Azimut Group
1H2026 results
Milan, 30 July 2026
2 Business update 3 Acquisition of Yapı Kredi Portföy Yönetimi 8 1H 2026 financials 17 2026 Guidance 22 Appendix 23AgendaAzimut Group –1H 2026 results
3 Delivering robust results while advancing key growth pillars1H 2026 highlights (1/2) First tranche of share buyback program to start early August 2026 (€ 250m, 6 month- maturity)Azimut becomes the #2 Asset Manager in Türkiye with transformative acquisition of Yapı Kredi Portföy € 8.1bn net inflows and € 242m net profit in 1H 2026, despite extraordinary write- offs in 2Q > € 35bn net inflows upgraded FY 2026 guidance1and € 550m net profit1confirmed (1)Assuming normal market conditions .Updated netinflows guidance issubject totransaction ofYapı Kredi Portföy toclose byyear -end 2026.
4 Robust performance reflecting our diversified and growing global platform1H 2026 highlights (2/2) (1)Total revenues excluding total performance fees (from funds and insurance) .(2)Recurring revenues minus total operating costs .(3)Reported netprofit excluding (i)total performance fees, netoftaxes, (ii)fairvalue ofoptions, (iii)netnon-operating costs, netoftax,(iv)IFRS 17impact and (v)extraordinary write -offonproprietary investments .€ 781m
Revenues
Recurring
revenues(1)
+16% YoY
€ 354m
EBIT
Recurring
EBIT(2)
+10% YoY€ 242m Group net profit
Recurring net
profit(3)
+6% YoY€ 37m Net profit from
global operations
15% of total net profit€ 158bn Total Assets June
+12%
YtD growth € 8.1bn
Net inflows
Of which 53% from
global operations
5
29 33
(63) 240 2 1H 2025 Recurring EBIT Performance feesStrategic affiliates & GP stakesOther items below EBIT1H 2026Strong operational performance and variable fees offset extraordinary write- offs1H 2026 vs 1H 2025 Net Profit bridge €m 234
Recurring
Net Profit(2)249
Recurring
Net Profit(2)
(1) (1)Recurring revenues (i.e., Total revenues excluding total performance fees from funds and insurance) minus total operating cos ts.
(2)Reported net profit excluding (i) total performance fees, net of taxes, (ii) fair value of options, (iii) net non- operating cost s, net of tax, (iv) IFRS 17 impact and (v) extraordinary write -off on proprietary investments..242
Reported
Net ProfitRobust 10% increase in recurring operating
performance
(after costs)
Better performance
fees, both on funds (+5m YoY) and on
insurance products
(+28mYoY)Lower dividends from GP staking vs. better net result of Sanctuary Wealth and AZ NGA Higher growth of Nova, offset by extraordinary write -offs on proprietary investments, lower fair value options & equity participations, IFRS 17, finance expenses, and higher minoritiesRecurring Net Profit grew by 6% YoY
6
1H 2026Integrated
SolutionsGlobal
WealthInstitutional
& WholesaleStrategic
affiliatesAzimut
Group
Avg. Tot. Assets (€bn) 62.9 8.2 44.8 32.8 148.7 Revenues (€m) 630 56 94 - 781
EBIT (€m) 297 21 36 - 354
Net Profit (€m) 203 18 20 0.3 242 Net Profit margin 65 bps 44 bps 9 bps 0.2 bps 32 bps Rec. Net Profit (€m) 216 16 16 0.3 249 Rec. Net Profit margin 69 bps 40 bps 7 bps 0.2 bps 33 bps
1H 2025Integrated
SolutionsGlobal
WealthInstitutional
& WholesaleStrategic
affiliatesAzimut
Group
Avg. Tot. Assets (€bn) 58.0 7.1 17.8 27.0 109.9 Revenues (€m) 563 44 39 - 646
EBIT (€m) 256 15 20 - 291
Net Profit (€m) 208 15 21 (4) 240 Net Profit margin 72 bps 43 bps 23 bps n.m. 44 bps Rec. Net Profit (€m) 207 14 17 (4) 234 Rec. Net Profit margin 71 bps 38 bps 20 bps n.m. 43 bps Countries / Firms Brazil, Egypt, Italy,
Mexico, Taiwan,
TurkeyDubai, HK,
Monaco,
Singapore,
Switzerland, USAAustralia, Brazil,
Chile, China,
Dubai/Abu Dhabi,
Egypt, Mexico,
Morocco, Nova,
USAAZ NGA (AUS)
&Sanctuary
Wealth (USA)Robust growth across business linesReclassified P&L by business line –1H 2026 vs 1H 2025 Total assets growth and performance fees drive EBIT growth, while net profit is impacted by extraordinary write -offs on proprietary
