Azimut Holding Spa · MIL:AZM
Azimut Holding Spa — Azimut Holding Spa Ord — Q4 2025 Earnings Presentation
68 slides from Azimut Holding Spa's earnings presentation, Mar 5, 2026
Slide 1: Azimut Group IR presentation
Azimut Group IR presentation March 2026
Slide 2: At a glance
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Business update “Elevate 2030” targets Azimut Group 2 At a glance Azimut is an independent global firm specializing in asset management across public and private markets, wealth management, investment banking
Slide 3: A multi-generational platform delivering growth, innovation, & client performance
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Business update “Elevate 2030” targets Azimut Group 3 A multi-generational platform delivering growth, innovation, & client performance Technology Leverage Asset Management-as- a-Service Assets Growth Distrib
Slide 4: Asset Management Product platform at a glance
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Business update “Elevate 2030” targets Asset Management 4 Product platform at a glance With Azimut's investment product offering, investors can access a wide range of asset classes and investment strategies a
Slide 5: Global Wealth Solutions (GWS)
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Business update “Elevate 2030” targets Global Wealth Solutions (GWS) 5 Connecting our global network to deliver investment ideas & products globally Luxembourg Idea Factory central hub for idea and product ge
Slide 6: Our history (1/2)
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Business update “Elevate 2030” targets Our history (1/2) 6 Longevity meets innovation 2001 2017-2019 Azimut MBO: ∼700 people invested, Opening in Dubai, Egypt, Abu Dhabi, completed in June 2002 New York 2004
Slide 7: Our history (2/2)
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Business update “Elevate 2030” targets Our history (2/2) 7 Longevity meets innovation 2023 2025 Strategic partnership with UniCredit Investment into Red Med Capital - Morocco and (Nova) opening in Saudi Arabi
Slide 8: Executive Team
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Business update “Elevate 2030” targets Executive Team 8 Strong Leadership Globally Group Leadership Giorgio Medda Pietro Giuliani Alessandro Zambotti CEO, Azimut Holding SpA Chairman, Azimut Holding SpA CEO &
Slide 9: Azimut Group Global Investment Committees
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Business update “Elevate 2030” targets Azimut Group Global Investment Committees 9 Strength in global views, with on-the-ground expertise Objectives Azimut Global Integrating and leveraging investment capabil
Slide 10: Group structure by region and business segment
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Business update “Elevate 2030” targets Azimut Group 10 Group structure by region and business segment Life & Pension Asset Management Distribution Private Markets Italy Italy Luxembourg Italy Monaco Italy EUR
Slide 11: Shareholder structure
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Business update “Elevate 2030” targets Shareholder structure 11 ~21% of Azimut shares are held internally, ensuring strong alignment of interest Timone Fiduciaria(1) Treasury shares(1) Approximately 2,000 ind
Slide 12: Shareholders’ agreement: Timone Fiduciaria
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Business update “Elevate 2030” targets Shareholder’s agreement: Timone Fiduciaria 12 Shareholders’ agreement ensuring stability and long-term commitment Participants Purpose ~ 2,000 financial advisors, employ
Slide 13: 21 years of exponential growth
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Business update “Elevate 2030” targets 21 years of exponential growth: from IPO to global scale 13 Doubling every five years # of countries 3 12 16 19 20 Total Assets development (€bn) 140.9 Kennedy Lewis & P
Slide 14: FY 2025 Net Inflows and Total Assets development
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Business update “Elevate 2030” targets FY 2025 Net Inflows and Total Assets development 14 Leading player in the Italian AM industry by net inflows for the 2nd consecutive year Pro-forma Assets Net inflows 1
Slide 15: Total Assets as of December 2025 (1/2)
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Business update “Elevate 2030” targets Total Assets as of 31 December 2025 (1/2) 15 Breakdown by business line Investment Discretionary Life Digital Total assets1 (€bn) funds & Advisory & Pensions AM YoY grow
Slide 16: Total Assets as of December 2025 (2/2)
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Business update “Elevate 2030” targets Total Assets as of 31 December 2025 (2/2) 16 A powerful global platform: 52% of Total Assets from international operations AZ NGA 28.0 68.0 10.6 4.0 30.3 (Australia) 12%
