Azimut Holding: strong 9M 2025 results drive new guidance and dividend policy

About this update from Azimut Holding Spa

PRESS RELEASE ‌Azimut Holding: strong 9M 2025 results drive new guidance and dividend policy‌ Core Group net profit upgraded1 to >€ 500 million in 2025 and estimated at >€ 1 billion in 2026 ‌ Enhanced FY 2025 ordinary dividend policy vs FY 2024 ‌KPIs of the Group and 9M 2025 highlights2: ‌ Total Assets as of 30 September 2025: € 123 billion (AuM +21% YTD) Net Inflows: € 15 billion (of which 43% from global operations) ‌ Revenues: € 1 billion (recurring revenues3 +9% YoY) ‌ EBIT: € 471 million (recurring EBIT4 +12% YoY)‌ Group net profit: € 386 million (recurring net profit5 +17% YoY to € 367 million, of which € 60 million from global operations) Milan, 6 November 2025 The Board of Directors of Azimut Holding S.p.A. (AZM.IM) has approved today the consolidated interim financial report as of 30 September 2025. ‌9M 2025 financial results Azimut Holding consolidated total revenues amounted to € 1,013 million in 9M 2025, driven by a 7% increase year-on-year in recurring fees across all core markets, with particularly strong contributions from Italy, USA, Brazil, Singapore and Monaco. Operating costs amounted to € 542 million in 9M 2025 and increased in line with the Group's continued international expansion and commercial momentum. Operating profit (EBIT) amounted to € 471 million in 9M 2025, with recurring EBIT 3 growing 12% year-on-year to € 439 million. Finance income amounted to € 62 million in 9M 2025 and included € 37m of assets and portfolio performance, € 19m fair value of options & equity participations, € 11m of IFRS 17 negative impact, € 9m of net interest earned, as well as € 8m dividends from the Group's GP staking activities and net results of strategic affiliates. As a result, Group net profit equalled to € 386 million in 9M 2025, with recurring net profit 4 growing by 17% to € 367 million and reflecting the resilience and scalability of Azimut's business model. ‌FY 2025 Guidance & dividend policy Building on the strong commercial momentum to date, the Group reaffirms its 2025 Net Inflows target of € 28-31 billion6. Core Group n et profit , excluding the TNB transaction impact, is projected to exceed € 500 million in 2025 , compared to the original lower-end target of € 400 million. Including the expected contribution from the TNB transaction, Group net profit for 2026 is estimated above € 1 billion. Reflecting the Group's solid performance and strong capital position, the Board of Directors expects to propose to the 2026 Shareholders' Meeting an enhanced dividend policy for FY 2025, above last year's € 1.75 per share with a 61% payout ratio on recurring net profit. ‌1 The latest 2025 Guidance of Group net profit (>€ 1 billion), published on 31 July 2025, was dependent on TNB receiving authorization to operate in 2025 and subject to final accounting treatment of the transaction upon closing. Assuming normal market conditions. ‌2 As a result of the partnership of AZ NGA 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. ‌3 Total revenues excluding total performance fees (from funds and insurance). ‌4 Recurring revenues minus total operating costs. ‌ 5 Reported net profit excluding (i) total performance fees, net of taxes, (ii) fair value of options, (iii) net non-operating costs, (iv) certain unrealized gains (losses), (v) net capital gain on sale of stake in Kennedy Lewis and RoundShield and (vi) IFRS 17 impact. ‌6 Subject to closing of NSI transaction by year-end 2025. Pietro Giuliani , Chairman of the Group, states: " Azimut's results and figures speak louder than any statement: € 15 billion in net inflows since the beginning of the year , with a year-end target between € 28 and € 31 billion . These results , when compared with those of the main Italian players, position our Group among the leaders of the industry ." Alessandro Zambotti , CEO and CFO of the Group, adds: " Our strong results for the first nine months, which exceeded market expectations and were driven by solid recurring revenues, enable us to raise our guidance for 2025 net profit , now expected to exceed € 500 million . Looking ahead to 2026 , we estimate Group net profit of over € 1 billion , also benefiting from the expected contribution of the TNB transaction. We continue to pursue our strategic capital management initiatives and the creation of long-term value for our shareholders with conviction. To this end, we will propose to the next Shareholders' Meeting the renewal of our share buyback program , including the authorization to cancel repurchased shares . Furthermore, in line with our strong capital position and confidence in our ability to generate sustainable results , the Board of Directors intends to propose an enhanced ordinary dividend policy for FY 2025, higher than the previous year's distribution of € 1.75 per share (61% payout ratio on recurring net profit)." 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. Attached: Consolidated Reclassified Income Statement as of 30 September 2025 Consolidated Net Financial Position as of 30 September 2025 Consolidated Income Statement as of 30 September 2025 Consolidated Balance Sheet as of 30 September 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 22% of the company, while the remaining shares are in free float. 