Slides
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Azimut Group 9M 2026 results Milan, 5 November 2026
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2 Business update 3 3Q & 9M 2026 financials 13 2026 Guidance 19 Appendix 20 Agenda Azimut Group – 9M 2026 results
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3 Delivering robust results while advancing our strategic ambitions 9M 2026 highlights (1/2) Imminent expected closing of the acquisition of Yapı Kredi Portföy3 First tranche (€ 250m) of share buyback program already completed after three months2 Reconfirm FY 2026 guidance1 of > € 35bn net inflows and € 550m net profit Positive progress & enhanced visibility on the TNB transaction (1) Assuming normal market conditions. Net inflows guidance is subject to transaction of Yapı Kredi Portföy to close by year-end 2026. Net profit guidance excludes extraordinary items. (2) As of 28 October 2026. (3) Subject to final regulatory approvals. € 10.9bn net inflows in 10M 2026 and € 373m net profit in 9M 2026, despite extraordinary write-offs in 2Q
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4 Global expansion and recurring revenue growth drive strong 9M profitability 9M 2026 highlights (2/2) (1) Total revenues excluding total performance fees (from funds and insurance). (2) Recurring revenues minus total operating costs. (3) 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. € 1.2bn Revenues Recurring revenues(1) +15% YoY € 529m EBIT Recurring EBIT(2) +10% YoY € 373m Group net profit Recurring net profit(3) +4% YoY € 59m Net profit from global operations 16% of total net profit € 159bn Total Assets Oct +13% YtD growth € 10.9bn 10M 26 Net inflows Of which 49% from global operations
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5 Assets Net inflows Assets Data in € million 31/12/2025 10M 2026 31/10/2026 ∆ 2026 Mutual funds 49,316 3,669 54,177 +9.9% Alternative funds 7,138 2,009 9,522 +33.4% Discretionary & Advisory 43,816 2,130 47,054 +7.4% Life & Pension 10,372 331 10,983 +5.9% Strategic affiliates 30,284 2,754 37,428 +23.6% Total Assets 140,926 10,893 159,163 +12.9% of which AuM 101,035 7,240 110,791 +9.7% of which AuC/AuA 39,890 3,653 48,372 +21.3% Assets Net inflows Assets Data in € million 31/12/2025 10M 2026 31/10/2026 ∆ 2026 Italy 68,003 5,603 74,233 +9.2% EMEA 10,636 1,341 12,136 +14.1% Americas 28,049 792 30,681 +9.4% Asia & Pacific 3,954 403 4,684 +18.5% Strategic affiliates 30,284 2,754 37,428 +23.6% Total Assets 140,926 10,893 159,163 +12.9% Best result on record in terms of organic net inflows 10M 2026 Net Inflows and Total Assets development Source: Company data. Note: Due to rounding, totals may not correspond with the sum of the separate figures. 1 2 3 Strong demand for fund solutions in Italy, US, Egypt and Mexico, yet impacted by market dislocations in Türkiye & industry-wide pressure in Brazil 1 Continuous expansion of private markets with unique offerings & club deals in Italy, US and new fund launches in Brazil and Türkiye 2 Robust organic growth coupled with platform expansion in Australia 3 Comments 4 Of which € 9.6bn organic net inflows; another record-breaking 10M in Azimut’s history 4 1 3 4
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6 46 12 (72) 386 1 9M 2025 Recurring EBIT Performance fees Strategic affiliates & GP stakes Other items below EBIT 9M 2026 Strong core operating performance drives increase in recurring net profit 9M 2026 vs 9M 2025 Net Profit bridge €m 367 Recurring Net Profit(2) 382 Recurring Net Profit(2) (1) (1) Recurring revenues (i.e., Total revenues excluding total performance fees from funds and insurance) minus total operating costs. (2) 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. 373 Reported Net Profit Robust 10% increase in recurring operating performance (after costs) Better performance fees on insurance products (+15m YoY), partially offset by fulcrum on Lux funds (-2.5m YoY) Lower dividends from GP staking vs. better net result of strategic affiliates (Sanctuary & AZ NGA) Higher growth of Nova, offset by extraordinary write-offs on proprietary investments in 2Q, lower fair value options & equity participations, IFRS 17, finance expenses Recurring Net Profit grew by 4% YoY
