Azimut Group 9M 2025 results

Milan, 6 November 2025

Azimut Group – 9M 2025 results

Agenda

Business update	3
9M 2025 financials	9
Update on TNB spin-off	13
2025 Guidance	14
"Elevate 2030" & Global targets	16
Appendix	25

Best 9M on record for managed net inflows (€ 13.0bn) & strong recurring net profit growth (+17%)

Progress and enhanced visibility on the TNB transaction

FY 2025 core Group Net Profit¹ target upgraded to >€ 500m and >€ 1bn expected for FY 2026

Elevate 2030: released 2030 business targets for global operations

€500 million share buyback (~10% of share capital), with commitment² to cancel shares

9M 2025 highlights

⁴ Strong performance reflecting our diversified global platform

€ 123bn

Total Assets

AuM +21% YTD € 15bn

Net Inflows

Of which 43% from global operations

€ 1.0bn

Revenues

Recurring revenues(1) +9% YoY

€ 471m

EBIT

Recurring EBIT(2) +12% YoY

€ 386m

Group Net Profit

Recurring Net Profit(3) +17% YoY

€ 60m

Recurring Net Profit from global operations

vs € 43m in 9M 2024

9M25 vs 9M24 Group Net Profit bridge

Solid momentum in our core business underpins a robust 9M25

^(*) 9M 2024 figures have been adjusted for the deconsolidation of AZ NGA to ensure a like-for-like comparison (see slide n° 28 for further details).

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

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

9M 2025 Net Inflows and Total Assets development

Azimut Group records industry ⁶ -leading inflows in the first 9 months of the year

	Assets Net Inflows		Assets
Data in € million	31/12/2024	9M 2025	30/09/2025	∆ Dec-24
Mutual funds	34,947	8,670 1	45,302	+29.6%
Alternative funds	6,444	1,175 2	6,647	+3.2%
Discretionary & Advisory	27,619	3,189 3	31,902	+15.5%
Life & Pension funds	10,003	87	10,088	+0.8%
Strategic affiliates	28,503	2,219	29,131 4	+2.2%
Total Assets	107,516	15,339 5	123,070	+14.5%

Italy	55,435	8,732	65,464	+18.1%
EMEA	9,568	1,527	11,015 4	+15.1%
Americas	10,903	2,387	13,769	+26.3%
Asia-Pacific	3,107	474	3,691	+18.8%
Strategic affiliates	28,503	2,219	4 29,131	+2.2%
Total Assets	107,516	15,339 5	123,070	+14.5%

Strong demand for fund solutions in Italy, Turkey, USA and Egypt , plus M&A benefits (Morocco)
Multiple fund closings in Italy & Brazil M&A (increase of stake in HighPost vs sale of RoundShield)
Sustained WM momentum in Singapore, Monaco, Dubai and Switzerland and growing institutional presence in Egypt, Middle East, plus M&A benefits (Kennedy Capital)
Impacted by negative FX development since the start of the year, in particular USD & TRY
€ 11.9bn organic net inflows in 9M 2025 (1.3x of FY24 organic net inflows); the best result on record in Azimut's history

Reclassified P&L by business line – 9M 2025 vs 9M 2024

Robust growth across business lines

Solid commercial momentum coupled with superior & stable margins drive growth in net profit

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	2 40 bps	3 22 bps	4 n.m.	43 bps

Unique wealth management proposition to grow business further across key financial hubs

9M 2024*	Integrated Solutions	Global Wealth	Institutional & Wholesale	Strategic affiliates	Azimut Group
Avg. Tot. Assets (€bn)	54.6	5.8	11.2	26.5	98.1
Revenues (€m)	869	53	30	-	952
EBIT (€m)	416	16	11	-	444
Net Profit (€m)	316	14	111	(1)	439
Net Profit margin	77 bps	31 bps	132 bps	n.m.	60 bps
Rec. Net Profit (€m)	302	12	(1)	(1)	313
Rec. Net Profit margin	74 bps	28 bps	n.m.	n.m.	43 bps
Countries / Firms	Brazil, Eavot, Italy,	Dubai, HK,	Australia, Brazil,	AZ NGA

Chile, China,

Dubai/Abu Dhabi,

Egypt, Mexico, Morocco, Nova, USA & Sanctuary

Strong increase driven by global distribution agreements with leading financial institutions & Nova partnership

Non-controlled entities
with different business
dynamics; strong business
growth yet impacted by
higher financing costs as
investments are still
expansion phase

* AZIMUT
DEFINING INVESTMENT DIRECTION

Monaco.

