Azimut Holding Spa · MIL:AZM
Azimut Holding Spa — Azimut Holding Spa Ord — H1 2024 Earnings Presentation
32 slides from Azimut Holding Spa's earnings presentation, Aug 1, 2024
Slide 1: Azimut Group 1H 2024 Results
Azimut Group 1H 2024 Results 1st August 2024
Slide 2: Table of Contents
Table of Contents 2 1H 2024 Highlights 3 Asset Management & Distribution 17 Update on the New Bank 23 1H 2024 Financials 25 Outlook 29
Slide 3: Table of Contents
Table of Contents 3 1H 2024 Highlights 3 Asset Management & Distribution 17 Update on the New Bank 23 1H 2024 Financials 25 Outlook 29
Slide 4: 1H 2024: Second strongest semester in Azimut's history
1H 2024: Second strongest semester in Azimut’s history 4 € 10.0bn € 702m Net inflows Total Revenues 1.7x vs 1H 2023 +9% vs 1H 2023 € 312m € 330m EBIT Adj. Net Profit1 +9% vs 1H 2023 +43% vs 1H 2023 Source: Company data. To better reflect the underlying net profit, the calculation excludes the accoun
Slide 5: Value creation not recognized by the market after Kennedy Lewis exit
Value creation not recognized by the market after Kennedy 5 Lewis exit Gross proceeds USD 225m / from sale EUR ~210m Market 6% EUR ~3.5bn capitalization Source: Company data & Bloomberg.
Slide 6: 1H 2024: platform expansion & global business drive growth
1H 2024: platform expansion & global business drive growth 6 Total Assets (€bn) +20% 102.5 +16% 95.3 85.3 82.5 39.4 33.4 27.5 25.7 +9% 63.1 +9% 61.9 57.8 56.9 Jun-23 Jun-24 Average 1H 2023 Average 1H 2024 Net inflows (€m) 8,541* 3,313 3,373 2,577 6,672* 2,532 2,535 2,465 1,780 1,681 1,831 1,838 1,66
Slide 7: 1H 2024: Net inflows by product and region
1H 2024: Net inflows by product and region 7 €m Non-internally managed / custody inflows Inflows into private markets Managed inflows Robust private markets Continued strong Solid development in Acquisition of tru Positive demand in expansion of Independence by inflows (funds & club Brazil & Mexico;
Slide 8: Update on foreign markets
Update on foreign markets 8 Azimut China & Hong Kong Azimut Brazil QDLP, introduced by China in 2012, allows foreign Net inflows by quarter (€m) asset managers to raise funds in China for investing in foreign funds and is the sole official channel for such strategies The default of Lojas Americanas
Slide 9: June 2024: AuM & Total Assets evolution
June 2024: AuM & Total Assets evolution 9 USA, Australia, Brazil and Turkey represent the main markets abroad Total Assets breakdown (€bn) * International Sanctuary adj. Italy Switzerland Others 14% CAGR Singapore 3% 3% 2% Mexico 102.5 3% Monaco Sanctuary adj.* 6 90.8 3% 79.0 Turkey 77.0 50.8 8% USA
Slide 10: 1H 2024: Growth in recurring revenues & insurance business, supported by strong performance fees
1H 2024: Growth in recurring revenues & insurance business, 10 supported by strong performance fees Total Revenues (in €m) Revenues breakdown (in €m) Rec. 211 197 margin 701.5 (bps)1 20.4 +9% 643.1 18.8 82.8 54.8 8.6 570.8 589.6 -1.3 1H 2023 1H 2024 1H 2023 1H 2024 Mgmt. Fees Perf. fees Insurance fe
Slide 11: 1H 2024: solid 9% EBIT growth & strong profitability with a 44% EBIT Margin
1H 2024: solid 9% EBIT growth & strong profitability with a 11 44% EBIT Margin Total Costs (in €m) EBIT (in €m) EBIT 44% 44% 390.0 margin 357.6 17.0 11.8 150.1 167.4 285.6 +9% 311.5 195.7 205.6 1H 2023 1H 2024 1H 2023 1H 2024 Distribution costs Personnel & SG&A D&A & provisions Key highlights 1H 202
