the transition from a predominantly low -capital -intensity growth model, characterised by limited use of physical capital, to a model with significantly higher capital intensity.

The economic outlook remains subject to a number of risk factors, most notably the geopolitical environment. The fragility of the preliminary agreement between the United States and Iran continues to generate uncertainty regarding energy flows, against a b ackdrop of disruptions affecting transit through the Strait of Hormuz and the Red Sea. This is compounded by damage to energy infrastructure resulting from the conflicts in the Middle East and between Russia and Ukraine. Global refining capacity has declin ed and plants are operating at high utilisation rates, limiting the ability to absorb potential supply shocks. The market environment for both refined products and agricultural commodities is also exposed to weather -related risks associated with the El Niño climate phenomenon, which is expected to be particularly intense .

Interim Report | CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

D99 |

| 99 A prolonged conflict would exert further upward pressure on energy prices, with particularly adverse effects on economies that are more vulnerable and dependent on imports, such as those of Europe. Europe also remains exposed to a continued increase in nat ural gas prices, fuelled both by geopolitical tensions in the Persian Gulf region and by the concurrent seasonal increase in Asian demand for LNG.

The economic effects could be amplified by financial market reactions to inflation volatility, through an increase in the risk premium required by investors on long -term government bonds and the resulting impact on equity valuations.

Italmobiliare will continue to support the Group’s companies with the aim of ensuring effective oversight of production chains and international distribution channels, which today remain heavily influenced by persistent geopolitical and trade tensions, whi le at the same time offering attractive growth and development opportunities in certain markets. In this context, it will be essential to further strengthen production and financial planning capabilities, diversify and consolidate sourcing and distribution channels, adopt effective hedging and pricing strategies and maintain a particularly proactive commercial approach, especially in those markets offering the greatest opportunities for Italmobiliare’s Portfolio Companies, including North America, Japan, Ko rea and, despite the current temporary slowdown, China.

In line with Italmobiliare’s mission and its strategic sustainability objectives, it will also be essential to continue and accelerate the transformation processes of the Portfolio Companies by acting on the main growth drivers:

investments in technology, with particular attention to the efficiency and optimisation opportunities offered by automation and artificial intelligence; product innovation focused on the continuous pursuit of quality and excellence;

strengthening brand positioning; enhancing human c apital; and developing managerial capabilities.

At the same time, the Company intends to seize the opportunities offered by an investment market that continues to show significant dynamism, both through the value enhancement of equity investments that have reached full maturity following the growth path developed together with the holding company and through the identification of new investment opportunities, particularly in sectors adjacent to Italmobiliare’s main investment platforms, namely food & beverage, healthcare services and the lifestyle sector .

Milan, July 29, 2026 For the Board of Directors The Chairman and Chief Executive Officer

(Carlo Pesenti)

100 |

Interim Report | CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

D101 |

| 101

ANNEX

102 |

The table below sets out the equity investments held, including indirectly held investments, representing more than 10% of share capital, and indicates the consolidation method and non -controlling interests.

Company Head Office Share Capital Interest held by Group Companies Direct Indirect %

Parent Company

Italmobiliare S.p.A. Milano I EUR 100,166,937.00 035 Investimenti S.p.A. Bergamo I EUR 10,000,000.00 10.588 10.588 Italmobiliare S.p.A.

Alben S.r.l. Villa di Serio (BG) I EUR 100,000.00 100.000 100.000 Italgen S.p.A.

Archimede S.p.A. Milano I EUR 1,109,197.00 17.241 17.241 Italmobiliare S.p.A.

Aurora S.r.l. Paderno Dugnano (MI) I EUR 12,000.00 100.000 100.000 Farmagorà 49 S.r.l.

BEA Biella S.r.l. Busalla (GE) I EUR 130,000.00 51.000 51.000 Casa della Salute S.p.A.

Beijing Tecnica Sport Equipment Co., Ltd Beijing RC CNY 25,727,280.00 100.000 100.000 Tecnica Group S.p.A.

Bene Assicurazioni S.p.A. Società Benefit Milano I EUR 25,199,000.00 24.996 24.996 Italmobiliare S.p.A.

Bene Life S.p.A. Società Benefit Milano I EUR 6,700,000.00 51.000 51.000 Bene Assicurazioni S.p.A. SB Blizzard Produktion GmbH Chop UA EUR 8,501,701.00 100.000 100.000 Blizzard Sport GmbH Blizzard Sport GmbH Mittersill A EUR 36,336.00 100.000 100.000 IQ-Sports Verwaltungs GmbH Blizzard Sport Liegenschaftsverwaltungs GmbH Mittersill A EUR 36,336.00 99.000 99.000 Blizzard Sport GmbH bService S.C.A.R.L. Società Benefit Milano I EUR 50,000.00 51.000 51.000 Bene Assicurazioni S.p.A. SB Caffè Borbone S.r.l. Caivano (NA) I EUR 1,000,000.00 60.000 60.000 Italmobiliare S.p.A.

Caffè Borbone America Corp. Fairfield (NJ) USA USD 10,000.00 100.000 100.000 Caffè Borbone S.r.l.

Callmewine S.r.l. Milano I EUR 22,962.32 88.043 88.043 Italmobiliare S.p.A.

Capitelli F.lli S.r.l. Borgonovo Val Tidone (PC) I EUR 51,480.00 80.000 80.000 Italmobiliare S.p.A.

Casa della Salute S.p.A. Genova I EUR 7,733,321.00 89.036 89.036 Italmobiliare S.p.A.

Casa della Salute Sardegna S.r.l. Genova I EUR 1,000,000.00 100.000 100.000 Casa della Salute S.p.A.

CDS Medical S.r.l. Genova I EUR 5,100,000.00 100.000 100.000 Casa della Salute S.p.A.

Cerraduras Iseo Iberica S.L. Ajalvir - Madrid E EUR 300,500.00 90.000 90.000 Iseo Serrature S.p.A.

Circularity Lab S.r.l. Giavera del Montello (TV) I EUR 10,000.00 100.000 100.000 Tecnica Group S.p.A.

Clessidra Capital Credit SGR S.p.A. Milano I EUR 2,550,000.00 100.000 100.000 Clessidra Holding S.p.A.

Clessidra CRF G.P. società semplice Milano I EUR 10,000.00 49.000 49.000 Clessidra Capital Credit SGR S.p.A.

Clessidra Factoring S.p.A. Milano I EUR 23,650,000.00 100.000 100.000 Clessidra Holding S.p.A.

Clessidra Holding S.p.A. Milano I EUR 10,000,000.00 100.000 100.000 Italmobiliare S.p.A.

Clessidra Private Equity SGR S.p.A. Milano I EUR 3,600,000.00 100.000 100.000 Clessidra Holding S.p.A.

Compagnia Fiduciaria Nazionale S.p.A. Milano I EUR 90,000.00 16.668 16.668 Italmobiliare S.p.A.

Crédit Mobilier de Monaco S.A. Montecarlo MC EUR 5,810,000.00 99.914 99.914 Italmobiliare S.p.A.

