We should all feel nothing but shame for the reputation that finance has earned itself in the last few years, but if you manage to guide healthy capital from successful businesses and the assets of families that wish to invest them intelligently in companies that want to grow, you are genuinely doing one of the most beneficial jobs in the world .
@TamburiTipEuropean Midcap event 2026 September 30, 2026
2DISCLAIMER
The information contained herein, particularly those regarding any possible or assumed future performance of the TIP Group, are or may be forward looking statements and in this respect they involve some risks and uncertainties .
Any reference to past performances shall not be taken as an indication of future performances .
The forward -looking statements and valuation indications may include statements regarding our (or our group companies) plans, objectives, goals, strategies, future events, future revenue or performance, financing needs, plans or intentions relating to acquisitions, investments or capital expenditures, business trends or other information that is not historical information . Forward -
looking statements are related to future, not past, events and are not guarantees of future performance . These statements are based on current expectations and projections about future events and, by their nature, address matters that are, to different degrees, uncertain and subject to inherent risks and uncertainties . They relate to events and depend on circumstances that may or may not occur or exist in the future, and, as such, undue reliance should not be placed on them .
TIP expressly disclaims and does not assume any responsibility nor liability in connection with any inaccuracies in any of the statements contained in this document or in connection with any use by any party of such forward -looking statements .
This document is being provided solely for information and may not be reproduced or redistributed .
This document does not constitute an offer to sell or the solicitation of an offer to buy any stock or securities .
Macroeconomic and geopolitical uncertainties, including potential cost pressures and market volatility, may affect our group companies , even if their strong positioning and leadership should be a barrier against any heavy consequence on their profitability .
3 1as at 25/9/2026 (Bloomberg); 2 analytical valuation of each investment elaborated by TIP considering the mid -term outlook of the companies+182,1 %1 (9 worldwide leaders) total return T.I.P.
(last 10 years )28 companies16,4 euro per share Net Intrinsic Value2 Limited risk thanks to high quality assets Outstanding long -term returns5 billion of direct investments and club deals in leading companies
4 ~23 bln in aggregate revenues ~ 4 bln ebitda ~90 thousands people
a diversified
industrial group
~1,9 bln of investment – divestment activity in 5 years
great dynamism
strong resilience
solid performance across both listed and private companies, the most of them ready to be listed niche positioning in the digital industry Minor investments in peculiar digital activities; among them:
Bending Spoons from 2019
outstanding
historical returns
10 years total return : + 182,1 % 16,4 euro per share significant value yet to be unlocked (~90 % vs current price) Net Intrinsic Value
estimate
ipo pipeline
3 companies with the potential to be listed in the stock exchange1.
2.
3.
4.
5.
6.
7.
5A DIVERSIFIED INDUSTRIAL GROUP
MINORITY STAKE
LONG TERM PARTNER
Average investment holding period exceeds 10 years
NO PREDETERMINED EXIT
SCHEMES
but path to IPO
ACTIVE OWNERSHIP ALSO
THROUGH BoD
REPRESENTATIVE
IN CASE IS STRATEGIC AND
AFTER LONG TIME OF
INVESTMENT ALSO
MAJORITY STAKE
Alpitour case
FINANCE FOR GROWTH
PARTICULARLY THROUGH
M&A More than 240 M&A transactions since TIP first investment
A DIVERSIFIED INDUSTRIAL GROUP
6Listed companies
Private companies
Worldwide leaders Italian leaders9 10 3
European leaders
30%
24% 20%13%14%~20%
of ebitda margin
Dynamism
> 240
M&A transactions since TIP first
investment~23bn
2025 total revenuesA DIVERSIFIED INDUSTRIAL GROUP
7 Luxury and design Food and tourism IndustrialTechnological services and innovation Retail & Consumer health
~3,6bn
Total Asset
~3bn
Net Intrinsic Value Treasury shares and other~2 bln invest. / divest. in 2021 – ‘2625% 23%
17%12%11%11%
STRONG RESILIENCE
2025 annual results 8Listed companies Private companies (I) Results as of October 31, 2025 .
