Share capital €178,464,000 fully paid up Registered office: Piazza Vilfredo Pareto, 3 – 46100 Mantova Mantova Register of Companies – Tax code and VAT registration number 07918540019

Half-Yearly Financial Report of the Immsi Group at 30 June 2025

This Half-Yearly Financial Report at 30 June 2025 has been translated into English solely for the convenience of the international reader. In the event of conflict or inconsistency between the terms used in the Italian version of the report and the English version, the Italian version shall prevail, as the Italian version constitutes the sole official document.

COMPANY BOARDS	page	4
HALF-YEARLY FINANCIAL REPORT OF THE IMMSI GROUP	page	6
IMMSI GROUP
- Condensed Interim Financial Statements as at 30 June 2025	page	33
- Notes to the Consolidated Financial Statements as at 30 June 2025	page	39
- List of companies included in the consolidated financial statements and investments	page	93
CERTIFICATION OF THE CONDENSED INTERIM FINANCIAL STATEMENTS
PURSUANT TO ARTICLE 154-BIS of LEGISLATIVE DECREE 58/98	page	96
AUDITORS' REPORT	page	97

This document was approved by the Board of Directors of Immsi S.p.A. on 11 September 2025 and is available for the public to consult at the Registered Office of the Company, in the centralised storage system and on the Issuer's website www.immsi.it (section: 'Investors/Financial statements and reports/2025') in accordance with law.

COMPANY BOARDS

The Board of Directors and the Audit Committee of Immsi S.p.A. in office at the date of presentation of this report will remain in office until the date the Shareholders' Meeting is convened to approve the financial statements for the year ending 31 December 2026.

____________________________________________________________________________________________________

BOARD OF DIRECTORS

Matteo Colaninno	Chairman
Daniele Discepolo	Deputy Chairman
Michele Colaninno	Chief Executive Officer
Giovanni Barbara	Director
Fabrizio Quarta	Director
Gianpiero Succi	Director
Ruggero Magnoni	Director
Giulia Molteni	Director
Anna Lucia Muserra	Director
Rosanna Ricci	Director
Alessandra Simonotto	Director
Patrizia De Pasquale	Director

AUDIT COMMITTEE

Giovanni Barbara Chairman Anna Lucia Muserra Daniele Discepolo

____________________________________________________________________________________________________

INDEPENDENT AUDITORS

____________________________________________________________________________________________________

Deloitte & Touche S.p.A. 2021 - 2029

GENERAL MANAGER

Michele Colaninno

In accordance with the principles of Corporate Governance recommended by the Corporate Governance Code (January 2020 version), and pursuant to Legislative Decree 231/01, the Board of Directors has established the following bodies:

RISK AND SUSTAINABILITY COMMITTEE

Daniele Discepolo Chairman Anna Lucia Muserra Giovanni Barbara

RELATED-PARTY COMMITTEE

____________________________________________________________________________________________________ Rosanna Ricci Chairman Daniele Discepolo Patrizia De Pasquale

APPOINTMENT PROPOSAL AND REMUNERATION COMMITTEE

____________________________________________________________________________________________________

____________________________________________________________________________________________________ Daniele Discepolo Chairman Giovanni Barbara Rosanna Ricci

COMPLIANCE COMMITTEE

____________________________________________________________________________________________________ Marco Reboa Chairman Giovanni Barbara Maurizio Strozzi

WHISTLEBLOWING COMMITTEE

Marco Reboa Chairman Giovanni Barbara Maurizio Strozzi

LEAD INDEPENDENT DIRECTOR

____________________________________________________________________________________________________ Daniele Discepolo

CHIEF EXECUTIVE OFFICER

Michele Colaninno

INTERNAL AUDIT MANAGER

____________________________________________________________________________________________________ Maurizio Strozzi

MANAGER IN CHARGE OF PREPARING THE COMPANY ACCOUNTS

Stefano Tenucci

INVESTOR RELATOR

____________________________________________________________________________________________________ Stefano Tenucci

All information on powers reserved for the Board of Directors, the authority granted to the Chairman and CEO, as well as functions of various Committees of the Board of Directors, is available in the Governance section of the Issuer's website www.immsi.it.

Half-Yearly Financial Report of the Immsi Group

The Half-Yearly Financial Report for the six months to 30 June 2025 was prepared in accordance with article 154-ter of Legislative Decree 58/1998 as amended, and the Consob Regulation on Issuers.

This Report was prepared in compliance with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB), as adopted by the European Union, and according to IAS 34 – Interim Financial Reporting, applying the same accounting standards as those adopted when preparing the Consolidated Financial Statements as at 31 December 2024 of the Immsi Group – the 'Group' – (to which reference is made for further details), excluding the indications in the Accounting standards and measurement criteria section, if applicable. The information in this Report is not therefore similar to the information of complete financial statements prepared in accordance with IAS 1.

The Group also considered IASB amendments and interpretations applicable as from 1 January 2025 (for more details, reference is made to the Notes to this document), and the interpretations of the International Financial Reporting Interpretations Committee ('IFRIC'), formerly the Standing Interpretations Committee ('SIC').

Information on operations

The first half of 2025 was characterised by a market downturn for the Immsi Group, marked by international trade disputes and the ongoing complexities of the macroeconomic and geopolitical landscape, which call for caution and financial rigour. Net sales amounted to €887.9 million, down 12.4% compared to the same period of 2024, EBIT at 30 June 2025 was down 12.3%, but as a percentage of turnover amounted to 16.4%, in line with the same period of the previous year; Net profit, including the share of non-controlling interests, amounted to €18.2 million in the first six months of 2025, compared to a profit of €32.2 million at 30 June 2024.

Net financial debt as of 30 June 2025 amounted to €947.2 million, substantially stable compared to the value recorded as of 31 December 2024 (€947.3 million) and up by approximately €129.4 million compared to the value recorded as of 30 June 2024.

Earnings for the period report different trends with reference to the sectors comprising the Group, based on the different business trends of the period in question.

For a clearer interpretation, the following is reported on a preliminary basis:

The 'property and holding sector' consolidated the financial position and performance of Immsi S.p.A., Immsi Audit S.c.a r.l., ISM Investimenti S.p.A., Is Molas S.p.A., Apuliae S.r.l. in liquidation and RCN Finanziaria S.p.A., as well as intergroup eliminations;
the 'industrial sector' includes the companies owned by the Piaggio group, while
the 'marine sector' includes Intermarine S.p.A.

Some of the main summary data of the Immsi Group, divided by segment of activity, are reported below.

Immsi Group as at 30 June 2025

In thousands of Euros	Property and holding sector	as a %	Industrial sector	as a %	Marine sector	as a %	Immsi Group	as a %
Net revenues	1,212		852,550		34,119		887,881
Operating earnings before amortisation and depreciation and impairment costs (EBITDA)	-4,189	n/m	147,100	17.3%	2,834	8.3%	145,745	16.4%
Operating income (EBIT)	-5,039	n/m	70,509	8.3%	2,160	6.3%	67,630	7.6%
Profit before tax	-14,130	n/m	45,641	5.4%	-447	-1.3%	31,064	3.5%
Earnings for the period including non-controlling interests	-11,540	n/m	30,123	3.5%	-408	-1.2%	18,175	2.0%
Group profit/loss for the period (which may be consolidated)	-8,643	n/m	15,324	1.8%	-296	-0.9%	6,385	0.7%
Net debt	-331,052		-534,694		-81,471		-947,217
Personnel (number)	102		5,795		232		6,129

The same table referring to the first half of the previous year is presented below. A comparison between the two periods is made in the specific comment presented below regarding each business sector:

Immsi Group as at 30 June 2024

In thousands of Euros	Property and holding sector	as a %	Industrial sector	as a %	Marine sector	as a %	Immsi Group	as a %
Net revenues	1,115		990,298		22,356		1,013,769
Operating earnings before amortisation and depreciation and impairment costs (EBITDA)	-3,985	n/m	173,772	17.5%	-3,617	-16.2%	166,170	16.4%
Operating income (EBIT)	-4,818	n/m	104,094	10.5%	-4,173	-18.7%	95,103	9.4%
Profit before tax	-15,618	n/m	77,776	7.9%	-6,949	-31.1%	55,209	5.4%
Earnings for the period including non-controlling interests	-14,582	n/m	52,110	5.3%	-5,339	-23.9%	32,189	3.2%
Group profit/loss for the period (which may be consolidated)	-11,025	n/m	26,382	2.7%	-3,871	-17.3%	11,486	1.1%
Net debt	-324,286		-407,964		-85,519		-817,769
Personnel (number)	99		6,206		215		6,520

It should be noted that the data given in the preceding tables refer to results that can be consolidated, that is, in particular, net of the intergroup revenues and costs and the dividends from subsidiaries.

Alternative non-GAAP performance indicators

To facilitate understanding of the Immsi Group's economic and financial performance, in accordance with ESMA recommendations on alternative performance measures (ESMA/2015/1415), this Report contains some indicators which, although not set out under IFRS ('Non-GAAP Measures'), derive from IFRS financial measures.

These indicators are presented to allow a better assessment of the Group's operating performance and consist of those monitored by management, but should not be considered as an alternative to IFRS measures. They are identical to those contained in the Annual Report and Financial Statements as at 31 December 2024 and in the periodical quarterly reports of the Immsi Group.

It should also be noted that the methods for calculating these measures might not be the same as those adopted by other operators, as they are not specifically governed by the reference accounting standards and therefore might not be sufficiently comparable.

In particular, the following alternative performance indicators have been used:

EBITDA: defined as operating income before amortisation/depreciation and impairment costs of intangible assets and plant, property and equipment, as reported in the consolidated income statement;
Net debt (or net financial position): equal to financial liabilities (current and non-current) including trade payables and other non-current payables that include a significant component of implicit (or explicit) finance, minus cash and cash equivalents, and current financial receivables (ESMA Guidance 2021/32-382-1138). On the other hand, as determined by the Immsi Group, net financial debt does not consider derivative financial instruments designated as hedging and non-hedging, fair value adjustments of the related hedged items and related accruals, fair value adjustments of financial liabilities, payables and accruals for interest accrued on bank loans, interest accrued on loans to third party shareholders.
A detailed table highlighting the items that contribute to the indicator is included in this Report.

The property and holding sector

In thousands of Euros	30.06.2025	as a %	30.06.2024	as a %	Change	as a %
Net revenues Operating earnings before amortisation and depreciation	1,212 -4,189	n/m	1,115 -3,985	n/m	97 -204	8.7% -5.1%
and impairment costs (EBITDA) Operating income (EBIT)	-5,039	n/m	-4,818	n/m	-221	-4.6%
Profit before tax Profit (loss) for the period including minority interests	-14,130 -11,540	n/m n/m	-15,618 -14,582	n/m n/m	1,488 3,042	9.5% 20.9%
Group earnings for the period (which may be consolidated)	-8,643	n/m	-11,025	n/m	2,382	21.6%
Net debt Personnel (number)	-331,052 102		-324,286 99		-6,766 3	-2.1% 3.0%

The 'property and holding sector' consolidated the financial position and performance of Immsi S.p.A., Immsi Audit S.c.a r.l., ISM Investimenti S.p.A., Is Molas S.p.A., Apuliae S.r.l. in liquidation and RCN Finanziaria S.p.A.

Overall, the property and holding sector reported a net loss for consolidation purposes in the first half of 2025 of approximately €8.6 million, which was better than the loss recorded in the same period of the previous year and mainly due to lower financial charges for the period.

Net debt of the sector was negative at €331.1 million, up on the figure of -€324.3 million at 30 June 2024 and -€325.6 million at 31 December 2024.

The Parent Company Immsi S.p.A. recorded a net profit for the period of approximately €5.4 million, compared to a profit of €11.8 million at 30 June 2024; the decrease is mainly due to lower dividends received from the subsidiary Piaggio & C. S.p.A. (-€7.2 million).

The net financial position amounted to a net debt of €17 million as at 30 June 2025, compared to a net debt €9.8 million recorded as at 31 December 2024, which was mainly affected by the Company's financial and operational management and the capital consolidation subscribed in the subsidiaries RCN Finanziaria S.p.A. and ISM Investimenti S.p.A. through the waiver of financial receivables held with the subsidiaries.

Lastly, it should be noted that in preparing this Interim Report as at 30 June 2025, the Parent Company did not carry out any specific impairment analyses on the carrying amount of investments held in fully consolidated companies as these investments and any changes arising from the related impairment tests would have been fully eliminated on consolidation.

With regard to initiatives in the Property sector and in particular with reference to the subsidiary Is Molas S.p.A., business activities continued to identify possible buyers, also international, and it decided to allow the mock-up villas to be rented out again in 2025 (as in previous years) in order to allow end customers – including any investors – to better understand the product and the associated services offered (e.g. wellness and home catering), so as to be able to assess their profitability.

