Azimut Holding (AZM) Q1 2026 earnings summary

Executive summary

• Achieved record net inflows of €4.6 billion and net profit of €125 million in Q1 2026, with recurring net profit up 15% year-over-year, demonstrating structural growth despite volatile markets.

• Total assets reached €144 billion at March-end, up 32% year-on-year, with 49–52% from international operations.

• Successfully integrated NSI in the US, preparing to launch active ETFs, and progressing on the TNB spin-off, with a potential €1.2 billion consideration for an 80.01% stake and expected completion by year-end.

• Global platform expansion continued, with strong recurring revenue growth in Italy, US, UAE, and Brazil.

• Management remains committed to sustainable growth and global expansion.

Financial highlights

• Revenues rose to €371 million, up 14% year-on-year, driven by recurring fees and global business expansion.

• Recurring EBIT increased 14% year-on-year to €164 million; recurring net profit up 15% to €128 million.

• Net profit margin at 35 bps; recurring net profit margin also at 35 bps.

• Operating costs rose 15% year-on-year to €206 million, reflecting ongoing global expansion.

• Net financial position at €847 million as of March 31, 2026, with strong liquidity and ongoing investments.

Outlook and guidance

• 2026 guidance confirmed: €10 billion net inflows and €550 million net profit, excluding extraordinary items and assuming normal market conditions.

• Over €5 billion net inflows already achieved as of April 2026, halfway to annual target in four months.

• Plan to return over 25% of current market cap to shareholders by end of 2027 via dividends and buybacks.