Earnings release
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PRESS RELEASE Azimut Holding: 1H 2026 recurring net profit reaches € 249 million on strong 6% underlying growth 2026 net inflows guidance1 upgraded to over € 35 billion (from € 10 billion) and confirmed net profit target of € 550 million, excluding extraordinary items Delivering on Elevate 2030: Azimut launches initial € 250 million share buyback tranche to accelerate shareholder value creation KPIs of the Group and 1H 2026 highlights: Revenues: € 781 million (recurring revenues2 +16% YoY) EBIT: € 354 million (recurring EBIT3 +10% YoY) Net profit at € 242 million (recurring net profit4 +6% YoY), of which 15% from global operations Net Inflows: € 8.1 billion (of which 53% from global operations) Total assets as of 30 June 2026: € 158 billion (+12% YTD) Milan, 30 July 2026 The Board of Directors of Azimut Holding (AZM.IM) has approved today the consolidated interim financial results as of 30 June 2026. 1H 2026 Financials Azimut Holding consolidated total revenues amounted to € 781 million in 1H 2026, driven by a 16% increase in recurring fees across all core markets, with particularly strong contributions from Italy, USA, Singapore, Brazil and Türkiye. Total operating costs amounted to € 428 million in 1H 2026 and increased in line with the Group’s continued global expansion and commercial momentum. Operating profit amounted to € 354 million in 1H 2026, with recurring EBIT (net of performance fees) growing 10% year-on-year to € 310 million. Net profit equaled to € 242 million in 1H 2026, with recurring net profit growing by 6% to € 249 million and reflecting the resilience and scalability of Azimut’s business model. FY 2026 Guidance1 Based on the strong commercial momentum to date and the M&A transactions executed, the Group upgrades its 2026 target for net inflows, estimating, under normal market conditions and subject to the closing of the Yapı Kredi Portföy Yönetimi transaction by year -end 2026, total net inflows of more than € 35 billion (from previous € 10bn). Furthermore, Azimut confirms its net profit target of € 550 million, excluding extraordinary items. Share buyback program Following the authorization granted by the Annual General Meeting on 23 April 2026, the Board of Directors of Azimut Holding S.p.A. resolved today to initiate the first tranche of its share buyback program for a total allocation 1 Assuming normal market conditions. Net inflows guidance s ubject to closing of Yapı Kredi Portföy Yönetimi transaction by year -end 2026 (refer to press release of 29 July 2026). 2 Total revenues excluding total performance fees (from funds and insurance). 3 Recurring revenues minus total operating costs. 4 Reported net profit excluding (i) total performance fees, net of taxes, (ii) fair value of options, (iii) net non -operating costs, net of tax, (iv) IFRS 17 impact and (v) extraordinary write-off on proprietary investments.
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2 of € 250 million. The program is scheduled to commence at the beginning of August 2026 with a duration of six months. This initial tranche represents half of the total € 500 million buyback authorization 5. Following the distribution of € 284 million in dividends in May 2026, this step represents another major milestone in executing Azimut’s strategic capital allocation framework . It reinforces its commitment under the Elevate 2030 plan 6 to return approximately 25% of the Group’s market capitalization to shareholders through dividends and share buybacks with share cancellation over the 2026–2027 period. Pietro Giuliani, Chairman of Azimut Group, states: "Last year, total net inflows across the Italian asset management sector reached € 38 billion 7, with Azimut alone generating € 32.5 billion . In 2026, we are raising the bar even higher, targeting over € 35 billion in net growth, driven in part by our strategic transaction in Türkiye. Our pace of execution is such that, in just two years, we will scale our total assets from just over € 100 billion to nearly € 200 billion by year -end. The visionary path we laid out over 15 years ago, combined with the exceptional team executing it today, makes this