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We should all feel nothing but shame for the reputation that finance has earned itself in the last few years, but if you manage to guide healthy capital from successful businesses and the assets of families that wish to invest them intelligently in companies that want to grow, you are genuinely doing one of the most beneficial jobs in the world. @TamburiTip European Midcap event 2026 September 30, 2026
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2 DISCLAIMER The information contained herein, particularly those regarding any possible or assumed future performance of the TIP Group, are or may be forward looking statements and in this respect they involve some risks and uncertainties. Any reference to past performances shall not be taken as an indication of future performances. The forward-looking statements and valuation indications may include statements regarding our (or our group companies) plans, objectives, goals, strategies, future events, future revenue or performance, financing needs, plans or intentions relating to acquisitions, investments or capital expenditures, business trends or other information that is not historical information. Forward- looking statements are related to future, not past, events and are not guarantees of future performance. These statements are based on current expectations and projections about future events and, by their nature, address matters that are, to different degrees, uncertain and subject to inherent risks and uncertainties. They relate to events and depend on circumstances that may or may not occur or exist in the future, and, as such, undue reliance should not be placed on them. TIP expressly disclaims and does not assume any responsibility nor liability in connection with any inaccuracies in any of the statements contained in this document or in connection with any use by any party of such forward-looking statements. This document is being provided solely for information and may not be reproduced or redistributed. This document does not constitute an offer to sell or the solicitation of an offer to buy any stock or securities. Macroeconomic and geopolitical uncertainties, including potential cost pressures and market volatility, may affect our group companies, even if their strong positioning and leadership should be a barrier against any heavy consequence on their profitability.
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3 1as at 25/9/2026 (Bloomberg); 2 analytical valuation of each investment elaborated by TIP considering the mid-term outlook of the companies +182, 1%1 (9 worldwide leaders) total return T.I.P. (last 10 years) 28 companies 16,4 euro per share Net Intrinsic Value2 Limited risk thanks to high quality assets Outstanding long-term returns 5 billion of direct investments and club deals in leading companies
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4 ~23 bln in aggregate revenues ~ 4 bln ebitda ~90 thousands people a diversified industrial group ~1,9 bln of investment – divestment activity in 5 years great dynamism strong resilience solid performance across both listed and private companies, the most of them ready to be listed niche positioning in the digital industry Minor investments in peculiar digital activities; among them: Bending Spoons from 2019 outstanding historical returns 10 years total return : + 182,1 % 16,4 euro per share significant value yet to be unlocked (~90 % vs current price) Net Intrinsic Value estimate ipo pipeline 3 companies with the potential to be listed in the stock exchange 1. 2. 3. 4. 5. 6. 7.
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5 A DIVERSIFIED INDUSTRIAL GROUP MINORITY STAKE LONG TERM PARTNER Average investment holding period exceeds 10 years NO PREDETERMINED EXIT SCHEMES but path to IPO ACTIVE OWNERSHIP ALSO THROUGH BoD REPRESENTATIVE IN CASE IS STRATEGIC AND AFTER LONG TIME OF INVESTMENT ALSO MAJORITY STAKE Alpitour case FINANCE FOR GROWTH PARTICULARLY THROUGH M&A More than 240 M&A transactions since TIP first investment
