Azimut Holding (AZM) Q2 2026 earnings summary

Executive summary

• Achieved €8.1 billion in net inflows and €242 million in reported net profit in H1 2026, with recurring net profit up 6% year-over-year to €249 million; 53% of net inflows originated from global operations.

• Total client assets reached a record €158 billion, up 12% year-to-date.

• Announced acquisition of Yapı Kredi Portföy in Türkiye, creating the second-largest asset manager in the country and a €29 billion national champion.

• Launched a €250 million share buyback program, following €284 million in dividends distributed in May.

Financial highlights

• Total revenues for H1 2026 were €781 million, up 21% year-over-year, with recurring revenues up 16%.

• Operating profit (EBIT) grew to €354 million; recurring EBIT up 10% year-over-year to €310 million.

• Recurring net profit increased by 6% year-over-year to €249 million; reported net profit at €242 million.

• Net financial position remained robust at €629.7 million as of June 2026, after significant capital returns.

• 53% of net inflows and 15% of net profit generated by global operations.

Outlook and guidance

• Upgraded 2026 net inflows guidance to at least €35 billion, reflecting organic growth and the impact of the Yapı Kredi acquisition.

• Net profit target for 2026 confirmed at €550 million, excluding extraordinary items.

• Expectation for international operations to contribute nearly 30% of profits post-acquisition.

• Share buyback and dividend distribution together target returning 25% of market capitalization to shareholders by 2027.