Tamburi Investment Partners (TIP) Q2 2024 earnings summary

Executive summary

• Pro forma consolidated net profit for H1 2024 was over €34 million, including €21.6 million in capital gains, down from €64.7 million in H1 2023, which included €45.4 million in capital gains.

• Consolidated equity at 30 June 2024 was approximately €1.43 billion, stable compared to €1.44 billion at 31 December 2023.

• Positive contributions from associated companies, with many investees achieving higher revenues year-over-year despite economic slowdown; 13 companies reported revenue growth.

• A €290.5 million bond was issued, maturing in June 2029, with proceeds used to repay a previous €300 million bond early.

Financial highlights

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

• Personnel expenses decreased to €10.5 million from €13.9 million year-over-year.

• Financial income (including capital gains and dividends) was €31.3 million, down from €55.1 million 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.

• Net financial position was negative €419 million at 30 June 2024, compared to negative €409 million at year-end 2023.

Outlook and guidance

• 2024 is described as a year of consolidation, with many investees maintaining or growing sales.

• TIP and its investees are well-positioned to benefit from increased M&A opportunities due to high liquidity and low leverage.

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

• The group expects to capitalize on divestment needs of private equity funds and falling company prices, with significant effects likely in 2025.