Q2 2024 Azimut Holding SpA Earnings Call Transcript
Key Points
- Azimut Holding SpA (AZIHF) reported EUR10 billion in net inflows for the first half of 2024, a significant increase compared to 2023.
- The company achieved EUR702 million in revenue, driven by recurring revenues and performance fees, with EBIT up 9% year-over-year.
- Azimut Holding SpA successfully completed the sale of its minority stake in Kennedy Lewis, generating a substantial capital gain.
- The company reached over EUR100 billion in total assets under management for the first time, marking a significant milestone.
- Azimut Holding SpA is expanding its international presence, with strong contributions from markets like Australia, Brazil, and Turkey.
- The Italian market experienced net outflows, contrasting with Azimut Holding SpA's positive inflows, indicating potential challenges in the domestic market.
- The company's performance fees from Luxembourg-based funds were minimal due to the fulcrum mechanism, impacting overall fee generation.
- There was an increase in personnel and SG&A costs, partly due to international expansion, which could pressure margins.
- The New Bank project is still in negotiation phases, with uncertainties around finalizing agreements with banking partners.
- The company's guidance for net profit remains at EUR500 million, which some analysts perceive as conservative given the capital gains from the Kennedy Lewis sale.
Good afternoon. This is the Chorus Call conference operator. Welcome and thank you for joining the Azimut Holding First Half 2024 Results Conference Call. As a reminder, all participants are in listen-only mode. After the presentation, there will be an opportunity to ask questions. (Operator Instructions)
At this time, I would like to turn the conference over to Gabriele Blei, CEO of Azimut. Please go ahead.
Thank you very much. Good afternoon to everyone. As always we will go through the presentation as quickly as possible and leave time for Q&A. So, if we start from slide number 4, you have a very quick snapshot of the key data of our first half results. EUR10 billion of net inflows, 1.7x more than what we have achieved in 2023.
It's interesting to note how if we look at the Italian system either if you pick such as [thyoni] data, you can note this -- a net outflows in the same period of 2024 for EUR13.4 billion, whereas if you take the [asorate] data, so
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