Azimut Holding Spa · MIL:AZM
Azimut Holding Spa — Azimut Holding Spa Ord — Q1 2026 Earnings Presentation
68 slides from Azimut Holding Spa's earnings presentation, May 7, 2026
Slide 1: Azimut Group IR presentation
Azimut Group IR presentation May 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: from IPO to global scale
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) 143.8 Kennedy Lewis & P
Slide 14: 1Q 2026 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 1Q 2026 Net Inflows and Total Assets development 14 Best result on record in terms of organic net inflows Assets Net Inflows Assets Comments 1 Data in € million 31/12/20
Slide 15: Total Assets as of 31 March 2026 (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 March 2026 (1/2) 15 Breakdown by business line Investment Discretionary Life Digital Total assets (€bn) funds & Advisory & Pensions AM YoY growth I
Slide 16: Total Assets as of 31 March 2026 (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 March 2026 (2/2) 16 A powerful global platform: 52% of Total Assets from international operations AZ NGA 28.7 68.3 11.1 3.9 31.7 (Australia) 16% €b
Slide 17: Integrated Solutions: 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: Global Wealth: 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 as of December 2025
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) Metadvisor
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) Azimut Goal-Based Plan
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) Internal platform for GWS project
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) Azimut Finder
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: 1Q 2026 vs 1Q 2025 Net Profit bridge
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Business update “Elevate 2030” targets 1Q 2026 vs 1Q 2025 Net Profit bridge 46 Delivering double-digit growth in recurring profit Strong 14% increase in Lower dividends from Recurring Net Profit recurring ope
Slide 47: Reclassified P&L by business line – 1Q 2026 vs 1Q 2025
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 – 1Q 2026 vs 1Q 2025 47 Robust growth across business lines Integrated Global Institutional Strategic Azimut 1 1Q 2026 Continued commer
Slide 48: Reclassified P&L by vertical – 1Q 2026 vs 1Q 2025
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Business update “Elevate 2030” targets Reclassified P&L by vertical – 1Q 2026 vs 1Q 2025 48 Commercial momentum across the global platform drives recurring growth 1 Asia- Strategic Azimut 1Q 2026 Italy Americ
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: 1Q 2026 Revenues
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Business update “Elevate 2030” targets 1Q 2026 Revenues 50 +14% year-on-year in recurring fees, driven by AuM growth & platform expansion Revenues breakdown (in €m) Recurring fees +€ 39m YoY +15% Continued ex
Slide 51: 1Q 2026 Costs
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Business update “Elevate 2030” targets 1Q 2026 Costs 51 Driving profitability through cost control and global scale Operating costs breakdown (in €m) Distribution costs +€ 4m YoY Direct correlation with recur
Slide 52: 1Q 2026 EBIT & Net Profit
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Business update “Elevate 2030” targets 1Q 2026 EBIT & Net Profit 52 High-quality earnings expansion drives record recurring net profit EBIT (in €m) Fueled by strong organic growth and geographic diversificati
Slide 53: Net Financial Position as of 31 March 2026
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 March 2026 53 Strong capital position coupled with investments and attractive dividends €m 31/03/2025 31/12/2025 31/03/2026 Bank loan (0.
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: Consolidated reclassified Income Statement
Total Assets & 2026 Guidance & About Azimut Group Fintech Financials Update on TNB spin-off Consolidated reclassified Income Statement Business update “Elevate 2030” targets 1Q 2026 reclassified income statement 56 Consolidated view of quarterly profitability €/000 1Q 2025 1Q 2026 Entry commission i
Slide 57: Azimut Group market share in Italy as of 31 December 2025
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 Progressing on the TNB transaction Extension of the framework agreement with FSI to 20 June 2026, with the option for a further extension until 20 Decemb
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 >5.0 bn Achieved as of April 2026(3) 125 m Achie
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 – Azimut’s 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 – Azimut’s 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 – Azimut’s 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 – Azimut’s global 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 – Azimut’s global 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 – Azimut’s global 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. 18 May 2026: ex-dividend date Tel. +39 02 8898 5671 E-mail: alex.soppera@azimut.it 19 May 2026: record date 20 May 2026: dividend payment date www.azimut-group.com/investor-relations 30 July
Azimut Holding Spa Ord — Q1 2026 Earnings Presentation on 6ix