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ER - Azimut Holding: 1H 2025 presentation

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# **Azimut Group 1H 2025 results**

Milan, 31 July 2025

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# **Azimut Group – 1H 2025 results**

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**Agenda**

| Business update    | 3  |
|--------------------|----|
| 1H 2025 financials | 17 |
| Update on TNB      | 21 |
| 2025 Guidance      | 22 |
| Appendix           | 24 |

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# **3** 3

# **A strong year-to-date 2025 with several milestones achieved**

*Best 1H on record for managed net inflows (€8.2bn) & delivered robust recurring net income growth (+18%)*

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*Introduced new organizational matrix and simplified reporting structure*

*Streamlining of business verticals and broader US platform*

*Strategic business development initiatives*

*Signed binding agreement for TNB transaction; implementation progressing*

*Underlying net profit & net inflows target upgrade*

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### **1H 2025 highlights**

<sup>4</sup> **Solid performance reflecting our diversified global platform**

# **4**

# **€ 113bn**

**Total Assets AuM +11.1% YTD** **€ 9bn**

**Net inflows Of which 43% from global operations** 

**€ 646m**

**Revenues Recurring revenues**(1) **+7.1% YoY**

**€ 291m EBIT Recurring EBIT**(2)

**+8.6% YoY**

**€ 240m**

**Group Net Profit Recurring Net Profit**(3) **+18.2% YoY**

**18%**

**Net Profit from global operations vs 15% in 1H 2024**

(\*) 1H 2024 figures have been adjusted for the deconsolidation of AZ NGA to ensure a like-for-like comparison (see [slide](#page-25-0) n° 26 for further details).

(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 tax, (ii) fair value option, (iii) net non-operating costs, (iv) certain unrealized gains (losses), (v) net capital gain on sale of stake in Kennedy Lewis and (vi) IFRS 17 impact.

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# **2Q25 vs 1Q25 Net Profit bridge**

### **Continued underlying growth in core business drives a strong 2Q25** <sup>5</sup>

![](_page_4_Figure_3.jpeg)

(1) Recurring revenues (i.e., Total revenues excluding performance fees from funds and insurance) minus total operating costs.

(2) Reported net profit excluding (i) total performance fees, net of tax, (ii) fair value option, (iii) net non-operating costs, (iv) certain unrealized gains (losses) and (v) IFRS 17 impact.

![](_page_4_Picture_6.jpeg)

### **1H25 vs 1H24 Net Profit bridge**

**Continued underlying growth in core business drives a strong 1H25**

![](_page_5_Figure_3.jpeg)

(\*) 1H 2024 figures have been adjusted for the deconsolidation of AZ NGA to ensure a like-for-like comparison (see [slide](#page-25-0) n° 26 for further details).

(1) Recurring revenues (i.e., Total revenues excluding performance fees from funds and insurance) minus total operating costs.

(2) Reported net profit excluding (i) total performance fees, net of tax, (ii) fair value option, (iii) net non-operating costs, (iv) certain unrealized gains (losses), (v) net capital gain on sale of stake in Kennedy Lewis and (vi) IFRS 17 impact.

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1

3

2

5

### **1H 2025 net inflows and Total Assets development**

**Azimut records industry** <sup>7</sup> **-leading inflows year-to-date**

|                            | Assets     | Net inflows | Assets      |          |  |  |
|----------------------------|------------|-------------|-------------|----------|--|--|
| Data<br>in<br>€<br>million | 31/12/2024 | H1 2025     |             | ∆ Dec-24 |  |  |
| Mutual funds               | 34,947     | 5,206<br>1  | 40,098      | +14.7%   |  |  |
| Alternative funds          | 6,444      | 646<br>2    | 7,014       | +8.8%    |  |  |
| Discretionary & Advisory   | 27,619     | 2,549<br>3  | 29,880      | +8.2%    |  |  |
| Life & Pension             | 10,003     | 42          | 9,789       | (2.1)%   |  |  |
| Strategic affiliates       | 28,503     | 569         | 4<br>26,051 | (8.6)%   |  |  |
| Total Assets               | 107,516    | 5<br>9,012  | 112,831     | +4.9%    |  |  |
|                            |            |             |             |          |  |  |
| Italy                      | 55,435     | 5,108       | 60,989      | +10.0%   |  |  |
| EMEA                       | 9,568      | 524         | 9,077<br>4  | (5.1)%   |  |  |
| Americas                   | 10,903     | 2,445       | 13,311      | +22.1%   |  |  |
| APAC                       | 3,107      | 368         | 3,403       | +9.5%    |  |  |
| Strategic affiliates       | 28,503     | 569         | 4<br>26,051 | (8.6)%   |  |  |
| Total Assets               | 107,516    | 5<br>9,012  | 112,831     | +4.9%    |  |  |