Slide 17: Average assets per advisor by country
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Business update “Elevate 2030” targets Integrated Solutions: Average assets per advisor by country 17 Advisor productivity driving scalable growth across markets Italy ex-TNB €29m 859 Italy €25m TNB 913 €22m
Slide 18: Avg. assets per relationship manager by country
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Business update “Elevate 2030” targets Global Wealth: Avg. assets per relationship manager by country 18 Productivity at scale across key wealth management hubs globally Switzerland $138m USA 9 UAE $216m $113
Slide 19: Global Wealth Solutions (GWS)
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Business update “Elevate 2030” targets Global Wealth Solutions (GWS) 19 Strong y-o-y growth confirms our position as a trusted partner for HNW clients 242 189 Total Global 146 145 Wealth 78 74 74 86 52 63 50
Slide 20: Institutional & Wholesale
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Business update “Elevate 2030” targets Institutional & Wholesale 20 A globally diversified € 40+ billion platform with strong institutional depth Total assets1 Institutional mix by region (€bn) 14.5 Instituti
Slide 21: Select client wins in 2025
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Business update “Elevate 2030” targets Select client wins in 2025 21 Winning at scale across our global platform $ 118m $ 44m $ 447m $ 123m $ 109m $ 38m Discretionary Tailored structured Portfolio allocation
Slide 22: FY 2026 product pipeline – public markets
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Business update “Elevate 2030” targets FY 2026 product pipeline – public markets 22 Expanding our product engine to accelerate inflows and platform growth Launch of 2 new Launch of 2 new life Launch of 2 Laun
Slide 23: FY 2026 product pipeline – private markets
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Business update “Elevate 2030” targets FY 2026 product pipeline – private markets 23 Scaling our global private markets platform across geographies 805m € 2.1bn raised to date1 fundraising target1 € 5.6 bn €
Slide 24: Continued robust private markets AuM development
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Business update “Elevate 2030” targets Continued robust private markets AuM development 24 12x AuM growth since 2019 >100 Products 8.1 8.2 2.9 Lewis & Kennedy 12x 7.7 0.4 0.4 Pathlight (1) Roundshield(2) 7.1
Slide 25: Private markets AuM breakdown
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Business update “Elevate 2030” targets Private markets AuM breakdown as of 31 December 2025 25 We continue to expand our private markets platform for the benefit of our clients AuM by asset class AuM by Regio
Slide 26: Azimut Group private markets in Italy (1/3)
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Business update “Elevate 2030” targets Azimut Group private markets in Italy (1/3) 26 Client exposure to private markets is over 4x the current global industry average Total Assets in private markets (%) Azim
Slide 27: Azimut Group private markets in Italy (2/3)
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Business update “Elevate 2030” targets Azimut Group private markets in Italy (2/3) 27 Deployed more than € 3 billion to drive Italy’s real economy Equity investments by sector Direct lending origination by se
Slide 28: Azimut Group private markets in Italy (3/3)
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Business update “Elevate 2030” targets Azimut Group private markets in Italy (3/3) 28 Delivering tangible client performance ahead of full deployment 1.1 1.3 2.3 NAV + uncalled 0.3 0.5 capital (€bn) 0.3 TVPI*
Slide 29: Overview of select exits to date (1/2)
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Business update “Elevate 2030” targets Overview of select exits to date (1/2) 29 With most funds still in the investment phase, we are already delivering value… Sicer Arrow Special Parts FibreConnect Producer
Slide 30: Overview of select exits to date (2/2)
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Business update “Elevate 2030” targets Overview of select exits to date (2/2) 30 …for the benefit of our clients across all the asset classes in which we operate Zimmermann Switcho Bipi Australian luxury fash
Slide 31: Azimut sells its stake in RoundShield Partners to Harrison Street
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Business update “Elevate 2030” targets Azimut’s sells its stake in RoundShield Partners to Harrison Street 31 With this 2nd exit, Azimut cements its position as a leader in monetizing GP stakes ~2x 1.4x >6x ~
Slide 32: Strategic Partnership with UniCredit: Nova Investment Mgmt.
