SOCIETA’ PER LA BONIFICA DEI TERRENI FERRARESI E PER IMPRESE AGRICOLE SPA SOCIETA’ AGRICOLA

BF S.p.A. is a company listed on Euronext Milan, so its shareholder base is disclosed through Consob market-abuse and significant-shareholding notifications rather than a complete shareholder register. As of the announcement of a voluntary tender offer on 21 April 2026, the two largest disclosed shareholders were Arum S.p.A., holding 24.147% of ordinary share capital, and Dompé Holdings S.r.l., holding 24.975% of ordinary share capital and 26.917% of voting rights — together a combined stake of roughly 49% of the company before the offer.

Arum S.p.A. and Dompé Holdings S.r.l. jointly promoted a voluntary tender offer for the remaining shares, running from 8 June to 3 July 2026 at €5.00 per share. By the close of the acceptance period, 101,997,262 shares (38.933% of capital) had been tendered, raising the two promoters’ combined stake to 230,692,335 shares, equal to 88.057% of BF’s ordinary share capital (88.154% including treasury shares); payment was settled on 10 July 2026. A verified breakdown of the post-offer stake between Arum and Dompé Holdings individually was not found in the sources reviewed.

Ultimate beneficial ownership

Dompé Holdings S.r.l. is reported to be wholly (100%) owned and controlled by Sergio Dompé. On that basis, his calculated effective indirect ownership of BF S.p.A. was approximately 24.975% of ordinary share capital as of the offer announcement on 21 April 2026 — at or just below Italy’s standard 25% beneficial-ownership disclosure threshold — and is likely to be higher following the completed offer, though an updated, source-verified percentage was not found. Arum S.p.A. is reported by Italian financial press to be indirectly controlled by Federico Vecchioni, BF’s Executive Chairman, but is structured as a coalition of investors — including entities linked to the farmers’ association Coldiretti, such as Impresa Verde and Germina Campus, and the Angelucci family’s Tosinvest — without one single shareholder holding a majority of Arum itself. A calculated effective ownership percentage for Mr Vecchioni through Arum cannot therefore be reliably established from the sources reviewed.

Data availability

Shareholder disclosure for BF S.p.A. is best described as major shareholders only: Italian rules require public notification of holdings above set thresholds, so the full base of smaller institutional and retail shareholders is not itemised. Percentages reflect each filer’s most recently reported position and are not necessarily contemporaneous.

Sources

• Il Giornale d’Italia — BF, Arum e Dompé Holdings lanciano opa da 666 milioni; ad oggi Vecchioni detiene il 24,1%, mentre Dompé controlla il 25%, 21 April 2026 — ilgiornaleditalia.it, retrieved 11 September 2026.
• BeBeez — BF, l’opa di Arum e Dompé Holdings raggiunge l’88,057% del capitale al termine del periodo di adesione, July 2026 — bebeez.it, retrieved 11 September 2026.
• estense.com — Opa su Bonifiche Ferraresi: Arum e Dompé puntano a rafforzare il controllo, 2026 — estense.com, retrieved 11 September 2026.
• MilanoFinanza — Dompé, il patrimonio della holding supera il miliardo di euro tra farmaceutica e tech — milanofinanza.it, retrieved 11 September 2026.
• Startmag — Arum, chi c’è con Vecchioni nell’Opa su BF — startmag.it, retrieved 11 September 2026.

BF S.p.A.’s Board of Directors, per the company’s own governance disclosures, currently has 11 members. Federico Vecchioni is Executive Chairman (Presidente Esecutivo), a role he took on in June 2025 — with delegated powers over Group strategy and extraordinary transactions — having previously served as the company’s Chief Executive Officer. The other directors currently listed are Giuseppe Andreano, Alessandra Bonetti and Gianluca Lelli, together with independent directors Maria Teresa Bianchi, Carlo Boni Brivio, Luigi Ciarrocchi, Gabriella Fantolino, Rossella Locatelli (a former Chair of the Board), Barbara Saltamartini and Sara Zanotelli. Separately, the Board of Statutory Auditors (Collegio Sindacale) is chaired by Roberto Capone, elected from the list presented by shareholder Inalca S.p.A. at the shareholders’ meeting of 5 June 2026, alongside effective and alternate auditors elected from the majority list.

