Azimut Holding: Results as of 30 September 2022 show growing earnings achieved in a volatile scenario

PRESS RELEASE

Azimut Holding: Results as of 30 September 2022 show growing earnings achieved in a volatile scenario

9M 2022 Net Profit: € 302 million

2022 Targets1 of at least € 400 million Net Profit and of € 6-8 billion Net Inflows reconfirmed

9M 2022:

• Consolidated Total Revenues equal to € 969 million (+12% vs. € 866 million in 9M 2021)
• Consolidated Operating Profit equal to € 415 million (+17% vs. € 353 million in 9M 2021)
• Consolidated Net Profit equal to € 302 million (+4% vs. € 291 million2 in 9M 2021)

3Q 2022:

• Consolidated Total Revenues equal to € 303 million (+1% vs. € 300 million in 3Q 2021)
• Consolidated Operating Profit equal to € 139 million (+15% vs. € 121 million in 3Q 2021)
• Consolidated Net Profit equal to € 101 million (+4% vs. € 96 million in 3Q 2021)

As of 31 October 2022:

• Total Assets: € 85.7 billion (+3% since the beginning of the year)
• 2022 YTD inflows € 6.8 billion
• Private markets assets reach € 6.4 billion (>10x vs. the beginning of 2020)

Milan, 10 November 2022

Azimut Holding's (AZM.IM) Board of Directors approved today the results as of 30 September 2022, highlighting the following:

• Consolidated Total Revenues in 9M 2022 equal to € 969 million (+12% vs. € 866 million in 9M 2021)
• Consolidated Operating Profit in 9M 2022 equal to € 415 million (+17% vs. € 353 million in 9M 2021)
• Consolidated Net Profit in 9M 2022 equal to € 302 million (+4% vs. € 291 million2 in 9M 2021)

9M 2022 average Total Assets grew by 16% year-on-year and amounted to € 83.2 billion (€ 72,1 billion 9M 2021). Total Assets under Management stood at € 54.3 billion and including assets under administration reached € 85.7 billion at the end of October 2022 (+3% since the beginning of the year), with the International Business accounting for 47%. In the Private Markets segment, Azimut continued its strong growth trajectory with AuM exceeding € 6.4 billion as of October 2022 (>10x vs. the beginning of 2020).

The increase in total revenues of Azimut Holding, up 12% vs. 9M 2021, is driven by solid underlying growth of Total Assets and is mainly attributable to +17% higher recurring management fees, which amounted to

• 826.0 million (vs. € 705.8 million in 9M 2021) and equaled 85% of total revenues. This was partially offset by a lower contribution from performance fees from mutual funds and insurance products, which combined amounted to € 37.7 million during the period (vs. € 67.2 million in 9M 2021) due to the negative market environment.

Disciplined cost control despite the inflationary environment resulted in total operating costs growing less than revenues and amounting to € 553.8 million (+8% vs. € 513.0 million in 9M 2021). As a result, operating profit grew by 17% to € 415.1 million (vs. € 353.3 million in 9M 2021) and the Operating Profit Margin stands

1. Under the assumption of normal market conditions.
2. Net Income in 9M 2021 does not include the positive effect (€ 31.9 million) of the tax goodwill realignment on the Italian parent company in accordance with Budget Law 2021 Art. I Paragraph 83, given the parent company has exercised its withdrawal right as per decree law of 2022.

at 43% (vs. 41% in 9M 2021), improving year-on-year due to tight cost control and the de-consolidation of Sanctuary.

Net Profit amounted to € 302.3 million (vs. € 290.5 million in 9M 20212) despite lower performance fee contribution year-on-year and higher tax rate in 9M 2022.

The Net Financial Position3 as of 30 September 2022 was positive for € 364.0 million, an increase of € 76 million versus the end of June 2022. This compares to € 408.5 million Net Financial Position at the end of December 2021, after taking into account the cash dividend and the dividend related to participating financial instrument paid in the first half of 2022 for a total amount of € 261 million.

Recruitment of financial advisors and private bankers in Italy remained positive: during the first nine months of 2022 Azimut and its networks recorded 89 new hires, bringing the total number of FAs to 1,866.

