Azimut Holding Spa · MIL:AZM
Azimut Holding Spa — Azimut Holding Spa Ord — Q1 2024 Earnings Presentation
28 slides from Azimut Holding Spa's earnings presentation, May 9, 2024
Slide 1: Azimut Group 1Q 2024 Results
Azimut Group 1Q 2024 Results May 9th, 2024
Slide 2: Table of Contents
Table of Contents 2 1Q 2024 Highlights 3 Asset Management & Distribution 11 Update on the New Bank 18 1Q 2024 Financials 22 Outlook 26
Slide 3: Table of Contents
Table of Contents 3 1Q 2024 Highlights 3 Asset Management & Distribution 11 Update on the New Bank 18 1Q 2024 Financials 22 Outlook 26
Slide 4: 1Q 2024: solid revenues & EBIT development
1Q 2024: solid revenues & EBIT development 4 € 1.5bn € 351m Net inflows Total Revenues € 161m € 122m EBIT Adj. Net Profit1 Source: Company data. To better reflect the underlying net profit, the calculation excludes the accounting impact of IFRS 17 (1Q 2024 € -5.9 million).
Slide 5: Key highlights
Key highlights 5 Reconfirm FY 2024 targets Strong cash position Update on The New Bank Net profit: € 500 million > € 1 billion of gross cash & Perimeter defined1 after cash equivalents (Mar-24) just one month with Net inflows: > € 7 billion, ~ 1,000 financial advisors, also thanks to ~ 60% freely av
Slide 6: 1Q 2024: global & diversified business model drives growth
1Q 2024: global & diversified business model drives growth 6 Total Assets (€bn) +15% 95.1 92.9 +14% 83.0 81.5 31.8 31.0 25.7 24.9 63.2 +9% 61.9 57.3 +10% 56.6 Mar-23 Mar-24 Average 1Q 2023 Average 1Q 2024 Net inflows (€m) 9,347* 3,373 3,313 2,532 2,535 2,465 2,577 8,070* 1,780 1,681 1,666 1,831 660
Slide 7: 1Q 2024: Net inflows by product and region
1Q 2024: Net inflows by product and region 7 €m Non-internally managed / custody inflows Inflows into private markets Managed inflows Robust private markets Positive demand in UAE Continued strong Successful launch of GP staking inflows (funds & club deals)& & Switzerland partially expansion of fund
Slide 8: Mar 2024: AuM & Total Assets evolution
Mar 2024: AuM & Total Assets evolution 8 USA, Australia, Brazil and Turkey represent the main markets abroad Total Assets breakdown (€bn) * International Sanctuary adj. Italy Switzerland Others 13% CAGR Singapore 3% 3% 95.1 3% Mexico 90.8 Sanctuary adj.* 6 3% 79.0 Monaco 77.0 4% 44.7 42.6 Turkey USA
Slide 9: 1Q 2024: Continued growth in recurring revenues
1Q 2024: Continued growth in recurring revenues 9 Total Revenues (in €m) Revenues breakdown (in €m) Rec. 211 202 198 +8% margin (bps)1 10.7 15.2 347.0 350.9 8.3 27.4 50.5 29.1 326.3 4.1 22.5 1.0 288.7 284.8 281.9 1Q 2023 4Q 2023 1Q 2024 1Q 2023 4Q 2023 1Q 2024 Mgmt. Fees Perf. fees Insurance fees Ot
Slide 10: 1Q 2024: solid EBIT growth
1Q 2024: solid EBIT growth 10 Total Costs (in €m) EBIT (in €m) +8% EBIT 46% 45% 46% margin 190.5 189.9 +8% 176.6 4.4 5.6 8.7 75.7 83.0 77.5 156.6 161.0 96.6 101.8 103.7 149.6 1Q 2023 4Q 2023 1Q 2024 1Q 2023 4Q 2023 1Q 2024 Distribution costs Personnel & SG&A D&A & provisions Net profit (in €m) Key h
Slide 11: Table of Contents
Table of Contents 11 1Q 2024 Highlights 3 Asset Management & Distribution 11 Update on the New Bank 18 1Q 2024 Financials 22 Outlook 26
Slide 12: Azimut Net Weighted Average Performance to clients
Azimut Net Weighted Average Performance to clients 12 Clients benefitted from an 21.8% WAP (vs. 17.4% industry) over the mid term; YTD: +3.75% 25% 20% 15% 10% 5% 0% -5% Azimut Fideuram Source: Company data for Lux UCITS funds and Italy Fideuram General Index (Bloomberg: FIDMGEND) from 31 March 2020
Slide 13: Azimut funds breakdown
Azimut funds breakdown 13 Dynamic asset allocation to optimize risk-return profile AuM by category AuM by underlying asset Mixed Commodity Funds 0.0% Equity 0.4% (0.0%) 17% (0.5%) (17%) Money Flexible Market 34% 4% (34%) Fixed Equity (5%) Income 53% €24.5bn 56% €24.5bn (50%) (Lux UCITS (51%) (Lux UC
Slide 14: Continued strong private markets AuM development
Continued strong private markets AuM development 14 10% AuM >75 Products 8.1 8.2 7.7 0.4 0.4 Kennedy 7.1 0.2 2.9 Lewis & 6.8 10x Pathlight1 6.3 6.5 3.2 5.8 5.5 3.3 3.4 3.1 0.4 4.8 3.1 4.6 3.0 2.8 0.7 1% 3.6 2.2 AuM 1.9 1.8 1 2.6 1.4 Product 2.3 1.8 2.0 0.5 4.7 4.7 0.5 4.0 4.2 4.3 1.2 1.2 0.4 3.3 3.7
Slide 15: Azimut realized its first exit in its GP Staking business
