Azimut Holding (AZM) H1 2025 earnings summary

Executive summary

• Achieved record managed net inflows of €8.2 billion in H1 2025, with total net inflows of €9.0 billion, the highest first-half figure in company history, and recurring net income up 18% year-over-year.

• Introduced a new organizational matrix and simplified business verticals, expanding the US platform and streamlining reporting.

• Strategic acquisitions, including North Square Investments in the US, and alliances with Ferrari and Eni Next, support global expansion.

• Signed a binding agreement for the TNB transaction, with implementation progressing and an expected sale of an 80% stake for €1.2 billion.

• Shareholder value has increased 20x since listing, placing the company second in the FTSE MIB index.

Financial highlights

• Total assets reached €114 billion, up 11.1% year-to-date as of June 2025; net inflows for the period were €9.0 billion, with 43% from global operations.

• Total revenues for H1 2025 were €646 million, with recurring revenues up 7.1% year-over-year; EBIT was €291 million, with recurring EBIT up 8.6% year-over-year.

• Net profit for H1 2025 was €240 million, with recurring net profit up 18% year-over-year; consolidated net profit was €251.5 million, down from €339.6 million in H1 2024 due to prior year one-off gains.

• Net financial position at June 30, 2025, was €642 million, or €618 million including IFRS 16 impact; cash and cash equivalents were €401.7 million.

• Returned €354 million to shareholders in H1 2025 (dividends and share buybacks); dividend of €1.75 per share paid in May 2025.

Outlook and guidance

• Upgraded 2025 net inflows guidance to €28–31 billion, nearly three times the original target, including €14 billion from M&A.

• Net profit for 2025 expected to exceed €1 billion, with 60% of the original lower-end target already achieved in H1.

• Guidance is subject to TNB transaction authorization, NSI transaction closing, and normal market conditions.

• Pipeline includes 15 new product launches and AI-powered financial planning tools.

• New strategic targets and shareholder remuneration policy to be presented with 9M 2025 results.