investments1
Broad -based revenue growth, driven by strong commercial traction in Singapore (increase of % of Azimut funds & higher brokerage fees) & Monaco2 2.5x AuM growth driven by Nova & NSI, with
margins temporarily
impacted as full profitability expected to unfold
progressively312
34 Due to rounding, totals may not correspond with the sum of the separate figures. Non-controlled entities with different business dynamics; strong business growth yet impacted by higher financing costs as investments are still in
expansion phase4
7 1H 2026 Italy AmericasAsia-
PacificEMEA GlobalStrategic
affiliatesAzimut
Group
Avg. Tot. Assets (€bn) 69.4 30.3 4.2 12.0 46.5 32.8 148.7 Revenues (€m) 607 87 16 71 174 - 781
EBIT (€m) 298 27 1.4 27 55 - 354
Net Profit (€m) 204 7 1.5 29 37 0.3 242 Net Profit margin 59 bps 4 bps 7 bps 49 bps 16 bps 0.2 bps 32 bps Rec. Net Profit (€m) 219 3 1.0 25 29 0.3 249 Rec. Net Profit margin 63 bps 2 bps 5 bps 42 bps 13 bps 0.2 bps 33 bps 1H 2025 Italy AmericasAsia-
PacificEMEA GlobalStrategic
affiliatesAzimut
Group
Avg. Tot. Assets (€bn) 56.6 12.9 3.4 10.0 26.3 27.0 109.9 Revenues (€m) 537 40 9 59 108 - 646
EBIT (€m) 245 17 0.1 29 46 - 291
Net Profit (€m) 198 19 0.5 26 46 (4) 240 Net Profit margin 70 bps 30 bps 3 bps 53 bps 35 bps n.m. 44 bps Rec. Net Profit (€m) 199 17 0.5 22 39 (4) 234 Rec. Net Profit margin 70 bps 26 bps 3 bps 44 bps 30 bps n.m. 43 bpsCommercial momentum across the entire platform drives recurring growth Reclassified P&L by vertical –1H 2026 vs 1H 2025 EBIT growth driven by perimeter change & organic expansion, while net profit contribution is temporarily impacted & expected to unfold
progressively2
14Solid domestic momentum driven by recurring revenues and cost control, delivering +10% YoY recurring net profit1 2 Due to rounding, totals may not correspond with the sum of the separate figures. 15% of net profit generated by global business, set to expand further as scale and operating leverage build toward Elevate 2030 targetsIncluded € 12m (18 bps) of dividends from GP stakes & business and revaluations (HighPost & KCM)3 34
8 A transformative acquisition unlocking massive value & scaleTransaction Highlights (1)Data asof30June 2026 ,converted with €/TL rate of53.341and US$/TLrate of46.656,pro-forma incl.Total Assets ofYapı Kredi Portföy Yönetimi A.Ş.(“YKP”) and Azimut Portföy Yönetimi A.Ş.(“AZP”) (2)Converted with €/TL rate of53.671and US$/TLrate of46.985.Excluding YKP's cash onbalance sheet atclosing and anearn -outcomponent that serves as amechanism tofurther incentivize growth and alignment ofinterests .(3)Pro-forma forcombined entity ofYKP and AZP.Excluding netinterest income ofYKP.(4)AsperFactSet consensus. Excluding netinterest income ofYKP.Notreflecting synergy potential through cost rationalization and revenue uplift .15-year exclusive distribution agreement Azimut’s global investment expertise will reach 18+ million clients of Yapı Kredi Bank Safeguard mechanisms and aligned incentives Fee protections & AuM targets, alongside earn- outs to incentivize growth Highly efficient deployment of capital The €305m consideration(2)implies an attractive 7x P/E multiple on 2026E net incomeCreation of a € 29bn national champion(1) Acquiring 100% of Yapı Kredi Portföy to become Türkiye's #2 largest asset manager Robust and immediate shareholder returns €65 –€75m in 2026E net income(3)& delivering ~10% average EPS accretion(4) Disciplined capital management Pro-forma gross debt remains <1.0x FY25 EBITDA, preserving a sound credit profile
Portföy
9 Europe’s youngest and fastest -growing economyTürkiye, a large and attractive market poised for sustained growth Sources :EIU,Eurostat, Turkstat .
