we receive e we publish the following Press release spread by TIP – Tamburi Investment Partners SpA
The Board of Directors of Tamburi Investment Partners SpA (“TIP” – tip.mi), an independent and diversified industrial group listed on the Euronext STAR Milan segment of Borsa Italiana SpA, which invests in entrepreneurial excellence, has approved the consolidated half-year financial report as of June 30, 2026.
At a consolidated level, TIP closed the first six months of 2026 with a pro forma consolidated net profit of 26,6 million and with consolidated shareholders' equity as of 30 June 2026 of approximately 1,55 billion, after the distribution of over 42 million in dividends and following the decrease – approximately 41 million – due to the effects of the withdrawals of some shareholders from the subsidiaries Club Design (now liquidated) and Investindesign.
Since Bending Spoons went public on July 1, these results do not include the capital gain of over $54 million realized immediately after the end of the period. It should be noted that StarTip's residual stake in Bending Spoons at current market prices is worth over $600 million.
The contribution to the period's result from associated companies was €19,2 million, thanks in particular to the results of Beta, Chiorino, Limonta, Interpump, OVS, Roche Bobois, SeSa and Vianova.
Alpitour, after starting the year with results significantly above expectations and those of the previous year, closed the first half of the year with revenues in line with the same period of the previous year and a profitability that was affected by the effects – particularly on fuel and currencies – of the conflicts in the Middle East.
Amplifon, BasicNet and Moncler also had a good, sometimes excellent, first half of the year.
The accounting effects of the transactions carried out during the period in Vianova, with the transfer of the stake in Vianova Holding, together with the increase in the stake held in ITH (SeSa's holding company), generated approximately €44,8 million in financial income and income from investments accounted for using the equity method.
In the first half of the year, as already reported in the financial statements as of March 31, the carrying amount of the stake in Beta was prudently adjusted, following the continuing uncertainty regarding the achievement of the prospective performance targets underlying our valuations.
The standard pro forma income statement for the financial year January 1 – June 30, 2026, determined by considering realized capital gains and losses and write-downs on equity investments, is shown below. As is well known, this system, in force until a few years ago, is considered much more accurate in representing the reality of TIP's business.
In the first half of 2025, the income statement benefited from a significant capital gain due to Alpitour.
Revenues from advisory activities in the half-year were 2,9 million, a strong growth.
Personnel costs are, as always, influenced by the variable remuneration of executive directors, which, as is well known, is performance-based. Starting in 2025, a correlation between such compensation and the performance of the TIP stock has been introduced, which, in the first half of 2026, has resulted in an allocation limited to 80% of the metrics established for years to calculate the amounts to be paid for such compensation.
Financial income, in addition to the capital gain generated by the Vianova transaction, includes €6,6 million in capital gains on the sale of the stake in LIO Factory, €5,5 million in dividends received, €2,2 million in proceeds from the purchase of Amplifon shares at a discount to the market price, €0,8 million in positive fair value gains on warrants, and €0,7 million in accrued interest income. Financial expenses primarily consist of approximately €9,2 million in accrued interest on the bond, €2,6 million in other interest on loans, and €1,5 million in fair value gains on derivatives.
The consolidated net financial position as of June 30, 2026, excluding non-current financial assets deemed to be short-term liquidity for management purposes, was negative by €606,8 million, compared to €495,1 million as of December 31, 2025. The change in the period is essentially attributable to the use of liquidity in the half-year to finalize investments in equity investments (€66,7 million), for the distribution of dividends (€42,3 million), for the purchase of treasury shares (€5 million), and for operating expenses, all net of proceeds from disposals and dividends. Obviously, the net financial position as of June 30 also does not take into account the proceeds of approximately €56 million collected at the beginning of July, relating to the sale, at the time of the IPO, of a marginal portion of the stake in Bending Spoons.
In January, the reorganization of Vianova's control was completed. As of December 31, 2025, TIP held a 17,04% stake in Vianova, which it transferred to Vianova Holding in January 2026, obtaining a 24,5% stake. This transaction aims to unify and strengthen control of the group, also with a view to a future stock exchange listing of Vianova SpA, of which Vianova Holding holds a 69,5% stake (71,8% in terms of voting rights).
In February, following the liquidation of Club Design, Investindesign's withdrawal right period expired. As of December 31, 2025, TIP held 50,69% of Investindesign, which in turn held 48,612% of Dexelance. TIP also held a 20% stake in Club Design Srl, which in turn held a 20% stake in Investindesign. Club Design had in fact been placed into liquidation and had assigned its Investindesign shares to its shareholders. In February 2026, some Investindesign shareholders also exercised their withdrawal right and directly obtained Dexelance shares. Following these transactions and some purchases, Investindesign held 8.477.575 Dexelance shares, representing approximately 31,48% of the capital (32,10% net of treasury shares) and TIP held 85,21% of Investindesign.
In May, Dexelance's board of directors exercised its authority to increase the share capital to €50 million, plus €20 million through the issuance of warrants. 33.017.280 shares were subscribed for, for a total value of €49.856.092,80. Investindesign subscribed for a total of 13.545.890 shares, exceeding its pro rata interest, for a total investment, including the purchase of rights, of approximately €22 million, of which TIP contributed €18,2 million. At the same time, TIP also directly subscribed for a total of 44.935 shares and purchased an additional 552.026 shares for a total outlay of €1,1 million.