Dal Sass Eneco S.r.l. Villa di Serio (BG) I EUR 10,000.00 100.000 100.000 Rovale S.r.l.

Fara Real Estate S.r.l. Bergamo I EUR 10,000.00 100.000 100.000 Farmagorà Holding S.p.A.

Farmacia Al Castello S.r.l. Pagazzano (BG) I EUR 30,000.00 100.000 100.000 Farmagorà 36 S.r.l.

Farmacia Alla Marca S.r.l. Mogliano Veneto (TV) I EUR 40,000.00 100.000 100.000 Farmagorà 40 S.r.l.

Farmacia Bacchetta S.r.l. Talamona (SO) I EUR 10,000.00 100.000 100.000 Farmagorà 42 S.r.l.

Farmacia Borgoforte S.r.l. Borgo Virgilio (MN) I EUR 10,000.00 100.000 100.000 Farmagorà 43 S.r.l.

Farmacia Centrale Ambrosi La Spezia S.r.l. La Spezia I EUR 10,000.00 99.000 99.000 Farmagorà 20 S.r.l.

Farmacia Ciavetta S.r.l. Venezia I EUR 11,000.00 100.000 100.000 Farmagorà 32 S.r.l.

Farmacia Clementina S.r.l. Bergamo I EUR 12,000.00 100.000 100.000 Farmagorà 45 S.r.l.

Farmacia Corti S.r.l. Novate Mezzola (SO) I EUR 50,000.00 80.000 80.000 Farmagorà 17 S.r.l.

Farmacia De Tillier S.r.l. Aosta I EUR 20,000.00 100.000 100.000 Farmagorà Holding S.p.A.

Farmacia del Leone S.r.l. Torino I EUR 15,000.00 100.000 100.000 Farmagorà 29 S.r.l.

Farmacia Fiore S.r.l. Fiume Veneto (PN) I EUR 10,000.00 100.000 100.000 Farmagorà 30 S.r.l.

Farmacia Lion S.r.l. Ponte San Nicolò (PD) I EUR 10,200.00 100.000 100.000 Farmagorà 48 S.r.l.

Farmacia Marchi S.r.l. Settimo San Pietro (CA) I EUR 20,000.00 100.000 100.000 Farmagorà 44 S.r.l.

Farmacia Marongiu S.r.l. Cagliari I EUR 10,000.00 100.000 100.000 Farmagorà 38 S.r.l.

Farmacia San Martino S.r.l. Tirano (SO) I EUR 20,000.00 100.000 100.000 Farmagorà 28 S.r.l.

Farmacia San Salvatore S.r.l. Torino I EUR 10,000.00 100.000 100.000 Farmagorà 34 S.r.l.

Farmagorà 17 S.r.l. Bergamo I EUR 10,000.00 100.000 100.000 Farmagorà Holding S.p.A.

Farmagorà 20 S.r.l. Bergamo I EUR 10,000.00 100.000 100.000 Farmagorà Holding S.p.A.

Farmagorà 29 S.r.l. Bergamo I EUR 10,000.00 100.000 100.000 Farmagorà Holding S.p.A.

Farmagorà 30 S.r.l. Bergamo I EUR 10,000.00 100.000 100.000 Farmagorà Holding S.p.A.

Farmagorà 31 S.r.l. Bergamo I EUR 10,000.00 100.000 100.000 Farmagorà Holding S.p.A.

Farmagorà 32 S.r.l. Bergamo I EUR 10,000.00 100.000 100.000 Farmagorà Holding S.p.A.

Farmagorà 33 S.r.l. Bergamo I EUR 10,000.00 100.000 100.000 Farmagorà Holding S.p.A.

Farmagorà 34 S.r.l. Bergamo I EUR 10,000.00 100.000 100.000 Farmagorà Holding S.p.A.

Farmagorà 35 S.r.l. Bergamo I EUR 10,000.00 100.000 100.000 Farmagorà Holding S.p.A.

Interim Report | CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

D103 |

| 103

Method Non-controlling

interest % Equity at 31/12/2025 Profit for the year 2025 Company

Parent Company

Italmobiliare S.p.A.

Fair Value EUR 11,665,648 EUR 31,615 035 Investimenti S.p.A.

Line-by-line EUR 1,980,332 EUR 438,852 Alben S.r.l.

Fair Value EUR 49,603,876 EUR -2,189,600 Archimede S.p.A.

Equity EUR 199,860 EUR -37,991 Aurora S.r.l.

Line-by-line 49.000 EUR 704,377 EUR -246,215 BEA Biella S.r.l.

Equity CNY -19,212,049 CNY -87,637 Beijing Tecnica Sport Equipment Co., Ltd Fair Value EUR 91,677,316 EUR 15,437,536 Bene Assicurazioni S.p.A. Società Benefit Fair Value EUR 8,294,274 EUR 641,195 Bene Life S.p.A. Società Benefit Equity EUR 3,614,443 EUR 166,133 Blizzard Produktion GmbH Equity EUR 19,657,336 EUR 1,259,419 Blizzard Sport GmbH Equity EUR 5,664,887 EUR 6,585 Blizzard Sport Liegenschaftsverwaltungs GmbH Fair Value EUR 74,434 EUR 3,370 bService S.C.A.R.L. Società Benefit Line-by-line 40.000 EUR 384,692,769 EUR 30,101,946 Caffè Borbone S.r.l.

Line-by-line USD 1,004,007 USD 79,610 Caffè Borbone America Corp.

Line-by-line 11.957 EUR 5,039,060 EUR -3,001,414 Callmewine S.r.l.

Line-by-line 20.000 EUR 14,351,745 EUR 2,394,916 Capitelli F.lli S.r.l.

Line-by-line 10.964 EUR 49,812,057 EUR -10,084,982 Casa della Salute S.p.A.

Line-by-line 0.000 EUR -1,208,110 EUR -1,564,367 Casa della Salute Sardegna S.r.l.

Line-by-line EUR 17,895,215 EUR 2,889,957 CDS Medical S.r.l.

Equity EUR 3,674,818 EUR 564,084 Cerraduras Iseo Iberica S.L.

Equity EUR 10,000 EUR 0 Circularity Lab S.r.l.

Line-by-line EUR 4,503,180 EUR -261,459 Clessidra Capital Credit SGR S.p.A.

Line-by-line 51.000 EUR 11,664 EUR 531 Clessidra CRF G.P. società semplice Line-by-line EUR 39,761,200 EUR 7,114,220 Clessidra Factoring S.p.A.

Line-by-line EUR 29,663,770 EUR -668,066 Clessidra Holding S.p.A.

Line-by-line EUR 8,787,539 EUR 241,814 Clessidra Private Equity SGR S.p.A.

Fair Value EUR 3,491,661 EUR 494,614 Compagnia Fiduciaria Nazionale S.p.A.

Line-by-line 0.086 EUR 6,050,000 EUR 3,000 Crédit Mobilier de Monaco S.A.

Line-by-line EUR 28,450 EUR -54,493 Dal Sass Eneco S.r.l.

