Q1 2021 Results - Azimut Group

Azimut GroupQ1 2021 Results

May 13th, 2021

2

• Q1 2021 Highlights 3

• Asset Management & Distribution 15

• Q1 2021 Financials 22

• Summary & Outlook 25

• About Azimut 29

Table of Contents

3





• About Azimut 29

Table of Contents

4

Q1 2021: key highlights

Source: Company data.

Note (*): Excluding Performance fees to be cashed in at 31/12/2021.

Net Inflows 2021 YtD

+4.2%

€10.3bn

€97mn

Net WAP 2021 YtD Net Profit*

+2% vs Azimut Morningstar Index

of which € 0.4bnin Private Markets

+100% vs. 1Q20

€1.8bn

Total

Managed Products

5

➢ JV with Epic

➢ Token, Synthetic Bank, new

Azimut Investments products

➢ Azimut Marketplace

➢ KAAN, MZK

➢ Bezos/Moross Deal (Highpost)

➢ €97 million Net Profit

➢ P101 Deal

A recap of key initiatives over the last 12 months


5

➢ 5 headed

Hydra➢ € 370 million

Net Profit

➢ €1 dividend

➢ New pricing on

Lux funds

➢ New Bond for €

500mn

➢ Launch of NY-

based Azimut

Alternative

Capital

Partners

FY 2020

2H 2020ESG

1Q 2020FY 20194/2019

➢ Completed reorganization

of Lux funds + Azimut Life

➢ First MBO closed

➢ Launch of second MBO

➢ Azimut

Capital Tech

➢ INWIT

➢ Kennedy Lewis

➢ Genesis

➢ Sanctuary Wealth

2021 YTD

2Q 2020

➢ € 382 milion

Net Profit

➢ € 1 dividend

M&A Business Development Financial Results TimoneLegend:

6

Q1 2021: Revenues

Recurring Fees breaking new records with a strong margin stability and recovery


Recurring Fees (€mn) Consistent growth and margin stability over time

Total Revenues (€mn)

193,2

218,6

1Q 2020 1Q 2021

227,4

273,5

1Q 2020 1Q 2021

193

185

194

201

219174

178 177 178181

100

110

120

130

140

150

160

170

180

190

100

120

140

160

180

200

220

240

1Q 2020 2Q 2020 3Q 2020 4Q 2020 1Q 2021

Recurring Fees Bps

7

93 96

1Q 2020 1Q 2021

53 52

1Q 2020 1Q 2021

Q1 2021: Expenses

Expenses growing 0.2x Revenues and creating positive operating leverage


Distribution Costs (€mn) Operating Expenses & Cost/Income evolution

SG&A (€mn)

9382 85

96 96

53

52 52

55 56

7

7 8

8 8

50%45% 43%

48%

40%

-90%

-70%

-50%

-30%

-10%

10%

30%

50%

0

20

40

60

80

100

120

140

160

180

200

1Q 2020 2Q 2020 3Q 2020 4Q 2020 1Q 2021

Distribution Costs SG&A Other Cost / Income

152

141 144

160 160

4.3

8

Q1 2021: Net Profit

One of the best Quarterly Net Profit in history, and highest ever on a Recurring basis


Note: Recurring Net Profit excludes the Performance Fees.

Net Profit (€mn)

Recurring Net Profit (€mn)

39

86

1Q 2020 1Q 2021

49

97

1Q 2020 1Q 2021

Strong Net Profit result, on track with FY 2021 Target (€mn)

97

350

0

50

100

150

200

250

300

350

400

1Q 2021 FY 21 Target

Potential

performance

fees to be

cashed in at

31/12/2021

9

Q1 2021: Net Inflows by product type

Q1 2021 Net Inflows vs. Q4 2020


Note (*): Including Sanctuary M&A.

Q4 2020 Net Inflows (€mn) Q1 2021 Net Inflows (€mn)

628

220 203

-42

106

1.116

-50,0

150,0

350,0

550,0

750,0

950,0

1150,0

1350,0

Funds and

Insurance

Private

Markets

Individual

Managed

Advisory Under

custody

Total

-54

1.360

229205

8.070

-50,0

150,0

350,0

550,0

750,0

950,0

1150,0

1350,0

Funds and

Insurance

Private

Markets

Individual

Managed

Advisory Under

custody

Total

8,070 9,437

-54

*+117%

10

27.932.4

35.9 37.9 37.042.0 43.4

47.2

2.1

4.3

7.7

12.5 13.8

17.117.0

25.6

2014 2015 2016 2017 2018 2019 2020 Apr 2021

Italy International

60.4

Record AUM and International Business reaching 35% of Total


Note (1): Figures referred to Managed Assets.

Group Inflows & AUM evolution

Total Assets reaches record high of€73bn including the most recentacquisition of Sanctuary Wealth

International business stands at 35%of Total, record level for the Group

€2.4bn in Private Markets at end-April

Jan – Apr 2021 Net Inflows: €10.3bn(€3.4bn organic), of which

€0.4bn from Private Markets

Alternatives at end April 2021 up to 4%of Total AuM vs 3% end of 2020

AUM breakdown (1):30.0

59.1

Total Assets breakdown (€bn)

36.7

43.6

50.4

*

50.8

72.9

Mutual Funds

60%Alternatives

4%

Life Insurance

23%

Discretionary Portfolio

Management 10%

Advisory 3%

87%

11

Venture Capital

Infrastructure - ESG

Private Equity

Private Credit

Private Markets AUM

# of Products

€2.4 bn of Total AuM, a growth of 4x vs. the beginning of 2020

Private Markets development & snapshot

Source: Company data.Note(*): Including products already reaching first closing phase and products in fundraising.

