PRESS RELEASE
Azimut Holding: strong 9M 2025 results drive new guidance and dividend policy
KPIs of the Group and 9M 2025 highlights2:
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 resultsAzimut 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 EBIT3 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 profit4 growing by 17% to € 367 million and reflecting the resilience and scalability of Azimut's business model. FY 2025 Guidance & dividend policyBuilding on the strong commercial momentum to date, the Group reaffirms its 2025 Net Inflows target of € 28-31 billion6. Core Group net 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:
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: alex.soppera@azimut.it | Media Relations Viviana Merotto Tel. +39 338 74 96 248 E-mail: viviana.merotto@azimut.it |
Claudia Zolin Tel. +39 02 8898 5115 E-mail: claudia.zolin@azimut.it | Maria Laura Sisti Tel. +39 347 42 82 170 E-mail: sistimarialaura@gmail.com |
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 |