Financial Data and Key Metrics Changes - The company has experienced nine consecutive years of growth in sales, EBITDA, and EPS, but this year marks a disappointing performance [4][5][13] - The company is targeting a 1% to 3% CAGR in EBITDA over the next three years, with a focus on improving the quality of earnings and reducing exceptional items [37][39] Business Line Data and Key Metrics Changes - The company has seen stabilization in volume market share and growth in volume share in the frozen food category, despite a decline in the overall category growth due to unusual weather conditions [8][34] - The ice cream business has faced challenges, particularly in July and August, due to unrest in Serbia affecting out-of-home sales [36][64] Market Data and Key Metrics Changes - The frozen food category has shown resilience, with growth over the last ten years, although recent months have seen a decline linked to weather conditions [34][35] - The company has reaffirmed its guidance for 2025, indicating confidence in future performance despite recent challenges [65] Company Strategy and Development Direction - The company is focusing on a "Must Win Battles" strategy to concentrate on key markets where it holds significant market share [7] - A new master brand advertising campaign is being rolled out to enhance brand visibility and efficiency in media spending [18][47] - The company plans to increase its productivity program by 25%, targeting €200 million in savings over the next three years, primarily in supply chain and overheads [39][40] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges faced this year, including inflation and supply chain issues, but emphasizes the importance of learning from these experiences to strengthen future performance [6][10][13] - The company believes there are significant growth opportunities in the frozen food category, particularly in markets with lower penetration compared to the U.S. [15][16] Other Important Information - The company is committed to innovation, with plans to increase the percentage of renovated products and introduce new offerings in the ready meals category [21][23] - The foodservice segment, which accounts for around 8% of the business, is expected to grow, particularly in the Nordics and Southern Europe [29][32] Q&A Session Summary Question: Why has the company lowered its long-term growth targets? - Management indicated that the previous targets were too ambitious given the volatile environment and emphasized the need for a larger savings program to create space for reinvestment [53][55] Question: Are the targeted cost savings realistic? - Management clarified that the $200 million savings target is an increase from previous savings and is essential for maintaining competitiveness and reinvesting in product quality [60][62] Question: How does the company plan to manage pricing and market share? - Management explained that they have developed a revenue growth management tool to make more informed pricing decisions by category and country, allowing for better management of market share [71] Question: What is the outlook for capital allocation moving forward? - Management highlighted that the company has been active in share buybacks and dividends, and will continue to evaluate capital allocation based on current valuations [72]

Financial Data and Key Metrics Changes - The company generated $58 million in consolidated revenue for Q1 2025, representing a 14% year-over-year increase [8][25] - Adjusted EBITDA for the quarter was $9 million, up from $7 million in the same period last year, reflecting a 38% increase [8][26] - The company reported a net loss of $3 million on a GAAP basis, while adjusted net income was $3 million [26] Business Line Data and Key Metrics Changes - Revenue in the core Wealth Management and Capital Solutions segment rose 23% year-over-year, driven by a 10% increase in assets under management and advisement [8][25] - The Wealth and Capital Solutions segment generated $57 million in revenue, contributing significantly to overall growth [25] - Adjusted EBITDA for the Wealth and Capital Solutions segment was $19 million, reflecting a 34% margin [27] Market Data and Key Metrics Changes - The company closed the acquisition of Kontoora, marking its entry into Germany, the world's third-largest ultra-high-net-worth market [6][11] - Total assets in the Wealth and Capital Solutions segments reached approximately $82 billion, including around $32 billion managed through the international platform [12] Company Strategy and Development Direction - The company aims to become the leading independent global multifamily office and OCIO platform, focusing on strategic acquisitions and organic growth [6][18] - A zero-based budgeting approach is being implemented to align costs with strategic priorities and enhance operational efficiency [7][20] - The company is exiting non-core businesses to streamline operations and focus on high-conviction opportunities [7][22] Management's Comments on Operating Environment and Future Outlook - Management noted that despite market volatility, portfolios remained resilient due to broad diversification across asset classes [17][18] - The company is optimistic about growth opportunities in Germany and the strong organic pipeline in the U.S. [39][40] - Management emphasized the importance of aligning investments with clients' values, highlighted by the launch of the Alti Global Social Progress Index [19][20] Other Important Information - The company ended the quarter with $52 million in cash and no debt, evaluating financing alternatives for future growth [29][30] - The company is advancing its marketing strategy with a focus on segmentation to better resonate with client needs [15][16] Q&A Session Summary Question: Can you discuss the zero-based budgeting efforts and provide a timeline for expected reductions? - Management indicated that the zero-based budgeting process is a line-by-line review across all segments, with implementation already underway [34][35] - More detailed quantification of cost savings is expected to be provided in August [36] Question: What are the expectations for growth in Germany and the M&A pipeline? - Management expressed optimism about the German market, highlighting the successful acquisition of Kontoora and ongoing client engagements [38][39] - The M&A pipeline includes both individual team lift-outs and organizations in various markets, with a strong organic growth pipeline as well [40] Question: Can you provide details on the real estate business and its near-term direction? - The company is divesting from its international real estate segment, focusing on core wealth management operations, with a definitive plan expected by the next call in August [44] Question: How is the company navigating market volatility and its impact on AUM? - Management remains relatively sanguine about market volatility, emphasizing a balanced asset approach and the ability to adapt to changing conditions [46][47]