Azimut Holding (AZM) Q1 2025 earnings summary

Executive summary

• Achieved record managed net inflows of €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, demonstrating resilience despite lower variable fees.

• Total assets reached €107 billion at April-end, up 4.4% year-to-date.

• Expanded into Morocco and Saudi Arabia, with two strategic U.S. acquisitions and groundwork for Saudi operations.

• Renewed Board of Directors, emphasizing governance, diversity, and continuity, with 50% female representation and five independent members.

Financial highlights

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

• EBIT reached €141 million; recurring EBIT (excluding performance fees) grew 6% year-over-year to €137 million.

• Net profit was €115 million; recurring net profit increased 13% to €112 million, excluding variable and non-recurring items.

• Net financial position improved to €954 million as of March 2025, with a debt-free balance sheet and no outstanding senior bonds.

• Cash flow-to-market cap ratio annualized at 13.4%, supporting growth and shareholder returns.

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, with 57% already achieved by end of April.

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