Azimut S p A : Consolidated interim financial report as of 30 September 2025

AZIMUT HOLDING SpA

Consolidated interim financial report as of 30 September 2025

Contents

Contents 2

Company bodies 3

Group structure as of 30 September 2025 4

Azimut Group's highlights and indicators 5

Management report 7

Azimut Group consolidated financial statements 21

Basis of preparation 27

Statement on the consolidated interim financial report as of 30 September 2025 pursuant to article 154-bis, paragraph 2 of the Consolidated Law on Finance 35

Consolidated interim financial report as of 30 September 2025

2

‌Company bodies

Board of Directors

Pietro Giuliani Chairman

Giorgio Medda Chief Executive Officer

Alessandro Zambotti Chief Executive Officer

Paola Ciaccio1 Director

Monica Liverani Director

Fiorenza Dalla Rizza Director

Vittoria Scandroglio Director

Marcello Foa Director

Carlo Bonomi Director

Anna Doro Director

Board of Statutory Auditors

Stefano Fiorini Chairman

Marco Lori Standing Auditor

Maria Catalano Standing Auditor

‌1 in office for one year (2025)

Consolidated interim financial report as of 30 September 2025 3

‌ Group structure as of 30 September 2025

Company figures as of 30 September 2025.

This table only provides a summary of certain subsidiaries of the Azimut Group. For the full list of companies directly or indirectly controlled by Azimut Holding SpA, see the "Consolidation scope and methods" section of this consolidated interim financial report.

Note (1): 51% held by Azimut Holding SpA, 30% held by Azimut Capital Management SGR SpA and 19% by Azimut Financial Insurance SpA, both owned by Azimut Holding SpA.

Note (2): controls AZ Sinopro Insurance Planning.

Note (3): controls AZFlow Consultoria, AzimutBrasil Consultoria e Correspondente Bancario, Azimut Brasil Assessores de Investimentos, Azimut Brasil Wealth Management and Gudance Gestora de Recursos.

Note (4): controlled by AZ Quest Participações LTDA, in turn controlled by AZ Brasile Holding Ltda. Note (5): controlled by AZ Mexico Holdings.

Consolidated interim financial report as of 30 September 2025 4

‌ Azimut Group's highlights and indicators

1. Azimut Group - Highlights as of 30 September 2025

   1990	Year of incorporation	2004	Year of flotation
   123.1 billion	Total assets	19 countries	Geographical coverage
   15.3 billion	Total net inflows	32.93	Share price
   1,013 million	Total income	386 million	Group net profit

2. Azimut Group - Financial and operating indicators

   Financial indicators	01.01.2025- 30.09.2025	01.01.2024- 30.09.2024	Change		2024
   (millions of euro)			Absolute	%
   Total income:	1,013	1,054	-41	-4%	1,468
   - recurring fees	854	898	-44	-5%	1,217
   EBIT	471	458	13	3%	652
   Group net profit	386	438	-52	-12%	576

   Consolidated interim financial report as of 30 September 2025 5

1. Total assets broken down by type and geographical segment as of 30 September 2025

Assets broken down by type (%)
Mutual funds	37%
Alternative funds	5%
Discretionary Portfolio Management and Advisory	26%
Life and Pension Funds	8%
Strategic affiliates	24%
Total	100%

Straegicic affilates 24%

Life and Pension Funds

8%

Discretionary Portfolio Management and Advisory

26%

Mutual Funds 37%

Alternative funds 5%

Figures in millions of euro

Assets broken down by geographical segment	30.09.2025	%
Italy	65,464	53%
EMEA	11,015	9%
Americas	13,769	11%
Asia-Pacific	3,691	3%
Strategic affiliates	29,131	24%
Total assets	123,070	100%

Consolidated interim financial report as of 30 September 2025 6

‌ Management report

1. Introduction

   This consolidated interim financial report as of 30 September 2025 has been prepared pursuant to article 154-ter (Interim Reports) of Legislative decree no. 58/1998 (Consolidated Law on Finance), introduced by Legislative decree no. 195/2007, implementing EU Directive 2004/109/EC (known as the Transparency Directive) as amended.

