Q3 2024 Azimut Holding SpA Earnings Call Transcript
Key Points
- Azimut Holding SpA (AZIHF) reported adjusted net income of EUR447 million, marking a 28% increase compared to the same period last year.
- The company achieved significant inflows, reaching EUR14.3 billion by the end of October, surpassing revised guidelines.
- Azimut Holding SpA (AZIHF) completed a successful exit from its GP staking business, generating EUR165 million gross from an initial investment of EUR60 million.
- The strategic partnership with Oaktree in Australia is set to invest EUR124 million in AZ NGA, valuing the business at an EV of AUD 690 million.
- The company is reorganizing its Italian FA network to create a digital bank, aiming to capture net interest income and consolidate client relationships.
- Distribution costs increased by EUR25 million, with Italy accounting for EUR20 million of this rise.
- Personnel and SG&A costs rose by EUR30 million, with a significant portion attributed to foreign operations.
- The company faces challenges in maintaining a stable recurring margin, which has seen a downward trend in previous quarters.
- There is uncertainty regarding the completion of the Oaktree transaction, which is subject to Foreign Investment Review Board approval in Australia.
- The New Bank Project faces potential delays and complexities, with multiple strategic options still under consideration.
Good afternoon. This is the Chorus Call conference operator. Welcome, and thank you for joining the Azimut Holding 9 Months 2024 results conference call.
(Operator Instructions)
At this time, I would like to turn the conference over to Mr. Gabriele Blei, CEO of Azimut. Please go ahead.
Thank you very much, and good afternoon to everyone. As usual, we'll go quickly through the presentation that you might have received, and then we will be available for Q&A. If we just want to start on Slide #4, a quick highlights on the results so far this year. We have gathered up until the 9 months, EUR12.5 billion. If we update this with yesterday's announcement as of the end of October, inflows have come down to EUR14.3 billion, so surpassing even the revised guideline we have given in July this year.
Adjusted net income of EUR447 million, a 28% progression with the same period the year before. And as far as clients are concerned, we are delivering a net
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