Tamburi Investment Partners (TIP) Q2 2025 earnings summary

Executive summary

• Pro forma consolidated net profit for H1 2025 was €47 million, up 38% year-over-year, despite no major divestments.

• Consolidated equity stood at €1.42 billion, stable versus year-end 2024.

• The Alpitour transaction significantly impacted results, with TIP recording a €64.6 million accounting gain from the change in governance and consolidation.

• Contributions from investees like Interpump, Sesa, Roche Bobois, Beta Utensili, Chiorino, Limonta, and OVS were strong, with OVS showing robust EBITDA but lower net profit due to derivative adjustments.

• 15 main investees increased revenues, confirming the group's quality and resilience.

Financial highlights

• Total revenues for H1 2025 were €730,750, down from €778,675 in H1 2024.

• Pro forma net profit was €46.9 million, up from €34 million year-over-year.

• Financial income reached €13.8 million, while financial expenses rose to €9.7 million.

• Net financial position was negative €453 million at June 2025, compared to negative €422.1 million at end-2024, reflecting dividend payments, treasury share purchases, and new investments.

• Dividend payments totaled €26.2 million; treasury share purchases were €13 million.

Outlook and guidance

• Most investees reported revenue growth in H1 2025, supporting a positive outlook despite a general economic slowdown in Western economies.

• Order books for some subsidiaries indicate a slight recovery after a period of decline.

• The IMF raised its global GDP growth forecast for 2025 to 3.0%, with Asia expected to drive global growth.

• TIP remains focused on strategic and synergistic acquisitions and anticipates renewed interest in stock market listings from 2026.