Earnings release
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PRESS RELEASE Azimut grows 9M 2026 recurring net profit by 4% to € 382 million, driven by +15% recurring revenues and global scale 2026 guidance1 reconfirmed based on continuous robust commercial momentum: Net inflows: over € 35 billion Net profit: € 550 million, excluding extraordinary items KPIs of the Group and 9M 2026 highlights: Revenues: € 1.2 billion (recurring revenues2 +15% YoY) EBIT: € 529 million (recurring EBIT3 +10% YoY) Net profit at € 373 million (recurring net profit4 +4% YoY), of which 16% from global operations Net inflows October: € 306 million in managed solutions, despite adverse market conditions globally Year-to-date net inflows: € 10.9 billion (of which 49% from global operations) Total assets as of 31 October 2026: € 159 billion (+13% YTD) Milan, 5 November 2026 The Board of Directors of Azimut Holding (AZM.IM) has approved today the consolidated interim financial results as of 30 September 2026. 9M 2026 Financials Azimut Holding consolidated total revenues amounted to € 1.2 billion in 9M 2026, driven by a 17% increase in recurring fees across all core markets, with particularly strong contributions from Italy, USA, Singapore, Brazil and Türkiye. Total operating costs amounted to € 642 million in 9M 2026 and increased in line with the Group’s continued global expansion and commercial momentum. Operating profit amounted to € 529 million in 9M 2026, with recurring EBIT (net of performance fees) growing 10% year-on-year to € 485 million. Net profit equaled € 373 million in 9M 2026, with recurring net profit growing by 4% to € 382 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 reconfirms 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. Furthermore, Azimut confirms its net profit target of € 550 million, excluding extraordinary items. TNB Transaction Following receipt of the Bank of Italy's follow-up inspection report on Azimut Capital Management SGR S.p.A. (“ACM”), the Group announces that the review concluded with a “partially favorable” (“parzialmente favorevole”) assessment and outlines targeted areas for remediation to be submitted by the end of November 2026. The implementation of this remediation plan does not constitute an impediment to FSI filing the 1 Assuming normal market conditions. Net inflows guidance s ubject to closing of the 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 authorization application for the TNB transaction with the Bank of Italy. It is expected that this filing will take place before the end of the exclusivity period. October Net Inflows & Total Assets The Azimut Group recorded total net inflows of € 32 million in October 2026, of which € 306 million in managed solutions. Year-to-date net inflows stand at € 10.9 billion, of which € 5.3 billion (49%) was generated by the Group’s global operations. This solid inflow momentum brings total assets to € 159 billion at the end of October, reflecting robust 13% year-to-date growth. Pietro Giuliani, Chairman of Azimut Group, comments: “The numbers speak for themselves: over 35 billion euro in net inflows. 550 million euro in net profit. 2026 guidance confirmed.” Giorgio Medda , CEO of the G roup, states: “Our nine-month results underscore the structural resilience and dynamism of our global platform , as w e continue to generate robust growth despite a highly volatile macro environment. The underlying momentum gives us the confidence to reconfirm our 2026 net inflows target of over 35 billion euro and allows us to look beyond ongoing market uncertainties and the softness of the past month, where a 'perfect storm' combining market turbulence in Brazil and Türkiye with rising interest rates in Europe and the United States contained October net inflows to around 30 million euro (bringing the year-to-date total to 10.9 billion euro). We are executing aggressively against