   Azimut Holding SpA publishes a consolidated interim financial report not pursuant to any legal requirements, focusing only on the key information of the first nine months of the year. It is not fully compliant with the IFRS as it does not provide all the disclosures required by the applicable standards, simplifying the disclosure to the market.

   This consolidated interim financial report provides:

   • a general description of the financial position and results of operations of Azimut Holding SpA and its subsidiaries for the period;

   • a description of the main events and transactions of the period and their impact on the financial position of Azimut Holding SpA and its subsidiaries.

2. Azimut Group's performance for the first nine months of 2025

   Commented [ET1]: Commento per traduttore: prendere nota di tutti i track per i prossimi quarter e in particolare per questo che era stato male interpretato anche in H12025

The Azimut Group's consolidated net profit for the first nine months of 2025 amounts to 409,852 thousand euro (461,418 thousand euro in the first nine months of 2024), while pre-tax profit came to 526,536 thousand euro (617,368 thousand euro in the first nine months of 2024). The net profit for the first nine months of 2024 included a capital gain of 151 million euro, following the sale of the associate Kennedy Lewis.

As of 30 September 2025, total assets amounted to 123.1 billion euro, up 14% compared to 31 December 2024. In September, net inflows achieved 1.9 billion euro, surpassing Italian competitors. Year-to-date, net inflows reached 15.3 billion euro, in line with its revised target for 2025 which was revised upwards in August to between 28 billion euro and 31 billion euro, also to reflect the contribution generated by the announced acquisition of North Square Investments, LLC, which is expected to be completed by the end of the year. These figures confirm the effectiveness of the Group's global distribution platform and the strength of its customer relationships in the retail, wealth management, corporate and institutional channels. Demand for the Group's mutual fund solutions, driven by the Italian business and partnerships, remained extremely strong during the nine-month period, with particularly significant contributions from Italy and Turkey, and in the private markets. At the same time, the Group continues to expand its international presence, with initiatives such as new distribution agreements in Hong Kong, growth in institutional activities in Egypt and Mexico, and the success of wealth management in Dubai and Singapore. In Brazil, further funds closing were completed in the third quarter in the private infrastructure and real estate sectors. Finally, the Group's US platform continued on its growth path and recorded significant organic growth in September thanks to the expansion of its partner network.

The main transactions completed by the Group in the first nine months of 2025 related to the

increase of the stake in Kennedy Capital Management from 35% to 51% through the exercise of the call option and the increase of the stake in High Post Capital LLC from 15% to 56%, followed by the acquisition of an additional 2% stake during the third quarter of 2025, bringing the total equity investment to 58% and resulting in the control over both US companies. The Group also strengthened its international foothold with a strategic investment in Morocco by acquiring a non-controlling interest in two companies of red Med capital, one of Morocco's leading independent investment banks. This transaction was completed in July 2025.

With respect to the recruitment of financial advisors, in the first nine months of 2025, the Group's network in Italy showed 45 new engagements, compared to 72 outgoing advisors, bringing the total number of Azimut advisors in Italy to 1,779 (31 December 2024: 1,806).

Consolidated interim financial report as of 30 September 2025

7

Figures in millions of Change compared to euro 30.09.2025 30.06.2025 31.12.2024 31/12/2024 Absolute %
Mutual funds 45,302		40,098	34,947	10,355	29.6%
Alternative funds 6,647		7,014	6,444	203	3.2%
Discretionary Portfolio Management and 31,902 Advisory		29,880	27,619	4,283	15.5%
Life and Pension Funds 10,088		9,789	10,003	85	0.8%
Strategic affiliates 29,131		26,050	28,503	628	2.2%
Total assets under 123,070		112,831	107,516	15,554	14.5%
b. Net inflows
Absolute change Figures in millions of euro 01.01.2025- 01.01.2024- 2024 compared to 30.09.2025 30.09.2024 the period
					01.01.2024-
					30.09.2024
Mutual fund	8,670	3,519		4,896	5,151
Alternative funds	1,175	956		1,093	219
Discretionary Portfolio
Management and Advisory
Life and Pension Funds	87	280		317	-193
Strategic affiliates	2,218	7,269		11,336	-5,051
Total net inflows	15,339	11,881		18,304	3,458

a. Assets

management

3,189 -143 662 3,332

1. Reclassified consolidated income statement

   In order to provide a representation of the results according to management criteria, the income statement has been reclassified to better reflect the content of the items in accordance with these criteria.

