09/11/2021 - Italmobiliare S.p.A.: Board of Directors reviewed quarterly financial results at September 30, 2021

PRESS RELEASE

BOARD OF DIRECTORS REVIEWED QUARTERLY FINANCIAL RESULTS

AT SEPTEMBER 30, 2021

• During the first nine months of the year, the portfolio companies as a whole recorded a significant increase in EBITDA compared with the same period of 2020 (aggregate pro-forma figure +30.2%) and 2019. Looking just at the third quarter, the gross operating profit amounted to 72.2 million euro, substantially stable compared with 2020.

• The net financial position of Italmobiliare S.p.A. was positive for 354.4 million euro, 32.8 million euro lower than at December 31, 2020. The main flows include the investment as co-investor of the Clessidra Capital Partners 3 fund ("CCP3") in the acquisition of Casa Vinicola Botter Carlo & C. S.p.A.

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Milan, November 9, 2021 - The Board of Directors of Italmobiliare S.p.A. today approved the quarterly financial results for the nine months ending on September 30, 2021.

During the first nine months of the year, also in light of a positive overall trend in the third quarter, the investment portfolio, which has been built up in recent years to enhance the excellences of Made in Italy, confirms the positive trend already reported in the first half of the year. Helped also by the management and governance know-how contributed by Italmobiliare to the various portfolio companies, the first nine months of the year recorded an overall improvement in profitability and revenue higher than in the same period of 2020 and in the pre-Covid period.

In particular, Caffè Borbone's performance was again very positive, with revenue in the third quarter up by 20% compared with 2020 and a further improvement in margins (+28%). Italgen also did very well in the energy sector (EBITDA +64% vs 2020), with output above average and energy prices constantly on the rise. Then there is Iseo with EBITDA for the first nine months already higher than for the whole of 2020 and 2019; Tecnica Group confirms its post-Covid recovery with higher numbers than in the same period of 2019 (EBITDA +34% compared with 2020); Autogas Nord has higher revenue (+20%) and EBITDA (+5.8%), while Officina Profumo-Farmaceutica di Santa Maria Novella continues to recover, with revenue up by 21.8% compared with the previous year and EBITDA of 6.9 million euro (+32.7% on 2020). Sirap (now just France and the UK) is substantially in line with the previous year in terms of revenue and EBITDA, net of the impact of contingent factors linked to the change in the scope of consolidation. As regards the companies that entered the portfolio at the end of 2020, Casa della Salute confirms its growth trajectory (revenue +59%, EBITDA more than 2.5 times 2020). Callmewine also did well (revenue +47%), though its EBITDA was affected by the investments made in personnel and marketing.

Overall - again on the basis of aggregate management figures for the 9 months - the portfolio companies showed a 30.2% increase in EBITDA to over 198 million euro.

PRESS RELEASE | 2

At September 30, 2021 the Net Asset Value of Italmobiliare was equal to 2,022.1 million euro, stable compared with June 30, 2021 (2,000.2 million euro). The NAV per share of Italmobiliare S.p.A., excluding treasury shares, amounted to 47.8 euro, an increase of 9.8% compared with the figure at December 31, 2020.

At September 30, 2021 the net financial position of Italmobiliare S.p.A. was positive for 354.4 million euro, 32.8 million euro lower than at December 31, 2020, with 61% allocated to the Vontobel Fund with a conservative risk profile in line with the Company's investment policies. The main flows include the investment as co-investor of the Clessidra Capital Partners 3 ("CCP3") fund in the acquisition of Casa Vinicola Botter Carlo & C. S.p.A., through a vehicle company called Bacco (-43.6 million euro) and the subsequent sales of shares (+31.7 million euro), the investment in private equity funds (-34.9 million euro) and other investments (-19.5 million euro), partially offset by the sale of HeidelbergCement AG shares (+36.8 million euro).

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PRESENTATION TO ANALYSTS

The presentation for the financial community, updated with the results at September 30, 2021, will be made available on the Company's website in the Investor/Presentations section (https://www.italmobiliare.it/en/investor/presentations) by the end of November 9.

The Financial Reporting Officer of Italmobiliare S.p.A., Mauro Torri, certifies - pursuant to art. 154-bis, paragraph 2 of the Consolidated Law on Finance (Legislative Decree 58/1998) - that the accounting information contained in this press release agrees with the supporting documentation, books of account and accounting entries.

Disclaimer

This press release may contain forward-looking statements. These statements are based on the Group's current expectations and projections about future events and, by their nature, are 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. Actual results may differ materially from those expressed in such statements as a result of a variety of factors, including: continued volatility and further deterioration of capital and financial markets, changes in commodity prices, changes in general economic conditions, economic growth and other changes in business conditions, changes in laws and regulations and the institutional environment (in each case in Italy or abroad), and many other factors, most of which are beyond the Group's control.

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Additional periodic financial reporting as of September 30, 2021 | 3

NET ASSET VALUE

At September 30, 2021 the Net Asset Value (NAV) of Italmobiliare S.p.A., excluding treasury shares, was equal to 2,022.1 million euro, in line with June 30, 2021 (2,000.2 million euro) and 183.9 million euro higher than at December 31, 2020 (1,838.2 million euro).

(in millions of euro)	December 31	June 30		September 30		% of total
2020	2021		2021
Listed equity investments1	84.0	68.9		55.1		2.7%
Portfolio Companies2	1,126.1	1,252.8		1,252.8		62.0%
Other equity investments	62.6	134.5		105		5.2%
Private equity funds	129.0	166.4		204.3		10.1%
Properties and related assets	49.3	50.5		50.6		2.5%
Financial assets, trading, cash and cash equivalents	387.2	327.2		354.3		17.5%
Total Net Asset Value*	1,838.2	2,000.2		2,022.1		100.0%

• The criteria adopted for calculating NAV may be different from those adopted by other companies, so the figures may not be comparable.
  1 "Listed equity investments" include the main shareholdings in listed companies (HeidelbergCement AG).

2 "Portfolio Companies" include the investments in Sirap Gema S.p.A., Italgen S.p.A., Caffè Borbone S.r.l., Clessidra Holding S.p.A., Tecnica Group S.p.A., Iseo Serrature S.p.A., Autogas Nord - AGN Energia S.p.A., Capitelli S.r.l., Officina Profumo-Farmaceutica di Santa Maria Novella S.r.l., Callmewine S.r.l. and Casa della Salute S.p.A.

The main changes in NAV compared with December 31, 2020 are due to the increase in the fair value of the portfolio companies (+126.7 million euro), the investment in HeidelbergCement AG (+7.9 million euro including the delta fair value on the shares transferred), the other listed investments (+9.2 million euro) and of the private equity funds (+50.6 million euro, of which 4.2 million euro due to exchange rate differences).

At September 30, 2021, the NAV per share of Italmobiliare S.p.A., excluding treasury shares, amounted to 47.8 euro, an increase of 9.8% compared with the figure at December 31, 2020.

The NAV value was determined in accordance with the guidelines communicated to the market and the specific procedures in place, taking into consideration:

• the market price at September 30, 2021 of the equity investments in listed companies;
• the value of unlisted companies determined by an independent expert at June 30, 2021, as reported in the interim financial report; in line with the Company's guidelines on the calculation of NAV for which the portfolio companies are assessed twice a year, at the time of the annual report and of the interim report;