1H 2025 results
Milan, 31 July 2025
Azimut Group - 1H 2025 results
Agenda 2
A strong year-to-date 2025 with several milestones achieved
3
Best 1H on record for managed net inflows (€8.2bn) & delivered robust recurring net income growth (+18%)
Introduced new organizational matrix and simplified reporting structure
Streamlining of business verticals and broader US platform
Strategic business development initiatives
Signed binding agreement for TNB transaction; implementation progressing
Underlying net profit & net inflows target upgrade
1H 2025 highlights
Solid performance reflecting our diversified global platform 4
€ 113bn
Total Assets AuM
+11.1% YTD
€ 9bn
Net inflows
Of which 43% from global operations
€ 646m
Revenues
Recurring revenues(1)
+7.1% YoY
€ 291m
EBIT
Recurring EBIT(2)
+8.6% YoY
€ 240m
Group Net Profit
Recurring Net Profit(3)
+18.2% YoY
18%
Net Profit from global operations
vs 15% in 1H 2024
2Q25 vs 1Q25 Net Profit bridge
Solid 6% uplift in net recurring operating performance
(after costs) mainly from abroad
Continued underlying growth in core business drives a strong 2Q25 5
2
7
(7)
Re-valuation of HighPost stake & gains on own investments, offset by higher taxes & minorities
124
122
Recurring net profit2
Robust performance fees contribution from abroad; insurance segment temporarily softer QoQ, with robust 3Q25 outlook
Recurring net profit grew 10% QoQ
Dividends from GP staking and net result of AZ NGA & Sanctuary
€m
7
111
Recurring net profit2
115
Net Profit 1Q25 Net recurring EBIT1
Performance fees
Strategic affiliates & GP stakes
Other items below EBIT
Net Profit 2Q25
1H25 vs 1H24 Net Profit bridge
Continued underlying growth in core business drives a strong 1H25 6
Solid 7% uplift in net recurring operating performance
(after costs)
Dividends from GP staking and net result of AZ NGA & Sanctuary
Recurring net profit grew 18% YoY
€m 321 22
(34) | (2) | 240 | ||||||
Less performance fees, in particular on insurance products, however, with robust 3Q25 outlook | (68) Capital gain on Kennedy Lewis and lower taxes vs growth of Nova, revaluation of HighPost stake & gains on own investments | |||||||
198 Recurring net profit2 | 234 Recurring net profit2 | |||||||
Net Profit 1H24* Net recurring EBIT1
Performance fees
Strategic affiliates & GP stakes
Other items below EBIT
Net Profit 1H25
(*) 1H 2024 figures have been adjusted for the deconsolidation of AZ NGA to ensure a like-for-like comparison (see slide n° 26 for further details).
1H 2025 net inflows and Total Assets development
1
Sustained strong demand for fund solutions in Italy, Turkey, US and Hong Kong
3
Sustained WM momentum in Dubai, Monaco, Singapore and growing institutional presence in Egypt, Middle East, Mexico, plus M&A benefits (Kennedy Capital)
4
Impacted by negative FX development since the start of the year, in particular USD & TRY
2
Multiple fund closings in Italy & Brazil and strategic M&A (increase of stake in HighPost)
5
€ 6.3bn organic net inflows in 1H (68% of FY24 organic net inflows); the best result on record in Azimut's history
Azimut records industry-leading inflows year-to-date 7
Assets | Net inflows | Assets | |||||||
Data in € million | 31/12/2024 | H1 2025 | 30/06/2025 | ∆ Dec-24 | |||||
Mutual funds | 34,947 | 1 5,206 | 40,098 | +14.7% | |||||
Alternative funds | 6,444 | 2 646 | 7,014 | +8.8% | |||||
Discretionary & Advisory | 27,619 | 3 2,549 | 29,880 | +8.2% | |||||
Life & Pension | 10,003 | 42 | 9,789 | (2.1)% | |||||
Strategic affiliates | 28,503 | 569 | 4 26,051 | (8.6)% | |||||
Total Assets | 107,516 | 5 9,012 | 112,831 | +4.9% | |||||
Italy | 55,435 | 5,108 | 60,989 | +10.0% | |||||
EMEA | 9,568 | 524 | 4 9,077 | (5.1)% | |||||
Americas | 10,903 | 2,445 | 13,311 | +22.1% | |||||
APAC | 3,107 | 368 | 3,403 | +9.5% | |||||
Strategic affiliates | 28,503 | 569 | 4 26,051 | (8.6)% | |||||
Total Assets | 107,516 | 5 9,012 | 112,831 | +4.9% | |||||
Total Assets as of 30 June 2025
Breakdown by business line 8
Investment
Integrated Solutions
Global Wealth
Institutional & Wholesal
Strategic affiliates
Discretionary
Life
Digital
Total assets
58.0
51%
7.1
6%
21.6
19%
26.1
23%
Funds
& Advisory
& Pensions
AM
e
(€bn)
112.8
100%
