Azimut Holding S.p.A.

For H1 2026, Azimut reported total revenues of EUR 781 million, up 21% year on year, driven by recurring revenues of EUR 653 million, up 16%. Operating profit was EUR 354 million, recurring EBIT was EUR 310 million, reported group net profit was EUR 242 million, and recurring net profit was EUR 249 million, up 6% year on year. Client assets reached a record EUR 158 billion, up 12% year to date, and net inflows totaled EUR 8.1 billion in the first six months. For the full year, management upgraded net inflow guidance to at least EUR 35 billion from the original EUR 10 billion target and confirmed net profit guidance of EUR 550 million; they also guided to a full-year tax rate of approximately 24% to 25%. The Turkey deal is expected to close after regulatory approvals by October or November and is expected to contribute EUR 65 million to EUR 75 million in pro forma net income in 2026, with average EPS accretion of 10% between 2027 and 2029 before synergies. The EUR 305 million purchase price implies a 7x P/E multiple on 2026 estimated net income.

The CEO framed H1 as a milestone period showing both operational strength and strategic execution under Elevate 2030. He emphasized that global operations are now a core growth engine, with international profit rising to 15% of group profit and expected to expand further after the Turkey transaction. His tone was confident and promotional, stressing disciplined capital allocation, including dividends and the new buyback, while arguing the market should award Azimut a premium rather than a discount.

The CFO walked through the financial bridge in detail: revenues of EUR 781 million, recurring fees of EUR 653 million, performance fees of nearly EUR 8 million, insurance revenues of EUR 91 million, and total costs up about EUR 74 million. He pointed to a negative EUR 30 million net impact from financial and nonoperating items, including a EUR 25 million write-off on two venture capital holdings in technology and MedTech, and reiterated that the group’s adjusted tax rate was 21.7% in H1 with a full-year expectation of 24% to 25%. He also said net financial position remained positive at EUR 715 million after M&A, taxes, dividends, and buybacks, and noted the board approved the first tranche of the EUR 250 million buyback to be completed within six months.

Analysts pressed on the weaker margin contribution from global operations, the Turkey acquisition’s exposure to hyperinflation and currency risk, and the logic behind the upgraded inflow target. Management said the global margin effect was mainly tied to NSI integration and should improve over time, while Turkey numbers are already reported under hyperinflation accounting and the business is naturally hedged through local-rate assets and product structure. On the Yapi Kredi deal, they said the bank distribution agreement includes safeguard mechanisms, the earn-out is capped at EUR 20 million over five years, and the base case assumes 7% to 10% organic AUM growth; they also said the net inflow guidance is intentionally conservative given jitterier markets. They added that the H1 write-offs on proprietary investments were handled conservatively and that no additional negative adjustments are expected.