Azimut Holding
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Azimut Holding (AZM) investor relations material

Azimut Holding Q4 2025 TU earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 TU earnings summary12 Jan, 2026

Executive summary

  • Net profit for 2025 expected to exceed €515 million, surpassing the previous target of €500 million, with 2026 net profit targeted at €550 million, excluding extraordinary items.

  • Net inflows for 2025 reached €32.1 billion, a 1.8x increase over 2024 and 4.7x over 2023, marking a record performance and leading position in Italy for the second year.

  • Total assets as of December 2025 were €140.9 billion, up 31% year-over-year, with international business representing 52% of the total.

Outlook and guidance

  • 2026 targets set at €10 billion in net inflows and €550 million net profit, excluding extraordinary items, assuming normal market conditions.

  • Annual net inflows for the global platform (excluding Italy) targeted at €5–8 billion through 2030, with global assets expected to reach €95–110 billion by 2030.

  • Board intends to propose a higher ordinary dividend for 2025 than the previous €1.75 per share (61% payout ratio).

Segment performance

  • U.S. operations expanded via majority stake in Kennedy Capital Management, increased stake in HighPost Capital, and full acquisition of North Square Investments, launching the Azimut NSI multi-boutique platform.

  • Latin American presence strengthened with majority stake in Knox Capital, focusing on Private and UHNW segments in Brazil.

  • New operations launched in Morocco and asset management license obtained in Saudi Arabia; Asia presence includes €3 billion in assets and 125 professionals.

Reconcile 2026 net inflow target with 2025 record
Explain €56B 'global assets' vs current international
M&A contribution to 2026 targets and Elevate 2030
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Q4 20255 Mar, 2026
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Frequently asked questions

Azimut Holding S.p.A. is an Italy-based independent group primarily engaged in asset management, with its core activities encompassing the development, management, marketing, and distribution of financial and insurance products aimed at both private and institutional clients. Azimut Holding's product range includes the management of Italian funds, funds of funds, pension funds, discretionary portfolios, and hedge funds. The company is headquartered in Milan, Italy, and its shares are listed on the Milan Stock Exchange.

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