Notes :(1)Excluding Russia .Largest population in Europe(1)Fastest -growing economy in Europe Young and dynamic population Low public debt vs GDPNominal GDP, FY2025, $bnPopulation, FY2025, m Population, FY2026E -FY2030E, CAGR % (Median Age, FY2025)(Real GDP Growth, FY2026E -FY2030E, Average %) (Public Debt / Nominal GDP, FY2025, %) 86 1138485967 70840.3% 0.3% (0.4%) (0.1%) (0.4%) 0.0% 0.5% (0.3%) 3440 4143 4346 46493.4% 0.9%1.1% 1.2%1.4%1.8% 1.9%3.3%1,597 2,545 3,376 5,038 4,001 1,902 678 1,041
24%35%60%63%101% 102%116%137%
10 Successful policy pivot and renewed investor confidenceAn economy with stabilizing markets and improving credit Sources :EIU,Eurostat, Turkstat .Sustained economic growth Moderating inflation and currency depreciation under control Tightening CDS spreads Improving credit ratings(Real GDP Growth, FY2020 - FY2025, %) (Türkiye 5 -Year CDS(1), FY2020 -July 2026)(FY2020 -FY2025, EoP, %) (FY2020 -July 2026)1.8%11.4%
5.5%5.1%
3.3%3.6%
2020 2021 2022 2023 2024 2025 911 701 235
2004006008001,000
2020 2021 2022 2023 2024 2025 20262020 2021 2022 2023 2024 2025 2026 Fitch Moody's S&P15%36%64% 65% 44% 31%
24%77%
44%57%
20% 22%
2020 2021 2022 2023 2024 2025 Year-end Inflation (%) TL Depreciation (%)
2023
Presidential
ElectionsBB/Ba2
BB-/Ba3
B+/ B1B/B2
B-/B3Fitch: BB -
S&P: BB-
Moody’s :Ba3Normalization of the inflation- exchange rate interplay after the 2023 elections and anchoring to a managed depreciation path
11 A rapidly deepening market with broad -based expansionTürkiye asset management sector Sources :Turkish Capital Markets Association .
Notes :(1)Latest available data .
The high- interest rate environment in Türkiye has led to significant inflows in the Turkish asset management sector Strong investor demand has resulted in growing proliferation of both asset managers and funds available in the market While most asset classes have seen material growth in percentage terms over the last few years ,Eurobond and Money Market products have been the largest contributors The rates and inflation environment is expected to normalize over the coming years, which is expected to be matched by increasing demand for other asset classes such as domestic and foreign equities The bank distribution channel dominates the Turkish asset management industry, with the top -5 bank captive managers commanding a combined 56% market share, of which YKP holds 8%(as of June 2026)Total Asset Under Management ($bn) F&C Revenues ($m) # of Asset Management Companies # of Funds Offered in the Market49 313
2020 Jun-26
1,059 3,272
2020 Jun-2649 89 2020 Jun-26170 1,114
2020 Mar-26(1)
12 Acquiring a Top -5 Player with exclusive access to a Tier -1 Banking networkOverview of Yapı Kredi Portföy Yönetimi Sources: Capital Markets Board of Türkiye, Company Information, Statutory Accounts.
Notes: (1) Historical P&L figures from 2023 to 2025 include Net Interest Income, while displayed pre- inflation adjustment and co nverted using the yearly average FX rate.
