Azimut Holding (AZM) Q3 2025 earnings summary

Executive summary

• Achieved record managed net inflows of €15.3 billion in the first nine months of 2025, with 43% from global operations, and recurring net profit up 17% year-over-year, underscoring robust business diversification and international expansion.

• Total assets reached a record €123 billion as of September 30, 2025, with assets under management up 21% year-to-date and 47% from global operations.

• Upgraded 2025 core group net profit guidance to exceed €500 million, and 2026 net profit (including TNB) projected to surpass €1 billion.

• Announced a €500 million share buyback program (about 10% of share capital) over 18–24 months, with full cancellation of repurchased shares.

• Released 'Elevate 2030' strategic plan with ambitious global growth targets, to be presented after TNB authorization.

Financial highlights

• Revenues for the first nine months exceeded €1 billion, up 6–9% year-over-year, driven by a 7–9% increase in recurring revenues.

• EBIT for 9M 2025 was €471 million, with recurring EBIT up 12% year-over-year to €439 million.

• Group net profit for 9M 2025 was €386 million, with recurring net profit up 17% year-over-year to €367 million.

• Net financial position as of September 30, 2025, was a positive €765 million, or €764.9 million including lease liabilities, and the group remains debt-free.

• Operating costs increased 7% year-over-year, mainly due to distribution and global expansion investments.

Outlook and guidance

• 2025 net inflows target reaffirmed at €28–31 billion, with €15.3 billion already achieved in 9M 2025.

• 2025 core group net profit expected to exceed €500 million, up from previous guidance of €400 million; 2026 group net profit projected above €1 billion, including TNB contribution.

• Enhanced ordinary dividend policy for FY 2025 is planned, above the previous €1.75 per share (61% payout on recurring net profit).

• 'Elevate 2030' targets €5–8 billion global net inflows per annum and €95–110 billion global average total assets by 2030.

• Net profit margin for global business (excluding Italy and strategic affiliates) targeted at 30–40 basis points by 2030, corresponding to €180–280 million annual profit.