The subsidiary is continuing activities to sell the 'Le Ginestre' property complex, consisting of 50 residential units and several parking spaces, with the aim of rationalising its property portfolio. As at 30 June 2025, the total number of units sold amounted to 42, an increase of 3 units sold compared

to the end of the 2024 financial year.

Revenues from tourism, hotels and golf activities in the first six months of 2025 amounted to €1.2 million, compared to €1.1 million in the same period of the previous year. In terms of margins, at 30 June 2025 the company recorded an operating loss of approximately €2.1 million and a net loss for consolidation purposes of €2.9 million, an improvement of approximately €0.4 million compared to the same period of 2024.

The company's net financial position showed a net debt of €100.6 million (of which €92.8 million to the parent company Immsi S.p.A.), with a cash flow absorption of about €1.5 million compared to 31 December 2024 (when net debt was €99.1 million).

With reference to the subsidiary Apuliae S.r.l., in liquidation, there are no further updates since the Report of Directors and Financial Statements of the Immsi Group at 31 December 2024, to which reference is made. As at 30 June 2025, the company's income statement showed a loss of €39 thousand (loss of €64 thousand as at 30 June 2024) and the net debt was virtually unchanged compared to the figure as at 31 December 2024 and negative by approximately €0.9 million.

The other major companies falling within the property and holding sector also include RCN Finanziaria S.p.A. and ISM Investimenti S.p.A.. With reference to main financial data of the company:

RCN Finanziaria S.p.A., 72.51% owned by Immsi S.p.A. and sole shareholder of Intermarine S.p.A, showed a consolidated net loss for the Immsi Group of approximately €3.4 million as at 30 June 2025 (an improvement of approximately €0.9 million compared to the result as at 30 June 2024 substantially due to the lower incidence of borrowing costs and higher income deriving from the Immsi Group's participation in the national consolidated tax convention) and a net financial debt as at 30 June 2025 of €141.9 million, substantially in line with the figure as at 31 December 2024;
During March 2025, the parent company Immsi S.p.A., with the aim of recapitalising RCN Finanziaria S.p.A., waived financial receivables due from the subsidiary for a nominal value of €10 million, allocating them to a special reserve for the future capital increase of Immsi.
ISM Investimenti S.p.A., owned by Immsi S.p.A. with a 72.64% stake and parent of Is Molas S.p.A. with a 92.59% stake, recorded a net loss for consolidation purposes for the Immsi Group of approximately €0.6 million at the end of the first quarter of 2025 (loss of €0.9 million as at 30 June 2024). Net financial debt as at 30 June 2025 was equal to €70,5 million, compared to €74 million as at 31 December 2024.
During March 2025, the parent company Immsi S.p.A., with the aim of recapitalising ISM Investimenti S.p.A., waived financial receivables due from the subsidiary for a nominal value of €13.5 million, allocating them to a special reserve for the future capital increase of Immsi.

Industrial sector: Piaggio group

In thousands of Euros	30.06.2025	as a %	30.06.2024	as a %	Change	as a %
Net revenues	852,550		990,298		-137,748	-13.9%
Operating earnings before amortisation and depreciation and impairment costs (EBITDA)	147,100	17.3%	173,772	17.5%	-26,672	-15.3%
Operating income (EBIT)	70,509	8.3%	104,094	10.5%	-33,585	-32.3%
Profit before tax	45,641	5.4%	77,776	7.9%	-32,135	-41.3%
Profit (loss) for the period including minority interests	30,123	3.5%	52,110	5.3%	-21,987	-42.2%
Group earnings for the period (which may be consolidated)	15,324	1.8%	26,382	2.7%	-11,058	-41.9%
Net debt	-534,694		-407,964		-126,730	-31.1%
Personnel (number)	5,795		6,206		-411	-6.6%

During the first half of 2025, the Piaggio group sold 238,400 vehicles worldwide, recording a decrease of 11.7% compared to the first six months of the previous year, when 270,100 vehicles were sold. The downturn affected all markets.

Regarding product type, sales of both Commercial Vehicles (-9.1%) and Two-Wheeler vehicles (- 12.5%) decreased.

In terms of turnover, the Piaggio group ended the first half of 2025 with net revenues down on the same period of 2024 (-13.9%).

The decrease affected all markets (EMEA and Americas -13.1%, Asia Pacific -15.3%; -13.0% at constant exchange rates and India -16.0%; -12.3% at constant exchange rates).

As regards product type, the decline concerned Commercial vehicles to a greater extent (-17.2%) than Two-Wheeler vehicles (-13.1%). As a result, the percentage of Two-Wheeler Vehicles accounting for overall turnover went up from 79.6% in the first half of 2024 to the current figure of 80.3%; vice versa, the percentage of Commercial Vehicles fell from 20.4% in the first six months of 2024 to the current figure of 19.7%.

The change in the income statement resulted in decrease in consolidated EBITDA which was equal to €147.1 million (€173.8 million in the first half of 2024). In relation to turnover, EBITDA was 17.3%, down from 17.5% in the first half of 2024.

Operating income (EBIT) amounted to €70.5 million, decreasing compared to the first six months of 2024; in relation to turnover, EBIT was equal to 8.3% (10.5% in the first half of 2024).

Financing activities showed a net expense of €24.9 million (€26.3 million as at 30 June 2024). The improvement was mainly due to lower interest rates on debt and the lower negative impact of currency management.

Income taxes for the period are estimated to be €15.5 million, equivalent to 34% of profit before tax.

Net profit stood at €30.1 million (3.5% of net revenues) and was down on the figure for the same

period of the previous year which amounted to €52.1 million (5.3% of net revenues).

Net financial debt as at 30 June 2025 was equal to €534.7 million, compared to €534.0 million as at 31 December 2024.

Compared to 30 June 2024, net debt increased by approximately €126.7 million because of the slowdown in operating activities.

The market

Two-wheeler business

In the first six months of 2025, the Piaggio Group sold a total of 184,900 two-wheeler vehicles worldwide, accounting for a net turnover equal to approximately €685.0 million, including spare parts and accessories (€77.5 million, -4.1%).

Overall, volumes decreased by 12.5% while turnover increased by 13.1%.

On the European market, the Piaggio Group achieved an overall share of 10.0% in the first half of 2025 compared to 11.4% in the first half of 2024, confirming its second place in the scooter segment with a share of 17.6% (21.4% in the first half of 2024). These figures are insignificant compared to previous years, as they are still affected by a contraction of the European market following the implementation of the new EURO 5+ regulation, which led to significant vehicle registrations in Q4 2024 that were partly disposed of in the first half of 2025.

As regards the Group's positioning on the North American scooter market, Piaggio achieved a 33.9% share (27.2% in the first half of 2024).

Commercial Vehicles business

During the first six months of 2025, the Commercial vehicles business generated a turnover of approximately €167.6 million, down by 17.2% compared to the same period of the previous year. The EMEA and Americas markets, on the other hand, reported contrasting trends. The increases in turnover in the Americas (+20.2%) were more than cancelled out in absolute terms by the decrease in the Emea area (-20.9%).

The Indian affiliate Piaggio Vehicles Private Limited (PVPL) sold 40,177 three-wheelers on the Indian market (47,762 in the first six months of 2024). The decrease was partially due to the decrease in sales of three-wheeler vehicles equipped with electric engines, which fell from 9,393 units in the first half of 2024 to 6,385 units in the current six months.

The Indian affiliate also exported 6,326 three-wheeler vehicles (4,447 in the first half of 2024).

The Marine sector: Intermarine

In thousands of Euros	30.06.2025	as a %	30.06.2024	as a %	Change	as a %
Net revenues	34,119		22,356		11,763	52.6%
Operating earnings before amortisation and depreciation and impairment costs (EBITDA)	2,834	8.3%	-3,617	-16.2%	6,451	178.4%
Operating income (EBIT)	2,160	6.3%	-4,173	-18.7%	6,333	151.8%
Profit before tax	-447	-1.3%	-6,949	-31.1%	6,502	93.6%
Profit (loss) for the period including minority interests	-408	-1.2%	-5,339	-23.9%	4,931	92.4%
Group earnings for the period (which may be consolidated)	-296	-0.9%	-3,871	-17.3%	3,575	92.4%
Net debt	-81,471		-85,519		4,048	4.7%
Personnel (number)	232		215		17	7.9%

During the first half of 2025, Intermarine S.p.A. developed the production of orders related to contracts in progress, particularly the significant order with the Italian Navy - Navarm, in RTI with Leonardo S.p.A., for the supply of 5 new-generation coastal minesweepers and related ancillary services. The company also continued to develop its investment plan aimed at the structural upgrading of the Sarzana shipyard's production capacity, as well as continued the construction and installation of a specific mould for the new coastal units, and finalised its financing with a pool of four banking institutions, transforming most of its financial debt from short to medium-long term.

With reference to the economic data of the Marine sector, net revenue (composed of turnover and changes in contract work in progress) increased to €34.1 million as at 30 June 2025, compared to €22.4 million in the first half of 2024. In particular:

the Defence division, with €26.7 million (€15.3 million in the first six months of 2024),
the Fast Ferries and Yacht divisions, totalling €7.4 million (€7.1 million in the first six months of 2024).

This resulted in a positive EBIT in the first half of 2025 of €2.2 million, a significant increase compared to the corresponding period of the previous year, when it was a negative €4.2 million, and a net loss for consolidation purposes for the Immsi Group equal to €0.3 million compared to a negative €3.9 million recorded in the first half of 2024.

The total value of the orders portfolio of the company amounted to €1,237.9 million at 30 June 2025 (divided between the Defence division and the Fast Ferries and Yacht Divisions), referring to the remaining part of existing contracts still to be developed in terms of revenues.

Net financial debt at 30 June 2025 amounted to €81.5 million, down on the balance at 31 December 2024, equal to €87.7 million, and on the balance of €85.5 million at 30 June 2024.

Financial situation and financial performance

As described above, in the first six months of 2025, the Immsi Group's economic ratios decreased compared to the corresponding period of the previous year.

For the purposes of consolidation, the financial statements as at 30 June 2025 of companies included in the scope of consolidation, appropriately modified and reclassified, where necessary, to bring them in line with international accounting standards and uniform classification criteria used by the Group, were used. The scope of consolidation includes the companies in which the Parent Company, directly or indirectly, owns more than half of the voting rights exercisable in Shareholders' Meetings, or has the power to control or direct voting rights by means of contractual or by-law clauses, or can appoint the majority of the members of the Boards of Directors. Excluded from the line-by-line consolidation are non-operating subsidiaries or those with low operating levels as their influence on the final result of the Group is insignificant.

As at 30 June 2025, the scope of consolidation changed as follows compared to 31 December 2024 and compared to 30 June 2024:

• the portion of the Piaggio group's consolidated shareholders' equity as at 30 June 2025 was 50.87%, up from 50.72% as of 31 December 2024 (50.63% as of 30 June 2024). The change is due to the buyback by the same subsidiary Piaggio & C. S.p.A. of 1,082,500 treasury shares during the first half of 2025.

These changes are limited and did not affect the comparability of the balance sheet and income statement between the two reporting periods.

For further details of changes, see section B of the Notes.

The Group prepares reclassified figures as well as the financial statement schedules required by law. A short description of the main balance sheet and income statement items is provided below the reclassified schedules. Further information on these items may be found in the Notes to the consolidated financial statements. Specific notes referring to the mandatory schedule items are omitted since the main aggregates coincide.

Financial performance of the Group

The below reclassified consolidated income statement of the Immsi Group is classified by the nature of the income components.

