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Edge12 Dec 2025
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Azimut Holding (AZM) investor relations material
Azimut Holding Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Achieved record managed net inflows of €15.3 billion in the first nine months of 2025, with 43% from global operations, and recurring net profit up 17% year-over-year, underscoring robust business diversification and international expansion.
Total assets reached a record €123 billion as of September 30, 2025, with assets under management up 21% year-to-date and 47% from global operations.
Upgraded 2025 core group net profit guidance to exceed €500 million, and 2026 net profit (including TNB) projected to surpass €1 billion.
Announced a €500 million share buyback program (about 10% of share capital) over 18–24 months, with full cancellation of repurchased shares.
Released 'Elevate 2030' strategic plan with ambitious global growth targets, to be presented after TNB authorization.
Financial highlights
Revenues for the first nine months exceeded €1 billion, up 6–9% year-over-year, driven by a 7–9% increase in recurring revenues.
EBIT for 9M 2025 was €471 million, with recurring EBIT up 12% year-over-year to €439 million.
Group net profit for 9M 2025 was €386 million, with recurring net profit up 17% year-over-year to €367 million.
Net financial position as of September 30, 2025, was a positive €765 million, or €764.9 million including lease liabilities, and the group remains debt-free.
Operating costs increased 7% year-over-year, mainly due to distribution and global expansion investments.
Outlook and guidance
2025 net inflows target reaffirmed at €28–31 billion, with €15.3 billion already achieved in 9M 2025.
2025 core group net profit expected to exceed €500 million, up from previous guidance of €400 million; 2026 group net profit projected above €1 billion, including TNB contribution.
Enhanced ordinary dividend policy for FY 2025 is planned, above the previous €1.75 per share (61% payout on recurring net profit).
'Elevate 2030' targets €5–8 billion global net inflows per annum and €95–110 billion global average total assets by 2030.
Net profit margin for global business (excluding Italy and strategic affiliates) targeted at 30–40 basis points by 2030, corresponding to €180–280 million annual profit.
TNB contribution to 2026 net profit?
Rationale for share cancellation
International expansion impact on operating costs?
What drives global business margin expansion to 2030?
Future recurring share buyback policy?
TNB transaction: What are key remaining regulatory steps?
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Next Azimut Holding earnings date
Q4 20255 Mar, 2026
Next Azimut Holding earnings date
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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