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Multiple fund closings in Italy & Brazil and strategic M&A (increase of stake in HighPost)

Sustained WM momentum in Dubai, Monaco, Singapore and growing institutional presence in Egypt, Middle East, Mexico, plus M&A benefits (Kennedy Capital)

Impacted by negative FX development since the start of the year, in particular USD & TRY 4

€ 6.3bn organic net inflows in 1H (68% of FY24 organic net inflows); the best result on record in Azimut's history

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## **Total Assets as of 30 June 2025**

### **Breakdown by business line**

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### **Reclassified P&L by business line – 1H 2025 vs 1H 2024**

**Increased transparency into the earnings power of our platform**

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*Kennedy Capital, Mexico, Nova, Singapore*

Due to rounding, totals may not correspond with the sum of the separate figures.

(\*) 1H 2024 figures have been adjusted for the deconsolidation of AZ NGA to ensure a like-for-like comparison (see [slide](#page-25-0) n° 26 for further details).

*USA (Apice + Genesis)*

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**9**

## **Reclassified P&L by vertical – 1H 2025 vs 1H 2024**

**Strong growth across core regions**

![](_page_9_Figure_3.jpeg)

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**10**

# **11**

# **Azimut creates a \$20bn integrated platform with NSI acquisition**

**A fast** <sup>11</sup> **-growing platform with strong capabilities and consistent net inflows**

### **North Square Investments highlights**

- NSI provides investment solutions through an integrated, hybrid multi-affiliate platform with 8 boutique managers1 to power B2B2C distribution
- Headquartered in Chicago, founded in 2018
- NSI's leadership team, led by CEO Mark Goodwin, boasts more than 30 years of average investment experience

**>\$20bn AUM1 Asset Management Platform**

![](_page_10_Figure_9.jpeg)

### **Transaction highlights**

- Enterprise Value of \$165m; min. purchase price \$110m
- 5-year earn-out and management incentive plan expected to bring consideration to up to ~\$160m
- Purchase price will be paid through a combination of Cash and Azimut Holding shares
- Immediately accretive for Azimut with expected ~5% net profit contribution3 within 12 months
- NSI projected to reach \$20–25m EBITDA in 2026

### **Future outlook**

- Create long-term value through strategic integration
- Onboarding of Azimut's global strategies into NSI's product shelf
- Leverage NSI's distribution platform to drive scale
- Launch of 7 active ETFs within 12 months for the U.S. retail market

(1) Already including the contribution by Azimut of its 51% stake in Kennedy Capital Management and the merger of CS McKee with Foundry Partners in Q2 2025.

(2) Consultant and distribution firms shown are not comprehensive of all relationships. (3) Based on 2026E net profit of \$ 16m for NSI and calculated on Azimut's 2024 recurring net profit (pro-forma excluding TNB).

![](_page_10_Picture_23.jpeg)

# **Azimut US: fully integrated production & distribution platform**

**US Total Assets reach \$50 billion, solidifying Azimut's second largest market**

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# **Azimut's sells its stake in RoundShield Partners to Harrison Street**

**With this 2nd exit, Azimut cements its position as a leader in monetizing GP stakes** <sup>13</sup>

![](_page_12_Figure_4.jpeg)

### **Azimut now boasts an unparalleled track record in the lower middle market segment, generating a combined DPI of 2.9x and IRR of 60%(1)**

(1) Assumes combined weighted average of the Kennedy Lewis and RoundShield exits in USD, gross of fees.

(2) Includes deal proceeds and dividend distributions during holding period.