In thousands of Euros	30.06.2025		30.06.2024		Change
Net revenues	887,881	100%	1,013,769	100%	-125,888	-12.4%
Costs for materials	532,245	59.9%	622,064	61.4%	-89,819	-14.4%
Costs for services, leases and rentals	141,942	16.0%	151,191	14.9%	-9,249	-6.1%
Employee costs	140,699	15.8%	149,870	14.8%	-9,171	-6.1%
Other operating income	84,280	9.5%	90,711	8.9%	-6,431	-7.1%
Net reversals (write-downs) of trade	-1,334	-0.2%	-1,338	-0.1%	4	0.3%
and other receivables
Other operating costs	10,196	1.1%	13,847	1.4%	-3,651	-26.4%
OPERATING EARNINGS BEFORE AMORTISATION AND DEPRECIATION (EBITDA) AND IMPAIRMENT COSTS	145,745	16.4%	166,170	16.4%	-20,425	-12.3%
Depreciation and impairment costs of plant, property and equipment	33,895	3.8%	33,207	3.3%	688	2.1%
Amortisation and impairment costs of intangible assets with a finite useful life	44,220	5.0%	37,860	3.7%	6,360	16.8%
OPERATING INCOME (EBIT)	67,630	7.6%	95,103	9.4%	-27,473	-28.9%
Income/(loss) from investments	-855	-0.1%	-667	-0.1%	-188	-
Financial income	22,657	2.6%	7,452	0.7%	15,205	204.0%
Borrowing costs	58,368	6.6%	46,679	4.6%	11,689	25.0%
PROFIT BEFORE TAX	31,064	3.5%	55,209	5.4%	-24,145	-43.7%
Taxes	12,889	1.5%	23,020	2.3%	-10,131	-44.0%
PROFIT (LOSS) FOR THE PERIOD FROM CONTINUING OPERATIONS	18,175	2.0%	32,189	3.2%	-14,014	-43.5%
Profits or losses arising from assets held for sale or termination	0	-	0	-	0	-
PROFIT (LOSS) FOR THE PERIOD INCLUDING MINORITY INTERESTS	18,175	2.0%	32,189	3.2%	-14,014	-43.5%
Earnings for the period attributable to non-controlling interests	11,790	1.3%	20,703	2.0%	-8,913	-43.1%
GROUP PROFIT (LOSS) FOR THE PERIOD	6,385	0.7%	11,486	1.1%	-5,101	-44.4%

The Immsi Group's consolidated net revenues as at 30 June 2025 decreased by approximately €125.9 million (-12.4%) to around €887.9 million, mainly due to the contribution of the industrial sector (approximately €852.5 million) and the marine sector (approximately €34.1 million). Net revenues from the property and holding sector, were equal to around €1.2 million.

Operating costs and other consolidated Group net costs in the first half of 2025 totalled €742.1 million (equal to 83.6% of net revenues), of which €705.4 million relating to the Piaggio group (82.7% of the Piaggio group's net revenues).

Costs for materials totalled €532.2 million, equal to 59.9% of net revenues. The cost relating to the industrial sector amounted to €519.6 million, equal to 61% of net revenues of the sector.

Employee costs totalled €140.7 million, equal to 15.8% of net revenues. The largest part, €131.1 million (15.4% of net revenues of the sector), is attributable to the Piaggio group. The average paid workforce amounted to 6,214 employees compared to 6,539 in the first half of 2024, mainly attributable to the industrial sector. Average employee numbers were affected by seasonal workers in the summer (on fixed-term employment contracts). The Group effectively hires temporary staff to cover peaks in demand typical of the summer months.

EBITDA in the first half of 2024 came to approximately €145.7 million, equal to 16.4% of net revenues, down by approximately €20.4 million compared to €166.2 million in the first half of 2024 (16.4% of net revenues for the period).

Depreciation and amortisation for the period stood at €78.1 million (of which €76.6 million relative to

the industrial sector), representing 9% of turnover, up on the figure of approximately €6.9 million compared to the first half of 2024. Depreciation of property, plant and equipment amounted to €33.9 million (an increase of approximately €0.7 million compared to the figure for the first half of 2024), while amortisation of intangibles, excluding value adjustments on goodwill, totalled €44.2 million (€37.9 million in the first half of 2024).

EBIT amounted to €67.6 million (-€27.5 million compared to the first half of 2024), representing 7.6% of net revenue, compared to 9.4% in the same period of the previous year.

EBIT did not include any impairment of goodwill in the first six months of 2025, nor in the same period of the previous year.

In particular, as described in the Notes to the Consolidated Financial Statements as of 30 June 2025 (section F1 'Intangible Assets'), with reference to the goodwill relating to the cash-generating units of the Piaggio group, the Directors, while still considering the plan approved on 26 February 2025 and the conclusions of the impairment test carried out for the purpose of preparing the 2024 financial statements to be valid, based on the performance in the first half of 2025, and taking into account the projection of flows for the second half of 2025, prepared a stress test on the recoverability of Goodwill. The sensitivity analyses were prepared by applying the expected deviations for the year 2025, compared to the budget forecasts, to the plan flows on a constant basis and keeping the WACC discount rate and the growth rate 'g' used at 31 December 2024 unchanged. These analyses did not reveal any potential impairment losses, also considering the extent of the existing cover as at 31 December 2024.

Also with reference to the start-up of the Intermarine cash-generating units, the management, while recording some time deviations from the 2025-2029 forecast data approved by the subsidiary's Board of Directors on 14 March 2025, considers them to be still valid as these deviations will be fully recovered during the implementation period of the plan. Also in view of the extent of the existing cover as at 31 December 2024, management has not identified any indicators of goodwill impairment as at 30 June 2025; Therefore, due to what has been reported above and also in consideration of the extensive cover of the test at 31 December 2024, it was not deemed necessary to proceed with an update of the impairment test conducted for the purposes of the consolidated financial statements at 31 December 2024, thus confirming the relevant results.

Considering that the abovementioned analyses conducted by the Immsi Group cash-generating unit were also determined based on estimates, the Group cannot guarantee that there will be no goodwill impairment losses in future periods. Owing to the current climate of uncertainty on core and financial markets, the various factors – both inside and outside the cash-generating units identified – used in preparing the above estimates could be revised in the future. The Group will constantly monitor these factors and the possible existence of future impairment losses.

Net financial expense amounted to a negative €36.6 million, equal to 4.1% of the Group's net revenues (compared to a net expense of €39.9 million in the first half of 2024), and consists of negative balances of €24.9 million relating to the industrial sector (compared to -€26.3 million in the first half of 2024), €2.6 million relating to the marine sector (compared to €2.8 million in the first half of 2024) and €9.1 million relating to the property and holding sector (down on €10.8 million in the first half of 2024). The improvement was mainly due to lower interest rates on debt and the lower negative impact of currency management.

Profit before tax stood at €31.1 million as at 30 June 2025, or 3.5% of net revenues, compared to €55.2 million (5.4% of net revenues) as at 30 June 2024, with the industrial sector contributing a profit of €45.6 million, the marine sector a loss of €0.5 million and the property and holding sector a loss of €14.1 million.

Taxes for the period totalled approximately €12.9 million, compared to €23 million as at 30 June 2024.

Net profit for the period, after taxation and net of non-controlling interests, totalled €6.4 million (0.7% of net revenues), down on the figure of €11.5 million as at 30 June 2024.

Reclassified statement of financial position of the Group

189,004

	7.8%		6.9%		12.9%
	0.4%	158,825 0	0.0%	327,059 0	0.0%
9,606					28.1%
870,747	36.0%	747,371	32.3%	1,038,578	41.0%


					0.0% 37.0%
					15.5%
					6.6%
					59.0%
					100.0%


	19.8%		20.5%		18.3%
833,520	34.5%	747,272	32.3%	911,075	35.9%
1,312,170	54.3%	1,220,598	52.8%	1,375,471	54.3%

					26.8%
					2.7%
					29.5%
					83.8%
					16.2%
2,416,616	100.0%	2,310,351	100.0%	2,534,354	100.0%
	672,137 0 956,141 406,559 183,169 1,545,869 2,416,616 478,650 667,177 69,518 736,695 2,048,865 367,751	27.8% 0.0% 39.6% 16.8% 7.6% 64.0% 100.0% 27.6% 2.9% 30.5% 84.8% 15.2%	588,546 0 961,612 417,604 183,764 1,562,980 2,310,351 473,326 632,752 71,598 704,350 1,924,948 385,403	25.5% 0.0% 41.6% 18.1% 8.0% 67.7% 100.0% 27.4% 3.1% 30.5% 83.3% 16.7%	711,519 0 936,601 391,587 167,588 1,495,776 2,534,354 464,396 680,432 67,348 747,780 2,123,251 411,103

Current assets as at 30 June 2025 amounted to €870.7 million, up €123.4 million compared to 31 December 2024, and down €167.8 million compared to 30 June 2024. The increase compared to the end of 2024 is attributable to the growth in operating activities trade (+€83.6 million), mainly due to the increase in trade and other receivables and inventories, referred in particular to the Piaggio group due to the seasonal nature of the business, and to the growth in cash and cash equivalents (+€30.2 million).

Non-current assets as of 30 June 2025 stood at €1,545.9 million against 1,563 million as of 31 December 2024, a decrease equal to €17.1 million.

In particular, among non-current assets, intangible assets amounted to €956.1 million, a decrease of €5.5 million compared to 31 December 2024, mainly due to the negative impact related to the exchange rate effect and amortisation, partially offset by investments for the period, particularly in the industrial sector.

Property, plant and equipment amounted to €406.6 million, a decrease of €11 million compared to year-end 2024, mainly due to the negative impact of the exchange rate effect (in the industrial sector) and depreciation, partially offset by capital expenditure for the period; In particular, in the Marine sector, the subsidiary Intermarine S.p.A. made investments of about €8.5 million in the first half of 2025, mainly related to upgrading the production capacity of the Sarzana site.

Current liabilities as at 30 June 2025 amounted to €1,312.1 million, an increase compared to 31 December 2024 of €91.6 million, compared to the increase in operating liabilities (+€86.2 million), and financial liabilities (+€5.3 million).

Non-current liabilities as at 30 June 2025 came to €736.7 million, up by approximately €32.3 million from €704.3 million as at 31 December 2024. Consolidated shareholders' equity attributable to the Group and non-controlling interests totalled €367.8 million as at 30 June 2025, of which €164 million attributable to minority interests.

An analysis of capital employed and its financial cover is presented below:

In thousands of Euros	30.06.2025	as a %	31.12.2024	as a %	30.06.2024	as a %

Current operating assets	672,137	48.5%	588,546	41.9%	711,519	54.9%
Current operating liabilities	-833,520	-60.2%	-747,272	-53.2%	-911,075	-70.3%
Net operating working capital	-161,383	-11.7%	-158,726	-11.3%	-199,556	-15.4%

Intangible assets	956,141	69.1%	961,612	68.5%	936,601	72.3%
Property, plant and equipment	406,559	29.4%	417,604	29.7%	391,587	30.2%
Other assets	183,169	13.2%	183,764	13.1%	167,588	12.9%
Capital employed	1,384,486	100.0%	1,404,254	100.0%	1,296,220	100.0%

Non-current non-financial liabilities	69,518	5.0%	71,598	5.1%	67,348	5.2%
Capital and reserves of non-controlling interests	164,023	11.8%	165,485	11.8%	180,084	13.9%
Consolidated Group shareholders' equity	203,728	14.7%	219,918	15.7%	231,019	17.8%
Total non-financial sources	437,269	31.6%	457,001	32.5%	478,451	36.9%
Net Financial debt	947,217	68.4%	947,253	67.5%	817,769	63.1%

The following table shows the change in the net financial position for the period:

30.06.2025 112,950 -1,104 111,846 -4,086	31.12.2024 201,440 -82,632 118,808 -11,919	30.06.2024 133,049 -25,472 107,577 -8,514




-6,931	-34,101	-13,990
		-51,400
		-35,545
		607
		9,466
		1,393
36	-119,890	9,594
-947,253	-827,363	-827,363
-947,217	-947,253	-817,769
	-44,024 -41,764 851 0 -15,856	-114,741 -90,042 1,738 9,466 -901

Net financial debt as of 30 June 2025 was €947.2 million, substantially in line with the figure as of 31 December 2024; the positive cash flow generated by operations (+€111.8 million) was mainly offset by net investments in property, plant and equipment and intangible fixed assets for the period (-€85.8 million), mainly relating to the Piaggio group, and the payment of dividends to third parties (- €11 million).

Net debt – analysed below and compared with the same figures as of 31 December 2024 and 30 June 2024 – is shown in accordance with the ESMA guidelines 32-382-1138 of 4 March 2021, adjusted on 30 June 2025 as follows: financial assets and liabilities arising from the assessment at fair value, designated hedging and non-hedging derivative financial instruments, the fair value adjustment of the related hedged items, equal to a negative €0.5 million; payables and accrued interest accrued on bank borrowings for a total of €9.8 million; interest and accruals on loans to minority shareholders totalling €7.9 million.