Following these additional transactions, as of June 30, Investindesign held 22.023.465 Dexelance shares, representing approximately 36,740% of the capital (37,057% net of treasury shares), as well as 13.545.890 warrants, and TIP held 84,24% of Investindesign. TIP also directly held 632.907 Dexelance shares, representing 1,056% of the capital (1,065% net of treasury shares), as well as 191.185 warrants.
During the period, as previously mentioned, TIP increased its stake in ITH, SeSa's parent company, by subscribing to a capital increase of approximately €10 million. As of December 31, 2025, TIP held a direct stake of 21,5% (net of treasury shares) in ITH, which it increased to 23,93%. Following the transaction, which also involved the contribution of 0,40% of SeSa's capital by Marco and Leonardo Bassilichi and the purchase of treasury shares by ITH, ITH held approximately 55% of SeSa's capital, while ITH's main shareholder, HSE SpA, holds approximately 71% of ITH's capital.
Subsequently, ITH purchased additional Sesa shares, 9.300 ITH shares were allocated to Sesa's management, and ITH and HSE merged, renaming themselves SeSa Holding SpA (SeSa Holding). Following these transactions, as of June 30, 2026, SeSa Holding held approximately 56,88% of SeSa's share capital, while TIP, which has become SeSa Holding's single largest shareholder, owns approximately 23,57% of SeSa Holding's share capital.
In May, TIP invested €30 million in newly issued Amplifon shares, more than double its pro rata stake, as part of a €453 million capital increase to help finance the acquisition of GN Hearing.
Also in May, TIP finalized the sale of its stake in LIO Factory for 17,5 million, with deferred payment.
The April meeting approved a new share buyback program for up to an additional 10.000.000 shares, to be completed by October 29, 2027. During the six-month period, share buybacks amounted to approximately 5 million.
In June, TIP participated, more than its own share, for €3,3 million, in Clubitaly's capital increase aimed at financing the €6,6 million subscription of the second tranche of the capital increase approved by Eataly in 2025, half of which had already been subscribed in November 2025.
Smaller investments also continued, including Dexelance, Elica and Roche Bobois.
TIP Stock Performance
The ten-year performance of the TIP title highlighted in the graph as of 4 September 2026 is 168,4%, higher than some of the main national and international indices, with a total return (1) of 213,8%, which corresponds to an average annual figure of approximately 21,4% and a compound figure of 12,1%.
TIP's stock performance, currently hovering around €9,5-€10 per share, is still far from the analysts' target prices, which, updated to also take into account the value creation recognized following Bending Spoons' IPO, currently range between €14,6 and €17,1 per share. Even the current VIN (Net Intrinsic Value), which has always been calculated internally by TIP to attempt to represent the group's fair valuation, taking into account the TIP team's direct knowledge of each of its investee companies, is significantly higher than the current listing price.
Events after June 30, 2026
As reported in early July, Bending Spoons listed on the Nasdaq. During the IPO, TIP sold 2.300.000 shares at a listing price of $29 for gross proceeds of $63,8 million, with a capital gain of approximately €54,2 million (over 30 times the investment) that will be recognized in the third quarter.
In July, 9,5 million in dividends were collected from associated companies.
Also in July, continuing the group's simplification, TIP received reimbursement for the loan granted to a minor subsidiary and, at the same time, the proceeds for its sale. Total proceeds amounted to €2,8 million, with a capital gain of approximately €1,1 million.
The purchase of treasury shares, 13,5 million since July 1st, and of Dexelance shares, 1,1 million, continued, as did the usual active liquidity management.
Foreseeable evolution of management
Despite geopolitical issues and the resulting slowdown, TIP's subsidiaries maintain solid positions and show no signs of a sharp decline in revenue or significant losses in related margins compared to 2025. Indeed, their repeatedly emphasized leadership positions and strong capital structures allow them to remain relatively immune to the current economic downturn.
Nor are their economic prospects for the remainder of the year particularly worrying.
Conversely, as demonstrated in the six months just ended, several subsidiaries have continued their development path, pushing and sometimes accelerating their growth through acquisitions and investments, some of which are very significant.
In the coming months, the Group will continue its simplification process, along with its support for growth—both organically and through investments and acquisitions—with the aim of revealing the true values of its subsidiaries as clearly as possible. However, one of the key pillars of its investments will certainly be continued share purchases, given the unjustifiable discount on any metric.
In parallel, we will continue our proactive efforts, at all levels, to try to convince authorities, politicians, institutions, and organizations capable of having or influencing roles and/or positions, to ensure that the triangle between savers, businesses, and markets can finally experience a positive, virtuous evolution, worthy of our country's economic system.
Even more so now that the difficulties of private credit/debt internationally are so evident, and the slowdown not only in funding but even more so in divestments by private equity is plain for all to see, with banks – especially European ones – increasingly cautious in financing companies, but even more so in leveraged buyouts, and with interest rates they are unable to lower, a political strategy to facilitate IPOs and more generally to encourage savings flows to listed companies is not only appropriate, but truly necessary.
Own actions
As of June 30, 2026, the company held 21.795.914 treasury shares, representing 11,821% of TIP SpA's share capital. As of September 10, 2026, the number of treasury shares was 23.201.51, representing 12,583% of the share capital.
Claudio Berretti, the Manager responsible for preparing the company's accounting documents, declares that the accounting information contained in this press release corresponds to the documentary evidence, books, and accounting records.
Attachments: Consolidated income statement, consolidated statement of financial position, and consolidated statement of cash flows as of June 30, 2026.