(II) Results as of August 31, 2025 .
(III) Guidance for the fiscal year ending on April 30, 2026 .
(1) 26,9% of IPG Holding (23,4% of IP).
(2) 85% of Investindesign (31% of Dexelance) and 0,1% direct stake in Dexelance .
(3) 23,8% of ITH (57% of Sesa) .
(4) TIP owns 46,3% of asset Italia 1, which directly and indirectly holds a 93,7% stake in Alpitour (on a fully diluted basis) .
(5) 43,9% of Clubitaly (17,7% of Eataly) .
(6) 52% of Asset Italia 3 (25% of Limonta) .(I)
(II)
(1) (2)
(3)(4)
(5) (6)
(III)GREAT PERFORMANCE OF
MOST OF THE PRIVATE
COMPANIES IN 2025
Stake (%)Sales
2025
(€ mln)Sales
2025 vs
2024EBITDA
MARGIN
ADJ.
2025Cash /
(Debt)
43,1% 2.287 + 9,8% 7,1% -115 8,1% 1.561 + 10,0% 15,7% 518 49,0% 254 + 1,1% 9,9% -79 20,0% 188 + 3,7% 22,7% 42 7,7% 706 + 3,3% 5,8% - 142 12,9% 188 + 6,5% 21,4% 118 17,0% 110 + 20,9% 27,1% 0
Stake (%)Sales
2025
(€ mln)Sales
2025 vs
2024EBITDA
MARGIN
ADJ.
2025Cash /
(Debt)
3,3% 2.396 + 1,7% 22,6% -1.046 5,5% 416 + 1,6% 13,0% - 74 22,1% 461 + 1,9% 6,0% - 52 6,3% 2.071 - 0,4% 22,3% - 291 26,7% 373 + 15,0% 9,2% - 53 0,7% 3.132 + 0,7% 41,0% 1.458 32,4% 1.740 + 6,7% 12,4% n.a.
34,0% 403 - 2,8% 17,4% n.a.
13,6% 3.610 + 7,5% 7,3% 196
Stake (%)Ricavi
1H26
(€ mln)Ricavi
1H26 vs
1H25Ebitda
margin
adj. 1H26Cash /
(Debt)
3,8% 1.186 + 1,3% 25,1% -1.049 5,4% 216 + 25,4% 4,2% -146 2,5% 1.305 + 129,0% n.a. -4.088 32,0% 183 + 17,9% 7,6% -25 23,2% 223 - 6,9% 6,5% -63 6,3% 1.086 + 0,9% 22,4% -306 0,7% 1.290 + 9,0% 33,7% 1.112 32,4% 877 + 10,7% 13,0% -240 34,2% 188 - 7,2% 16,7% 10 13,4% 3.565 + 8,1% 7,3% 182
Stake (%)Sales
1H26
(€ mln)Sales
1H26 vs
1H25Ebitda
margin
adj. 1H26Cash /
(Debt)
43,1% 885 - 1,6% n.s. -254 8,1% n.a. n.a. n.a. n.a.
49,0% 127 + 0,2% 12,1% -67 20,0% 98 + 2,7% 23,5% 34 7,8% 331 + 2,3% n.d. n.d.
12,9% 100 + 1,0% 21,2% 112
17,0% 59 + 10,6% 24,4% 8STRONG RESILIENCE
1H 2026 results 9Listed companies Private companies (I) 6 months results as of April 30, 2026 .
(II) Annual results as of April 30, 2026 .
(1) 84% of Investindesign (37% of Dexelance) and 1,1% direct stake in Dexelance .
(2) 26,9% of IPG Holding (23,4% of IP).
(3) 23,6% of ITH (57% of Sesa) .
(4) TIP owns 46,3% of asset Italia 1, which directly and indirectly holds a 93,7% stake in Alpitour (on a fully diluted basis) .
(5) 43,9% of Clubitaly (17,7% of Eataly) .
