Earnings release
Page 1
PRESS RELEASE Azimut: net inflows of € 32.1 billion in 2025 and expected net profit above € 515 million Targets1 for 2026 Net inflows: € 10 billion Net profit: € 550 million, excluding extraordinary items Milan, 12 January 2026 Based on the first preliminary results and initial forecasts , the Azimut Group expects to close the 2025 financial year with a net profit exceeding € 515 million, above the target of more than € 500 million communicated in November 2025. Net inflows and total assets Total net inflows for 2025 amounted to € 32.1 billion , representing a 1.8x increase compared to 2024 and a 4.7x increase compared to 2023, exceeding the full-year target range of € 28 to € 31 billion and marking the strongest annual performance in the Group’s history. This result confirms the Group as the leading player in the Italian asset management industry by net inflows for the second consecutive year. Total assets reached € 140.9 billion as of 31 December 2025, up 31% compared to year- end 2024, with international business accounting for 52% of the total, confirming the increasingly global nature of the Group. Global expansion and growth through M&A During 2025, Azimut further accelerated its global growth and value creation strategy through a series of strategic transactions and investments. In the United States, Azimut significantly strengthened its presence across the entire value chain by becoming the majority shareholder of the asset manager Kennedy Capital Management , increasing its stake in HighPost Capital in private equity and venture capital, and completing the acquisition of 100% of North Square Investments , leading to the launch of the Azimut NSI multi -boutique platform . These transactions reinforced the Group’s presence in the United States, which today represents Azimut’s second most important market after Italy in terms of total assets , supported by an integrated platform spanning asset management, distribution, wealth management, and alternative investments, with approximately $ 53 billion in assets. In Latin America, Azimut acquired a majority stake in Knox Capital , strengthening its positioning in the Private and UHNW segment in Brazil. On the global expansion front, the Group launched operations in Morocco through a strategic investment in Red Med Capital and obtained authorization to operate as a locally licensed asset manager in Saudi Arabia. The Group’s global presence, as the first and only Italian asset manager with a direct footprint in 20 countries worldwide, is set to expand further in the coming months with the launch of a new initiative in Asia, where Azimut currently manages approximately € 3 billion in assets through its regional offices in Singapore, Shanghai, Hong Kong, and Taipei, employing around 125 professionals. During 2025, Azimut also continued to crystallize value in private markets through selective exits, including the sale of its stake in RoundShield Partners, generating significant returns and capital distributions to clients. Finally, progress continues on the TNB project, with the extension of the exclusivity agreement with FSI, reaffirming the objective of completing the transaction during 2026, subject to the required regulatory approvals. Elevate 2030 The Group’s strategic plan Elevate 2030, which defines the objectives across the Group’s Italian and global platforms, has been presented to the market with respect to its international component. In particular, Azimut 1 Assuming normal market conditions.
Page 2
2 targets doubling its average global assets by the end of 2030 , from approximately € 56 billion today to around € 95-110 billion, while maintaining a core margin2 between 30 and 40 basis points. The global strategy is structured around the four business verticals – Integrated Solutions, Global Wealth, Institutional & Wholesale, and Strategic Affiliates – introduced in 2025, supporting diversified and scalable growth, and targets annual net inflows of between € 5 and 8 billion for the global platform, excluding Italy, through 2030. 2026 targets Building on the results achieved and in line with the Group’s continued commitment to its sustainable growth strategy, Azimut has set its targets for 2026, assuming normal market conditions, with total net inflows of € 10 billion and net profit of € 550 million, excluding extraordinary items. Furthermore, based on the Group’s solid operating performance and strong capital position, the Board of Directors intends to propose to the 2026 Shareholders’ Meeting an ordinary dividend policy for the 2025 financial year that is higher than that of the previous year, which amounted to € 1.75 per share, corresponding to a payout ratio of 61% of recurring net profit. Alessandro Zambotti, CEO and CFO of the Group, states: ”In line with our long -standing growth trajectory, we closed 2025 with net profit exceeding the target , expected to be above € 515 million, confirming the strength and execution capability of Azimut. At the same time, we achieved the highest net inflows in our history, reaching € 32 billion. This result was driven by the strong synergy between our global investment teams and our distribution networks in Italy and abroad, the contribution of our partnerships, and strategic acquisitions that strengthened our presence in the United States and Brazil. Leveraging 35 years of investment expertise and a level of geographic diversification unmatched among Italian peers, combined with the strength of our financial advisory network in Italy, the Group has continued to deliver tangible value to clients, achieving a weighted average net cumulative performance of 27.8% since 2019. This track record provides a solid foundation for our 2026 targets of € 10 billion in net inflows and € 550 million in net profit, excluding extraordinary items, and reinforces the resilience of our structural profitability.” Giorgio Medda, CEO of the Group, comments : "We are fully focused on accelerating Azimut’s growth through continuous product innovation, in support of our global, multi-channel distribution model. In the coming months, we will launch two new global private markets strategies: HIPstr II, the new vintage of our U.S. early-stage strategy focused on consumer, lifestyle, and technology, developed in partnership with HighPost and the Bezos and Moross families; and Secure Europe Technologies , an innovative strategy focused on strategic protection and the development of dual- use technologies in the security and defense sector s. At the same time, we continue to strengthen our service and product offering in preparation for the Retail Investment Strategy Directive, through Azimut Next Generation Advisory, our advanced advisory model that leverages artificial intelligence to support investors’ individual objectives with an integrated, multi- product approach . Elevate 2030 brings together our ambitions into a clear growth roadmap. Built on four product verticals and four distribution channels, our platform represents a powerful engine for growth, enabling expansion into new geographies and more clearly demonstrating our ability to generate concrete and sustainable results.” Azimut is an independent, global group specializing in asset management across public and private markets, wealth management, investment banking, and fintech, serving private and corporate clients. Listed on the Milan Stock Exchange (AZM.IM), the Group is a leading player in Italy and operates in 20 countries worldwide, with a focus on emerging markets. The shareholder structure includes approximately 2,000 managers, employees, and financial advisors bound by a shareholders’ agreement that controls around 21% of the company, while approximately 72% of the capital is represented by free float shares. 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. www.azimut-group.com 2 Excluding any net profit contribution from Strategic affiliates and from Italy.
Page 3
3 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