Consolidated interim financial report at 31 March 2026

Contents 2

Company bodies 3

Group structure at 31 March 2026 4

Azimut Group's highlights and indicators 5

Management report 6

Azimut Group consolidated financial statements 18

Basis of preparation 24

‌Company bodies‌

Pietro Giuliani Chairman

Giorgio Medda Chief Executive Officer

Alessandro Zambotti Chief Executive Officer

Patrick Henri Pera1 Director

Monica Liverani Director

Fiorenza Dalla Rizza Director

Vittoria Scandroglio Director

Marcello Foa Director

Carlo Bonomi Director

Anna Doro Director

Stefano Fiorini Chairman

Marco Lori Standing Auditor

Maria Catalano Standing Auditor

‌1 in office for one year (2026)

Company figures updated to 31/3/2026.

This table only provides a summary of certain subsidiaries of the Azimut Group. For the full list of companies directly or indirectly controlled by Azimut Holding S.p.A., see the "Consolidation scope and methods" section of this consolidated interim financial report. Note (1): 51% held by Azimut Holding SpA, 30% by Azimut Capital Management SGR SpA and 19% by Azimut Financial Insurance SpA, both owned by Azimut Holding SpA.

Note (2): controls AZ Sinopro Insurance Planning.

Note (3): controls AZFlow Consultoria, Azimut Brasil Consultoria e Correspondente Bancario, Azimut Brasil Assessores de Investimentos, Azimut Brasil Wealth Management, AZ Guidance Gestão de Patrimônio Ltda and Azimut Knox Holding S.A.

Note (4): controlled by AZ Quest Participações LTDA, in turn controlled by AZ Brasile Holding Ltda. Note (5): formerly "Azimut Direct SpA", renamed Azimut Corporate Finance SpA from 21 January 2026.

Note (6) controls CSM Advisors LLC, CSM Intermediate Holdings LLC, CSM Group Intermediate Holdings LLC, CSM Group Holdings LLC, CSM Holdings LLC and North Square Investments LLC.

1. ‌Azimut Group - Highlights at 31 March 2026

   1990	Year of incorporation	2004	Year of flotation
   143.8 billion	Total assets	20 countries	Geographical coverage
   18.7 billion	Total net inflows	32.35	Share price
   371 million	Total income	125 million	Group net profit

2. ‌Azimut Group - Financial and operating indicators

   Financial indicators	01.01.2026- 31.03.2026	01.01.2025- 31.03.2025	Change		2025
   (millions of euro)			Absolute	%
   Total income:	371	321	50	15%	1,404
   - of which fixed management fees	319	280	39	14%	1,161
   EBIT	164	141	23	17%	649
   Group net profit	125	115	10	9%	526

3. ‌Breakdown of total assets under management by type and geographical area at 31 March 2026

Strategic affiliates 22%

Mutual funds 36%

Azimut Life and Pension funds 7%

Discretionary & Advisory

30%

Alternative funds 5%

Figures in millions of euro

1. ‌Introduction

   This consolidated interim financial report at 31 March 2026 has been prepared pursuant to article 154-ter (Interim Reports) of Legislative decree no. 58/1998 (Consolidated Law on Finance), introduced by Legislative decree no. 195/2007, implementing EU Directive 2004/109/EC (known as the Transparency Directive) as amended.

   Azimut Holding SpA publishes a consolidated interim financial report not pursuant to any legal requirements, focusing only on the key information of the first three months of the year. It is not fully compliant with the IFRS Accounting Standards as it does not provide all the disclosures required by the applicable standards, simplifying the disclosure to the market.

   This consolidated interim financial report provides:

   • a general description of the financial position and results of operations of Azimut Holding SpA and its subsidiaries for the period;

   • a description of the main events and transactions of the period and their impact on the financial position of Azimut Holding SpA and its subsidiaries.

2. ‌Azimut Group's performance for the first quarter of 2026

   The Azimut Group's consolidated net profit for the first quarter of 2026 amounts to 125,293 thousand euro (115,246 thousand euro in the first quarter of 2025), while consolidated EBIT before taxes came to 167,488 thousand euro (154,826 thousand euro in the first quarter of 2025).

   The Group ended the first quarter of 2026 by consolidating the record trend achieved in 2025. Total inflows amounted to 4.6 billion euros in the first quarter (18.7 billion euros including inflows related to the acquisitions of North Square Investments and Knox Capital, the economic benefits of which were consolidated with effect from 1 January 2026). The period was characterised by steady progress. Following the best January ever (2.0 billion), the Group maintained strong momentum in February (1.7 billion) and in March (945 million). Despite the macroeconomic scenario and market volatility, there was a strong concentration towards asset management solutions. Total assets, net of the market effect, amounted to 143.8 billion euro at 31 March 2026. The Group's important inflows in the first quarter of the year are the result of its global and diversified model. In particular, international markets accounted for around two thirds of total inflows. This was driven by institutional growth in Egypt and the United States (following the acquisition of North Square Investments, LLC), and the success of the wealth management sector in Dubai and Singapore. Two significant acquisitions in Australia are also worth noting as part of strategic expansion operations. The Italian market demonstrated robust and resilient demand, with significant contributions from both public and private sectors, supported by a network of financial advisors and institutional partnerships.

   Growth was supported by a platform capable of generating significant organic inflows, even in volatile markets such as Brazil, Mexico and Turkey. This confirms the Group's ability to navigate such markets effectively and successfully respond to the needs of a diverse customer base in both the public and private sectors. These figures confirmed both the strength of the global platform and the effectiveness of the global distribution networks. These results put the Group in an ideal position to meet its sustainable growth targets in the coming months.

   With respect to the number of financial advisors, in the first quarter of 2026, the Gruppo Italia's network showed 16 new engagements, compared to 15 outgoing advisors, bringing the total number of Azimut advisors in Italy to 1,773 (31 December 2025: 1,772).

   1. ‌Assets

      Figures in millions of euro	31.03.2026	31.12.2025	Change compared to 31/12/2025
      			Absolute	%
      Funds	51,070	46,151	4,919	11%
      Alternative funds	7,504	7,138	366	5%
      Discretionary portfolio management & Advisory	43,320	32,863	10,457	32%
      Azimut Life & pension funds	10,156	10,372	-216	-2%
      Strategic affiliates	31,728	30,284	1,444	5%
      Total assets under management	143,778	126,808	16,970	13%

   2. ‌Net inflows

      Figures in millions of euro	01.01.2026- 31.03.2026	01.01.2025- 31.03.2025	Absolute change compared to the period 01.01.2025- 31.03.2025
      Funds	5,866	1,944	3,922
      Alternative funds	337	76	261
      Discretionary portfolio management & Advisory	11,007	2,499	8,508
      Azimut Life & pension funds	43	36	7
      Strategic affiliates	1,469	-74	1,543
      Total net inflows	18,7221	4,481	14,241

      1 Total inflows include the flows related to the acquisitions of North Square Investments and Knox Capital (14.1 billion euro). The related economic benefits have been consolidated as of 1 January 2026. Total inflows, net of the above acquisitions, amount to 4.6 billion euro.