our Elevate 2030 strategic plan, with global expansion acting as a major catalyst. The transformative acquisition of Yapı Kredi Portföy in Türkiye will scale our global footprint to represent roughly 50% of core total assets and 30% of expected net profit. Simultaneously, we are deepening our U.S. market penetration by taking full ownership of Kennedy Capital Management and launching into the direct- to-consumer space through the Beanstox automated advisory app. We remain relentlessly focused on driving innovation and delivering compounding value for our clients, professionals, and shareholders. ” Alessandro Zambotti, CEO and CFO of the Group, adds: “In the first nine months of 2026, Azimut once again demonstrated its u nique ability to pair recurring profitability growth with disciplined capital management and substantial shareholder remuneration. Delivering 382 million euro in recurring net profit, backed by a 15% increase in recurring revenues, reflects our relentless execution and the scalability of our business model across all market cycles. At the same time, we completed the first 250-million-euro tranche of our share buyback program in just three months , which, combined with the more than 280 million euro in dividends paid this year, brings the execution of our Elevate 2030 shareholder remuneration plan to over 40%. We continue to look ahead with great confidence, backed by strong cash generation that enables us to seize new strategic growth opportunities and continue delivering sustainable value for all our shareholders.” 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. Attached: Consolidated reclassified income statement as of 30 September 2026 Consolidated net financial position as of 30 September 2026 Consolidated income statement as of 30 September 2026 Consolidated balance sheet as of 30 September 2026 Consolidated cash flow statement as of 30 September 2026 October 2026 net inflows details 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
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3 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. 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 9M 2025 9M 2026 3Q 2025 3Q 2026 Entry commission income 11,833 21,121 4,253 6,486 Recurring fees 853,783 999,386 292,826 346,615 Variable fees 5,232 2,732 2,212 (4,994) Other income 34,243 19,066 20,212 3,823 Insurance revenues 108,402 129,049 48,321 38,237 Total Revenues 1,013,493 1,171,354 367,824 390,167 Distribution costs (335,198) (368,818) (112,103) (124,431) Personnel and SG&A (191,062) (244,993) (69,408) (79,832) Depreciation, amortization & provisions (15,809) (28,297) (5,890) (10,176) Operating costs (542,069) (642,108) (187,401) (214,439) Operating Profit 471,424 529,246 180,423 175,728 Finance income 62,208 7,235 18,725 3,173 Net non-operating costs (7,096) (22,904) (1,250) (1,245) Finance expense - (4,606) - (1,648) Profit Before Tax 526,536 508,971 197,898 176,008 Income tax (121,663) (116,352) (37,412) (35,144) Deferred tax 4,979 3,131 (2,172) (485) Net Profit 409,852 395,750 158,314 140,379 Minorities 23,689 22,323 11,788 8,566 Group Net Profit 386,163 373,427 146,526 131,813 Recurring Net Profit (1) 366,700 382,347 132,875 133,526 (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 30/09/2025 31/12/2025 30/09/2026 Bank loan (100) (338) (205,921) Total debt (100) (338) (205,921) Cash 461,639 498,933 464,423 Cash equivalents 148,917 132,602 266,143 UCI units & government securities 154,405 181,436 147,018 Cash & cash equivalents 764,961 812,972 877,584 Net financial position 764,861 812,634 671,663 Lease Liabilities (IFRS 16) (21,634) (29,912) (45,524) Net financial position incl. IFRS 16 743,227 782,722 626,139
