Is Leonardo Maria Del Vecchio doing a roaring trade? Judging by his company’s latest balance sheet, the answer would appear to be yes. Lmdv Capital, the family office with which the son of Luxottica’s founder invests in companies, real estate, restaurants and newspapers, closed 2025 with a net profit of 59.9 million euros, more than double the 25.6 million of the previous year.
The balance sheet, published in the first days of November 2026, shows a rapidly expanding investment activity, accompanied by an increase in debts.
Del Vecchio’s 60 million profits: where they come from
The investment management result went from 41.5 to 100.4 million euros in one year. Of these, 83.8 million derive from the increase in the value of companies and other investments held by Lmdv Capital. Another 14.1 million derive from the result of the financial instruments portfolio, while dividends and income from investments stop at 1.55 million. Of these, just 582 thousand euros are dividends distributed by investee companies, while approximately 973 thousand euros come from coupons
Then there is a change in accounting rules. The 2025 budget is the first drawn up according to the international Ifrs standards and the 2024 results have also been recalculated to allow a homogeneous comparison. With the previous Italian rules, the 2024 profit was just 31,917 euros, which became 25.6 million with the new criteria.
The gross value of investments and financial assets also grew significantly, reaching 690.5 million euros, while the net worth stood at 328.6 million.
From Twiga to Acqua Fiuggi: where the Luxottica heir invested
Among Leonardo Maria Del Vecchio’s best-known and most talked-about investments are Twiga, the historic luxury venue linked to Flavio Briatore, and Triple Sea Food, a group active in high-end catering.
Then there are Acqua and Terme di Fiuggi, cinema with Leone Film Group and industrial investments such as the one in Ima, a Bolognese company specialized in packaging machines. Added to these are technological investments, financial funds and real estate initiatives, especially in Milan.
In 2025 alone, Lmdv Capital made net investments of approximately 176 million euros. The largest share, 85.8 million, was allocated to the hospitality and restaurant sector. This is followed by real estate, with 39.2 million, and media and entertainment, with 33.5 million.
Leonardo Maria Del Vecchio announces from the private jet: “I bought 2% of the daily newspaper”
In the meantime, Del Vecchio has also strengthened its presence in publishing. After entering the capital of Il Giornale, in May 2026 the group acquired 80% of En Editoriale Nazionale, which includes Qn, Il Giorno, La Nazione and Il Resto del Carlino. The operation occurred after the end of the 2025 financial year and therefore does not appear in the latest income statements, as did the purchase of a 2% share of Seif, the publishing company of Il Fatto Quotidiano.
The weight of debts: the 350 million loan
At the end of 2025, Lmdv Capital’s overall net financial position, which measures debt net of available liquidity, amounted to 359.5 million euros, compared to 155.3 million the previous year.
In July 2025 the company signed a 350 million loan with Ca Indosuez Wealth, of the Credit Agricole group. As of December 31, it had used 335 million. The operation made it possible to repay previous loans with Intesa Sanpaolo, Monte dei Paschi di Siena, Banca Ifis and Ubs Lombard, as well as some short-term credit lines.
The new deadline is set for July 2028, with the possibility of extension until 2030. As collateral, among other things, pledges on financial assets and shares of the company have been established, as well as guarantees attributable to Del Vecchio himself.
The cost of debt also increased: financial charges reached 18.1 million euros, compared to approximately 5 million in 2024. The holding company’s liquid assets instead fell from 26.6 to 8.8 million euros. The financial statement specifies, however, that the financial parameters required by the bank were respected at the first audit, carried out at the end of 2025.
The 33 million sale is the crux of the Delfin legacy
An operation concluded after the balance sheet closing brought new resources to the company. On 30 October 2026 Lmdv Capital sold its stake in the Sound Ventures AI Fund for approximately 33.2 million euros, following an initial investment of 4.6 million dollars. The overall profit compared to the invested capital was quantified in the financial statements at approximately 29 million euros, while the additional positive effect compared to the value already accounted for in 2025 will be approximately 14.3 million in 2026.
The issue relating to Delfin, the Luxembourg holding company of the Del Vecchio family which holds strategic shareholdings, starting with EssilorLuxottica, and investments in financial groups such as Generali, UniCredit and Mps, remains open.
Leonardo Maria personally holds 12.5% of the holding and aims to transfer the stake into his own company. The passage, however, is still blocked: on 29 September the Luxembourg court granted another six months for the exercise of pre-emption rights, postponing the possible operation to the end of March 2027. Meanwhile, the entrepreneur has also attempted to increase his weight in the family safe, proposing in November to purchase the shares of the other heirs for around 3.7 billion each. An initiative that was rejected by four members.