   The main reclassifications involved the following:

   • cost recoveries on portfolio management reported under "Fee and commission income" have been reclassified as "Other income" in the reclassified income statement;

   • the insurance service result and financial income from insurance operations were reallocated to "Insurance income";

   • commission expenses paid to the sales network, reported under "Fee and commission expense" are now classified as "Acquisition costs"; similarly, the Enasarco/Firr contributions related to these commission expenses and the other trade payables associated with the sales network, recognised under "Administrative costs", have been reclassified as "Acquisition costs"; the amount allocated to the supplementary indemnity reserve for agents (ISC) reported under "Accruals to the provisions and charges" has been reclassified as "Acquisition costs";

   • administrative cost recoveries, reported under "Other operating income and costs", were recognised as a reduction of "Overheads/administrative costs";

   • the effects of the application of IFRS 17 - Insurance Contracts, included under "Financial income from insurance operations" were reallocated to "Net financial income";

   • interest expense on loans and bonds was recognised under "Interest expense" in the reclassified income statement.

     Consolidated interim financial report as of 30 September 2025

     8

     
     
     
     
     

     Euro/000	3Q 2025	3Q 2024	01.01.25 - 30.09.25	01.01.24 - 30.09.24
     Acquisition fees	4,253	3,362	11,833	10,018
     Recurring fees	292,826	308,703	853,783	898,347
     Variable management fees	2,212	145	5,232	8,752
     Other income	20,212	6,758	34,243	20,526
     Insurance income	48,321	33,535	108,402	116,373
     Total income	367,824	352,503	1,013,493	1,054,016
     Acquisition costs	(112,103)	(106,780)	(335,198)	(312,420)
     Overheads/administrative costs	(69,408)	(89,177)	(191,062)	(256,571)
     Amortisation/depreciation and accruals	(5,890)	(9,831)	(15,809)	(26,791)
     Total costs	(187,401)	(205,788)	(542,069)	(595,783)
     EBIT	180,423	146,715	471,424	458,233
     Net financial income	18,725	16,872	62,208	171,580
     Net non-recurring income (costs)	(1,250)	(1,186)	(7,096)	(5,964)
     Interest expense		(2,161)		(6,481)
     Pre-tax profit	197,898	160,239	526,536	617,368
     Income tax	(37,412)	(36,224)	(121,663)	(156,525)
     Deferred tax assets/liabilities	(2,172)	(2,168)	4,979	576
     Net profit	158,314	121,848	409,852	461,418
     Profit attributable to minority interests	11,788	6,671	23,689	23,763
     Group net profit	146,526	115,177	386,163	437,655

     Consolidated EBIT and the Group net profit for the nine months ended 30 September 2025 came to 471 million euro (458 million euro for the same period of 2024) and 386 million euro (438 million euro for the same period of the previous year), respectively.

     In the first nine months of 2025, assets managed generated recurring fees of 854 million euro, up on the same period of the previous year if compared to the figure which excludes the recurring fees pertaining to the Australian group AZ Next Generation Advisory LTD which was partially sold at the end of 2024 (797 million euro).

     The decrease in insurance income is due to the reduction in variable fees on these types of products in the first nine months of 2025, partially offset by the increase in recurring insurance fees.

