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 vs. €45 million in 2023).

• Consolidated equity stood at €1.38 billion at 30 September 2024, compared to €1.44 billion at year-end 2023.

• Associates contributed €40.4 million to profits, with OVS, Alpitour, and other key investees reporting increased revenues despite a European economic slowdown.

• Notable performances from OVS, Alpitour, and other key investees; advisory revenues were just under €1 million.

Financial highlights

• IFRS net profit for the period was €23.2 million, compared to €29.3 million in the same period of 2023.

• Total revenues 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, €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, down from €0.17 in 2023.

Outlook and guidance

• The environment remains challenging, with modest growth in Europe and stronger performance in the US and Asia.

• Central banks are expected to continue reducing policy rates in the short term, but long-term rate cuts are unlikely.

• More attractive investment opportunities are anticipated for low-leverage groups; 2025 could see a resurgence in IPO activity.

• TIP plans to remain selective and patient in new investments.