AuM breakdown by category

AuM breakdown by region

Italy

79%

US

21%

Global Private Market Offering Evolution (€bn)

186

2.40.6

1.2

0.9

0.25

0.13

0.3

0.3

Today1/1/2020 SPAC

6%

Private

Credit

50%

Private

Equity

29%

Venture

Capital

5%

Infrast. -

ESG

10%

*

12

Q1 Highlights: Synthetic Bank

Azimut Synthetic Bank– Azimut Capital Tech

ELTIF Capital

Solutions

Several RAIF

Vehicles

Eltif Digital

Lending

FIA Private

Debt

Multistrategy

Fintech • Efficient use of

resources

• Technology

leverage

• "Just-In-Time” to

Market

Yield extracted from

(+) Illiquidity Premium &

(-) Credit Risk

5%+Synthetic Bank

SMEs

13

Q1 Highlights: Azimut Token

Disrupting the financial services industry with the first security token issued by an asset manager

First security token

issued by an asset

manager in the world

• Digital securitization of loan

portfolio to Italian SMEs

• Medio Credito Centrale

guarantee equal to 90% of the

portfolio

• Negotiable Token on digital

market place, in partnership with

Sygnum Bank

• Diversification of asset

management and alternative

investment funds

Ticker: AZIM

Size: € 5 mln

14

Q1 Highlights: deal with Bezos/Moross families and US growth

Source(s): Company materials

Note: Kennedy Lewis and HighPost including all Employees and

Investment Professionals

AZ US Holdings

Wealth Management

/ DistributionPrivate Markets

~ $11bn Assets under Management

~ 100 Employees

~ 150 FinancialAdvisors

~ 28 Investment

Professionals

Growing through an integrated business modelLatest Developments in the US market

HighPost

Azimut acquired a 12.5% stake in HighPost, with optionsto increase to 24.9%

Mark Bezos and David Moross founded HighPost in 2019,combining Moross’ investment experience in theconsumer, sports & media sectors with the Bezos family’sexpertise and network in the global consumer industry

HP focuses on making control investments in consumer-focused companies

HP’s investment team is led by Kevin Mailender, a formerPartner at Oak Hill Capital with 18+ years of privateequity experience in the consumer and retail sectors

Sanctuary Wealth

Transaction completed in February 2021

AUM grown +39% from $7bn to $9.7bn at the end of April

Recruited Partner firms increased from 41 to 50

Strong pipeline confirmed for the remainder of 2021

Focus on profitability and integration with Azimut’sprivate markets products (and potentially also traditionalones in the future)

15





• About Azimut 29

Table of Contents

16

Azimut Sustainable aims to promote investments in compliance withESG criteria and effectively communicating to our clients the benefitsof complying with these criteria.

ESG INTEGRATIONProducts that promote environmental or social characteristics as per the latestSustainable Finance Disclosure Regulation (SFDR) → 29 AZ Fund 1 products

already comply with this regulation for €11bn of AUM

IMPLEMENTATION OF THE "EXCLUSION LIST“Investments in companies operating in sectors considered to be unsustainableand/or which may entail significant environmental and social risks are

excluded. → All AZ Fund 1 products implement the exclusion list in its

investment process

MSCI ESG RATINGAttribution of an ESG rating to all AZ Fund 1 sub-funds, based on the MSCI ESGResearch principles. → More than €20bn of AUM (approx. 80 sub-funds) are

consistent with a rating of at least "BBB".

Azimut Investments S.A. implemented ESG criteria in its investment process through:

ESG Focus

The core pillars of Azimut Sustainable, consistently increasing the Group’s ESG investments

17

Our ESG Product Range today

FIXED INCOME

AZ Bond - Convertible

AZ Bond - Green & Social

AZ Bond - Hybrids

AZ Bond - Patriot

AZ Bond - Sustainable Hybrid

AZ Bond - Target 2024

AZ Bond - Target 2025

AZ Bond - US Municipal SRI

EQUITY

AZ Equity - America

AZ Equity - Borletti Global Lifestyle

AZ Equity - Escalator

AZ Equity - Environmental FoF

AZ Equity - Europe

AZ Equity - Food & Agriculture

AZ Equity - Global ESG

AZ Equity - Global Growth

AZ Equity - Global Infrastructure

AZ Equity - Long Term Equity Opportunities

AZ Equity - Small Cap Europe Fof

AZ Equity - Water & Renewable Resources

AZ Equity - World Minimum Volatility

ALLOCATION

AZ Allocation - Asset Timing

AZ Allocation - Global Balanced

AZ Allocation - Global Conservative

AZ Allocation - Global Income

AZ Allocation - Italian Trend

AZ Allocation - Trend

ALTERNATIVE

AZ Alternative - Capital Enhanced

AZ Alternative - Core Brands

ESG: € 11 bn of AUM and over 40% of Lux Funds

ALTERNATIVE

Infrastrutture per la

crescita - ESG

PENSION FUNDS

Azimut Sustainable

Future

18Source: Company data at 31/03/2021 and Bloomberg

Risk free: MTSIBOTR Index.

Steady recovery since the 2020 disruption, clients in 2021 are enjoying a +4% Net Performance

Azimut Net Weighted Average Performance to clients

-15,00%

-10,00%

-5,00%

0,00%

5,00%

10,00%

15,00%

Azimut Net WAP Risk Free

+14%

19

Snapshot of Azimut Funds Performance

Azimut Funds vs. Morningstar index


Equity Fixed Income

Allocation Alternatives (Commodities, ILS and Merger Arb)

-20,0%

-10,0%

0,0%

10,0%

20,0%

30,0%

40,0%

50,0%

Azimut Mstar

-8,0%

-6,0%

-4,0%

-2,0%

0,0%

2,0%

4,0%

6,0%

8,0%

Azimut Mstar

-15,0%

-10,0%

-5,0%

0,0%

5,0%

10,0%

15,0%

20,0%

Azimut Mstar

-15,0%

-10,0%

-5,0%

0,0%

5,0%

10,0%

15,0%

Azimut Mstar

Azimut Morningstar Index Azimut Morningstar Index

Azimut Morningstar IndexAzimut Morningstar Index

20

Azimut Group Italian Funds’ Industry

Source: Company out of Assogestioni monthly figures. Assogestioni excludes

foreign operations. Azimut includes consolidated numbers at Group level. Industry

has been annualized at March 21. Note(*): Including Sanctuary acquisition

Group total Net New Money as % of AuM: consistently above Italian industry levels

Net Inflows – Azimut Group vs. Avg. Italian Industry

Azimut average: +12.0%

Industry average:

-0.8%

-25%

-15%

-5%

5%

15%

25%

-25%

-15%

-5%

5%

15%

25%

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Apr2021

*

21

Average Age Avg. Assets (€mn) % of Managed Assets

Financial Advisors Wealth ManagersSource: Company data and Assoreti.

