Start Time: 09:00 January 1, 0000 9:56 AM ET
Poste Italiane S.p.A (OTCPK:PITAF)
Q3 2024 Earnings Call
November 06, 2024, 09:00 AM ET
Company Participants
Matteo Del Fante – CEO
Camillo Greco – CFO
Giuseppe Esposito – Head, IR
Conference Call Participants
Manuela Meroni – Banca Imi
Azzurra Guelfi – Citigroup
Alberto Villa – Intermonte
Andrea Lisi – Equita
Marco Nicolai – Jefferies
Giovanni Razzoli – Deutsche Bank
Michael Huttner – Berenberg
Iain Pearce – BNP Paribas Exane
Operator
[Abrupt Start]
…and Nine Months 2024 Results Conference Call.
In a few moments, Matteo Del Fante, our CEO, will take you through some opening remarks. And then Camillo Greco, our CFO, will cover the financials. This will be followed by a Q&A session where you can ask questions, either by phone or to our webcast platform. Please limit yourself to two questions.
Over to you, Matteo.
Matteo Del Fante
Thank you, Giuseppe, and good afternoon, everybody. Today, we are yet again reporting another strong set of results, demonstrating the ability of our unmatched platform company to deliver strong and sustainable profitability and cash generation. Starting with the top line. Revenues for the nine months came in at €9.2 billion, up 5% year-on-year or 8% on an underlying basis, our best-ever nine-month results.
As you know, one of our key focuses remain expense management, and we continue to successfully mitigate inflationary impacts, while in general, cost increase came from growing business volumes. Adjusted EBIT, excluding for consistency with business plan targets, the contribution to the insurance guarantee fund came in at nine months record of €2.3 billion, up 18% on an underlying basis. Net profit amounted to €1.6 billion, up 19%, again, on an underlying basis.
We continue to see positive net flows in investment products with resilient results in Asset Management