55.9
50%
9.8
9%
0.2
0.2%
46.9
42%
Total assets
(€bn)
Reclassified P&L by business line - 1H 2025 vs 1H 2024
Increased transparency into the earnings power of our platform 9
1H 2025 | Integrated Solutions | Global Wealth | Institutional & Wholesale | Strategic affiliates | Azimut 1 Superior margins Group driven by vertically | ||||||||
Avg. Tot. Assets (€bn) | 58.0 | 7.1 | 17.8 | 27.0 | integrated business model 109.9 | ||||||||
Revenues (€m) | 563 | 44 | 39 | - | 646 | ||||||||
EBIT (€m) | 256 | 15 | 20 | - | 2 291 Unique wealth management proposition | ||||||||
Net Profit (€m) | 208 | 15 | 21 | (4) | 240 to grow business further; business mix & FX have | ||||||||
Rec. Net Profit (€m) | 207 | 14 | 17 | (4) | 234 impacted earnings growth | ||||||||
Rec. Net Profit margin | 1 71 bps | 2 38 bps | 3 20 bps | 4 n.m. | 43 bps | ||||||||
1H 2024* | Integrated Solutions | Global Wealth | Institutional & Wholesale | Strategic affiliates | Azimut 3 Recurring marginality Group in line with the market | ||||||||
Avg. Tot. Assets (€bn) | 54.2 | 5.7 | 10.9 | 24.5 | 95.3 | ||||||||
Revenues (€m) | 577 | 41 | 20 | - | 637 | ||||||||
EBIT (€m) | 280 | 15 | 7 | - | 4 Non-controlled entities 302 with different business | ||||||||
dynamics; strong business | |||||||||||||
Net Profit (€m) | 198 | 14 | 110 | (1) | 321 growth yet impacted by | ||||||||
Rec. Net Profit (€m) | 187 | 13 | (1) | (1) | 198 higher financing costs as investments are still | ||||||||
Rec. Net Profit margin | 69 bps | 47 bps | n.m. | n.m. | 41 bps expansion phase | ||||||||
Countries / Firms | Brazil, Italy, Mexico, Turkey | Dubai, HK, Monaco, Singapore, Switzerland, USA (Apice + Genesis) | Brazil, Chile, Cina, Dubai/Abu Dhabi, Egypt, Kennedy Capital, Mexico, Nova, Singapore | AZ NGA & Sanctuary |
Reclassified P&L by vertical - 1H 2025 vs 1H 2024
2
Growth of Nova, fair value option, interests earned & gains on own investments
3
Underlying international profitability (excl. Kennedy Capital) driven by asset growth and recurring revenues, yet impacted by lower finance income
4
Non-controlled entities with different business dynamics; strong business growth yet impacted by higher financing costs as investments are still expansion phase
1
Lower performance fees and TNB-related costs, partially offset by higher recurring business
Strong growth across core regions 10
1H 2025 | Italy | Americas | APAC | EMEA | International | Strategic affiliates | Azimut Group | ||||
Avg. Tot. Assets (€bn) | 56.6 | 12.9 | 3.4 | 10.0 | 26.3 | 27.0 | 109.9 | ||||
Revenues (€m) | 537 | 40 | 9 | 59 | 108 | - | 646 | ||||
EBIT (€m) | 1 245 | 17 | 0.1 | 29 | 46 | - | 291 | ||||
Net Profit (€m) | 198 2 | 19 | 0.5 | 26 | 46 | (4) | 240 | ||||
Rec. Net Profit (€m) | 199 | 17 | 0.5 | 22 | 3 39 | 4 (4) | 234 | ||||
Rec. Net Profit margin | 70 bps | 26 bps | 3 bps | 44 bps | 30 bps | n.m. | 43 bps | ||||
1H 2024* | Italy | Americas | APAC | EMEA | International | Strategic affiliates | Azimut Group | ||||
Avg. Tot. Assets (€bn) | 48.9 | 11.4 | 1.8 | 8.7 | 21.9 | 24.5 | 95.3 | ||||
Revenues (€m) | 550 | 24 | 7 | 55 | 87 | - | 637 | ||||
EBIT (€m) | 271 | 6 | 0.2 | 25 | 31 | - | 302 | ||||
Net Profit (€m) | 182 | 112 | 0.1 | 29 | 141 | (1) | 321 | ||||
Rec. Net Profit (€m) | 177 | 1 | (0.2) | 21 | 22 | (1) | 198 | ||||
Rec. Net Profit margin | 72 bps | 2 bps | (2) bps | 48 bps | 20 bps | n.m. | 41 bps |
Azimut creates a $20bn integrated platform with NSI acquisition
A fast-growing platform with strong capabilities and consistent net inflows 11
North Square Investments highlights
>$20bn AUM1
Asset Management Platform
Transaction highlights
$110m
~5% net profit contribution3 within 12 months
Retail distribution relationships2
500+ firm & 6,000+ advisor/team
Inst. consultants relationships2
40+ consultants & 260+ inst. clients
Future outlook
U.S. retail market
Azimut US: fully integrated production & distribution platform
US Total Assets reach $50 billion, solidifying Azimut's second largest market 12
$50 billion
Total Assets1
Asset Management Distribution
Public Markets
Private Markets
Multi Channel Sales
RIAs Service Platform
RIAs
(1) Pro-forma AuM, including assets related to the acquisition of NSI.