Note: Net Inflows from Assoreti are into Managed Products. Listed peers

include Banca Generali, FinecoBank, Banca Mediolanum

Attracting talent and professionals in Italy with 64 hires YTD

Italy: A focus on Financial Advisor #s

Azimut Italian Network (1,833 FAs)

Average Age Avg. Assets (€mn) % of Managed Assets

Financial Advisors Wealth Managers

53 53

18

50

91 91

Assoreti #s in context: Net Inflows* per FA

190

12

-4-20

80

180

280

380

480

Azimut Listed Peers Industry

Average

1Q 2020

505 496

410

-20

80

180

280

380

480

Azimut Listed Peers Industry

Average

1Q 2021(€ ‘000)

22





• About Azimut 29

Table of Contents

23

Consolidated reclassified Income Statement (IAS/IFRS Compliant)

Source: Company data

Note (*): Excluding Performance fees to be cashed in at year end.

Income Statement

€/000 1Q 2021 1Q 2020

Entry commission income 3,690 2,438

Recurring fees 218,597 193,192

Variable fees 10,961 9,519

Other income 4,112 3,634

Insurance revenues 36,165 19,221

Total Revenues 273,525 228,003

Distribution costs (95,569) (92,882)

Personnell and SG&A (56,247) (52,691)

Depreciation, amort./provisions (7,724) (6,548)

Operat ing cost s (159,539) (152,122)

Operating Profit 113,987 75,882

Interest income 5,944 (14,340)

Net non operating costs (965) (481)

Interest expenses (4,171) (4,320)

Profit Before Tax 114,795 56,741

Income tax (14,525) (7,304)

Deferred tax (1,937) 2,547

Net Profit 98,333 51,983

Minorities 1,521 3,470

Consolidated Net Profit 96,812 48,513

*

24

€/000 31/03/2021 31/12/2020 31/03/2020

Amounts due to banks: (45,012) (44,782) (59,491)

Loan BPM (45,012) (44,782) (59,491)

Securities issued: (848,762) (851,805) (849,417)

Azimut 17-22 senior bond 2.0% (349,685) (354,888) (349,319)

Azimut 19-24 senior bond 1.625% (499,077) (496,917) (500,098)

TOTAL DEBT (893,774) (896,587) (908,908)

CASH AND CASH EQUIVALENTS 1,041,593 927,119 1,017,078(41,560) (43,132)

NET FINANCIAL POSITION 147,819 30,532 108,170

Lease Liabilit ies IFRS16 adopt ion (47,253) (41,560) (42,631)100566 -11028 65539

NET FINANCIAL POSITION (including IFRS16 impact) 100,566 (11,028) 65,539

Net Financial Position (IAS/IFRS Compliant)

Net Financial Position


NFP at the end of March does not include the 1 euro cash dividend to be paid on May

26th 2021

Treasury shares (not booked within the NFP) stand at 3.5% as of 31/03/2021

Lease liabilities do not constitute a cash item

Loan with BPM to be fully reimbursed by the end of the year

25





• About Azimut 29

Table of Contents

26

Summary & Outlook


Note: Consensus from Bloomberg.

Q1 2021 had a promising start; focused to deliver yet again on announced targets

(Excluding

Sanctuary)

350Net Profit (€mn)

97

Q1 2021Actual

FY 2021

Consensus: 311

FY 2021 Target

4.5Net Inflows(€bn)

3.4

April 2021

FY 2021

Consensus: 4.1

FY 2021 Target

Q1 1H 9M

Q1 1H 9M

27

Summary & Outlook


Note: Q1 2021 excludes performance fees (to be cashed in at year end)

Constantly evolving our business to continue growing profitably and sustainably

11. 13.9

15.713.0

15.8 16.5 16.519.6

24.0

30.0

3 .7

43.6

50.4 50.8

59.1 60.4

72.90.51%

. 0.74%

0.31%

0.91%

0.66% 0.52%

.

0.81%

.

0.86%

0.52%

0.56%

0.30%

0.85% .

0.80%

-0. 80%

-0. 60%

-0. 40%

-0. 20%

0.00%

0.20%

0.40%

0.60%

0.80%

1.00%

06

26

46

66

86

106

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 1Q21

Total Assets (EUR bn) Net Profit / Total Managed AUM Linear (Net Profit / Total Managed AUM)

11.613.9 15.7

13.015.8 16.5 16.5

19.624.0

30.0

36.7

43.6

50.4 50.8

59.1 60.4

72.9

0.51%

0.69%0.74%

0.31%

0.91%

0.66%

0.55%

1.00%

0.80%0.72%

0.85%

0.52%

0.57%

0.31%

0.86% 0.82% 0.80%

-2.00%

-1.50%

-1.00%

-0.50%

0.00%

0.50%

1.00%

6.0

26.0

46.0

66.0

86.0

106.0

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 1Q21

Total Assets (EUR bn) Net Profit / AUM Linear (Net Profit / AUM)

28

Summary & Outlook


Going forward

➢ €350 million Net Profit target for 2021 confirmed (under normal market conditions)

➢ Italy:

➢ Continue product deployment (public & private) and improve network efficiency

➢ Improving recruitment in 2021 (+64 new FAs at Apr. 2021)

➢ Top-line margin expected to remain consistent (under normal market conditions)

➢ International:

➢ Continuing developing the Global Asset Management team thanks to competencies around the world

➢ Focus on developing an integrated business (production and distribution) in several markets globally (USA, Australia, Brazil, etc.)