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A DIVERSIFIED INDUSTRIAL GROUP 6 Listed companies Private companies Worldwide leaders Italian leaders 9 103 European leaders
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30% 24%20% 13% 14% ~20% of ebitda margin Dynamism > 240 M&A transactions since TIP first investment ~23bn 2025 total revenues A DIVERSIFIED INDUSTRIAL GROUP 7 Luxury and design Food and tourism Industrial Technological services and innovation Retail & Consumer health ~3,6bn Total Asset ~3bn Net Intrinsic Value Treasury shares and other ~2 bln invest. / divest. in 2021 – ‘26 25% 23% 17% 12% 11% 11%
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STRONG RESILIENCE 2025 annual results 8 Listed companies Private companies (I) Results as of October 31, 2025. (II) Results as of August 31, 2025. (III) Guidance for the fiscal year ending on April 30, 2026. (1) 26,9% of IPG Holding (23,4% of IP). (2) 85% of Investindesign (31% of Dexelance) and 0,1% direct stake in Dexelance. (3) 23,8% of ITH (57% of Sesa). (4) TIP owns 46,3% of asset Italia 1, which directly and indirectly holds a 93,7% stake in Alpitour (on a fully diluted basis). (5) 43,9% of Clubitaly (17,7% of Eataly). (6) 52% of Asset Italia 3 (25% of Limonta). (I) (II) (1) (2) (3) (4) (5) (6) (III) GREAT PERFORMANCE OF MOST OF THE PRIVATE COMPANIES IN 2025 Stake (%) Sales 2025 (€ mln) Sales 2025 vs 2024 EBITDA MARGIN ADJ. 2025 Cash / (Debt) 43,1% 2.287 + 9,8% 7,1% -115 8,1% 1.561 + 10,0% 15,7% 518 49,0% 254 + 1,1% 9,9% -79 20,0% 188 + 3,7% 22,7% 42 7,7% 706 + 3,3% 5,8% - 142 12,9% 188 + 6,5% 21,4% 118 17,0% 110 + 20,9% 27,1% 0 Stake (%) Sales 2025 (€ mln) Sales 2025 vs 2024 EBITDA MARGIN ADJ. 2025 Cash / (Debt) 3,3% 2.396 + 1,7% 22,6% -1.046 5,5% 416 + 1,6% 13,0% - 74 22,1% 461 + 1,9% 6,0% - 52 6,3% 2.071 - 0,4% 22,3% - 291 26,7% 373 + 15,0% 9,2% - 53 0,7% 3.132 + 0,7% 41,0% 1.458 32,4% 1.740 + 6,7% 12,4% n.a. 34,0% 403 - 2,8% 17,4% n.a. 13,6% 3.610 + 7,5% 7,3% 196
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Stake (%) Ricavi 1H26 (€ mln) Ricavi 1H26 vs 1H25 Ebitda margin adj. 1H26 Cash / (Debt) 3,8% 1.186 + 1,3% 25,1% -1.049 5,4% 216 + 25,4% 4,2% -146 2,5% 1.305 + 129,0% n.a. -4.088 32,0% 183 + 17,9% 7,6% -25 23,2% 223 - 6,9% 6,5% -63 6,3% 1.086 + 0,9% 22,4% -306 0,7% 1.290 + 9,0% 33,7% 1.112 32,4% 877 + 10,7% 13,0% -240 34,2% 188 - 7,2% 16,7% 10 13,4% 3.565 + 8,1% 7,3% 182 Stake (%) Sales 1H26 (€ mln) Sales 1H26 vs 1H25 Ebitda margin adj. 1H26 Cash / (Debt) 43,1% 885 - 1,6% n.s. -254 8,1% n.a. n.a. n.a. n.a. 49,0% 127 + 0,2% 12,1% -67 20,0% 98 + 2,7% 23,5% 34 7,8% 331 + 2,3% n.d. n.d. 12,9% 100 + 1,0% 21,2% 112 17,0% 59 + 10,6% 24,4% 8 STRONG RESILIENCE 1H 2026 results 9 Listed companies Private companies (I) 6 months results as of April 30, 2026. (II) Annual results as of April 30, 2026. (1) 84% of Investindesign (37% of Dexelance) and 1,1% direct stake in Dexelance. (2) 26,9% of IPG Holding (23,4% of IP). (3) 23,6% of ITH (57% of Sesa). (4) TIP owns 46,3% of asset Italia 1, which directly and indirectly holds a 93,7% stake in Alpitour (on a fully diluted basis). (5) 43,9% of Clubitaly (17,7% of Eataly). (6) 52% of Asset Italia 3 (25% of Limonta). (I) (1) (2) (3) (4) (6) (II) (5)
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10 Year of first investment Actual (*) (FY 2025) MILLION OF EURO Revenues Market cap 210 45 (21%)EBITDA 336 2.071 462 (22%) 3.900 Revenues Market cap 581 166 (29%)EBITDA 2.550 (**) 3.132 1.283 (41%) 12.110 (*) Revenues and EBITDA refer to FY2025 figures, while market capitalization data are as of September 27, 2026. (**) Valuation 100% equity at IPO equal to €2.55 bn ~10x ~10x ~12x ~5,5x ~8x ~5x >40 M&A 1 Transformational M&A STRONG RESILIENCE from small to large cap Revenues Market cap 708 97 (14%)EBITDA 601 2.396 540 (23%) 3.260 ~3,5x ~6x ~5x>20 M&A Amplifon has signed an agreement to acquire GN Hearing, creating a vertically integrated global leader in audiology with approximately €3.3 billion in revenues and €830 million in pro-forma adjusted EBITDA. The deal values GN Hearing at around €2.3 billion.
