Azimut Holding (AZM) Q4 2025 TU earnings summary

Executive summary

• Net profit for 2025 expected to exceed €515 million, surpassing the previous target of €500 million, with 2026 net profit targeted at €550 million, excluding extraordinary items.

• Net inflows for 2025 reached €32.1 billion, a 1.8x increase over 2024 and 4.7x over 2023, marking a record performance and leading position in Italy for the second year.

• Total assets as of December 2025 were €140.9 billion, up 31% year-over-year, with international business representing 52% of the total.

Outlook and guidance

• 2026 targets set at €10 billion in net inflows and €550 million net profit, excluding extraordinary items, assuming normal market conditions.

• Annual net inflows for the global platform (excluding Italy) targeted at €5–8 billion through 2030, with global assets expected to reach €95–110 billion by 2030.

• Board intends to propose a higher ordinary dividend for 2025 than the previous €1.75 per share (61% payout ratio).

Segment performance

• U.S. operations expanded via majority stake in Kennedy Capital Management, increased stake in HighPost Capital, and full acquisition of North Square Investments, launching the Azimut NSI multi-boutique platform.

• Latin American presence strengthened with majority stake in Knox Capital, focusing on Private and UHNW segments in Brazil.

• New operations launched in Morocco and asset management license obtained in Saudi Arabia; Asia presence includes €3 billion in assets and 125 professionals.