KALEON S.P.A: insider trades · France · AMF

About KALEON S.P.A

Kaleon S.p.A. is an Italian company focused on the management, protection and enhancement of cultural, artistic and natural heritage assets with a tourism vocation. Controlled by the Borromeo family, the business traces its roots back to 1983, when it was founded under the name SAG to manage the family’s historic assets in a more professional and structured way. Over more than four decades, Kaleon has evolved into a specialized operator combining heritage preservation with tourism development, using a model that separates asset ownership from day-to-day operating management in order to maximize long-term value. The company operates mainly through its Terre Borromeo brand, which brings together a portfolio of iconic destinations around Lake Maggiore. Key assets include Isola Bella, Isola Madre, Parco Pallavicino, Parco del Mottarone, Rocca di Angera and, more recently, the Castelli di Cannero, which opened to the public in June 2025 after more than ten years of restoration work. Kaleon’s activities span site access, guided tours, ticketing, hospitality-oriented visitor services and other complementary offerings designed to enrich the guest experience. This integrated model allows the company to combine heritage conservation, tourism monetization and premium destination management. Geographically, Kaleon is primarily concentrated in Italy, with a strong footprint in the Lake Maggiore area across Lombardy and Piedmont, while also presenting itself as a platform with international ambitions in the high-quality cultural tourism space. Its competitive positioning is built on the uniqueness and historical significance of the assets it manages, their strong brand recognition, and a sustainable tourism approach that appeals to both domestic and foreign visitors. The company has reported over 1 million visitors in 2023, with a significant share of international tourists, underlining the attractiveness of its destinations. Kaleon completed a dual listing on Euronext Growth Milan and Euronext Growth Paris in December 2025, increasing its market visibility and broadening its investor base. Its 2025 results, published in March 2026, showed consolidated revenue of €23.2 million, adjusted EBITDA of €6.1 million and net cash of €3.2 million, illustrating a profitable and cash-generative business model. Overall, Kaleon stands out as a premium heritage tourism operator, combining family legacy, operational expertise and selective development of high-value cultural and natural assets.