(6) 52% of Asset Italia 3 (25% of Limonta) .(I) (1) (2)
(3)(4)
(6)
(II)
(5)
10 Year of first
investmentActual (*)
(FY 2025)MILLION OF EURO
Revenues
Market cap210
45
(21%)EBITDA
3362.071
462
(22%)
3.900
Revenues
Market cap581
166
(29%)EBITDA
2.550 (**)3.132
1.283
(41%)
12.110
(*) Revenues and EBITDA refer to FY2025 figures, while market capitalization data are as of September 27, 2026.
(**) Valuation 100% equity at IPO equal to €2.55 bn~10x
~10x
~12x
~5,5x
~8x
~5x>40 M&A
1 Transformational
M&ASTRONG RESILIENCE
from small to large cap
Revenues
Market cap708
97
(14%)EBITDA
6012.396
540
(23%)
3.260~3,5x
~6x
~5x >20 M&A
Amplifon has signed an agreement to acquire GN Hearing, creating a vertically integrated global leader in audiology with approximately €3.3 billion in revenues and €830 million in pro -forma adjusted EBITDA . The deal values GN Hearing at around €2.3 billion .
11Year of first
investmentActual (**)
(FY 2025)MILLION OF EURO
Revenues
Market cap1.392
144
(10,4%) EBITDA
1921.740
216 -218
(12,4%)
1.480
3 M&A~1,2x
~1,5x
~8xRevenues
Market cap237
20
(8,4%) EBITDA
198 (*)403
70-72
(17,4%)
181~1,7x
~3,5x
~1x (*) Data as of July 9, 2018 (IPO date) (**) market capitalization data are as of September 27, 2026.5 M&ASTRONG RESILIENCE from mid to large cap
Revenues
Market cap1.551
74
(5%) EBITDA
3563.610
265
(7%)
1.420
~2x ~3x
~4x>70 M&A
a unique positioning also in the digital/AI industry 12 ▪A unique, AI driven business model that creates long -term value by acquiring, transforming and scaling digital businesses through :
▪Technology : coding is managed by AI alone for around 70% of the total activity ▪People : ~2,300 team members in q1 ‘26, 286 hired out of around 800 ,000 job applications in 2025 ▪proprietary data : 3.8bn data processed on average/day in Q1 ‘26 to support faster decision -making ▪StarTIP current stake valued (27 Sept .) ~ 450 mln EUR .
50+
acquisitions
$1.31bn
Revenues
$ 613 m Adj. Op. Margin
(47%)
StarTIP
Invest.
~15mPartial
Divest .2019 2020 2022 2023 2024October
2025IPO
2026
tot 82m~5m ~3m ~0,2m ~2m ~5m ~27m ~56mEq. Value 100% ($)~ $18,5bn ~0,2BN ~2,55bn ~11bn
Acquire
ReinvestTransform &
Optimize
50+ digital business
Including:
~$5bn invested acquisitions Sustainable expansion in
earnings
*Acquired post -IPO; ** announced on September 10$21bn
Current Market
cap (september 27, 2026) Invest.
Divest .2025
*$2.78 -2.82bn
Revenues
$ 1.46 -1.51bn Adj. Op. Margin
(~53%)2026 E
**
13~ 800 m
divestment
~280
~40
~1,9 BILLION OF INVESTMENT – DIVESTMENT 2021 – 2026 ACTIVITY
~ 1,1 billion investments (inc. club deals)
~520
13
~100
Large cap
listedmid cap
listed
Private startip
Private
Companies~180
Treasury
shares
Large/Mid Cap
listedOthers StartipGreat dynamism TIP partially divested its stake in Bending Spoons at the July 2026 IPO, reducing its fully diluted ownership from 2.9% to 2.5% and generating 54m capital gain, over 30x the original investment Subscription of capital increase on May 2026 to support the acquisition of GN Hearing .
Additional investment in Sesa (ITH) in February 2026 : increase of the stake in Sesa following an additional investment, bringing the shareholding to 23.8%.