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11 Year of first investment Actual (**) (FY 2025) MILLION OF EURO Revenues Market cap 1.392 144 (10,4%)EBITDA 192 1.740 216-218 (12,4%) 1.480 3 M&A ~1,2x ~1,5x ~8x Revenues Market cap 237 20 (8,4%)EBITDA 198 (*) 403 70-72 (17,4%) 181 ~1,7x ~3,5x ~1x (*) Data as of July 9, 2018 (IPO date) (**) market capitalization data are as of September 27, 2026. 5 M&A STRONG RESILIENCE from mid to large cap Revenues Market cap 1.551 74 (5%)EBITDA 356 3.610 265 (7%) 1.420 ~2x ~3x ~4x>70 M&A
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a unique positioning also in the digital/AI industry 12 ▪ A unique, AI driven business model that creates long-term value by acquiring, transforming and scaling digital businesses through: ▪ Technology: coding is managed by AI alone for around 70% of the total activity ▪ People: ~2,300 team members in q1 ‘26, 286 hired out of around 800,000 job applications in 2025 ▪ proprietary data: 3.8bn data processed on average/day in Q1 ‘26 to support faster decision-making ▪ StarTIP current stake valued (27 Sept.) ~ 450 mln EUR. 50+ acquisitions $1.31bn Revenues $ 613 m Adj. Op. Margin (47%) StarTIP Invest. ~15m Partial Divest. 2019 2020 2022 2023 2024 October 2025 IPO 2026 tot 82m ~5m ~3m ~0,2m ~2m ~5m ~27m ~56m Eq. Value 100% ($) ~ $18,5bn~0,2BN ~2,55bn ~11bn Acquire Reinvest Transform & Optimize 50+ digital business Including: ~$5bn invested acquisitions Sustainable expansion in earnings *Acquired post-IPO; ** announced on September 10 $21bn Current Market cap (september 27, 2026) Invest. Divest. 2025 * $2.78-2.82bn Revenues $ 1.46-1.51bn Adj. Op. Margin (~53%) 2026 E **
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13 ~ 800 m divestment ~280 ~40 ~1,9 BILLION OF INVESTMENT – DIVESTMENT 2021 – 2026 ACTIVITY ~ 1,1 billion investments (inc. club deals) ~520 13 ~100 Large cap listed mid cap listed Privatestartip Private Companies ~180 Treasury shares Large/Mid Cap listed Others Startip Great dynamism TIP partially divested its stake in Bending Spoons at the July 2026 IPO, reducing its fully diluted ownership from 2.9% to 2.5% and generating 54m capital gain, over 30x the original investment Subscription of capital increase on May 2026 to support the acquisition of GN Hearing. Additional investment in Sesa (ITH) in February 2026: increase of the stake in Sesa following an additional investment, bringing the shareholding to 23.8%. Divestment in Hugo Boss in December 2025.