June 2026 P&L figures include Net Interest Income, while displayed post -inflation adjustment and converted at the period- end FX rate. AuM figures are converted at the period -end FX rate. FX spot rate as of 30 June 2026: 1 USD = 46.656 TL. Company overview Financial profile(1) Key metrics (as of June 2026) Assets under management breakdown (as of June 2026)Long history of bringing new products to the market and scaling themRanks as the 5th-largest Turkish asset management company
by AuM
Product range spanning 136 fundsBenefits from YKB’s distribution network of 730+ branches in Türkiye & over 18m customersFounded in 2002 and operating in the high- growth Turkish asset management marketOffers investment services to both individuals and institutional
clients
DPMs Pension funds Mutual funds70%23%7%
$25.9bn
AuM8%
Market share
by AuM
119 # mutual funds(FY2023 –June 2026, $m) AuM $bn
CAGR: +74%CAGR (FY2023- FY2025, %)
Revenue: 40%
Operating profit: 45% Net profit/(loss): 57% 36 53 71 44 26 40 55 34 24 43 58 24 2023 2024 2025 Jun-26 Revenues Operating Profit Net Profit/(Loss)8.0 14.2 24.4 25.9 17 # of pension fundsc. 70
FTE employees389
# of private portfolio
customers
13 152
# investment
fundsA remarkable track record of operational excellence since 2011 Azimut Portföy Yönetimi : afully integrated, high- margin platform Sources: Company Information.
Notes: Data as of latest available. FX spot rate as of 30 June 2026 1EUR = 53.341TL.Company overview AuM and profitability evolution Key metrics (as of June 2026) Assets under management breakdown (as of June 2026) 44
# financial
advisors
45,600
# total fund
investors
211
# institutional
investors1,487
# individual
investors1,698
# total
investorsStrong expansion from 2019 to 2026 on both AuM and Profitability:
AuM over 16x vs. 2019 & Net Profit at over 27x vs. 2019
TEFASAzimut Portföy
Bank channelFast growth & market share leadership awardsFully integrated platform focused on investment funds and discretionary portfolio
management
Profitability leader within Azimut Group (3 consecutive years)First independent AMC to expand with liaison offices (Ankara, İzmir, Bursa, and
Bodrum)
85%11%
4%Operating inTürkiye since 2011 with Azimut Group backingEntered through the acquisitions of Global Portföy , Noutus Portföy and Bosphorus CapitalAuM Average (€bn) Net Profit Country adj (€m) 26.0 66.0 56.3 103.0 85.5 95.1 53.5Net Profit Margin (bps) 40.70.4 0.7 1.3 1.62.73.8 4.35.4
2019 2020 2021 2022 2023 2024 2025 H12026
1.14.8 7.116.223.336.4
22.9
11.8
2019 2020 2021 2022 2023 2024 2025 H12026
<1% 47%
53% DPMsMutual fundsPension funds
14 A transformative acquisition unlocking massive value & scalePro-forma P&L and AUM mix Sources: Company Information, Turkish Capital Markets Association. FX spot rate as of 30 June 2026 1USD= 46.656TL and 1EUR = 53.341TL. FX forward rate as of 2026 1USD = 48.003TL and 1EUR = 55.663TL.
Note: (1) Excluding net interest income of YKP.FY2026E
Net Income$7bn
€6bn$26bn€23bn $33bn
€29bn
$30 –35m
€25 –30m$45 –50m €40 –45m(1)$75 –85m
€65 –75m
H1’2026 AUM
by ProductH1’2026
EoP AUMPro forma
Relative contribution
Portföy
Portföy
Mutual funds Discretionary portfolios YKP will benefit from Azimut’s
expertise in:
DPM strategies
Real estate funds Private equity funds Global equity funds<1% 47%
53%23%
70%7%16%
63%22%
Pension funds22% 78%
~40% ~60%
15 Transforming scale into profitability: a clear blueprint for post- deal value creationPotential synergies to explore
Cross- selling
opportunity through
YKB captive distribution network in Türkiye Privileged access to 730+ branches nationwide and 18m+ retail customersExpansion of current offering and shift towards higher -margin products Azimut's global expertise in alternative strategies can materially broaden YKP's product suite , directly addressing its goal of growing alternatives to 1/3 of mutual fund AuM by 2031EOpportunity to
further rationalize
YKP’s non -HR cost -base (e.g. IT costs, transfer pricing, donations etc.)1 2 3
16 +
PortföyCreating a national champion to capture 10%+ EPS accretion(2)& long -term growthAzimut Becomes the #2 Asset Manager in Türkiye Sources: Company Information, Turkish Capital Markets Association.