Divestment in Hugo Boss in December 2025 .
14(1) Total return 10 years as at September 25, 2026 source : Bloomberg (Divs . Reinv . Secur .)10 years performance vs main indexes (1)
S&P 500
+260,9%
FTSE MIB
+220,3%
IT Star
+95,9%
MSCI Eur
+85,6%+141,2%
Dow Jones
+186,1%Nasdaq
+415,1%
FTSE
small cap
+125,4%outstanding historical returns 10 years total return TIP: +182% The stock remains heavily undervalued vs its underlying fundamentals0,52,54,56,58,510,512,514,516,518,520,5
0,02,04,06,08,010,012,014,016,018,0
TIP target price Bloomberg consensusTip stock and target price
Equita SIM
14.6 euro per share Potential upside: +68%
Date: September 21, 2026AVERAGE TARGET PRICE OF ~ 15,5 EURO PER SHARE: POTENTIAL UPSIDE OF ~80 %
Jefferies
12.5 euro per share Potential upside : +44% Date: November 19, 2025Akros 17.1 euro per share Potential upside : +97% Date: September 28, 202610 years performance vs target price Bloomberg consensus
8,714,8
Intermonte
14.8 euro per share Potential upside : +71% Date: September 21, 2026>25%>40%>65%
Potential upside
Breakdown by industryNet invested capitalMed term intr . value(1)
TECHNOLOGICAL SERVICES AND INNOVATION 101 ~915 9,1x
25%
RETAIL & CONSUMER HEALTH 249 ~835 3,4x
23%
INDUSTRIAL 244 ~621 2,5x
17%
LUXURY AND DESIGN 183 ~448 2,4x
12%
FOOD AND TOURISM 232 ~397 1,7x
11% Treasury shares and others 177 ~401 2,3x 11% TOTAL ASSETS ~1.2bln >3.6bln Net financial position of TIP S.p.A. as at September 8, 2026 -0.6bln
NET INTRINSIC VALUE ~3.0blnNET INTRINSIC VALUE PER SHARE: 16,4 EURO
16excellent level of diversification with strong returns among all industries and exceptional value, in the most
innovative sectors
~2,4 bln
implicit
capital gain
Data asat8/9/2026 (mln euro) 1.Net Intrinsic value :analytical valuation of each investment elaborated by TIP considering the med -term outlook of the companies (net of net financial position) .
Intrinsic value with consistent criteria over time, anchored to the fundamentals and regardless the volatility of multiples
Breakdown by categoryNet invested capitalMed term intr. value(1)
LARGE CAP LISTED 135 ~1.169 8,7x
32%
MID CAP LISTED 362 ~1.071 3,0x
30%
PRIVATE COMPANIES 409 ~821 2.0x
23% Treasury shares 163 ~378 2,3x 10% Others 118 ~178 1.5x 5% TOTAL ASSETS ~1.2bln >3,6bln 3,0x Net financial position of TIP S.p.A. as at September 8, 2026 -0.6bln
NET INTRINSIC VALUE ~3,0bln
17 Data asat8/9/2026 (mln euro) 1.Net Intrinsic value :analytical valuation of each investment elaborated by TIP considering the med -term outlook of the companies (net of net financial position) .
Intrinsic value with consistent criteria over time, anchored to the fundamentals and regardless the volatility of multiplesTHE RATIO BETWEEN N.I.V. AND INVESTED CAPITAL HIGHLIGHTS THE RESULTS OF THE LISTED ASSETS AS WELL AS THE POTENTIAL “HIDDEN” VALUE OF THE PRIVATE ASSETS (ESTIMATED WITH A VERY PRUDENT APPROACH) .
JUST CONSIDERING THAT TIP’S MARKET CAP NET OF TREASURY SHARES IS ABOUT 1,6 BLN AND THAT THE AGGREGATE TODAY’S MARKET PRICES OF ONLY THE LISTED STOCKS IS AROUND 1,8 BLN, IT IS QUITE UNREASONABLE TO CONSIDER THAT THE PRIVATE ASSETS ARE VALUED BY THE MARKET SO LOW .
