Azimut Holding SpA (OTCPK:AZIHF)

Half Year 2026 Azimut Holding SpA Earnings Call Transcript

Jul 30, 2026 / 01:00 PM GMT

Release Date Price: $41.84

Transcript

Key Points

Positve

Azimut Holding SpA (AZIHF) reported record net inflows of EUR4.6 billion in Q1 2026, with EUR4 billion of that being entirely organic, marking its best-ever result for organic growth.
The company delivered a strong net profit of EUR125 million, with recurring net profit growing by an impressive 15% year-on-year, demonstrating high-quality earnings expansion.
Azimut Holding SpA (AZIHF) confirmed its full-year 2026 guidance of EUR10 billion in net inflows and EUR550 million in net profit, and management hinted at a potential guidance upgrade in July, citing over EUR5 billion in inflows already achieved by April.
The integration of NSI in the US is progressing successfully, contributing $200-300 million in net new money, and the upcoming launch of active ETFs is expected to tap into a high-growth market segment.
The company's private market strategy is gaining traction, with inflows exceeding EUR950 million recently, driven by exclusive access to a prominent US AI project, and it is on track to exceed its EUR2 billion fundraising goal for the year.
Azimut Holding SpA (AZIHF) maintains a strong balance sheet with a net cash position of EUR347 million, supporting its commitment to return approximately 25% of its market capitalization to shareholders through dividends and buybacks.

Negative

The reported net profit of EUR125 million in Q1 2026 was lower than the EUR150 million reported in Q1 2025, primarily due to negative fair value adjustments, higher finance expenses, and increased minority interests.
Global operations' net profit contribution of EUR14 million (12% of the group total) remains below its long-term potential, temporarily impacted by transitory items and business growth effects as the platform scales.
The TMB spin-off project remains subject to regulatory approval from the Bank of Italy, with no definitive timeline for a response, creating uncertainty around the completion date, though it is still expected by the end of 2026.
Recurring fee growth on a like-for-like basis was relatively limited, impacted by fewer billing days in February and adverse market conditions in March, which affected AUM and revenue generation.
The company's cost base increased by 15% year-on-year, in line with revenue growth, but this was largely driven by perimeter expansion (NSI, Kennedy Capital, etc.), and integration costs are still impacting the profitability of the institutional and offshore business segment.
The potential loss of the UniCredit partnership, as UniCredit explores alternatives for its asset management needs, poses a strategic risk to Azimut Holding SpA (AZIHF)'s distribution network, though management expressed confidence in the current relationship.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

AZMT.MI - Azimut Holding SpA
Half Year 2026 Azimut Holding SpA Earnings Call
Jul 30, 2026 / 01:00PM GMT

=====================
Presentation
--------------------------------------------------------------------------------
Unidentified_1 [1]
--------------------------------------------------------------------------------
Good afternoon. This is a course call conference operator. Welcome and thank you for joining the Azimut Holdings first quarter 2026 results conference call. As a reminder, all participants are in listen-only mode. After the presentation, there will be an opportunity to ask questions. Should anyone need assistance during the conference call, they may signal an operator by pressing star and zero on their telephone. At this time, I would like to turn the conference over to Mr. Giorgio Mehta, sorry sir. Chief Executive Officer of Azimut Holdings. Please go ahead.

--------------------------------------------------------------------------------
Unidentified_2 [2]
---------------------------------------------------------

Already have an account? Log in

Get the full story

Subscribe Now

	Access to All Earning Calls and Stock Analysis
	30-Year Financial on one screen
	All-in-one Stock Screener with unlimited filters
	Customizable Stock Dashboard
	Real Time Insider Trading Transactions
	8,000+ Institutional investors’ 13F holdings
	Powerful Excel Add-in and Google sheets Add-on
	All data downloadable
	Quick customer support
	And much more...

7-Day Free Trial · Cancel Anytime

Subscription fee may be tax deductible.

Excellent

4.6 out of 5

Trustpilot

Research Tools

All-In-One Screener Stock Ideas Stock List Guru List Guru Real-Time Picks Insider List Insider Trades Economic Indicators Sector & Industry Performance DCF Calculator Calculators Discussion Board

Product

Pricing Plans Excel Add-In Google Sheets Add-on Data API Stock Comparison Table Manual of Stocks Instant Alerts Mobile App Newsletters Signup 中文

Education

Financial Glossary Tutorials FAQ Buffett Indicator Shiller P/E Yield Curve Today U.S. Inflation Rate Global Market Valuation Fed Net Liquidity Buffett Assets Allocation

Company

About GuruFocus Career Contact Us Advertise Term of Use Privacy Policy Referral Program Partner Program

Survey

We'd love to learn more about your experiences on GuruFocus.com and how we can improve!

Take Survey

Disclaimers

GuruFocus.com is not operated by a broker or a dealer. Under no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The individuals or entities selected as "gurus" may buy and sell securities before and after any particular article and report and information herein is published, with respect to the securities discussed in any article and report posted herein. Gurus may be added or dropped from the GuruFocus site at any time. In no event shall GuruFocus.com be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on GuruFocus.com, or relating to the use of, or inability to use, GuruFocus.com or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. Past performance is a poor indicator of future performance. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. The gurus listed in this website are not affiliated with GuruFocus.com, LLC. Stock quotes are provided by QuoteMedia, Inc. (CSI). Company fundamental data is provided by Morningstar. Analyst estimates data is sourced from both Refinitiv and Morningstar, with priority given to Refinitiv data. Data is updated daily.