Slide 12: 1H 2024: solid operating activity & capital gain led to strong net profit increase
1H 2024: solid operating activity & capital gain led to a 12 strong increase in net profit year on year Finance income (in €m) Adjusted Net Profit Net profit margin 54 56* 68 69* 155m Net interests & bank charges (bps) +43% 330m 52m Dividends from partnerships 231m 7.4m IFRS 17 11 154 -10.9m IFRS 17
Slide 13: 1H 24: Average Total Assets development by vertical
1H 24: Average Total Assets development by vertical 13 Italy International Azimut Group €bn +4% 44.2 42.2 44.0 +31% +16% 95.3 33.6 82.5 Ø 1H 2023 Ø 1H 2024 Ø 1H 2023 Ø 1H 2024 Ø 1H 2023 Ø 1H 2024 Private Markets Fintech & CIB Average Total Assets 2.9 Adjustment* Robust growth in Italy, positively 7.
Slide 14: 1H 24: Total Revenues development by vertical
1H 24: Total Revenues development by vertical 14 Italy International Azimut Group 458 475 702 149 643 127 Revenue 217bps 216bps 191bps margin 118bps 112bps 186bps 1H 2023 1H 2024 1H 2023 1H 2024 1H 2023 1H 2024 Private Markets Fintech & CIB Revenues Italy: growth in revenues supported 9.1 9.4 by ins
Slide 15: 1H 24: EBIT development by vertical
1H 24: EBIT development by vertical 15 Italy International Azimut Group 220 226 312 57 286 48 EBIT margin 48% 48% 38% 38% 44% 44% 1H 2023 1H 2024 1H 2023 1H 2024 1H 2023 1H 2024 EBIT Private Markets Fintech & CIB Italy & Private Markets: EBIT development in line with revenues growth and supported st
Slide 16: 1H 24: Adj. Net profit development by vertical
1H 24: Adj. Net profit development by vertical 16 Italy International Azimut Group 330 170 163 50 231 32 69bps Net profit margin 80bps 74bps 23bps 56bps 19bps 1H 2023 1H 2024 1H 2023 1H 2024 1H 2023 1H 2024 Adj. Net profit Private Markets Fintech & CIB Italy: below EBIT impacted by higher taxes acro
Slide 17: Table of Contents
Table of Contents 17 1H 2024 Highlights 3 Asset Management & Distribution 17 Update on the New Bank 23 1H 2024 Financials 25 Outlook 29
Slide 18: Azimut Net Weighted Average Performance to clients
Azimut Net Weighted Average Performance to clients 18 Clients benefitted from an 24.3% WAP (vs. 21.0% industry) over the mid term; YTD: +5.27% 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 2
Slide 19: Continued strong private markets AuM development
Continued strong private markets AuM development 19 10% AuM >75 Products 8.1 8.2 7.7 0.4 2.9 Kennedy Lewis & 0.4 Pathlight1 7.1 0.2 6.8 10x 6.3 6.5 6.0 3.2 5.5 3.3 3.4 0.4 4.8 3.1 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 0.5 4.0 4.2 4.3 1.2 1.2 0.4 3.3 3.7
Slide 20: Private markets AuM as of June 24
Private markets AuM as of June 24 20 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 30% 4% €6.0bn €6.0bn Italy Infra - ESG & 81% Real Assets 31% Private Eq
Slide 21: Azimut Diversified Corporate Credit ESG-8 SCSp RAIF
Azimut Diversified Corporate Credit ESG-8 SCSp RAIF 21 A new fund to support outstanding companies through a specific sustainability approach1 DIFFERENTIATION DEPLOYMENT RETURNS VIS-A-VIS COMPETITORS DIVERSIFICATION CAPACITY Expected gross Azimut Group’s origination 50+ senior bonds/loans. A unique
Slide 22: AZ Fund 1 - AZ Equity - Special Needs & Inclusion