NET INTRINSIC VALUE PER SHARE: 16,4 EURO
62% 38%
18Company Valuation Method 2025 FiguresTrend for 2026
growth
Fair value
(based on DCF/Multiples)Revenues
Ebitda
NFP2,3bn
162m
-115m
Fair value
(based on DCF/Multiples)Revenues
Ebitda
NFP1,6bn
245m
+518m
Fair value
(Based on DCF/Multiples)Revenues
Ebitda
NFP254m
25m
-79m
Fair value
(based on DCF/Multiples)Revenues
Ebitda
NFP188m
43m
+42m
Book valueRevenues
Ebitda
NFP706m
41m
-142
Fair value
(based on DCF/Multiples)Revenues
Ebitda
NFP188m
40m
+118m
Fair value
(based on DCF/Multiples)Revenues
Ebit
NFP110m
20m O
Focus on selected private companies Slight more debt
more cash
more cash
more cashDue to
middle east
conflict
less debt
19 (i) Tour Operator :TUI;Helloworld Travel ;Voyageurs duMonde ;Rainbow Tours .
(ii) Aviation :AirFrance KLM ;Deutsche Lufthansa ;Turk Hava Yollari ;Delta Airline Inc;United Airlines Holding ;Ryanair Holdings ;American Airlines Group ;Easy Jet;Wizz Air Holdings .
(iii) Hotel : Hyatt Hotels ; Accor ; Melia Hotels ; NH Hotels ; Intercontinental Hotels ; Marriot ;
Choice Hotels ; Hilton .Peer multiples applied using a
sum -of-the-parts
(SOP) approach
▪ San Lorenzo .Peer multiples
discounted by
20%/25%.
(i) Core Comps : Stanley Black&Decker ; Snap -On; Illinois Tool Works ; Ingersoll -Rand ; Masco ;
Scotts Miracle -Gro ; Applied Industrial Technologies ; MSC Industrial Direct Co.
(ii) Italian small size industrial champions : Zignago Vetro ; Luve ; El.En; Carel Industries ;
Cembre ; Comer Industries .
(i) Core Comps : Gates ; Forbo ; Nitta ; Interrol .
(ii) Italian small size industrial champions : Zignago Vetro ; Luve ; El.En; Carel Industries ;
Cembre ; Comer Industries .
(iii) International groups : Rentokil Initial ; IMCD ; Halma ; Kingspan ; Atlas Copco ; Assa Abloy ;
Alfa Laval ; Amphenol ; Interpump ; Legrand ; Schindler ; KONE ; OTIS ; Weir ; Idex Corporation ;
Rotork ; TE Connectivity ; ABB ; JBT Marel corporation ; Schneider Electric ; Renishaw ;
Regal Rexnord ; Timken .
▪Italian small size industrial champions : Zignago Vetro ; Luve ; El.En; Carel Industries ;
Cembre ; Comer Industries .Peer multiples
discounted by
~25%
Peer multiples
on EV/EBIT (*),
undiscounted
▪Selected comparables :Intred , Infracom Group, DHH, Ionos Group, Cyber Folks, Wiit , Redcentric , Bechtle , Computacenter, Sesa, Cancom .
Peer multiples
discounted by
30/35%.
Peer multiples
discounted by 25%.