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7 9M 2026 Integrated Solutions Global Wealth Institutional & Wholesale Strategic affiliates Azimut Group Avg. Tot. Assets (€bn) 63.2 8.4 46.0 34.0 151.7 Revenues (€m) 947 82 142 - 1,171 EBIT (€m) 443 29 56 - 529 Net Profit (€m) 315 26 35 (3) 373 Net Profit margin 66 bps 41 bps 10 bps n.m. 33 bps Rec. Net Profit (€m) 330 23 31 (3) 382 Rec. Net Profit margin 70 bps 37 bps 9 bps n.m. 34 bps 9M 2025 Integrated Solutions Global Wealth Institutional & Wholesale Strategic affiliates Azimut Group Avg. Tot. Assets (€bn) 57.5 7.3 20.8 27.4 113.0 Revenues (€m) 867 68 78 - 1,013 EBIT (€m) 410 26 35 - 471 Net Profit (€m) 328 24 40 (6) 386 Net Profit margin 76 bps 45 bps 26 bps n.m. 46 bps Rec. Net Profit (€m) 317 22 34 (6) 367 Rec. Net Profit margin 74 bps 40 bps 22 bps n.m. 43 bps Countries / Firms Brazil, Egypt, Italy, Mexico, Taiwan, Türkiye Dubai, HK, Monaco, Singapore, Switzerland, USA Australia, Brazil, Chile, China, Dubai/Abu Dhabi, Egypt, Mexico, Morocco, Nova, USA AZ NGA (AUS) & Sanctuary Wealth (USA) Robust growth across business lines Reclassified P&L by business line – 9M 2026 vs 9M 2025 Total assets growth and recurring fees drive EBIT growth, while net profit is impacted by extraordinary write-offs on proprietary investments 1 Broad-based revenue growth, driven by strong commercial traction in Singapore & Monaco 2 2.2x AuM growth driven by Nova & NSI, with margins temporarily impacted as full profitability expected to unfold progressively 3 1 2 3 4 Due to rounding, totals may not correspond with the sum of the separate figures. Non-controlled entities with different business dynamics; strong business growth yet impacted by higher financing costs as investments are still in expansion phase 4
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8 9M 2026 Italy Americas Asia- Pacific EMEA Global Strategic affiliates Azimut Group Avg. Tot. Assets (€bn) 70.2 30.7 4.3 12.5 47.5 34.0 151.7 Revenues (€m) 911 130 25 105 260 - 1,171 EBIT (€m) 443 42 2 41 86 - 529 Net Profit (€m) 318 11 3 45 59 (3) 373 Net Profit margin 60 bps 5 bps 8 bps 48 bps 16 bps n.m. 33 bps Rec. Net Profit (€m) 335 8 2 41 50 (3) 382 Rec. Net Profit margin 64 bps 3 bps 5 bps 44 bps 14 bps n.m. 34 bps 9M 2025 Italy Americas Asia- Pacific EMEA Global Strategic affiliates Azimut Group Avg. Tot. Assets (€bn) 58.5 13.2 3.5 10.4 27.0 27.4 113.0 Revenues (€m) 834 74 17 88 179 - 1,013 EBIT (€m) 400 29 2 41 72 - 471 Net Profit (€m) 322 27 2 42 70 (6) 386 Net Profit margin 73 bps 27 bps 7 bps 54 bps 35 bps n.m. 46 bps Rec. Net Profit (€m) 313 22 1 37 60 (6) 367 Rec. Net Profit margin 71 bps 22 bps 5 bps 47 bps 29 bps n.m. 43 bps Commercial momentum across the entire platform drives recurring growth Reclassified P&L by vertical – 9M 2026 vs 9M 2025 EBIT growth driven by perimeter expansion and organic performance, despite lower Brazilian structuring fees, with net profit contribution set to ramp up progressively 2 1 4 Solid domestic momentum driven by recurring revenues and cost control, delivering +7% YoY recurring net profit 1 2 Due to rounding, totals may not correspond with the sum of the separate figures. 16% of net profit generated by global business, set to expand further as scale and operating leverage build toward Elevate 2030 targets Included € 12m (18 bps) of dividends from GP stakes & business and revaluations (HighPost & KCM) 3 3 4
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9 Unlocking scale and structural long-term value beyond short-term market volatility Transaction Highlights (1) Data as of 30 September 2026, converted with €/TL rate of 55.5653 and US$/TL rate of 49.0146, pro-forma incl. Total Assets of Yapı Kredi Portföy Yönetimi A.Ş. (“YKP”) and Azimut Portföy Yönetimi A.Ş. (“AZP”) (2) Excluding YKP's cash on balance sheet at closing and an earn-out component that serves as a mechanism to further incentivize growth and alignment of interests. (3) Pro-forma for combined entity of YKP and AZP. Excluding net interest income of YKP. (4) As per FactSet consensus. Excluding net interest income of YKP. Not reflecting synergy potential through cost rationalization and revenue uplift. 15-year exclusive distribution agreement Azimut’s global investment expertise will reach 18+ million clients of Yapı Kredi Bank Safeguard mechanisms and aligned incentives Fee protections & AuM targets, alongside earn-outs to incentivize growth Highly efficient deployment of capital The ~€300m consideration(2) implies an attractive 7x P/E multiple on 2026E net income Creation of a € 27bn national champion(1) Acquiring 100% of Yapı Kredi Portföy to become Türkiye's #2 largest asset manager Robust and immediate shareholder returns €65 – €75m in 2026E net income(3) & delivering ~10% average EPS accretion(4) Disciplined capital management Pro-forma gross debt remains <1.0x FY25 EBITDA, preserving a sound credit profile Portföy