Equity EUR -39,084 EUR -249,525 Fara Real Estate S.r.l.

Equity EUR 554,628 EUR 62,325 Farmacia Al Castello S.r.l.

Equity EUR 47,887 EUR -128,395 Farmacia Alla Marca S.r.l.

Equity EUR 115,273 EUR -32,759 Farmacia Bacchetta S.r.l.

Equity EUR 335,925 EUR -68,940 Farmacia Borgoforte S.r.l.

Equity EUR 119,946 EUR -45,747 Farmacia Centrale Ambrosi La Spezia S.r.l.

Equity EUR 1,062,782 EUR -34,098 Farmacia Ciavetta S.r.l.

Equity EUR -39,103 EUR -15,504 Farmacia Clementina S.r.l.

Equity EUR -49,225 EUR -115,994 Farmacia Corti S.r.l.

Equity EUR 1,187,453 EUR -53,069 Farmacia De Tillier S.r.l.

Equity EUR -14,414 EUR -33,898 Farmacia del Leone S.r.l.

Equity EUR 319,483 EUR 56,405 Farmacia Fiore S.r.l.

Equity EUR 139,609 EUR 45,704 Farmacia Lion S.r.l.

Equity EUR 58,597 EUR -37,043 Farmacia Marchi S.r.l.

Equity EUR 449,003 EUR -147,658 Farmacia Marongiu S.r.l.

Equity EUR 485,871 EUR -150,599 Farmacia San Martino S.r.l.

Equity EUR -33,370 EUR -5,783 Farmacia San Salvatore S.r.l.

Equity EUR 868,523 EUR -49,295 Farmagorà 17 S.r.l.

Equity EUR 967,823 EUR -76,005 Farmagorà 20 S.r.l.

Equity EUR 781,348 EUR -61,987 Farmagorà 29 S.r.l.

Equity EUR 1,046,928 EUR -102,734 Farmagorà 30 S.r.l.

Equity EUR 1,644,332 EUR -113,382 Farmagorà 31 S.r.l.

Equity EUR 630,980 EUR -59,310 Farmagorà 32 S.r.l.

Equity EUR -74,777 EUR -87,902 Farmagorà 33 S.r.l.

Equity EUR -37,497 EUR -44,734 Farmagorà 34 S.r.l.

Equity EUR -62,337 EUR -69,795 Farmagorà 35 S.r.l.

104 |

Company Head Office Share Capital Interest held by Group Companies Direct Indirect % Farmagorà 36 S.r.l. Bergamo I EUR 10,000.00 100.000 100.000 Farmagorà Holding S.p.A.

Farmagorà 37 S.r.l. Bergamo I EUR 10,000.00 100.000 100.000 Farmagorà Holding S.p.A.

Farmagorà 38 S.r.l. Bergamo I EUR 10,000.00 100.000 100.000 Farmagorà Holding S.p.A.

Farmagorà 40 S.r.l. Bergamo I EUR 10,000.00 100.000 100.000 Farmagorà Holding S.p.A.

Farmagorà 41 S.r.l. Bergamo I EUR 10,000.00 100.000 100.000 Farmagorà Holding S.p.A.

Farmagorà 42 S.r.l. Bergamo I EUR 10,000.00 100.000 100.000 Farmagorà Holding S.p.A.

Farmagorà 43 S.r.l. Bergamo I EUR 10,000.00 100.000 100.000 Farmagorà Holding S.p.A.

Farmagorà 44 S.r.l. Bergamo I EUR 10,000.00 100.000 100.000 Farmagorà Holding S.p.A.

Farmagorà 45 S.r.l. Bergamo I EUR 10,000.00 100.000 100.000 Farmagorà Holding S.p.A.

Farmagorà 46 S.r.l. Bergamo I EUR 10,000.00 100.000 100.000 Farmagorà Holding S.p.A.

Farmagorà 47 S.r.l. Bergamo I EUR 10,000.00 100.000 100.000 Farmagorà Holding S.p.A.

Farmagorà 48 S.r.l. Bergamo I EUR 10,000.00 100.000 100.000 Farmagorà Holding S.p.A.

Farmagorà 49 S.r.l. Bergamo I EUR 10,000.00 100.000 100.000 Farmagorà Holding S.p.A.

Farmagorà 50 S.r.l. Bergamo I EUR 10,000.00 100.000 100.000 Farmagorà Holding S.p.A.

Farmagorà 51 S.r.l. Bergamo I EUR 10,000.00 100.000 100.000 Farmagorà Holding S.p.A.

Farmagorà 53 S.r.l. Bergamo I EUR 10,000.00 100.000 100.000 Farmagorà Holding S.p.A.

Farmagorà 55 S.r.l. Bergamo I EUR 10,000.00 100.000 100.000 Farmagorà Holding S.p.A.

Farmagorà 56 S.r.l. Bergamo I EUR 10,000.00 100.000 100.000 Farmagorà Holding S.p.A.

Farmagorà 57 S.r.l. Bergamo I EUR 10,000.00 100.000 100.000 Farmagorà Holding S.p.A.

Farmagorà 58 S.r.l. Bergamo I EUR 10,000.00 100.000 100.000 Farmagorà Holding S.p.A.

Farmagorà 59 S.r.l. Bergamo I EUR 10,000.00 100.000 100.000 Farmagorà Holding S.p.A.

Farmagorà 60 S.r.l. Bergamo I EUR 10,000.00 100.000 100.000 Farmagorà Holding S.p.A.

Farmagorà Assago S.r.l.

(former Farmacia Santagostino S.r.l.) Assago (MI) I EUR 60,000.00 100.000 100.000 Farmagorà Holding S.p.A.

Farmagorà Barlassina S.r.l. Barlassina (MB) I EUR 10,000.00 100.000 100.000 Farmagorà Holding S.p.A.

Farmagorà Bovolone S.r.l. Bovolone (VR) I EUR 10,000.00 100.000 100.000 Farmagorà Holding S.p.A.

Farmagorà Cagliari S.r.l.

(former Farmacia Murtas S.r.l.) Cagliari I EUR 10,000.00 100.000 100.000 Farmagorà Holding S.p.A.

Farmagorà Cantù S.r.l. Cantù (CO) I EUR 90,000.00 100.000 100.000 Farmagorà Holding S.p.A.

Farmagorà Carbonia S.r.l. Carbonia (SU) I EUR 10,000.00 100.000 100.000 Farmagorà Holding S.p.A.

Farmagorà Carbonia Sulcis S.r.l. Bergamo I EUR 10,000.00 100.000 100.000 Farmagorà Holding S.p.A.

Farmagorà Carignano S.r.l.

(former Farmacia Bonanni S.r.l.) Genova I EUR 10,000.00 100.000 100.000 Farmagorà Holding S.p.A.

Farmagorà Carmagnola S.r.l. Bergamo I EUR 10,000.00 100.000 100.000 Farmagorà Holding S.p.A.

