Azimut Holding (AZM) Q1 2025 earnings summary

Executive summary

• Achieved record managed net inflows of €5.5–€5.7 billion in the first four months of 2025, nearly triple the prior year period, and surpassed one million clients globally.

• Recurring net income rose 13% year-over-year, with net profit for Q1 2025 at €115 million, reflecting strong operational performance despite lower variable fees.

• Total assets under management reached €107 billion as of April 2025, up 4.4% year-to-date.

• Strengthened governance with a renewed Board of Directors, 50% female representation, and enhanced transparency in financial reporting.

• Continued international expansion with new entries into Morocco and groundwork for Saudi Arabia, and strategic acquisitions in the US.

Financial highlights

• Q1 2025 revenues reached €321 million, driven by an 8% increase in recurring fees and a 17% rise in recurring insurance revenues year-over-year.

• EBIT stood at €141 million, with recurring EBIT up 6% year-over-year; net profit was €115 million, recurring net profit €112 million (+13%).

• Net financial position improved to €954 million as of March 2025, with a debt-free balance sheet and cash & equivalents at €982 million.

• Cash flow-to-market cap ratio annualized at 13.4% for 1Q 2025.

• Shareholders’ equity increased to €2.02 billion from €1.92 billion at year-end 2024.

Outlook and guidance

• Full-year 2025 net profit target reaffirmed at €400 million to €1.25 billion, depending on TNB transaction completion and bank authorization.

• Net inflows target of €10 billion for 2025, with 57% already achieved by end of April.

• New strategic targets and dividend policy to be presented with Q3 2025 results.

• Positive performance expected for the full year, supported by strong inflows and subsidiary results.