Banca Generali S.p.a. · MIL:BGN
Banca Generali — FY 2023 Earnings Presentation
60 slides from Banca Generali's earnings presentation, Feb 8, 2024
Slide 1: Preliminary FY 2023 Results Presentation
Investor AA Preliminary FY 2023 RESULTS Presentation 8 February 2024
Slide 2: FY 2023 Financial Results agenda
To be the No. 1 private bank, unique by value of service, innovation and sustainability FY 2023 Financial Results To be the No. 1 Balance Sheet & Capital Ratios private bank, unique Net Inflows, Assets and Recruiting by value of Business Update and Closing Remarks service, innovation Annex and susta
Slide 3: FY 2023 Results: Executive Summary
FY 2023 RESULTS: EXECUTIVE SUMMARY FY 2023 results delivering a new milestone in business size and profits • Client assets hit new record high: €92.8bn (+12% YoY) • Best net profit ever, driven by recurring component: €326.1m (+53% YoY) • Sound capital ratios fully supporting DPS proposal of €2.15 (
Slide 4: New Classification of Assets, Net Inflows and Recurring Fees
NEW CLASSIFICATION OF ASSETS, NET INFLOWS AND RECURRING FEES BY FEE INCOME GENERATION To t a l A s s e t s / N e t I n f l o w s Recurring Fees Assets under Investment1 (AUI) Investment Fees • AUM • Management Fees • Assets under Advisory (AUA) • Advisory Fees Other Assets Other Recurring Fees • Pur
Slide 5: Recurring Net Profit
RECURRING NET PROFIT RECORD-HIGH NET PROFIT DRIVEN BY RECURRING COMPONENT Net Profit - Yearly Trend €\m FY 2023 reported net 326.1 profit to best result ever 323.1 5.8 (€326.1m, +53% YoY) entirely supported by 272.1 274.9 increase in recurring net 146.5 213.0 profit (€320.3m, +45% YoY) 27.2 203.6 20
Slide 6: Net Financial Income
NET FINANCIAL INCOME STRONG INCREASE LINKED TO RATES NORMALIZATION Net Financial Income (NFI) €\m +90.9% 321.3 FY 2023 NFI (+91% YoY) +34.8% driven by NII component 16.9 while trading gains were more subdued 168.3 +0.9% 23.3 304.4 FY 2023 NII up to €304.4m 74.9 86.4 79.7 80.4 (+110% YoY) driven by s
Slide 7: Total Gross Fees
TOTAL GROSS FEES LEVERAGING ON DIVERSIFIED BUSINESS LINES Total Gross Fees 960.0 977.2 234.4 243.1 243.2 240.8 250.1 €\m FY 2023 gross recurring fees (+2% YoY) posted a +1.8% +3.7% solid quarterly trend (+4% YoY, +1% QoQ) driven by strong advisory fees Gross Recurring Fees 940.7 958.0 +1.3% (+15%) a
Slide 8: Gross Recurring Fees (1/4)
GROSS RECURRING FEES (1/4) RESILIENT CORE COMPONENT WITH STRONG BOOST FROM ADVISORY Investment Fees1 €\m -0.3% Management Fees +2.2% Investment fees (flat 848.8 846.0 YoY) posted a sticky -1.5% Advisory Fees 35.9 41.3 contribution despite unfavourable conditions 812.9 804.7 206.6 209.2 211.2 214.4 2
Slide 9: Gross Recurring Fees - Management Fees (2/4)
GROSS RECURRING FEES - MANAGEMENT FEES (2/4) STEADY MANAGEMENT FEE MARGIN IN VOLATILE MARKET CONDITIONS Management Fees €\m -1.0% +1.3% 812.9 804.7 -1.8% FY 2023 management fees (-1% YoY) tracked 197.6 199.8 200.9 203.8 200.2 average AUM trend (- 1% YoY). Also 2022 2023 4Q22 1Q23 2Q23 3Q23 4Q23 quar