Gabriele Blei, CEO of the Group, comments: "Our diversified, global platform keeps on delivering, even in an adverse environment as is evidenced by € 6.8 billion year-to-dateof net inflows and total assets up 3% at €

85.7 billion, despite the negative market effect. We continue to observe increasing demand for our unique private markets products, with net flows year-to-dateof € 1.6 billion and a wide offering in private credit, private equity, real assets and VC funds. Through our financial advisors we support our clients to improve their asset allocation, diversify and reduce portfolio volatility in the short term as well as enhance their portfolio risk- return profiles in the mid to long run. With close to 12% of total AuM stemming from private markets today, we are on track to reach our 15% target by the end of 2024 as we continue to expand our product suite and collaborate with best-in-class partners around the globe. Our business has proven its strength over time, demonstrated by +12% revenue growth, tight cost control in an inflationary environment and operating profit growth by 17% YoY. In the coming years, we will continue to focus on exploiting further organic and inorganic growth opportunities in Italy, abroad and on the private markets side to develop attractive and pioneering investment opportunities to generate performance to our clients and sustainable value for all our stakeholders."

Pietro Giuliani, Chairman of the Group, adds: "As has been the case for almost twenty years, Azimut is on

track to meet its announced annual targets: €400 million euros in net profit and € 6 - 8 billion in net inflows and close to 12% AuM in private markets. Resilient results achieved in a particularly complex environment. Our clients now have a weighted average net performance since the start of the year of over 3%4 (302 bps) compared to Italian and foreign competitors, both well represented by the Fideuram index of Italian mutual funds."

1. Not including the impact of IFRS 16 as detailed in the table below.
2. As of 4 November 2022; Fideuram index of Italian mutual funds, which stands at -12.1% since the beginning of the year.

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2023 Financial Calendar

9 March 2023	B.o.D.	Approval of draft annual financial statements as of 31/12/2022
27 April 2023	AGM5	Annual financial statements as of 31/12/2022
11 May 2023	B.o.D.	Approval of 1Q interim results as of 31/03/20236
27 July 2023	B.o.D.	Approval of 1H results as of 30/06/2023
9 November 2023	B.o.D.	Approval of 3Q interim results as of 30/09/20236

The Officer in charge of the preparation of Azimut Holding SpA accounting documents, Alessandro Zambotti (CFO), declares according to art.154bis co.2 D.lgs. 58/98, that the financial information herein included, corresponds to the records in the company's books.

Attached:

• Consolidated reclassified income statement as at 30 September 2022
• Consolidated net financial position asat 30 September 2022
• Consolidated income statement as at 30 September 2022
• Consolidated balance sheet as at 30 September 2022
• Consolidated cashflow statement as at 30 September 2022

Azimut is one of Europe's leading independent groups active (since 1989) in the asset management sector. The parent company Azimut Holding was listed on the Italian stock exchange on 7 July 2004 (AZM.MI) and is a member, among others, of the main Italian index FTSE MIB. The shareholder structure includes over 1,900 managers, employees and financial advisors bound by a shareholders' agreement that controls ca. 22% of the company. The remaining is free float. The Group comprises various companies active in the sale, management and distribution of financial and insurance products, with registered offices mainly in Italy, Australia, Brazil, Chile, China (Hong Kong and Shanghai), Egypt, Ireland, Luxembourg, Mexico, Monaco, Portugal, Singapore, Switzerland, Taiwan, Turkey, UAE and USA. In Italy, Azimut Capital Management SGR sells and manages Italian mutual funds, Italian alternative investment funds, as well as being active in the discretionary management of individual investment portfolios. Furthermore, Azimut Capital Management SGR distributes Group and third-party products in Italy via a network of financial advisors while Azimut Libera Impresa focuses on the alternatives business. The main foreign companies are Azimut Investments SA (founded in Luxembourg in 1999), which manages the multi strategy funds AZ Fund 1 and AZ Multi Asset, and the Irish Azimut Life DAC, which offers life insurance products.

Contacts - AzimutHolding S.p.A.

www.azimut-group.com

Investor Relations	Media Relations
Alex Soppera, Ph.D.	Maria Laura Sisti (Esclapon & Co.)
Tel. [phone]	Tel. [phone]
Email:[e-mail]	Email:[e-mail]
	Viviana Merotto
	Tel. [phone]
	Email:[e-mail]

1. Subject to confirmation from the B.o.D. on 9 March 2023
2. Additional periodical information voluntarily disclosed by Azimut Holding based on Article 82-ter of the Consob regulation.