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, Turkey, 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 9M 2024 9M 2024 (1) 9M 2025 3Q 2024 3Q 2024 (1) 3Q 2025 Entry commission income 10,018 10,018 11,833 3,362 3,362 4,253 Recurring fees 898,347 795,532 853,783 308,703 270,976 292,826 Variable fees 8,752 8,752 5,232 145 145 2,212 Other income 20,526 21,545 34,243 6,758 7,053 20,212 Insurance revenues 116,373 116,373 108,402 33,535 33,535 48,321 Total Revenues 1,054,016 952,220 1,013,493 352,503 315,071 367,824 Distribution costs (312,420) (311,145) (335,198) (106,780) (106,175) (112,103) Personnel and SG&A (256,571) (180,189) (191,062) (89,177) (60,961) (69,408) Depreciation, amortization & provisions (26,791) (17,172) (15,809) (9,831) (6,525) (5,890) Operating costs (595,783) (508,506) (542,069) (205,788) (173,661) (187,401) Operating Profit 458,233 443,714 471,424 146,715 141,411 180,423 Finance income 171,580 177,818 62,208 16,872 21,666 18,725 Net non-operating costs (5,964) (4,724) (7,096) (1,186) (832) (1,250) Finance expense (6,481) (6,481) - (2,161) (2,161) - Profit Before Tax 617,368 610,327 526,536 160,239 160,084 197,898 Income tax (156,525) (152,416) (121,663) (36,224) (35,087) (37,412) Deferred tax 576 575 4,979 (2,168) (2,168) (2,172) Net Profit 461,418 458,486 409,852 121,848 122,829 158,314 Minorities 23,763 19,154 23,689 6,671 4,772 11,788 Group Net Profit 437,655 439,332 386,163 115,177 118,057 146,526 Recurring Net Profit (2) 316,018 312,866 366,700 116,751 115,103 132,875 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, (iv) certain unrealized gains (losses), (v) net capital gain on sale of stake in Kennedy Lewis and RoundShield and (vi) IFRS 17 impact. CONSOLIDATED NET FINANCIAL POSITION €/000 30/09/2024 31/12/2024 30/09/2025 Bank loan (171) (154) (100) Azimut 19-24 senior bond 1.625% (503,464) - - Total debt (503,635) (154) (100) Cash 710,533 394,804 461,639 Cash equivalents 146,148 159,016 148,917 UCI units & government securities 308,372 195,840 154,405 Cash & cash equivalents 1,165,053 749,660 764,961 Net financial position 661,418 749,506 764,861 Lease Liabilities (IFRS 16) (33,180) (27,671) (21,634) Net financial position incl. IFRS 16 628,238 721,835 743,227 CONSOLIDATED INCOME STATEMENT €/000 9M 2024 (*) 9M 2025 Fee and commission income 931,838 989,539 Fee and commission expense (276,542) (292,436) Net fee and commission income 655,296 697,103 Dividends and similar income 4,801 8,493 Interest income and similar income 14,636 9,009 Interest expense and similar charges (7,449) (5,695) Profits (Losses) on disposal or repurchase of: 585 69 b) financial assets at fair value through other comprehensive income 585 69 Net gains (losses) on financial assets and financial liabilities at FVTPL 17,792 45,117 a) assets and liabilities designated at fair value 3,678 8,172 b) other financial assets compulsorily measured at fair value 14,114 36,945 Insurance service result 24,026 26,985 Net insurance and investment result (1,775) (520) Net Margin 707,911 780,561 Administrative expenses (224,876) (246,606) a) personnel expenses (99,560) (109,516) b) other expenses (125,316) (137,090) Net accruals to the provisions for risks and charges (7,913) (2,003) Net impairment losses/reversal of impairment losses on property and equipment (6,520) (6,049) Net impairment losses/reversal of impairment losses on intangible assets (10,183) (16,166) Other administrative income and expenses 1,430 5,559 Operating costs (248,062) (265,265) Profit (Loss) on equity investments 149,495 11,240 Pre-tax Profit (Loss) from continuing operations 609,344 526,536 Income tax (152,417) (116,684) Net Profit (Loss) from continuing operations 456,927 409,852 Net Profit (Loss) from discontinued operations 4,491 - Net profit (loss) for the period/year 461,418 409,852 Profit (Loss) for the period/year attributable to minority interest 23,763 23,689 Profit (Loss) for the period/year attributable to the Parent Company 437,655 386,163 (*) The prior period corresponding figures were reclassified in order to comply with IFRS 5. Indeed, since December 2024, the Group no longer controls the Australian companies headed by AZ Next Generation Advisory Limited. CONSOLIDATED BALANCE SHEET ASSETS (€/000) 31/12/2024 30/09/2025 Cash and cash equivalents 394,804 461,639 Financial assets at fair value through profit or loss 8,239,240 8,205,896 c) other financial assets at fair value 8,239,240 8,205,896 Financial assets at fair value through other comprehensive income 19,132 23,972 Financial assets at amortized cost 310,901 206,096 Equity investments 184,733 161,674 Insurance contract assets 5,919 6,081 b) reinsurance contract assets 5,919 6,081 Tangible Assets 29,466 23,776 Intangible Assets 581,060 684,990 of which: Goodwill 507,998 618,111 Tax assets 21,089 52,472 a) current 3,106 37,516 b) prepaid 17,983 14,956 Non-current assets and discontinued operations - 141,701 Other assets 446,908 383,581 Total Assets 10,233,252 10,351,878 LIABILITIES (€/000) 31/12/2024 30/09/2025 Financial Liabilities at amortized cost 44,135 57,672 a) Payables 44,135 57,672 Insurance contract liabilities 1,778,608 1,904,819 Financial liabilities designated at fair value 6,029,802 6,008,731 Tax liabilities 129,369 118,164 a) current 60,099 57,702 b) deferred 69,270 60,462 Liabilities associated with discontinued operations - 57,471 Other Liabilities 229,508 226,404 Employees' severance 4,831 4,890 Provisions for risks and charges 68,923 40,374 c) other provisions for risks and charges 68,923 40,374 Capital 32,324 32,324 Treasury shares (-) (7,513) (18,707) Capital instruments 36,000 36,000 Share premium reserve 173,987 173,987 Reserves 1,109,917 1,372,214 Valuation provisions 2,345 (70,822) Profit (Loss) for the period 576,165 386,163 Equity attributable to minority interests 24,851 22,194 Total liabilities and shareholders' equity 10,233,252 10,351,878

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