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10 Resilient long-term fundamentals despite short-term 3Q market headwinds Türkiye AuM Development 12,015 14,248 13,408 31/12/2025 30/06/2026 30/09/2026 Industry 1,047 1,208 1,233 31/12/2025 30/06/2026 30/09/2026 222 336 267 31/12/2025 30/06/2026 30/09/2026 Portföy Data in TRY bn +20%+12% +18% YTD-growth in TRY Source: Capital Markets Board of Turkey for Industry and Yapi Kredi Portföy. Azimut Portföy data are based on internal data, net of double counting. -6% -21% +2% Both Yapı Kredi Portföy (+18% YTD) and Azimut Portföy (+20% YTD) grew at >1.5x the pace of the broader Turkish industry (+12% YTD) in 9M 2026, While short-term market headwinds drove a -6% QoQ contraction across the broader Turkish industry in 3Q 2026, Yapı Kredi Portföy grew AuM by +2% QoQ, demonstrating the defensive strength of its retail banking distribution franchise -10% market effect -2% market effect
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11 A transformative acquisition unlocking massive value & scale Pro-forma P&L and AUM mix FY2026E Net Income $5.4bn €4.8bn $25.2bn €22.2bn $30.6bn €27.0bn $30 – 35m €25 – 30m $45 – 50m €40 – 45m(1) $75 – 85m €65 – 75m H1’2026 AUM by Product Sep 2026 EoP AUM Pro forma Relative contribution Portföy Portföy Mutual funds Discretionary portfolios YKP will benefit from Azimut’s expertise in: DPM strategies Real estate funds Private equity funds Global equity funds <1% 47% 53% 23% 70% 7% 16% 63% 22% Pension funds 18% 82% ~40% ~60%
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12 Forging a strategic entry into the U.S. direct-to-consumer (D2C) digital wealth market Azimut to acquire Beanstox (1) Federal Reserve Bank of Philadelphia, "Why Some Americans Don't Invest in the Stock Market," September 2025. Transaction Summary and Company Overview Transaction Rationale Definitive agreement to acquire 100% of Beanstox Inc., establishing a new pillar of Azimut's growth strategy in the U.S. Automated D2C digital wealth platform & RIA, offering personalized, automated ETF portfolios via its mobile app; co-founded in 2018 by Chairman Kevin O’Leary and CEO Connor O’Brien. Addressing a vast, underserved market: Targets the ca. 60% of the U.S. population currently not investing (approx. 120 million estimated adult Americans¹) Current management to continue to drive the business, jointly with Azimut support Closing expected in Q4 2026 D2C platform with proven acquisition model/low CAC Strong unit economics to grow efficiently Possibility to expand in the B2B2C space A highly synergistic combination allowing Azimut to enter the D2C US market and Beanstox to accelerate its growth, while capitalizing on complementary capabilities: Azimut brings: Beanstox brings: Wealth management expertise Proprietary ETF offering Global reputation and scale
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13 Recurring fees +€ 146m YoY Global (+€ 84m YoY): led by change in perimeter (+€ 41m) & organic growth in the USA, UAE, Brazil, Singapore and Türkiye Italy (+€ 62m YoY): growth across all business lines, from mutual funds, next-generation advisory, alternatives, pension funds to Nova Performance fees € (2)m YoY Mainly driven by Brazil and Türkiye vs. negative fulcrum Insurance revenues +€ 21m YoY +7% YoY (+€ 6m) in recurring revenues, due to underlying asset growth & product mix +€ 14m YoY in performance fees (€ 42m in 9M26), normalizing in 3Q26 (€6m) after an exceptionally strong 2Q26 Entry commissions & other income € (6)m YoY YoY higher entry commissions (UAE, Switzerland, Monaco and Egypt) vs. lower other income (private markets structuring fees in Brazil) +17% in recurring fees due to AuM & platform growth 9M 2026 Revenues Revenues breakdown (in €m) 854 999 5 3 108 129 46 40 1,013 1,171 9M 2025 9M 2026 Recurring fees Performance fees Insurance revenues Other 16% +17% Due to rounding, totals may not correspond with the sum of the separate figures. Key highlights