AZ Fund 1- AZ Equity - Special Needs & Inclusion 22 The world's first fund to invest in companies that promote improving living conditions and well- being of people with disabilities, with a special focus on employment inclusion A tangible support for disability Investment selection Indirect contrib
Slide 23: Table of Contents
Table of Contents 23 1H 2024 Highlights 3 Asset Management & Distribution 17 Update on the New Bank 23 1H 2024 Financials 25 Outlook 29
Slide 24: Update on The New Bank
Update on The New Bank 24 Project announcement to Tech-Platform chosen Expected to conclude reorganize part of the to be used for The New negotiations with Italian FA network & create Bank; leading solution financial / banking a Digital Banking Platform used also by other partner(s) with banking lic
Slide 25: Table of Contents
Table of Contents 25 1H 2024 Highlights 3 Asset Management & Distribution 17 Update on the New Bank 23 1H 2024 Financials 25 Outlook 29
Slide 26: Consolidated reclassified Income Statement (1/2)
Consolidated reclassified Income Statement (1/2) 26 Income Statement 1H 2024 vs. €/000 1H 2024 1H 2023 2Q 2024 1Q 2024 2Q 2023 1H 2023 Entry commission income 6,656 5,307 3,034 3,622 3,165 Recurring fees 589,644 570,849 1 300,986 288,658 286,097 Variable fees 8,607 -1,343 2 7,580 1,028 -5,484 Other
Slide 27: Consolidated reclassified Income Statement (2/2)
Consolidated reclassified Income Statement (2/2) 27 Income Statement 1H 2024 vs. €/000 1H 2024 1H 2023 2Q 2024 1Q 2024 2Q 2023 1H 2023 Operating Profit 311,518 285,588 150,531 160,987 135,951 9% Finance income 154,708 52,381 1 151,802 2,907 24,418 Net non-operating income/(costs) -4,778 -12,583 -4,0
Slide 28: Net Financial Position: More than €1.1bn gross cash position
Net Financial Position: More than € 1.1 bn gross cash position 28 Continued strong positive cash position while continuing steadfast on our deleveraging path €m 598 352 €/000 Jun-24 Mar-24 Dec-23 Bank loan -188 -206 -222 Azimut 19-24 senior bond 1.625% -501,302 -499,142 -496,982 Total debt -501,490
Slide 29: Table of Contents
Table of Contents 29 1H 2024 Highlights 3 Asset Management & Distribution 17 Update on the New Bank 23 1H 2024 Financials 25 Outlook 29
Slide 30: Business development focus areas
Business development focus areas 30 Italy International Private Markets, Insurance and Continue to improve profitability Fintech to support corporates / and drive scale in key markets SMEs will continue to be key (US, AUS, Brazil, Turkey) themes for the network The New Bank M&A Capital Management On
Slide 31: Summary & Outlook
Summary & Outlook 31 We remain steadfast on delivering our targets* Achieved as of June 2024 Net profit Target: 66% €330m** €500m Net inflows Target: € >7bn 142% €10.0bn ✓ Source: Company data. Note (*): under the assumption of normal market conditions. Note (**): To better reflect the underlying ne
Slide 32: Contacts & Corporate calendar
32 Contacts & Corporate calendar Investor Relations Contacts Upcoming events Alex Soppera, Ph.D. Tel. +39.02.8898.5671 7 November 2024: BoD approval of 9M 2024 Results Email: alex.soppera@azimut.it www.azimut-group.com Disclaimer – Safe harbor statement This document has been issued by Azimut Holdin
Azimut Holding Spa Ord — H1 2024 Earnings Presentation on 6ix