In thousands of Euros	30.06.2025	31.12.2024	30.06.2024
A Cash and cash equivalents	-189,004	-158,825	-327,059
B Cash equivalents	0	0	0
C. Other financial assets	-9,606	0	0
D Total liquidity (A + B + C)	-198,610	-158,825	-327,059
E Current financial payables (including debt instruments, but not including current portion of non-current financial debt)
- Bonds	0	0	0
- Payables due to banks	292,848	275,469	274,234
- Lease liabilities	9,644	10,427	9,975
- Amounts due to other lenders	68,219	59,946	69,235
F Current portion of non-current financial debt	107,939	127,484	110,952
G Total current financial debt (E + F)	478,650	473,326	464,396
H Net current financial debt (G + D)	280,040	314,501	137,337
I Non-current financial debt (excluding current portion and debt instruments
- Payables due to banks	405,614	367,787	411,932
- Lease liabilities	14,652	18,199	22,296
- Amounts due to other lenders	302	379	71
J Debt instruments	246,609	246,387	246,133
K Trade payables and other non-current payables	0	0	0
L Non-current financial debt (I + J + K)	667,177	632,752	680,432
M Net financial debt (H + L)	947,217	947,253	817,769

With reference to the breakdown of debt, compared to 31 December 2024, it is possible to note a decrease in net short-term net financial debt, which decreased from a balance of €314.5 million to a balance of €280 million, and an increase in medium/long-term financial indebtedness, which went from €632.8 million to €667.2 million, affected by the debt refinancing transaction carried out by Intermarine S.p.A. with the consequent reclassification of financial positions from short-term to medium/long-term. Further details are provided in the section 'G2 – Financial Liabilities' of the Notes to the condensed interim financial statements.

Research, development and innovation activities

The Immsi Group carries out research, development and innovation activities through the Piaggio group which, in the first half of 2025, continued its commitment to maintaining technological leadership in the sector, and through subsidiary Intermarine S.p.A., whose research and development activities mainly concern new projects for vessels and prototypes, production technologies, plant innovations and innovative materials.

For an in-depth look at the projects supported by the Group and the resources allocated to them, please refer to the Consolidated Sustainability Report as at 31 December 2024

US Customs Tariffs

The US administration has announced a drastic increase in tariffs levied on almost every country in the world. With regard to the EU, as far as known at the time of publication of this document, the agreement is expected to provide for the application of tariffs at 15% for the import of goods into the US territory. Given the geographic diversification of revenues, the impact of the tariffs imposed by the United States on the Group's financial performance is deemed immaterial. However, the Group will continue to monitor the possible indirect impact that tariffs might have on inflationary dynamics and exchange rates, also considering the uncertainty of the current macroeconomic environment.

Risk factors

Due to the nature of its business, the Group is exposed to different types of risks. For this reason, the Group has developed procedures both in the Parent Company and in main subsidiaries for risk management, with a methodology referable to the Enterprise Risk Management (ERM) model, in areas most exposed, identifiable at a strategic, external, operational and financial level.

Since 2024, risk mapping activities have been conducted in an integrated way with respect to the Double Materiality Assessment, also taking into account sustainability issues and, in particular, the so-called 'ESG' ('Environmental, Social, Governance related') risks, i.e., related to environmental factors, personnel, social and human rights matters, and the fight against active and passive corruption, for details of which please refer to the 2024 Consolidated Sustainability Report.

Strategic risks

Reputational and Corporate Social Responsibility risk – In carrying out its operations, the Group could be exposed to stakeholders' perception of the Group and its reputation and their loyalty changing for the worse because of the disclosure of detrimental information or due to sustainability requirements in the Consolidated Sustainability Report as of 31 December 2024 published by Immsi S.p.A. and Piaggio & C. S.p.A., not being met, as regards economic, environmental, social and product-related aspects.

In particular, the Piaggio group has implemented tools to monitor brand perception and customer satisfaction to deal with this risk.

Risks related to defining strategies – In defining its strategic objectives, the Group could make errors of judgment with a consequent impact on its image and financial performance.

Risks related to adopting strategies – In carrying out its operations, the Group could be exposed to risks from the wrong or incomplete adoption of strategies, with a consequent negative impact on achieving the Group's strategic objectives. Periodic monitoring to verify any deviations from previously established objectives makes it possible to reduce the impact of these risks.

External risks

Risks associated with the macroeconomic and geopolitical context – The Group, and the Piaggio group in particular, is exposed to risks deriving from the characteristics and evolutionary dynamics of the economic cycle and the national and international political context. To mitigate any negative effects arising from the macroeconomic and geopolitical context, it continued its strategic vision, diversifying operations at international level - in particular in Asia where growth rates of economies are still high, and consolidating the competitive positioning of its products. The trend in the automotive sector is also reflected in Piaggio's business, which recorded a drop in consolidated sales compared to the same period in 2024.

The conflict between Russia and Ukraine has had major worldwide consequences for the economic effects on global markets, especially in terms of increased transport costs, raw material prices and energy prices. The geographical diversification of the Group's sales and purchases means that it has essentially no exposure in the conflict area. The indirect impacts of the conflict mainly concerned the increase in the cost of energy, especially for European plants, and the increase in the cost of raw materials, mitigated for the Piaggio group in part by the agreements entered into with suppliers. The conflict in the Middle East is having an impact on trade flows. In particular, possible attacks on ships transiting the Red Sea have led to a drastic reduction in traffic in the Suez Canal and a diversion of trade routes, with a consequent increase in costs and times related to the transport of supplies and the distribution of products. The direct impacts on the Group are currently limited, mitigated by selecting local suppliers and by the efficiency of the systems used for the planning and logistics process. Only a few weeks ago, some shippers resumed using the Suez Canal.

Risks related to consumer purchasing habits – The success of the Group's products depends on its ability to manufacture products that cater for consumer's tastes and – with particular reference to the Piaggio group – can meet their needs for mobility.

With reference to the subsidiary Intermarine, however, the success of the company in the different lines of business in which it operates depends on the ability to offer innovative and high quality products that guarantee the performance demanded by customers, in terms of lower fuel consumption, higher performance, greater passenger transport capacity, greater cruising comfort, handling and safety of the vessels used, among other things, in the defence and control of territories. The risk could derive from the uncertainties of fitting out the new prototypes and the lack of funds and programmes to renew the fleet on the part of Italian and international shipowners. In this respect, shipowners will now be able to verify and use the availability of financial resources under the NRRP. Levering customer expectations and emerging needs, with reference to its product range and customer experience is essential for the Piaggio group to maintain a competitive edge. Through market analysis, focus groups, concept and product testing, investments in research, development and innovation and sharing its roadmap with suppliers and partners, Piaggio aims to capitalise on emerging market trends to renew its own product range. Customer feedback enables Piaggio to evaluate customer satisfaction levels and fine-tune its own sales and after-sales service model.

Risks associated with the high degree of market competition – In addition, the Group is exposed to the actions of competitors that, through technological innovation or replacement products, could obtain products with better quality standards and streamline costs, offering products at more competitive prices.

In the industrial sector, the Piaggio group has tried to tackle this risk, which could have a negative impact on the financial position and performance of the Group, by manufacturing high quality products that are innovative, reliable and safe, and by consolidating its presence in the geographic segments where it operates.

With reference to the marine sector, and the mine sweeping platforms segment, Intermarine has a considerable technological edge over the competition, while the Fast Ferries division is affected in particular by a context in which the owners prefer carrying out repairs on operating vessels rather than investing in new constructions. It has become apparent in the recent period that activities and prospects in the Fast Ferries market are reviving, in the light of the recent requests for tenders received from private shipowners and invitations to tender.

Risk related to the regulatory and legal framework – Numerous national and international laws and regulations on safety, noise levels, consumption and the emission of pollutant gases apply, in particular to Piaggio products. Strict regulations on atmospheric emissions, waste disposal, the drainage and disposal of water and other pollutants also apply to the group's production sites, as do reporting obligations on sustainability.

Unfavourable changes in the regulatory and/or legal framework at a national and international level could mean that products can no longer be sold on the market, forcing manufacturers to invest to renew their product ranges and/or renovate/upgrade production plants.

To deal with these risks, the Piaggio group has always invested in research and development into innovative products, anticipating any restrictions on current regulations. Moreover, the Piaggio group is not only a member of Confindustria, but also of important national and international associations in the automotive sector, such as ACEM (chaired by Michele Colaninno), ANFIA and ANCMA, which represent and protect the economic, technical and regulatory interests of the automotive sector in institutional and political dimensions, and with the authorities, bodies and associations responsible, at national and international level, for industrial policy and the individual and collective mobility of persons and goods.

Finally, the Piaggio group, as one of the sector's leading manufacturers, is often requested to be represented on parliamentary committees appointed to discuss and formulate new laws.

Intermarine is also a member of important trade associations such as Confindustria La Spezia and Messina as well as the AIAD Federation representing Italian Aerospace, Defence and Security Companies.

Risks related to natural events - The global scenario of the coming years depicts an increasing intensification of extreme weather phenomena and risks related to climate change with the consequent need for increased attention and protection in this regard. As part of the assessment of risks related to climate change, the Piaggio group has not currently identified as relevant risks related to the inability to achieve strategic objectives due to changes in the external context (also taking into account possible impacts on the supply chain) and possible inadequate management of atmospheric emissions.

The process of identifying these risks, as well as the assessments of their relevance and significance, were conducted both on the basis of the internal context as well as on the basis of the dynamics of the reference market, and current regulations.

At a strategic level, the Piaggio group intends in any event to pursue the integration of sustainable development principles into its vision and business model in an increasingly precise and consistent way. The preparation of the Decarbonisation Plan is part of this context, through which the Group, and Piaggio in particular, confirm its ongoing commitment to sustainability, as better described in the 2024 Consolidated Sustainability Report.

In this context it should be noted that the Piaggio group operates through industrial plants located in Italy, India, Vietnam and Indonesia. These sites could be affected by natural events, such as earthquakes, typhoons, flooding and other catastrophes that may damage sites and also slow down/interrupt production and sales.

From this perspective, the Piaggio Group, with the support of a leading consulting firm, performs an annual climate risk analysis for its main production plants. The latest analysis did not reveal any critical issues related to climatic factors.

Potential impacts related to the physical risks associated with climate change are managed by the Group and in particular by the Piaggio group and the subsidiary Intermarine S.p.A. through the continuous renovation of facilities, and also through the stipulation of specific insurance cover divided among the various sites according to their relative importance.

Specifically, with reference to Piaggio, the outcome of the above assessments on the relevance of climate change risks was also duly taken into account in the process of defining the assumptions adopted to prepare the Business Plan, as better described in the notes to the consolidated financial statements of the Piaggio group, in the section on goodwill.

Risk related to the adoption of new technologies – The risk related to the adoption of new technologies is associated above all with the Piaggio group, which is exposed to risk arising from the difficulty of keeping abreast with new technologies, both in terms of products and the production process. To deal with this risk, on the one hand, as regards products, the R&D centres in Pontedera,

Noale and the PADc (Piaggio Advance Design Center) in Pasadena carry out research, development and the testing of new technological solutions, such as those dedicated to electric vehicles, through strategic partnerships in some cases. Piaggio Fast Forward in Boston is also studying innovative solutions to anticipate and respond to the mobility needs of the future.

As regards the production process, Piaggio has operational areas dedicated to the study and implementation of new solutions to improve the performance of production facilities, with particular attention paid to sustainability and energy efficiency aspects.

Risks related to the sales network – The Piaggio group's business is closely related to the sales network's ability to guarantee end customers a high quality sales and after-sales service, to build a relationship of trust and lasting. The Piaggio group ensures these levels are maintained by defining compliance with certain technical/professional standards in contracts, offering training for sales and after-sales staff and implementing periodic controls, reinforced by new IT systems designed to improve network monitoring activities and therefore the level of customer service. In addition, in order to ensure a widespread geographic presence through the network, a geo-marketing system is used to identify any areas not covered.

Operating risks

Product-related risks – The Group has to deal with risks related to product defects due to nonconforming quality and safety levels.

The risk for the Piaggio group refers to consequent recall campaigns, that would exposed the group to: the costs of managing campaigns, replacing vehicles, claims for compensation and above all if faults are not managed correctly and/or are recurrent, damage to its reputation. A product nonconformity may be due to potential errors and/or omissions of suppliers, or internal processes (i.e. during product development, production, quality control).

To mitigate these risks, the Piaggio group has established a Quality Control system, it tests products during various stages of the production process and carefully sources its suppliers based on technical/professional standards. The quality provided by the group is also guaranteed by obtaining and maintaining quality management system certification at global level (ISO 9001). The Piaggio group has also defined plans to manage recall events and has taken out insurance to protect the group against events attributable to product defects.

To deal with product risk, the subsidiary Intermarine instead normally adopts a type of contract that also includes assistance and logistics packages which are formalised in agreements regulating acquired contracts.

Risks related to the production process/business continuity – The group is exposed to risk connected with possible interruptions to company production, due to the unavailability of raw materials or components, skilled labour, systems or other resources.

To deal with these risks, the Group has necessary maintenance plans, invests in upgrading machinery, has a flexible production capacity, prepares Disaster Recovery plans and sources from several suppliers of components to prevent the unavailability of one supplier affecting company production.