Peer multiples
discounted by
15%/25%
Peer multiples
discounted by
~40%Market multiples benchmark (*) To properly take into account the asset -light business model of Vianova .
ipo pipeline
202013
IPO pipeline in the short term 2015 2018 2023 IPO on Borsa
Italiana
IPO on AIM
segment of
Borsa Italiana
IPO on Nasdaq IPO on Euronext
IPO on
Euronext MilanJuly 2026 IPO on Nasdaq
21TIP RESULTS
9 32 29 25 86 72 85 100
36128139149
6595
275 5118 9 10 11 1114171822252642
-1001020304050
- 50 100 150 200 250 31/12/2012 31/12/2013 31/12/2014 31/12/2015 31/12/2016 31/12/2017 31/12/2018 31/12/2019 31/12/2020 31/12/2021 31/12/2022 31/12/2023 31/12/2024 31/12/2025 30/06/2026 Net profit (pro forma) Dividend paidRECENT YEARS RESULTS COMPARISON 221Consolidated group equity (including minorities) 2Accounting data including associated companies with the equity method, investments measured at FVOCI plus financial receivables and assets .
3This result does not include the capital gain - 54 million - on the bending spoons shares sold in the IPO1 2 ▪The cumulative pro forma net profit since 2012 : 1 billion euros .
▪The dividend per share increased from 0.04 eur in 2012 to 0.26 in 2025 (+62.5%vs2024 ).
▪~260 mln dividends distributed since IPO .Net equity and investments Net profit and dividends
MlnMln
Paid in
2026211360 354449 437647 6669021.0701.2591.1701.440 1.455 1.509 1.549 181426 431623 644817 8641.3061.5931.7291.6481.899 1.9122.0662.176
-50005001000150020002500
0500100015002000
31/12/2012 31/12/2013 31/12/2014 31/12/2015 31/12/2016 31/12/2017 31/12/2018 31/12/2019 31/12/2020 31/12/2021 31/12/2022 31/12/2023 31/12/2024 31/12/2025 30/06/2026 Net equity Investments 3
23TIP GROUP COMPANIES’ HIGHLIGHTS
TIP -VALUE CREATION
private companies
24First investment in 2017 and additional investments in 2018, 2021 and 2025 CAGR SALES: +8% | CAGR EBITDA: +17%▪Leadership in the Italian tourism market .
▪Unique business model spanning through tour operating, hotels, aviation, and incoming .
▪More than 200 m investments in fleet, hotels and digital during the covid period have driven the recovery, doubled profitability with strong cash flow and record order book .
▪Valuable asset base (mainly leased aircraft, hotels and digital platform) over 750 m.
▪Strong growth pipeline with several new projects to accelerate expansion and profitability . Leading the future of tourism Expansion & innovation across all divisions Luxury & experience at the heart of growth Fleet expansion Hotel/resort growth
2016 today9
New Routes and B2C business with high margin
2016 today
Brand reinforcement & optimization Segmented offer, catering to travelers of all ages and preferences (5 brands). Launch of Vretreats , luxury brand with 8 “5 stars” hotelsJuly 2025 : investment at a very attractive price
0,91,7
0,00,51,01,52,02,5
162 oct -16 oct -19 oct -2570 3618 13 28 (**) Excluding bed -banks revenues, business sold in 2023 (~0,3 bn revenues and zero EBITDA)(**)
(**)
Adj. Ebitda (millions) Sales (millions)net financial debt ~115m2,3Stake
43,1%
Note : TIP owns 46,3% of asset Italia 1, which directly and indirectly holds a 93,7% stake in Alpitour (on a fully diluted basis) .
0,7
-1001003005007009001100130015001700
25First investment in 2015, partial disposal in 2023
CAGR SALES: +9% | CAGR EBITDA: ~40%aug -15 aug -25245
18▪1st ranking for the 26th consecutive year in the production of yacht over 24mt.
▪Tailored offer with 2 yachting brands (Azimut and Benetti) synonymous of uniqueness, exclusivity, luxury, and design .
▪Almost 10% market share of the global yachting industry .
▪International footprint, with 6 shipyards, 10 direct offices, 140 official dealers and +80 countries reached .
▪Current order backlog of 3bn, the highest ever experienced by the group .