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Business update “Elevate 2030” targets Strategic Partnership with UniCredit: Nova Investment Mgmt. 32 The partnership accelerates and supports UniCredit's strategy to strengthen and develop its asset manageme
Slide 33: Azimut US: fully integrated production & distribution platform
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Business update “Elevate 2030” targets Azimut US: fully integrated production & distribution platform 33 US Total Assets reach $53 billion, solidifying Azimut’s second largest market $53 billion Total Assets(
Slide 34: Azimut creates a $20bn integrated platform with NSI acquisition
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Business update “Elevate 2030” targets Azimut creates a $ 20bn integrated platform with NSI acquisition 34 A fast-growing platform with strong capabilities and consistent net inflows North Square Investments
Slide 35: Azimut’s digital leap
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Business update “Elevate 2030” targets Azimut’s digital leap 35 Powering the intelligent age of financial services with the Azimut Super App Azimut Super App: Redefining Wealth Engagement A modular platform f
Slide 36: Azimut’s approach to digital innovation
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Business update “Elevate 2030” targets Azimut’s approach to digital innovation 36 Azimut innovation lab: our next phase Mission Drive impactful digital and AI solutions to elevate client experience, enhance o
Slide 37: Selected examples of most recent developments (1/6)
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Business update “Elevate 2030” targets Selected examples of most recent developments (1/6) 37 Why we are focused on innovation Enhanced support to our Financial Advisors Unlock new markets and attract new gen
Slide 38: Selected examples of most recent developments (2/6)
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Business update “Elevate 2030” targets Selected examples of most recent developments (2/6) 38 Enhanced support to our Financial Advisors (1/2) Metadvisor Platform as a Service (PaaS) designed to empower both
Slide 39: Selected examples of most recent developments (3/6)
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Business update “Elevate 2030” targets Selected examples of most recent developments (3/6) 39 Enhanced support to our Financial Advisors (2/2) Azimut Goal-Based Plan Financial planning platform that support f
Slide 40: Selected examples of most recent developments (4/6)
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Business update “Elevate 2030” targets Selected examples of most recent developments (4/6) 40 Unlock new markets and attract new generation customers Blockchain-based, next-gen Digital banking and payment Pio
Slide 41: Selected examples of most recent developments (5/6)
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Business update “Elevate 2030” targets Selected examples of most recent developments (5/6) 41 Continuous focus on operational efficiency (1/2) Internal platform for GWS project Connecting Global GWS Team with
Slide 42: Selected examples of most recent developments (6/6)
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Business update “Elevate 2030” targets Selected examples of most recent developments (6/6) 42 Continuous focus on operational efficiency (2/2) Azimut Finder Generative AI chatbot Powered by advanced natural l
Slide 43: Highlights of the past 7 years
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Business update “Elevate 2030” targets Highlights of the past 7 years 43 A proven track record of growth, resilient profitability and shareholder returns 2019 2020 2021 2022 2023 2024 2025 Cumulative Total 59
Slide 44: Significant improvement in quality of earnings
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Business update “Elevate 2030” targets Significant improvement in quality of earnings 44 Performance fees have played a minor roles in revenues since the 2022 fee change Total Revenues breakdown (€m) (1) (2)
Slide 45: Reported and recurring net profit over time
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Business update “Elevate 2030” targets Reported and recurring net profit over time 45 Continued strong profitability translates into attractive shareholders’ remuneration Net profit breakdown (€m) (1) Recurri
Slide 46: FY25 vs FY24 Net Profit bridge
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Business update “Elevate 2030” targets FY25 vs FY24 Net Profit bridge 46 Delivering quality growth: robust core business underpins a strong FY25 Solid 9% uplift in Dividends from GP Recurring Net Profit recur
Slide 47: Reclassified P&L by business line
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Business update “Elevate 2030” targets Reclassified P&L by business line – FY 2025 vs FY 2024 47 Robust growth across business lines Integrated Global Institutional Strategic Azimut 1 FY 2025 Solid commercial
Slide 48: Reclassified P&L by vertical
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Business update “Elevate 2030” targets Reclassified P&L by vertical – FY 2025 vs FY 2024 48 Commercial momentum across the global platform drives recurring growth Asia & Strategic Azimut 1 Lower performance f
Slide 49: Global expansion turning into measurable value
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Business update “Elevate 2030” targets Global expansion turning into measurable value 49 Strategic capital deployment drives double-digit ROI & strong net profit momentum € ~660m 15% Total net M&A investments
Slide 50: FY 2025 Revenues