Recent officer changes

• Federico Vecchioni’s transition from Chief Executive Officer to Executive Chairman, effective June 2025 and reconfirmed at the shareholders’ meeting of 5 June 2026 — source: Food Affairs / company disclosures.
• Alessandra Bonetti reconfirmed as a non-executive director through 2027, at the shareholders’ meeting of 5 June 2026 — source: company disclosures.
• Roberto Capone appointed Chairman of the Board of Statutory Auditors, elected from the minority list presented by Inalca S.p.A., at the shareholders’ meeting of 5 June 2026 — source: company disclosures.

Data availability

The company’s official board-of-directors page lists current directors and their roles but does not publish nationality, country of residence or exact individual appointment dates for each member; those fields are not disclosed in the sources reviewed. Historical or former officer records were not independently reviewed beyond what is noted above.

Sources

• BF S.p.A. — Consiglio di Amministrazione (official governance page) — bfspa.it, retrieved 11 September 2026.
• Food Affairs — Federico Vecchioni nominato presidente esecutivo di BF Spa, 12 June 2025 — foodaffairs.it, retrieved 11 September 2026.
• il Giornale — BF Spa, approvato il bilancio e la distribuzione di un dividendo, June 2026 — ilgiornale.it, retrieved 11 September 2026.

BF S.p.A. is the parent company of Gruppo BF and, on the basis of the sources reviewed, has no verified single corporate parent above it: its two largest shareholders, Arum S.p.A. and Dompé Holdings S.r.l., are financial holding vehicles rather than an operating corporate parent, and following a 2026 tender offer they hold a combined 88.057% of BF’s capital without either individually confirmed to hold a majority (see the Shareholders section for detail). Verified direct group entities include BF Agricola, BF AgroIndustriale, SIS, BF Bio and the pasta producer Pastificio Fabianelli S.p.A., together with Tenuta il Cicalino S.r.l., acquired in 2019. BF S.p.A. is also the largest single shareholder — holding 27.11% of the capital as of a capital increase completed around 29 July 2026 — in Consorzi Agrari d’Italia S.p.A. (CAI), a national agricultural-supply and retail network in which several regional farmers’ consortia also hold stakes; this is a significant non-controlling equity holding rather than a subsidiary.

Verified corporate relationships

Recent structural changes

• Capital increase in Consorzi Agrari d’Italia S.p.A. bringing in the Friuli-Venezia Giulia and Treviso-Belluno agricultural consortia, with BF S.p.A. confirmed as CAI’s largest shareholder at 27.11%, completed around 29 July 2026 — source: Monetaweb.
• Arum S.p.A. and Dompé Holdings S.r.l.’s joint tender offer raising their combined shareholding in BF S.p.A. to 88.057% of capital, completed 3–10 July 2026 — source: BeBeez.

Data availability

Group-structure information for BF S.p.A. is partial: its listed status means major transactions and its largest shareholdings are disclosed via Consob filings and company announcements, but a complete subsidiary register with ownership percentages for every operating entity in Gruppo BF was not independently verified for this review.

Sources

• BF S.p.A. — The Group (official website) — bfspa.it, retrieved 11 September 2026.
• Monetaweb — BF e CAI, operazione a Nord-Est: accordo da 81,6 milioni con i Consorzi di FVG e Treviso-Belluno, 29 July 2026 — monetaweb.it, retrieved 11 September 2026.
• BeBeez — BF, l’opa di Arum e Dompé Holdings raggiunge l’88,057% del capitale al termine del periodo di adesione, July 2026 — bebeez.it, retrieved 11 September 2026.