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14 (1) Total return 10 years as at September 25, 2026 source: Bloomberg (Divs. Reinv. Secur.) 10 years performance vs main indexes (1) S&P 500 +260,9% FTSE MIB +220,3% IT Star +95,9% MSCI Eur +85,6% +141,2% Dow Jones +186,1% Nasdaq +415,1% FTSE small cap +125,4% outstanding historical returns 10 years total return TIP: +182% The stock remains heavily undervalued vs its underlying fundamentals 0,5 2,5 4,5 6,5 8,5 10,5 12,5 14,5 16,5 18,5 20,5
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0,0 2,0 4,0 6,0 8,0 10,0 12,0 14,0 16,0 18,0 TIP target price Bloomberg consensus Tip stock and target price Equita SIM 14.6 euro per share Potential upside: +68% Date: September 21, 2026 AVERAGE TARGET PRICE OF ~15,5 EURO PER SHARE: POTENTIAL UPSIDE OF ~80% Jefferies 12.5 euro per share Potential upside: +44% Date: November 19, 2025 Akros 17.1 euro per share Potential upside: +97% Date: September 28, 2026 10 years performance vs target price Bloomberg consensus 8,7 14,8 Intermonte 14.8 euro per share Potential upside: +71% Date: September 21, 2026 >25% >40% >65% Potential upside
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Breakdown by industry Net invested capital Med term intr. value(1) TECHNOLOGICAL SERVICES AND INNOVATION 101 ~915 9,1x 25% RETAIL & CONSUMER HEALTH 249 ~835 3,4x 23% INDUSTRIAL 244 ~621 2,5x 17% LUXURY AND DESIGN 183 ~448 2,4x 12% FOOD AND TOURISM 232 ~397 1,7x 11% Treasury shares and others 177 ~401 2,3x 11% TOTAL ASSETS ~1.2bln >3.6bln Net financial position of TIP S.p.A. as at September 8, 2026 - 0.6bln NET INTRINSIC VALUE ~3.0bln NET INTRINSIC VALUE PER SHARE: 16,4 EURO 16 excellent level of diversification with strong returns among all industries and exceptional value, in the most innovative sectors ~2,4 bln implicit capital gain Data as at 8/9/2026 (mln euro) 1.Net Intrinsic value: analytical valuation of each investment elaborated by TIP considering the med-term outlook of the companies (net of net financial position). Intrinsic value with consistent criteria over time, anchored to the fundamentals and regardless the volatility of multiples
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Breakdown by category Net invested capital Med term intr. value(1) LARGE CAP LISTED 135 ~1.169 8,7x 32% MID CAP LISTED 362 ~1.071 3,0x 30% PRIVATE COMPANIES 409 ~821 2.0x 23% Treasury shares 163 ~378 2,3x 10% Others 118 ~178 1.5x 5% TOTAL ASSETS ~1.2bln >3,6bln 3,0x Net financial position of TIP S.p.A. as at September 8, 2026 - 0.6bln NET INTRINSIC VALUE ~3,0bln 17 Data as at 8/9/2026 (mln euro) 1.Net Intrinsic value: analytical valuation of each investment elaborated by TIP considering the med-term outlook of the companies (net of net financial position). Intrinsic value with consistent criteria over time, anchored to the fundamentals and regardless the volatility of multiples THE RATIO BETWEEN N.I.V. AND INVESTED CAPITAL HIGHLIGHTS THE RESULTS OF THE LISTED ASSETS AS WELL AS THE POTENTIAL “HIDDEN” VALUE OF THE PRIVATE ASSETS (ESTIMATED WITH A VERY PRUDENT APPROACH). JUST CONSIDERING THAT TIP’S MARKET CAP NET OF TREASURY SHARES IS ABOUT 1,6 BLN AND THAT THE AGGREGATE TODAY’S MARKET PRICES OF ONLY THE LISTED STOCKS IS AROUND 1,8 BLN, IT IS QUITE UNREASONABLE TO CONSIDER THAT THE PRIVATE ASSETS ARE VALUED BY THE MARKET SO LOW. NET INTRINSIC VALUE PER SHARE: 16,4 EURO 62% 38%