▪170 million investment over the next three years in manufacturing plants and digitalisation .Global Market Leader in the yachting sector In June 2023, partial disposal of a 4% stake to the Public Investment Fund (PIF)Outstanding Performance Since TIP Investment
Stake
8% cash available >500 m Adj. Ebitda (millions) Sales (billions) return on invested capital~ 4xTIP -VALUE CREATION
private companies
1,6
Leading provider of equipment for the professional
end usersTIP -VALUE CREATION
private companies
26First investment in 2016 and additional important investment in 2021 CAGR SALES: +8%▪Heritage Italian company with valuable and globally well -
known brand .
▪“Made in Italy” tools in 10 domestic production facilities .
▪Global presence in more than 100 countries worldwide .
▪Diversified end markets including automobile maintenance, industrial maintenance, energy, ground transportation, aeronautics and oil &gas .
▪more than 1,000 employees .
6 acquisitions since TIP investment ~70/75 million of additional revenuesRevenues doubled since TIP investmentPremium product portfolio 130
050100150200250300
26 25
net financial debt 79m2025 2016cable lugs and
electrical
connection systemshigh -end workshop
furniturepowder coating
professional
abrasivesprofessional
abrasivesindustrial
welding equipment
Stake
49%
▪Hand tools
▪Power tools
▪Workshop equipment
▪Electrical terminal connectors ▪Safety shoes and workwear
▪Abrasives
▪Welding equipment
▪Fittings for wires and ropes Adj. Ebitda (millions) Sales (millions)254
TIP -VALUE CREATION
private companies
27CAGR SALES: +6% | CAGR EBITDA: +6%Mission -critical light -weight belting solutions ▪Resilient demand and premium -price offer driven by “mission -
critical ” products (very low value compared to the equipment application with high “cost of failure”) .
▪Diversified applications in the food, packaging, paper and printing, material handling, airports, textile, wood industries .
▪Long -lasting and diversified customer base .
▪High -share of Aftermarket business (~70/75% of sales) driving recurring sales .
▪Production facilities in Biella and global presence for the distribution activities .
▪More than 1,000 employees .
5 acquisitions since 2020 ~ 35 million of additional revenuesStrong sales trend paired with profitability growthPremium quality and high performing products net cash ~42m2025 2017111
0,020,040,060,080,0100,0120,0140,0160,0180,0200,0
2543
Distributor of
coating plates
for varnishing
unitsDistributor of
conveyor
beltsManufacturer
of Plastic
Modular beltsManufacturer
of Conveyor
and
transmission
belts
2020 2020 2021 2024
Downstream M&A
Horizontal M&A
(ITA) (CZ) (US) (TR)
Adj. Ebitda (millions) Sales (millions)First investment in 2017 and additional important investment in 2021
Stake
20% 188
Manufacturer
of light -duty
conveyor belt2026
(CAN)
Celmire
TIP -VALUE CREATION
private companies
First investment in 2014 and additional investment in 2017, 2020, 2021, 2023 and 2025 ▪The largest marketplace (restaurant, market, quick service restaurant, didactics) for Italian quality food products worldwide .
▪70 stores worldwide :
▪15 flagship stores in Europe ▪19 flagship stores in US ▪3 Eataly cafè ▪33 franchising stores and travel retail storesWorldwide leader in high -quality Italian food 210
0,0100,0200,0300,0400,0500,0600,0700,0800,0
1441
2014 2025
CAGR SALES: +12% | CAGR EBITDA: +10%Accelerate development of stores network ▪Strong detailed pipeline of network development :13 new stores opened in 2025 , including 7 directly operated stores and others >10 new openings planned for 2026 .
▪Expansion of new format with a potential scalable and “franchisable ” concept :
▪The shareholders’ meeting has resolved a 75 mln capital increase to support the strong pipeline of new openings of which the first part has been subscribed in 2025 and the residual part in June 2026 .
New format Eataly CaffèsRevenues more than tripled since TIP's investment Note : TIP holds a 43.9% stake in Clubitaly, which in turn holds a 17.7% stake in Eataly .Stake
18*%
28net financial debt 142m Adj. Ebitda (millions) Sales (millions)706
TIP -VALUE CREATION
private companies
29First investment in 2021 ▪Italy’s leading group in jacquard, plain, coated and printed .
