Tamburi Investment Partners

Investor Presentation • Jun 16, 2025

Italian Champions Conference Paris, June 17, 2025

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.

@TamburiTip

DISCLAIMER

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. Forwardlooking 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.

The recent geopolitical events and their impact on raw materials and energy costs could have an impact on our group companies, even if their strong positioning and leadership should be a barrier against any heavy consequence on their profitability.

5 billion of direct investments and club deals in leading companies

Limited risk thanks to high quality assets Outstanding long-term returns

an independent and diversified industrial group

2024 ANNUAL RESULTS

> 25 billion revenues		~ 5 billion EBITDA			> 105.000 employees		> 220 M&A transactions since TIP first investment
Listed companies						Private companies
	Stake (%)	Sales 2024 (€ mln)	Sales 2024 vs 2023	Ebitda margin adj. 2024	Cash / (Debt)		Stake (%)	Sales 2024 (€ mln)	Sales 2024 vs 2023	Ebitda margin adj. 2024	Cash / (Debt)
	3,3%	2.409	+ 7,0%	23,6%	- 962	ii	4 21,1%	2.083	+ 6,7%	6,6%	- 212
	5,5%	409	+ 3,1%	14,9%	- 91	iii	8,1%	1.420	+ 11,3%	14,9%	518
	21,5%	452	- 4,5%	6,9%	- 47		3,3%	622	+ 72,5%	50,6%	- 612
	1,5%	4.307	+ 2,6%	18,0%	- 78		49,0%	251	+ 0,3%	10,7%	- 82
	1 6,3%	2.078	- 7,2%	22,0%	- 409		20,0%	181	+ 3,0%	23,4%	31
	2 26,4%	324	+ 4,3%	15,7%	5		5 7,7%	684	+ 4,3%	7,8%	- 86
	0,7%	3.109	+ 7,0%	40,9%	1.309	iv	27,5%	68	+ 39,1%	 7,5%	19
	32,4%	1.626	+ 6,0%	12,2%	- 152	iv	6 10,3%	116	+ 8,9%	7,8%	- 13
	34,0%	414	- 3,6%	17,9%	n.a.		7 12,9%	176	- 5,6%	19,9%	96
i	3 11,4%	3.400	+ 7,5%	7,4%	201		17,0%	93	+ 13,7%	27,5%	7

(i) Guidance for the fiscal year ending on April 30, 2025. (ii) Results as of October 31, 2024. (iii) Results as of August 31, 2024. (iv) Pro-forma results. (1) 26,9% of IPG Holding (23,4% of IP). (2) 55% of Investindesign (48% of Dexelance) and 0,1% direct stake in Dex. (3) 21,1% of ITH (53,5% of Sesa). (4) Investment through Asset Italia and Alpiholding (58,6% of Alpitour and expected stake of ~95%). (5) 43,4% of Clubitaly (17,7% of Eataly). (6) 21,7% of DV Holding (48% of Joivy). (7) 52% of Asset Italia 3 (25% of Limonta).

Listed companies						Private companies
	Stake (%)	Sales 1Q25 (€ mln)	Sales 1Q25 vs 1Q24	Ebitda margin adj. 1Q25	Cash / (Debt)		Stake (%)	Sales 1Q25 (€ mln)
	3,3%	588	+ 2,6%	23,9%	- 997	III	4
	5,5%	98	- 3,2%	12,9%	64
	21,5%	119	+ 1,3%	5,9%	- 47
	1,5%	999	- 1,5%	15,2%	- 212
	1 6,3%	522	- 4,5%	22,5%	- 383
	2 26,4%	72	- 0,9%	7,3%	- 13		5
	0,7%	829	+ 1,3%	n.d.	n.d.
I	32,4%	1.631	+ 6,2%	12,0%	- 148		6
	34,0%	95	+ 1,1%	n.d.	n.d.		7
II	3 11,4%	2.393	+ 1,0%	7,2%	108

	Stake (%)	Sales 1Q25 (€ mln)	Sales 1Q25 vs 1Q24	Ebitda margin adj. 1Q25	Cash / (Debt)
III	4 21,1%	450	+ 16,1%	2,3%	- 288
	8,1%	n.a.	n.a.	n.a.	n.a.
	3,3%	n.a.	n.a.	n.a.	n.a.
	49,0%	62	- 3,9%	9,5%	- 88
	20,0%	49	+ 8,1%	24,4%	31
	5 7,7%	n.a.	n.a.	n.a.	n.a.
	27,5%	n.a.	n.a.	n.a.	n.a.
	6 10,3%	n.a.	n.a.	n.a.	n.a.
	7 12,9%	49	+ 8,9%	19,7%	100
	17,0%	27	+ 23,9%	26,7%	11

(I) Annual results (fiscal year ends 31 January) (II) 9 months results as at 31 January 2025 (III) 3 months results as at 31 January 2025 (1) 26,9% of IPG Holding (23,4% of IP). (2) 55% of Investindesign (48% of Dexelance) and 0,1% direct stake in Dex. (3) 21,1% of ITH (53,5% of Sesa). (4) Investment through Asset Italia and Alpiholding (58,6% of Alpitour and expected stake of ~95%). (5) 43,4% of Clubitaly (17,7% of Eataly). (6) 21,7% of DV Holding (48% of Joivy). (7) 52% of Asset Italia 3 (25% of Limonta).