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18 Company Valuation Method 2025 Figures Trend for 2026 growth Fair value (based on DCF/Multiples) Revenues Ebitda NFP 2,3bn 162m -115m Fair value (based on DCF/Multiples) Revenues Ebitda NFP 1,6bn 245m +518m Fair value (Based on DCF/Multiples) Revenues Ebitda NFP 254m 25m -79m Fair value (based on DCF/Multiples) Revenues Ebitda NFP 188m 43m +42m Book value Revenues Ebitda NFP 706m 41m -142 Fair value (based on DCF/Multiples) Revenues Ebitda NFP 188m 40m +118m Fair value (based on DCF/Multiples) Revenues Ebit NFP 110m 20m O Focus on selected private companies Slight more debt more cash more cash more cash Due to middle east conflict less debt
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19 (i) Tour Operator: TUI; Helloworld Travel; Voyageurs du Monde; Rainbow Tours. (ii) Aviation: Air France KLM; Deutsche Lufthansa; Turk Hava Yollari; Delta Airline Inc; United Airlines Holding; Ryanair Holdings; American Airlines Group; Easy Jet; Wizz Air Holdings. (iii) Hotel: Hyatt Hotels; Accor; Melia Hotels; NH Hotels; Intercontinental Hotels; Marriot; Choice Hotels; Hilton. Peer multiples applied using a sum-of-the-parts (SOP) approach ▪ San Lorenzo. Peer multiples discounted by 20%/25%. (i) Core Comps: Stanley Black&Decker; Snap-On; Illinois Tool Works; Ingersoll-Rand; Masco; Scotts Miracle-Gro; Applied Industrial Technologies; MSC Industrial Direct Co. (ii) Italian small size industrial champions: Zignago Vetro; Luve; El.En; Carel Industries; Cembre; Comer Industries. (i) Core Comps: Gates; Forbo; Nitta; Interrol. (ii) Italian small size industrial champions: Zignago Vetro; Luve; El.En; Carel Industries; Cembre; Comer Industries. (iii) International groups: Rentokil Initial; IMCD; Halma; Kingspan; Atlas Copco; Assa Abloy; Alfa Laval; Amphenol; Interpump; Legrand; Schindler; KONE; OTIS; Weir; Idex Corporation; Rotork; TE Connectivity; ABB; JBT Marel corporation; Schneider Electric; Renishaw; Regal Rexnord; Timken. ▪ Italian small size industrial champions: Zignago Vetro; Luve; El.En; Carel Industries; Cembre; Comer Industries. Peer multiples discounted by ~25% Peer multiples on EV/EBIT (*), undiscounted ▪ Selected comparables: Intred, Infracom Group, DHH, Ionos Group, Cyber Folks, Wiit, Redcentric, Bechtle, Computacenter, Sesa, Cancom. Peer multiples discounted by 30/35%. Peer multiples discounted by 25%. Peer multiples discounted by 15%/25% Peer multiples discounted by ~40% Market multiples benchmark (*) To properly take into account the asset-light business model of Vianova.
