Azimut Holding accelerates in the quarter: profit at €125 million and inflows of €4.6 billion

Double-digit growth in recurring revenue and recurring net profit, together with strongly accelerating inflows and a growing contribution from international markets, allow Azimut Holding to confirm its full-year targets for 2026. Indeed, the asset management group closed the first quarter with total revenues of 371 million euro, up 14%, and net profit of 125 million euro, while recurring net profit rose 15% to 128 million euro. The first quarter showed net inflows of EUR 4.6bn, 49% of which was generated abroad. Total assets thus reached EUR 144 billion at the end of March, up 32% from a year earlier. This dynamic was sustained by both the offer in public markets and the development of solutions dedicated to private markets.

At Piazza Affari, the share closed the session down 4.29%, bringing the balance since the beginning of the year to parity.

In detail, recurring revenues grew by 14%, supported by the positive performance in all the group's main markets, with particularly strong contributions from Italia, the United States, the United Arab Emirates and Brazil. Operating expenses amounted to EUR 206 million, up in line with the group's international expansion and business dynamics. Operating profit reached EUR 164 million in the quarter, while recurring EBIT, calculated net of performance fees, also increased by 14% to EUR 157 million.

In light of the results achieved in the first three months, the group confirmed its targets for 2026, forecasting under normal market conditions total net inflows of EUR 10 billion and net profit of EUR 550 million, net of extraordinary items. "2026 starts with numbers that confirm the validity of our strategy," Pietro Giuliani commented, emphasising the contribution of active management and the group's international presence in 20 countries. Giuliani also highlighted the growing role of artificial intelligence in the training and professional development of the network of financial advisors and bankers.

CEO Giorgio Medda also commented on the evolution of the offer, explaining that the group will continue to expand its range of listed and specialised products, with the forthcoming launch in the US of five new active ETFs through the Azimut NSI platform. At the same time, expansion in private markets, considered a central pillar of the group's value proposition, will continue. For Alessandro Zambotti, ceo and cfo of Azimut, the quarter's results "represent a solid foundation for 2026" and confirm "the quality and resilience of the business model", thanks to a combination of high profitability, strong cash generation and the ability to finance future growth while maintaining shareholder returns.