Azimut's sells its stake in RoundShield Partners to Harrison Street
>6x
Growth
~4x
MOIC
$14.2bn
$225m
With this 2nd exit, Azimut cements its position as a leader in monetizing GP stakes 13
$2.8bn
~2x
Growth
1.4x
MOIC
$5.4bn3
$67m
$48m
At Entry At Exit
GR OW T H
GP A U M
Invested Capital
Realized Value
At Entry At Exit
$2.3bn
GR OW T H
GP A U M
Invested Capital
Realized Value
Azimut now boasts an unparalleled track record in the lower middle market segment, generating a combined DPI of 2.9x and IRR of 60%(1)
$60m
A ZI M U T R E A L I ZE D RE T U RN S 2
A ZI M U T R E A L I ZE D RE T U RN S 2
Asset Class
Real Assets
Entry Date
July 2022
Strategy
Special Opp. PE & Credit
Exit Date
July 2025
Asset Class
Private credit
Entry Date
July 2020
Strategy
US opportunistic / CLO
Exit Date
April 2024
Azimut & corporate partnerships with Ferrari and Eni Next
Strategic partnerships to promote Italian excellence globally 14
€198m1
AHE, the world's first and only evergreen investment fund for historic, super- and hyper-cars
€100m2
Our growth journey as a global investment partner to the country's leading innovators continues
Launch in September 2025 of an ELTIF focused on clean tech and energy transition, with advisory support from Eni Next
Azimut's digital leap
Powering the Intelligent Age of Financial Services with the Super App 15
Azimut Super App: Redefining Wealth Engagement
To download the White Paper:
Azimut's digital solutions in action
Commitment to innovation, value creation and enhanced client experiences 16
~50,000 clients powered by Azimut's fintech platforms around the globe
Blockchain-based, next-gen D2C fund distribution solution & mobile app launched in Italy & across Europe
Digital banking and payment platform, with multi-currency banking, international transactions & crypto solutions, incl. Stablecoin
Pioneering fintech & first fully-digital investment platform / mobile app launched by Azimut Egypt
1H 2025 Revenues
Increase in recurring fees year on year 17
Revenues breakdown (€m)
+1%
22
60
3
561
+7%
525
9
21
83
637 646
1H 2024* 1H 2025
(€ 7m in 1H25 vs € 35m in 1H24), but strong 3Q25 outlook
1H 2025 Costs
Continued investments in platform expansion and global growth 18
Operating costs breakdown (€m)
+6%
355
10
122
223
205
119
335
11
1H 2024* 1H 2025
1H 2025 EBIT & Net Profit
Double-digit growth in recurring earnings 19
259
+9%
291
281
EBIT (€m)
302
€ 281m
1H 2024* 1H 2025
321
18%
198
240
234
Azimut Net Profit (€m)
1H 2024* 1H 2025
1H 2025: Net Financial Position
954
722
618
Ca
(0.1)
643
(0.2)
750
(0.1)
982
€m | 31/12/2024 | 31/03/2025 | 30/06/2025 |
Bank loan | (0.2) | (0.1) | (0.1) |
Total debt | (0.2) | (0.1) | (0.1) |
Cash | 395 | 610 | 402 |
Cash equivalents | 159 | 144 | 114 |
UCI units & government securities | 196 | 229 | 127 |
Cash & cash equivalents | 750 | 982 | 643 |
Net financial position | 750 | 981 | 642 |
Lease liabilities (IFRS 16) | (28) | (27) | (25) |
Net financial position incl. IFRS 16 | 722 | 954 | 618 |
Debt-free balance sheet coupled with high investments and dividends paid 20
sh & cash equivalents
(28) (27) (25)
Dec-24 Mar-25 Jun-25
Bank loan
Lease liabilities (IFRS 16)
Proceeds M&A / investments
€ 68m € 50m
Divestment of partial Kennedy Capital & stake in AZ NGA HighPost, Italy &
Brazil
Taxes & others
€ 117m
For tax advances, stamp duties & actuarial reserves
Dividends Share buyback
€ 323m € 31m
Ordinary dividends Bought #1.4m shares & participating (average price of
financial instruments €23.1)
NFP as of 30 June 2025 after:
TNB spin-off
Expected timeline for the next steps of the transaction 21
3Q 2025
