Tamburi Investment Partners (TIP) Q3 2024 earnings summary

Executive summary

• Pro forma consolidated net profit for the first nine months of 2024 was €44 million, down from €73.6 million in the same period of 2023, mainly due to lower capital gains (€20 million in 2024 vs. €45 million in 2023).

• Consolidated shareholders' equity stood at €1.38 billion as of September 30, 2024, compared to €1.44 billion at December 31, 2023.

• Associates contributed €40.4 million to profit, with OVS, Alpitour, and other investees showing strong performance despite a European economic slowdown.

Financial highlights

• Total revenues for the period were €867,826, down from €1,175,436 year-over-year.

• Personnel expenses decreased to €14.4 million from €18.4 million, reflecting lower variable remuneration.

• Financial income included €21.6 million in capital gains (mainly from Prysmian share sale), €8.9 million in dividends, and €1.5 million in interest income.

• Net financial position was negative €415 million, stable versus year-end 2023.

• Basic and diluted EPS for the period were €0.14, compared to €0.17 in the prior year.

Outlook and guidance

• Management expects more attractive investment opportunities in the coming months as company prices decrease and private equity unsold positions remain high.

• The environment is seen as challenging but promising for low-debt groups; TIP plans to remain selective and patient in new investments.

• 2025 could mark a new cycle of IPOs, with TIP encouraging investees to consider public listings.