(3) AUM figures include leverage.

![](_page_12_Picture_9.jpeg)

# **Azimut & corporate partnerships with Ferrari and Eni Next**

<sup>14</sup> **Strategic partnerships to promote Italian excellence globally**

![](_page_13_Picture_3.jpeg)

![](_page_13_Picture_5.jpeg)

# **€198m1**

AHE, the world's first and only evergreen investment fund for historic, super- and hyper-cars

![](_page_13_Picture_8.jpeg)

# **€100m2**

Launch in September 2025 of an ELTIF focused on clean tech and energy transition, with advisory support from Eni Next

*Our growth journey as a global investment partner to the country's leading innovators continues* 

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### **Azimut's digital leap**

**15**

**Powering the Intelligent Age of Financial Services with the Super App** <sup>15</sup>

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To download the White Paper:

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### **Azimut Super App: Redefining Wealth Engagement**

- A modular platform for intuitive, personalized, and real-time financial experiences
- Digital Strategy anchored on **4Ss**: Service, Solution, Scalability, Security
- Leveraging cutting-edge technologies:
	- **AI** for client profiling & portfolio optimization
	- **Blockchain** for secure transactions & asset tokenization
	- **Cloud** for scalability and reliability
	- **Cybersecurity** & **Metaverse** for immersive engagement
- Already in action: Azimut Intelligence, Azify, Beewise, AZINVEST, Metadvisor, Tokenization Initiatives
- Challenges: balancing digital & human touchpoints, driving adoption, cybersecurity, and regulatory complexity

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### **Azimut's digital solutions in action**

**Commitment to innovation, value creation and enhanced client experiences** <sup>16</sup>

![](_page_15_Picture_3.jpeg)

![](_page_15_Picture_5.jpeg)

Blockchain-based, next-gen D2C fund distribution solution & mobile app launched in Italy & across Europe

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Digital banking and payment platform, with multi-currency banking, international transactions & crypto solutions, incl. Stablecoin

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fully-digital investment platform / mobile app launched by Azimut Egypt

### **~50,000 clients powered by Azimut's fintech platforms around the globe**

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# **1H 2025 Revenues**

### **Increase in recurring fees year on year**

![](_page_16_Figure_3.jpeg)

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## **1H 2025 Costs**

**Continued investments in platform expansion and global growth** <sup>18</sup>

![](_page_17_Figure_3.jpeg)

**Operating costs breakdown (€m)**

![](_page_17_Figure_5.jpeg)

### **Distribution costs +€18m YoY**

- Increased distribution costs in line with increase in recurring revenues in Italy & abroad
- Higher provision for variable incentives to Italian FAs
- TNB related costs

### **Personnel and SG&A +€2m YoY**

- Mainly impacted by continued investment into international growth and includes Kennedy Capital perimeter effect (net of FX)
- Cost discipline & broadly stable development of Italian business

### **D&A and provisions €(1)m YoY**

Broadly stable, with 2Q25 benefiting from a release of a provision for a legal case

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# **1H 2025 EBIT & Net Profit**

**Double** <sup>19</sup> **-digit growth in recurring earnings**

![](_page_18_Figure_3.jpeg)

Thanks to the geographical diversification of the Group, **Recurring EBIT** grew by 9% to € 281m

### 1H 2025 **Finance income (€ 43m)** driven by:

- € 21m assets and portfolio performance
- € 12m fair-value options & equity participations
- € 6m dividends from GP stakes & affiliates
- € 6m net interest earned
- € (2)m IFRS 17 impact
- **Tax rate** at 23.5% in 1H25; full-year 2025 guidance at 25-26%
- **Recurring Net Profit** of €234m, + **18% year on year**

(\*) 1H 2024 figures have been adjusted for the deconsolidation of AZ NGA to ensure a like-for-like comparison (see [slide](#page-25-0) n° 26 for further details).

(1) Recurring revenues (i.e., Total revenues excluding performance fees from funds and insurance) minus total operating costs.

