Azimut Holding (AZM) Q3 2026 earnings summary

Executive summary

• 9M revenue was €1,171m, operating profit €529m and reported net profit €373m; recurring net profit rose 4% YoY to €382m.

• At 31 October, assets reached €159.163bn, up 12.9% YTD; 10M net inflows were €10.893bn, including €9.6bn organic inflows.

• FY 2026 guidance was reaffirmed at net inflows above €35bn and net profit of €550m, excluding extraordinary items.

• Strategic priorities included the Yapı Kredi Portföy acquisition, U.S. digital-wealth expansion through Beanstox, and progress on the TNB transaction.

Financial highlights

• Revenue rose from €1,013m to €1,171m in 9M; recurring fees increased 17% to €999m, and insurance revenue increased €21m YoY.

• Operating profit was €529m versus €471m; recurring EBIT was €485m, up 10% YoY.

• Reported net profit was €373m versus €386m, while recurring net profit rose to €382m from €367m.

• Operating costs increased to €642m from €542m, including €37m of personnel and SG&A costs from perimeter expansion.

Outlook and guidance

• FY 2026 guidance remains net inflows above €35bn and net profit of €550m, excluding extraordinary items and assuming normal market conditions.

• Net inflows guidance includes ~€23bn from M&A and depends on closing the Yapı Kredi Portföy transaction by year-end; 10M inflows were €10.9bn.

• 9M reported net profit of €373m represented more than two-thirds of the FY target; adjusted 9M tax rate was 21.2%, with FY guidance of ~24%.

• Global operations recorded €5.2bn of 9M net inflows, within the €5bn–€8bn annual target range.