Azimut Holding Spa Ord (AZIHF) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good afternoon. This is the call school conference operator. Welcome and thank you for joining the APSIMOD holding first quarter 2025 results conference call. As a reminder, all participants are in listen-only mode. After the presentation, there will be an opportunity to ask questions. Should anyone need assistance during the conference call, they may signal an operator by pressing star and zero on the telephone. At this time, I would like to turn the conference over to Giorgio Medda, CEO of APSIMOD. Please go ahead, sir. Good afternoon, everyone, and thank you for joining us today for AdMob's first quarter 2025 results presentation. I'm Giorgio Medes, CEO of the group, and I'm pleased to be here with Alessandro Zambotti, our CEO at Group CFO, and Alex Topera, Head of Investor Relations. We had a very strong start to the year, and today we will walk you through our key developments, financial performance, and the strategic progress we have made in positioning azimuths for long-term growth and value creation. So let's get it started and move to slide three, please. So let me begin, first of all, with the key highlights from the first quarter of 2025, which marked a strong start to the year from a strategic, financial, and operational perspective. We recorded the best first four months in our history in terms of managed NAV inflows, raising 5.5 billion euros. out of $5.7 billion in total, almost three times higher than the same period last year. This performance underlines the strength of our diversified business model and global platform. Secondly, recurring net income increased by 13%, confirming the resilience and the quality of our core business, even as overall profitability was affected by lower variable fees compared to last year. From a strategic standpoint, we...