OUTSTANDING GROWTH AND STRONG PROFITABILITY

A TREND OF GROWTH AND PROFITABILITY

IPO TRACK RECORD AND PIPELINE

2021 – 2024 DYNAMISM

1,4 BILLION OF INVESTMENT – DIVESTMENT ACTIVITY

> 660 mln

divestment

Asset Italia 1, 58.6% of Alpitour, exercised its pre-emption right in Jan. 2025 to acquire 36% of Alpitour increasing its stake to 95%. TIP owns 36% of Asset Italia 1. TIP BOND 2025-'29: on 9 June early closure few minutes after the launch of the offering relating to the fungible bond to be consolidated with the bond "290 mln 4.625% due 21/6/2029". An aggregate principal amount of 110 mln euro has been sold at an Issue Price of 101.75% of the nominal value. The gross proceeds of the offering will amount to ~112 mln. 2025

THE ITALIAN DIGITAL HUB

THE ITALIAN DIGITAL HUB

First investment in 2019 and further investments in 2020, 2022, 2023 and 2024 CAGR SALES: +48%

• Bending Spoons' business model is based on the acquisition of digital products and their integration and optimisation with new functionalities.
• Since its foundation has finalised over 40 acquisitions and to date the portfolio consists of over 25 applications.

«At the prices of the latest transactions, TIP's stake is worth at least 10x the

▪ AI-powered enhancement ▪ Acquired in June 2021

▪ Acquired in April 2024

▪ Video recording / live-streaming

▪ Video streaming technology

▪ Acquired in February 2025

amount invested so far.» TIP letter to shareholders.

▪ Event organization and discovery

▪ Acquired in February 2024

▪ Digital publishing

▪ Acquired in July 2024

▪ Acquired in November 2018

▪ Mobile video editing

▪ Acquired in March 2025

10 years total return TIP: + 167.7 %

Source: Bloomberg

NET INTRINSIC VALUE PER SHARE: 13,5 EURO

EXCELLENT LEVEL OF DIVERSIFICATION WITH STRONG RETURN AMONG ALL INDUSTRIES AND EXCEPTIONAL VALUE, IN THE MOST INNOVATIVE SECTORS

Breakdown by industry	Net invested capital	Med term intr. value(1)
LUXURY AND DESIGN	281	~713
		24%
FOOD, RETAIL AND TOURISM	280	~606
		21%
INDUSTRIAL	189	~525
		18%
IT SERVICES AND INNOVATION	133	~482
StarTIP Tamburi Investment Partners		17%
HEALTHCARE	59	~286
		10%
Treasury shares and others	162	~305
TOTAL ASSETS	~1.1bln	~1.8 bln >2.9bln implicit capital gain
Net financial position of TIP S.p.A.		- 0.4bln
NET INTRINSIC VALUE		~2.5bln

Data as at 31/3/2025 (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 15

NET INTRINSIC VALUE PER SHARE: 13,5 EURO

THE 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 1,3 BLN AND THAT THE AGGREGATE TODAY'S MARKET PRICES OF ONLY THE LISTED STOCKS IS AROUND 1,2 BLN, IT IS QUITE UNREASONABLE TO CONSIDER THAT THE PRIVATE ASSETS, WHICH HAVE AN AGGREGATE EBITDA OF 900 MLN, ARE VALUED BY THE MARKET SO LOW.

Breakdown by category	Net invested capital	Med term intr. value(1)
LARGE CAP LISTED	117	~753	6.4x
		26%
MID CAP LISTED	472	~1.150	2.4x
		40%
PRIVATE COMPANIES	328	~680	2.1x
		23%
STARTIP	65	~210	3.2x
		7%
Others	120	~124
		4%
TOTAL ASSETS	~1.1bln	>2.9bln	2.6x
Net financial position of TIP S.p.A.		- 0.4bln
NET INTRINSIC VALUE		~2.5bln
Data as at 31/3/2025 (mln euro)

16 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

RECENT YEARS RESULTS COMPARISON

Net profit and dividends

• The cumulative pro forma net profit since 2012 amounts to approximately 1 billion euros.
• The dividend per share increased from 0.04 eur per share in 2012 to 0.16 eur per share in 2024.

Consolidated group equity (including minorities)

Accounting data including associated companies with the equity method, investments measured at FVOCI plus financial receivables and assets.