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![](_page_18_Picture_16.jpeg)

## **1H 2025: Net Financial Position**

**Debt-free balance sheet coupled with high investments and dividends paid**

| €m                                   | 31/12/2024 | 31/03/2025 | 30/06/2025 |
|--------------------------------------|------------|------------|------------|
| Bank loan                            | (0.2)      | (0.1)      | (0.1)      |
| Total debt                           | (0.2)      | (0.1)      | (0.1)      |
| Cash                                 | 395        | 610        | 402        |
| Cash equivalents                     | 159        | 144        | 114        |
| UCI units & government securities    | 196        | 229        | 127        |
| Cash & cash equivalents              | 750        | 982        | 643        |
| Net financial position               | 750        | 981        | 642        |
| Lease liabilities (IFRS 16)          | (28)       | (27)       | (25)       |
| Net financial position incl. IFRS 16 | 722        | 954        | 618        |

![](_page_19_Figure_4.jpeg)

![](_page_19_Figure_5.jpeg)

![](_page_19_Picture_6.jpeg)

### **TNB spin-off**

### <sup>21</sup> **Expected timeline for the next steps of the transaction**

![](_page_20_Figure_3.jpeg)

**19.99%** Further value upside through stake in TNB retained by Azimut

### **Goal: create shareholder value & expand the total addressable market**

![](_page_20_Picture_7.jpeg)

# **2025 Guidance (1/2)**

**Upgrade net inflows target based on strong commercial momentum & M&A**

![](_page_21_Figure_3.jpeg)

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**22**

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### **The Group will present its new strategic targets & shareholder remuneration policy with its 9M 2025 results, marking the next phase of value creation**

(\*) Under the assumption of normal market conditions. Upper end of target is dependent on TNB receiving authorization to operate in 2025 and subject to final accounting treatment of the transaction upon closing.

![](_page_22_Picture_4.jpeg)

23

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# **Appendix**

![](_page_23_Picture_3.jpeg)

### **Total Assets as of 30 June 2025**

**A powerful global platform: 46% of Total Assets from international operations** <sup>25</sup>

![](_page_24_Picture_3.jpeg)

![](_page_24_Picture_4.jpeg)

![](_page_24_Picture_6.jpeg)

