Azimut Holding (AZM) Q4 2025 earnings summary

Executive summary

• Achieved record €32 billion net inflows and €526 million net profit in 2025, both exceeding expectations and guidance, with recurring net profit up 20% year-over-year and outperforming sector peers.

• Growth was driven by international expansion, with 66% of net inflows from global operations and global net profit now 19% of total.

• Proposed €2.00 dividend per share, yielding 5.9%, and a capital return plan targeting 25% of market cap over 18 months via dividends and buybacks.

• Strategic focus on the Elevate 2030 plan to double assets and profits from global operations by decade's end, with TNB spin-off progressing and expected completion in 2026.

• Outperformed Italian listed peers in recurring net profit growth (20% vs. -1% to 11%).

Financial highlights

• Total assets reached €145 billion, up 32% year-over-year and growing at a 16% CAGR since 2019.

• Revenues for 2025 were €1.4 billion, with recurring revenues up 9% year-over-year and operating profit (EBIT) at €649 million (+9% YoY recurring).

• Recurring net profit hit €479 million, up 20% year-over-year.

• Net financial position improved to over €812 million, with all debt repaid and cash exceeding €800 million.

• 95% of revenues now from stable, recurring sources.

Outlook and guidance

• 2026 targets reaffirmed: €10 billion net inflows and €550 million core net profit (excluding extraordinary items), assuming normal market conditions.

• Early 2026 momentum strong, with €3 billion net inflows in first two months.

• Free cash flow of €650 million expected for 2026–2027, supporting continued capital returns.

• Strategic plan aims to return €750–800 million in dividends and up to €500 million in buybacks over 2026–2027, with semi-annual dividend payments to begin in 2027.

• Global expansion expected to drive net profit from global operations to €180–280 million by 2030.