Slide 10: Gross Recurring Fees - Advisory Fees (3/4)
GROSS RECURRING FEES - ADVISORY FEES (3/4) PROVIDING A GROWING CONTRIBUTION TO RECURRING FEES Advisory Fees1 €\m +15.2% +22.6% 41.3 35.9 +3.9% FY 2023 advisory 9.0 9.4 10.3 10.6 11.0 fees (+15.2% YoY) steadily increased reflecting growing 2022 2023 4Q22 1Q23 2Q23 3Q23 4Q23 demand for professional ad
Slide 11: Gross Recurring Fees - Other Fees (4/4)
GROSS RECURRING FEES - OTHER FEES (4/4) STRONG RESULT REFLECTING PICKUP IN CLIENT ACTIVITY Other Fees €\m +21.9% +15.4% FY 2023 entry fees Entry Fees 112.0 91.9 (+35% YoY) driven by 24.2 Brokerage Commissions +27.0% fees on certificates and 24.0 other placements (+64%) 46.8 28.9 30.0 Other Banking F
Slide 12: Total Payout Ratio
TOTAL PAYOUT RATIO PAYOUT TO FAS BROADLY STABLE Total Fee Expenses 488.5 510.4 123.9 124.9 130.6 123.6 131.3 €\m FY 2023 fee expenses at €510.4m (+5% YoY) of which: o/w Fee Expenses on NII1 1.8 11.7 1.8 2.5 3.0 3.3 3.0 • €498.7 (+2%) related to recurring fee expenses and cost of growth 45.9% 45.9% 4
Slide 13: Operating Costs (1/2)
OPERATING COSTS (1/2) CORE OPERATING COSTS IN LINE WITH GUIDANCE Total Operating Costs €\m +7.9% FY 2023 total operating costs (+7.9% YoY) including 276.7 Non Core Items 256.5 +11.4% €8.1m (+131% YoY) of non- 8.1 core items linked to: 3.5 Sales Personnel 21.8 20.2 • feasibility studies related to Co
Slide 14: Operating Costs (2/2)
OPERATING COSTS (2/2) STEADY IMPROVEMENT IN COST RATIOS Operating Costs / Total Assets Cost / Income Ratio 0.51% 55.8%54.7% 54.5%54.8% 0.45% 52.8% 0.40% 0.37% 46.9%47.3% 44.6% 0.33%0.33% 43.0% 0.31%0.30% 0.31%0.30% 40.8% 0.28% 45.9% 41.8%42.1% 40.7% 42.1% 40.1% 34.9% 37.4% 36.0%36.8% 35.1% 31.1% 201
Slide 15: Net Provisions
NET PROVISIONS HEADLINE NUMBERS AFFECTED BY DISCOUNT RATE REVIEW Net Provisions – Reported €\m +83.9% FY 2023 spike in 49.8 +39.9% provisions (+84% YoY) linked to YoY dynamics 27.1 in discount rates 22.5 applied for fair value 16.1 10.2 8.5 8.6 calculation in actuarial provisions and other contractu
Slide 16: Summing Up
SUMMING UP Comments (€m) FY22 FY23 % Chg Operating result excl. performance Net Financial Income 168.3 321.3 90.9% fees rose significantly (+35% YoY) Net recurring fees 452.2 447.6 -1.0% driven by record progress in net Variable fees 19.3 19.2 -0.5% interest income, sound recurring fees Total Bankin
Slide 17: Balance Sheet & Capital Ratios agenda
To be the No. 1 private bank, unique by value of service, innovation and sustainability FY 2023 Financial Results To be the No. 1 Balance Sheet & Capital Ratios private bank, unique Net Inflows, Assets and Recruiting by value of Business Update and Closing Remarks service, innovation Annex and susta
Slide 18: Balance Sheet - Total Assets
