Azimut Holding Spa · MIL:AZM
Azimut Holding Spa — Azimut Holding Spa Ord — 9M 2024 Earnings Presentation
28 slides from Azimut Holding Spa's earnings presentation, Nov 7, 2024
Slide 1: Azimut Group 9M 2024 Results
Azimut Group 9M 2024 Results 7th November 2024
Slide 2: Table of Contents
Table of Contents 2 9M 2024 Highlights 3 Business update 11 Update on the New Bank 17 9M 2024 Financials 22 Outlook 26
Slide 3: Table of Contents
Table of Contents 3 9M 2024 Highlights 3 Business update 11 Update on the New Bank 17 9M 2024 Financials 22 Outlook 26
Slide 4: 9M 2024 highlights: operational strength and corporate developments drive robust growth
9M 2024 highlights: operational strength and corporate 4 developments drive robust growth € 12.5bn Net inflows € 447m + 8.25% 2.5x vs 9M 2023 Adj. Net income1 YTD net WAP2 € 14.3bn +28% vs 9M 2023 +52 bps vs industry Net inflows as of Oct 2024 Strategic growth Reorganization of 1st GP staking exit p
Slide 5: 9M 2024: Unlocking asset potential with a robust, diversified business model
9M 2024: Unlocking asset potential with a robust, diversified 5 business model Total Assets (€bn) +22% 106.1 98.1 87.2 +17% 84.0 40.3 35.4 28.1 26.5 +11% 65.8 +9% 62.7 59.1 57.5 Sep-23 Sep-24 Average 9M 2023 Average 9M 2024 Net inflows (€m) 8,541* 3,567 3,313 3,373 6,672* 2,532 2,535 2,465 2,577 2,5
Slide 6: 9M 2024: Net inflows by product and region
9M 2024: Net inflows by product and region 6 €m Non-internally managed / custody inflows Inflows into private markets Managed inflows Robust private Mainly driven by Continued solid Strong development in Acquisition of tru markets inflows & demand in Türkiye, platform expansion Brazil; US: launch of
Slide 7: Sep 2024: AuM & Total Assets evolution
Sep 2024: AuM & Total Assets evolution 7 USA, Australia, Brazil and Turkey represent the main markets abroad Total Assets breakdown (€bn) * International Sanctuary adj. Italy Others Mexico 3% Switzerland 2% 3% 14% CAGR Singapore 106.1 3% Monaco 90.8 4% Sanctuary adj.* 6 Turkey 77.0 79.0 7% 52.7 USA
Slide 8: 9M 2024: Increase in recurring revenues & insurance business, supported by strong performance fees
9M 2024: Increase in recurring revenues & insurance business, 8 supported by strong performance fees Total Revenues (in €m) Revenues breakdown (in €m) Rec. 209 196 margin (bps)1 30.5 +9% 1054.0 29.3 116.4 965.0 8.8 83.6 898.3 +5% 856.4 -4.3 9M 2023 9M 2024 9M 2023 9M 2024 Mgmt. Fees Perf. fees Insur
Slide 9: 9M 2024: 6% EBIT growth & strong profitability with a 43.5% EBIT Margin
9M 2024: 6% EBIT growth & strong profitability with a 43.5% 9 EBIT Margin Total Costs (in €m) EBIT (in €m) EBIT 44.6% 43.5% 595.8 margin 534.2 26.8 19.9 256.6 227.2 430.8 +6% 458.2 287.1 312.4 9M 2023 9M 2024 9M 2023 9M 2024 Distribution costs Personnel & SG&A D&A & provisions Key highlights 9M 2024
Slide 10: 9M 2024: solid operating activity & capital gain led to a solid increase in net profit
9M 2024: solid operating activity & capital gain led to a 10 solid increase in net profit year on year Finance income (in €m) Adjusted Net Profit Net profit margin 54 55* 59 61* 172m Net interests & bank charges (bps) +28% 447m 67m Dividends from partnerships 349m 149.5 9.3m IFRS 17 11.1 -11.1m IFRS
Slide 11: Table of Contents
Table of Contents 11 9M 2024 Highlights 3 Business update 11 Update on the New Bank 17 9M 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 27.06% WAP (vs. 22.91% industry) over the mid term; YTD: +8.25% 30% 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
Slide 13: Continued robust private markets AuM development
Continued robust private markets AuM development 13 10% AuM >80 Products 8.1 8.2 7.7 0.4 2.9 Kennedy Lewis & 0.4 7.1 Pathlight1 0.2 6.8 10x 6.3 6.5 6.0 6.3 3.2 5.5 3.3 3.4 0.4 0.4 4.8 3.1 0.7 4.6 2.8 3.1 0.7 3.0 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 4.9 5.1 0.5 4.0 4.2 4.3 1.2
Slide 14: Private markets AuM as of September 24
Private markets AuM as of September 24 14 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 Venture Debt 19% Capital 29% 4% €6.3bn €6.3bn Infra - ESG & Italy Real Assets 81% 30% Priva
Slide 15: Azimut has entered a strategic growth partnership with Oaktree to expand AZ NGA
Azimut has entered a strategic growth partnership with 15 Oaktree to further accelerate the expansion of AZ NGA Oaktree to invest A$240 million, valuing AZ NGA at a total enterprise value of A$690 million1 AZ NGA strategically invests in leading financial advisory and accounting firms across Austral
Slide 16: Effects of AZ NGA de-consolidation
Effects of AZ NGA de-consolidation 16 Post closing1 of transaction, only ~25% of AZ NGA’s inflows & financials will be consolidated AZ NGA’s Total Assets & Net inflows AZ NGA’s impact on Azimut’s P&L Total Azimut ex. € 9.6bn In €m Azimut AZ NGA Will be adjusted 9M24 9M24 Total Assets as of upon clos
Slide 17: Table of Contents
Table of Contents 17 9M 2024 Highlights 3 Business update 11 Update on the New Bank 17 9M 2024 Financials 22 Outlook 26
Slide 18: Do you remember?
