Azimut Holding (AZM) Q2 2026 earnings summary

Executive summary

• Achieved €8.1 billion net inflows in H1 2026, representing 81% of the original full-year target, and reported group net profit of €242 million, with recurring net profit up 6% year-over-year to €249 million.

• Total client assets reached a record €158 billion, up 12% year-to-date, with 53% of net inflows from global operations.

• Announced acquisition of Yapı Kredi Portföy in Turkey for €305 million, creating the second-largest asset manager in the country and a transformative step in global expansion.

• Launched a €250 million share buyback program, following €284 million in dividends distributed in May 2026.

• Major acquisitions in the US and Brazil, including North Square Investments, Knox Capital, and Unifinance, expanded presence in the Americas.

Financial highlights

• Total revenues for H1 2026 were €781 million, up 21% year-over-year, driven by a 16% increase in recurring revenues.

• EBIT rose to €354 million, with recurring EBIT up 10% year-over-year to €310 million.

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

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

• 53% of net inflows originated from 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 over 2026-2027.

• Guidance assumes normal market conditions and successful closing of the Yapı Kredi Portföy acquisition.