➢ Improving profitability

➢ Private Markets:

➢ Reached €2.4bn in AUM, growing consistently

➢ Actively fundraising on different products across the Alternatives space

➢ Set to continue growing both domestically and through our US hub

29





• About Azimut 29

Table of Contents

30Source: Company data

A diversified business model for sustainable, l/t growth

Azimut.

Public Markets Private MarketsEmerging/International

Markets

➢ Mutual Funds

➢ Separate Managed Accounts

➢ Unit Linked & Advisory

➢ Private Equity, Private Credit and Club Deals

➢ VC & Start-Ups

➢ R.E and Social Infra.

➢ Local Asset Management

➢ Mutual Funds

➢ SMAs

Total Assets Evolution (€bn) 2024E Assets Breakdown

35%

50%

>15%

Traditional /

Developed Markets

Private Markets &

Alternatives International

and/or Emerging

Markets

Integrated Distribution and Asset Management platform

~€4 bn ~€2.4bn ~€25bn

8,7 11,6 13,9 15,7 13,0 15,8 16,5 16,5 19,624,0

30,036,7

43,650,4 50,8

59,1 60,4

72,9

31

Azimut overseas business stands at 35% of Total Assets at April 2021

Azimut international presence


BrazilChileMexicoUSA

AustraliaChinaHong KongSingaporeTaiwan

Ireland MonacoItaly Switz.Lux. TurkeyU.A.E. Egypt

Distribution

Asset Management

Private Markets

32

2024Today

2.4

10+

A new business segment

aimed at generating additional long

term performance to clients and returns

for shareholders

Private Markets division update

Private Market AUM Evolution

+7.6

2019

0.6

€ bn

33

Azimut Group Structure

Source: Company data as at 31/03/2021. Note (1): Controls distribution companies M&O Consultoria, FuturaInvest and Azimut Brasil Wealth Management. Note (2): controls AZ Sinopro Insurance Planning. Note (3): Controls 100% of CGM Italia SGR. Note (4): 30% is owned by Azimut Capital Management and 19% by Azimut Financial Insurance, both fully owned by Azimut Holding. Formerly AZ Fund. Note (5): controls SDB Financial Solutions. Note (6): Closed in Feb. 2021.

Azimut Holding(Listed: AZM.IM)

Asset

Management

Distribution

Life

Insurance

PrivateMarkets

Azimut Investments(4)

(1999)

100%

100% Azimut Capital Management (2004)

Azimut Financial Insurance (2015)

100%

Azimut Life(2003)

100%

Azimut Enterprises(2014)

Azimut Libera ImpresaSGR (2014)

100%

100%

AZ International Holdings(6)

(2010)

An Zhong (AZ) IM(2011)

AZ IM HK(2011)

AZ IM(2011)

AZ Swiss & Partners (5)

(2012)

100%

100%

62%

Katarsis CA(2011)

AZ IM Singapore(2013)

100%100%100%

AZ Brasile Holdings(2013)

AZ Quest(2015)

98%

AZ Sestante(2015)

100%

Azimut Portföy(2011)

CGM-Azimut Monaco(3)

(2011)

100% 100%

AZ-México Holdings S.A. de CV (2014)

AZ Sinopro FP(2013)

AZ Sinopro IP(2)

(2013)

51%

100% 100%

100%

AZ NGA(2014)

59%

AZ Andes SpA(2015)

100%

AZ Apice LLC(2016)

AZ US Holdings(2015)

83%

100%

100%

100%

Azimut (DIFC)(2017)

100%

Màs Fondos S.A.(2014)

Azimut Egypt AM (2019)

100%

Azimut (ME)(2019)

100%

AACP (2019)

96.5%

Genesis LLC(2020)

51%

Sanctuary Wealth Group(6) (2020)

55%

Azimut Brasil WMHolding(1)

(2015)

90%

AZ Brasil Holdings(2013)

100%

34Source: Company data

Azimut Group business overview

Azimut Holding(Listed: AZM.IM)

Ireland

Singapore

Brazil

Hong Kong China

Brazil

Switzerland Turkey

Private MarketsLife

Insurance

Ireland

EM

EA

Mexico

ASIA

-PA

CIF

IC

ItalyItaly Luxembourg Italy

Asset Management Distribution

Monaco

TurkeyMonaco

Australia

AM

ER

ICA

S

Chile USA

Mexico

Switzerland

UAE

UAE

Egypt

Egypt

USA

Taiwan Australia

Hong Kong Singapore

China

Luxembourg

35

Breakdown by asset class reflecting client behaviour and risk appetite

Source: Company data at 31/03/2021

Note: Numbers in bracket refer to previous

quarter.

AuM by Category

Azimut funds breakdown

AuM by Underlying Asset

Tota

l Eq

uity

: 5

0%

(46%

)

(4.2%)

(42.2%)

(42.2%)

(11.5%)

(21.1%)

(8.9%)

(35.1%)

(20.9%)

(13.9%)

Cash 13,7%

Italian

Equity 5,2%

Foreign

Equity 44,8%

Fixed

Income

36,2%

36

Investment

Grade 32,4%

High Yield

37,7%

Hybrid 13,3%

Convertible

12,5%

Securitized

2,7%

Sovereigns

1,5%

Breakdown of Equities and Fixed Income by Geography and type

Source: Company data at 31/03/2021

Note: Numbers in bracket refer to previous quarter

Azimut funds breakdown

Equities Fixed Income

(26.2%)

(25.7%)

(7.7%)

(15.4%)

(6.4%)

(18.6%)

(11.6%)

(6,3%)

(11.5%)

(31.5%)

(25.3%)

(22.8%)

37

20+ years of growth and evolution

Azimut pre-IPO history

1988

Azimut is established by

Akros Finanziaria

1990-

19921998 2001 2002 2004

Pietro Giuliani and the most of the current top management join the

company and start the recruitment of top level

professionals for the distribution network (organised in 6 regional

companies) and the fund managers team.

Promotori

Azimut Holding

Azimut

Piemonte

Azimut

Centro-sud

Azimut

Liguria-Toscana

Azimut

Adriatica

Azimut

TrivenetoAzimut

Lombardia

20%

80%

Bipop-Carire acquires Azimut,

which continues to operate

independently.