4Q 2025
2026 &
onwards
+
~€1.2bnPotential Total Consideration*
Goal: create shareholder value & expand the total addressable market
for Disposal of 80.01% Stake to FSI and Co-Investors
€2.4bn+
Revenue Guarantee in
Net Commissions over time (minimum 12 years*)
19.99%Further value upside
through stake in TNB retained by Azimut
2025 Guidance (1/2)
Upgrade net inflows target based on strong commercial momentum & M&A 22
€ 28 - 31 bn
€ ~14bn from M&A*
€ 4 - 7bn organic inflows
New product launches across public & private markets Nova & commercial partnerships
Wealth Management solutions
Revised net inflows target
€ 10 bn
Original net inflows target
Achieved in 1H 2025
€ 9.0bn
FY 2025E
FY 2025E
2025 Guidance (2/2)
Strong 1H results drive Net Profit target* revision 23
>€ 1bnNet Profit target* (from ~ € 1bn)
€ 400 bn Original lower-end target | 60% of the original lower-end target already achieved in 1H 2025 | |
240 |
The Group will present its new strategic targets & shareholder remuneration policy with its 9M 2025 results, marking the next phase of value creation
FY 2025E
24
AppendixTotal Assets as of 30 June 2025
A powerful global platform: 46% of Total Assets from international operations 25
13.3 61.0 9.1 3.4 26.1
AZ NGA
(Australia)
12%
Sanctuary (USA) 88%
12%
AMERICAS
54%
ITALY
8%
EMEA
3%
APAC
23% STRATEGIC AFFILIATES
1H & Q2 2025 income statement
1H & Q2 2024 are adjusted for AZ NGA deconsolidation(1) 26
€/000 | 1H 2024 | 1H 2024(1) | 1H 2025 | 2Q 2024 | 2Q 2024(1) | 2Q 2025 | 1Q 2024 | 1Q 2024(1) | 1Q 2025 | ||
Entry commission income | 6,656 | 6,656 | 7,580 | 3,034 | 3,034 | 4,225 | 3,622 | 3,622 | 3,355 | ||
Recurring fees | 589,644 | 524,556 | 560,957 | 300,986 | 264,410 | 280,983 | 288,658 | 260,146 | 279,974 | ||
Variable fees | 8,607 | 8,607 | 3,020 | 7,580 | 7,580 | 4,408 | 1,028 | 1,028 | (1,388) | ||
Other income | 13,768 | 14,492 | 14,031 | 6,680 | 7,231 | 6,994 | 7,088 | 7,260 | 7,037 | ||
Insurance revenues | 82,838 | 82,838 | 60,081 | 32,330 | 32,330 | 28,108 | 50,508 | 50,508 | 31,973 | ||
Total Revenues | 701,513 | 637,149 | 645,669 | 350,610 | 314,585 | 324,717 | 350,904 | 322,564 | 320,952 | ||
Distribution costs | (205,640) | (204,970) | (223,095) | (101,969) | (101,689) | (110,969) | (103,671) | (103,282) | (112,127) | ||
Personnel and SG&A | (167,395) | (119,228) | (121,654) | (89,859) | (63,810) | (59,849) | (77,536) | (55,418) | (61,806) | ||
D&A and provisions | (16,960) | (10,647) | (9,919) | (8,251) | (5,395) | (3,832) | (8,710) | (5,252) | (6,086) | ||
Operating costs | (389,995) | (334,845) | (354,668) | (200,078) | (170,893) | (174,650) | (189,917) | (163,952) | (180,019) | ||
Operating Profit | 311,518 | 302,304 | 291,001 | 150,531 | 143,692 | 150,068 | 160,987 | 158,612 | 140,933 | ||
Finance income | 154,708 | 156,152 | 43,483 | 151,802 | 152,137 | 28,941 | 2,907 | 4,015 | 14,542 | ||
Net non-operating costs | (4,778) | (3,892) | (5,846) | (4,062) | (3,767) | (5,196) | (716) | (125) | (650) | ||
Finance expense | (4,320) | (4,320) | - | (2,160) | (2,160) | - | (2,160) | (2,160) | - | ||
Profit Before Tax | 457,129 | 450,243 | 328,639 | 296,111 | 289,901 | 173,813 | 161,018 | 160,342 | 154,826 | ||
Income tax | (120,301) | (117,329) | (84,251) | (83,360) | (81,080) | (50,922) | (36,941) | (36,249) | (33,329) | ||
Deferred tax | 2,743 | 2,743 | 7,150 | 5,851 | 5,851 | 10,204 | (3,107) | (3,107) | (3,054) | ||
Net Profit | 339,571 | 335,657 | 251,538 | 218,601 | 214,672 | 133,095 | 120,969 | 120,985 | 118,443 | ||
Minorities | 17,092 | 14,382 | 11,901 | 12,333 | 10,304 | 8,704 | 4,759 | 4,078 | 3,197 | ||