Note: FX forward rate as of 2026 1EUR = 55.663TL. (1) As of May 2026. (2) As per FactSet consensus. Excluding net interest in com e of YKP. Not reflecting synergy potential through cost rationalization and revenue uplift.Exclusive access to YKB's captive retail and institutional client network secured by long term, exclusive Distribution AgreementEnhanced investment expertise and offering to benefit of all clients and increase absolute margin contribution Reinforced market leadership in a high- growth asset management market, best positioned to capture Türkiye's long -term growth upsideSustainable value creation for shareholders
15-year exclusive
distribution
agreement for
all products
distributed in Türkiye Upgrade overall product offering and services to retail and private bank clientsCombined Entity in Türkiye Ranking by AuM as of Dec -252026E Net Income –Contribution by entity
EASTERN
ANATOLIA 15MARMARA
334
26.7m
AEGEAN
109
11.0mCENTRAL
ANATOLIA
110
13.8m
MEDITERRANEAN
95
11.0mSOUTHEAST
ANATOLIA
33
9.6m5.9mBLACK SEA
45
8.0m
# of YKB branches in the region xx m –Population in the region(1) >5x Türkiye’s total AM AUM growth since 2020Transaction is expected to bring average ~10% earnings -per-share accretion over the 2027E -
2029E period(2)
+10%
Peer
1Peer
2Peer
3Peer
4Peer
5Peer
6Peer
7Peer
8Comb.
EntityYKP AZM~40%~60%~€65 -75m AZ Portfoy YK Portfoy Combined NI 2026E #2 #5 #10
17 Recurring fees +€ 92m YoY Continued expansion of global business (+€ 58m YoY), led by change in perimeter (+€ 38m) & organic growth in the USA, Singapore, Brazil and Türkiye Italy (+€ 34m YoY) : growth across all business lines, from mutual, alternative, next -generation advisory to Nova Performance fees +€ 5m YoY Mainly driven by Brazil, Türkiye and Monaco vs.
negative fulcrum
Insurance revenues +€ 31m YoY +4% YoY (+€ 2m) in recurring revenues, due to underlying asset growth & product mix +€ 28m YoY in performance fees (€ 35m in 1H26 .
€ 7m in 1H25), on the back of strong 2Q26 Entry commissions & other income +€ 8m YoY Year -on-year increase due to higher entry commission income (UAE, Switzerland, Monaco and Singapore ) and other income+16% year -on-year in recurring fees, driven by AuM growth & platform expansion1H 2026 Revenues Revenues breakdown (in €m) 561 653 38
60 91
22 30
646 781
1H 2025 1H 2026
Recurring fees Performance fees Insurance revenues Other+21%
+16%
Due torounding, totals may notcorrespond with thesum oftheseparate figures .
18 Driving profitability through cost control and global expansion 1H 2026 Costs Distribution costs +€ 21m YoY Direct correlation with recurring revenue growth in Italy & abroad (of which € 6m
perimeter effect)
Flat social security, severance payments and provisions for variable incentives to Italian FAs & lower marketing/event costs Personnel and SG&A +€ 44m YoY Change of perimeter (€ 25m) effect, mainly US & Brazil (equal to € 24m) and Italy Organic growth (€ 19m), mainly flat in Italy as a result of cost discipline in domestic operations & global business mainly driven by Türkiye, Brazil & UAE D&A and provisions + € 10m YoY Broadly stable development, with increase reflecting the perimeter effect of NSI (€ 2m) and 2Q25 that benefitted from a release of a provision following a favorable legal resolutionOperating costs breakdown (in €m)
2232441221651018
355428
1H 2025 1H 2026
Distribution costs Personnel and SG&A D&A and provisions+21% Due torounding, totals may notcorrespond with thesum oftheseparate figures .
