The holding Tamburi Investment Partners (Tip), led by John Drums, closed the first nine months of 2025 with a pro forma consolidated net profit of approximately 65,9 million euros, marking a more than 50% increase compared to 43,9 million in the same period of 2024. The result reflects both the share of the results of the associated companies and the capital gains on divestments, excluding capital gains on shares Bending spoons sold in October.
Il consolidated equity reached 1,51 billion euros, up from the 1,45 billion recorded at 31 December 2024, despite the distribution of dividends and the purchase of treasury shares for approximately 43,5 million euros.
Performance of subsidiaries
The first nine months of 2025 were characterized by the operation alpitour, managed through Asset Italia, which generated effects accountants positive for about 100 million of euros, gross of some write-downs. Among the main subsidiaries that contributed significantly to the results were Ovs, Interpump, Sesa, Chiorino, Beta Tools, Roche Bobois, alpitour e Limonta.
Other companies in the group also recorded positive performances, including Amplifon, Apoteca Natura, Azimut | Benetti, Bending spoons, Eataly, Engineering, Hugo Boss, Moncler e VianovaOverall, 13 of the main subsidiaries recorded revenue growth, confirming the excellence of the Tip portfolio.
Some subsidiaries, such as Dexelance, Landi renzo(via Ithaca), Talent Garden e Z, however, encountered delays or difficulties in executing development plans, leading Tip to record prudential write-downs, in line with a conservative approach to portfolio management.
Tip collects from Bending Spoons and invests in Eataly and Tag
In October, Bending spoons completed a $270 million capital increase and secondary market transactions for $440 million, with a pre-money valuation of $11 billion. Tip, through StarTip, Has less than 9% sold of the share, generating revenue of approximately 27 million euros and a capital gain of more than 25 million, while maintaining approximately 3% of the capital.
Also in October, StarTip participated in the capital increases of Tags e Heroes for approximately 3 million and confirmed the capital increase of clubitaly, intended to finance the first tranche of the capital increase of Eataly of 75 million, half by November 30, 2025 and half by June 2026.
Revenues, costs and financial income
I revenues arising from the advisory activity amounted to approximately €2 million. Personnel costs primarily reflect the variable remuneration of executive directors, which can be reduced by up to 20% in the event of negative TIP stock performance, or by 10% if the performance is lower than 10%, taking into account dividends distributed.
I proceeds financial include approximately 10 million in capital gains on the sale of Hugo Boss and Alkemy shares, in addition to 10,9 million from dividends and interest income. charges financial amount to approximately 14,6 million, while the fair value changes of derivatives account for approximately 1 million.
Financial position and investments
La net financial position consolidated as of September 30, 2025, it was negative by 533,9 million euros, an increase compared to the 422,1 million as of December 31, 2024. The increase is linked to new investments in shareholdings (92,9 million, mainly for Alpitour), distribution of dividends (26,2 million) and purchase of own shares (17,3 million).
During the third quarter there were over 300 thousand shares sold Hugo Boss for approximately 13,2 million, while other minor divestments generated approximately 6 million. Dividends collected from associated companies amounted to 19,6 million, while total dividends received in the period were approximately 30 million. The purchases of treasury shares and of the participations in Propeller, Roche Bobois e Dexelance, accompanied by active liquidity management.
Tip Stock Performance
Il title Tip has recorded a ten-year performance of 136,6%, with a total return of 173,3%, corresponding to a compound annual average return of 10,6%. analysts' target price, recently revised at rise, vary between 12,3 and 13 euros per share.
Strategy and future prospects
Tip confirms the sustainable growth strategy, focusing on acquisitions, joint ventures, and future IPOs of its subsidiaries. The group has over 100 employees, forecasted aggregate revenues of over €25 billion in 2025, aggregate EBITDA of €5 billion, and overall net income of €1,7 billion, with debt limited to approximately €0,6 billion.
The group will continue to evaluate buybacks, structural simplification and possible dividend increases, maintaining a market-friendly approach. As of November 13, 2025, the own shares in portfoliothere were 21.802.735, equal to 11,825% of the capital.