Azimut realized its first exit in its GP Staking business 15 Sold for an all-cash consideration of $ 225 million vs. Azimut’s initial investment of $ 60 million1 Opportunistic credit manager founded by David K. Chene & Darren L. Richman. The firm manages private funds, a business development Year Au
Slide 16: Sanctuary has acquired tru Independence in May 2024
Sanctuary has acquired tru Independence in May 2024 16 Transformative transaction that maximizes freedom, flexibility, control & choice for elite Financial Advisors A Portland, Oregon-based advisory firm service provider founded by Craig Stuvland. tru's platform provides the Year AuM Investment full
Slide 17: Private markets AuM as of Apr 24
Private markets AuM as of Apr 24 17 We continue to expand our private markets platform for the benefit of our clients AuM by asset class AuM by Region Multi-asset, SPAC & other 10% Private International Debt 19% Venture 28% Capital 4% €5.8bn €5.8bn Italy Infra - ESG & 81% Real Assets Private 31% Equ
Slide 18: Table of Contents
Table of Contents 18 1Q 2024 Highlights 3 Asset Management & Distribution 11 Update on the New Bank 18 1Q 2024 Financials 22 Outlook 26
Slide 19: Update on the New Bank project – Phase I
Update on the New Bank project – Phase I 19 March 2024 April 2024 Ongoing Announcement of plan to Perimeter of the spin-off of Strong interest by potential create a Digital Banking part of Italian network buyers. Currently in Platform with banking defined: discussions with several license to allow N
Slide 20: Update on the New Bank project – Phase II
Update on the New Bank project – Phase II 20 Spin-off within Proceeds Azimut growth IPO of IPO to continue 6-9 months Italy ex. NewCo Shared common Finally, listing of The transaction is distribution activities objective with the NewCo as an expected to unlock Asset Management new Banking / independ
Slide 21: Azimut market share in Italy as of December 2023
Azimut market share in Italy as of 31 December 2023 21 Financial Managed Managed assets Financial assets1 assets2 networks3 advisors4 0.9% 2% 6% 5% Azimut market share Azimut market share Azimut market share Azimut market share € 5.216 bn1 € 2.386 bn2 € 833 bn3 ~35k4 Azimut is already today among th
Slide 22: Table of Contents
Table of Contents 22 1Q 2024 Highlights 3 Asset Management & Distribution 11 Update on the New Bank 18 1Q 2024 Financials 22 Outlook 26
Slide 23: Consolidated reclassified Income Statement (1/2)
Consolidated reclassified Income Statement (1/2) 23 Income Statement 1Q 2024 vs. 1Q 2024 vs. €/000 1Q 2024 4Q 2023 1Q 2023 4Q 2023 1Q 2024 Entry commission income 3,622 4,266 2,142 Management fees 1 288,658 281,876 284,752 Variable fees 1,028 22,543 4,141 Other income 7,088 10,922 6,173 Insurance re
Slide 24: Consolidated reclassified Income Statement (2/2)
Consolidated reclassified Income Statement (2/2) 24 Income Statement 1Q 2024 vs. 1Q 2024 vs. €/000 1Q 2024 4Q 2023 1Q 2023 4Q 2023 1Q 2024 Operating Profit 160,987 156,566 149,636 3% 8% Finance income 1 2,907 -5,769 27,963 Net non-operating costs -716 -1,105 -2,139 Finance expense -2,160 -2,160 -2,1
Slide 25: Net Financial Position: More than €1bn gross cash position
Net Financial Position: More than € 1 bn gross cash position 25 Continued strong positive cash position while continuing steadfast on our deleveraging path €m 493 352 €/000 Mar-24 Dec-23 Bank loan -206 -222 Azimut 19-24 senior bond 1.625% -499,142 -496,982 Total debt -499,348 -497,204 Total cash & C
Slide 26: Table of Contents
Table of Contents 26 1Q 2024 Highlights 3 Asset Management & Distribution 11 Update on the New Bank 18 1Q 2024 Financials 22 Outlook 26
Slide 27: Summary & Outlook
Summary & Outlook 27 We remain steadfast on delivering our targets* 1Q 2024 FY 2024 Actual 1Q 1H 9M Target* Net Profit 122** 500 (€m) FY 2024 1Q April 1H 9M Target* Net Inflows 2.1 >7 (€bn) Source: Company data. Note (*): under the assumption of normal market conditions. Note (**): To better reflect
Slide 28: Contacts & Corporate calendar
28 Contacts & Corporate calendar Investor Relations Contacts Upcoming events Alex Soppera, Ph.D. Tel. +39.02.8898.5671 20 May 2024: Ex-dividend date Email: alex.soppera@azimut.it 21 May 2024: Record date www.azimut-group.com 22 May 2024: Dividend payment 1 August 2024: BoD approval of 1H 2024 Result
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