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14 Total operating costs driven by platform expansion 9M 2026 Costs Distribution costs € +34m YoY Direct correlation with recurring revenue growth in Italy & abroad Lower social security and lower severance payments (linked to yield curve movements) to Italian FAs & lower marketing/event costs Personnel and SG&A € +54m YoY Change of perimeter (€ 37m) effect, mainly US & Brazil (equal to € 29m) and Italy Organic growth (€ 17m), mainly due to global expansion and in Italy in connection with TNB and regulatory costs D&A and provisions € +12m YoY As of 3Q26 consistent, predictable run-rate in line with the prior quarter YoY increase reflecting the perimeter effect of NSI and 2Q25 that benefitted from a release of a provision following a favorable legal resolution Operating costs breakdown (in €m) 335 369 191 245 16 28 542 642 9M 2025 9M 2026 Distribution costs Personnel and SG&A D&A and provisions +18% Due to rounding, totals may not correspond with the sum of the separate figures. Key highlights
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15 High-quality earnings growth drives increase in recurring net profit 9M 2026 EBIT & Net Profit 471 529 439 485 9M 2025 9M 2026 Reported Recurring(1) Fueled by strong organic growth and geographic diversification, Recurring EBIT rose to € 485m (+10%) Finance income & net non-operating costs amounted to (€ 16m) in 9M 2026 (vs € 55m in 9M 2025), mainly driven by: € (11)m assets and portfolio performance, fair value of options & equity participations, impacted by € 25m extraordinary write-off on proprietary investments € (10)m IFRS 17 impact € 3m dividends from GP stakes & affiliates € 6m net interest earned € (3)m Other non-operating costs Adjusted(3) Tax rate at 21.2% in 9M 2026; full- year 2026 guidance at ~24% Recurring Net Profit of € 382m, +4% YoY 386 373367 382 9M 2025 9M 2026 Reported Recurring +4% +10% EBIT (in €m) Net Profit (in €m) (2) Due to rounding, totals may not correspond with the sum of the separate figures. (1) Recurring revenues (i.e., Total revenues excluding total performance fees from funds and insurance) minus total operating costs. (2) 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. (3) Excluding € 25m of extraordinary write-off on proprietary investments from profit before tax. Key highlights
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16 €m Dec25 Jun26 Sep26 Bank loan (0.3) (47) (206) Total debt (0.3) (47) (206) Cash 499 447 464 Cash equivalents 133 143 266 UCI units & gov. securities 181 126 147 Cash & cash equivalents 813 715 878 Net financial position 813 668 672 Lease liabilities (IFRS 16) (30) (39) (46) NFP incl. IFRS 16 783 630 626 Strong capital position coupled with investments and attractive dividends Net Financial Position as of 30 September 2026 NFP as of 30 September 2026 after: M&A / investments € 110m For M&A & investments in US, Brazil & Italy Taxes & others € 74m For net taxes, stamp duties & actuarial reserves Dividends € 352m Ordinary dividends & participating financial instruments Share buyback € 119m Bought 3.1m shares (at an avg. price of € 37.88) First tranche of share buyback program, equal to € 250m, completed on 28 October 2026 (bought 6.77m shares at an avg. price of € 36.94) Due to rounding, totals may not correspond with the sum of the separate figures. Bank Loans € 206m Loans of NSI and drawn credit facility of Azimut Holding M&A / investments 23% Buyback 11% Operating cash needs 40% Regulatory requirements 19% Proprietary investments 7% 639 238 Distributable cash Committed equity 878 As of 30.09.2026
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17 Delivering on Elevate 2030 plan Strategic capital management (1) Subject to AGM approval. (2) Any extraordinary dividends to be paid from divestments are conditional upon completion of the respective transactions and receipt of the related proceeds. (3) Refer to FY 2025 results presentation, published on 5 March 2026. Includes distributable cash as of 31 December 2025 (€ 379m) as well as expected free-cash flow for distribution to be generated during FY 2026 and FY 2027 (~ € 650m). (4) Until 28 October 2026. ~€ 1.3bn Cash to be returned to shareholders1 during FY 2026 and FY 2027 During FY 2026 & FY 2027 €m 250 ~500 Share buyback1 with cancellation 750- 800 Dividends1,2 284 >40% Executed to date4 ~250 Proceeds divestments2 ~1,030 Free-cash flow for distribution3