Farmagorà Cernusco S.N. 1 S.r.l. Cernusco sul Naviglio (MI) I EUR 10,000.00 100.000 100.000 Farmagorà Holding S.p.A.

Farmagorà Cernusco S.N. 2 S.r.l.

(former Farmacia Businelli S.r.l.) Cernusco sul Naviglio (MI) I EUR 10,000.00 100.000 100.000 Farmagorà Holding S.p.A.

Farmagorà Chivasso S.r.l.

(former Farmacia Chivasso Est S.r.l.) Chivasso (TO) I EUR 30,000.00 100.000 100.000 Farmagorà Holding S.p.A.

Farmagorà Cinisello Risorgimento S.r.l. Cinisello Balsamo (MI) I EUR 10,000.00 100.000 100.000 Farmagorà 31 S.r.l.

Farmagorà Cornigliano S.r.l.

(former Farmacia Centrale S.r.l.) Genova I EUR 20,000.00 100.000 100.000 Farmagorà Holding S.p.A.

Farmagorà Distribuzione S.r.l. Bergamo I EUR 100,000.00 100.000 100.000 Farmagorà Holding S.p.A.

Farmagorà Garbagnate S.r.l. Garbagnate Milanese (MI) I EUR 10,000.00 100.000 100.000 Farmagorà Holding S.p.A.

Farmagorà Ghisalba S.r.l. Ghisalba (BG) I EUR 100,000.00 100.000 100.000 Farmagorà 23 S.r.l.

Farmagorà Holding S.p.A. Bergamo I EUR 81,149,538.00 24.649 24.649 Italmobiliare S.p.A.

Farmagorà Italiani S.r.l. Genova I EUR 10,000.00 100.000 100.000 Farmagorà 35 S.r.l.

Farmagorà Lumezzane S.r.l. Lumezzane (BS) I EUR 10,000.00 100.000 100.000 Farmagorà Holding S.p.A.

Farmagorà Mantello S.r.l. Mantello (SO) I EUR 10,000.00 100.000 100.000 Farmagorà Holding S.p.A.

Farmagorà Mogoro S.r.l.

(former Farmagorà 39 S.r.l.) Bergamo I EUR 10,000.00 100.000 100.000 Farmagorà Holding S.p.A.

Farmagorà Montjovet S.r.l. Montjovet (AO) I EUR 10,000.00 100.000 100.000 Farmagorà Holding S.p.A.

Farmagorà Ozieri S.r.l. Ozieri (SS) I EUR 10,000.00 100.000 100.000 Farmagorà 41 S.r.l.

Farmagorà Peseggia S.r.l. Scorzè (VE) I EUR 10,000.00 100.000 100.000 Farmagorà 50 S.r.l.

Farmagorà Pianca S.r.l. Olgiate Comasco (CO) I EUR 80,000.00 100.000 100.000 Farmagorà 55 S.r.l.

Farmagorà Ponte Nizza S.r.l. Ponte Nizza (PV) I EUR 102,000.00 100.000 100.000 Farmagorà Holding S.p.A.

Farmagorà Presezzo S.r.l.

(former Farmacia dell’Isola S.r.l.) Presezzo (BG) I EUR 50,000.00 100.000 100.000 Farmagorà Holding S.p.A.

Farmagorà Romito Magra S.r.l. Arcola (SP) I EUR 20,000.00 100.000 100.000 Farmagorà 37 S.r.l.

Farmagorà San Pietro S.r.l. Genova I EUR 21,000.00 100.000 100.000 Farmagorà Holding S.p.A.

Farmagorà Sanfré S.r.l.

(former Farmacia Barberis S.r.l.) Sanfré (CN) I EUR 10,000.00 100.000 100.000 Farmagorà Holding S.p.A.

Farmagorà Sant'Alberto S.r.l. Leini (TO) I EUR 50,000.00 100.000 100.000 Farmagorà 33 S.r.l.

Farmagorà Sant'Anna Rozzano S.r.l.

(former Farmagorà 27 S.r.l.) Bergamo I EUR 10,000.00 100.000 100.000 Farmagorà Holding S.p.A.

Farmagorà Sant'Omobono T. S.r.l.

(former Farmacia Vanoncini S.r.l.) Sant'Omobono Terme (BG) I EUR 10,000.00 100.000 100.000 Farmagorà Holding S.p.A.

Farmagorà San Dario S.r.l. Torino (TO) I EUR 10,000.00 100.000 100.000 Farmagorà 47 S.r.l.

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| 105

Method Non-controlling

interest % Equity at 31/12/ 2025 Profit for the year 2025 Company

Equity EUR -29,369 EUR -36,844 Farmagorà 36 S.r.l.

Equity EUR -35,406 EUR -43,183 Farmagorà 37 S.r.l.

Equity EUR -19,128 EUR -26,911 Farmagorà 38 S.r.l.

Equity EUR -48,985 EUR -58,985 Farmagorà 40 S.r.l.

Equity EUR -18,717 EUR -28,717 Farmagorà 41 S.r.l.

Equity EUR -19,422 EUR -29,422 Farmagorà 42 S.r.l.

Equity EUR -14,719 EUR -24,720 Farmagorà 43 S.r.l.

Equity EUR -21,773 EUR -31,772 Farmagorà 44 S.r.l.

Equity EUR 6,469 EUR -3,532 Farmagorà 45 S.r.l.

Equity EUR N/A EUR N/A Farmagorà 46 S.r.l.

Equity EUR N/A EUR N/A Farmagorà 47 S.r.l.

Equity EUR N/A EUR N/A Farmagorà 48 S.r.l.

Equity EUR N/A EUR N/A Farmagorà 49 S.r.l.

Equity EUR N/A EUR N/A Farmagorà 50 S.r.l.

Equity EUR N/A EUR N/A Farmagorà 51 S.r.l.

Equity EUR N/A EUR N/A Farmagorà 53 S.r.l.

Equity EUR N/A EUR N/A Farmagorà 55 S.r.l.

Equity EUR N/A EUR N/A Farmagorà 56 S.r.l.

Equity EUR N/A EUR N/A Farmagorà 57 S.r.l.

Equity EUR N/A EUR N/A Farmagorà 58 S.r.l.

Equity EUR N/A EUR N/A Farmagorà 59 S.r.l.

Equity EUR N/A EUR N/A Farmagorà 60 S.r.l.

Equity EUR 1,451,122 EUR -205,853 Farmagorà Assago S.r.l.

(former Farmacia Santagostino S.r.l.) Equity EUR 246,199 EUR -138,799 Farmagorà Barlassina S.r.l.

Equity EUR 1,057,107 EUR -248,741 Farmagorà Bovolone S.r.l.

Equity EUR 3,820,404 EUR 216,194 Farmagorà Cagliari S.r.l.

(former Farmacia Murtas S.r.l.) Equity EUR 1,106,834 EUR -151,333 Farmagorà Cantù S.r.l.

Equity EUR N/A EUR N/A Farmagorà Carbonia S.r.l.

Equity EUR N/A EUR N/A Farmagorà Carbonia Sulcis S.r.l.