TIP GROUP COMPANIES' HIGHLIGHTS

First investment in 2017 and additional investments in 2018, 2021 and 2025

0,0 0,5 1,0 1,5 2,0 2,5

Leading the future of tourism

• Market leadership in the Italian tourism market.
• Unique business model spanning through tour operating, hotels, aviation, and incoming.
• More than 200m 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 900m.
• Strong growth pipeline with several new projects to accelerate expansion and profitability.

Stake 8%

First investment in 2015, partial disposal in 2023

Global Market Leader in the yachting sector

• 1st ranking for the 25th 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.
• Unparalleled growth in terms of revenue and profitability, further supported by a strong order backlog (€1,7 billion at 2024 year end).

First investment in 2016 and additional important investment in 2021

Leading provider of equipment for the professional end users

• Heritage Italian company with valuable and globally wellknown 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.

Premium product portfolio

• HAND TOOLS
• POWER TOOLS
• WORKSHOP EQUIPMENT
• ELECTRICAL TERMINAL CONNECTORS
• SAFETY SHOES AND WORKWEAR
• ABRASIVES
• WELDING EQUIPMENT
• FITTINGS FOR WIRES AND ROPES

Stake 49%

Revenues doubled since TIP investment

Profitability influenced by the "cost for growth" (personnel expenses to support business abroad and marketing costs for the brand). Synergies with the acquired companies to increase profitability in the mid-term

First investment in 2017 and additional important investment in 2021 Stake

Mission-critical light-weight belting solutions

• Resilience of demand and premium-price driven by the "criticality" of the 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.

Premium quality and high performing products

Stake 28%

First investment in 2023

First italian pharmacy network

• Founded in 2000 by the Mercati Family (Aboca Group).
• Network of ~1.400 independent affiliated pharmacies focused on services to the person based on the "Centro Salute" model, rather than the mere sale of products (the opposite of "pure aggregative chains" of pharmacies).
• Presence in Italy, Spain, Portugal and (since 2024) France.
• Direct ownership of 40 pharmacies, of which 22 in partnership with the Municipality of Florence.
• Close industrial relations with the Aboca group with strong know-how in 100% natural products.

Following TIP investment in 2023

▪ Selective acquisitions of pharmacies to ensure a reasonable geographical coverage with the "Centro Salute" model: 18 acquisitions closed and further 10 in advanced stage of negotiation.

✓

▪ Opening of the company share capital to the pharmacists aimed at anticipating the path towards a real public company: 80+ pharmacists have joined Apoteca Natura, with an overall investment above 3 million (around 4% of the company's share capital)

"Centro salute" is the best example of the Apoteca Natura business model

CAGR SALES: +19% 46 68 4 5 2022 2024 Profitability still affected by the "cost of growth" mainly marketing costs to support the brand visibility. Sales (millions) Adj. Ebitda (millions) net cash 19m

Topline growth driven by acquisitions

First investment in 2014 and additional investment in 2017, 2020, 2021 and 2023

Stake 18*%

Worldwide leader in high-quality Italian food

• The largest marketplace (restaurant, market, quick service restaurant, didactics) for Italian quality food products worldwide.
• 59 stores worldwide:
  • 15 flagship stores in Europe
  • 17 flagship stores in US
  • 27 franchising stores and travel retail stores

Accelerate development of stores network

• Strong detailed pipeline of network development: 13 new openings planned for 2025, including 4 directly operated stores. New store in Miami just opened (June 2025).
• Launch of new format with a potential scalable and "franchisable" concept:
  • the first Eataly Caffè has opened in May 2025 in New York.
  • Travel retail format (airports and railway station) and in underpenetrated geographies (i.e. APAC).

Stake 13%

First investment in 2021

Innovating textiles for luxury

• 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.

Growth potential through strategic M&A Key financials figures

• 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.
• Actively exploring M&A in high-value textile segments.

The integration between textile production and ennobling allows virtuous contamination between technologies and sectors.

First investment finalized in 2019 and additional investment in 2021

Stake 17%

Powering the future of ICT & systems integrators

• Integrated expertise in telecommunications, cloud, cybersecurity and AI.
• Premium end-to-end platform, seamlessly combining network, technology and services.
• First "B2B-only" player in Italy, with proprietary technology and "just right" core infrastructure.
• Nationwide reach through a strong business partner network.
• 150 people working in the R&D department.
• Loyal client base, driving recurring revenues and growth opportunities.

Integrated product portfolio trough innovation

▪ Growth focus: management aims to expand and accelerate M&A, building a network of independent system integrators.

A CULTURE OF SUSTAINABILITY

TIP GROUP a culture of sustainability

Sustainable Development Goals

ESG highlights

TIP GROUP a culture of sustainability

National and international network

TIP joined the UN Global Compact

TIP became a signatory of the Principles for Responsible Investment (PRI).

Membership of the "Istituto per i valori d'impresa"

Main ESG ratings

ESG Awards