   3. ‌Reclassified consolidated income statement

      In order to provide a representation of the results according to management criteria, the income statement has been reclassified to better reflect the content of the items in accordance with these criteria.

      The main reclassifications involved the following:

      • cost recoveries on portfolio management reported under "Fee and commission income" have been reclassified as "Other income" in the reclassified income statement;

      • the insurance service result and financial income from insurance operations were reallocated to "Insurance income";

      • commission expenses paid to the sales network, reported under "Fee and commission expense" are now classified as "Acquisition costs"; similarly, the Enasarco/Firr contributions related to these commission expenses and the other trade payables associated with the sales network, recognised under "Administrative costs", have been reclassified as "Acquisition costs"; the amount allocated to the supplementary indemnity reserve for agents (ISC) reported under "Accruals to the provisions and charges" has been reclassified as "Acquisition costs";

      • administrative cost recoveries, reported under "Other operating income and costs", were recognised as a reduction of "Overheads/administrative costs";

      • the effects of the application of IFRS 17 - Insurance Contracts, included under "Financial income from insurance operations" were reallocated to "Net financial income";

      • interest expenses on loans were reported under "Interest expense" in the reclassified income statement.

      Euro/000	01.01.26 - 31.03.2026	01.01.25 - 31.03.25
      Acquisition fees	7,594	3,355
      Recurring fees	318,718	279,974
      Variable management fees	680	-1,388
      Other income	8,028	7,037
      Insurance income	35,535	31,973
      Total income	370,555	320,952
      Acquisition costs	(116,300)	(112,127)
      Overheads/administrative costs	(81,865)	(61,806)
      Amortisation/depreciation and accruals	(8,095)	(6,086)
      Total costs	(206,261)	(180,019)
      EBIT	164,294	140,933
      Net financial income	6,539	14,542
      Net non-recurring income (costs)	(2,123)	(650)
      Interest expense	(1,222)	-
      Pre-tax profit	167,488	154,826
      Income tax	(34,460)	(33,329)
      Deferred tax assets/liabilities	(2,245)	(3,054)
      Net profit	130,783	118,443
      Profit attributable to minority interests	5,490	3,197
      Group net profit	125,293	115,246

      Consolidated EBIT and consolidated Group net profit for the first quarter of 2026 came to 164 million euro (141 million euro for the first quarter of 2025) and 125 million euro (115 million euro for the first quarter of 2025), respectively.

      In the first quarter of 2026, assets under management generated recurring fees of 319 million euro, up on the same period of the previous year (280 million euro) thanks to the Group's organic and inorganic growth.

      Insurance income was slightly up at 36 million euro in the first quarter of 2026 (32 million euro in the first quarter of 2025), driven by the combined effect of higher recurring fees and higher variable fees recorded during the period. Acquisition costs reflect the rise in recurring revenues and the Group's international expansion. The increase in overheads in the first quarter of 2026 is consistent with the Group's organic and inorganic international growth. The latter was driven by US acquisitions, the consolidation of which took place in the second quarter of 2026. Net financial income includes the positive effects of: i) the fair value measurement of the Group's investments and ii) the measurement of liabilities relating to the future exercise of the options to purchase the remaining portion of the capital of certain acquirees not wholly owned. It also includes the dividends from the investments in the US GP Stakes, the portion of the profits and losses of associates, in addition to the interest income generated by the management of the Group's liquidity. Income taxes include the tax charge (taken directly to the individual countries) related to the application of the Global Minimum Tax as provided for by Law no. 11/2023 for jurisdictions where the 15% tax rate does not apply.
   4. ‌Key balance sheet figures

      Euro/000	31.03.2026	31.12.2025
      Cash and cash equivalents	591,229	498,933
      Financial assets at fair value through profit or loss	8,177,550	8,339,055
      Financial assets at fair value through other comprehensive income	28,895	25,024
      Financial assets at amortised cost and equity investments	369,228	362,255
      Property, plant and equipment and intangible assets	899,115	715,099
      Non-current assets held for sale and discontinued operations	217,996	196,870
      Other assets	483,574	516,510
      Total assets	10,767,587	10,653,746
      Financial liabilities at amortised cost	123,211	71,332
      Insurance liabilities	1,922,712	1,938,085
      Financial liabilities measured at fair value	5,950,502	6,104,414
      Liabilities related to discontinued operations	90,558	91,501
      Other liabilities and provisions	418,965	374,735
      Shareholders' equity	2,261,639	2,073,679
      Total liabilities and shareholders' equity	10,767,587	10,653,746

      Cash and cash equivalents refer to on-demand bank accounts and cash, up from 499 million euro at 31 December 2025 to 591 million euro at 31 March 2026. Financial assets at fair value through profit or loss decreased on 31 December 2025. They mainly refer to the insurance operations carried out by Azimut Life Dac, specifically liquidity and investments, measured at fair value, relating to unit-linked policies where the investment risk is borne by policyholders. Furthermore, financial assets at fair value through profit or loss include the Group's portions of UCI units and closed-end funds which reflect the investment of the excess liquidity of operations and minority interests over which the Group does not exercise control, significant influence or joint control. Financial assets at fair value through other comprehensive income increased slightly on 31 December 2025 and refer to investments in minority interests over which the Group does not exercise control, significant influence, or joint control, and to the investments in government bonds with a hold-to-collect and sell business model. Financial assets at amortised cost mainly comprise receivables for asset management services (132 million euro) and receivables from customers for advisory services (62 million euro), while equity investments increased from 160 million euro at 31 December 2025 to 168 million at 31 March 2026. The increase on 31 December 2025 reflects the profits of associates. Property, plant and equipment and intangible assets are up on 31 December 2025 also following the acquisition of Knox Capital and North Square Investments, LLC. This item also includes the right-of-use assets recognised in accordance with IFRS 16, amounting to 23 million euro at 31 March 2026. Non-current assets held for sale and discontinued operations include the assets identified within a selected perimeter mainly comprising some of the Group's Italian distribution activities, together with other assets which were identified also as part of the binding framework agreement signed between Azimut Holding Spa and FSI SGR S.p.A.

      With respect to figures, the main effects related to "Cash and cash equivalents" (1 million euro), "Financial assets at amortised cost" (45 million euro), "Equity investments" (4 million euro), "Property, plant and equipment" (41 million euro), "Intangible assets" (17 million euro), "Tax assets" (1 million euro) and "Other assets" (109 million euro).