Equity EUR 373,469 EUR -111,289 Farmagorà Carignano S.r.l.

(former Farmacia Bonanni S.r.l.) Equity EUR 1,019,002 EUR -54,986 Farmagorà Carmagnola S.r.l.

Equity EUR 328,259 EUR -137,274 Farmagorà Cernusco S.N. 1 S.r.l.

Equity EUR 212,681 EUR 84,593 Farmagorà Cernusco S.N. 2 S.r.l.

(former Farmacia Businelli S.r.l.) Equity EUR 66,329 EUR -173,340 Farmagorà Chivasso S.r.l.

(former Farmacia Chivasso Est S.r.l.) Equity EUR 77,777 EUR -70,817 Farmagorà Cinisello Risorgimento S.r.l.

Equity EUR 411,852 EUR -196,744 Farmagorà Cornigliano S.r.l.

(former Farmacia Centrale S.r.l.) Equity EUR 376,846 EUR 167,054 Farmagorà Distribuzione S.r.l.

Equity EUR -85,848 EUR -99,016 Farmagorà Garbagnate S.r.l.

Equity EUR 776,757 EUR -194,860 Farmagorà Ghisalba S.r.l.

Equity EUR 93,857,730 EUR 447,367 Farmagorà Holding S.p.A.

Equity EUR -7,767 EUR -83,125 Farmagorà Italiani S.r.l.

Equity EUR 1,891,718 EUR -193,591 Farmagorà Lumezzane S.r.l.

Equity EUR 162,091 EUR -125,117 Farmagorà Mantello S.r.l.

Equity EUR -117,418 EUR -125,374 Farmagorà Mogoro S.r.l.

(former Farmagorà 39 Srl) Equity EUR 688,488 EUR 53,221 Farmagorà Montjovet S.r.l.

Equity EUR -23,442 EUR -33,442 Farmagorà Ozieri S.r.l.

Equity EUR n.a. EUR n.a. Farmagorà Peseggia S.r.l.

Equity EUR n.a. EUR n.a. Farmagorà Pianca S.r.l.

Equity EUR 368,113 EUR -60,037 Farmagorà Ponte Nizza S.r.l.

Equity EUR 805,511 EUR -134,576 Farmagorà Presezzo S.r.l.

(former Farmacia dell’Isola S.r.l.) Equity EUR 492,478 EUR 40,053 Farmagorà Romito Magra S.r.l.

Equity EUR 833,262 EUR -101,534 Farmagorà San Pietro S.r.l.

Equity EUR 232,768 EUR 16,489 Farmagorà Sanfré S.r.l.

(former Farmacia Barberis S.r.l.) Equity EUR 82,300 EUR 7,902 Farmagorà Sant'Alberto S.r.l.

Equity EUR 11,084 EUR -74,236 Farmagorà Sant'Anna Rozzano S.r.l.

(former Farmagorà 27 S.r.l.) Equity EUR 116,625 EUR -127,170 Farmagorà Sant'Omobono T. S.r.l.

(former Farmacia Vanoncini S.r.l.) Equity EUR 444,790 EUR -35,756 Farmagorà San Dario S.r.l.

106 |

Company Head Office Share Capital Interest held by Group Companies Direct Indirect % Farmagorà San Giacomo S.r.l. Torino (TO) I EUR 21,000.00 100.000 100.000 Farmagorà 46 S.r.l.

Farmagorà Solza S.r.l. Solza (BG) I EUR 30,000.00 100.000 100.000 Farmagorà Holding S.p.A.

Farmagorà Sondrio Piazzetta Rusconi S.r.l.

(former Farmacia Quadrio S.r.l.) Sondrio (SO) I EUR 20,000.00 100.000 100.000 Farmagorà Holding S.p.A.

Farmagorà Stezzano S.r.l. Bergamo I EUR 10,000.00 100.000 100.000 Farmagorà 51 S.r.l.

Farmagorà Tirano San Martino S.r.l. Tirano (SO) I EUR 20,000.00 100.000 100.000 Farmagorà Holding S.p.A.

Farmagorà Trescore S.r.l. Trescore Balneario (BG) I EUR 10,000.00 100.000 100.000 Farmagorà Holding S.p.A.

Farmagorà Tresenda S.r.l.

(former Farmacia Martinelli Claudia S.r.l.) Teglio (SO) - fraz.

Tresenda I EUR 20,000.00 100.000 100.000 Farmagorà Holding S.p.A.

Farmagorà Vicenza S.r.l. Vicenza I EUR 10,000.00 100.000 100.000 Farmagorà Holding S.p.A.

Farmagorà Villacidro S.r.l. Villacidro (SU) I EUR 10,000.00 100.000 100.000 Farmagorà 53 S.r.l.

Farmagorà Volpiano S.r.l.

(former Farmacia degli Angeli S.r.l.) Volpiano (TO) I EUR 10,000.00 100.000 100.000 Farmagorà Holding S.p.A.

FCM S.r.l. Montirone (BS) I EUR 10,000.00 100.000 100.000 Farmagorà Holding S.p.A.

Feroneria Prod. S.A. Arad RO RON 20,628,636.40 99.9999 99.9999 Iseo Serrature S.p.A.

0.0001 0.0001 Microhard S.r.l.

FIT S.r.l. Società Benefit Seregno (MB) I EUR 120,000.00 100.000 100.000 Bene Assicurazioni S.p.A. SB Franco Tosi Ventures S.r.l. Milano I EUR 100,000.00 100.000 100.000 Italmobiliare S.p.A.

FT2 S.r.l. Milano I EUR 10,000.00 100.000 100.000 Italmobiliare S.p.A.

G.D.S. Media & Communication S.r.l.

Single -member company in liquidation Palermo I EUR 10,000.00 100.000 100.000 S.E.S. Società Editrice Sud S.p.A.

Gardawind S.r.l. Vipiteno (BZ) I EUR 100,000.00 49.000 49.000 Italgen S.p.A.

Giornale di Sicilia Editoriale Poligrafica S.p.A. Palermo I EUR 11,217,000.00 100.000 100.000 S.E.S. Società Editrice Sud S.p.A.

Gres Art S.r.l. Società Benefit Bergamo I EUR 50,000.00 100.000 100.000 GRES Hub S.r.l.

GRES Hub S.r.l. Milano I EUR 10,000.00 100.000 100.000 Italmobiliare Servizi S.r.l.

Idrodezzo S.r.l. Villa di Serio (BG) I EUR 10,000.00 100.000 100.000 Italgen S.p.A.

Idroenergy S.r.l. Villa di Serio (BG) I EUR 99,000.00 100.000 100.000 Italgen S.p.A.

Idrolima S.r.l. Villa di Serio (BG) I EUR 40,000.00 100.000 100.000 Rovale S.r.l.

Immobiliare Lido di Classe S.r.l.

in liquidation Roma I EUR 255,000.00 18.036 18.036 Italmobiliare S.p.A.

IQ-Sports Verwaltungs GmbH Mittersill A EUR 35,000.00 100.000 100.000 Tecnica Group S.p.A.