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5 CONSOLIDATED INCOME STATEMENT €/000 9M 2025 9M 2026 3Q 2025 3Q 2026 Fee and commission income 989,539 1,138,113 356,609 378,301 Fee and commission expense (292,436) (319,850) (99,925) (110,130) Net fee and commission income 697,103 818,263 256,684 268,171 Dividends and similar income 8,493 3,346 2,215 976 Interest income and similar income 9,009 10,504 2,680 4,290 Interest expense and similar charges (5,695) (9,637) (4,959) (2,574) Profits (Losses) on disposal or repurchase of: 69 293 (54) 101 b) financial assets at fair value through other comprehensive income 69 293 (54) 101 Net gains (losses) on financial assets and financial liabilities at FVTPL 45,117 5,785 18,742 (1,600) a) assets and liabilities designated at fair value 8,172 (9,018) 2,955 (1,245) b) other financial assets compulsorily measured at fair value 36,945 14,803 15,787 (355) Insurance service result 26,985 30,550 9,053 10,762 Net insurance and investment result (520) (900) 741 1,872 Net Margin 780,561 858,204 285,102 281,998 Net adjustments/reversals for credit risk relating to: - (2,250) - (500) a) financial assets measured at amortized cost - (2,250) - (500) NET FINANCIAL RESULT - (2,250) - (500) Administrative expenses: (246,606) (304,344) (87,297) (99,154) a) personnel expenses (109,516) (144,791) (38,705) (45,601) b) other expenses (137,090) (159,553) (48,592) (53,553) Net accruals to the provisions for risks and charges (2,003) (3,946) (2,060) (319) Net impairment losses/reversal of impairment losses on property and equipment (6,049) (9,495) (1,958) (3,168) Net impairment losses/reversal of impairment losses on intangible assets (16,166) (19,203) (3,979) (7,166) Other administrative income and expenses 5,559 (11,722) 3,786 2,199 Operating costs (265,265) (348,710) (91,508) (107,608) Profit (Loss) on equity investments 11,240 1,727 4,303 2,118 Pre-tax Profit (Loss) from continuing operations 526,536 508,971 197,897 176,008 Income tax (116,684) (113,221) (39,583) (35,629) Net profit (loss) for the period/year 409,852 395,750 158,314 140,379 Profit (Loss) for the period/year attributable to minority interest 23,689 22,323 11,788 8,566 Profit (Loss) for the period/year attributable to the Parent Company 386,163 373,427 146,526 131,813 Earnings per share / Euro 2.72 2.63 1.03 0.93 Diluted earnings per share / Euro 2.72 2.63 1.03 0.93
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6 CONSOLIDATED BALANCE SHEET ASSETS (€/000) 31/12/2025 30/06/2026 30/09/2026 Cash and cash equivalents 498,933 447,024 464,423 Financial assets at fair value through profit or loss 8,339,055 8,711,499 8,745,723 c) other financial assets at fair value 8,339,055 8,711,499 8,745,723 Financial assets at fair value through other comprehensive income 25,024 26,175 30,802 Financial assets at amortized cost 201,868 236,835 345,127 Equity investments 160,387 150,527 158,027 Insurance contract assets 6,129 6,242 6,317 b) reinsurance contract assets 6,129 6,242 6,317 Tangible Assets 31,879 42,823 50,455 Intangible Assets 683,220 879,462 885,500 of which: Goodwill 584,129 709,351 717,641 Tax assets 83,119 66,536 80,853 a) current 68,221 51,235 64,960 b) prepaid 14,898 15,301 15,893 Non-current assets and discontinued operations 196,870 201,191 200,171 Other assets 427,262 435,649 450,327 Total Assets 10,653,746 11,203,963 11,417,725 LIABILITIES & EQUITY (€/000) 31/12/2025 30/06/2026 30/09/2026 Financial Liabilities at amortized cost 71,332 123,477 306,359 a) Payables 71,332 123,477 306,359 Insurance contract liabilities 1,938,085 2,116,715 2,160,553 Financial liabilities designated at fair value 6,104,414 6,436,863 6,406,460 Tax liabilities 95,869 129,932 153,801 a) current 28,353 48,218 70,190 b) deferred 67,516 81,714 83,611 Liabilities associated with discontinued operations 91,501 101,760 96,721 Other Liabilities 231,735 246,754 232,475 Employees’ severance 5,461 5,678 5,739 Provisions for risks and charges 41,670 39,045 38,990 c) other provisions for risks and charges 41,670 39,045 38,990 Capital 32,324 32,324 32,324 Treasury shares (-) (49,276) (43,502) (145,942) Capital instruments 36,000 36,000 36,000 Share premium reserve 173,987 173,987 173,987 Reserves 1,390,758 1,566,563 1,550,204 Valuation provisions (66,082) (19,510) (22,639) Profit (Loss) for the period 525,666 241,614 373,427 Equity attributable to minority interests 30,302 16,263 19,266 Total liabilities and shareholders' equity 10,653,746 11,203,963 11,417,725