BALANCE SHEET – TOTAL ASSETS FURTHER YIELD ENHANCEMENT AND ASSET STABILIZATION Total Assets & Interest Bearing Assets (IBA): Volumes and Yields €\bn Interest Bearing Assets 17.3 FY 2023 interest bearing 15.5 15.5 assets at €14.1bn, slightly Financial Assets 1.4 recovering from 9M 2023. 1.0 1.1 2.5 H
Slide 19: Balance Sheet - Total Liabilities & Equity
BALANCE SHEET – TOTAL LIABILITIES & EQUITY VOLUMES STABILIZATION AND COST OF FUNDING NEARING PEAK LEVEL Total Liabilities & Equity: Volumes and Yields €\bn FY 2023 total deposits at Total Deposits €13.5bn, o/w client 17.3 1 15.5 15.5 deposits at €11.2bn (83% of Client Deposits 1.9 total) 1.7 1.3 Oth
Slide 20: Capital and Liquidity Ratios
CAPITAL AND LIQUIDITY RATIOS CAPITAL STRENGTH FURTHER INCREASED Total Capital Ratio % Leverage Ratio % CET1 AT1 19.0% TCR Capital ratio at 18.4% 17.4% 5.4% 16.7% 1.2% 5.1% 19.0% (+230bps YoY) 1.3% 1.1% 4.6% 1.1% 4.3% thanks to growing organic capital generation more 17.1% 17.8% than offsetting: i) g
Slide 21: 2023 Dividend Proposal
2023 DIVIDEND PROPOSAL FULLY EXPLOITING THE FLEXIBILITY OF OUR DIVIDEND POLICY Dividend Policy Dividend Proposal FY 2023 DPS proposal at €2.15 per share (77.0% Tot. payout on consolidated net 70.5% 70.5% 90.5% 77.0% profit) based on the following Payout terms: 2.15 1.95 DPS (€) and 1.65 1 1.65 1 1.6
Slide 22: Net Inflows, Assets and Recruiting agenda
To be the No. 1 private bank, unique by value of service, innovation and sustainability FY 2023 Financial Results To be the No. 1 Balance Sheet & Capital Ratios private bank, unique Net Inflows, Assets and Recruiting by value of Business Update and Closing Remarks service, innovation Annex and susta
Slide 23: Total Assets (1/2)
TOTAL ASSETS (1/2) NEW ALL TIME HIGH Total Assets (Traditional View) €\bn Total Assets by Fee Category1 €\bn +12% 92.8 83.1 FY 2023 total assets at 92.8 €92.8bn (+12% YTD) 83.1 10.5 +24% 29.9 thanks to net new money 12.1 24.2 24.9 (€5.9bn) and positive 15.5 asset performance (+4.8% YoY) +3% 58.9 62.
Slide 24: Total Assets (2/2)
TOTAL ASSETS (2/2) RECOVERY DRIVEN BY IN-HOUSE SOLUTIONS AUM Products €\bn o/w Managed Solutions - Wrappers €\bn +4% AUM product (+4% YoY), growth driven by +8% 21.1 57.4 19.5 robust higher-margin 55.5 Insurance Wrappers managed solutions (+7% 15.4 14.3 10.6 YoY) 10.1 Financial Wrappers 40.1 43.1 9.
Slide 25: Net Inflows (1/4)
NET INFLOWS (1/4) POSITIVE VOLUMES IN A CHALLENGING ENVIRONMENT 1 Total Net Inflows (Traditional View) €\bn Net Inflows Breakdown by Fee Category €\bn +3% 5.7 5.9 FY 2023 net inflows at 5.9 5.7 €5.9bn, 3% above 2022 0.3 closing level despite 7.5 3.7 challenging financial 4.3 4.5 market conditions fo
Slide 26: Net Inflows (2/4)
NET INFLOWS (2/4) FINANCIAL WRAPPERS CONFIRMING THEIR STRENGTH AUM Products €\bn o/w Managed Solutions - Wrappers €\bn 1.2 Financial wrappers solid Insurance despite market volatility, 0.2 thanks to Wrappers 1.1 0.7 • positive track record Financial • well-diversified Wrappers 1.0 0.7 strategies -0.