Iseo (Beijing) Security Technology Co., Ltd Beijing RC CNY 500,000.00 100.000 100.000 Iseo Asia Limited Iseo Asia Limited Hong Kong HK HKD 1,000,000.00 100.000 100.000 Iseo Serrature S.p.A.

Iseo Asia Pacific Sdn Bhd Puchong, Selangor D.E. MAL MYR 715,560.00 100.000 100.000 Iseo Asia Limited Iseo Denmark A.P.S. Copenaghen DK EUR 18,000.00 55.000 55.000 Iseo Serrature S.p.A.

Iseo Deutschland GmbH Gera D EUR 1,000,000.00 100.000 100.000 Iseo Serrature S.p.A.

Iseo France S.A.S. Vaux Le Pénil F EUR 1,075,440.00 100.000 100.000 Iseo Serrature S.p.A.

Iseo Galvanica S.r.l. Arad RO RON 2,800,000.00 99.500 99.500 Iseo Serrature S.p.A.

0.500 0.500 Microhard S.r.l.

Iseo Gulf LCC Dubai UAE AED 300,000.00 100.000 100.000 Iseo Middle East FZE Iseo Iberica Systems & Services S.L.U. Madrid ES EUR 5,000.00 100.000 100.000 Iseo Serrature S.p.A.

Iseo Middle East FZE Dubai UAE AED 1,000,000.00 100.000 100.000 Iseo Denmark A.P.S.

Iseo Peru S.A.C. Lima PE PEN 1,250,000.00 90.000 90.000 Iseo Serrature S.p.A.

Iseo Serrature S.p.A. Pisogne (BS) I EUR 24,429,800.00 39.246 39.246 Italmobiliare S.p.A.

Iseo South Africa Proprietary Limited Cape Town ZA ZAR 2,163.00 100.000 100.000 Iseo Serrature S.p.A.

Iseo UKI Limited (former Locken UK Limited) London GB GBP 1,000.00 100.000 100.000 Iseo Serrature S.p.A.

Italgen S.p.A. Villa di Serio (BG) I EUR 20,000,000.00 100.000 100.000 Italmobiliare S.p.A.

Italmobiliare Servizi S.r.l. Milano I EUR 3,520,000.00 100.000 100.000 Italmobiliare S.p.A.

ITM Bacco S.r.l. Milano I EUR 100,000.00 60.000 60.000 Italmobiliare S.p.A.

Lewis S.p.A. Milano I EUR 242,800.00 12.685 12.685 Italmobiliare S.p.A.

Lowa Austria Gmbh St. Martin im Innkreis A EUR 35,000.00 100.000 100.000 Lowa Sportschuhe GmbH Lowa Boots LLC Stanford USA USD 35,000.00 99.900 99.900 Lowa Sportschuhe GmbH 0.100 0.100 Tecnica Group S.p.A.

Lowa Production Sro Bošany SK EUR 1,068,115.00 99.000 99.000 Lowa R&D S.r.l.

(former Riko Sport S.r.l.) Lowa R&D S.r.l. Caselle di Altivole (TV) I EUR 780,000.00 100.000 100.000 Lowa Sportschuhe GmbH Lowa Schuhe AG Interlaken CH CHF 1,100,000.00 100.000 100.000 MM Holding AG Lowa Sportschuhe GmbH Jetzendorf D EUR 5,000,000.00 80.000 80.000 Tecnica Group S.p.A.

Microhard S.r.l. Rovellasca (CO) I EUR 100,000.00 100.000 100.000 Iseo Serrature S.p.A.

MM Holding AG Stans CH CHF 100,000.00 100.000 100.000 Lowa Sportschuhe GmbH New Flour S.p.A. in liquidation Milano I EUR 163,000.00 16.974 16.974 Italmobiliare S.p.A.

Norfin S.r.l. Giavera del Montello (TV) I EUR 95,000.00 100.000 100.000 Tecnica Group S.p.A.

Officina Profumo -Farmaceutica di Santa Maria Novella S.p.A. Firenze I EUR 2,100,000.00 95.000 95.000 FT2 S.r.l.

Officina Profumo -Farmaceutica di Santa Maria Novella of America Corporation New York USA USD 2,000,000.00 100.000 100.000 Officina Profumo -Farmaceutica di Santa Maria Novella S.p.A.

Interim Report | CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

D107 |

| 107

Method Non-controlling

interest % Equity at 31/12/ 2025 Profit for the year 2025 Company

Equity EUR 21,877 EUR -12,836 Farmagorà San Giacomo S.r.l.

Equity EUR 357,425 EUR -61,849 Farmagorà Solza S.r.l.

Equity EUR 846,662 EUR -154,849 Farmagorà Sondrio Piazzetta Rusconi S.r.l.

Equity EUR n.a. EUR n.a. Farmagorà Stezzano S.r.l.

Equity EUR 485,871 EUR -150,599 Farmagorà Tirano San Martino S.r.l.

Equity EUR 1,024,554 EUR -69,133 Farmagorà Trescore S.r.l.

Equity EUR 431,081 EUR -57,856 Farmagorà Tresenda S.r.l.

(former Farmacia Martinelli Claudia S.r.l.) Equity EUR 585,814 EUR -131,595 Farmagorà Vicenza S.r.l.

Equity EUR n.a. EUR n.a. Farmagorà Villacidro S.r.l.

Equity EUR 1,260,449 EUR -136,359 Farmagorà Volpiano S.r.l.

(former Farmacia degli Angeli S.r.l.) Equity EUR 122,199 EUR -65,699 FCM S.r.l.

Equity RON 29,477,177 RON -193,948 Feroneria Prod. S.A.

Fair Value EUR 982,201 EUR 175,399 FIT S.r.l. Società Benefit Line-by-line EUR 406,384 EUR -304,484 Franco Tosi Ventures S.r.l.

Line-by-line EUR 197,707,759 (2) EUR 4,684,769 (2) FT2 S.r.l.

Cost EUR -102,983 EUR 97,586 G.D.S. Media & Communication S.r.l.

Single -member company in liquidation Equity EUR 866,370 (1) EUR 746,370 (1) Gardawind S.r.l.

Cost EUR 9,923,802 EUR -1,797,460 Giornale di Sicilia Editoriale Poligrafica S.p.A.

Line-by-line EUR 55,046 EUR -1,150,910 Gres Art S.r.l. Società Benefit Line-by-line EUR 43,904 EUR -1,937,140 GRES Hub S.r.l.

Line-by-line EUR 1,745,184 EUR -89,413 Idrodezzo S.r.l.

Line-by-line EUR 2,910,676 EUR 222,645 Idroenergy S.r.l.

Line-by-line EUR 249,274 EUR -47,985 Idrolima S.r.l.

Cost EUR -3,587,340 (3) EUR 86,476 (3) Immobiliare Lido di Classe S.r.l.

in liquidation

Equity EUR 14,536,705 EUR -7,154 IQ-Sports Verwaltungs GmbH Equity CNY 4,054,781 CNY -455,907 Iseo (Beijing) Security Technology Co., Ltd Equity EUR 60,144 EUR -3,836 Iseo Asia Limited Equity MYR -681,106 MYR -643,406 Iseo Asia Pacific Sdn Bhd Equity EUR 38,908 EUR 357,292 Iseo Denmark A.P.S.