      Other assets mainly include tax assets (107 million euro) and advances for virtual stamp duties (42 million euro). They also include amounts due from financial advisors for loans and advanced commissions (approximately 8 million euro) and incentive costs relating to total inflow targets which are directly attributable to the contracts which meet the capitalisation requirements under the category of costs incurred to fulfil a contract introduced by IFRS 15. They are included under Prepayments and amounted to 77 million euro at 31 March 2026. Financial liabilities at amortised cost mainly include the lease liabilities arising from the application of IFRS 16 (26 million euro at 31 March 2026). Insurance liabilities include the insurance contracts of the Group's Irish company. Liabilities related to discontinued operations include the liabilities identified within a selected perimeter mainly comprising some of the Group's Italian distribution activities, together with other assets which were identified also as part of the binding framework agreement signed between Azimut Holding Spa and FSI SGR S.p.A..

      With respect to figures, the main effects related to "Financial liabilities at amortised cost" (36 million euro), "Tax liabilities" (0.3 million euro), "Other liabilities" (26 million euro), "Staff severance pay (TFR)" (0.2 million euro), "Provisions for risks and charges" (29 million euro) and "Valuation reserves" (9 thousand euro).

   5. ‌Consolidated net financial position

      With respect to the methods used to assess the net financial position, reference was made to the ESMA (European Securities and Markets Authority) Guidelines dated 4 March 2021, paragraph 175 and following paragraphs.

      Only financial liabilities were included, whereas trade payables have been excluded. Assets in the form of fees and commissions for managed funds and discretionary portfolios are also included and are considered as cash equivalents given that they are collected by the Group during the first few working days after the reporting date, in addition to investments in money market funds.

      	Euro/000	31.03.2026	31.12.2025
      A	Cash	591,229	498,933
      B	Cash equivalents	183,244	161,121
      C	Other current financial assets	143,660	152,917
      D	Liquidity (A + B + C)	918,132	812,972
      E	Current financial debt (including debt instruments, but excluding current portion of non-current financial debt)	-	-
      F	Current portion of non-current financial debt	-5,716	-93
      G	Current financial indebtedness (E + F)	-5,716	-93
      H	Net current financial indebtedness (G - D)	912,416	812,879
      I	Non-current financial debt (excluding current portion and debt instruments)	-39,597	-245
      J	Debt instruments	-	-
      K	Non-current trade and other payables	-25,662	-29,912
      L	Non-current financial indebtedness (I + J + K)	-65,259	-30,157
      M	Total financial indebtedness (H + L)	847,157	782,722

      The positive figure for net financial position at 31 March 2026 amounts to 847.2 million euro with cash and cash equivalents significantly exceeding financial liabilities, up compared to 31 December 2025 (782.7 million euro). Current and non-current financial indebtedness (45 million euro) arise from the acquisition of North Square Investments, LLC.

   6. ‌Shareholders' equity

      At 31 March 2026, consolidated shareholders' equity, including the profit for the period, amounted to 2,247 million euro (2,043 million euro at 31 December 2025). This figure does not reflect the effects of the dividend distribution approved by the shareholders in their ordinary meeting called to approve the 2025 financial statements on 23 April 2026. The shareholders' meeting resolved to pay an ordinary dividend of 2.00 euro per share (excluding any treasury shares in the parent company's portfolio on the day prior to the ex-dividend date), before withholding taxes and entirely in cash on 20 May 2026, with ex-dividend date on 18 May 2026 and record date on 19 May 2026. The shareholders' meeting also approved the allocation of

      6.7 million euros (equal to 1% of the consolidated gross profit) to Fondazione Azimut EFTS, in accordance with the Articles of Association. It also approved the allocation of 52.57 euros for each participating financial instrument held by Top Key People at the time the dividend payment was approved, again in accordance with the Articles of Association.

   7. ‌Treasury shares

   At 31 March 2026, Azimut Holding S.p.A. subsidiaries did not hold any treasury shares or shares of the Parent Company, either directly or via trust companies or third parties.

   During the first quarter of 2026, the following transactions involving treasury shares were carried out:

   • 86,293 treasury shares were transferred to AZ International Holdings Sa for a total of 3.1 million euro as part of a capital injection and were used on the same date to pay the third and last tranche of the price adjustment related to the initial acquisition of the investment in Turkey;

   • 992,913 treasury shares were transferred to the US subsidiary Azimut US Holding for a total of 36.4 million euro as part of a capital injection and were used to acquire 100% of North Square Investments, LLC;

   • 488,072 treasury shares were purchased for a total amount of 16.4 million euro.

   At 31 March 2026, Azimut Holding SpA's treasury share portfolio stood at 1,435,659 shares, or 1% of share capital.

   No transactions involving treasury shares occurred after 31 March 2026 up to the date of approval of this consolidated interim financial report.

3. ‌Main events of the first quarter of 2026
   1. ‌Parent company - Azimut Holding SpA Capitalisation transactions carried out by Azimut Holding S.p.A.

      During the first quarter of 2026, Azimut Holding S.p.A. made capital injections in favour of:

      • Azimut UK Holdings LTD for a total of 36 million euro, paid entirely in treasury shares totalling 992,913 and aimed at acquiring 100% of the US company North Square Investments, LLC;
      • AZI First Srl for 2.8 million euro as resolved by the Board of Directors on 6 February 2025, partly used to acquire an additional stake in the Spanish associate Romeo Founders SL.
   2. ‌Transactions carried out by Azimut Holding SpA and its subsidiaries during the first quarter of 2026

      Italy

      On 9 February 2026, Azimut Financial Insurance SpA acquired the remaining investments in Step 4 Business SpA from third parties, thereby controlling 100% of the share capital (at 31 December 2025, it held 94.52% thereof).

      On 31 March 2026, in accordance with initial agreements, AZI First Srl subscribed a 2 million euro capital increase in Romeo Founders S.L., based in Spain, brining its investment therein to 63.64%.

   3. ‌AZ International Holdings SA and Azimut UK Holdings LTD and their direct and/or indirect subsidiaries

      Americas

      On 8 January 2026, the closing for the acquisition of 100% of North Square Investments, LLC

      ("NSI" or "North Square") was signed, with retroactive effect from 1 January 2026.

      The transaction involved an initial outlay in cash and in treasury shares of Azimut Holding SpA of approximately 60 million euro. The contractual agreements also provide for an earn-out of approximately 43 million euro, which is subject to the achievement of specific performance targets agreed by the parties involved.

      The closing for the acquisition of 50% plus one share of the share capital of Knox Capital was also signed on 16 January 2026, with retroactive effect from 1 January 2026.

      The transaction involved an initial cash outlay of 7.2 million euro. The contractual agreements also provide for an earn-out of approximately 5.6 million euro, which is subject to the achievement of specific performance targets agreed by the parties involved.

      From an accounting perspective, the above transactions qualify as a business combination under IFRS 3. Therefore, the Group recognised the acquired assets and assumed liabilities at initial recognition. At the date of this consolidated interim financial report, the calculation of the fair value of the assets and liabilities of the acquired companies was being finalised. Therefore, the excess of the acquisition price over shareholders' equity, equivalent to goodwill, was provisionally allocated. This allocation may be redetermined within the measurement period (12 months from the acquisition date) once the analyses required for the final purchase price allocation (PPA) have been completed.