Slide 27: Net Inflows (3/4)
NET INFLOWS (3/4) STRONG DELIVERY FROM THE EXISTING NETWORK Net Inflows by Acquisition Channel €\bn Recruitment by Acquisition Channel # FY 2023 net inflows driven by strong 5.7 5.9 contribution from 133 0.9 123 existing network, 1.2 accounting for 85% of 40 42 total net inflows (vs. 77% on average
Slide 28: Net Inflows (4/4)
NET INFLOWS (4/4) SOLID START TO THE YEAR FOR PRODUCT MIX AND RECRUITING Net Inflows Breakdown by Fee Category1 €\bn New Recruits # New year confirming trends of the last few 0.4 22 months in terms of 19 growing demand for 0.3 5 professional advice 4 and increasing interest in diversifying 0.4 8 11
Slide 29: Business Update and Closing Remarks agenda
To be the No. 1 private bank, unique by value of service, innovation and sustainability FY 2023 Financial Results To be the No. 1 Balance Sheet & Capital Ratios private bank, unique Net Inflows, Assets and Recruiting by value of Business Update and Closing Remarks service, innovation Annex and susta
Slide 30: Focus on Enhancing FA Productivity
FOCUS ON ENHANCING FA PRODUCTIVITY DEPLOYMENT OF STRATEGIC INITIATIVES New Network Roles & Te c h n o l o g y & D a t a E n a b l e r s Professional Figures New network organization Advanced Data Analytics E N AN C H I N G FA New managerial roles PRODUCTIVITY R PA & D i g i t a l i z a t i o n New p
Slide 31: New Network Roles and Professional Figures
FOCUS ON ENHANCING FA PRODUCTIVITY NEW NETWORK ROLES AND PROFESSIONAL FIGURES New network organization Focus on bringing Managers closer to FAs to improve the level of service offered and enhance FAs’ skills Focus next slides FA N e t w o r k NEW NETWORK ROLES AND New managerial roles O R G A N I Z
Slide 32: FA Network: New Network Architecture
FA NETWORK NEW NETWORK ARCHITECTURE Cluster Assets (%) FAs (#) Assets/FA (€\m) Senior Senior Partners NEW Senior Partner Network: Partners PTF >€150m 17% 94 161.5 unicum in terms of Network positioning to enhance excellence, support and service to Clients Wealth Managers PTF >€50m 21% 305 60.6 WM, P
Slide 33: Technology and Data Enablers
FOCUS ON ENHANCING FA PRODUCTIVITY TECHNOLOGY AND DATA ENABLERS Advanced Data Analytics New data platform to measure clients’ potential in order to drive initiatives to develop commercial relationship with clients Focus next slide Innovation Projects TECHNOLOGY A N D D AT A R PA & D i g i t a l i z
Slide 34: Data-Driven Applications: Scoring Client Potential
DATA-DRIVEN APPLICATIONS FIRST TOOL FOR SCORING CLIENT POTENTIAL First proprietary tool for scoring client potential (fully developed in-house) Data enrichment and analysis based on PSD2 and machine learning techniques to improve client profiling Commercial approach co-designed with FA Network to id
Slide 35: 2022-2024 Financial Targets
2022-2024 FINANCIAL TARGETS ON TRACK AND TARGETS REAFFIRMED Objectives and KPIs 2022-24 Targets 2023 Targets vs. Results 2024 Targets Consistent growth Cumulated net inflows €18bn–€22bn €5.7bn–€6.7bn €5.9bn > €6.0 2022-2024 +35% 15%-20% Profitable growth 15%–20% 2021-2023 10%–15% 2021-24 Increase of
Slide 36: Annex agenda
To be the No. 1 private bank, unique by value of service, innovation and sustainability FY 2023 Financial Results To be the No. 1 Balance Sheet & Capital Ratios private bank, unique Net Inflows, Assets and Recruiting by value of Business Update and Closing Remarks service, innovation Annex and susta
Slide 37: Focus on Financial Assets (1/3)
FOCUS ON FINANCIAL ASSETS (1/3) HIGH QUALITY, LIQUID AND WELL DIVERSIFIED INVESTMENT MIX Focus on Financial Assets (Banking Book) Total PTF Classification Bond PTF Classification Financial assets are high quality and well diversified: 5% Italy Govt Bonds • 98% of the bond portfolio is made up of Equ
Slide 38: Focus on Financial Assets (2/3)
FOCUS ON FINANCIAL ASSETS (2/3) SHARP RISE IN INVESTMENT YIELDS Total NII Yield: Quarterly Trend Financial Assets Yield: Quarterly Trend 2.99% 2.13% 2.13% 2.14% 2.80% 2.63% 1.82% 2.12% 1.42% 1.42% 0.89% 0.95% 0.75% 0.71%0.66% 0.78% 0.75% 0.60% 0.75% 0.66% 0.63% 0.56% 0.48% 0.56% 0.60% 0.50% 4Q 1Q 2Q
Slide 39: Focus on Financial Assets (3/3)
FOCUS ON FINANCIAL ASSETS (3/3) LIQUID INVESTMENT PROFILE THANKS TO SHORT TERM MATURITIES Bonds - Banking Book Maturities by Year €\bn Bonds - Banking Book Maturities by Accounting Treatment €\bn 2.7 HTC HTCS 1.9 2.2 1.2 1.1 1.5 0.9 0.8 0.6 0.5 1.2 1.1 0.3 0.9 0.8 0.1 0.1 0.5 0.6 0.5 0.0 0.4 0.3 0.1
Slide 40: Focus on Loan Book
FOCUS ON LOAN BOOK HIGH QUALITY LOAN BOOK Total Assets and Interest Bearing Assets €\bn Focus on Loan Book (Banking Book) 17.3 2023 Credit Book €\bn Lending Quality % 15.5 15.5 0.8 Other Assets 1.4 0.6 Loans to Banks & 2.5 1.0 1.1 Other Assets 2.3 2.3 1.6 Loans to Clients 99.2 Financial Assets 11.9
Slide 41: Focus on AUC Assets
FOCUS ON AUC ASSETS BREAKDOWN AND MAIN HIGHLIGHTS Intense Activity on AUC for Tactical Reasons, supported by Dedicated Services PRIMARY MARKETS + CERTIFICATES €\bn AUC ASSETS €\bn 2.4 ~22% 1.2 Advisory on AUC of AUC Assets 24.7 13% 2022 2023 Primary & Certificates ~6% of AUC Assets ADVISORY ON TOT.
