Azimut Holding: A defining year with net profit at € 526 million (recurring net profit +20%; significantly above its peers) and dividend1 raised to € 2.00 per share Press release | Comunicato stampafinancial

About this update from Azimut Holding Spa

PRESS RELEASE Azimut Holding: A defining year with net profit at € 526 million (recurring net profit +20%; significantly above its peers) and dividend 1 raised to € 2.00 per share Strategic capital allocation to unlock value: ~25% of market cap to be distributed via dividends and buybacks by 2027 2026 targets 2 confirmed: Net inflows: € 10 billion Net profit: € 550 million, excluding extraordinary items KPIs of the Group and FY 2025 highlights 3 : ‌ Revenues: € 1.4 billion (recurring revenues 4 +9% YoY) EBIT: € 649 million (recurring EBIT 5 +9% YoY) ‌ Net profit at € 526 million (recurring net profit 6 +20% YoY to € 479 million), of which € 101 million from global operations (equal to a ROI of 15%) Net Inflows: € 32 billion (of which 66% from global operations) Total Assets as of 31 January 2026: € 145 billion (+32% YoY) Milan, 5 March 2026 The Board of Directors of Azimut Holding S.p.A. (AZM.IM) approved today the consolidated results as of 31 December 2025. FY 2025 financial results Azimut Holding consolidated total revenues reached € 1.4 billion in FY 2025, driven by an 9% increase year-on-year in recurring revenues 4 across all core markets, with particularly strong contributions from Italy, Brazil, UAE, Monaco, Türkiye and USA. Operating costs totaled € 755 million in the year and increased in line with the Group's continued international expansion and commercial momentum. Operating profit (EBIT) stood at € 649 million, with recurring EBIT growing 9% year-on-year to € 578 million. Finance income amounted to € 41 million and included € 37m of assets and portfolio performance, € 1m fair value of options & equity participations and net results of strategic affiliates, € 13m of IFRS 17 negative impact, € 8m of net interest earned, as well as € 8m dividends from the Group's GP staking activities. As a result, net profit reached to € 526 million in FY 2025, of which € 101 million from global operations (equal to a ROI of 15%), with recurring net profit 6 growing by 20% to € 479 million, a performance significantly above Italian listed peers that reflects the resilience and scalability of Azimut's business model. ‌1 Subject to approval by the Shareholders' Meeting. ‌2 Assuming normal market conditions. ‌3 As a result of the partnership of AZ NGA in Australia with Oaktree, as announced on 30 September 2024 and 16 December 2024, 2024 figures throughout the press release have been adjusted to ensure a like-for-like comparison. ‌4 Total revenues excluding total performance fees (from funds and insurance). ‌5 Recurring revenues minus total operating costs. ‌6 Reported net profit excluding (i) total performance fees, net of taxes, (ii) fair value of options, (iii) net non-operating costs, net of tax, (iv) certain unrealized gains (losses), (v) net capital gain on sale of stake in Kennedy Lewis and RoundShield, (vi) IFRS 17 impact and (vii) one-off tax refund (IRAP on infra group dividends). Dividends & share buybacks The Board of Directors of Azimut Holding SpA (the "Board") resolved today to propose to the Shareholders' Meeting ("AGM"), which is scheduled to be convened on 23 April 2026, the distribution of a total ordinary dividend of € 2.00 7 per share before withholding taxes (equal to a dividend yield of 5.9% ). The dividend of € 2.00 will be paid entirely in cash. The dividend payment date is scheduled for 20 May 2026, with ex-dividend date 18 May 2026 and record date 19 May 2026. The Board further resolved to propose to the next AGM the renewal of the authorization for the purchase and disposal of treasury shares . This proposal includes the authorization to cancel shares repurchased under the program within 18 months from the AGM approval , up to a total of 14.000.000 shares ordinary shares of Azimut Holding S.p.A., equal to 9.77% of the current share capital. At current market prices, this authorization represents a capital deployment of approximately € 500 million at current prices . Commencing in 2027 8 , the Group will transition to a semi-annual dividend distribution schedule , with payments scheduled for May and November of each year. This enhancement to Azimut's strategic capital allocation framework is designed to provide its shareholders with more frequent and predictable cash flows. In the context of the Elevate 2030 strategic plan , Azimut targets to return shareholders between € 750 to € 800 million in dividends 9 over the 2026-2027 period. This estimate includes the potential distribution of approximately € 250 million proceeds derived from extraordinary transactions 10 . Together with the share buyback plan of up to € 500 million , this capital return strategy implies a total return of approximately 25% of Azimut's current market capitalization . FY 2026 Guidance Building on strong commercial momentum and in line with the Group's continued commitment to its sustainable growth