As a result of the Bipop restructuring, Azimut’s

management buys out the business backed up by Apax Partners. Approximately 700 people invested in the MBO,

completed in June 2002.The 6 regional

distribution companies merged

into Azimut Consulenza SIM.

Management

and Promotori

Azimut Consulenza SIM

Azimut Holding

100%

35%65%

Apax Partners

Azimut’s Initial Public Offering

(AZM.IM) on July 7th, 2004

38

A dynamic Group at the verge of product and corporate innovation

Azimut post-IPO development

20

04

20

10

20

11

20

12

20

13

Azimut IPOInsurance: AZ Life

(Ireland)

AZ International

Holdings

JV in China

JV in Turkey

JV in Monaco

JV in Switzerland

Launch of

participating

financial instruments

AZ Swiss

Private Insurance

Libera Impresa

JV in Taiwan

JV in Brazil

JV in Singapore

Convertible bond

Azimut 2013-2020

2.125%

Source: Azimut

20

14

JV in Mexico

Second Turkey JV

JV in Australia

20

15

Strengthened and

rationalized Turkey

Strengthened Brazil

Futurimpresa

(Private Equity)

Growing in Australia

JV in Chile

20

16

Strengthened Australia

Strengthened BrazilExpanded in Switzerland

Out of the CRD IV regime

20

17

Obtained a

BBB Rating

New Senior Bond

JV in U.A.E.

Share buybacks

Strengthened CH

Expansion in Australia

20

18

Timone MBO

Strengthened

Australia

Total Assets (€bn)

20

19

New management

team

JV in Egypt and USA

Repricing recurring

fees

New financing

Re-Launch of Private

Markets

20

20

New Timone MBO

Expand US

(Private Market

& Distribution)

Acquisition of

Sanctuary

11,6 13,9 15,7 13,015,8 16,5 16,5

19,624,0

30,0

36,7

43,6

50,4 50,8

59,1 60,4

72,9

39

A proven product and geographical diversification is ever more crucial

Product & Geographical diversification

Italy Asia-Pacific EMEA Americas

65% 10% 7% 18%

50% 50%

✓ ✓ ✓ ✓

✓ ✓ ✓ ✓

✓ ✓ ✓

Apr. 2021

Total Assets

2021 YtD

Net Inflows

Mutual Funds

Separated

Accounts

Private

Markets


Note: Net Inflows 2021 YtD exclude the Sanctuary AUM consolidation

40

100% Azimut Portföy(Asset management & distribution)

AZ International Holdings

(2010)

2011: Start of a building block leading us to become the largest independent player in Turkey

International expansion – Turkey

In 2011 Azimut entered the Turkish market through AZ

International Holdings S.A. (“AIH”) with the aim of

growing on both the production and distribution sides

of the business

In October 2014 Azimut acquired 70% of Notus, a

Turkish independent asset management company.

Notus manages discretionary portfolio mandates for

individual and corporate clients ensuring diversified

and efficient asset allocation plans across local and

international markets.

In December 2014 Azimut acquired 100% of AZ Global

(renamed Azimut Portfoy) to continue its growth plans

in Turkey

In January 2015 Azimut reached an agreement to

acquire 70% of Bosphorus Capital (later merged into

Azimut Portfoy).

In September/October 2015 Azimut announced the

reorganization of it’s Turkish platform to extract stronger

commercial synergies and operational efficiencies,

concentrating it’s business in Azimut Portfoy

The commercial and industrial integration within Azimut

Portföy creates the Turkish largest independent player

with a 5% market share

41

100% Azimut Egypt AM (2019)

AZ International

Holdings (2010)

2019: Enter the Egyptian asset management industry

International expansion – Egypt

In 2019 Azimut entered the Egyptian market through AZ

International Holdings S.A. (“AIH”) with the aim of

growing on both the production and distribution sides

of the business

In January 2019 Azimut acquired 100% of Rasmala

Egypt, a Egyptian independent asset management

company. Rasmala Egypt manages conventional and

Shariah compliant portfolio management in Egypt with

AUM of EGP 8.46bn (USD 474mn).

The Company has a high quality team of portfolio

managers and analysts with 10 investment

professionals managing a range of strategies

embedded in public funds and mandates for local

Sovereign institutions, international Sovereign Wealth

Funds, pension plans, public banks and HNWI.

The team’s track record includes periods of extended

instability and volatility for local markets with an overall

624% accumulated returns over the period 2005-June

2018 in local currency, well above 537% for EGX 30 and

324% on average for local funds.

As of 2017 the Arab Bank Corporation Equity Fund,

managed by Rasmala Egypt, ranked first for 3, 5 and 6

years performance

42

AZ Swiss & Partners(2012)

2011: Start of a building block to create an independent asset management player

International expansion – Switzerland

AZ Swiss & Partners was established in 2012 and, on

January 2016 following the acquisition of Augustum

Opus, has received the authorization from the FINMA,

the Swiss Financial Market Supervisory Authority, to

operate under a LICol license.

In June 2016 AZ Swiss acquired the business of Sogenel

Capital Holding S.A., which will form a new division

within AZ Swiss to be headed by Sogenel’s current

founder and CEO.

In June 2017, AZ Swiss acquired the entire equity

capital of SDB Financial Solutions S.A. (“SDB”), which

will operate as a subsidiary of AZ Swiss and will

continue to be headed by SDB’s current management

team. With this second acquisition and its organic

growth strategy AZ Swiss has achieved total AuM of

almost € 2bn) as of December 2017.

With these acquisitions AZ Swiss is starting to deploy its

strategy based on: (i) the management of mutual

funds (both UCITS and FIA) and discretionary portfolios;

(ii) the distribution of funds to qualified investors (HNW

and institutional clients); (iii) the consolidation of

independent asset managers and private bankers in

Switzerland to grow an independent wealth

management platform.

