Tamburi Investment Partners (TIP) Q2 2024 earnings summary

Executive summary

• Pro forma consolidated net profit for H1 2024 was €34 million, down from €64.7 million in H1 2023, mainly due to lower capital gains (€21.6 million vs. €45.4 million year-over-year).

• Consolidated shareholders' equity stood at €1.43 billion as of June 30, 2024, stable compared to €1.44 billion at year-end 2023.

• Positive contributions from key investees, with 13 companies reporting revenue growth compared to H1 2023, despite a general economic slowdown.

Financial highlights

• Total revenues for H1 2024 were €778,675, up from €679,949 in H1 2023.

• Pro forma net profit was €34.1 million, with €21.6 million in capital gains; IFRS net profit was €13.4 million.

• Financial income included €8.9 million in dividends and €0.8 million in interest; financial charges mainly from bond interest (€4.6 million) and loans (€1.3 million).

• Personnel expenses decreased to €10.5 million from €13.9 million year-over-year, reflecting lower variable remuneration.

• Net financial position was negative €419 million at June 30, 2024, compared to negative €409 million at December 31, 2023.

Outlook and guidance

• Management expects more investment opportunities in coming months due to falling company prices and private equity divestment needs.

• TIP and its investees, characterized by strong liquidity and low leverage, are well positioned to benefit from current market conditions.

• Most significant effects of current trends expected to materialize in 2025, with TIP aiming to act as an aggregator.