      On 19 January 2026, the Group announced the signing of an agreement for the acquisition of a majority stake in Unifinance Group in Brazil. Unifinance Group has a strong presence in wealth management, specifically in the ultra high net worth (UHNW) segment, and in the institutional customer segment, including closed-end pension funds and insurance companies, with assets under management/under advisory of approximately 640 million euro2. The integration with Azimut will enhance the services offered to customers by providing access to a larger platform and a broader range of products and further improved processes, while preserving Unifinance's independence, culture and investment model. The transaction involves the allocation of Azimut Holding S.p.A. shares with no initial cash outlay and includes an earn-out mechanism, which is dependent on the achievement of specific agreed growth targets. Closing of the transaction is expected in the second quarter of 2026.

      EMEA area

      Following the authorisation obtained during 2025 from the Capital Market Authority (CMA) of Saudi Arabia, Azimut MENA was established in Saudi Arabia in January 2026 and will operate as a locally authorised asset manager.

   4. ‌Other significant events of the year
   1.1 Activities carried out by the Supervisory Authorities Azimut Capital Management SGR SpA - Activities of the Supervisory Authorities

   As per its notice dated 5 March 2025, the Bank of Italy carried out a routine inspection on the group company Azimut Capital Management SGR S.p.A. ("ACM"), which began on 10 March 2025 and ended on 13 June 2025. On 24 October 2025, the above Authorities served notice of the inspection report. The report identified areas for improvement mainly relating to ACM's governance, organisational structure and internal control. ACM then drew up a remediation plan aimed at adopting the corrective and consolidation measures requested. This plan was sent to the Authorities in early December 2025 and was fully implemented by the end of March 2026, in coordination with the Supervisory Authorities and the relevant instructions. On 1

   ‌2 Of which approximately 240 million euro invested in AZ Quest products, a company of the Azimut Group, data at 31 December 2025.

   December 2025, ACM also submitted its counter-arguments in the administrative proceedings under article 195 of the Consolidated Law on Finance. No measures regarding the continuation of the proceedings have yet been received to date.

   On 27 April 2026, the Bank of Italy informed ACM that follow-up checks relating to the on-site inspection conducted in 2025 had begun. These checks are aimed at verifying the effective implementation and effectiveness of the remediation plan. The Bank of Italy carried out the 2025 inspection on behalf of CONSOB. On 20 November 2025, CONSOB required the Company to draw up an action plan, mainly relating to distribution and investment processes. The implementation of these measures was completed in February 2026, in line with CONSOB's guidance.

   At the same time, on 22 January 2026, CONSOB began an administrative proceeding in which ACM submitted a proposal containing commitments pursuant to Article 196-ter of the Consolidated Law on Finance.

   Between 7 October 2025 and 5 February 2026, ACM, and in particular the Azimut Sustainable Future open-ended pension fund established by it, was subject to an inspection by COVIP. The inspection concluded without COVIP identifying any critical issues.

   Azimut Life Dac - Italy's branch - IVASS

   Between 14 April and 25 July 2025, IVASS conducted inspections at the Italian branch of Azimut Life DAC (the "Branch" and "AZLife", respectively), focusing on its organisational structure, procedures and internal controls. The aim was to check compliance with regulations on preventing money laundering and countering terrorist financing, as well as to assess the arrangements for fulfilling customer due diligence obligations.

   On 27 January 2026, IVASS delivered the inspection report to AZLife in which it indicated certain corrective actions that AZLife will have to implement in relation to the findings covered by the inspection carried out at the Branch. AZLife has already implemented some of the required actions and is currently implementing a remediation plan, which is due to be completed by the deadlines set by IVASS.

4. ‌Key risks and uncertainties

   For the purposes of risk monitoring, the Group has identified the key risks as follows: The current market situation is characterised by instability in the global geopolitical and trade landscape. Specific examples of this instability include the ongoing conflict in Ukraine, the escalation of tensions in the Middle East and the growing polarisation between economic blocs, which fuels protectionist policies and technological restrictions. This instability has led to a generalised amplification of the risk factors described below. Although it has not yet generated critical issues that could jeopardise business continuity, this context requires the adoption of measures to ensure constant monitoring by the group companies, as discussed earlier.

   The main risks and uncertainties to which Azimut Holding S.p.A. and the Group are exposed are as follows:

   • Strategic risk

   • Sales network risks

   • Operational risk

   • Outsourcing risk

   • Reputational risk

   • Compliance risk

   • Financial risks

   • Liquidity risk

   • Climate and environmental risks

   • Cyber risks

   For further information on the main risks and uncertainties for the Group, reference should be made to the Management Report accompanying the consolidated financial statements at 31 December 2025.

5. ‌Related-party disclosures

   Pursuant to Consob Regulation on Related parties (CONSOB regulation no. 21396 of 10 June 2020), the Board of Directors of Azimut Holding SpA approved the procedures that ensure transparency and the substantial and procedural fairness of related party transactions ("Related Party Transaction Procedure" available on Azimut's website at https://www.azimut-group.com).

   With reference to paragraph 8 of article 5 of the Consob Regulation on periodic disclosure of related-party transactions, the following should be noted:

   • no transactions classifiable as "significant" were performed;

   • no atypical or unusual transactions were performed;

   • disclosures about other related-party and minor transactions carried out during the first quarter of 2026 as part of ordinary business activities can be found in the section on "Related-party disclosures".

     Related-party disclosures

     Related-party transactions referring to commercial transactions carried out by Azimut Holding SpA and its subsidiaries and associates, as well as those between subsidiaries and/or associates during the first quarter of 2026, are part of the Group's ordinary business and were conducted on an arm's length basis.

     Moreover:

   • for the use of the trademark, the subsidiary Azimut Capital Management Sgr S.p.A. pays Azimut Holding S.p.A. contractually established annual royalties totalling 2,000 thousand euro;

   • Azimut Holding S.p.A., as the parent company, Azimut Capital Management Sgr SpA, Azimut Financial Insurance SpA, Azimut Libera Impresa SGR SpA, Azimut Enterprises Srl, Azimut Capital Tech Srl, AZ Venture Tech Srl, Azimut Corporate Finance SpA and Azimut Direct Finance Srl (from 1 January 2026) as subsidiaries, have joined the national tax consolidation scheme;

   • a contractually established annual fee (totalling 1,000 thousand euro) is payable for the coordination activities carried out by the company on behalf of the subsidiary Azimut Capital Management Sgr S.p.A.;

   • a contractually established annual fee (totalling 273 thousand euro) is payable for the coordination activities carried out by the Company on behalf of the subsidiary Azimut Libera Impresa Sgr S.p.A.;

   • Azimut Capital Management Sgr SpA and Azimut Financial Insurance SpA have disbursed loans to several financial advisors, identified as related parties, to develop their business. The terms and conditions of these loans are at arm's length. At 31 March 2026, they amounted to 6,162 thousand euro;

   • Moreover, the directors of the Group who also act as managers of mutual funds are exempt from paying fees and commissions on any personal investments made in the funds they manage;

   • an annual fee calculated based on contractually established percentages is payable for the Risk Management, Internal Audit, Compliance and Anti-money Laundering control activities carried out by Azimut Capital Management SGR SpA, in favour of Azimut Holding Spa, Azimut Financial Insurance SpA, Azimut Libera Impresa SGR SpA, Azimut Life Dac (only to the extent of the Anti-money Laundering function) and Azimut Corporate Finance;

   • An annual fee calculated based on contractually established percentages is payable for the IT/operation activities carried out by Azimut Capital Management SGR SpA in favour of Azimut Investments Sa.