AZ International

Holdings S.A. (2010)

Katarsis CA(2011)

100%

51%

SDB Financial Solutions S.A. (2017)

100%

43

2013: Azimut enters LATAM with a JV in the Brazilian asset management market

International expansion – Brazil

In 2013 Azimut acquired 50% of Legan (later merged into

AZ Quest) focused on asset management

In 2014, Azimut acquired 50% of AZ FI Holding (later

increased to 100% and renamed Azimut Brasil Wealth

Management Holding).

Azimut Brasil WM Holding controls M&O (financial

services through advisory on asset allocation, funds

selection and financial education) and FuturaInvest

(dedicated to asset management services through

funds of funds and managed accounts).

In February 2015 Azimut acquires a 50% stake in LFI (later

renamed Azimut Brasil WM), focused on WM

In April 2015 Azimut acquired a 60% stake in award-

winning Quest Investimentos, focused on equity

products and one of Brazil’s best-performing managers.

In Q2 2020, Azimut completed a corporate restructuring

integrating production and distribution

Local partners switched shares in their respective AM

and WM businesses into shares of a

newly set up Holding entity controlling a fully integrated

platform. Azimut increased it’s stake in AZ Quest to 81%.

AZ International Holdings S.A.

(2010)

AZ Brasile Holdings Ltda(2013)

100%

Azimut Brasil WMHolding S.A. (2015)

90%

M&O Consultoria Ltda(2013)

FuturaInvest Gestão deRecursos Ltda (2013)

100%

100%

Azimut Brasil WealthManagement (2015)

90%

AZ Quest(2015)

81%

44

2014: Azimut expands LATAM with a JV in the Mexican market

International expansion – Mexico

100%

100%

AZ International

Holdings (2010)

On 17th June 2014 Azimut through its subsidiary AZ

International Holdings S.A. (“AIH”) acquired 82.14% of

Profie S.A. (renamed AZ Mèxico) a Mexican holding

company controlling the entire equity capital of Más

Fondos S.A. (“Más Fondos”), Mexico’s largest pure

independent asset management distribution company.

Through this partnership, Azimut and Más Fondos will

cooperate to develop an integrated platform centred on

a proprietary financial advisors network working in an

open-architecture environment to exploit the growth

potential of the Mexican market.

In 2015 Azimut increased its stake in Màs Fondos (to 94%),

reaffirming commitment to build a fully integrated

platform

On the 2nd January 2017 Mas Fondos started fund

management operations in Mexico with the launch of

two local products and an additional one being

launched in the 2H 2017. The launch of the first two funds

is allowing us to continue building an integrated platform

and increase overall profitability. At the 30th of June

about 25% of Mas Fondos asset are managed on the two

funds.

AZ-Mèxico HoldingsS.A. de CV. (2014)

Màs Fondos S.A.(2014)

45

100%

AZ US Holdings(2015)

AZ International

Holdings (2010)

2015: Enter the USA asset management industry

International expansion – USA

In 2015 Azimut entered the US market with the set up of

AZ Apice, focusing on wealth management targeting

HNW and leveraging our Latin America presence. In

2020, this segment was further strengthened by the

acquisition of Genesis Investment Advisors

In 2019 Azimut entered the US private markets space

through Azimut Alternative Capital Partners (AACP),

investing minority GP stakes in alternative asset

managers. AACP completed its first deal in July 2020

with the acquisition of a 20% stake in top tier Private

Credit manager Kennedy Lewis and in March 2021

acquired a 12,5% stake in HighPost, US Consumer

Private Equity founded by Bezos and Moross families

In Nov. 2020 Azimut announced the acquisition of a

55% stake in Sanctuary Wealth, leading wealth

management firm focused on aggregating elite

Financial Advisors across the US with $7.4bn AUM. The

deal completed in Feb. 2021.

AZ Apice LLC(2016)

83%

AACP (2019)

97%

➢Kennedy Lewis (2020)20%

Genesis LLC(2020)

51%

Sanctuary Wealth Group (2021)

55%

➢HighPost (2021)12.5%

46

An Zhong (AZ) IM (2011)


(2010)

100%

100%

AZ Investment Management(2011)

An Zhong (AZ) IM HK(2011)

100%

2010: Definition of a frame agreement with local entrepreneurs/partners

International expansion – China / HK

An Zhong (AZ) Investment Management in Hong Kong is

the Holding company. Azimut, through the Holding

company, oversees the operating subsidiaries and has

relocated 3 Senior PMs from Luxembourg. Azimut

manages one of the largest RMB fund in the world

Through the operating subsidiaries Azimut aims at

creating a regional hub and developing local production

and distribution of asset management products and

investment advisory services with a focus on qualified

investors.

In June 2018, AZ Investment Management (Shanghai) has

been granted registration as Private Fund Manager (PFM)

by the Asset Management Association of China (AMAC) -

a self-regulatory organization that represents the mutual

fund industry of China. Azimut is the first eurozone based

asset manager to have obtained the license, assigned to

a limited and selected number of international asset

managers.

The license will allow Azimut’s subsidiary to launch,

manage and offer onshore investment products to

institutional and high net worth investors (HNWIs) in

Mainland China.

47


(2010)

2013: Azimut widens its Asian presence with a JV in the distribution business in Taiwan

International expansion – Taiwan

AZ Sinopro FP(2013)

AZ Sinopro Investment Planning Ltd (2013)

51%

100%

On 27th June 2013 AZ International Holdings S.A.

(“AIH”) and An Ping Investment (later renamed

AZ Sinopro Financial Planning), a Taiwanese

holding controlling the entire capital of Sinopro

Financial Planning Taiwan Limited (“Sinopro”),

signed an investment and shareholders

agreement to start a partnership in the

distribution of asset management products in

Taiwan.

In particular, Azimut purchased 51% of An Ping

Investment’s capital from its existing shareholders

for an investment of ca. € 3mn to finance the

business development activities, and has also

call/put option rights.

