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 43–47% from global operations, and recurring net profit up 17% year-over-year, highlighting robust international diversification and business model strength.

• Total assets reached a record €123–123.1 billion as of September 30, 2025, up 14–21% year-to-date.

• 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 (~10% of share capital) over 18–24 months, with commitment to cancel 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; group net profit was €386 million, up 17% in recurring terms.

• Net financial position as of September 30, 2025, was positive at €764.9–765 million, stable or improved year-over-year.

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

• Recurring net profit margin maintained at 43 basis points.

Outlook and guidance

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

• Core group net profit for 2025 expected to exceed €500 million, up from previous guidance of €400 million.

• 2026 group net profit projected above €1 billion, including TNB contribution, subject to transaction completion.

• Enhanced ordinary dividend policy for FY 2025 is planned, above the previous €1.75 per share.

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