FRIENDS SPA: directors' dealings · Italy · Consob

About FRIENDS SPA

Friends S.p.A. is an Italian-listed company traded on Borsa Italiana (FTSE MIB) under the ticker AMI.MI, originally structured as a SPAC with an impact-investing mandate. The company was set up to invest in businesses that can deliver both financial returns and a clear, measurable positive social and/or environmental impact. Its intended investment universe includes renewable energy, sustainable agriculture, health and well-being, education, social inclusion, and sustainable technology. That positioning makes Friends unusual within the Italian market: it is closer to a specialized investment vehicle than a traditional operating industrial company. In 2026, the company completed the acquisition of P.M.G. Italia, an operator active in accessible mobility and services with a strong social impact profile, marking the transition from a blank-check style vehicle to an operating industrial group. Friends is headquartered in Milan, Italy, with its operational base at Piazzale Ferrara 4. Borsa Italiana’s company profile lists Bruno Belgioco as CEO and investor-relations contact. The shareholding structure has remained relatively concentrated around Brubel S.r.l., while the free float is material, supporting market liquidity for a company of this size. Friends is therefore best viewed as a young listed growth story, with a very recent operating history and a business model still being built through acquisition and integration rather than through a long legacy of organic industrial development. From a competitive standpoint, Friends differentiates itself through a “purpose-driven” investment thesis: it aims to combine capital allocation discipline with measurable social value creation. This places the company in a niche category where execution, governance and transaction timing matter as much as the underlying thematic appeal. Recent news published by Borsa Italiana shows that Friends completed its IPO process in August 2025, signed a binding agreement for the P.M.G. Italia acquisition, and then finalized the transaction in April 2026, with no shareholder withdrawals reported. The company also communicated the reinvestment of PMG management, reinforcing alignment between the seller and the new listed platform. For investors, Friends should be monitored as a transformation case in Italy: a listed vehicle moving toward an operating model, with value creation dependent on integration success, capital deployment, and the scalability of its impact-oriented platform.