Group Net Profit | 322,479 | 321,275 | 239,637 | 206,269 | 204,368 | 124,391 | 116,210 | 116,907 | 115,246 | ||
Recurring Net Profit(2) | 199,306 | 197,810 | 233,816 | 99,048 | 98,175 | 122,439 | 100,284 | 99,663 | 111,375 | ||
KPIs | |||||||||||
EBIT margin | 44.4% | 47.4% | 45.1% | 42.9% | 45.7% | 46.2% | 45.9% | 49.2% | 43.9% | ||
Group Net Profit margin | 68 bps | 67 bps | 44 bps | 84 bps | 84 bps | 45 bps | 50 bps | 50 bps | 42 bps | ||
Recurring Net Profit margin | 42 bps | 41 bps | 43 bps | 41 bps | 40 bps | 45 bps | 43 bps | 43 bps | 41 bps | ||
(1) As a result of the partnership of AZ NGA with Oaktree, as announced on 30 September 2024 and 16 December 2024, 2Q and 1H 2024 figures have been adjusted to ensure a like-for-like comparison
IR contacts & Corporate calendar
27
Investor Relations contacts Upcoming corporate events
Alex Soppera, Ph.D.
Tel. +39 02 8898 5671
E-mail: alex.soppera@azimut.it
Claudia Zolin
Tel. +39 02 8898 1
E-mail: claudia.zolin@azimut.it
https://www.azimut-group.com/investor-relations
Disclaimer - Safe harbour statement
This document has been issued by Azimut Holding just for information purposes. No reliance may be placed for any purposes whatsoever on the information contained in this document, or on its completeness, accuracy or fairness. Although care has been taken to ensure that the facts stated in this presentation are accurate, and that the opinions expressed are fair and reasonable, the contents of this presentation have not been verified by independent auditors, or other third parties.
Accordingly, no representation or warranty, express or implied, is made or given by or on behalf of the Company, or any of its members, directors, officers or employees or any other person. The Company and its subsidiaries, or any of their respective members, directors, officers or employees nor any other person acting on behalf of the Company accepts any liability whatsoever for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection therewith.
The information in this document might include forward-looking statements which are based on current expectations and projections about future events. These forward-looking statements are subject to risks, uncertainties and assumptions about the Company and its subsidiaries and investments, including, among other things, the development of its business, trends in its operating industry, and future capital expenditures and acquisitions. In light of these risks, uncertainties and assumptions, the events in the forward-looking statements may not occur. No one undertakes to publicly update or revise any such forward-looking statement.
The information and opinions contained in this presentation are provided as at the date of this presentation and are subject to change without notice.
Any forward-looking information contained herein has been prepared on the basis of a number of assumptions which may prove to be incorrect and, accordingly, actual results may vary. This document does not constitute an offer or invitation to purchase or subscribe for any shares and/or investment products mentioned and no part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever.
The information herein may not be reproduced or published in whole or in part, for any purpose, or distributed to any other party. By accepting this document, you agree to be bound by the foregoing limitations.
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. 58/98 of the Consolidated Law of Finance, that the financial information herein included, corresponds to the records in the company's books.