Slide 42: Focus on BG Fund Management Luxembourg
FOCUS ON BG FUND MANAGEMENT LUXEMBOURG (BG FML) DEEP DIVE ON ASSETS BG FML - Assets by SICAV €\bn BG FML – Total Assets €\bn +10% BG FML Sicavs are 20.4 18.6 distributed both as Institutional retail funds as Fund Classes 10.3 20.4 9.5 building blocks 18.6 for wrapper 0.1 Retail Fund 9.1 10.1 solutio
Slide 43: Financial Advisory Network (1/2)
FINANCIAL ADVISORY NETWORK (1/2) SIZE OF THE NETWORK AND KEY FEATURES No. of FAs # Key highlights 2,260 <35 2,162 2,204 2,087 Age 35-50 2,040 1,936 1,985 ~55 1,841 >50 1,715 1,645 1,475 Male Gender Female 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Headline FA retention at 97.0% - Core FA
Slide 44: Financial Advisory Network (2/2)
FINANCIAL ADVISORY NETWORK (2/2) TREND IN ASSETS PER FINANCIAL ADVISORS - BG VS. SECTOR Average FA portfolio (Assets per Financial Advisor) €\m Banca Generali Assoreti 1 40.6 39.2 37.3 35.1 32.8 13.4 28.8 29.0 13.3 12.0 25.8 11.6 24.3 22.2 10.9 10.6 25.8 24.0 9.9 23.1 9.7 21.2 8.6 17.9 18.4 15.9 14.
Slide 45: Clients Trend and Key Features
CLIENTS TREND AND KEY FEATURES Total No. of Clients ‘000 Breakdown by cluster of Clients 349k €91.8bn1 349 342 0.5% 332 9.5% 25.9% 312 27.7% 299 >5m 290 500k-5m 279 43.5% 100-500k 263 <100k 249 62.3% 245 23.6% 228 7.0% No.of Clients AUM (bn/€) Private Banking Assets2: €63.7bn Private Banking Clients
Slide 46: Annex: Investor Day messages
To be the No. 1 private bank, unique by value of service, innovation and sustainability FY 2023 Financial Results To be the No. 1 Balance Sheet & Capital Ratios private bank, unique Net Inflows, Assets and Recruiting by value of Business Update and Closing Remarks service, innovation Annex and susta
Slide 47: Growth Through the Evolution of the Bank
GROWTH WILL BE ACHIEVED THROUGH THE EVOLUTION OF THE BANK BASED ON THREE KEY PILLARS Pillars Value of service Bring the Bank even closer to the FA network and Clients Innovation Continue to build a data-driven, digital and open bank Sustainability Be the ESG reference point for all our Stakeholders
Slide 48: Offer, Service Model and Network Management Approach
OFFER, SERVICE MODEL AND NETWORK MANAGEMENT APPROACH 1 st P i l l a r KEY STRATEGIC GUIDELINES 1 st P i l l a r Value of service Bring the Bank even closer to the FA network and Clients Guidelines KPIs Providing FAs with bespoke products, services and Assets under Targeted offer platforms to anticip
Slide 49: Expanding into New Client Segments
EXPANDING INTO NEW CLIENT SEGMENTS 1 st P i l l a r PRODUCTS, SERVICES AND PLATFORMS TO SERVE CURRENT CLIENTS AND ATTRACT NEW CLIENTS Advanced Client pyramid 1. Advisory 2. In-house offer 3. Insurance 4. AUC & Banking 5. Lending 2023 Client assets1 Introduction of sophisticated and exclusive solutio
Slide 50: Three Dedicated Service Models
THREE DEDICATED SERVICE MODELS 1 st P i l l a r TO BETTER SUPPORT FAS AND CLIENTS New service models Target Client and description High potential Clients Enhanced Enhanced “Double touch” service model, powered by dedicated Family Office data-driven platform, to better capture complex-need HNW Client
Slide 51: Bringing Growth to the Next Level