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7 CONSOLIDATED CASH FLOW STATEMENT €/000 9M 2025 9M 2026 3Q 2025 3Q 2026 A. OPERATING ACTIVITIES 1. Operating activities 527,064 474,280 194,105 175,519 Net income for the period (+/-) 386,163 373,427 146,526 131,813 Net adjustments for credit risk (-/+) 2,250 500 Value net adjustments on tangible and intangible assets (+/-) 22,215 28,698 5,937 10,334 Value net adjustments on provisions for risks and charges and other income/expenses (+/-) 2,003 3,946 2,060 319 Taxes (+) 116,683 73,988 39,582 35,628 Other adjustments (+/-) (8,029) (3,075) 2. Cash flow from financial assets (30,901) (481,234) (227,601) (28,818) Financial assets at fair value (27,368) (430,971) (225,695) (2,870) Insurance assets (162) (188) (52) (75) Financial assets mandatorily measured at fair value 14,032 (12,028) 12,493 (12,034) Financial assets at FVTOCI 405 (3,866) 1,672 (2,497) Financial assets at amortised cost 94,706 (9,719) 9,916 15,349 Other assets (112,514) (24,462) (25,935) (26,692) 3. Cash flow from financial liabilities 17,420 741,210 192,642 163,144 Financial liabilities at amortised cost 13,537 235,027 (5,251) 182,882 Financial liabilities at fair value (21,071) 302,046 142,670 (30,403) Insurance contract liabilities 126,211 222,468 83,992 43,838 Other liabilities (101,257) (18,331) (28,769) (33,173) Total net operating cash flow generated (absorbed) 513,583 734,256 159,146 309,845 B. INVESTMENT ACTIVITIES 1. Cash flow generated by 18,214 Dividends received from equity investments 18,214 2. Cash flow absorbed by (97,396) (257,379) (18,955) (28,429) Acquisition of equity investments (26,855) (7,825) (13,850) (4,425) Acquisition of tangible assets (359) (28,071) (210) (10,800) Acquisition of intangible assets (9,984) (87,971) (4,832) (14,757) Purchase of subsidiaries and business units (60,198) (133,512) (63) 1,553 Total net cash flow generated (absorbed) from investment activities (97,396) (239,165) (18,955) (28,429) C. FINANCING ACTIVITIES Issue/sale of treasury shares (31,336) (118,752) (102,440) Dividends paid and others (331,161) (358,712) Other reserves (35,732) 58,021 (22,071) (19,488) Sale/acquisitions of non-controlling interests (2,657) (11,036) 4,315 3,003 Total net cash flow generated (absorbed) from financing activities (400,886) (430,479) (17,756) (118,925) TOTAL NET CASH FLOW GENERATED (ABSORBED) IN THE PERIOD 15,301 64,612 122,435 162,491 Reconciliation Opening cash and cash equivalents 749,660 812,972 642,526 715,093 Cash flow generated (absorbed) during the period 15,301 64,612 122,435 162,491 Closing cash and cash equivalents 764,961 877,584 764,961 877,584
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8 OCTOBER NET INFLOWS DETAILS Assets Net inflows Assets Data in € million 31/12/2025 October 2026 31/10/2026 ∆ 2026 Mutual funds 49,316 94 3,669 54,177 +9.9% Alternative funds 7,138 105 2,009 9,522 +33.4% Discretionary & Advisory 43,816 316 2,130 47,054 +7.4% Life & Pension 10,372 58 331 10,983 +5.9% Strategic affiliates 30,284 (542) 2,754 37,428 +23.6% Total Assets 140,926 32 10,893 159,163 +12.9% of which AuM 101,035 306 7,240 110,791 +9.7% of which AuC/AuA 39,890 (274) 3,653 48,372 +21.3% Assets Net inflows Assets Data in € million 31/12/2025 October 2026 31/10/2026 ∆ 2026 Italy 68,003 662 5,603 74,233 +9.2% EMEA 10,636 26 1,341 12,136 +14.1% Americas 28,049 (173) 792 30,681 +9.4% Asia & Pacific 3,954 59 403 4,684 +18.5% Strategic affiliates 30,284 (542) 2,754 37,428 +23.6% Total Assets 140,926 32 10,893 159,163 +12.9%