Azimut Holding (AZM) investor relations material

Executive summary

• Achieved record net inflows of €4.6 billion in Q1 2026, with net profit of €125 million, demonstrating structural growth despite volatile markets.

• Total assets reached €144 billion at March-end, up 32% year-over-year, with 52% from international operations.

• Successfully integrated NSI in the US, expanded globally, and progressed on the TNB spin-off, with a potential €1.2 billion consideration for an 80.01% stake.

• Net inflows for Q1 2026 included significant contributions from international markets and acquisitions.

• Confirmed full-year 2026 guidance of €10 billion net inflows and €550 million net profit, with over €5 billion net inflows already achieved by April.

Financial highlights

• Revenues rose to €371 million, up 14–15% year-over-year, driven by recurring fees and global business expansion.

• Recurring EBIT increased 14% year-over-year to €164 million; recurring net profit up 15% to €128 million.

• Net financial position at €847 million as of March 31, 2026, with strong liquidity and ongoing investments.

• Operating costs for Q1 2026 were €206 million, reflecting global expansion.

• Insurance revenues reached €36 million, with €28.5 million from stable recurring sources.

Outlook and guidance

• 2026 targets reaffirmed: €10 billion net inflows and €550 million net profit, excluding extraordinary items.

• Over €5 billion net inflows already achieved by April 2026, halfway to annual target.

• Management expects continued profitability despite market volatility, supported by a resilient and diversified business model.