Do you remember? 18 The transfer of AuM from Italy to The changes in fee structure? Luxembourg in 2005? The management of Timone and its The delivery/over-delivery of every participants’ long-term-commitment? business plan? The overperformance delivered to The two successful LBOs by the clients? par
Slide 19: There is significant potential on the deposit segment
There is significant potential on the deposit segment 19 1.8 trillion in current Accounts in Italy Azimut Group (Italy) Main competitors 2% 23% € 41 bn* € 435 bn € 101 bn € 0.9 bn Deposits Managed assets Deposits Managed assets Azimut has never focused on current accounts Growth potential estimated
Slide 20: Update on The New Bank
Update on The New Bank 20 < Expected to conclude Project announcement to Tech-Platform chosen negotiations with financial / reorganize part of the to be used for The New banking partner(s), or Italian FA network & create Bank; leading solution alternatively complete spin- a Digital Banking Platform
Slide 21: The New Bank project will be happening one way or another
The New Bank project will be happening one way or another 21 Spin-off & Sale of stake to financial Sale of stake to banking listing option partner option partner option Complete spin-off and initiate Azimut Holding stake in TNB will Azimut Holding stake in TNB will subsequent listing autonomously be
Slide 22: Table of Contents
Table of Contents 22 9M 2024 Highlights 3 Business update 11 Update on the New Bank 17 9M 2024 Financials 22 Outlook 26
Slide 23: Consolidated reclassified Income Statement (1/2)
Consolidated reclassified Income Statement (1/2) 23 Income Statement 9M 2024 vs. €/000 9M 2024 9M 2023 3Q 2024 2Q 2024 3Q 2023 9M 2023 Entry commission income 10,018 7,896 3,362 3,034 2,589 Recurring fees 898,347 856,431 1 308,703 300,986 285,582 Variable fees 8,752 -4,334 145 7,580 -2,992 Other inc
Slide 24: Consolidated reclassified Income Statement (2/2)
Consolidated reclassified Income Statement (2/2) 24 Income Statement 9M 2024 vs. €/000 9M 2024 9M 2023 3Q 2024 2Q 2024 3Q 2023 9M 2023 Operating Profit 458,233 430,831 146,715 150,531 145,243 6% Finance income 171,580 66,634 1 16,872 151,802 14,253 Net non-operating income/(costs) -5,964 -13,460 -1,
Slide 25: Net Financial Position: More than €1.1bn gross cash position
Net Financial Position: More than € 1.1 bn gross cash position 25 Continued strong positive cash position €m 628 352 €/000 Sep-24 Jun-24 Dec-23 Bank loan -171 -188 -222 Azimut 19-24 senior bond 1.625% -503,464 -501,302 -496,982 Total debt -503,635 -501,490 -497,204 Total cash & Cash 710,533 632,929
Slide 26: Table of Contents
Table of Contents 26 9M 2024 Highlights 3 Business update 11 Update on the New Bank 17 9M 2024 Financials 22 Outlook 26
Slide 27: Summary & Outlook
Summary & Outlook 27 We remain steadfast on delivering our targets* Achieved as of Sep 2024 Net profit Target: 89% €447m** €500m Initial target Net inflows € >7bn Achieved as of Oct 2024 Net inflows Target: 102% €14.3bn € >14bn Revised target after July inflows Achieved upgraded full-year guidance a
Slide 28: Contacts & Corporate calendar
Contacts & Corporate calendar 28 Investor Relations Contacts Upcoming events Alex Soppera, Ph.D. Tel. +39.02.8898.5671 6 March 2025: Board of Directors (BoD) approval of Email: alex.soppera@azimut.it FY 2024 results 30 April 2025: Annual General Meeting www.azimut-group.com 8 May 2025: BoD approval
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