Tamburi Investment Partners (TIP) Q3 2025 earnings summary

Executive summary

• Pro forma consolidated net profit for the first nine months of 2025 reached €65.9 million, up over 50% year-over-year, driven by strong associate results and capital gains on divestments, notably excluding a major Bending Spoons gain realized in October.

• Shareholders' equity increased to €1.51 billion from €1.45 billion at year-end 2024, after €43.5 million was spent on dividends and treasury shares.

• The period was marked by the Alpitour operation, contributing significantly to results, alongside strong performances from OVS, Interpump, Sesa, Chiorino, Beta Utensili, Roche Bobois, Alpitour, and Limonta.

• 13 main investees reported revenue growth, highlighting the quality of the portfolio.

Financial highlights

• Total revenues for the period were €2.05 million, up from €867,826 year-over-year, mainly from advisory activities.

• Personnel expenses rose to €18.6 million, influenced by variable executive remuneration linked to results and stock performance.

• Financial income included €10 million in pro forma capital gains, mainly from Hugo Boss and Alkemy share disposals.

• Net financial position was negative €533.9 million at 30 September 2025, compared to negative €422.1 million at year-end 2024, reflecting new investments, dividends, treasury share purchases, and operating expenses.

• Dividends received totaled €30 million, with €19.6 million from associates not recorded in the income statement.

Outlook and guidance

• The macroeconomic environment remains complex but is showing resilience, with global growth forecast at 3% and easing geopolitical risks.

• The group expects continued strong performance from its investees, with several potential IPOs and ongoing buybacks and simplification initiatives.

• A substantial increase in dividend distribution is under consideration for the next shareholders' meeting.