level of performance both repeatable and scalable for years to come. A special thank you goes to our portfolio managers for achieving a net performance 8 of over 4.7% year-to-date, beating the industry benchmark, and to our financial advisors, who raised over € 175 million in under 48 hours from our top clients for Prometheus, one of America's most ambitious artificial intelligence ventures. We continue to honor our clients' confidence by giving them exclusive access to opportunities unavailable anywhere else in Italy, made possible through HighPost, our alternative investments subsidiary in the US.” Giorgio Medda , CEO of the G roup, comments: “Our first-half results highlight the remarkable strength and scalability of our global platform . Supported by strong visibility into the remainder of the year, this exceptional commercial momentum – combined with our strategic M&A execution – allows us to significantly upgrade our FY 2026 net inflows guidance to more than € 35 billion, representing 3.5 times our initial expectations for the year. At the heart of this upgrade is our transformative acquisition of Yapı Kredi Portföy. Merging YKP with Azimut Portföy creates a € 29 billion market leader in Türkiye, establishing us as the nation’s second-largest asset manager with exclusive 15-year access to YKB's network of over 18 million clients. Once completed, this transaction is expected to drive the share of our global business to ~50% of core total assets 9 and ~30% of expected profits , a notable increase compared to 15% today and less than 6% in 2019. Azimut is cementing its legacy as the only Italian financial champion operating on a truly global scale. By delivering bespoke solutions to over 2.5 million clients and leading institutional investors as a multi-generational advisory platform, this record-breaking momentum not only sets a new benchmark for 2026, but directly accelerates our trajectory toward the ambitious growth targets laid out in our Elevate 2030 plan.” Alessandro Zambotti, CEO and CFO of the Group, adds: “Our first-half results demonstrate the strength of our strategy and give us clear visibility into the second half of the year. Revenues grew 21% year-over-year to € 781 million, driven by solid performance across all key markets. This top-line momentum carried through to recurring net profit, which reached € 249 million, underscoring the high quality of our earnings and giving us confidence in re-affirming our full -year profitability target. In line with the disciplined capital allocation framework under our Elevate 2030 plan, which targets returning approximately 25% of our current market cap to shareholders over 2026-2027 through dividends and buybacks, we are launching the first € 250 million tranche of our share buyback program. This marks a concrete milestone in our ongoing value -creation story, backed by our balance sheet strength, robust cash generation, and long-term growth prospects.” The Officer in charge of the preparation of Azimut Holding SpA accounting documents, Alessandro Zambotti (CFO), declares according to art.154bis co.2 D.lgs. 58/98, that the financial information herein included, corresponds to the records in the company’s books. The attached statements are those foreseen by current regulations: income statement, balance sheet and cash flow statement. W ith reference to these figures, we remind that the auditors have not yet completed their activity, whereas no audit has to be car ried out on reclassified income statement (Art. IA.2.9.3 co.5 from Instruction of the Market rules by the Italian Stock Exchange). 5 The current share buyback program authorizes the purchase of up to 14,000,000 ordinary shares of Azimut Holding S.p.A., equal to 9.77% of the current share capital. At current market prices, this authorization represents a capital deployment of approximately € 500 million. The purchased shares may be subject to cancellation, in line with the resolution of the Shareholders' Meeting as of 23 April 2026. 6 Refer to the FY 2025 presentation published on 5 March 2026. 7 Assogestioni data. 8 Weighted average performance net of fees. Data as of 27 July 2026. 9 Excluding total assets related to strategic affiliates.