   • with respect to Consulenza Evoluta operations, Azimut Capital Management SGR S.p.A. and Azimut Financial Insurance S.p.A. entered into a licence agreement with Wealthype SpA. The agreement provides for a fixed monthly amount of 15 thousand euro and a variable amount linked to usage.

   • a licence agreement was signed with Mamacrowd S.r.l. for the use of software to monitor the investees of Azimut Libera Impresa SGR's Venture Capital funds. The agreement provides for an annual fee of 6 thousand euro.

   • with respect to client referral activities based on promoting the features and characteristics of Azimut Corporate Finance S.p.A., an agreement was signed with Azimut Capital Management SGR S.p.A., which provides for a variable fee linked to this activity;

   • for IT, ICT and third-party management activities, outsourcing agreements were signed with Azimut Capital Management SGR for Azimut Financial Insurance S.p.A. and Azimut Libera Impresa SGR S.p.A., in implementation of the regulations set out in Regulation (EU) 2554/2022. For these agreements an annual fee is charged based on contractually established percentages.

   With respect to profit-participating financial instruments, and in accordance with the resolution of the shareholders' meeting, it is noted that 190,000 instruments were subscribed by paying the corresponding amount. In particular, the Chairman Pietro Giuliani subscribed 100,000, the directors Paolo Martini 30,000, Alessandro Zambotti 35,000 and Giorgio Medda 25,000. As per the Shareholder agreement related to Azimut Holding SpA, 1,021 related parties subscribed a total of 1,091,628 profit-participating financial instruments. At 31 March 2026, the Parent Company held 218,372 profit-participating instruments.

   For information about capital injections for subsidiaries, reference should be made to the section "Significant events of the period - Capitalisation transactions carried out by Azimut Holding SpA and its subsidiaries".

   Information on key management fees

   Directors' and Board of Statutory Auditors' fees amounted to 3,252 thousand euro and 179 thousand euro, respectively, in the first quarter of 2026. They were calculated based on the parameters in force.

6. ‌Human resources

   At 31 March 2026, Group personnel amounted to 1,260, broken down as follows:

   Position	31.03.2026	31.12.2025
   Managers	178	156
   Middle managers	341	350
   Other	741	593
   Total	1,260	1,099

7. ‌Other information Significant non-recurring events and transactions

   In the first quarter of 2026, the Azimut Group did not carry out non-recurring transactions which have not already been disclosed in this consolidated interim financial report. There were no atypical and/or unusual transactions.

8. ‌Events after the reporting date
   1. Azimut Holding S.p.A. General Shareholders' Meeting of 23 April 2026

      During their ordinary and extraordinary meeting on 23 April 2026, the shareholders of Azimut Holding S.p.A. passed the following resolutions:

      Ordinary part

      • Approval of the 2025 financial statements and allocation of the profit for the year

        The shareholders' meeting approved the 2025 financial statements, which included a Parent Company net profit of 517 million euro. The shareholders concurrently approved the allocation of the net profit for 2025, including the distribution of an ordinary dividend of 2.00 euro per share (excluding any treasury shares in the Company's portfolio on the day prior to the ex-dividend date), before withholding taxes (equal to a dividend yield of 5.3% at current prices), and entirely in cash on 20 May 2026, with ex-dividend date on 18 May 2026 and record date on 19 May 2026. The shareholders' meeting also approved the allocation of 6.7 million euro (equal to 1% of the consolidated gross profit) to Fondazione Azimut EFTS, in accordance with the Articles of Association. It also approved the allocation of 52.57 euro for each participating financial instrument held by Top Key People at the time the dividend payment was approved, again in accordance with the Articles of Association.

        • Proposal for purchase and allocation of treasury shares

          The shareholders' meeting approved the authorisation to purchase, in one or more tranches, for a period of 18 months from the resolution and taking into account the shares already in the portfolio at the time of purchase, up to a maximum of 14,000,000 Azimut Holding S.p.A. ordinary shares, equal to 9.77% of the current share capital, of which a maximum of 7,000,000 shares are intended for any stock option plans.

          The authorisation will enable the Company to invest in its own shares on the stock market for sale transactions, to obtain the necessary funds to implement stock option plans, or for use as consideration in acquisitions or swaps of equity investments. It can also be used to service financial instruments convertible into the Company's shares, to support liquidity, to build a share inventory, or for any other purpose useful for the Company's operations and permitted by applicable regulations.

          In addition, the purchased shares may be cancelled pursuant to the resolution of the shareholders' meeting regarding item 1 on the extraordinary agenda.

          The purchase price will be a minimum unit price equal to at least the carrying amount of Azimut Holding S.p.A. ordinary shares and a maximum unit price of 50 euro. The shareholders also approved the whitewash mechanism that exempts the shareholders from the obligation of a full public tender offer in case it exceeds the relevant threshold as a consequence of the purchase of treasury shares.

        • Report on the remuneration policy and on the remuneration paid pursuant to article 123-ter.3-bis and 6 of Legislative decree no. 58 of 24 February 1998

        The shareholders approved the first and second section of the point of the company policy concerning remuneration of members of the management boards, general managers and key managers, as well as the procedures used to adopt and implement said policy.

        Extraordinary part

        Cancellation of treasury shares without reducing the share capital; consequent amendment to article 6 of the Articles of Association Related and consequent resolutions.

        The extraordinary shareholders' meeting approved the proposal to cancel the treasury shares that may be purchased pursuant to the authorisation requested at the ordinary meeting, without reducing the share capital. At the same time, the shareholders' meeting approved the amendment to article 6 of the Articles of Association and granted the Board of Directors a mandate to carry out the cancellation, including in instalments, within 18 months at the latest from the shareholders' resolution.

        Furthermore, in accordance with the resolution passed at the shareholders' meeting on 30 April 2025, as part of the appointment of the Board of Directors, Patrick Henri Pera took office as the new Director today, replacing Paola Ciaccio, who also represented the Group's financial advisors.

   2. Activities carried out by the Supervisory Authorities Mamacrowd S.r.l. - Bank of Italy

      Mamacrowd S.r.l., a company supervised and authorised as a crowdfunding service provider, underwent an inspection by the Bank of Italy between 18 September and 28 November 2025. The company was informed that the outcome of the inspection would be delivered on 7 May 2026.