Moreover, the operating risks related to industrial sites in Italy and other countries, as regards the Piaggio group, are managed through specific insurance cover assigned to sites based on their relative importance.

Risks related to the supply chain In carrying out its operations, the Group sources raw materials, semi-finished products and components from a number of suppliers.

As regards the Piaggio group, operations are conditioned by the ability of its suppliers to guarantee the quality standards and specifications requested for products, as well as their delivery times. To mitigate these risks, the Piaggio group qualifies and periodically evaluates its suppliers based on

professional/technical/financial criteria in line with international standards. Spot checks on products supplied by suppliers are also carried out.

With reference to the marine sector, Intermarine acquires raw materials, contracts and services from a large number of external suppliers, that have specific competencies, in particular in ship fitting. The close cooperation between producers and suppliers is common in the fields where the company operates and, while it may lead to economic benefits in terms of lower costs and greater flexibility, it also means that companies must rely on these suppliers. Supplier difficulties could have a negative impact, causing interruptions in and/or delays to production activities, with the risk of not meeting deadlines.

Risks related to the environment and health and safety – The Group has production sites, research and development centres and sales offices in different nations and so is exposed to the risk of not being able to guarantee a safe working environment, with the risk of causing potential harm to property or people and exposing the Group to legal sanctions, lawsuits brought by employees, costs for compensation payments and reputational harm.

To mitigate these risks, the Piaggio group adopts a model that is based on environmental sustainability, in terms of safeguarding natural resources and the possibility that the ecosystem might absorb the direct and indirect impact of production activities. Specifically, the Piaggio group seeks to minimise the environmental impact of its industrial activities through careful definition of the technological transformation cycle and use of the best technologies and most modern methods of production.

The risks related to accidents/injuries sustained by personnel are mitigated by aligning processes, procedures and structures with applicable Occupational Safety laws, as well as best international standards.

For the Piaggio group, these commitments, set out in the Code of Ethics and confirmed by top management in the Group's 'environmental policy' which is the basis for environmental certification (ISO 14001) and health and safety certification (ISO 45001) already awarded and maintained at production sites, are in any case a mandatory benchmark for all company sites.

The subsidiary Intermarine S.p.A. also adopts systems aimed at the most efficient management and monitoring of environmental and health and safety-related risks associated with its production activities. In particular, the shipyards at Sarzana and Messina have Environmental certification (ISO 14001), issued by RINA. Although not yet certified, all sites have also adopted the same Integrated Management System which also covers health and safety (ISO 45001).

Risks related to processes and procedures adopted – The Group is exposed to the risk of shortcomings in planning its company processes or errors and deficiencies in carrying out operations.

To deal with this risk, the Group has established a system of directives comprising organisational notices and Manuals/Policies, Management Procedures, Operating Procedures and Work Instructions. For the Piaggio group, all documents related to Group processes and procedures are part of the single Group Document Information System, with access that is regulated and managed on the company intranet.

Risks related to delays in the completion of orders – With particular reference to the subsidiary Intermarine S.p.A. operating in the marine industry, any delay in the completion of contracts in progress may lead to customers requesting penalties for late delivery where contractually agreed, with the risk of reducing the overall profitability of orders and reducing financial assets.

On the other hand, the company could pass on the effect of the impact on delivery times, for delays in deliveries and in completing services and for failing to pass tests, with the need to perform the tests again, to its subcontractors.

Risks related to human resources – The main risks the Group is exposed to concerning human resources management include the ability to recruit expertise, professionalism and experience necessary to achieve objectives. To offset these risks, the Group has established specific policies or practices for recruitment, career development, training, remuneration and talent management, which are adopted in all countries where it operates according to the same principles of merit, fairness and transparency, and focusing on aspects that are relevant for the local culture.

The employees of Group companies are protected by laws and collective labour contracts that guarantee them – through local and national representation – the right to be consulted on specific matters, including programmes related to the use of staff in accordance with ongoing job orders.

In Europe, the Piaggio group operates in an industrial context with a strong trade union presence, and is potentially exposed to the risk of strikes and interruptions to production activities.

In the recent past, the Group was not affected by major interruptions to production because of strikes. To avoid the risk of interruptions to production activities, as far as possible, the Group bases its relations with trade union organisations on dialogue.

Legal risks – The Group legally protects its products and brands throughout the world. In some countries where the Group operates, laws do not offer certain standards of protection for intellectual property rights. This circumstance could render the measures adopted by the Piaggio group in particular to protect itself from the unlawful use of these rights by third parties inadequate. Within the framework of its operations, the Group is involved in legal and tax proceedings. As regards some of the proceedings, the Group could be in a position where it is not able to effectively quantify potential liabilities that could arise. A detailed analysis of the main disputes is provided in the specific

section of the Notes to the Condensed Consolidated Interim Financial Statements.

Risks related to internal offences – The Group is exposed to risks of its employees committing offences, such as fraud, active and passive corruption, acts of vandalism or damage that could have negative effects on its business results in the year, and also harm the image and integrity of the company and its reputation. To prevent these risks, the Group has adopted Organisational Models pursuant to Legislative Decree 231/2001 (Compliance Programmes) and Codes of Ethics, which illustrate the principles and values inspiring the entire organisation, and has set up Whistleblowing platforms, which can be used to communicate information on serious wrongdoings relating to violations of the law and/or the internal control system, which have occurred or are very likely to occur within the Organisation.

Risks related to financial disclosure – The Group is exposed to the risk of possible inadequacies in its procedures that are intended to ensure compliance with main Italian and foreign regulations applicable to financial disclosure, running the risk of receiving fines and other sanctions. In particular, the Group is exposed to the risk that financial reporting for Group stakeholders is not accurate and reliable due to significant errors or the omission of material facts and that the Group provides disclosure required by applicable laws in a manner which is inadequate, inaccurate or untimely. It should be noted that the control activity provided for by Law 262/2005, in addition to referring to the Parent Company, is also extended to the Group's most important subsidiaries. The Group also has an internal audit function, while the financial statements are audited by the Independent Auditors.

ICT system risks - With reference to this category, the main risk factors that could compromise the availability of the Group's ICT systems include cyber attacks, which could cause the possible interruption of production and sales support activities or compromise the confidentiality, integrity and availability of personal data managed by the Group.

On a global level, there was an increase in cyber attacks during the year, both in number and intensity, which did not, however, cause any damage, particularly in the Piaggio group. In this context, continuous measures are taken to consolidate the centralised control system, aimed at improving IT security. Since the beginning of 2024, a Vulnerability Assessment and Integrated Patch

Management service has been operating in the Piaggio group that uses specific technologies to check for potential vulnerabilities and assigns criticality values to each of them based on the CVSS of the vulnerability itself (Common Vulnerability Scoring System).

Other risks – In the specific case of the Parent Company Immsi S.p.A., in consideration of its nature as a holding company and the different phase of development and advancement of investments made both directly and through subsidiaries, its financial performance and profitability are strictly related to the financial performances of subsidiaries.

Financial risks

Risks related to insufficient cash flows and access to the credit market – At the end of the reporting period, the main sources of Group financing were:

debenture loans for a nominal amount of approximately €250 million issued by Piaggio & C. S.p.A.;
bank loans for a nominal amount of approximately €808.8 million. The type, rates and maturities of these loans are discussed in the Notes.

In addition, the Group has outstanding amounts due for leases, amounts due to subsidiaries not fully consolidated and amounts due to other lenders for an overall amount of approximately €92.8 million. The Immsi Group has undrawn credit lines of €520.8 million, available to meet any unforeseen cash requirements, of which €457.2 million referred to the Piaggio group.

The Group is exposed to the risk arising from the production of cash flows that are not sufficient to guarantee Group payments due, with effects on adequate profitability and growth such as to guarantee the pursuit of strategic objectives. Moreover, this risk is connected with the difficulty the Group may have in obtaining loans or a worsening in conditions of loans necessary to support Group operations in appropriate time frames. The debt indicated above could also negatively affect Group operations in the future, limiting its capacity to obtain further financing or to obtain it at more favourable conditions. In particular, over the next 12 months, together with the short-term instalments of medium- and long-term loans, several short-term credit lines will expire, the renewal of which is crucial to be able to continue operating. A detailed examination of these lines is provided in the Notes.

To face this risk, the Group's cash flows and credit line needs are monitored constantly by management or, in the case of the Piaggio group, managed centrally under the control of the Piaggio group's Treasury Department, in order to guarantee an effective and efficient management of financial resources, as well as optimise the debt's maturity standpoint.

The Piaggio group also has undrawn credit lines, sufficient to enable it to manage with any unforeseen cash requirements.

In addition, Piaggio & C., the parent company of the Piaggio group, finances the temporary cash needs of the Piaggio group companies through the direct disbursement of short-term loans regulated at market conditions or through guarantees, and also provides for the transfer of receivables and supply chain financing or reverse factoring operations as specified in more detail in the valuation criteria of the notes to the 2024 consolidated financial statements.

To deal with this risk, Intermarine also monitors and strictly manages the company's cash flow and credit line needs with the aim of ensuring an effective and efficient management of financial resources as well as optimising the debt's maturity standpoint.

The Parent Company Immsi S.p.A. supports, where necessary, its subsidiaries in the 'Property and Holding' and 'Marine' sectors through credit lines in order to guarantee support for the implementation of their development plans.

Also with reference to the net financial indebtedness of the above-mentioned Sectors, reference should be made to the section of the Notes to the Financial Statements entitled 'Accounting standards and measurement criteria'.

Exchange rate risks – The Group, primarily through Piaggio group companies, undertakes operations in currencies other than the Euro and this exposes it to the risk of fluctuating exchange rates of different currencies. Exposure to business risk consists of envisaged payables and receivables in foreign currency, taken from the budget for sales and purchases reclassified by currency and accrued on a monthly basis. With reference to the Piaggio group, the policy is to hedge at least 66% of the exposure of each reference month. Exposure to the settlement risk consists of receivables and payables in foreign currency acquired in the accounting system at any moment. The hedge must at all times be equal to 100% of the import, export or net settlement exposure for each currency. Over the course of the half year, the exchange risk has been managed in line with the current policy, which aims to neutralise the possible negative effects of exchange rate changes on company cash flow, by hedging the business risk, which concerns changes in company profitability in relation to the annual business budget on the basis of a key change (the so-called 'budget change') and the settlement risk, which concerns the differences between the exchange rate recorded in the financial statements for receivables or payables in foreign currency and that recorded in the related receipt or payment.

Interest rate risks – The Group has assets and liabilities which are sensitive to changes in interest rates and are necessary to manage liquidity and financial requirements. These assets and liabilities are subject to an interest rate risk and are hedged by derivatives or, where necessary, by specific fixed-rate loan agreements. For a more detailed description, please refer to the Notes to the Condensed Consolidated Interim Financial Statements.

Credit risk – The Group is exposed to the risk of late payments of receivables. This risk is connected with any downgrading of the credit rating of customers and consequent possibility of late payments, or the insolvency of customers and consequent failure to receive payments. To balance this risk, the Group evaluates the financial reliability of its business partners. The Group, in particular the companies Piaggio & C. S.p.A. and Intermarine S.p.A., also stipulates contracts with important Italian and foreign factoring companies for the sale of trade receivables without recourse.

Risks related to deleverage – This risk is connected with compliance with covenants and targets to reduce loans, to maintain a sustainable debt/equity balance.

To offset this risk, the measurement of financial covenants and other contract commitments is monitored by the Group on an ongoing basis.

Human resources

As at 30 June 2025, the Immsi Group employed 6,129 staff, of which 102 in the property and holding sector, 5,795 in the industrial sector (Piaggio group) and 232 in the marine sector (Intermarine S.p.A.). The following tables divide resources by category and geographic segment:

Human resources by category

numbers		30.06.2025
	Property	Industrial	Marine	Group
	and holding	sector	sector	Total
	sector
Senior management	4	116	7	127
Middle managers and white-collar	33	2,240	150	2,423
workers
Blue-collar workers	65	3,439	75	3,579
TOTAL	102	5,795	232	6,129
numbers		31.12.2024
	Property	Industrial	Marine	Group
	and holding	sector	sector	Total
	sector
Senior management	4	119	8	131
Middle managers and white-collar	26	2,283	139	2,448
workers
Blue-collar workers	19	3,319	75	3,413
TOTAL	49	5,721	222	5,992
numbers		Changes
	Property	Industrial	Marine	Group
	and holding	sector	sector	Total
	sector
Senior management	0	-3	-1	-4
Middle managers and white-collar	7	-43	11	-25
workers
Blue-collar workers	46	120	0	166
TOTAL	53	74	10	137

Human resources by geographic segment

numbers	30.06.2025
	Property and holding sector	Industrial sector	Marine sector	Group Total
Italy	102	3,194	232	3,528
Rest of Europe	0	150	0	150
Rest of the world	0	2,451	0	2,451
TOTAL	102	5,795	232	6,129
numbers		31.12.2024
	Property	Industrial	Marine	Group
	and holding	sector	sector	Total
	sector
Italy	49	3,020	222	3,291
Rest of Europe	0	261	0	261
Rest of the world	0	2,440	0	2,440
TOTAL	49	5,721	222	5,992
numbers		Changes
	Property	Industrial	Marine	Group
	and holding	sector	sector	Total
	sector
Italy	53	174	10	237
Rest of Europe	0	-111	0	-111
Rest of the world	0	11	0	11
TOTAL	53	74	10	137

Employee numbers were also affected by seasonal workers in the summer (on fixed-term employment contracts). The Group effectively hires temporary staff to cover peaks in demand typical of the summer months.