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3 Attached: Consolidated reclassified income statement as of 30 June 2026 Consolidated net financial position as of 30 June 2026 Consolidated income statement as of 30 June 2026 Consolidated balance sheet as of 30 June 2026 Consolidated cash flow statement as of 30 June 2026 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. 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, Türkiye, the United Arab Emirates and the United States. Contacts - Azimut Holding S.p.A. http://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 Maria Laura Sisti Tel. +39 347 42 82 170 E-mail: sistimarialaura@gmail.com
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4 CONSOLIDATED RECLASSIFIED INCOME STATEMENT €/000 1H 2025 1H 2026 2Q 2025 2Q 2026 Entry commission income 7,580 14,635 4,225 7,041 Recurring fees 560,957 652,771 280,983 334,053 Variable fees 3,020 7,726 4,408 7,046 Other income 14,031 15,243 6,994 7,215 Insurance revenues 60,081 90,812 28,108 55,277 Total Revenues 645,669 781,187 324,717 410,632 Distribution costs (223,095) (244,387) (110,969) (128,087) Personnel and SG&A (121,654) (165,161) (59,849) (83,296) Depreciation, amortization & provisions (9,919) (18,121) (3,832) (10,026) Operating costs (354,668) (427,669) (174,650) (221,409) Operating Profit 291,001 353,518 150,068 189,222 Finance income 43,483 4,062 28,941 (2,477) Net non-operating costs (5,846) (21,658) (5,196) (19,534) Finance expense - (2,958) - (1,736) Profit Before Tax 328,639 332,963 173,813 165,475 Income tax (84,251) (81,208) (50,922) (46,747) Deferred tax 7,150 3,616 10,204 5,860 Net Profit 251,538 255,371 133,095 124,588 Minorities 11,901 13,757 8,704 8,267 Group Net Profit 239,637 241,614 124,391 116,321 Recurring Net Profit(1) 233,816 248,821 122,439 120,860 (1) Reported net profit excluding (i) total performance fees, net of taxes, (ii) fair value of options, (iii) net non -operating costs, net of tax, (iv) IFRS 17 impact and (v) extraordinary write-off on proprietary investments. CONSOLIDATED NET FINANCIAL POSITION €/000 30/06/2025 31/12/2025 30/06/2026 Bank loan (118) (338) (46,752) Total debt (118) (338) (46,752) Cash 401,674 498,933 447,024 Cash equivalents 113,775 132,602 142,502 UCI units & government securities 127,077 181,436 125,567 Cash & cash equivalents 642,526 812,972 715,093 Net financial position 642,408 812,634 668,341 Lease Liabilities (IFRS 16) (24,531) (29,912) (38,627) Net financial position incl. IFRS 16 617,877 782,722 629,714
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5 CONSOLIDATED INCOME STATEMENT €/000 1H 2025 1H 2026 Fee and commission income 632,930 759,812 Fee and commission expense (192,511) (209,720) Net fee and commission income 440,419 550,092 Dividends and similar income 6,278 2,370 Interest income and similar income 6,329 6,214 Interest expense and similar charges (736) (7,063) Profits (Losses) on disposal or repurchase of: 123 192 b) financial assets at fair value through other comprehensive income 123 192 Net gains (losses) on financial assets and financial liabilities at FVTPL 26,375 7,385 a) assets and liabilities designated at fair value 5,217 (7,773) b) other financial assets compulsorily measured at fair value 21,158 15,158 Insurance service result 17,932 19,788 Net insurance and investment result (1,261) (2,772) Net Margin 495,459 576,206 Net adjustments/reversals for credit risk relating to: - (1,750) a) financial assets measured at amortized cost - (1,750) NET FINANCIAL RESULT - (1,750) Administrative expenses: (159,309) (205,190) a) personnel expenses (70,811) (99,190) b) other expenses (88,498) (106,000) Net accruals to the provisions for risks and charges 57 (3,627) Net impairment losses/reversal of impairment losses on property and equipment (4,091) (6,327) Net impairment losses/reversal of impairment losses on intangible assets (12,187) (12,037) Other administrative income and expenses 1,773 (13,921) Operating costs (173,757) (241,102) Profit (Loss) on equity investments 6,937 (391) Pre-tax Profit (Loss) from continuing operations 328,639 332,963 Income tax (77,101) (77,592) Net profit (loss) for the period/year 251,538 255,371 Profit (Loss) for the period/year attributable to minority interest 11,901 13,757 Profit (Loss) for the period/year attributable to the Parent Company 239,637 241,614 Earnings per share / Euro 1.69 1.70 Diluted earnings per share / Euro 1.69 1.70