The partnership increases Azimut presence in the

Asian market together with a strong and

dedicated financial planning and distribution

partner, which will contribute in developing the

financial knowledge and will respond to planning

and financial consulting needs of Taiwanese

investors

AZ Sinopro Insurance Planning Ltd (2015)

100%

48

2013: Azimut signs a JV with a Singapore based asset management company

International expansion – Singapore

AZ International

Holdings S.A. (2010)

Based on a US$/€ exchange rate of 1:0,74

AZ Investment Management Singapore (2013)

100%

On 2nd October 2013 Azimut and Athenaeum Ltd, a

Singapore independent asset management

company, have signed an investment and

shareholders agreement to start a partnership in

the local market.

Azimut initially purchased 55% of Athenaeum’s

corporate capital through a capital increase,

which was employed to finance the business plan.

Through this partnership, Azimut and Athenaeum

will aim at maximising the potential of Athenaeum’s

existing funds and develop an internal sales

structure to service institutional and HNWI investors

in South East Asia. In addition, the partners will work

to leverage these asset management

competences via Azimut international presence

and clients.

In January 2016 Azimut acquired the remaining 45%

to extract stronger commercial synergies and

operational efficiencies abroad.

The local partners agreed to continue working

together over the long term to grow the business in

Singapore and focus on managing the local

products as well as cultivating relationships with

family offices and HNWI in the region.

49

2014: Azimut signs an agreement to enter the Australian asset management market

International expansion – Australia

AZ International Holdings S.A.

(2010)

Based on a AUD/€ exchange rate of 1:0,6948

Note: the AZ NGA controlling structure is a summarized

representation

AZ Next Generation Advisory (2014)

58%

On November 3rd, 2014, Azimut acquired a 93%

stake in Next Generation Advisory (“NGA”), an

Australian based newco established with the

purpose of consolidating financial planning

businesses providing asset allocation and advisory

services to local retail, HNW and institutional clients.

The business plan targets to reach AUD 7.6bn of

consolidated AuM (ca. €5.3bn) in the next 12 years

The Australian wealth management industry is the

largest market in the Asia Pacific region and the 4th

largest in the world. Australia has one of the world’s

leading pension system (Superannuation), which

has underpinned the growth of the Australian asset

management industry.

In August 2015, a majority stake (76%, later

increased to 100%) was acquired in Ironbark Funds

Management (RE) Ltd (renamed AZ Sestante), a

company operating as trustee and manager of

Australian mutual funds, necessary to launch and

offer funds locally.

AZ Sestante(2015)

100%

➢ Eureka Whittaker

Macnaught (2015)

➢ Pride Advice (2015)

➢ Lifestyle Financial

Planning

Services (2015)

➢ Financial Lifestyle

Partners (2015)

➢ Wise Planners

(2015)

➢ Harvest Wealth

(2015)

➢ RI Toowoomba

(2016)

➢ Empowered

Financial

Partners (2016)

➢ Wealthwise (2016)

➢ Priority Advisory

Group (2016)

➢ Sterling Planners

(2016)

➢ Logiro (2016)

➢ On-Track (2016)

➢ MTP (2017)

➢ PnP (2017)

➢ Wealthmed (2017)

➢ FHM (2017)

➢ McKinley Plowman

(2018)

➢ Spencer Fuller &

Associates (2019)

➢ Matthew Steers

(2020)

All 100%

50

100% CGM-Azimut Monaco

(Asset management)

CGM Italia SIM

(2011)

100%


(2010)

2011: Entered the Monaco market with (initially) a 51% stake

International expansion – Monaco

On 10th May 2011 Azimut through its subsidiary

AZ International Holdings S.A. (“AIH”) signed a

binding frame agreement with CGM

(Compagnie de Gestion privée Monegasque);

the acquisition of a 51% stake has been

completed on 30th December 2011.

The partnership added new competences to

Azimut Group targeting UHNWI also thanks to

CGM’s operating subsidiary in Italy.

Current CGM management entered Azimut’s

shareholders’ agreement.

In 2016, Azimut reached an agreement to

acquire the remaining 49% as of 31/12/2017

51

3,5%

21,8%

75%

Treasury Shares

Timone Fiduciaria

Free Float

Total shares issued: 143.3m Timone: a strong agreement for l/t commitment

Azimut’s shareholder base

Source: Azimut, Apr. 2021

Note (1): since receiving the shares

Timone Fiduciaria represents the shares of over

2,000 individual shareholders (FAs, employees,

managers working for Azimut) tied up in a strong

shareholders’ agreement.

In June 2018, more than 1,200 participants of the

shareholders agreement invested a total of € 100

million in Azimut shares, thereby further increasing

it’s partnership stake, now at 21% of share capital

Participants

Duration

Share lock-up

Governance

Advisors, employees and managementorganised in separate areas

3 years automatically renewed unless theabsolute majority of the voting rights refuses.Already renewed in 2016 and 2019

Part of each participant’s shares are lockedfollowing a table based on the tenurewithin the Agreement. The residual can besold at any time but subject to pre-emptionright amongst other participants. The pricefor this transfer is a 30 days rolling average.

A share trust includes 100% of the votingrights of the participants.

A committee is responsible for managingand monitoring the participants’ obligationsand rights under the agreement

Years matured(1) % of locked

shares

< 3 75%

3 - 6 66%

6 - 9 33%

> 9 25%

52

The 2018 Timone Leveraged Buy-Out

Equity €50m

In June 2018 completed the most significant investment in Azimut Holding stock since the IPO

Transaction

Summary

✓ Timone strengthened it’s stake in Azimut Holdingfrom 15.8% to 20.7% at €14.4 avg share price

✓ Participation of more than 1,200 colleagues from14 countries worldwide

✓ LBO: financed 50% through equity raised byTimone members and 50% through bank debt,secured by a pledge on shares acquired and acash collateral

✓ Peninsula joined the deal acquiring atsettlement ca. 3.8m shares (2.7% of sharecapital)

Strategic Rationale

✓ Strengthen and provide additional stability toAzimut governance with strong and renewedcommitment to the market

✓ Provide additional levered upside to existing(younger) Timone members, considering thestock is significantly undervalued

✓ Messages reinforced by the involvement of aleading financial investor (Peninsula) sharing thesame view