For further information on Group employees (including salary and training policies, diversity and equal opportunities, safety, etc.), reference is made to the detailed comments in the Immsi Group Consolidated Sustainability Report as at 31 December 2024

Stock options

As at 30 June 2025, Immsi S.p.A. had no existing stock option plan.

With reference also to the subsidiary Piaggio & C. S.p.A., as at 30 June 2025 there were no incentive plans based on the allocation of financial instruments.

Own shares

As at 30 June 2025, Immsi S.p.A. held no treasury shares. The share capital of Immsi S.p.A. is unchanged at €178,464,000.00, represented by 340,530,000 ordinary shares with no nominal value.

Furthermore, the Ordinary Shareholders' Meeting of Immsi S.p.A. of 29 April 2025 approved a plan for the purchase and disposal of ordinary shares of the Company, revoking the previous authorisation of the Ordinary Shareholders' Meeting of Immsi S.p.A. of 29 April 2024.

On 15 May 2025, following the aforementioned approval at the Shareholders' Meeting, the Board of Directors of Immsi S.p.A. resolved to start a treasury share purchase programme; this is a useful strategic investment opportunity for all purposes allowed under applicable laws, including those envisaged in Article 5 of Regulation (EU) 596/2014 (Market Abuse Regulation, 'MAR') and in the practices permitted by Consob pursuant to Article 13 of the MAR, where applicable. Among these is

the purpose of purchasing treasury shares with a view to their subsequent cancellation.

The purchase of shares connected with the adoption of the programme will be based on the procedures and limits established by the above-mentioned resolution of the shareholders' meeting and specifically:

the purchase may concern a maximum of 10,000,000 Immsi ordinary shares, with no nominal value indicated, for a maximum value of €10 million and, therefore, within the limits established by law (20% of the share capital, pursuant to Article 2357, paragraph 3, of the Italian Civil Code);
the purchase of treasury shares must be within the limits of profit that may be distributed and available reserves as resulting from the last, also interim, financial statements approved at the time the operation takes place;
purchases of treasury shares will be made on the regulated market in such a way as to ensure equal treatment of shareholders pursuant to Article 132 of Legislative Decree 58/1998, with a gradual approach deemed appropriate to the interests of the Company and as permitted by current legislation, according to the procedures established in Article 144-bis, paragraph 1, letter b) of Consob Regulation 11971/1999, as subsequently amended. Purchases should also take into account the conditions relating to negotiation referenced in Article 3 of the Commission Delegated Regulation (EU) 1052/2016 ('Regulation 1052') in compliance with the MAR, as well as the practices accepted by Consob pursuant to Article 13 MAR, where applicable (i) to a consideration that is no higher than the price of the last independent transaction or the price of the highest independent offer currently available in the trading venues where the purchase is made (whichever is higher). The unit price cannot in any case be less than a minimum of 20% and a maximum of 10% higher than the arithmetic mean of the official Immsi share price in the ten trading days prior to each individual purchase; (ii) for volumes of more than 25% the average daily volume of Immsi S.p.A. shares traded on a regulated market on which the purchase is carried out, calculated according to the parameters as of Article 3 of Regulation 1052;
the purchase programme may also take place in several tranches, ending by 28 October 2026.

With reference to the subsidiary Piaggio & C. S.p.A., as at 30 June 2025, the subsidiary held 2,119,161 treasury shares, equal to 0.5976% of shares issued.

Management and coordination

The parent company, Immsi S.p.A., gives reasons why management and coordination activities were not performed by its parent company Omniaholding S.p.A (also via the subsidiary Omniainvest S.p.A) in section 2, letter j), of the Report on Corporate Governance and Ownership as at 31 December 2024. Please refer to this for further information.

Related Party Transactions

Revenues, costs, payables and receivables as at 30 June 2025 involving parent, subsidiary and associate companies, refer to the sale of goods or services which are a part of normal operations of the Group.

Transactions are carried out at normal market values, depending on the characteristics of the goods and services provided.

Information on related-party transactions, including the information required by Consob communication no. DEM/6064293 of 28 July 2006, is presented in the notes to the Condensed consolidated interim financial statements as at 30 June 2025.

Disputes in progress

For information on disputes taking place at a Group level, reference is made to the Directors' Report on Operations of the Immsi Group as at 31 December 2024, in the section entitled 'Disputes in progress', with the exception of more important aspects, which are reported below.

With regard to the property sector (Is Molas S.p.A.), it should be noted that, with reference to the dispute between the company and Italiana Costruzioni, for the claim for damages arising from the latter's breach of contract, the hearing was postponed to 2026.

As regards the industrial sector (Piaggio group):

ALZA ITALIA S.r.l. served a writ of summons on Piaggio, requesting the Court of Florence to order the latter to pay compensation for damages allegedly suffered as a result of the seizure of vehicles, owned by Alza Italia, in 2021; according to the plaintiff, this seizure was due to the expert report on the counterfeiting of the vehicles requested from Piaggio by the acting customs authorities. The damages, allegedly suffered as a result of the seizure (and, indirectly, by Piaggio's expert report, considered by the plaintiff to be incorrect), consisted of the impossibility of starting and then continuing the marketing of the seized vehicle models, for a total amount quantified in the writ of summons of €13,078,515.87. Piaggio duly entered an appearance on 3 May 2024. At the first hearing on 10 December 2024, the judge initiated an attempt at conciliation, adjourning the case to 28 April 2025, where no one appeared, as the parties reached a settlement agreement in the meantime, which will lead to the settlement of the case at the following hearing on 23 September 2025.
With reference to PT Piaggio Indonesia, the company has certain disputes outstanding relating to the 2018, 2019, 2021, 2022 and 2023 tax periods. In particular, the years disputed by the competent authorities mainly refer to aspects concerning the application of transfer pricing and withholding taxes on alleged payment flows. With reference to the tax periods 2018 and 2019, the company, following a partially favourable ruling obtained as a result of the second instance ruling, made a final appeal and is awaiting the decision. The total amount currently under dispute amounts to approximately €0.3 million. With regard to the 2021 tax year, the company appealed in the second instance and a decision is pending. The total amount currently under dispute comes to approximately €1 million. In relation to the tax year 2022, following an unfavourable ruling obtained at first instance, the
approximately €0.7 million. With regard to the tax year 2023, the company brought an appeal in the first instance. The dispute concerns an additional tax of approximately €0.3 million.

company filed an appeal and is awaiting the decision. The dispute concerns an additional tax of

Finally, in relation to the 2023 tax year, a further dispute is ongoing concerning the non-recognition of duty exemption on certain imports of vehicles originating in Vietnam. The total amount currently under dispute amounts to approximately €0.3 million. Against this dispute, PT Piaggio Indonesia appealed to the judicial authorities, which ruled against the company; PT Piaggio Indonesia appealed in the third instance and is awaiting the decision.

With regard to the marine sector (Intermarine S.p.A.), the company reached a settlement agreement with Monte dei Paschi di Siena in July 2025, closing the compounding interest dispute.

Subsequent events and operating outlook

Forecasts for the current year are closely linked to the need for geopolitical and economic stability that may have a positive impact on consumers' propensity to buy.

With reference to the industrial sector, the Piaggio Group will continue to address macroeconomic and geopolitical complexities through careful management of productivity. It will also continue to invest in the products of its iconic brands, as well as in research, technology and production facilities, in order to grow.

In July 2025, Piaggio converted the €200 million revolving credit line into a Sustainability Linked credit line. In line with the Group's commitment to sustainability as a guiding principle of its corporate strategy, Piaggio activated the Sustainability option in the €200 million revolving credit line signed in November 2023 with a pool of banks. A number of key performance indicators have been identified and targets for the period 2025-2027 have been set, which will trigger a margin adjustment mechanism for the credit line.

With regard to the marine sector (Intermarine S.p.A.), the company's objectives are therefore to develop the production of the important CNG contract acquired and at the same time to acquire further orders to further increase the order portfolio, with the aim of optimising the production capacity for the next few years and to generate a significant economic and financial return.

It should be noted that in July 2025, following the submission of a bid related to a call for tenders by the Ministry of the Interior - Harbour Master's Office, Intermarine S.p.A. was notified of the awarding of the tender and the activities to define the Contract are underway. The order includes the signing of the contract for the first 27-metre ship and design activities for €10 million and options for a further nine ships and ancillary services up to a maximum of €130 million.

Furthermore, in August 2025, Intermarine S.p.A. delivered the new SNAV POLARIS to the shipping company SNAV (MSC Group). The latest generation High Speed Craft (HSC) unit has reduced environmental impact and will strengthen maritime connections in the Gulf of Naples.

With reference to the real estate and hotel tourism sector, the subsidiary Is Molas, in particular, will continue activities aimed at marketing and renting the complex built, and at increasing the resort's customers in its new design proposal for accommodation, golf and the Is Molas Beach Club.

Mantova, 11 September 2025 for the Board of Directors Chief Executive Officer Michele Colaninno

Immsi Group

Condensed Interim Financial Statements

30 June 2025

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2025

in thousands of Euros

NON-CURRENT ASSETS Intangible assets F1 956,141 961,612 Property, plant and equipment F2 406,559 417,604 Investment Property 0 Investments F3 5,608 7,127 Other financial assets F4 16 Tax receivables F5 5,359 Deferred tax assets F6 151,173 148,185 21,013 Trade receivables and other receivables F7 - of which with Related Parties 0 TOTAL NON-CURRENT ASSETS 1,545,869 ASSETS HELD FOR DISPOSAL 0 F8 CURRENT ASSETS Trade receivables and other receivables F7 203,168 - of which with Related Parties 409 Tax receivables F5 18,678 Inventories F9 450,291 Other financial assets F4 9,606 189,004 Cash and cash equivalents F10 TOTAL CURRENT ASSETS 870,747 TOTAL ASSETS 2,416,616 2,310,351 LIABILITIES 30 June 2025 31 December 2024 SHAREHOLDERS' EQUITY Consolidated Group shareholders' equity 203,728 Capital and reserves of non-controlling interests 164,023 TOTAL SHAREHOLDERS' EQUITY G1 367,751 NON-CURRENT LIABILITIES Financial liabilities G2 667,731 632,934 - of which with Related Parties 505 Trade payables and other payables G3 16,086 17,035 Provisions for severance liabilities and similar obligations G4 26,165 26,894 Other long-term provisions G5 19,239 19,416 Deferred tax liabilities G6 7,474 TOTAL NON-CURRENT LIABILITIES 736,695 LIABILITIES ON DISCONTINUED OPERATIONS F9 0 CURRENT LIABILITIES Financial liabilities G2 487,174 - of which with Related Parties 356 685,554 Trade payables G3 - of which with Related Parties 7,416 Current taxes G7 19,246 Other payables G3 103,313 - of which with Related Parties 0 Current portion of other long-term provisions G5 16,883 TOTAL CURRENT LIABILITIES 1,312,170 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 2,416,616 2,310,351	ASSETS	30 June 2025	31 December 2024



			0

			16
			6,454

			21,982
			0
			1,562,980

			0

			135,113
			1,085
			24,356
			429,077
			0
			158,825
			747,371





			219,918
			165,485
			385,403


			658



			8,071
			704,350

			0

			480,866
			406
			619,849
			5,647
			15,707
			86,629
			10
			17,547
			1,220,598