strategy, Azimut confirms its targets for 2026 estimating, under normal market conditions, total net inflows of € 10 billion and a net profit of € 550 million, excluding extraordinary items . Pietro Giuliani, Chairman of the Group, states: " For 36 years we have been investing in people and technology . To fund this growth, we took on up to € 1 billion in debt which is now entirely paid off and transformed into a cash position of over € 800 million. Our core shareholders are our financial advisors, our portfolio managers, and all our colleagues . The numbers you see today only quantify our past achievements . The people of Azimut will keep bringing to life the ideas and passion they hold in their minds and hearts. Future results will be the true measure of this energy. Get ready to be amazed ." Giorgio Medda , CEO of the Group, comments: "We have successfully transformed our global footprint into a high-performance engine that continues to accelerate and generate measurable, compounding value. Our global operations delivered more than 100 million euro in net profit in 2025 equal to a 15% ROI . We are reaffirming our concrete commitment to creating value for shareholders with a landmark plan to return about 25% of our current market cap over the next 18 months through dividends and share buybacks . This decision is consistent with the Group's strong capital position and long-term vision, reaffirming our concrete commitment to creating value for shareholders. We are moving full steam ahead, carrying this strong momentum into the execution of our Elevate 2030 strategic plan." Alessandro Zambotti , CEO and CFO of the Group, adds: "We close 2025 by confirming a solid and sustainable growth path with a net profit of € 526 million and recurring profit growing by 20%, a best-in-class result that reflects the strength of our business model and the quality of our execution . We have further strengthened our leadership and confirmed our position as the top player in Italy for net inflows with € 32 billion. This achievement stems from the combined efforts of our global distribution channels and our Italian Network where we are accelerating the ‌7 Subject to approval by the Shareholders' Meeting. Dividend yield calculated on the closing price as of 5 March 2026. Dividends to be paid to the outstanding shares, net of treasury shares held by the company. ‌ 8 Subject to approval by the Shareholders' Meeting. ‌9 Subject to approval by the respective Shareholders' Meeting. ‌10 Any extraordinary dividends to be paid from divestments are conditional upon completion of the respective transactions and receipt of the related proceeds, and subject to Shareholders' Meeting approval. use of artificial intelligence to streamline operations and deliver an even more personalized service. We sincerely thank our clients for their continued trust, and equally to our colleagues across the 20 countries in which we operate, whose hard work and dedication make these milestones possible. Supported by this growth and our excellent capital solidity we are pleased to propose a dividend of € 2.00 per share to reward our shareholders . As we look toward our 2026 targets, we remain convinced that our independence and ability to innovate will continue to be the cornerstone of our future development." The Officer in charge of the preparation of Azimut Holding S.p.A. accounting documents, Alessandro Zambotti (CFO), declares according to art. 154bis co. 2 D. Lgs. n° 58/1998, that the financial information herein included, corresponds to the records in the company's books. The attached statements are those foreseen by current regulations: income statement, balance sheet and cash flow statement. With reference to these figures, we remind that the auditors have not yet completed their activity, whereas no audit has to be carried out on reclassified income statement (Art. IA.2.9.3 co.5 from Instruction of the Market rules by the Italian Stock Exchange). Attached: Consolidated reclassified income statement as of 31 December 2025 Consolidated net financial position as of 31 December 2025 Consolidated income statement as of 31 December 2025 Consolidated balance sheet as of 31 December 2025 Consolidated cash flow statement as of 31 December 2025 Income statement Azimut Holding as of 31 December 2025 Balance sheet Azimut Holding as of 31 December 2025 Azimut is an independent, global group specializing in asset management across public and private markets, wealth management, investment banking, and fintech, serving private and corporate clients. Listed on the Milan Stock Exchange (AZM.IM), the Group is a leading player in Italy and operates in 20 countries worldwide, with a focus on emerging markets. The shareholder structure includes approximately 2,000 managers, employees, and financial advisors bound by a shareholders' agreement that controls around 21% of the company. The Group comprises a network of companies active in the management, distribution, and promotion of financial and insurance products, with registered offices in Italy, Australia, Brazil, Chile, China and Hong