Azimut Holding Spa · MIL:AZM
Azimut Holding Spa — Azimut Holding Spa Ord — 9M 2025 Earnings Presentation
29 slides from Azimut Holding Spa's earnings presentation, Nov 6, 2025
Slide 1: Azimut Group 9M 2025 results
Azimut Group 9M 2025 results Milan, 6 November 2025
Slide 2: Agenda
2 Azimut Group – 9M 2025 results Agenda 2 Business update 3 9M 2025 financials 9 Update on TNB spin-off 13 2025 Guidance 14 “Elevate 2030” & Global targets 16 Appendix 25
Slide 3: Advancing our ambitions & delivering on key strategic pillars
3 Advancing our ambitions & delivering on key strategic pillars 3 Best 9M on record for managed net inflows (€ 13.0bn) & strong recurring net profit growth (+17%) Progress and enhanced visibility on the TNB transaction FY 2025 core Group Net Profit1 target upgraded to >€ 500m and >€ 1bn expected for
Slide 4: 9M 2025 highlights
4 9M 2025 highlights Strong performance reflecting our diversified global platform 4 € 123bn € 15bn € 1.0bn Revenues Total Assets Net Inflows Recurring AuM Of which 43% from revenues(1) +21% YTD global operations +9% YoY € 471m € 386m € 60m EBIT Group Net Profit Recurring Net Profit Recurring Recurr
Slide 5: 9M25 vs 9M24 Group Net Profit bridge
5 9M25 vs 9M24 Group Net Profit bridge Solid momentum in our core business underpins a robust 9M25 5 Solid 12% uplift in Dividends from GP recurring operating staking offset by lower performance net result of Sanctuary Recurring Net Profit (after costs) and AZ NGA grew by 17% YoY €m 47 439 (19) (2)
Slide 6: 9M 2025 Net Inflows and Total Assets development
6 9M 2025 Net Inflows and Total Assets development Azimut Group records industry-leading inflows in the first 9 months of the year 6 1 Assets Net Inflows Assets Strong demand for fund solutions in Italy, Turkey, USA and Egypt , Data in € million 31/12/2024 9M 2025 30/09/2025 ∆ Dec-24 plus M&A benefi
Slide 7: Reclassified P&L by business line – 9M 2025 vs 9M 2024
7 Reclassified P&L by business line – 9M 2025 vs 9M 2024 Robust growth across business lines 7 Integrated Global Institutional Strategic Azimut 1 9M 2025 Solid commercial Solutions Wealth & Wholesale affiliates Group momentum coupled with Avg. Tot. Assets (€bn) 57.5 7.3 20.8 27.4 113.0 superior & st
Slide 8: Reclassified P&L by vertical – 9M 2025 vs 9M 2024
8 Reclassified P&L by vertical – 9M 2025 vs 9M 2024 Commercial momentum across the global platform drives recurring growth 8 Asia- Strategic Azimut 1 Lower performance fees 9M 2025 Italy Americas EMEA Global Pacific affiliates Group and TNB-related costs, partially offset by higher Avg. Tot. Assets
Slide 9: 9M 2025 Revenues
9 9M 2025 Revenues 7% year-on-year increase in recurring fees, driven by growth in Total Assets 9 Revenues breakdown (in €m) Recurring fees +€58m YoY Continued expansion of global business +6% (+€ 27m YoY), led by the USA, Brazil, 1,013 Singapore and Monaco 952 Italy: growth across all business line
Slide 10: 9M 2025 Costs
10 9M 2025 Costs Continued investments in platform expansion and global growth 10 Operating costs breakdown (in €m) Distribution costs +€ 24m YoY +7% Increased distribution costs in line with increase in recurring revenues in Italy & 542 abroad 509 16 Higher provision for variable incentives to 17 I
Slide 11: 9M 2025 EBIT & Net Profit
11 9M 2025 EBIT & Net Profit Double-digit growth in recurring earnings 11 EBIT (in €m) +12% Thanks to the geographical diversification of the Group, Recurring EBIT grew by 12% 444 471 439 392 to € 439m Finance income amounted to € 62m in 9M 2025, driven by: € 37m assets and portfolio performance 9M
Slide 12: Net Financial Position as of September 2025
12 Net Financial Position as of 30 September 2025 Debt-free balance sheet coupled with investments and attractive dividends 12 €m 31/12/2024 30/06/2025 30/09/2025 Bank loan (0.2) (0.1) (0.1) 722 743 Total debt (0.2) (0.1) (0.1) 618 Cash 395 402 462 Cash equivalents 159 114 149 UCI units & government
Slide 13: Enhanced visibility on the TNB spin-off
13 Enhanced visibility on the TNB spin-off Expected timeline for the next steps of the transaction 13 Pre-filing to Bank of Italy 3Q & 4Q 2025 Received approval by Antitrust to acquire banking license (signed binding agreement with Banca di Sconto) Expected regulatory approvals from the competent au
Slide 14: 2025 Guidance (1/2)
14 2025 Guidance (1/2) Net Inflows target confirmed based on strong commercial momentum & M&A 14 New product launches across public & private markets € 28 - 31bn Nova & commercial Net Inflows partnerships Wealth Management € ~14bn target solutions from M&A1 + € 4 - 7bn organic + Net Inflows € 10bn A
Slide 15: 2025 Guidance (2/2)