CONSOLIDATED INCOME STATEMENT AS AT 30 JUNE 2025

in thousands of Euros

		30.06.2025	30.06.2024
Net revenues	H1	887,881	1,013,769
- of which with Related Parties		23	2
Costs for materials	H2	532,245	622,064
- of which with Related Parties		8,209	10,271
Costs for services, leases and rentals	H3	141,942	151,191
- of which with Related Parties		196	210
Employee costs	H4	140,699	149,870
Depreciation and impairment costs of plant, property and equipment	H5	33,895	33,207
Impairment of goodwill		0	0
Amortisation and impairment costs of intangible assets with a finite useful life	H6	44,220	37,860
Other operating income	H7	84,280	90,711
- of which with Related Parties		223	102
Net reversals (impairment) of trade and other receivables	H8	(1,334)	(1,338)
Other operating costs	H9	10,196	13,847
- of which with Related Parties		0	5
OPERATING INCOME (EBIT)		67,630	95,103
Income/(loss) from investments	H10	(855)	(667)
Financial income	H11	22,657	7,452
Borrowing costs	H12	58,368	46,679
- of which with Related Parties		19	26
PROFIT BEFORE TAX		31,064	55,209
Taxes	H13	12,889	23,020
PROFIT (LOSS) FOR THE PERIOD FROM CONTINUING OPERATIONS		18,175	32,189
Gain (loss) from assets held for sale or disposal	H14	0	0
PROFIT (LOSS) FOR THE PERIOD INCLUDING MINORITY INTERESTS		18,175	32,189
Earnings for the period attributable to non-controlling interests		11,790	20,703
GROUP PROFIT (LOSS) FOR THE PERIOD	H15	6,385	11,486

EARNINGS PER SHARE

In Euros

From continuing and discontinued operations:	30.06.2025	30.06.2024
Basic	0.019	0.034
Diluted	0.019	0.034

From continuing operations:	30.06.2025	30.06.2024
Basic	0.019	0.034
Diluted	0.019	0.034

Average number of shares:	340,530,000	340,530,000

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME AS AT 30 JUNE 2025

in thousands of Euros

	30.06.2025	30.06.2024
PROFIT (LOSS) FOR THE PERIOD INCLUDING MINORITY INTERESTS	18,175	32,189
Items that will not be reclassified in the income statement Profit (loss) arising from the fair value measurement of assets and liabilities recognised in the statement of comprehensive income ('FVTOCI')	0	2,597
Actuarial gains (losses) on defined benefit plans	(121)	685
Total	(121)	3,282
Items that may be reclassified in the income statement Effective portion of profit (losses) from instruments to hedge cash flows Profit (loss) deriving from the translation of financial statements of foreign companies denominated in foreign currency	(8,053) (13,873)	1,063 1,719
Share of subsidiaries/associates valued with the equity method	(669)	87
Total	(22,595)	2,869
Other Consolidated Comprehensive Income (Expense)	(22,716)	6,151
TOTAL COMPREHENSIVE PROFIT (LOSS) FOR THE PERIOD	(4,541)	38,340
Comprehensive income of minority interests	702	22,434
COMPREHENSIVE GROUP PROFIT (LOSS) FOR THE PERIOD	(5,243)	15,906

The values presented in the table are all stated net of the corresponding fiscal effect.

STATEMENT OF CONSOLIDATED CASH FLOWS AS AT 30 JUNE 2025

in thousands of Euros

In thousands of Euros		30.06.2025	30.06.2024
Operating activities
Profit before tax		31,064	55,209
Depreciation of property, plant and equipment (including investment property)	H5	33,895	33,207
Amortisation of intangible assets	H6	44,220	37,860
Provisions for risks and for severance indemnity and similar obligations	H4 - H9	10,217	13,077
Write-downs (reversals of fair value measurements)	H7 – H8 – H9	1,334	1,338
Losses / (Gains) on the disposal of property, plant and equipment (including investment	H7 - H9	(661)	(579)
property)
Capital losses / (Gains) on the disposal of property, plant and equipment	H7 - H9	(19)	0
Financial income	H11	(656)	(1,078)
Dividend income	H11	(23)	(34)
Borrowing costs	H12	35,792	39,022
Amortisation of grants	H7	(2,578)	(2,616)

Portion of earnings before taxes of affiliated companies (and other companies valued	H10	855	667
using the equity method)
Change in working capital:
(Increase) / Decrease in trade receivables and other receivables	F8	(67,003)	(71,581)
(Increase)/Decrease in inventories	F10	(21,214)	(36,841)
Increase / (Decrease) in trade and other payables	G3	86,972	118,522
(Increase) / Decrease in contract work in progress	F8	(1,418)	(15,023)
Increase/(Decrease) in provisions for risks	G5	(5,455)	(5,649)
Increase / (Decrease) in provisions for severance liabilities and similar obligations	G4	(5,887)	(5,492)
Other changes		5,371	(3,316)
Cash generated from operating activities		144,806	156,693
Interest paid		(32,118)	(32,988)
Taxes paid		(9,264)	(12,277)
Cash flow from operations		103,424	111,428
Investing activities
Acquisition of subsidiaries, net of cash and cash equivalents	F4	(2,076)	0
Investment in property, plant and equipment (including investment property)	F2	(41,764)	(35,545)
Sale price, or repayment value, of plant, property and equipment (including investment	F2	1,441	934
property)
Investment in intangible assets	F1	(44,024)	(51,400)
Sale price, or repayment value, of intangible assets	F1	252	42
Sale price of financial assets		0	9,466
Collected interests		451	892
Public grants collected		1,087	772
Cash flow from investing activities		(84,633)	(74,839)

Financing activities
Change in other financial assets	F4	(9,606)	6,205
Loans received	G2	197,660	207,372
Outflow for repayment of loans	G2	(149,580)	(89,554)
Reimbursement of rights of use	G2	(5,905)	(5,464)
Outflow for dividends paid to Parent company Shareholders	G1 - N	(4,086)	(8,514)
Outflow for dividends paid to non-controlling interests		(6,931)	(13,990)
Cash flow from financing activities		21,552	96,055
Increase / (Decrease) in cash and cash equivalents		40,343	132,644
Opening balance		157,384	193,552

Exchange differences		(13,511)	847
Closing balance		184,216	327,043

CHANGES IN CONSOLIDATED SHAREHOLDERS' EQUITY AS AT 30 JUNE 2025

in thousands of Euros

	Share capital	Reserves and retained earnings (losses)	Earnings for the period	Shareholders' equity attributable to the Group	Capital and reserves of non controlling interests	Shareholders' equity attributable to the Group and non controlling interests
Balances at 31 December 2023	178,464	31,294	19,082	228,841	166,426	395,267
Allocation of Group earnings to the Legal Reserve		824	(824)	0		0
Allocation of Group earnings to Dividends		0	(8,514)	(8,514)	(13,990)	(22,504)
Allocation of Group earnings to Retained Earnings/Losses		9,744	(9,744)	0		0
Other changes		(5,213)		(5,213)	5,213	0
Overall earnings for the period		4,420	11,486	15,906	22,434	38,340
Balances at 30 June 2024	178,464	41,069	11,486	231,019	180,084	411,103

	Share capital	Reserves and retained earnings (losses)	Earnings for the period	Shareholders' equity attributable to the Group	Capital and reserves of non controlling interests	Shareholders' equity attributable to the Group and non controlling interests
Balances at 31 December 2024	178,464	35,416	6,038	219,918	165,485	385,403
Allocation of Group earnings to the Legal Reserve		433	(433)	0		0
Allocation of Group earnings to Dividends		0	(4,086)	(4,086)	(6,931)	(11,017)
Allocation of Group earnings to Retained Earnings/Losses		1,519	(1,519)	0		0
Purchase of treasury shares by Piaggio & C. S.p.A.	0	(1,056)		(1,056)	(1,020)	(2,076)
Other changes		(5,804)		(5,804)	5,786	(18)
Overall earnings for the period		(11,628)	6,385	(5,243)	702	(4,541)
Balances at 30 June 2025	178,464	18,879	6,385	203,728	164,023	367,751

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS AT 30 JUNE 2025

Note	Description
A	General aspects
B	Scope of consolidation
C	Basis of consolidation
D	Accounting standards and measurement criteria
E	Segment reporting
F	Information on main assets
F1	Intangible assets
F2	Property, plant and equipment
F3	Investments
F4	Other financial assets
F5	Tax receivables
F6	Deferred tax assets
F7	Trade receivables and other receivables
F8	Assets/liabilities related to assets held for disposal
F9	Inventories
F10	Cash and cash equivalents
G	Information on main liabilities
G1	Shareholders' equity
G2	Financial liabilities
G3	Trade payables and other payables
G4	Provisions for severance liabilities and similar obligations
G5	Other long-term provisions
G6	Deferred tax liabilities
G7	Current taxes
H	Information on main Income Statement items
H1	Net revenues
H2	Costs for materials
H3	Costs for services, leases and rentals
H4	Employee costs
H5	Depreciation and impairment costs of plant, property and equipment
H6	Amortisation and impairment costs of intangible assets with a finite useful life
H7	Other operating income
H8	Net reversals (impairment) of trade and other receivables
H9	Other operating costs
H10	Income/(loss) from investments
H11	Financial income
H12	Borrowing costs
H13	Taxes
H14	Gain (loss) from assets held for disposal or sale
H15	Group profit/loss for the period
I	Commitments, risks and guarantees
L	Related Party Transactions
M	Net debt
N	Dividends paid
O	Earnings per share
P	Additional information on financial instruments

- A) - GENERAL ASPECTS

Immsi S.p.A. (the 'Company' or the 'Parent Company') is a limited company established under Italian law and has registered offices in Mantua - P.zza Vilfredo Pareto, 3 Centro Direzionale Boma. The main activities of the Company and its subsidiaries (the 'Immsi Group' or the 'Group'), and information on significant events after 30 June 2025 and operating outlook are described in the Half-Yearly Financial Report. As at 30 June 2025, Immsi S.p.A. was directly and indirectly controlled, pursuant to article 93 of the TUF, by Omniaholding S.p.A., a company wholly owned by the Colaninno family, through the subsidiary Omniainvest S.p.A.

The condensed interim financial statements of the Immsi Group include the financial statements of the Parent Company Immsi S.p.A. and the Italian and international companies directly and indirectly controlled by it, approved where required by the relevant corporate functions of the respective companies, suitably reclassified and adjusted where necessary to adapt them to the Group's accounting principles.

The financial statements are expressed in Euro since that is the currency in which most of the Group's transactions take place.

The amounts in the above schedules and in the Notes on the consolidated financial statements are stated in thousands of Euros (if not otherwise indicated).

It should be noted that the Group's business presents significant seasonal variations in sales over the course of the year, especially in the industrial sector and, to a limited extent, in the tourist-hotel sector.

These condensed consolidated interim financial statements are subject to limited review by the independent auditors Deloitte & Touche S.p.A. pursuant to the mandate granted by the Shareholders' Meeting on 14 May 2020 for the period 2021-2029.

COMPLIANCE WITH INTERNATIONAL ACCOUNTING STANDARDS

These Condensed Interim Financial Statements have been drafted in compliance with the International Accounting Standards (IAS/IFRS) in force at that date, issued by the International Accounting Standards Board and endorsed by the European Commission, in particular IAS 34 'Interim Financial Reporting', as well as in compliance with the provisions established in Article 9 of Legislative Decree no. 38/2005 (CONSOB Resolution no. 15519 dated 27 July 2006 containing the 'Provisions for the presentation of financial statements', CONSOB Resolution no. 15520 dated 27 July 2006 containing the 'Changes and additions to the Regulation on Issuers adopted by Resolution no. 11971/99', CONSOB communication no. 6064293 of 28 July 2006 containing the 'Corporate reporting required in accordance with Article 114, paragraph 5 of Legislative Decree 58/98').

The financial statements have been prepared on a going concern basis with reference to a future period of 12 months from 30 June 2025. In relation to the forecasts drawn up concerning the financial requirements, deriving mainly from investment activities and the management of net working capital, taking into account the credit lines maturing during the year and the financial commitments that the Company has undertaken to meet in order to support the development of its initiatives, the Directors have taken, and will take in the coming months, actions aimed at finding solutions that will guarantee financial balance, including the renewal of short-term credit lines, also taking into consideration the risk of a possible scenario of uncertainty on the stock markets, constantly monitored by Company Management, with possible consequences on the size of credit lines currently granted to the Company, largely guaranteed by Piaggio shares held by the latter. In this regard, it should be noted that the current share price of the Piaggio stock makes it possible to confirm the guarantees in place

for all related loans. Moreover, to guarantee part of the indebtedness of the Parent Company and the subsidiaries ISM Investimenti S.p.A. and Is Molas S.p.A., Immsi S.p.A. pledged 179.3 million Piaggio shares (corresponding to almost all the shares in its portfolio) as of 30 June 2025 to guarantee loans and credit lines for a total of €267.2 million.

The preparation of the interim financial statements requires the company Management to make estimates and assumptions that affect, among other things, the reported amounts of revenues, expenses, assets and liabilities recorded and disclosure of contingent assets and liabilities at the date of the end of the period. If in the future such estimates and assumptions, made by management based on the best information available at the date of the consolidated interim financial statements, were to deviate from the actual circumstances, the original estimates and assumptions would be modified as appropriate in the period in which the circumstances occurred.