   3. Publication of the consolidated interim financial report at 31 March 2026

   On 7 May 2026, the Board of Directors granted authorisation to publish the consolidated interim financial report at 31 March 2026.

9. ‌Business outlook

In light of the results achieved in the first quarter of 2026, which confirmed the strength and resilience of the Group's diversified business model, the Group expects a positive consolidated profit for 2026.

The financial and operating results will also be affected by the performance of the financial markets, which are made more volatile by an unstable geopolitical and trade landscape. This is evident in the ongoing crisis in Ukraine, the escalating tensions in the Middle East and the growing economic polarisation fuelling protectionist policies.

Although the global macro-economic outlook remains uncertain, an overall valuation of the past and current financial position and results of operations of the Group's business model, lead us to believe that the Group will continue to generate profits for the foreseeable future.

1. ‌Consolidated balance sheet as at 31 March 2026

   Euro/000

   Assets	31.03.2026	31.12.2025
   Cash and cash equivalents	591,229	498,933
   Financial assets at fair value through profit or loss	8,177,550	8,339,055
   c) other financial assets mandatorily measured at fair value	8,177,550	8,339,055
   Financial assets at fair value through other comprehensive income	28,895	25,024
   Financial assets at amortised cost	201,091	201,868
   Equity investments	168,137	160,387
   Insurance contract assets	6,171	6,129
   b) reinsurance contract assets	6,171	6,129
   Property, plant and equipment	28,390	31,879
   Intangible assets	870,725	683,220
   of which:
   - goodwill	700,560	584,129
   Tax assets	92,256	83,119
   a) current	77,549	68,221
   b) deferred	14,707	14,898
   Non-current assets held for sale and discontinued operations	217,996	196,870
   Other assets	385,147	427,262
   TOTAL ASSETS	10,767,587	10,653,746

   Liabilities and Shareholders' Equity	31.03.2026	31.12.2025
   Financial liabilities at amortised cost	123,211	71,332
   a) Liabilities	123,211	71,332
   Insurance liabilities	1,922,712	1,938,085
   Financial liabilities designated at fair value	5,950,502	6,104,414
   Tax liabilities:	120,346	95,869
   a) current	49,822	28,353
   b) deferred	70,524	67,516
   Liabilities related to discontinued operations	90,558	91,501
   Other liabilities	251,145	231,735
   Staff severance pay (TFR)	5,627	5,461
   Provisions for risks and charges:	41,847	41,670
   c) other provisions for risks and charges	41,847	41,670
   Share capital	32,324	32,324
   Treasury shares (-)	(53,846)	(49,276)
   Equity instruments	36,000	36,000
   Share premium reserve	173,987	173,987
   Reserves	1,965,977	1,390,758
   Valuation reserves	(32,519)	(66,082)
   Profit for the period	125,293	525,666
   Minority interests	14,423	30,302
   TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	10,767,587	10,653,746

2. ‌Consolidated income statement for the first quarter of 2026

   Euro/000

   Items	01.01.2026 - 31.03.2026	01.01.2025 - 31.03.2025
   Fee and commission income	361,990	314,492
   Fee and commission expense	(99,917)	(97,287)
   NET FEE AND COMMISSION INCOME	262,073	217,205
   Dividends and similar income	327	3,814
   Interest income and similar income	3,574	3,059
   Interest expense and similar charges	(2,453)	(324)
   Profits (losses) on disposal or repurchase of:	81	221
   b) financial assets at fair value through other comprehensive income	81	221
   Net gains (losses) on other financial assets and financial liabilities at fair value through profit or loss	2,689	5,889
   a) assets and liabilities designated at fair value	(4,074)	2,613
   b) other financial assets mandatorily measured at fair value	6,763	3,276
   Profit from insurance services	9,688	9,076
   Financial income from insurance operations	(503)	(1,276)
   TOTAL INCOME	275,476	237,664
   Administrative costs:	(102,099)	(80,656)
   a) personnel costs	(51,646)	(35,477)
   b) other administrative costs	(50,453)	(45,179)
   Net accruals to provisions for risks and charges	(1,344)	(365)
   Net impairment losses/reversals of impairment losses on property, plant and equipment	(2,760)	(2,062)
   Net impairment losses/reversals of impairment losses on intangible assets	(6,222)	(4,006)
   Other operating income and costs	1,413	735
   OPERATING EXPENSE	(111,012)	(86,354)
   Profits (losses) on equity investments	3,024	3,516
   PRE-TAX PROFIT (LOSS) FROM CONTINUING OPERATIONS	167,488	154,826
   Income tax on profit from continuing operations	(36,705)	(36,383)
   PROFIT FOR THE PERIOD	130,783	118,443
   Profit for the period attributable to minority interests	5,490	3,197
   Parent Company profit for the period	125,293	115,246
   Basic earnings per share - Euro	0.88	0.81
   Diluted earnings per share - Euro	0.88	0.81

3. ‌Consolidated statement of comprehensive income for the first quarter of 2026

   Euro/000

   Items	01.01.2026 - 31.03.2026	01.01.2025 - 31.03.2025
   Profit for the period	130,783	118,443
   Other comprehensive income, net of taxes, not transferred to profit or loss	40	60
   Equity instruments at fair value through other comprehensive income	59	68
   Defined benefit plans	(10)	(8)
   Non-current assets held for sale	(9)
   Other comprehensive income, net of taxes, transferred to profit or loss	34,095	(19,356)
   Exchange rate differences	34,095	(19,356)
   Total other comprehensive income (expense), net of taxes	34,135	(19,296)
   Comprehensive income	164,918	99,147
   Consolidated comprehensive income attributable to minority interests	6,062	3,197
   Consolidated comprehensive income attributable to the parent company	158,856	95,950

4. ‌Statement of changes in consolidated shareholders' equity for the first quarter ended 31 March 2026 balance

   Euro/000

   Items	Balance at 31.12.25	Changes in opening	Balance at 01.01.26	Allocation of prior year profit (loss)		Changes during the period						Consolidated comprehensive income for the first quarter of 2026	Group shareholders' equity at 31/3/2026	Shareholders' equity attributable to minority interests at 31/3/2026
   						Changes in reserves	Shareholders' equity transactions
   				Reserves	Dividends and other distributions		Issue of new shares	Treasury share purchases	Extraordinary dividend distribution	Changes in equity instruments	Other changes
   Share capital	32,324		32,324					(16,312)					32,324	21,071
   Share premium reserve	173,987		173,987										173,987
   Other reserves:
   a) income-related	1,499,673		1,499,673	525,666							49,553		2,074,892	(11,050)
   b) other	(108,915)		(108,915)										(108,915)
   Valuation reserves	(66,082)		(66,082)									33,563	(32,519)	(1,088)
   Equity instruments	36,000		36,000										36,000
   Treasury shares	(49,276)		(49,276)								11,742		(53,846)
   Profit for the period	525,666		525,666	(525,666)								125,293	125,293	5,490
   Group shareholders' equity	2,043,377		2,043,377					(16,312)			61,295	158,856	2,247,216
   Shareholders' equity attributable to minority interests	30,302		30,302								(21,941)	6,062		14,423