Singapore,

Switzerland, USA

Mexico, Taiwan,

Turkey

Reclassified P&L by vertical – 9M 2025 vs 9M 2024

Commercial momentum across the global platform drives recurring growth

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	2 22	1	37	3 60	(6)	367
Rec. Net Profit margin	71 bps	22 bps	5 bps	47 bps	29 bps	n.m.	43 bps

Lower performance fees and TNB-related costs, partially offset by higher recurring business and cost discipline lead to stable EBIT development
Continued growth
in the US (incl. change of
perimeter) coupled with
solid momentum in Brazil
Strategic Azimut Asia-Italy Global EMEA 9M 2024* Americas Pacific affiliates Group Ava. Tot. Assets (€bn) 49.7 1.9 8.8 21.8 26.5 11.1 98.1 822 36 12 83 131 952 Revenues (€m) EBIT (€m) 398 36 46 444 Net Profit (€m) 277 113 50 163 (1) 439 0.4 Net Profit margin 74 bps 135 bps 3 bps 75 bps 100 bps 60 bps n.m. Rec. Net Profit (€m) 271 43 (1) 313 0.04 41 Rec. Net Profit margin 73 bps 3 bps 0 bps 61 bps 26 bps 43 bps n.m.
Underlying global profitability (excl. Kennedy Capital) driven by asset growth and recurring revenues
Non-controlled entities
with different business
dynamics; strong business
growth yet impacted by
higher financing costs as
investments are still
expansion phase

9M 2025 Revenues

7% year-on-year increase in recurring fees, driven by growth in Total Assets

CERTIFIED

Revenues breakdown (in €m)

* Recurring fees +€58m YoY

Continued expansion of global business (+€ 27m YoY), led by the USA, Brazil, Singapore and Monaco
Italy: growth across all business lines, from mutual, alternative & pension funds to Nova

* Performance fees (€4m) YoY

Robust contribution from abroad, especially Brazil, Turkey & Monaco vs negative Fulcrum

* Insurance fees (€ 8m) YoY

* +11% YoY (+€ 8m) in recurring revenues, supported by underlying asset growth and product mix
* € 16m YoY decrease in performance fees (€ 27m in 9M25, of which € 20m in 3Q25), reflecting a softer first-half performance versus € 43m in 9M24

* Other revenues +€15m YoY

Year-on-year increase driven by structuring fees related to Brazilian private infrastructure business

9M 2025 Costs

Continued investments in platform expansion and global growth ¹⁰

Operating costs breakdown (in €m)

Distribution costs +€ 24m 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 +€ 11m YoY

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

D&A and provisions (€ 1m) YoY

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

9M 2025 EBIT & Net Profit

Double ¹¹ -digit growth in recurring earnings

Thanks to the geographical diversification of the Group, Recurring EBIT grew by 12% to € 439m

Finance income amounted to € 62m in 9M 2025, driven by:
€ 37m assets and portfolio performance
€ 19m fair value of options & equity participations
(€ 11m) IFRS 17 impact
€ 9m net interest earned
€ 8m dividends from GP stakes & affiliates
Tax rate at 22.2% in 9M25; full-year 2025 guidance at ~25%
Recurring Net Profit of € 367m, +17% year on year

^(*) 9M 2024 figures have been adjusted for the deconsolidation of AZ NGA to ensure a like-for-like comparison (see slide n° 28 for further details).

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

Net Financial Position as of 30 September 2025

Debt-free balance sheet coupled with investments and attractive dividends

€m	31/12/2024	30/06/2025	30/09/2025
Bank loan	(0.2)	(0.1)	(0.1)
Total debt	(0.2)	(0.1)	(0.1)
Cash	395	402	462
Cash equivalents	159	114	149
UCI units & government securities	196	127	154
Cash & cash equivalents	750	643	765
Net financial position	750	642	765
Lease liabilities (IFRS 16)	(28)	(25)	(22)
Net financial position incl. IFRS 16	722	618	743

NFP as of 30 September 2025 after:

Proceeds

€ 116m

Divestment of partial stake in AZ NGA & RoundShield exit

M&A / investments

€ 60m

Kennedy Capital & HighPost, Italy, Brazil & Morocco

Taxes & others

€ 195m

For tax advances, stamp duties & actuarial reserves

Dividends

€ 323m

Ordinary dividends & participating financial instruments

Share buyback

€ 31m

Bought #1.4m shares (average price of €23.1)