For a more detailed description of the most significant measurement methods of the Group, reference is made to the section 'Accounting standards and measurement criteria – Use of estimates' in the Consolidated Financial Statements of the Immsi Group as at 31 December 2024.

In addition, some evaluative processes, particularly the more complex ones such as the determination of any losses in value of fixed assets ('impairment'), are generally carried out completely only at the time of drawing up the annual financial statements, when all the potentially necessary information is available, saving the cases in which there are indicators that require immediate evaluation of possible losses of value.

In this regard, it should be noted that when preparing this Half-Yearly Financial Report as at 30 June 2025, the Group's management carried out consolidated-level sensitivity analyses and specific calculations on the impairment tests concerning the carrying value of the goodwill recognised. These showed that there was no need to update the impairment test prepared and approved as at 31 December 2024 for any of the CGUs under assessment.

FORM AND CONTENT OF THE CONSOLIDATED FINANCIAL STATEMENTS

The Group has chosen to highlight all changes generated by transactions with non-shareholders within two statements reporting trends of the period, respectively named the 'Consolidated Income Statement' and 'Consolidated Statement of Comprehensive Income'. These Condensed Interim Financial Statements are therefore composed of the Consolidated Income Statement, the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Consolidated Statement of Changes in Equity, the Consolidated Cash Flow Statement and these Notes to the consolidated financial statements.

With reference to Consob Resolution no. 15519 of 27 July 2006 it is pointed out that, as regards the financial schedules, specific Income statement and Statement of financial position schedules have been inserted with the evidence of significant Related Party transactions.

No significant, non-recurring operations, as defined by Consob Communication DEM/6064293 of 28 July 2006 took place during the first half of 2024 and 2025.

Moreover, there were no significant atypical transactions during the first half of 2025 and of the corresponding period of the previous year, as defined in Consob Communication no. DEM/6037577 of 28 April 2006 and no. DEM/6064293 of 28 July 2006.

Consolidated income statement

The Consolidated income statement is presented with the items classified by nature. The overall Operating Income is shown, which includes all income and cost items, irrespective of their repetition or fact of falling outside normal operations, except for the items of financial operations included under Operating Income and Profit before tax. In addition, the income and cost items arising from assets that are held for disposal or sale, including any capital gains or losses net of the tax element, are recorded in a specific item of the consolidated statement of financial position which precedes profit (loss) for the period including minority interests.

Consolidated Statement of Comprehensive Income

The Consolidated Statement of Comprehensive Income is presented as provided for in IAS 1 revised. It requires income attributable to owners of the parent and to non-controlling interests to be recognised net of the corresponding tax effect. In this respect, it should be noted that on 16 June 2011, the IASB issued an amendment to IAS 1 – Presentation of financial statements to require entities to group all items presented in Other comprehensive income based on whether they are potentially reclassifiable to profit or loss.

Consolidated statement of financial position

The Consolidated statement of financial position is presented in opposite sections with separate indication of assets, liabilities, and shareholders' equity. In turn, assets and liabilities are reported in the Consolidated Financial Statements on the basis of their classification as current and non-current. In addition, assets held for sale and liabilities associated with assets held for sale are recognised in a separate item.

Consolidated Statement of Cash Flows

The Consolidated Statement of Cash Flows is presented in accordance with IAS 7 broken down by cash flow formation areas (operating, investing and financing activities). The Consolidated Statement of Cash Flows model adopted by the Immsi Group has been prepared using the indirect method. The cash and cash equivalents recorded in the Statement of Cash Flows include the Consolidated Statement of Financial Position balances for this item at the reporting date. Financial flows in foreign currency have been converted at the average exchange rate for the period. Cash flows of income and expenses related to interest received/paid, dividends received and income taxes paid are included in cash flows generated by operating operations. The cash flows deriving from the purchase of treasury shares by subsidiaries are shown among the flows from investing activities.

Statement of changes in consolidated shareholders' equity

The Statement of Changes in consolidated Shareholders' equity is presented as required by IAS 1 revised. It includes the total statement of comprehensive income while separately reporting the amounts attributable to owners of the Parent company as well as the quota pertaining to noncontrolling interests, the amounts of operations with shareholders acting in this capacity and potential effects of retrospective application or of the retroactive calculation pursuant to IAS 8. For each item, a reconciliation between the balance at the start and end of the period is presented.

Other information

The following exchange rates were used to translate the financial statements of companies included in the scope of consolidation into Euros:

	Exchange rate at 30 June 2025	Average exchange rate 1st half of 2025	Exchange rate at 31 December 2024	Average exchange rate 1st half of 2024
US Dollar	1.1720	1.09275	1.0389	1.08125
Pound Sterling	0.85550	0.842293	0.82918	0.854647
Indian Rupee	100,5605	94.06933	88.9335	89.98621
Singapore Dollars	1.4941	1.44605	1.4164	1.45606
Chinese Yuan	8.3970	7.92380	7.5833	7.80111
Japanese Yen	169.17	162.11952	163.06	164.46135
Vietnamese Dong	30,583.00	28,088.50400	26,478.00	26,981.06349
Indonesian Rupiah	19,021.03	17,962.75280	16,820.88	17,205.14730
Brazilian Real	6.4384	6.29130	6.4253	5.49221

- B - SCOPE OF CONSOLIDATION

As at 30 June 2025, the Immsi Group structure was that attached at the end of these Notes. As at 30 June 2025, the scope of consolidation was unchanged compared to 31 December 2024, while compared to 30 June 2024:

the portion of the Piaggio group's consolidated shareholders' equity as at 30 June 2025 was 50.87%, up from 50.63% as at 30 June 2024. The change is due to the purchase by the subsidiary Piaggio & C. S.p.A. of 1,693,000 treasury shares, of which 1,082,500 shares in the first half of 2025 and 610,500 shares in the second half of 2024.

These changes are limited and did not affect the comparability of the balance sheet and income statement between the two reporting periods.

- C - CONSOLIDATION PRINCIPLES

In preparing these Condensed Interim Financial Statements of the Immsi Group, drawn up, as mentioned, in compliance with IAS 34 – Interim Financial Reporting, the accounting standards used to prepare the Consolidated Financial Statements as at 31 December 2024, to which reference is made for more details, were adopted, save for information in the next section on Accounting standards and measurement criteria.

- D - ACCOUNTING STANDARDS AND MEASUREMENT CRITERIA

New IFRS accounting standards, amendments and interpretations adopted from 1 January 2025

On 15 August 2023, the IASB published 'Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability'. This amendment requires an entity to adopt a methodology in a consistent manner in order to verify whether one currency can be converted into another and, when this is not possible, defines how to determine the exchange rate to be used and the disclosure to be provided in the notes to the financial statements.

The application of this amendment did not have a significant impact on values or on the financial statements.

Accounting standards, amendments and interpretations approved by the European Union that are not yet compulsory applicable and have not been adopted in advance of 30 June 2025

As of the reference date of this document, the competent bodies of the European Union have completed the approval process necessary for the adoption of the amendments and principles

described below, but these principles are not necessarily applicable and have not been adopted in advance of 30 June 2025:

On 30 May 2024, the IASB published 'Amendments to the Classification and Measurement of Financial Instruments-Amendments to IFRS 9 and IFRS 7'. The document clarifies a number of problematic issues that arose from the post-implementation review of IFRS 9, including the accounting treatment of financial assets whose returns vary when ESG objectives are met (i.e. green bonds). In particular, the amendments aim to:
o clarify the classification of financial assets with variable returns and which are linked to environmental, social and corporate governance (ESG) objectives and the criteria to be used for the SPPI test;
o determine that the date of settlement of liabilities through electronic payment systems is the date on which the liability is extinguished. However, an entity is permitted to adopt an accounting policy to allow a financial liability to be derecognised before delivering cash on the settlement date if certain specific conditions are met.

With these amendments, the IASB also introduced additional disclosure requirements with regard to investments in equity instruments designated at FVTOCI.

The amendments will apply starting from financial statements for financial years commencing on or after 1 January 2026.

On 18 December 2024, the IASB published an amendment entitled 'Contracts Referencing Nature-dependent Electricity – Amendment to IFRS 9 and IFRS 7'. The document aims to support entities in reporting the financial effects of renewable electricity purchase agreements (often structured as Power Purchase Agreements). On the basis of these agreements, the amount of electricity generated and purchased can vary depending on uncontrollable factors such as weather conditions. The IASB has made targeted amendments to IFRS 9 and IFRS 7. These amendment include:
o a clarification regarding the application of the 'own use' requirements to this type of agreements;
o the criteria for allowing such agreements to be accounted for as hedging instruments; and
o new disclosure requirements to enable users of financial statements to understand the effect of these agreements on an entity's financial performance and cash flows.

The amendments will apply from 1 January 2026, but early adoption is permitted.

The directors are currently evaluating the possible effects of the introduction of these amendments on the Group's consolidated financial statements.

IFRS accounting standards, amendments and interpretations not yet endorsed by the European Union

At the reference date of this document, the competent bodies of the European Union had not yet completed the endorsement process necessary for the adoption of the amendments and principles described below.

On 9 April 2024, the IASB published a new standard IFRS 18 Presentation and Disclosure in Financial Statements that will replace IAS 1 Presentation of Financial Statements. The new standard aims to improve the presentation of the main financial statements and introduces important changes with regard to the income statement. In particular, the new principle requires the following:
o classify revenues and expenses into three new categories (operating, investing and financing), in addition to the income taxes and discontinued operations categories already present;

present two new sub-totals, operating profit and earnings before interest and taxes (i.e. EBIT).

The new standard also:

o requires greater disclosure on the performance indicators defined by management;
o introduces new criteria for the aggregation and disaggregation of information;
o introduces a number of changes to the format of the cash flow statement, including the requirement to use the operating result as the starting point for the presentation of the cash flow statement prepared under the indirect method and the elimination of certain classification options for some line items that currently exist (such as interest paid, interest received, dividends paid and dividends received).

The new standard will come into force on 1 January 2027, but earlier application is permitted.

On 9 May 2024, the IASB published a new standard 'IFRS 19 Subsidiaries without Public Accountability: Disclosures'. The new standard introduces some simplifications for the disclosure required by the IFRS in the financial statements of a subsidiary that meets the following requirements:
o the subsidiary has not issued equity or debt instruments listed on a regulated market and is not in the process of issuing them:
its parent company prepares consolidated financial statements in accordance with IFRS.

The new standard will come into force on 1 January 2027, but earlier application is permitted.

On 18 July 2024, the IASB published the document 'Annual Improvements to IFRS
Accounting Standards-Volume 11', which contains clarifications, simplifications,
corrections and amendments to the IFRS accounting standards aimed at improving
consistency. The accounting standards concerned are: IFRS 1 First-time Adoption of
International Financial Reporting Standards, IFRS 7 Financial Instruments: Disclosures and
its accompanying Guidance on implementing IFRS 7, IFRS 9 Financial Instruments, IFRS 10
Consolidated Financial Statements and IAS 7 Statement of Cash Flows.

The amendments shall apply as from 1 January 2026. Early application is permitted.

The Group will adopt these new standards, amendments and interpretations, based on the application date indicated, and will evaluate potential impact, when the standards, amendments and interpretations are endorsed by the European Union.

- E - SEGMENT REPORTING

The information for operating segments presented below reflects the internal reporting system used by management for making strategic decisions, as provided for by IFRS 8, in line with the management and control model used. Information is provided, where available, on the three identified segments: property and holding, industrial and marine.

Information by business areas

Income statement

In thousands of Euros	Property and holding sector	Industrial sector	Marine sector	Immsi Group
Net sales to third parties	1,212	852,550	34,119	887,881
NET REVENUES	1,212	852,550	34,119	887,881
OPERATING INCOME (EBIT)	-5,039	70,509	2,160	67,630
Income/(loss) from investments	0	-855	0	-855
Financial income	-28	22,633	52	22,657
Borrowing costs	9,063	46,646	2,659	58,368
PROFIT BEFORE TAX	-14,130	45,641	-447	31,064
Taxes	-2,590	15,518	-39	12,889
PROFIT (LOSS) FOR THE PERIOD FROM CONTINUING OPERATIONS	-11,540	30,123	-408	18,175
Gain (loss) from assets held for sale or disposal	0	0	0	0
PROFIT (LOSS) FOR THE PERIOD INCLUDING MINORITY INTERESTS	-11,540	30,123	-408	18,175
Earnings for the period attributable to non-controlling interests	-2,897	14,799	-112	11,790
GROUP PROFIT (LOSS) FOR THE PERIOD	-8,643	15,324	-296	6,385