   Consolidated interim financial report at 31 March 2026 21

1. ‌Consolidated statement of changes in shareholders' equity for the year ended 31 December 2025

   Euro/000

   Items	Balance at 31/12/2024	Changes in opening	Balance at 01.01.25	Allocation of prior year profit (loss)		Changes during the period						Consolidated comprehensive income for 2025	Group shareholders' equity at 31/12/2025	Shareholders' equity attributable to minority interests at 31/12/2025
   						Changes in reserves	Shareholders' equity transactions
   				Reserves	Dividends and other distributions		Issue of new shares	Treasury share purchases	Extraordinary dividend distribution	Changes in equity instruments	Other changes
   Share capital	32,324		32,324		(331,161)			(61,906)					32,324	8,420
   Share premium reserve	173,987		173,987										173,987
   Other reserves:
   a) income-related	1,218,832		1,218,832	245,004							35,837		1,499,673	(5,801)
   b) other	(108,915)		(108,915)										(108,915)
   Valuation reserves	2,345		2,345									(68,427)	(66,082)	(1,660)
   Equity instruments	36,000		36,000										36,000
   Treasury shares	(7,513)		(7,513)								20,143		(49,276)
   Profit for the year	576,165		576,165	(245,004)								525,666	525,666	29,343
   Group shareholders' equity	1,923,225		1,923,225	0	(331,161)			(61,906)			55,980	457,239	2,043,377
   Shareholders' equity attributable to minority interests	24,851		24,851								(23,892)	29,343		30,302

   Consolidated interim financial report at 31 March 2026 22

1. ‌Consolidated cash flow statement for the first quarter ended 31 March 2026

Euro/000

1. ‌Accounting policies and preparation criteria

   Pursuant to article 154-ter of Legislative decree no. 58 of 24 February 1998 and subsequent amendments, the consolidated interim financial report of the Azimut Group at 31 March 2026 has been prepared in accordance with the IAS/IFRS (International Accounting Standards/International Financial Reporting Standards) promulgated by the International Accounting Standards Board (IASB) and the related interpretations of the IFRS Interpretations Committee (formerly IFRIC) and the Standing Interpretations Committee (SIC) endorsed by the European Commission until the date of this report, as required by Regulation (EC) no. 1606 of 19 July 2002, implemented in Italy by Legislative decree no. 38 of 28 February 2005.

   The consolidated interim financial report comprises the balance sheet, the statement of comprehensive income, the statement of changes in shareholders' equity and the cash flow statement and the basis of preparation, and is accompanied by information on the performance of consolidated companies and the statement required by article 154-bis, paragraph 2, of the Consolidated Law on Finance.

   The consolidated interim financial report has been drawn up using the euro as the reporting currency. Specifically, in line with the instructions issued by the Bank of Italy, consolidated interim financial statements figures are presented in thousands of euros, unless otherwise specified. Figures were rounded considering the above instructions issued by the Bank of Italy. The consolidated interim financial report has been published within 45 days of the end of the first quarter of the year and has not been audited by the independent auditors.

2. ‌Accounting policies

   The IAS/IFRS applied to prepare the Azimut Group's consolidated financial statements, governing the classification, recognition, measurement and derecognition criteria of asset and liability items and the recognition of income and expense are those in force at the date of this consolidated interim financial report, as endorsed by the European Union.

   For information on the classification, recognition, measurement and derecognition criteria of the main items, reference should be made to that set out in Part A.2. of the Notes to the Azimut Group's consolidated financial statements at 31 December 2025.

   Non-current assets held for sale and discontinued operations and liabilities related to discontinued operations

   The Group classifies non-current assets or groups of assets/liabilities whose carrying amount is recoverable primarily through a sale transaction rather than through continuing use under the item "Non-current assets held for sale and discontinued operations" on the asset side, and "Liabilities related to discontinued operations" on the liability side. This classification is considered appropriate only when a disposal process for those non-current assets or groups of assets/liabilities has been initiated, a sale is highly probable, and the asset or disposal group is available for immediate sale in its current condition.

   Specifically, in relation to the binding agreement between Azimut Holding S.p.A. and FSI SGR

   S.p.A.3 ("FSI") for the establishment of TNB ("TNB"), the assets and liabilities pertaining to the demerged units of the Italian distribution activities of Azimut Capital Management Sgr SpA and Azimut Financial Insurance SpA, together with other assets, in particular, Italian Excellence Srl, Step4Business Spa and AZI First Srl, having met the requirements of IFRS 5, have been reclassified as "Non-current assets held for sale and discontinued operations" and "Liabilities related to discontinued operations" respectively, within the balance sheet at 31 March 2026.

   ‌3 FSI is the largest private equity fund fully dedicated to Italy. For additional information, reference should be made to the website https://www.fondofsi.it.

   1. ‌Standards, amendments and interpretations endorsed by the EU which became effective on 1 January 2026

      Amendments	IASB publication date	Date of coming into force
      Classification and measurement of financial instruments: Amendments to IFRS 9 and IFRS 7	May 2024	1 January 2026 (endorsement date: May 2025)
      Annual Improvements to IFRS Accounting Standards - Volume 11	July 2024	1 January 2026 (endorsement date: July 2025)
      Amendments to IFRS 9 and IFRS 7: Contracts referencing nature-dependent electricity	December 2024	1 January 2026 (endorsement date: June 2025)

   2. ‌Standards, amendments and interpretations endorsed by the European Union but not yet applicable/not early adopted

      Amendments	IASB publication date	Date of coming into force
      IFRS 18 Presentation and disclosure in financial statements	April 2024	1 January 2027

   3. ‌Standards, amendments and interpretations not yet endorsed by the European Union

      Amendments	IASB publication date	Date of coming into force
      IFRS 19 - Subsidiaries without Public Accountability	May 2024	1 January 2027
      Amendments to IFRS 19 - Subsidiaries without Public Accountability: Disclosures	August 2025	1 January 2027
      Amendments to IAS 21 Translation to a Hyperinflationary Presentation Currency -Amendments	August 2025	1 January 2027

      The Group will adopt the above new standards, if applicable, based on the expected application date and will assess the potential impact once they have been endorsed by the European Union.

3. ‌Consolidation scope

   This consolidated interim financial report includes the balance sheet and income statement figures of Azimut Holding SpA and its direct and indirect subsidiaries.

   1. ‌Subsidiaries

      The Azimut Group consolidation scope has been established in accordance with IFRS 10. Specifically, subsidiaries are those companies in respect of which the Azimut Group is exposed, or has rights, to variable returns from its involvement with the investees and has the ability to affect those returns through its power over the investees. Control exists only when the following elements simultaneously exist: (i) the power to direct the relevant activities; (ii) exposure, or

      rights, to variable returns from involvement with the investee; (iii) the ability to use its power over the investee to affect the amount of its returns.