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ipo pipeline 20 2013 IPO pipeline in the short term 2015 2018 2023 IPO on Borsa Italiana IPO on AIM segment of Borsa Italiana IPO on Nasdaq IPO on Euronext IPO on Euronext Milan July 2026 IPO on Nasdaq
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21 TIP RESULTS
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9 32 29 25 86 72 85 100 36 128 139 149 65 95 27 5 5 11 8 9 10 11 11 14 17 18 22 25 26 42 -10 0 10 20 30 40 50 - 50 100 150 200 250 31/12/2012 31/12/2013 31/12/2014 31/12/2015 31/12/2016 31/12/2017 31/12/2018 31/12/2019 31/12/2020 31/12/2021 31/12/2022 31/12/2023 31/12/2024 31/12/2025 30/06/2026 Net profit (pro forma) Dividend paid RECENT YEARS RESULTS COMPARISON 22 1 Consolidated group equity (including minorities) 2 Accounting data including associated companies with the equity method, investments measured at FVOCI plus financial receivables and assets. 3 This result does not include the capital gain - 54 million - on the bending spoons shares sold in the IPO 1 2 ▪ The cumulative pro forma net profit since 2012: 1 billion euros. ▪ The dividend per share increased from 0.04 eur in 2012 to 0.26 in 2025 (+62.5% vs 2024). ▪ ~260 mln dividends distributed since IPO. Net equity and investments Net profit and dividends Mln Mln Paid in 2026 211 360 354 449 437 647 666 902 1.070 1.259 1.170 1.440 1.455 1.509 1.549 181 426 431 623 644 817 864 1.306 1.593 1.729 1.648 1.899 1.912 2.066 2.176 -500 0 500 1000 1500 2000 2500 0 500 1000 1500 2000 31/12/2012 31/12/2013 31/12/2014 31/12/2015 31/12/2016 31/12/2017 31/12/2018 31/12/2019 31/12/2020 31/12/2021 31/12/2022 31/12/2023 31/12/2024 31/12/2025 30/06/2026 Net equity Investments 3
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23 TIP GROUP COMPANIES’ HIGHLIGHTS
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TIP - VALUE CREATION private companies 24 First investment in 2017 and additional investments in 2018, 2021 and 2025 CAGR SALES: +8% | CAGR EBITDA: +17% ▪ Leadership in the Italian tourism market. ▪ Unique business model spanning through tour operating, hotels, aviation, and incoming. ▪ More than 200m investments in fleet, hotels and digital during the covid period have driven the recovery, doubled profitability with strong cash flow and record order book. ▪ Valuable asset base (mainly leased aircraft, hotels and digital platform) over 750m. ▪ Strong growth pipeline with several new projects to accelerate expansion and profitability. Leading the future of tourism Expansion & innovation across all divisions Luxury & experience at the heart of growth Fleet expansion Hotel/resort growth 2016 today 9 New Routes and B2C business with high margin 2016 today Brand reinforcement & optimization Segmented offer, catering to travelers of all ages and preferences (5 brands). Launch of Vretreats, luxury brand with 8 “5 stars” hotels July 2025: investment at a very attractive price 0,9 1,7 0,0 0,5 1,0 1,5 2,0 2,5 162 oct-16 oct-19 oct-25 70 36 18 13 28 (**) Excluding bed-banks revenues, business sold in 2023 (~0,3 bn revenues and zero EBITDA) (**) (**) Adj. Ebitda (millions)Sales (millions) net financial debt ~115m 2,3 Stake 43,1% Note: TIP owns 46,3% of asset Italia 1, which directly and indirectly holds a 93,7% stake in Alpitour (on a fully diluted basis).