Enhanced visibility on the TNB spin-off

Expected timeline for the next steps of the transaction

3Q & 4Q 2025

st Pre-filing to Bank of Italy $\checkmark$

* Received approval by Antitrust to acquire banking license (signed binding agreement with Banca di Sconto)

2Q 2026

Expected regulatory approvals from the competent authorities, incl. the European Central Bank, Bank of Italy & Consob(1)
* Execution of simultaneous corporate steps(2)
★ Closing → FSI and co-investors will acquire 80.01% of TNB, while Azimut stake will retain 19.99%

2026 & onwards ~€ 1.2bn

Potential Total Consideration(2) for Disposal 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

Subject to the completion of the action plan by Azimut Capital Management SGR S.p.A. by 30 April 2026 (refer to the press released published on 6 November 2025).

2025 Guidance (1/2)

Net Inflows target confirmed based on strong commercial momentum & M&A

2025 Guidance (2/2)

Strong 9M 2025 results drive core Net Profit target upgrade¹

Group Net Profit target upgrade 77% of the

updated target already achieved in 9M 2025

FY 2025E

Enhanced FY 2025 dividend policy

The Board of Directors expects to propose to the 2026 AGM an enhanced FY 2025 ordinary dividend policy, above's last year:

2025 core Net Profit upgraded & 2026 expected net profit* at >€ 1 billion

⁽¹⁾ The latest 2025 Guidance of Group Net Profit (>€1 billion), published on 31 July 2025, was dependent on TNB receiving authorization to operate in 2025 and subject to final accounting treatment of the transaction upon closing.

⁽²⁾ Based on 2024 recurring net profit.

"Elevate 2030"

Azimut's Strategic Plan for 2026 ¹⁶ -2030

Elevate 2030 – Azimut's global expansion (1/3)

Global² business & Strategic affiliates to grow by € 5-8 billion p.a.

Expected global yearly net inflows (in €bn, excl. Italy)

⁽¹⁾ Based on current perimeter.

⁽²⁾ Excluding Italy.

Elevate 2030 – Azimut's global expansion (2/3)

Azimut's global² average assets are expected to more than double by 2030 ¹⁸

Global avg. Total Assets & Strategic affiliates

All bars on this page represent average Total Assets for YTD25 and FY30E, respectively. The forecast does not assume any market or FX effect.

⁽¹⁾ Based on current perimeter.

⁽²⁾ Excluding Italy.

Elevate 2030 – Azimut's global expansion (3/3)

Growing assets and margins drive strong increase in global net profit

Elevate 2030 – Azimut's global growth by business line (1/3)

Global² business & Strategic affiliates to grow by € 5-8 billion p.a.

CERTIFIED 20

Expected global yearly net inflows (in €bn, excl. Italy)

Based on current perimeter.

⁽²⁾ Excluding Italy.

Elevate 2030 – Azimut's global growth by business line (2/3)

All business lines are expected to grow by a double ²¹ -digit CAGR until FY30E

Integrated solutions¹

7.3 11-14 YTD25 FY30E Global Wealth €bn

Inst. & Wholesale¹

Global¹ avg. Total Assets & Strategic affiliates

⁽¹⁾ Excluding Italy.

⁽²⁾ Based on current perimeter.

Elevate 2030 – Azimut's global growth by business line (3/3)

Growing assets and margins drive strong increase in global net profit ²²

Integrated solutions¹

Inst. & Wholesale¹

~€ 180-280m FY 2030E net profit from global² operations

⁽¹⁾ Excluding Italy.

⁽²⁾ Excluding any net profit contribution from Strategic affiliates. Excluding Italy.

Elevate 2030 – Strategic capital management

A balanced strategy to enhance valuation and drive shareholder returns ²³

Assets Liabilities

Closing the valuation gap

Improve transparency and disclosures to narrow valuation gaps and reduce holding company discount

Shareholder returns via buybacks

Share buyback program(1) of up to € 500 million, with full cancellation to maximize shareholder remuneration

Managing regulatory risk

Proactively mitigate regulatory risk through jurisdictional simplification and operational clarity

Cash-flow linked Dividend Policy

Enhanced ordinary dividend policy vs FY 2024 (€ 1.75 per share); future dividend policy to be presented in 2026, post TNB, aligned with cash flow generation

Unlocking global value

Drive value creation from global operations through targeted demergers, dual-listings, and strategic partnerships

Optimize capital structure

Debt-free with strong cash flows; preserving debt optionality to fund transformative, accretive M&A