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Business update “Elevate 2030” targets FY 2025 Revenues 50 8% year-on-year increase in recurring fees, driven by platform expansion Revenues breakdown (in €m) Recurring fees +€82m YoY +5% Continued expansion
Slide 51: FY 2025 Costs
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Business update “Elevate 2030” targets FY 2025 Costs 51 Maintaining cost discipline in Italy, while unlocking global operating leverage Operating costs breakdown (in €m) +8% Distribution costs +€ 29m YoY Dire
Slide 52: FY 2025 EBIT & Net Profit
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Business update “Elevate 2030” targets FY 2025 EBIT & Net Profit 52 High-quality earnings expansion drives record recurring net profit EBIT (in €m) Thanks to the geographical diversification of the Group, Rec
Slide 53: Net Financial Position as of December 2025
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Business update “Elevate 2030” targets Net Financial Position as of 31 December 2025 53 Debt-free balance sheet coupled with investments and attractive dividends €m 31/12/2023 31/12/2024 31/12/2025 Bank loan
Slide 54: Continuous attractive returns to shareholders
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Business update “Elevate 2030” targets Continuous attractive returns to shareholders 54 A dividend of € 2.00 per share(1) will be paid in May 2026 2025 proposed dividend(1) € 3.38 € 2.80 € 2.86 € 2.55 € 2.24
Slide 55: Targeting an optimal capital structure
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Business update “Elevate 2030” targets Targeting an optimal capital structure 55 Capital return will yield >25% of Azimut’s current market cap in the next 18 months ~€ 1.3bn Cash to be returned to shareholder
Slide 56: FY & 4Q 2025 income statement
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Business update “Elevate 2030” targets FY & 4Q 2025 income statement 56 FY & 4Q 2024 are adjusted for AZ NGA deconsolidation(1) €/000 FY 2024 FY 2024(1) FY 2025 4Q 2024 4Q 2024(1) 4Q 2025 9M 2024 9M 2024(1) 9
Slide 57: Azimut Group market share in Italy
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Business update “Elevate 2030” targets Azimut Group market share in Italy as of 31 December 2025 57 Strong positions across key segments highlight scale today and room to grow Total financial Assets under Tot
Slide 58: TNB spin-off
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Business update “Elevate 2030” targets TNB spin-off 58 Solid operating momentum while actively progressing the TNB transaction Total Assets (€bn) Revenues(3) (€m) Net profit(3) (€m) 25.6 +11% 28.4 234 +5% 247
Slide 59: 2026 Guidance
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Business update “Elevate 2030” targets 2026 Guidance(1) 59 Confident in delivering another year of growth € 10bn € 550m Net inflows target Net Profit(2) target >3.0 bn Achieved as of Feb 2026(3) FY2026E FY202
Slide 60: “Elevate 2030”
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Business update “Elevate 2030” targets “Elevate 2030” 60 Azimut’s Strategic Plan for 2026-2030
Slide 61: Elevate 2030 – global expansion (1/3)
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Business update “Elevate 2030” targets Elevate 2030 – Azimut’s global expansion (1/3) 61 Global2 business & Strategic affiliates to grow by € 5-8 billion p.a. Expected global yearly net inflows (in €bn, excl.
Slide 62: Elevate 2030 – global expansion (2/3)
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Business update “Elevate 2030” targets Elevate 2030 – Azimut’s global expansion (2/3) 62 Azimut’s global2 average assets are expected to more than double by 2030 Americas 40-45 13.2 Global avg. Total Assets &
Slide 63: Elevate 2030 – global expansion (3/3)
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Business update “Elevate 2030” targets Elevate 2030 – Azimut’s global expansion (3/3) 63 Growing assets and margins drive strong increase in global net profit Americas 2540-45 - 35bps Net profit margin 13.2 2
Slide 64: Elevate 2030 – growth by business line (1/3)
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Business update “Elevate 2030” targets Elevate 2030 – Azimut’s global growth by business line (1/3) 64 Global2 business & Strategic affiliates to grow by € 5-8 billion p.a. Expected global yearly net inflows
Slide 65: Elevate 2030 – growth by business line (2/3)
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Business update “Elevate 2030” targets Elevate 2030 – Azimut’s global growth by business line (2/3) 65 All business lines are expected to grow by a double-digit CAGR until FY30E Integrated solutions1 9-11 6.3
Slide 66: Elevate 2030 – growth by business line (3/3)
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Business update “Elevate 2030” targets Elevate 2030 – Azimut’s global growth by business line (3/3) 66 Growing assets and margins drive strong increase in global net profit Integrated solutions1 Net profit 65
Slide 67: Our locations
Our locations 67 Global reach, local advantage Middle East, Africa & Americas Europe Asia & Pacific Turkey USA Luxembourg UAE China Azimut Alternative Capital Partners LLC Azimut Investments S.A. Azimut (DIFC) Ltd AZ Investment Management Shanghai Ltd 100 Park Avenue 2a Rue Eugène Ruppert 2453 Centr
Slide 68: IR contacts & corporate calendar
IR contacts & corporate calendar 68 Investor Relations contacts Upcoming corporate events Alex Soppera, Ph.D. 23 April 2026: Annual General Meeting Tel. +39 02 8898 5671 18 May 2026: ex-dividend date E-mail: alex.soppera@azimut.it 19 May 2026: record date 20 May 2026: dividend payment date www.azimu
Azimut Holding Spa Ord — Q4 2025 Earnings Presentation on 6ix