Tamburi Investment Partners (TIP) investor relations material

Investment strategy and portfolio overview

• Over €5 billion invested directly and through club deals in 30 leading companies, including 9 global leaders, with a focus on high-quality assets and limited risk exposure.

• Portfolio spans listed and private companies across sectors such as IT services, luxury, retail, food, tourism, and industrials, with a strong presence in digital and innovation.

• More than 240 M&A transactions completed, with an average investment holding period exceeding 10 years and no predetermined exit schemes, but a clear path to IPO for select assets.

• Four companies are identified as potential IPO candidates, highlighting a robust pipeline for future listings.

Financial performance and returns

• Aggregate revenues of portfolio companies are projected at ~€23 billion for 2025, with EBITDA of ~€4 billion and a workforce of ~90,000.

• Achieved a 10-year total return of +223.4%, outperforming major indices, with a net intrinsic value per share of €14.4 and significant value yet to be unlocked (>70% vs current price).

• Cumulative pro forma net profit since 2012 is approximately €1 billion, and dividend per share has increased from €0.04 in 2012 to €0.26 in 2025.

• Divestment activity generated over €750 million, with notable exits and capital gains, including a 9% stake sale in Bending Spoons at 20x cost.

Key portfolio company highlights

• Alpitourworld: Italian tourism leader with a unique business model, strong recovery post-COVID, and a 43.1% stake held; sales CAGR +8%, EBITDA CAGR +17%.

• Azimut Benetti: Global yachting leader, 8% stake, with sales CAGR +9% and EBITDA CAGR ~40%; partial stake sold to PIF.

• Beta: Premium tools provider, 49% stake, doubled revenues since investment, with a CAGR sales of +8%.

• Eataly: Global leader in Italian food retail, 18% stake, revenues more than tripled since investment, with a CAGR sales of +12%.

• Bending Spoons: Digital platform with €1.4 billion in 2024 revenues, valued at $11 billion pre-money, and a TIP stake worth ~€300 million.