Laying the groundwork for further transformational growth

2025 core net profit upgrade

Strong 2025 YTD-momentum drives FY25E core Net Profit(1) target upgrade to >€ 500 million & >€ 1 billion for FY26E

TNB transaction

Made further progress on TNB transaction & enhanced clarity on timeline for next steps

Elevate 2030

Released targets for global operations(2): € 5-8 billion net inflows p.a. over the next five years & 2030E avg. Total Assets € 95-110 billion, with expected net profit margin(3) 30-40bps

Strategic capital management

Up to € 500 million share buyback with commitment(4) to cancel shares over next 18-24 months; new dividend policy to be presented in 2026, post TNB

Appendix

Total Assets as of 30 September 2025 (1/2)

Breakdown by business line

Total Assets as of 30 September 2025 (2/2)

A powerful global platform: 47% of Total Assets from global operations ²⁷

9M & 3Q 2025 income statement

9M & 3Q 2024 are adjusted for AZ NGA deconsolidation(1) ²⁸

€/000	9M 2024	9M 2024(1)	9M 2025	3Q 2024	3Q 2024(1)	3Q 2025	1H 2024	1H 2024(1)	1H 2025
Entry commission income	10,018	10,018	11,833	3,362	3,362	4,253	6,656	6,656	7,580
Recurring fees	898,347	795,532	853,783	308,703	270,976	292,826	589,644	524,556	560,957
Variable fees	8,752	8,752	5,232	145	145	2,212	8,607	8,607	3,020
Other income	20,526	21,545	34,243	6,758	7,053	20,212	13,768	14,492	14,031
Insurance revenues	116,373	116,373	108,402	33,535	33,535	48,321	82,838	82,838	60,081
Total Revenues	1,054,016		952,220 1,013,493	352,503	315,071	367,824	701,513	637,149	645,669
Distribution costs			(312,420) (311,145) (335,198)			(106,780) (106,175) (112,103)		(205,640) (204,970) (223,095)
Personnel and SG&A			(256,571) (180,189) (191,062)	(89,177)	(60,961)	(69,408)		(167,395) (119,228) (121,654)
D&A and provisions	(26,791)	(17,172)	(15,809)	(9,831)	(6,525)	(5,890)	(16,960)	(10,647)	(9,919)
Operating costs			(595,783) (508,506) (542,069)			(205,788) (173,661) (187,401)		(389,995) (334,845) (354,668)
Operating Profit	458,233	443,714	471,424	146,715	141,411	180,423	311,518	302,304	291,001
Finance income	171,580	177,818	62,208	16,872	21,666	18,725	154,708	156,152	43,483
Net non-operating costs	(5,964)	(4,724)	(7,096)	(1,186)	(832)	(1,250)	(4,778)	(3,892)	(5,846)
Finance expense	(6,481)	(6,481)	-	(2,161)	(2,161)	-	(4,320)	(4,320)	-
Profit Before Tax	617,368	610,327	526,536	160,239	160,084	197,898	457,129	450,243	328,639
Income tax			(156,525) (152,416) (121,663)	(36,224)	(35,087)	(37,412)		(120,301) (117,329)	(84,251)
Deferred tax	576	575	4,979	(2,168)	(2,168)	(2,172)	2,743	2,743	7,150
Net Profit	461,418	458,486	409,852	121,848	122,829	158,314	339,571	335,657	251,538
Minorities	23,763	19,154	23,689	6,671	4,772	11,788	17,092	14,382	11,901
Group Net Profit	437,655	439,332	386,163	115,177	118,057	146,526	322,479	321,275	239,637
Recurring Net Profit(2)	316,018	312,866	366,700	116,751	115,103	132,875	199,306	197,810	233,816
KPIs
EBIT margin	43.5%	46.6%	46.5%	41.6%	44.9%	49.1%	44.4%	47.4%	45.1%
Group Net Profit margin	59 bps	60 bps	46 bps	44 bps	45 bps	50 bps	68 bps	67 bps	44 bps
Recurring Net Profit margin	43 bps	43 bps	43 bps	45 bps	44 bps	45 bps	42 bps	41 bps	43 bps

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

IR contacts & corporate calendar

Alex Soppera, Ph.D.

Tel. +39 02 8898 5671

E-mail: [email protected]

Claudia Zolin

Tel. +39 02 8898 5115

E-mail: [email protected]

https://www.azimut-group.com/investor-relations

Investor Relations contacts Upcoming corporate events

2026 corporate calendar to be published in December 2025

Disclaimer – Safe harbor statement

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.

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Azimut Group 9M 2025 results