Kong, Egypt, Ireland, Luxembourg, Morocco, Mexico, Monaco, Portugal, Saudi Arabia, Singapore, Switzerland, Taiwan, Türkiye , the United Arab Emirates and the United States. Contacts - Azimut Holding S.p.A. https://www.azimut-group.com Investor Relations Alex Soppera, Ph.D. Tel. +39 02 8898 5671 E-mail: [email protected] Media Relations Viviana Merotto Tel. +39 338 74 96 248 E-mail: [email protected] Claudia Zolin Tel. +39 02 8898 5115 E-mail: [email protected] Maria Laura Sisti Tel. +39 347 42 82 170 E-mail: [email protected] CONSOLIDATED RECLASSIFIED INCOME STATEMENT €/000 FY 2024 FY 2024 (1) FY 2025 Entry commission income 13,975 13,975 18,223 Recurring fees 1,216,772 1,078,684 1,160,774 Variable fees 47,618 47,618 30,687 Other income 29,888 31,338 44,027 Insurance revenues 161,352 161,352 150,712 Total Revenues 1,469,604 1,332,967 1,404,422 Distribution costs (432,400) (430,787) (460,041) Personnel and SG&A (346,714) (244,304) (269,600) Depreciation, amortization & provisions (37,304) (23,572) (25,573) Operating costs (816,419) (698,663) (755,213) Operating Profit 653,185 634,304 649,209 Finance income 195,329 194,799 40,797 Net non-operating costs (18,151) (14,095) (17,079) Finance expense (8,192) (8,191) - Profit Before Tax 822,171 806,817 672,928 Income tax (208,655) (204,150) (133,973) Deferred tax (9,032) (9,033) 16,055 Net Profit 604,484 593,634 555,009 Minorities 28,319 25,860 29,343 Group Net Profit 576,165 567,774 525,666 Recurring Net Profit (2) 405,705 399,650 478,749 4Q 2024 4Q 2024 (1) 4Q 2025 3,957 3,957 6,390 318,426 283,153 306,991 38,865 38,865 25,455 9,361 9,793 9,784 44,979 44,979 42,309 415,588 380,747 390,930 (119,980) (119,642) (124,843) (90,143) (64,116) (78,538) (10,513) (6,399) (9,763) (220,636) (190,157) (213,144) 194,952 190,590 177,786 23,749 16,981 (21,411) (12,187) (9,371) (9,983) (1,710) (1,710) - 204,803 196,490 146,392 (52,129) (51,734) (12,310) (9,608) (9,608) 11,075 143,066 135,148 145,157 4,556 6,706 5,654 138,510 128,442 139,503 89,687 90,520 112,048 As a result of the partnership of AZ NGA with Oaktree, as announced on 30 September 2024 and 16 December 2024, 2024 figures have been adjusted to ensure a like-for-like comparison and reflect Azimut's current stake in AZ NGA of 25.77%. Reported net profit excluding (i) total performance fees, net of taxes, (ii) fair value of options, (iii) net non-operating costs, net of tax, (iv) certain unrealized gains (losses), (v) net capital gain on sale of stake in Kennedy Lewis and RoundShield, (vi) IFRS 17 impact and (vii) one-off tax refund (IRAP on infra group dividends). CONSOLIDATED NET FINANCIAL POSITION €/000 31/12/2024 30/06/2025 31/12/2025 Bank loan (154) (118) (338) Azimut 19-24 senior bond 1.625% - - - Total debt (154) (118) (338) Cash 394,804 401,674 498,933 Cash equivalents 159,016 113,775 132,602 UCI units & government securities 195,840 127,077 181,436 Cash & cash equivalents 749,660 642,526 812,972 Net financial position 749,506 642,408 812,634 Lease Liabilities (IFRS 16) (27,671) (24,531) (29,912) Net financial position incl. IFRS 16 721,835 617,877 782,722 CONSOLIDATED INCOME STATEMENT €/000 2024 2025 Fee and commission income 1,299,867 Fee and commission expense (379,826) 1,370,925 (397,596) Net fee and commission income 920,041 973,329 Dividends and similar income 6,277 Interest income and similar income 21,953 Interest expense and similar charges (9,323) Profits (Losses) on disposal or repurchase of: 734 b) financial assets at fair value through other comprehensive income 734 Net gains (losses) on financial assets and financial liabilities at FVTPL 28,596 assets and liabilities designated at fair value 15,546 other financial assets compulsorily measured at fair value 13,050 Insurance service result 32,783 Net insurance and investment result (567) 7,678 10,259 (6,415) 78 78 51,002 7,860 43,142 36,445 (365) Net Margin 1,000,494 1,072,011 Net adjustments / (reversals) for credit risk of: - a) financial assets measured at amortised cost - (4,450) (4,450) Net Financial Profit (Loss) - (4,450) Administrative expenses (308,347) personnel expenses (134,640) other expenses (173,707) Net accruals to the provisions for risks and charges (10,883) Net impairment losses/reversal of impairment losses on property and equipment (8,554) Net impairment losses/reversal of impairment losses on intangible assets (20,271) Other administrative income and expenses 3,545 (356,038) (163,424) (192,614) (4,683) (8,989) (22,942) 3,442 Operating costs (344,510) (389,210) Profit (Loss) on equity investments 148,426 (5,423) Pre-tax Profit (Loss) from continuing operations 804,410 672,928 Income tax (213,183) (117,919) Net Profit (Loss) from continuing operations 591,227 555,009 Net Profit (Loss) from discontinued operations 13,257 - Net profit (loss) for the period/year 604,484 555,009 Profit (Loss) for the period/year attributable to minority interest 28,319 29,343 Profit (Loss) for the period/year attributable to the Parent Company 576,165 525,666 Earnings per share / Euro 4.10 3.71 Diluted earnings per share / Euro 4.10 3.71

View stock analysis, news, and events for Azimut Holding Spa