19 High -quality earnings growth drives increase in recurring net profit 1H 2026 EBIT & Net Profit
291354
281310
1H 2025 1H 2026
Reported Recurring
Fueled by strong organic growth and geographic diversification, Recurring EBIT rose to € 310m (+10%) Finance income &net-non operating costs amounted to (€ 18m) in 1H 2026 (vs € 38m in 1H 2025), mainly driven by:
(€ 8m) assets and portfolio performance, fair value of options & equity participations, impacted by € 25m extraordinary write- off on
proprietary investments
(€ 10m) IFRS 17 impact € 2m dividends from GP stakes & affiliates € 3m net interest earned (€ 5m) Other non -operating costs Adjusted(3)Taxrate at 21.7% in 1H 2026; full-
year 2026 guidance at ~24- 25% Recurring Net Profit of € 249m, +6% year -on-
year240 242 234249
1H 2025 1H 2026
Reported Recurring+6%+10%EBIT (in €m) Net Profit (in €m)(1) (2) Due torounding, totals may notcorrespond with thesum oftheseparate figures .(1)Recurring revenues (i.e.,Total revenues excluding total performance fees from funds and insurance) minus total operating costs .(2)Reported netprofit excluding (i)total performance fees, netoftaxes, (ii)fairvalue ofoptions, (iii)netnon-operating costs, netoftax, (iv)IFRS 17impact and (v)extraordinary write -offonproprietary investments .(3)Excluding €25m ofextraordinary write -offonproprietary investments from profit before tax.
20 €m 31/12/2025 31/03/2026 30/06/2026 Bank loan (0.3) (45) (47) Total debt (0.3) (45) (47) Cash 499 591 447 Cash equivalents 133 133 143 UCI units & government securities 181 194 126 Cash & cash equivalents 813 918 715 Net financial position 813 873 668 Lease liabilities (IFRS 16) (30) (26) (39) Net financial position incl. IFRS 16 783 847 630(0.3)(45) (47)(30)(26) (39)813 918 715 783 847 630 Dec-25 Mar-26 Jun-26Cash & cash
equivalents
Bank loan
Lease liabilities
(IFRS 16)Strong capital position coupled with investments and attractive dividends Net Financial Position as of 30 June 2026 NFP as of 30 June 2026 after:
M&A / investments
€ 89m
For M&A & investments in US, Brazil & ItalyTaxes & others
€ 58m
For tax advances, stamp duties & actuarial reservesDividends
€ 352m
Ordinary dividends &
participating
financial instrumentsShare buyback
€ 16m
Bought 488k shares (at an avg. price of € 33.4) First tranche of share buyback program, equal to € 250m, to start early August (6 month-maturity) Due torounding, totals may notcorrespond with thesum oftheseparate figures .
21
TRANSACTION
VALUE2026
Extended theframework agreement with FSIuntil 20December 2026 Thecustomary follow -upassessment byBank ofItaly onthepreviously agreed remediation plan was completed inearly July Currently awaiting theofficial report from theregulator toformally conclude thisstage, which isaprerequisite forobtaining thefinal regulatory approvals fortheoverall transaction from thecompetent authorities, including theEuropean Central Bank, Bank ofItaly &Consob Execution ofsimultaneous corporate steps(1) Based onthecurrent progress and thepositive nature ofourregulatory engagement, we remain confident that thetransaction can becompleted bytheend of2026 Closing FSIand co-investors willacquire 80.01% ofTNB,while Azimut willretain a19.99%
stake
~€ 1.2bn
Potential Total
Consideration(2)for disposal
of 80.01% stake to FSI and
co-Investors€ 2.4bn
Revenue Guarantee in Net Commissions over time (minimum 12 years(2))19.99% Further value upside through stake in TNB retained by Azimut+ + Goal: create shareholder value & expand the total addressable market (1)Refer to the dedicated presentation «Azimut Launches TNB, a New Generation Wealth Bank» , published on 22 May 2025.TNB spin- off Progressing on the TNB transaction
22
1H 2026A
(*)Subject toclosing ofYapı Kredi Portföy Yönetimi transaction byyear -end 2026.