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0,7 -100 100 300 500 700 900 1100 1300 1500 1700 25 First investment in 2015, partial disposal in 2023 CAGR SALES: +9% | CAGR EBITDA: ~40% aug-15 aug-25 245 18 ▪ 1st ranking for the 26th consecutive year in the production of yacht over 24mt. ▪ Tailored offer with 2 yachting brands (Azimut and Benetti) synonymous of uniqueness, exclusivity, luxury, and design. ▪ Almost 10% market share of the global yachting industry. ▪ International footprint, with 6 shipyards, 10 direct offices, 140 official dealers and +80 countries reached. ▪ Current order backlog of 3bn, the highest ever experienced by the group. ▪ 170 million investment over the next three years in manufacturing plants and digitalisation. Global Market Leader in the yachting sector In June 2023, partial disposal of a 4% stake to the Public Investment Fund (PIF) Outstanding Performance Since TIP Investment Stake 8% cash available >500m Adj. Ebitda (millions)Sales (billions) return on invested capital~ 4x TIP - VALUE CREATION private companies 1,6
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Leading provider of equipment for the professional end users TIP - VALUE CREATION private companies 26 First investment in 2016 and additional important investment in 2021 CAGR SALES: +8% ▪ Heritage Italian company with valuable and globally well- known brand. ▪ “Made in Italy” tools in 10 domestic production facilities. ▪ Global presence in more than 100 countries worldwide. ▪ Diversified end markets including automobile maintenance, industrial maintenance, energy, ground transportation, aeronautics and oil &gas. ▪ more than 1,000 employees. 6 acquisitions since TIP investment ~70/75 million of additional revenues Revenues doubled since TIP investment Premium product portfolio 130 0 50 100 150 200 250 300 26 25 net financial debt 79m 20252016 cable lugs and electrical connection systems high-end workshop furniture powder coating professional abrasives professional abrasives industrial welding equipment Stake 49% ▪ Hand tools ▪ Power tools ▪ Workshop equipment ▪ Electrical terminal connectors ▪ Safety shoes and workwear ▪ Abrasives ▪ Welding equipment ▪ Fittings for wires and ropes Adj. Ebitda (millions)Sales (millions) 254
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TIP - VALUE CREATION private companies 27 CAGR SALES: +6% | CAGR EBITDA: +6% Mission-critical light-weight belting solutions ▪ Resilient demand and premium-price offer driven by “mission- critical” products (very low value compared to the equipment application with high “cost of failure”). ▪ Diversified applications in the food, packaging, paper and printing, material handling, airports, textile, wood industries. ▪ Long-lasting and diversified customer base. ▪ High-share of Aftermarket business (~70/75% of sales) driving recurring sales. ▪ Production facilities in Biella and global presence for the distribution activities. ▪ More than 1,000 employees. 5 acquisitions since 2020 ~ 35 million of additional revenues Strong sales trend paired with profitability growth Premium quality and high performing products net cash ~42m 20252017 111 0,0 20,0 40,0 60,0 80,0 100,0 120,0 140,0 160,0 180,0 200,0 25 43 Distributor of coating plates for varnishing units Distributor of conveyor belts Manufacturer of Plastic Modular belts Manufacturer of Conveyor and transmission belts 2020 2020 2021 2024 Downstream M&A Horizontal M&A (ITA) (CZ) (US) (TR) Adj. Ebitda (millions)Sales (millions) First investment in 2017 and additional important investment in 2021 Stake 20% 188 Manufacturer of light-duty conveyor belt 2026 (CAN) Celmire
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TIP - VALUE CREATION private companies First investment in 2014 and additional investment in 2017, 2020, 2021, 2023 and 2025 ▪ The largest marketplace (restaurant, market, quick service restaurant, didactics) for Italian quality food products worldwide. ▪ 70 stores worldwide: ▪ 15 flagship stores in Europe ▪ 19 flagship stores in US ▪ 3 Eataly cafè ▪ 33 franchising stores and travel retail stores Worldwide leader in high-quality Italian food 210 0,0 100,0 200,0 300,0 400,0 500,0 600,0 700,0 800,0 14 41 2014 2025 CAGR SALES: +12% | CAGR EBITDA: +10% Accelerate development of stores network ▪ Strong detailed pipeline of network development: 13 new stores opened in 2025, including 7 directly operated stores and others >10 new openings planned for 2026. ▪ Expansion of new format with a potential scalable and “franchisable” concept: ▪ The shareholders’ meeting has resolved a 75 mln capital increase to support the strong pipeline of new openings of which the first part has been subscribed in 2025 and the residual part in June 2026. New format Eataly Caffès Revenues more than tripled since TIP's investment Note: TIP holds a 43.9% stake in Clubitaly, which in turn holds a 17.7% stake in Eataly. Stake 18*% 28 net financial debt 142m Adj. Ebitda (millions)Sales (millions) 706