Equity EUR 1,425,064 EUR -749,442 Iseo Deutschland GmbH Equity EUR 18,427,048 EUR 2,164,648 Iseo France S.A.S.

Equity RON 325,316 RON -70,669 Iseo Galvanica S.r.l.

Equity AED 729,180 AED 164,460 Iseo Gulf LCC Equity EUR 48,268 EUR -222,646 Iseo Iberica Systems & Services S.L.U.

Equity EUR 1,251,747 EUR 121,215 Iseo Middle East FZE Equity PEN 34,458 PEN -412,779 Iseo Peru S.A.C.

Equity EUR 92,880,845 EUR -734,454 Iseo Serrature S.p.A.

Equity ZAR 6,412,261 ZAR -6,178,624 Iseo South Africa Proprietary Limited Equity EUR 1,271,838 EUR 517,906 Iseo UKI Limited (former Locken UK Limited) Line-by-line EUR 60,541,357 EUR 21,284,718 Italgen S.p.A.

Line-by-line EUR 11,491,229 EUR -63,076 Italmobiliare Servizi S.r.l.

Line-by-line 40,000 EUR 19,209,049 EUR -14,403 ITM Bacco S.r.l.

Line-by-line EUR 75,248 (3) EUR -24,752 (3) Lewis S.p.A.

Equity EUR 3,691,881,00 EUR 47,381,00 Lowa Austria GmbH Equity USD 18,159,768 USD -388,202 Lowa Boots LLC

Equity EUR 19,647,887 EUR -4,827,406 Lowa Production Sro Equity EUR 37,384,703 EUR 2,021,238 Lowa R&D S.r.l.

Equity CHF 8,297,764 CHF 1,124,116 Lowa Schuhe AG Equity EUR 131,569,706 EUR 12,299,581 Lowa Sportschuhe GmbH Equity EUR 4,076,070 EUR 149,736 Microhard S.r.l.

Equity CHF 8,037,014 CHF 68,947 MM Holding AG Fair Value EUR 6,498,705 (2) EUR -1,522,953 (2) New Flour S.p.A. in liquidation Equity EUR -68,509 EUR -185,028 Norfin S.r.l.

Line-by-line 5,000 EUR 155,025,920 EUR -1,819,585 Officina Profumo -Farmaceutica di Santa Maria Novella S.p.A.

Line-by-line USD 2,511,581 USD -98,040 Officina Profumo -Farmaceutica di Santa Maria Novella of America Corporation

108 |

Company Head Office Share Capital Interest held by Group Companies Direct Indirect % Premium Medica S.r.l. Aosta I EUR 12,000.00 100.000 100.000 Technos Medica S.r.l.

Punta Ala Promozione e Sviluppo Immobiliare S.r.l. Milano I EUR 1,300,000.00 100.000 100.000 Italmobiliare S.p.A.

Queen Bess S.r.l. Villa di Serio (BG) I EUR 30,000.00 100.000 100.000 Italgen S.p.A.

R.T.P. Radio Televisione Peloritana S.r.l. Messina I EUR 50,000.00 100.000 100.000 S.E.S. Società Editrice Sud S.p.A.

Rovale S.r.l. Villa di Serio (BG) I EUR 10,000.00 51.000 51.000 Italgen S.p.A.

S.E.S. Società Editrice Sud S.p.A. Messina I EUR 10,695,505.08 33.527 33.527 Italmobiliare S.p.A.

Santa Maria Novella China Limited Guangzhou CN EUR 500,000.00 100.000 100.000 Santa Maria Novella Hong Kong

Limited

Santa Maria Novella France S.A.S. Levallois -Perret FR EUR 1,500,000.00 100.000 100.000 Officina Profumo -Farmaceutica di Santa Maria Novella S.p.A.

Santa Maria Novella Hong Kong Limited Hong Kong HK HKD 10,000.00 100.000 100.000 Officina Profumo -Farmaceutica di Santa Maria Novella S.p.A.

Santa Maria Novella Japan K.K. Tokyo JPN JPY 100,000,000.00 100.000 100.000 Officina Profumo -Farmaceutica di Santa Maria Novella S.p.A.

Santa Maria Novella South Korea Limited Seoul KR WON 100,000,000.00 100.000 100.000 Officina Profumo Farmaceutica di Santa Maria Novella S.p.A.

Santa Maria Novella UK Limited London UK GBP 1,000.00 100.000 100.000 Officina Profumo -Farmaceutica di Santa Maria Novella S.p.A.

Schema Piada S.p.A. Milano I EUR 163,000.00 16.974 16.974 Italmobiliare S.p.A.

Schöffel -Lowa -Sportartikel GmbH & Co. KG Schwabmünchen D EUR 128,414.25 50.000 50.000 Lowa Sportschuhe GmbH Servizi Medici Due S.r.l. Genova I EUR 10,000.00 100.000 100.000 CDS Medical S.r.l.

Sicilia On Line S.r.l.

in liquidation Palermo I EUR 99,000.00 50.000 50.000 Giornale di Sicilia Editoriale Poligrafica S.p.A.

SIDI Romania S.r.l.

(former La Sierra Scarpe S.r.l.) Popeşti Leordeni RO RON 17,797,880.00 100.000 100.000 SIDI Sport S.r.l.

SIDI Sport S.r.l. Maser (TV) I EUR 500,000.00 100.000 100.000 Italmobiliare S.p.A.

Société d’Etudes de Participations et de Courtages S.A. Montecarlo MC EUR 1,290,000.00 99.983 99.983 Italmobiliare S.p.A.

Sofia S.r.l. Pisogne (BS) I EUR 18,918.00 55.001 55.001 Iseo Serrature S.p.A.

Solar Derthona S.r.l. Villa di Serio (BG) I EUR 30,000.00 100.000 100.000 Italgen S.p.A.

Solar Rooftop S.r.l. Villa di Serio (BG) I EUR 50,000.00 100.000 100.000 Italgen S.p.A.

Sport Center 2000 S.r.l. Capoterra (CA) I EUR 10,000.00 100.000 100.000 Casa della Salute S.p.A.

T.G.S. Telegiornale di Sicilia S.r.l. Palermo I EUR 336,000.00 98.099 98.099 Giornale di Sicilia Editoriale Poligrafica S.p.A.

1.901 1.901 S.E.S. Società Editrice Sud S.p.A.

Technos Medica S.r.l. Aosta I EUR 11,000.00 100.000 100.000 CDS Medical S.r.l.

Tecnica Group Canada Inc Saint -Laurent CA CAD 4,000,000.00 100.000 100.000 Tecnica Group S.p.A.

Tecnica Group France S.a.r.l. Annecy -Le-Vieux FR EUR 1,000,000.00 100.000 100.000 Tecnica Group S.p.A.