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CONSOLIDATED RECLASSIFIED INCOME STATEMENT

	€/000		3Q 2022	3Q 2021	9M 2022		9M 2021
	Entry commission income		1,765	3,397	8,044	10,926
	Recurring fees		273,711	249,852	825,979	705,785
	Variable fees		-5,530	12,736	34,443	40,115
	Other income		7,727	7,243	29,753	18,999
	Insurance revenues		24,985	26,649	70,648	90,494
	Total Revenues		302,658	299,877	968,867	866,319
	Distribution costs		-90,280	-105,581	-327,478	-305,854
	Personnel and SG&A		-64,706	-64,741	-200,260	-182,048
	Depreciation, amortization & provisions		-8,548	-9,053	-26,044	-25,090
	Operating costs		-163,532	-179,375	-553,782	-512,992
	Operating Profit		139,126	120,501	415,085	353,327
	Finance income		2,791	2,943	5,474	10,618
	Net non-operating costs		-531	-1,717	1,242	-3,899
	Finance expense		-2,151	-4,203	-8,187	-12,591
	Profit Before Tax		139,237	117,525	413,614	347,454
	Income tax		-27,718	-14,945	-104,438	-54,648
	Deferred tax		-3,611	-4,153	2,701	34,340
	Net Profit		107,906	98,427	311,877	327,147
	Minorities		7,326	2,043	9,579	4,706
	Consolidated Net Profit		100,580	96,384	302,298	322,441
	CONSOLIDATED NET FINANCIAL POSITION
	€/000			Sep-22		Jun-22			Dec-21
	Bank loan			-305		-322		-350
	Azimut 17-22 senior bond 2.0%			0		0		-355,261
	Azimut 19-24 senior bond 1.625%			-503,884		-501,726		-497,417
	Total debt			-504,189		-502,048		-853,028
	Cash			318,239		254,297		180,044
	Cash equivalents			168,307		153,615		406,773
	UCI units & government securities			381,680		379,747		674,695
	Cash & cash equivalents			868,226		787,659		1,261,512
	Net financial position			364,037		285,611		408,484
	Lease Liabilities (IFRS 16)			-42,060		-39,125		-44,981
	Net financial position incl. IFRS 16			321,977		246,486		363,503

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CONSOLIDATED INCOME STATEMENT

€/000	3Q 2022	3Q 2021	9M 2022	9M 2021
Fee and commission income	269.970	264.554	873.728	753.081
Fee and commission expense	-86.509	-100.581	-306.308	-285.232
Net fee and commission income	183.461	163.973	567.420	467.849
Dividends and similar income	5.527	403	8.490	1.559
Interest income and similar income	222	330	2.166	1.912
Interest expense and similar charges	-2.694	-4.805	-11.181	-14.361
Profits (losses) on disposal or repurchase of:	62	72	188	-198
b) financial assets at fair value through other comprehensive income	62	72	188	-198
Net gains (losses) on financial assets and financial liabilities at FVTPL	582	2.869	-5.477	9.228
a) assets and liabilities designated at fair value	19	4.169	307	5.604
b) other financial assets compulsorily measured at fair value	563	-1.300	-5.784	3.623
Net premiums	523	2.185	3.919	7.115
Net profits (losses) on financial instruments at fair value through profit or loss	64.287	96.934	228.198	285.853
Net profits (losses) on financial instruments at fair value through profit or loss	580	3.928	21.217	-2.871
Redemptions and claims	-29.831	-65.591	-151.231	-168.156
Net Margin	222.719	200.296	663.709	587.930
Administrative expenses	-76.506	-74.854	-242.610	-214.282
a) personnel expenses	-39.465	-39.374	-119.133	-106.100
b) other expenses	-37.041	-35.480	-123.477	-108.182
Net accruals to the provisions for risks and charges	2.972	-1.957	3.531	-10.353
Net impairment losses/reversal of impariment losses on property and equipment	-3.015	-3.022	-9.929	-8.857
Net impairment losses/reversal of impariment losses on intangible assets	-5.341	-5.883	-16.866	-15.849
Other administrative income and expenses	1.081	2.950	7.767	8.046
Operating Costs	-80.809	-82.767	-258.107	-241.294
Profit (loss) on equity investments	-2.674	-4	8.012	819
Pre-tax profit (loss) from continuing operations	139.236	117.525	413.614	347.454
Income tax	-31.330	-19.098	-101.737	-20.307
Net profit (loss) after tax from continuing operations	107.906	98.427	311.877	327.147
Net profit (loss) from continuing operations	107.906	98.427	311.877	327.147
Profit (loss) for the period/year attributable to minority interest	7.326	2.043	9.579	4.706
Net profit (loss) for the period/year	100.580	96.384	302.298	322.441

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