BRINGING GROWTH TO THE NEXT LEVEL 1 st P i l l a r BY WORKING ON BOTH PRODUCTIVITY AND NETWORK EXPANSION 1. Data-driven approach 1. Service models & targeted offers Managerial initiatives & support Geomarketing & support 2. New talent pools Private talent 2. Next generation & diverse talent Internat
Slide 52: Strategic Guidelines on Data, Platforms and Partnerships
STRATEGIC GUIDELINES ON DATA, PLATFORMS AND PARTNERSHIPS 2 nd P i l l a r ONGOING PATH TOWARDS INNOVATION 2 nd P i l l a r Innovation Continue to build a data-driven, digital and open bank Guidelines KPIs Systematizing data to power our commercial approach, Operating Costs / Data-driven bank by depl
Slide 53: Data-Driven Bank
2 nd P i l l a r DATA-DRIVEN BANK THE NEXT STEP WILL BE TO EXPLOIT OUR HIGH-QUALITY DATA TO POWER THE COMMERCIAL PROCESS Provide the FA network with engagement Foster collaboration between Cloud architecture in place ideas to stimulate commercial process Bank and FA network Client Banker District Sc
Slide 54: Digital Platforms
2 nd P i l l a r DIGITAL PLATFORMS FURTHER FOSTERING PERSONALIZATION, SCALABILITY AND DIGITAL EXPERIENCE Family Office Targeted personal platforms as the enablers data driven platform Advisor to new service models, to achieve greater personalization in our commercial process Onboarding Smart operati
Slide 55: Strategic Guidelines for BG's Sustainability Path
STRATEGIC GUIDELINES FOR BG’S SUSTAINABILITY PATH 3 rd P i l l a r STATED FOR EACH STAKEHOLDER 3 rd P i l l a r Sustainability Be the ESG reference point for all our Stakeholders Guidelines KPIs Enriching our SDGs1 value proposition by expanding Clients and FAs our ESG offer and continuous training
Slide 56: Key 2023 Achievements
KEY 2023 ACHIEVEMENTS 3 rd P i l l a r STRONG SUSTAINABILITY COMMITMENT • Assets invested in ESG products increased • Definition of Banca Generali’s Active to €16.2bn at end-2023, equal to 37.6% of total Ownership Policy, to be applied from managed solutions. The result is in line with the Sharehold
Slide 57: Sustainable Value Proposition
SUSTAINABLE VALUE PROPOSITION 3 rd P i l l a r STEADY GROWTH IN ESG ASSETS ESG Assets €\bn BGPP: our ESG Platform Strong increase in ESG assets1 to €16.2bn (+25.6%), BG Personal Portfolio (BGPP) is our ESG dedicated platform reaching 37.6% of managed solutions allowing for a unique investment choice
Slide 58: ESG Ratings
ESG RATINGS 3 rd P i l l a r HIGH QUALITY ACHIEVEMENTS Key ratings Main take-aways • In 2022, Banca Generali received a rating of A (on a scale of AAA- CCC) in the MSCI ESG Ratings assessment MSCI Scores • The rating has steadily improved over the past 5 years On a scale from CCC to AAA • In July 20
Slide 59: 2024 Upcoming Events and IR Contacts
2024 UPCOMING EVENTS MAY Su Mo Tu We Th Fr Sa 1 2 3 4 5 6 7 8 9 10 11 1Q 2024 Results 12 13 14 15 16 17 18 Conference Call 19 20 21 22 23 24 25 Investor Relations Contacts 26 27 28 29 30 31 Giuliana Pagliari Investor Relations Manager JULY Phone +39 02 408 26548 Su Mo Tu We Th Fr Sa Mobile +39 331 6
Slide 60: Disclaimer
DISCLAIMER The manager responsible for preparing the company’s financial reports (Tommaso Di Russo) declares, pursuant to paragraph 2 of Article 154-bis of the Consolidated Law of Finance, that the accounting information contained in this presentation corresponds to the document results, books and a