AZIHF - Azimut Holding S.p.A. (AZIHF) Q1 2024 Earnings Call Transcript
2024-05-10 16:13:10 ET
Azimut Holding S.p.A. (AZIHF)
Q1 2024 Earnings Conference Call
May 09, 2024 9:00 AM ET
Company Participants
Gabriele Blei – Chief Executive Officer
Alessandro Zambotti – Co-Chief Executive Officer and Chief Financial Officer
Conference Call Participants
Hubert Lam – Bank of America
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 First Quarter 2024 Results Conference Call. As a reminder, all participants are in the 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 Mr. Gabriele Blei, CEO. Please go ahead, sir.
Gabriele Blei
Thank you very much, and welcome to everyone. We will go through the presentation as usual as quickly as possible in order to leave time for Q&A. So if you wish to start on Slide number 4, just a quick snapshot of the key results in Q1 2024, €1.5 billion of net inflows up until March. If you include April, this goes up to €2 billion, total revenues in the quarter of €351 million and an EBIT of €161 million. We do close with a net profit adjusted of €122 million, and the adjustment is, as we have been used also in 2023 to take into account the IFRS 17, which has during the quarter an impact of negative almost €6 million, which we are readjusting.
Moving to Slide number 5. We wanted to give you three key highlights, given the recent discussion we had with investors and analysts in order to provide some light on a couple of things. First, we are reconfirming the targets of €500 million net profit and more than €7 billion of net inflows also thanks to the partnership. We do have a very strong confidence in exceeding those targets, thanks to the quarterly results that we are presenting today, as well as the latest company updates that we have provided over the last couple of months. Kennedy Lewis, just to mention as the spin-off of the Italian financial advisory network as well as other transactions that we are discussing, and we hope to update you soon in order to extract further value for the shareholders....
Azimut Holding S.p.A. (AZIHF) Q1 2024 Earnings Call Transcript