▪Strategic partner acting as project manager and co-designer for luxury brands .
▪Vertically integrated group with two different production cycles (ennobling & coating) .
▪3 companies abroad of which 2 in Asia and 1 in USA .
▪Innovation & R&D focus driving cutting -edge product development .
▪High profitability maintained even in market slowdowns .
▪Strong financial position as enabler of future growth .
▪ESG commitment to be the benchmark for luxury brands .Innovating textiles for luxury Growth potential through strategic M&A Key financials figures 2021 202514Industrial footprint 174
160162164166168170172174176178
4041
CAGR SALES: +2% | CAGR EBITDA: -0,4%
4 Production Plants 40 People employed in Research & Development220
Weaving Looms
30
Dyeing Machines6
Coating Lines
4
Resination Lines50
Finishing Plants
20 Digital PrintingStake (*) 13% ▪Acquisition of Novaresin S.p.A. and Pirandello & Gregorini S.r.l. - two italian textile companies already partners of Limonta (early 2026 ) - to further strengthen the vertical integration enhancing highly specialized processes both upstream and downstream of the supply chain .The integration between textile production and ennobling allows virtuous contamination between technologies and sectors.
Adj. Ebitda (millions) Sales (millions)net cash 118m188 ▪Acquisition of BATM Co. (July 2023 ) based in South Korea to expand innovative textile offerings for fashion and sportswear and establish a local operating platform .
+2 facilities
acquired at the beginning of 2026 (*) 52% of Asset Italia 3 (25% of Limonta) .
TIP -VALUE CREATION
private companies
30First investment finalized in 2019 and additional investment in 2021 ▪Italian TechCo providing integrated ICT services exclusively for business customers (SMEs) .
▪Comprehensive one -stop suite of services including fixed and mobile telecoms, cloud solutions, unified communications, cybersecurity and system integration .
▪Asset -light, client -centric model supported by a nationwide network of local Business Partners and third -party infrastructure providers for last -mile access .
▪136 people working in the R&D department .
▪Loyal client base, driving recurring revenues and growth opportunities .Powering the future of ICT & systems integrators Multi -pillar growth strategy Consistent growth & profitability acceleration 50
0102030405060708090100
2017 2025
CAGR SALES: +7% | CAGR EBIT: +14%20
7 Premium Offering 100% B2B
Fixed -Access
Network
Mobile
Unified
Communication
& CollaborationCloud Services
Cyber Security
System
Integration
Stake
17% net cash 0,1m Adj. Ebit (millions) Sales (millions)110 Organic Growth Inorganic Growth TLC consolidation focused on fixed network strengthening (premium B2B expansion, cross -selling, quality investments) and mobile scale -up (client migration and wholesale growth) .
Innovation driven by cloud, unified communication and cybersecurity .System Integration M&A :
acquisition of strategic partners acting as regional aggregators to drive consolidation and scale (8 acquisition since 2024 ) Enhancing proprietary ICT (UCC, cybersecurity & Cloud)
through M&A
31A CULTURE OF SUSTAINABILITY
TIP GROUP
a culture of sustainability 32Sustainable Development Goals
EESG highlights
S G 63
kg of plastic
savings36
thousands
of litres of water savedLunch services
>20 scholarship
250 hours of
mentorship (acceleration
programme arranged by Digital Magics )
Female
presence in
the teamFemale
presence in
the BoDIndependent
board
membersnon -executive
directors in
the BoD
share capital
held by top
management
and the team ▪Equity -based incentive instruments linked to ESG objectives .
40% 40% 70%
12% 38%Of GHG
emissionsCompensated
emissions-1 1% 100%
TIP GROUP
a culture of sustainability 33TIP became a signatory of the Principles for Responsible Investment (PRI) .TIP joined the UN Global Compact National and international network Membership of the “Istituto per i valori d’impresa ” Confirmed rating of 'ee'Main ESG ratings Rating low risk Award for ESG guidelines in long -term