Tecnica Group Germany GmbH Jetzendorf D EUR 715,808.00 100.000 100.000 Tecnica Group S.p.A.

Tecnica Group Japan Ltd Tokyo JPN JPY 100,000,000.00 99.900 99.900 Tecnica Group S.p.A.

Tecnica Group S.p.A. Giavera del Montello (TV) I EUR 38,533,835.00 40.000 40.000 Italmobiliare S.p.A.

Tecnica Group Schweiz AG Stans CH CHF 500,000.00 100.000 100.000 Tecnica Group S.p.A.

Tecnica Group USA Corp. West Lebanon USA USD 5,800,000.00 100.000 100.000 Tecnica Group S.p.A.

Tecnica Group Ukraine LLC Beregovo UA EUR 150,000.00 100.000 100.000 Tecnica Ungheria Kft.

Tecnica Ungheria Kft. Nagykàllò H EUR 3,454,422.00 99.000 99.000 Tecnica Group S.p.A.

1.000 1.000 Norfin S.r.l.

(1) Financial Statements at 31/01/202 6 (Gardawind S.r.l.) (2) Financial year ended 30/06/2025 (FT2 S.r.l. - New Flour S.p.A. in liq uidation - Schema Piada S.p.A.) (3) Financial Statements at 31/12/2024 (Lewis S.p.A. - Immobiliare Lido di Classe S.r.l. in liq uidation ) N/A (Not Applicable) n.a. (not available)

Interim Report | CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

D109 |

| 109

Method Non-controlling

interest % Equity at 31/12/2025 Profit for the year 2025 Company

Line-by-line EUR 220,213 EUR 133,881 Premium Medica S.r.l.

Line-by-line EUR 1,191,767 EUR -100,319 Punta Ala Promozione e Sviluppo Immobiliare S.r.l.

Line-by-line EUR 24,313 EUR -5,687 Queen Bess S.r.l.

Cost EUR 52,905 EUR -433,005 R.T.P. Radio Televisione Peloritana S.r.l.

Line-by-line 49,000 EUR 710,036 EUR 113,866 Rovale S.r.l.

Equity EUR 38,833,132 EUR -2,867,087 S.E.S. Società Editrice Sud S.p.A.

Line-by-line EUR n/a EUR n/a Santa Maria Novella China Limited Line-by-line EUR 1,136,772 EUR -64,192 Santa Maria Novella France S.A.S.

Line-by-line HKD -1,344,003 HKD -1,354,003 Santa Maria Novella Hong Kong Limited Line-by-line JPY 66,888,785 JPY 14,462,921 Santa Maria Novella Japan K.K.

Line-by-line WON 66,153,224 WON -33,846,776 Santa Maria Novella South Korea Limited Line-by-line GBP 761,608 GBP -83,472 Santa Maria Novella UK Limited Fair Value EUR 3,021,700 (2) EUR 2,419,699 (2) Schema Piada S.p.A.

Equity EUR 2,978,185 EUR -131,941 Schöffel -Lowa -Sportartikel GmbH & Co. KG Line-by-line EUR N/A EUR N/A Servizi Medici Due S.r.l.

Cost EUR n.a. EUR n.a. Sicilia On Line S.r.l.

in liquidation

Line-by-line RON -17,472,957 RON 969,213 SIDI Romania S.r.l.

(former La Sierra Scarpe S.r.l.) Line-by-line EUR 57,686,027 EUR -6,710,941 SIDI Sport S.r.l.

Line-by-line 0.020 EUR -14,909 EUR -147,868 Société d’Etudes de Participations et de Courtages S.A.

Equity EUR 625,580 EUR -41,385 Sofia S.r.l.

Line-by-line EUR 467,590 EUR 210,221 Solar Derthona S.r.l.

Line-by-line EUR 87,025 EUR 2,068 Solar Rooftop S.r.l.

Line-by-line EUR 10,014 EUR 61 Sport Center 2000 S.r.l.

Cost EUR 619,138 EUR -198,340 T.G.S. Telegiornale di Sicilia S.r.l.

Line-by-line EUR 437,551 EUR 280,927 Technos Medica S.r.l.

Equity CAD 5,117,156 CAD -733,854 Tecnica Group Canada Inc Equity EUR 5,502,187 EUR 483,858 Tecnica Group France S.a.r.l.

Equity EUR 418,358 EUR 166,436 Tecnica Group Germany GmbH Equity YEN 418,793,907 YEN 25,052,008 Tecnica Group Japan Ltd Equity EUR 123,756,170 EUR 248,483 Tecnica Group S.p.A.

Equity CHF 2,986,368 CHF 296,201 Tecnica Group Schweiz AG Equity USD 48,810,985 USD 2,673,935 Tecnica Group USA Corp.

Equity EUR 188,990 EUR -11,776 Tecnica Group Ukraine LLC Equity EUR 18,648,003 EUR 1,886,127 Tecnica Ungheria Kft.

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Statement pursuant to art. 154 -bis.5 of the Italian Consolidated Finance Act (TUF) regarding the condensed interim consolidated financial statements pursuant to art. 81 -ter of the Consob Regulation no. 11971 of May 14, 1999 and subsequent modifications and integrations 1. The undersigned Carlo Pesenti, Chairman and Chief Executive Officer and Mauro Torri, Manager in charge of financial reporting of Italmobiliare S.p.A, also taking into consideration art. 154 -bis, paragraphs 3 and 4, of the Legislative Decree no. 58 of February 24, 1998, hereby state:

• the adequacy in relation to the company characteristics and • the actual application of the administrative and accounting procedures adopted for the preparation of the condensed interim consolidated financial statements , as at and for the period from January 1, 202 6 to June 30, 202 6.

2. The assessment of the adequacy of the administrative and accounting procedures adopted for the preparation of condensed interim consolidated financial statements at June 30, 202 6 is based on a model identified by Italmobiliare according to the CoSO framework (illustrated in the CoSO Report ) and also takes into account the document “ Internal Control over Financial Reporting – Guidance for Smaller Public Companies ”, both issued by the Committee of Sponsoring Organizations of the Treadway Commission representing a generally accepted international framework.

3. It is also stated that :

3.1 the condensed interim consolidated financial statements at June 30, 202 6:

a) were prepared in compliance with applicable international financial reporting standards recognised by the European Community pursuant to European Parliament and Council Regulation no. 1606/2002 of July 19, 2002;

b) correspond to the accounting books and entries;

c) are suitable to provide a true and fair view of the financial position, results of operations and cash flows of Italmobiliare S.p.A. and the companies included in the consolidation area.

3.2 The directors' report includes a reliable analysis of the significant events occurred in the first six months of the year and their impact on the condensed interim consolidated financial statements, together with a description of the main risks and uncertainties for the remaining six months of the year. The directors’ report also includes a reliable analysis of the information on significant transactions with related parties.

July 29, 202 6 Signed on the original Carlo Pesenti, Chairman and Chief Executive Officer Mauro Torri, Manager in charge of financial reporting

Interim Report | CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

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