### <span id="page-25-0"></span>**1H & Q2 2025 income statement**

**1H & Q2 2024 are adjusted for AZ NGA deconsolidation**(1) <sup>26</sup>

| €/000                       | 1H 2024  | 1H 2024(1)                    | 1H 2025  | 2Q 2024  | 2Q 2024(1) 2Q 2025 |                               | 1Q 2024  | 1Q 2024(1) 1Q 2025            |          |
|-----------------------------|----------|-------------------------------|----------|----------|--------------------|-------------------------------|----------|-------------------------------|----------|
| Entry commission income     | 6,656    | 6,656                         | 7,580    | 3,034    | 3,034              | 4,225                         | 3,622    | 3,622                         | 3,355    |
| Recurring fees              | 589,644  | 524,556                       | 560,957  | 300,986  | 264,410            | 280,983                       | 288,658  | 260,146                       | 279,974  |
| Variable fees               | 8,607    | 8,607                         | 3,020    | 7,580    | 7,580              | 4,408                         | 1,028    | 1,028                         | (1,388)  |
| Other income                | 13,768   | 14,492                        | 14,031   | 6,680    | 7,231              | 6,994                         | 7,088    | 7,260                         | 7,037    |
| Insurance revenues          | 82,838   | 82,838                        | 60,081   | 32,330   | 32,330             | 28,108                        | 50,508   | 50,508                        | 31,973   |
| Total Revenues              | 701,513  | 637,149                       | 645,669  | 350,610  | 314,585            | 324,717                       | 350,904  | 322,564                       | 320,952  |
| Distribution costs          |          | (205,640) (204,970) (223,095) |          |          |                    | (101,969) (101,689) (110,969) |          | (103,671) (103,282) (112,127) |          |
| Personnel and SG&A          |          | (167,395) (119,228) (121,654) |          | (89,859) | (63,810)           | (59,849)                      | (77,536) | (55,418)                      | (61,806) |
| D&A and provisions          | (16,960) | (10,647)                      | (9,919)  | (8,251)  | (5,395)            | (3,832)                       | (8,710)  | (5,252)                       | (6,086)  |
| Operating costs             |          | (389,995) (334,845) (354,668) |          |          |                    | (200,078) (170,893) (174,650) |          | (189,917) (163,952) (180,019) |          |
| Operating Profit            | 311,518  | 302,304                       | 291,001  | 150,531  | 143,692            | 150,068                       | 160,987  | 158,612                       | 140,933  |
| Finance income              | 154,708  | 156,152                       | 43,483   | 151,802  | 152,137            | 28,941                        | 2,907    | 4,015                         | 14,542   |
| Net non-operating costs     | (4,778)  | (3,892)                       | (5,846)  | (4,062)  | (3,767)            | (5,196)                       | (716)    | (125)                         | (650)    |
| Finance expense             | (4,320)  | (4,320)                       | -        | (2,160)  | (2,160)            | -                             | (2,160)  | (2,160)                       | -        |
| Profit Before Tax           | 457,129  | 450,243                       | 328,639  | 296,111  | 289,901            | 173,813                       | 161,018  | 160,342                       | 154,826  |
| Income tax                  |          | (120,301) (117,329)           | (84,251) | (83,360) | (81,080)           | (50,922)                      | (36,941) | (36,249)                      | (33,329) |
| Deferred tax                | 2,743    | 2,743                         | 7,150    | 5,851    | 5,851              | 10,204                        | (3,107)  | (3,107)                       | (3,054)  |
| Net Profit                  | 339,571  | 335,657                       | 251,538  | 218,601  | 214,672            | 133,095                       | 120,969  | 120,985                       | 118,443  |
| Minorities                  | 17,092   | 14,382                        | 11,901   | 12,333   | 10,304             | 8,704                         | 4,759    | 4,078                         | 3,197    |
| Group Net Profit            | 322,479  | 321,275                       | 239,637  | 206,269  | 204,368            | 124,391                       | 116,210  | 116,907                       | 115,246  |
| Recurring Net Profit(2)     | 199,306  | 197,810                       | 233,816  | 99,048   | 98,175             | 122,439                       | 100,284  | 99,663                        | 111,375  |
| KPIs                        |          |                               |          |          |                    |                               |          |                               |          |
| EBIT margin                 | 44.4%    | 47.4%                         | 45.1%    | 42.9%    | 45.7%              | 46.2%                         | 45.9%    | 49.2%                         | 43.9%    |
| Group Net Profit margin     | 68 bps   | 67 bps                        | 44 bps   | 84 bps   | 84 bps             | 45 bps                        | 50 bps   | 50 bps                        | 42 bps   |
| Recurring Net Profit margin | 42 bps   | 41 bps                        | 43 bps   | 41 bps   | 40 bps             | 45 bps                        | 43 bps   | 43 bps                        | 41 bps   |

(1) As a result of the partnership of AZ NGA with Oaktree, as announced on 30 September 2024 and 16 December 2024, 2Q and 1H 2024 figures have been adjusted to ensure a like-for-like comparison and reflect Azimut's current stake in AZ NGA of 25.77%.

(2) Reported net profit excluding (i) total performance fees, net of tax, (ii) fair value option, (iii) net non-operating costs, (iv) certain unrealized gains (losses), (v) net capital gain on sale of stake in Kennedy Lewis and (vi) IFRS 17 impact.

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### **IR contacts & Corporate calendar**

![](_page_26_Picture_2.jpeg)

**Alex Soppera, Ph.D.** Tel. +39 02 8898 5671 E-mail: alex.soppera@azimut.it

**Claudia Zolin** Tel. +39 02 8898 1 E-mail: claudia.zolin@azimut.it

### **<https://www.azimut-group.com/investor-relations>**

### **Disclaimer – Safe harbour statement**

### This document has been issued by Azimut Holding 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. In light of 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 on the basis of a number of 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 D.lgs. 58/98 of the Consolidated Law of Finance, that the financial information herein included, corresponds to the records in the company's books.

### **Investor Relations contacts Upcoming corporate events**

- 6 November 2025: BoD approval of 9M 2025 results
- 6 November 2025: Presentation of new strategic targets and shareholder remuneration policy

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