Tamburi Investment Partners

Investor Presentation • Sep 8, 2025

Italian Champions Conference September 9-11, 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

an independent and diversified industrial group

							FIRST HALF 2025 RESULTS
		Listed companies			Private companies
	Stake (%)	Sales 1H 2025 (€ mln)	Sales 1H25 vs 1H24	EBITDA MARGIN ADJ. 1H2025	Cash / (Debt)		Stake (%)	Sales 1H 2025 (€ mln)	Sales 1H25 vs 1H24	EBITDA MARGIN ADJ. 1H2025	Cash / (Debt)
	3,3%	1.181	+ 0,3%	24,4%	-1.109	IV	4 43,1%	900	+ 17,4%	n.s.	- 297
	5,5%	173	- 0,7%	8,7%	26.3		8,1%	n.a.	n.a.	n.a.	n.a.
	22,1%	240	+ 1,1%	6,2%	- 54		3,3%	524	+ 98,5%	50,4%	-1.100
	1,5%	2.000	- 1,4%	16,2%	- 284		49,0%	127	- 1,9%	9,5%	-94
	1 6,3%	1.077	- 1,7%	23,2%	- 397		20,0%	95	+ 5,1%	23,8%	31
I	2 26,3%	n.a.	n.a.	n.a.	n.a.	V	5 7,7%	333	+ 4,4%	1,8%	- 165
	0,7%	1.226	+ 1,0%	33,0%	981		27,5%	> 40	+ 53,8%	7-8%	4
II	32,4%	354	+ 0,6%	7,9%	- 261		6 10,3%	56	+ 1,9%	n.a.	-16
	34,0%	207	+ 1,1%	n.a.	n.a.		7 12,9%	99	+ 1,8%	20,6%	97
III	3 11,2%	3.298	+ 4,2%	7,3%	158		17,0%	53	+ 21,8%	26,6%	- 2

2024 ANNUAL RESULTS

> 25 ~ 5 billion revenues billion EBITDA						> 220 > 105.000 M&A transactions since employees TIP first investment Private companies
Listed companies
	Stake (%)	Sales 2024 (€ mln)	Sales 2024 vs 2023	Ebitda margin adj. 2024	PFN / EBITDA ADJ.		Stake (%)	Sales 2024 (€ mln)	Sales 2024 vs 2023	Ebitda margin adj. 2024	PFN / EBITDA ADJ.
	3,3%	2.409	+ 7,0%	23,6%	1,6x	(4) (I)	43,1%	2.083	+ 6,7%	6,6%	1,5x
	5,5%	409	+ 3,1%	14,9%	1,5x	(II)	8,1%	1.420	+ 11,3%	14,9%	Liq.
	22,1%	452	- 4,5%	6,9%	1,5x		3,3%	622	+ 72,5%	50,6%	1,9x
	1,5%	4.307	+ 2,6%	18,0%	0,1x		49,0%	251	+ 0,3%	10,7%	3,0x
(1)	6,3%	2.078	- 7,2%	22,0%	0,9x		20,0%	181	+ 3,0%	23,4%	Liq.
(2)	26,3%	324	+ 4,3%	15,7%	Liq.	(5)	7,7%	684	+ 4,3%	7,8%	1,6x
	0,7%	3.109	+ 7,0%	40,9%	Liq.	(III)	27,5%	68	+ 39,1%	 7,5%	Liq.
	32,4%	1.626	+ 6,0%	12,2%	0,8x	(6)	10,3%	116	+ 8,9%	7,8%	1,4x
	34,0%	414	- 3,6%	17,9%	Liq.	(7)	12,9%	176	- 5,6%	19,9%	Liq.
(3)	11,2%	3.298	+ 4,2%	7,3%	Liq.		17,0%	93	+ 13,7%	27,5%	Liq.