Timeline

✓ January 2018: Transaction announced

✓ June 2018: Transaction completed

✓ February 2020: fully repaid debt financing atTimone level through an ABB @ €23.7 per share(2x virtual return) with the remaining shares fullylocked-in

Key Metrics

Shareholding structure:

Tim

on

e: €100m Debt

€50m 7mln Azimut shares

5% stake acquired

Pre (10 May 2018) Post (10 May 2018)


9%

15%

76%

€55m

Tota

l In

ve

stm

en

t: €155m

Pe

nin

sula 3.8mln Azimut shares

2.7% stake acquired

15.8%

75%

20.7%

75%

23.3%

53

Undisputed leader in corporate and product innovation thanks to a unique business model

One step ahead: Azimut initiatives in context

International expansion

Blockchain and new technologies

Private Markets & Corporate Finance

Integrated Asset Management & Distribution model

2010 2017

Banca Generali,

Banca Fideuram,

FinecoBank

1989 2017

FinecoBank

2014 2017

Banca Mediolanum

2015 2017

… who’s next?

Banca Mediolanum

54

A balanced and complete product offering, focused on innovation and performance

Summarized Azimut product offering

Note: for illustrative purposes only, may not be not exhaustive.

Does not include FOF, Multiasset, Private Markets. Note*: Including

QBond, Qinternational. Source: Azimut as of 31/03/2021

CLASSIC INNOVATIVE

LOWER RISK

HIG

HER

RIS

K

Bond Target

Funds

Alternative – Capital

Enhanced

Income

Dynamic

Conservative Euro Aggregate

Short Term

US Short

Term Bond

America

Global Quality

Small Cap

Europe FoF

Trend

Italian Equity

European Equity

Global

Growth

European

Absolute

European

Dynamic

Equity Options

Target Funds

Global

Balanced

Global Income

CEEMEA

Multistrategy

Asia Absolute

Commodity Japan

Real Plus

Turkey

Sukuk

Global

Conservative

Allocation

Core Brands

Global Macro

Conservative RMB FundsHybrid Bonds

Arbitrage

Macro Volatility

Cat Bond Fund

Plus

Equity Options

Sustainable

Global Equity

Global

InfrastructureItalian

Excellence

Funds

US Municipal

Commodity

Alpha

Eskatos

Long/short

Europe

Fixed Income Alternative Equity Balanced Commodity

Smart Risk

Premia

New World Opportunities

Income OpportunitiesAzimut

Long Term

Brazil

TrendEgypt

China

BorlettiAZ Eltif –

OpheliaAZ Eltif – Capital

Solutions

Inflation

Linked

Green &

Social

Environmental FoF

Food &

Agriculture

Water & Renewable Resources

Momentum

Global

Aggressive

55Source: Company data.

Continuous growth throughout the decade in different market cycles

Strong, consistent growth trends

101109

120

135

148 145149

154 156 160 163173

187

198208

218 220 220

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Clients ('000)

780

881947

1,1171,205

1,2551,2891,3791,3901,396

1,4771,524

1,5761,6371,638

1,7471,7881,791

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Financial Advisors

7.2 8.711.6

13.9 15.713.0

15.8 16.5 16.519.6

24.0

30.0

36.7

43.6

50.4 50.8

59.1 60.4

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Total Assets (€bn)

0.91.2

1.91.5 1.6

0.1

1.2

0.5

1.11.5

3.2

5.6

6.7 6.56.8

4.4 4.6 4.5

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Net Inflows (€bn)

56Source: Company data as of 31/3/2021

Note: 2014, 2017 and 2018 Net Profit excludes one-offs

2010-2021 A beta stock with a strong P&L

Solid financial performance (€mln)

-160

-120

-80

-40

-

40

80

120

160

200

240

Rec. Fees Var. Fees SG&A Other Costs

57

Disclaimer – Safe harbour statement

This document has been issued by Azimut Holding just for information purposes. No reliance may be placed for any purposes whatsoever on the informationcontained in this document, or on its completeness, accuracy or fairness. Although care has been taken to ensure that the facts stated in this presentation areaccurate, and that the opinions expressed are fair and reasonable, the contents of this presentation have not been verified by independent auditors, or other thirdparties.

Accordingly, no representation or warranty, express or implied, is made or given by or on behalf of the Company, or any of its members, directors, officers oremployees or any other person. The Company and its subsidiaries, or any of their respective members, directors, officers or employees nor any other person actingon behalf of the Company accepts any liability whatsoever for any loss howsoever arising from any use of this presentation or its contents or otherwise arising inconnection therewith.

The information in this document might include forward-looking statements which are based on current expectations and projections about future events. Theseforward-looking statements are subject to risks, uncertainties and assumptions about the Company and its subsidiaries and investments, including, among otherthings, the development of its business, trends in its operating industry, and future capital expenditures and acquisitions. In light of these risks, uncertainties andassumptions, the events in the forward-looking statements may not occur. No one undertakes to publicly update or revise any such forward-looking statement.

The information and opinions contained in this presentation are provided as at the date of this presentation and are subject to change without notice.

Any forward-looking information contained herein has been prepared on the basis of a number of assumptions which may prove to be incorrect and, accordingly,actual results may vary. This document does not constitute an offer or invitation to purchase or subscribe for any shares and/or investment products mentioned and nopart of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever.

The information herein may not be reproduced or published in whole or in part, for any purpose, or distributed to any other party. By accepting this document youagree to be bound by the foregoing limitations.

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 of the Consolidated Law of Finance, that the financial information herein included, corresponds to the records in the company’s books.

Investor Relations Contacts Upcoming events

Contacts & Corporate calendar

Vittorio Pracca

Tel. +3 . 2. .5 53

Email: [email protected]

Galeazzo Cornetto BourlotTel. +3 . 2. .5 Email: [email protected]

www.azimut-group.com

➢ 29 July 2021: Board of Directors approval of 1H

2021 Results

➢ 11 November 2021: Board of Directors approval of

9M 2021 Results

Q1 2021 Results - Azimut Group

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