Azimut Holding (AZM) H1 2025 earnings summary

Executive summary

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

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

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

• Upgraded targets for both net profits and net inflows for 2025, with a binding agreement for the TNB transaction and progress on its implementation.

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

Financial highlights

• Total assets reached EUR 114 billion, up 11.1% year-to-date as of June 2025; net inflows for the period were EUR 9 billion, with 43% from international operations.

• Total revenues stood at EUR 646 million, with recurring revenues up 7.1% year-over-year.

• EBIT was EUR 291 million, with recurring EBIT up 8.6% year-over-year.

• Reported net profit was EUR 240 million, with recurring net profit up 18% year-over-year.

• Net financial position at June 30, 2025, was EUR 642 million, or EUR 618 million including IFRS 16 impact.

Outlook and guidance

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

• Net profit for 2025 expected to exceed EUR 1 billion, with EUR 250 million already delivered in H1, subject to TNB and NSI transaction completion.

• Projected net profit includes a EUR 600 million impact from the TNB transaction.

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

• Focus remains on completing the TNB spin-off by year-end to enhance long-term value creation.