OUTSTANDING GROWTH AND STRONG PROFITABILITY

A TREND OF GROWTH AND PROFITABILITY

IPO TRACK RECORD AND PIPELINE

2021 – 2025 DYNAMISM

~ 665 mln

divestment

THE ITALIAN DIGITAL HUB

700,0 THE ITALIAN DIGITAL HUB

0,0 100,0

• 500,0 600,0 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 50 acquisitions and to date the portfolio consists of over 25 applications. First investment in 2019 and further investments in 2020, 2022, 2023 and 2024 CAGR SALES: +48% «At the prices of the latest transactions, TIP's stake is worth at least 10x the amount invested so far.» TIP letter to shareholders.
• 200,0 300,0 400,0

NET FINANCIAL DEBT 612M

13 Personal and team productivity Acquired in January 2023 Event organization and discovery Acquired in February 2024 AI-powered enhancement Acquired in June 2021 Mobile video editing Acquired in November 2018 Video recording / live-streaming Acquired in April 2024 Digital file transfer Acquired in July 2024 Video streaming technology Acquired in February 2025 Digital publishing Acquired in July 2024 Digital platform for adventurers Acquired in March 2025

Source: Bloomberg

NET INTRINSIC VALUE PER SHARE: 13,9 EURO

	EXCEPTIONAL VALUE, IN THE MOST	INNOVATIVE SECTORS
Breakdown by industry	Net invested capital	Med term intr. value(1)
LUXURY AND DESIGN	275	~715
		23%
FOOD, RETAIL AND TOURISM	370	~746
		24%
INDUSTRIAL	183	~526
		17%
IT SERVICES AND INNOVATION	127	~499
StarTIP Tamburi InvestmentPartners		16%
HEALTHCARE	59	~286
		9%
Treasury shares and others	171	~329
TOTAL ASSETS	~1.2bln	~1.9 bln >3.1bln implicit capital gain
Net financial position of TIP S.p.A.		- 0.5bln
NET INTRINSIC VALUE		~2.6bln

NET INTRINSIC VALUE PER SHARE: 13,9 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

NET INTRINSIC VALUE PER SHARE: 13,9 EURO
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 ONLY THE LISTED STOCKS IS AROUND 1,2 BLN, IT IS QUITE UNREASONABLE TO CONSIDER THAT THE	THE AGGREGATE PRIVATE ASSETS,	TODAY'S MARKET WHICH HAVE AN	PRICES OF AGGREGATE
EBITDA OF 900 MLN, ARE VALUED BY THE MARKET SO LOW.	Net invested
Breakdown by category	capital	Med term intr. value	(1)
LARGE CAP LISTED	117	~754	6.4x
		24%
MID CAP LISTED	334	~884	2.6x
		29%
PRIVATE COMPANIES	410	~821	2.0x
		26%
STARTIP	61	~225	3.7x
		7%
Others	263	~418	1,6X
		13%
TOTAL ASSETS	~1.2bln	>3,1bln	2,6x
Net financial position of TIP S.p.A.		- 0.5bln
NET INTRINSIC VALUE		~2.6bln

RECENT YEARS RESULTS COMPARISON

Net profit and dividends

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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 accelerate expansion and profitability.

investment at a very attractive price

Current Stake (Look-through)

First investment in 2015, partial disposal in 2023

Global Market Leader in the yachting sector

-

-

• 2024 year end).

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

Stake

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 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,

Premium product portfolio

-

-

-

-

130 ^{26 27} 2016 2024 Profitability acquired companies to increase profitability in the mid-term

Stake

First investment in 2017 and additional important investment in 2021 Stake

Mission-critical light-weight belting solutions

-

-

-

Premium quality and high performing products

First investment in 2023

First italian pharmacy network

• know-how in 100% natural products.

Following TIP investment in 2023

✓

the company's share capital) ✓

"Centro salute" is the best example of the

Topline growth driven by acquisitions

Stake

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: 16 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 two Eataly Caffè has already been opened in New York (Rockfeller and Hudson). Travel retail format (airports and railway station) and in underpenetrated geographies (i.e. APAC). The shareholders' meeting has resolved a 75 mln capital increase to support the strong pipeline of new openings.
• -
  -

First investment in 2021

Innovating textiles for luxury

-

-

- development.

-

-

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

Stake

First investment finalized in 2019 and additional investment in 2021

Stake 17%

Powering the future of ICT & systems integrators

-

• network.
• opportunities.

Integrated product portfolio trough innovation

A CULTURE OF SUSTAINABILITY

TIP GROUP a culture of sustainability

Sustainable Development Goals

ESG highlights

TIP GROUP a culture of sustainability TIP became a signatory of the Principles for Responsible Investment (PRI). TIP joined the UN Global Compact

National and international network

ESG Awards