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TIP - VALUE CREATION private companies 29 First investment in 2021 ▪ Italy’s leading group in jacquard, plain, coated and printed. ▪ Strategic partner acting as project manager and co-designer for luxury brands. ▪ Vertically integrated group with two different production cycles (ennobling & coating). ▪ 3 companies abroad of which 2 in Asia and 1 in USA. ▪ Innovation & R&D focus driving cutting-edge product development. ▪ High profitability maintained even in market slowdowns. ▪ Strong financial position as enabler of future growth. ▪ ESG commitment to be the benchmark for luxury brands. Innovating textiles for luxury Growth potential through strategic M&A Key financials figures 2021 2025 14 Industrial footprint 174 160 162 164 166 168 170 172 174 176 178 4041 CAGR SALES: +2% | CAGR EBITDA: -0,4% 4 Production Plants 40 People employed in Research & Development 220 Weaving Looms 30 Dyeing Machines 6 Coating Lines 4 Resination Lines 50 Finishing Plants 20 Digital Printing Stake (*) 13% ▪ Acquisition of Novaresin S.p.A. and Pirandello & Gregorini S.r.l. - two italian textile companies already partners of Limonta (early 2026) - to further strengthen the vertical integration enhancing highly specialized processes both upstream and downstream of the supply chain. The integration between textile production and ennobling allows virtuous contamination between technologies and sectors. Adj. Ebitda (millions)Sales (millions) net cash 118m 188 ▪ Acquisition of BATM Co. (July 2023) based in South Korea to expand innovative textile offerings for fashion and sportswear and establish a local operating platform. +2 facilities acquired at the beginning of 2026 (*) 52% of Asset Italia 3 (25% of Limonta).
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TIP - VALUE CREATION private companies 30 First investment finalized in 2019 and additional investment in 2021 ▪ Italian TechCo providing integrated ICT services exclusively for business customers (SMEs). ▪ Comprehensive one-stop suite of services including fixed and mobile telecoms, cloud solutions, unified communications, cybersecurity and system integration. ▪ Asset-light, client-centric model supported by a nationwide network of local Business Partners and third-party infrastructure providers for last-mile access. ▪ 136 people working in the R&D department. ▪ Loyal client base, driving recurring revenues and growth opportunities. Powering the future of ICT & systems integrators Multi-pillar growth strategy Consistent growth & profitability acceleration 50 0 10 20 30 40 50 60 70 80 90 100 2017 2025 CAGR SALES: +7% | CAGR EBIT: +14% 20 7 Premium Offering 100% B2B Fixed-Access Network Mobile Unified Communication & Collaboration Cloud Services Cyber Security System Integration Stake 17% net cash 0,1m Adj. Ebit (millions)Sales (millions) 110 Organic Growth Inorganic Growth TLC consolidation focused on fixed network strengthening (premium B2B expansion, cross-selling, quality investments) and mobile scale-up (client migration and wholesale growth). Innovation driven by cloud, unified communication and cybersecurity. System Integration M&A: acquisition of strategic partners acting as regional aggregators to drive consolidation and scale (8 acquisition since 2024) Enhancing proprietary ICT (UCC, cybersecurity & Cloud) through M&A
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31 A CULTURE OF SUSTAINABILITY
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TIP GROUP a culture of sustainability 32 Sustainable Development Goals E ESG highlights S G 63 kg of plastic savings 36 thousands of litres of water saved Lunch services >20 scholarship 250 hours of mentorship (acceleration programme arranged by Digital Magics) Female presence in the team Female presence in the BoD Independent board members non-executive directors in the BoD share capital held by top management and the team ▪ Equity-based incentive instruments linked to ESG objectives. 40%40% 70% 12% 38% Of GHG emissions Compensated emissions -1 1% 100%
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TIP GROUP a culture of sustainability 33 TIP became a signatory of the Principles for Responsible Investment (PRI). TIP joined the UN Global Compact National and international network Membership of the “Istituto per i valori d’impresa” Confirmed rating of 'ee' Main ESG ratings Rating low risk Award for ESG guidelines in long-term investments ESG Awards