15 2025 Guidance (2/2) Strong 9M 2025 results drive core Net Profit target upgrade1 15 >€ 500m Enhanced FY 2025 Group Net Profit target upgrade 77% of the dividend policy updated € 400m target already Original lower- The Board of Directors expects to achieved in propose to the 2026 AGM an end target
Slide 16: Elevate 2030
16 “Elevate 2030” Azimut’s Strategic Plan for 2026-2030 16
Slide 17: Elevate 2030 – Azimut's global expansion (1/3)
17 Elevate 2030 – Azimut’s global expansion (1/3) Global2 business & Strategic affiliates to grow by € 5-8 billion p.a. 17 Expected global yearly net inflows (in €bn, excl. Italy) Strategic affiliates1 1.5-2.5 Americas 5-8 2.0-3.0 +$ 16bn (€ 14bn) from NSI Asia-Pacific acquisition 0.3-0.7 EMEA 0.8-1
Slide 18: Elevate 2030 – Azimut's global expansion (2/3)
18 Elevate 2030 – Azimut’s global expansion (2/3) Azimut’s global2 average assets are expected to more than double by 2030 18 Americas 40-45 13.2 Global avg. Total Assets & €bn Strategic affiliates YTD25 FY30E EMEA ~95-110 15-18 35-40 Strategic 10.4 affiliates1 54.4 €bn 27.4 ~60-70 Strategic Global
Slide 19: Elevate 2030 – Azimut's global expansion (3/3)
19 Elevate 2030 – Azimut’s global expansion (3/3) Growing assets and margins drive strong increase in global net profit 19 Americas 2540-45 - 35bps Net profit margin 13.2 27ps Global(1) YTD25 FY30E ~30 - 40bps ~€ 180-280m EMEA 5015-18 - 60bps ~€60-70bn FY 2030E 10.5 54bps 35bps Global Total net prof
Slide 20: Elevate 2030 – Azimut's global growth by business line (1/3)
20 Elevate 2030 – Azimut’s global growth by business line (1/3) Global2 business & Strategic affiliates to grow by € 5-8 billion p.a. 20 Expected global yearly net inflows (in €bn, excl. Italy) Strategic affiliates1 1.5-2.5 Institutional & Wholesale 5-8 2.0-3.0 +$ 16bn (€ 14bn) from NSI Integrated a
Slide 21: Elevate 2030 – Azimut's global growth by business line (2/3)
21 Elevate 2030 – Azimut’s global growth by business line (2/3) All business lines are expected to grow by a double-digit CAGR until FY30E 21 Integrated solutions1 9-11 6.3 Global1 avg. Total Assets & €bn Strategic affiliates YTD25 FY30E Global Wealth ~95-110 11-14 35-40 Strategic 7.3 affiliates2 54
Slide 22: Elevate 2030 – Azimut's global growth by business line (3/3)
22 Elevate 2030 – Azimut’s global growth by business line (3/3) Growing assets and margins drive strong increase in global net profit 22 Integrated solutions1 Net profit 6540-45 - 75bps margin 70ps 6.3 Global2 YTD25 FY30E ~30 - 40bps Global Wealth ~€ 180-280m 40 - 50bps 15-18 ~€60-70bn FY 2030E 7.3
Slide 23: Elevate 2030 – Strategic capital management
23 Elevate 2030 – Strategic capital management A balanced strategy to enhance valuation and drive shareholder returns 23 Assets Liabilities Closing the valuation gap Shareholder returns via buybacks Improve transparency and disclosures to narrow Share buyback program(1) of up to € 500 million, valua
Slide 24: Laying the groundwork for further transformational growth
24 Laying the groundwork for further transformational growth 24 2025 core net profit upgrade TNB transaction Strong 2025 YTD-momentum drives FY25E core Net Profit(1) target upgrade to Made further progress on TNB >€ 500 million & >€ 1 billion for FY26E transaction & enhanced clarity on timeline for
Slide 25: Appendix
Appendix LA DIREZIONE PER INVESTIRE
Slide 26: Total Assets as of September 2025 (1/2)
26 Total Assets as of 30 September 2025 (1/2) Breakdown by business line 26 Total assets Investment Discretionary Life Digital (€bn) Funds & Advisory & Pensions AM Integrated Solutions 60.2 49% Global Wealth 7.6 6% Institutional & Wholesale 26.1 21% Strategic affiliates 29.1 24% Total assets (€bn) 5
Slide 27: Total Assets as of September 2025 (2/2)
27 Total Assets as of 30 September 2025 (2/2) A powerful global platform: 47% of Total Assets from global operations 27 AZ NGA 13.8 65.5 11.0 3.7 29.1 (Australia) 11% Sanctuary (USA) 89% 11% 53% 9% 3% 24% AMERICAS ITALY EMEA APAC STRATEGIC AFFILIATES Due to rounding, totals may not correspond with t
Slide 28: 9M & 3Q 2025 income statement
28 9M & 3Q 2025 income statement 9M & 3Q 2024 are adjusted for AZ NGA deconsolidation(1) 28 €/000 9M 2024 9M 2024(1) 9M 2025 3Q 2024 3Q 2024(1) 3Q 2025 1H 2024 1H 2024(1) 1H 2025 Entry commission income 10,018 10,018 11,833 3,362 3,362 4,253 6,656 6,656 7,580 Recurring fees 898,347 795,532 853,783 3
Slide 29: IR contacts & corporate calendar
29 IR contacts & corporate calendar 29 Investor Relations contacts Upcoming corporate events Alex Soppera, Ph.D. 2026 corporate calendar to be published in Tel. +39 02 8898 5671 December 2025 E-mail: alex.soppera@azimut.it Claudia Zolin Tel. +39 02 8898 5115 E-mail: claudia.zolin@azimut.it https://w
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