(1)Under theassumption ofnormal market conditions .€ 8.1bn 1H 2026 inflows (81% of original target)€ 23bn from
M&A*
€ >4bn organic
inflows expected
in 2H 2026 FY 2026E€ >35 bn
Revised net
inflows target 2026 Guidance Upgrade net inflows target(1)based on continuous commercial momentum & M&A
Achieved in
1H 2026
€ 8.1bn
€ 550 million net profit target (1)for FY 2026 confirmed
Appendix
24 Assets Net Inflows Assets Data in € million 31/12/2025 2026 30/06/2026 ∆ 2026 Mutual funds 49,316 3,822 56,274 +14.1% Alternative funds 7,138 1,210 8,622 +20.8% Discretionary & Advisory 43,816 821 46,788 +6.8% Life & Pension 10,372 136 10,953 +5.6% Strategic affiliates 30,284 2,150 35,276 +16.5% Total Assets 140,926 8,138 157,912 +12.1% of which AuM 101,035 5,604 113,066 +11.9% of which AuC/AuA 39,890 2,535 44,846 +12.4%
Assets Assets
Data in € million 31/12/2025 2026 30/06/2026 ∆ 2026 Italy 68,003 3,816 74,030 +8.9%
EMEA 10,636 1,141 13,198 +24.1%
Americas 28,049 831 30,953 +10.4% Asia & Pacific 3,954 201 4,456 +12.7% Strategic affiliates 30,284 2,150 35,276 +16.5% Total Assets 140,926 8,138 157,912 +12.1%Best result on record in terms of organic net inflows1H 2026 Net Inflows and Total Assets development Source :Company data .Note :Due torounding, totals may notcorrespond with thesum oftheseparate figures .1 2 3Strong demand for fund solutions in Italy, US, Egypt and Mexico, but impacted by industry -
wide pressures in Brazil1
Continuous expansion
of private markets with unique offerings & club deals in Italy, and new fund launches in Brazil and Turkey2 Robust organic growth coupled with platform expansion in Australia3Comments 4 Of which € 6.8bn organic net inflows; another record -breaking 1H in
Azimut’s history41
3 4
25 Breakdown by business lineTotal Assets as of 30 June 2026 (1/2)
Integrated
Solutions
Global
Wealth
Institutional
& Wholesale
Strategic
affiliates Investment
fundsDiscretionary
& AdvisoryLife
& PensionsDigital
AM
41%64.7
52%82.1
7%11.0
0.1%0.2
+15% +11% +6% +5% Due to rounding, totals may not correspond with the sum of the separate figures.100%42% 6% 30% 22%
157.966.5
8.9
47.2
35.3+7%
+21%
+15%
+16%
+12%Total assets (€bn)
YtDgrowth
Total assets (€bn)
YtDgrowth
26 A powerful global platform: 53% of Total Assets from international operationsTotal Assets as of 30 June 2026 (2/2) 31.0 74.013.2 4.5 35.3 8%
EMEA20%
AMERICAS3%
APAC22%
STRATEGIC
AFFILIATES47%
ITALYAZ NGA
(Australia)
16%
Sanctuary Wealth
(USA)
84%€bn
27 Consolidated reclassified Income Statement Consolidated view of quarterly profitability1H 2026 reclassified income statement (1)Reported netprofit excluding (i)total performance fees, netoftaxes, (ii)fairvalue ofoptions, (iii)netnon- operating costs, netoftax, (iv)IFRS 17impact and (v)extraordinary write -offonproprietary investments .€/000 1H 2025 1H 2026 2Q 2025 2Q 2026 1Q 2025 1Q 2026 Entry commission income 7,580 14,635 4,225 7,041 3,355 7,594 Recurring fees 560,957 652,771 280,983 334,053 279,974 318,718 Variable fees 3,020 7,726 4,408 7,046 (1,388) 680 Other income 14,031 15,243 6,994 7,215 7,037 8,028 Insurance revenues 60,081 90,812 28,108 55,277 31,973 35,535 Total Revenues 645,669 781,187 324,717 410,632 320,952 370,555 Distribution costs (223,095) (244,387) (110,969) (128,087) (112,127) (116,300) Personnel and SG&A (121,654) (165,161) (59,849) (83,296) (61,806) (81,865) D&A and provisions (9,919) (18,121) (3,832) (10,026) (6,086) (8,095) Operating costs (354,668) (427,669) (174,650) (221,409) (180,019) (206,261) Operating Profit 291,001 353,518 150,068 189,222 140,933 164,294 Finance income 43,483 4,062 28,941 (2,477) 14,542 6,539 Net non -operating costs (5,846) (21,658) (5,196) (19,534) (650) (2,123) Finance expense - (2,958) - (1,736) - (1,222) Profit Before Tax 328,639 332,963 173,813 165,475 154,826 167,488 Income tax (84,251) (81,208) (50,922) (46,747) (33,329) (34,461) Deferred tax 7,150 3,616 10,204 5,860 (3,054) (2,245) Net Profit 251,538 255,371 133,095 124,588 118,443 130,783 Minorities 11,901 13,757 8,704 8,267 3,197 5,490 Group Net Profit 239,637 241,614 124,391 116,321 115,246 125,293 Recurring Net Profit(1)233,816 248,821 122,439 120,860 111,375 127,960
