AZIHF - Azimut Holding S.p.A. (AZIHF) FY2024 Earnings Call Transcript

2025-03-06 14:24:06 ET

Azimut Holding S.p.A. (AZIHF)

FY2024 Earnings Conference Call

March 6 2025 9:00 AM ET

Company Participants

Gabriele Blei - Chief Executive Officer

Alessandro Zambotti - Chief Financial Officer

Conference Call Participants

Hubert Lam - Bank of America

Gianluca Ferrari - Mediobanca

Alberto Villa - Intermonte

Elena Perini - Intesa Sanpaolo

Domenico Santoro - HSBC

Presentation

Operator

Good afternoon. This is the Chorus Call conference operator. Welcome and thank you for joining the Azimut Holding Full Year 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.

Gabriele Blei

Good afternoon to everyone and thank you for joining us. As usual, we'll go through the presentation as quickly as possible and leave room for Q&A. So let's start on Page #4. We provide you with a recap of the last six years. As you can see, going through volatile markets, where just as a reminder, we went through COVID, geopolitical risks, increasing interest rates and so on and so forth. And on top of that, we had to change the fee structure which casted some doubts on the sustainability of our business model.

Well despite all this, this year we have recorded the highest level of revenues and the second highest level of net profit which has led to deleverage process which was announced back in 2019 when we took out the leverage of up to €900 million. And through the organic cash flow generation, we ended this year with the full repayment of all the debt commitments that we had.

And despite all this, we have proposed to pay a dividend of €1.75 per share, which is in line and consistent with our dividend policy and takes into account the solid results and the fact that we are now debt-free in our balance sheet. Clearly we also remain committed to invest in growing the business further as well as use buyback to enhance total shareholder remuneration. ...

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