      Subsidiaries are consolidated on a line-by-line basis as of the acquisition date, i.e., the date on which the Group acquires control in accordance with IFRS 10. They are deconsolidated when the Group no longer controls them.

   2. ‌Associates and joint ventures

      Associates are those companies subject to significant influence, i.e. companies in which the Azimut Group, either directly or indirectly, holds at least 20% of the voting rights (including "potential" voting rights) or in which - despite holding a smaller percentage of voting rights -has the power to participate in the financial and operating policy decisions, such as the participation in shareholders' agreements, due to specific legal relationships, or holds the majority of voting rights, but an analysis of the shareholders' agreements has revealed restrictions on its ability to direct the investee's key activities independently.

      A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control.

      Associates and joint ventures are consolidated using the equity method whereby on initial recognition the investment is recognised at cost, and the carrying amount is increased or decreased based on the investee's share of equity, using the most recently approved financial statements of the companies. The difference between the carrying amount of the equity investment and the investee's share of equity is included in the carrying amount of the investee.

   3. ‌Changes to the consolidation scope

      Compared to 31 December 2025, the consolidation scope changed as follows: Companies that joined the consolidation scope following their acquisition:

      • The following companies based in the United States joined the consolidation scope following the acquisition of 100% of NSI:

        • NSI Retail Advisors, LLC wholly owned by NSIR Intermediate Holdings, LLC

        • NSIR Intermediate Holdings, LLC wholly owned by CSM Group Intermediate Holdings, LLC

        • CSM Advisors, LLC wholly owned by CSM Intermediate Holdings, LLC

        • CSM Intermediate Holdings, LLC wholly owned by CSM Group Intermediate Holdings, LLC

        • CSM Group Intermediate Holdings, LLC wholly owned by CSM Group Holdings, LLC

        • CSM Group Holdings, LLC wholly owned by CSM Holdings, LLC

        • CSM Holdings, LLC and North Square Investments, LLC, both wholly owned by Azimut NSI, LLC

        • Azimut NSI, LLC wholly owned by Azimut US Holding INC

      • The following companies based in Brazil joined the consolidation scope following the acquisition of 50% plus one share of Knox Capital, through Azimut Knox holding SA, which was incorporated in December 2025:

        • Knox Capital Assessoria de Investimentos Ltda. wholly owned by Azimut Knox holding SA;

        • Knox Capital Servicos Financeiros Ltda. wholly owned by Azimut Knox holding SA.

          The following companies joined the consolidation scope following their incorporation:

      • Azimut MENA Company based in Saudi Arabia was set up in January 2026 and is wholly owned by Azimut UK Holdings Limited;

      • Indigo.ai do Brasil Ltda based in Brazil was set up in January 2026 and is wholly owned by Indigo.AI Srl.

        The following companies left the consolidation scope:

      • AZ Apice Capital Management LLC based in the United States following the merger into Azimut Investment Advisors LLC.

   4. ‌Wholly and jointly-owned subsidiaries

      	Name	Registered office	Type of ownership(1)	Stake
      				Shareholder	% Stake	% Voting rights
      	A. Wholly-owned companies consolidated on a line-by-line basis
      1	Azimut Capital Management Sgr SpA	Italy	1	Azimut Holding SpA	100	100
      2	Azimut Investments SA	Luxembourg	1	Azimut Holding SpA	51	51
      				Azimut Capital Management Sgr SpA	30	30
      				Azimut Financial Insurance SpA	19	19
      3	Azimut Life DAC	Ireland	1	Azimut Holding SpA	100	100
      4	Azimut Enterprises Srl	Italy	1	Azimut Holding SpA	100	100
      5	Azimut Libera Impresa Sgr Spa	Italy	1	Azimut Holding SpA	100	100
      6	Azimut Financial Insurance SpA	Italy	1	Azimut Holding SpA	100	100
      7	AZI First Srl (3)	Italy	1	Azimut Holding SpA	100	100
      8	Italian Excellence Srl (3)	Italy	1	Azimut Financial Insurance SpA	80.91	80.91
      9	Azimut Capital Tech Srl	Italy	1	Azimut Enterprises Srl	75	75
      10	Azimut Corporate Finance SpA (formerly Azimut Direct SpA)	Italy	1	Azimut Enterprises Srl	100	100
      11	Azimut Direct Finance Srl	Italy	1	Azimut Corporate Finance (formerly "Azimut Direct SpA")	100	100
      12	Mamacrowd Srl	Italy	1	Azimut Enterprises Srl	55.34	55.34
      13	Synodia Spa Benefit	Italy	1	Mamacrowd Srl	60.00	33.20
      14	AZ Venture Tech Srl	Italy	1	Azimut Enterprises Srl	100	100
      15	Electa Venture Srl	Italy	1	Azimut Enterprises Srl	100	100
      16	Electa Italia Srl	Italy	1	Electa Venture Srl	100	100
      17	Wealthype Spa	Italy	1	Azimut Enterprises Srl	49.19	49.19
      18	Digital Advisory Srl	Italy	1	Azimut Enterprises Srl	49	49
      19	GH Investimenti Srl	Italy	1	Azimut Enterprises Srl	100	100
      20	Azimut Fintech Holding Srl	Italy	1	AZ International Holdings SA	100	100
      21	Indigo.AI S.r.l.	Italy	1	Azimut Enterprises Srl	62.84	62.84
      22	Indigo.ai do Brasil Ltda(2)	Brazil	1	Indigo.AI S.r.l.	100	62.84
      23	Step 4 Business SpA (3)	Italy	1	Azimut Financial Insurance SpA	100	100
      24	Azimut Investments Limited	Ireland	1	Azimut Holding SpA	100	100
      25	Azimut Alternative Capital Management Limited	Ireland	1	Azimut Enterprises Srl	100	100
      26	AZ International Holdings SA	Luxembourg	1	Azimut Holding SpA	100	100
      27	Azimut Private Capital Management Sarl	Luxembourg	1	AZ International Holdings SA	100	100

      Consolidated interim financial report at 31 March 2026 28

1. Type of ownership: (1) majority of voting rights at ordinary shareholders' meetings

2. Newly consolidated compared to 31/12/2025

3. Equity investments which will be sold as part of the TNB transaction; therefore, they have been classified as assets held for sale

(3) Equity investments which will be sold as part of the TNB transaction; therefore, they have been classified as assets held for sale

‌Statement on the consolidated interim financial report at 31 March 2026 pursuant to article 154-bis.2 of the‌

The Manager in charge of financial reporting, Alessandro Zambotti,

represents

pursuant to article 154-bis, paragraph 2 of the "Consolidated Law on Financial Intermediation", that the accounting information presented in these "Consolidated interim financial report at 31 March 2026" is consistent with the accounting documents, books and records.

Milan, 7 May 2026

The Manager in charge of

financial reporting (Alessandro Zambotti)