KPIs
Avg. Total Assets 109,927 148,720 109,890 151,979 109,784 144,226 EBIT margin 45.1% 45.3% 46.2% 46.1% 43.9% 44.3% Group Net Profit margin 44 bps 32 bps 45 bps 31 bps 42 bps 35 bps Recurring Net Profit margin 43 bps 33 bps 45 bps 32 bps 41 bps 35 bps
28 IR contacts & corporate calendar Thisdocument hasbeen issued byAzimut Holding S.p.A.justforinformation purposes .Noreliance may beplaced forany purposes whatsoever ontheinformation contained inthisdocument, oronitscompleteness, accuracy orfairness. Although care has been taken toensure that thefacts stated inthispresentation are accurate, and that theopinions expressed arefairand reasonable, thecontents ofthispresentation have notbeen verified byindependent auditors, orother third parties .
Accordingly, norepresentation orwarranty, express orimplied, ismade orgiven byoronbehalf oftheCompany, orany ofitsmembers, directors, officers oremployees orany other person .TheCompany and itssubsidiaries, orany oftheir respective members, directors, officers oremployees norany other person acting onbehalf ofthe Company accepts any liability whatsoever forany losshowsoever arising from any useofthispresentation oritscontents orotherwise arising inconnection therewith .
The information inthisdocument might include forward -looking statements which are based oncurrent expectations and projections about future events .These forward -looking statements aresubject torisks, uncertainties and assumptions about theCompany and itssubsidiaries and investments, including, among other things, thedevelopment ofitsbusiness, trends initsoperating industry, and future capital expenditures and acquisitions .Considering these risks, uncertainties and assumptions, theevents intheforward -looking statements may notoccur .Noone undertakes topublicly update orrevise any such forward -looking statement .
Theinformation and opinions contained inthispresentation areprovided asatthedate ofthispresentation and aresubject tochange without notice .
Any forward -looking information contained herein hasbeen prepared based onseveral assumptions which may prove tobeincorrect and, accordingly, actual results may vary.Thisdocument does notconstitute anoffer orinvitation topurchase orsubscribe forany shares and/or investment products mentioned and nopart ofitshall form thebasis oforberelied upon inconnection with any contract orcommitment whatsoever .
Theinformation herein may notbereproduced orpublished inwhole orinpart, forany purpose, ordistributed toany other party .Byaccepting thisdocument, you agree tobebound bytheforegoing limitations .
TheOfficer incharge ofthepreparation ofAzimut Holding S.p.A.accounting documents, Alessandro Zambotti (CFO), declares according toart.154bis co.2Legislative Decree n°58/1998 oftheConsolidated Law ofFinance, that thefinancial information herein included, corresponds totherecords inthecompany’s books .Disclaimer –Safe harbor statementInvestor Relations contacts Upcoming corporate events Alex Soppera, Ph.D.
Tel. +39 02 8898 5671E-mail: alex.soppera@azimut.it
www.azimut-group.com/investor-relations
5 November 2026: BoD approval of 9M 2026 results