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6 CONSOLIDATED BALANCE SHEET ASSETS (€/000) 31/12/2025 30/06/2026 Cash and cash equivalents 498,933 447,024 Financial assets at fair value through profit or loss 8,339,055 8,711,499 c) other financial assets at fair value 8,339,055 8,711,499 Financial assets at fair value through other comprehensive income 25,024 26,175 Financial assets at amortized cost 201,868 236,835 Equity investments 160,387 150,527 Insurance contract assets 6,129 6,242 b) reinsurance contract assets 6,129 6,242 Tangible Assets 31,879 42,823 Intangible Assets 683,220 879,462 of which: Goodwill 584,129 719,194 Tax assets 83,119 66,536 a) current 68,221 51,235 b) prepaid 14,898 15,301 Non-current assets and discontinued operations 196,870 201,191 Other assets 427,262 435,649 Total Assets 10,653,746 11,203,963 LIABILITIES & EQUITY (€/000) 31/12/2025 30/06/2026 Financial Liabilities at amortized cost 71,332 123,477 a) Payables 71,332 123,477 Insurance contract liabilities 1,938,085 2,116,715 Financial liabilities designated at fair value 6,104,414 6,436,863 Tax liabilities 95,869 129,932 a) current 28,353 48,218 b) deferred 67,516 81,714 Liabilities associated with discontinued operations 91,501 101,760 Other Liabilities 231,735 246,754 Employees’ severance 5,461 5,678 Provisions for risks and charges 41,670 39,045 c) other provisions for risks and charges 41,670 39,045 Capital 32,324 32,324 Treasury shares (-) (49,276) (43,502) Capital instruments 36,000 36,000 Share premium reserve 173,987 173,987 Reserves 1,390,758 1,566,563 Valuation provisions (66,082) (19,510) Profit (Loss) for the period 525,666 241,614 Equity attributable to minority interests 30,302 16,263 Total liabilities and shareholders' equity 10,653,746 11,203,963
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7 CONSOLIDATED CASH FLOW STATEMENT €/000 1H 2025 1H 2026 A. OPERATING ACTIVITIES 1. Operating activities 332,959 298,760 Net income for the period (+/-) 239,637 241,614 Net adjustments for credit risk (-/+) - 1,750 Value net adjustments on tangible and intangible assets (+/-) 16,278 18,364 Value net adjustments on provisions for risks and charges and other income/expenses (+/-) (57) 3,627 Taxes (+) 77,101 38,359 Other adjustments (+/-) (4,954) 2. Cash flow from financial assets 196,700 (452,415) Financial assets at fair value 198,327 (428,100) Insurance assets (110) (113) Financial assets mandatorily measured at fair value 1,540 6 Financial assets at FVTOCI (1,267) (1,369) Financial assets at amortised cost 84,790 (25,068) Other assets (86,579) 2,230 3. Cash flow from financial liabilities (175,222) 578,066 Financial liabilities at amortised cost 18,788 52,145 Financial liabilities at fair value (163,741) 332,449 Insurance contract liabilities 42,219 178,630 Other liabilities (72,488) 14,842 Total net operating cash flow generated (absorbed) 354,437 424,411 B. INVESTMENT ACTIVITIES 1. Cash flow generated by - 18,214 Sale of equity investments 18,214 2. Cash flow absorbed by (78,441) (228,950) Acquisition of equity investments (13,006) (3,400) Acquisition of tangible assets (149) (17,271) Acquisition of intangible assets (5,152) (73,214) Purchase of subsidiaries and business units (60,135) (135,065) Total net cash flow generated (absorbed) from investment activities (78,441) (210,736) C. FINANCING ACTIVITIES Issue/sale of treasury shares (31,336) (16,312) Dividends paid and others (331,161) (358,712) Other reserves (13,661) 77,509 Sale/acquisitions of non-controlling interests (6,972) (14,039) Total net cash flow generated (absorbed) from financing activities (383,130) (311,554) TOTAL NET CASH FLOW GENERATED (ABSORBED) IN THE PERIOD (107,134) (97,879) Reconciliation Opening cash and cash equivalents 749,660 812,972 Cash flow generated (absorbed) during the period (107,134) (97,879) Closing cash and cash equivalents 642,526 715,093