Angelini Industries
Annual Report 2024 - Letter from the CEO
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2024 was a year of consolidation and transformation for Angelini Industries. In a complex macroeconomic and geopolitical context, the Group showed resilience and growth potential, confirming the strength of its industrial vision and its commitment to sustainable long-term development.
In line with the progressive internationalization of our activities, we completed the transition to International Financial Reporting Standards (IFRS), with the aim of ensuring greater transparency and comparability of performance. The representation required by the new standards, however, does not allow for consolidation proportional to the share of ownership of the Fater joint venture, as was the case under previous accounting standards. Consolidated revenues amount, thus, to 1.6 billion euros, while EBITDA stands at 238 million, which would rise to over 320 million if Fater were consolidated proportionally to its ownership share. These figures show, however, how the Group continues on its growth path, setting records year on year and strengthening its credibility with investors and global partners.
Over the past five years, we have pursued an extensive internal evolution program focused on improving governance, streamlining decision-making processes and integrating information systems. We have also strengthened relationships throughout the value chain, consolidating a more effective and resilient operating model.
The 2024 results offer a clear representation of this: alongside a steady growth in revenues (+3%), the margin indicators show very significant progressions: +17% for EBITDA, +43% for EBIT and +30% for net income, which reaches 156 million euros.
Angelini Pharma, in particular, recorded an EBITDA margin of 25%, further improving on the excellent performance of the previous year. The company consolidates its leadership in brain health while also maintaining a solid presence in consumer healthcare. In 2024, an exclusive option agreement was signed with Cureverse, for the global development and commercialization, except for some Asian countries, of a substance intended for the treatment of brain disorders such as epilepsy and neurodegenerative diseases. In addition, in May 2025, a strategic agreement was signed with Grin Therapeutics, aimed at the development and commercialization - outside North America - of a new molecule for rare genetic epilepsy and pediatric neurodevelopmental disorders. Projects that reflect our vision of responsible innovation, centered on patients' needs.
Pharmaceuticals is thus confirmed as one of the two pillars of the Group's growth strategy. We aim to strengthen our commitment in the areas of the central nervous system, expanding access to effective therapies for complex diseases that still often lack adequate solutions. Alongside the development of innovative molecules, we continue to enhance the portfolio of established products, in a logic of continuity and industrial consistency.
The second strategic axis is represented by industrial technology, an area in which we expect sustained organic growth. We operate in this sector through Angelini Technologies - Fameccanica, which in 2025 will celebrate its 50th anniversary since its founding. A company that, throughout its history, has achieved numerous firsts and helped redefine industry standards. Thanks to the acquisition of 100 percent of the capital by the Group in 2022, Fameccanica is now preparing for a significant evolution, with a dimensional leap of which the 2024 results already offer initial evidence. On the one hand, we are confirming our commitment to innovation and operational excellence in the converting sector, a historic area of leadership for the company; on the other, we are expanding our offerings toward robotics and automation, with the aim of positioning ourselves in an increasingly integrated and competitive way within the most dynamic segments of industrial technology.
Complementing our growth model is Angelini Ventures, the corporate venture capital fund with €300 million in assets, focused on the biotech and digital health sectors. In just two years, the fund has established itself as a recognized international player, able to attract talent, generate high-value deals, and integrate into advanced research ecosystems. Notable investments this year include the one in Nouscom, an Italian-Swiss startup developing cancer vaccines.
Angelini Industries also continues to play an active role in the consumer goods sector through its participation in the joint venture with P&G, Fater, a leader in personal and home hygiene products. Completing the portfolio is Angelini Wines & Estates, a company offering products of the highest quality, a true expression of the best of Made in Italy. These activities reflect our commitment to promoting industrial and cultural excellence capable of generating lasting value and reputation.
Our strategy is rooted in a long-term vision and, like anything that endures, it must evolve and transform to meet the challenges of the market and the times. These results are therefore not the outcome of short-term actions, but the result of a structural transformation process involving all the Group’s operating companies.