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18 TRANSACTION VALUE Regulatory & execution roadmap Supervisory Assessment: Bank of Italy’s review(1) clears ACM's remediation plan and defines targeted areas for final alignment by end of Nov 2026, allowing ACM to resume M&A and demergers It is expected that FSI will be in a position to file for final authorization processes with the Bank of Italy before the end of the exclusivity agreement The Board of Azimut Holding approved today the establishment of the sub-holding entity instrumental to the transaction, as requested by the regulator Ownership Structure: FSI and co-investors will acquire 80.01% of TNB, while Azimut will retain a 19.99% stake ~€ 1.2bn Potential total consideration(2) for sale of 80.01% stake to FSI and co-Investors € 2.4bn Revenue guarantee in Net Commissions over time (minimum 12 years(2)) 19.99% Further value upside through stake in TNB retained by Azimut + + Goal: create shareholder value & expand the total addressable market (1) The Bank of Italy's inspection report on Azimut Capital Management SGR S.p.A. “ACM” resulted in a partially favorable (“parzialmente favorevole”) assessment. (2) Refer to the dedicated presentation «Azimut Launches TNB, a New Generation Wealth Bank», published on 22 May 2025. TNB spin-off Constructive regulatory feedback sets a clear, short-term path to final approvals
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19 (1) Assuming normal market conditions. Net inflows guidance is subject to transaction of Yapı Kredi Portföy to close by year-end 2026. Net profit guidance excludes extraordinary items. 2026 Guidance Re-confirm targets(1) based on continuous commercial momentum & M&A FY 2026E ~€ 23bn from M&A(1) € >35 bn Net inflows(1) Achieved in 10M 2026 € 10.9bn FY 2026E € 550 m Net income (1) Achieved in 9M 2026 € 373m > 2/3 achieved
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Appendix
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21 Consolidated view of quarterly profitability 9M 2026 reclassified income statement (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. €/000 9M 2025 9M 2026 3Q 2025 3Q 2026 1H 2025 1H 2026 Entry commission income 11,833 21,121 4,253 6,486 7,580 14,635 Recurring fees 853,783 999,386 292,826 346,615 560,957 652,771 Variable fees 5,232 2,732 2,212 (4,994) 3,020 7,726 Other income 34,243 19,066 20,212 3,823 14,031 15,243 Insurance revenues 108,402 129,049 48,321 38,237 60,081 90,812 Total Revenues 1,013,493 1,171,354 367,824 390,167 645,669 781,187 Distribution costs (335,198) (368,818) (112,103) (124,431) (223,095) (244,387) Personnel and SG&A (191,062) (244,993) (69,408) (79,832) (121,654) (165,161) D&A and provisions (15,809) (28,297) (5,890) (10,176) (9,919) (18,121) Operating costs (542,069) (642,108) (187,401) (214,439) (354,668) (427,670) Operating Profit 471,424 529,246 180,423 175,728 291,001 353,518 Finance income 62,208 7,235 18,725 3,173 43,483 4,062 Net non-operating costs (7,096) (22,904) (1,250) (1,245) (5,846) (21,658) Finance expense - (4,606) - (1,648) - (2,958) Profit Before Tax 526,536 508,971 197,898 176,008 328,639 332,963 Income tax (121,663) (116,352) (37,412) (35,144) (84,251) (81,208) Deferred tax 4,979 3,131 (2,172) (485) 7,150 3,616 Net Profit 409,852 395,750 158,314 140,379 251,538 255,370 Minorities 23,689 22,323 11,788 8,566 11,901 13,757 Group Net Profit 386,163 373,427 146,526 131,813 239,637 241,614 Recurring Net Profit(1) 366,700 382,347 132,875 133,526 233,816 248,821 KPIs Avg. Total Assets 112,969 151,710 118,259 158,492 109,927 148,720 EBIT margin 46.5% 45.2% 49.1% 45.0% 45.1% 45.3% Group Net Profit margin 46 bps 33 bps 50 bps 33 bps 44 bps 32 bps Recurring Net Profit margin 43 bps 34 bps 45 bps 34 bps 43 bps 33 bps
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22 IR contacts & corporate calendar This document has been issued by Azimut Holding S.p.A. 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. Considering 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 based on several 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 Legislative Decree n° 58/1998 of the Consolidated Law of Finance, that the financial information herein included, corresponds to the records in the company’s books. Disclaimer – Safe harbor statement Investor Relations contacts Upcoming corporate events Alex Soppera, Ph.D. Tel. +39 02 8898 5671 E-mail: alex.soppera@azimut.it www.azimut-group.com/investor-relations 2027 corporate calendar to be published in December 2026