     Acquisition costs reflect the rise in recurring revenues and the Group's international expansion, in addition to the impact of the rise in variable incentives and non-recurring expenses. Overheads increased by 15 million euro in the first nine months of 2025 when compared with the overheads excluding the Australian group following the deconsolidation of the Australian group AZ Next Generation Advisory LTD (figure as of 30 September 2024, excluding the Australian group's overheads: 176 million euro). The increase is consistent with the Group's organic and inorganic international growth. Net financial income includes the positive effects of: i) the fair value measurement of the Group's investments and ii) the measurement of liabilities relating to the future exercise of the options to purchase the remaining portion of the capital of certain acquirees not wholly owned. It also includes the dividends from the investments in the US GP Stakes, the portion of the profits and losses of associates, in addition to the interest income generated by the management of the Group's liquidity. As of 30 September 2024, the item included a capital gain of 151 million euro, following the sale of the associate Kennedy Lewis. Income taxes include the tax charge related to the application of the Global Minimum Tax as provided for by Law no. 11/2023 for jurisdictions where the 15% tax rate does not apply.

     Consolidated interim financial report as of 30 September 2025 9

1. Key balance sheet figures

   Euro/000	30.09.2025	30.06.2025	31.12.2024
   Cash and cash equivalents	461,639	401,674	394,804
   Financial assets at fair value through profit or loss	8,205,896	7,967,044	8,239,240
   Financial assets at fair value through other comprehensive income	23,972	23,966	19,132
   Financial assets at amortised cost and equity investments	367,770	328,694	495,634
   Property, plant and equipment and intangible assets	708,766	709,598	610,526
   Non-current assets held for sale and discontinued operations	141,701	139,389	-
   Other assets	442,134	418,994	473,916
   Total assets	10,351,878	9,989,359	10,233,252
   Financial liabilities at amortised cost	57,672	62,923	44,135
   Insurance liabilities	1,904,819	1,820,827	1,778,608
   Financial liabilities measured at fair value	6,008,731	5,866,061	6,029,802
   Liabilities related to discontinued operations	57,471	57,139	-
   Other liabilities and provisions	389,832	377,826	432,631
   Shareholders' equity	1,933,353	1,804,583	1,948,076
   Total liabilities and shareholders' equity	10,351,878	9,989,359	10,233,252

   Cash and cash equivalents refer to on-demand bank accounts and cash, up from 395 million euro as of 31 December 2024 to 462 million euro as of 30 September 2025. Financial assets at fair value through profit or loss decreased slightly compared to 31 December 2024. They mainly refer to the insurance operations carried out by Azimut Life Dac, specifically liquidity and investments, measured at fair value, relating to unit-linked policies where the investment risk is borne by policyholders. Furthermore, financial assets at fair value through profit or loss include the Group's portions of UCI units and closed-end funds which reflect the investment of the excess liquidity of operations and minority interests over which the Group does not exercise control, significant influence or joint control. Financial assets at fair value through other comprehensive income increased on 31 December 2024 and refer to investments in minority interests over which the Group does not exercise control, significant influence, or joint control, and to the investments in government bonds with a hold-to-collect and sell business model. Financial assets at amortised cost mainly comprise receivables for asset management services of 129 million euro and receivables from customers for advisory services of 65 million euro, while equity investments decreased from 185 million as of 31 December 2024 to 162 million euro as of 30 September 2025. This item includes the acquisition of a minority stake in the two Moroccan associates, Red Med Asset Management and Red Med Securities, of 29.35% and 25%, respectively, both completed in July 2025, and the reclassification of the US-based Kennedy Capital Management LLC and High Post Capital LLC from associates to subsidiaries, following the increase in the relevant investment. For additional information about these transactions, reference should be made to the paragraph "Significant events of the period". Property, plant and equipment and intangible assets were up compared to 31 December 2024, following the acquisition of control over of Kennedy Capital Management and High Post Capital LLC as mentioned above. This item also includes the right-of-use assets recognised in accordance with IFRS 16, amounting to 19 million euro as of 30 September 2025.

   Non-current assets held for sale and discontinued operations include the assets identified within a selected perimeter of the Group's Italian distribution activities, together with other assets, following the binding framework agreement signed between Azimut Holding Spa and FSI SGR SpA for the creation of TNB and verification of the fulfilment of the requirements set out in IFRS 5. For additional information about this transaction, reference should be made to the paragraph "Significant events of the period".

   Specifically, with respect to figures, the main effects related to "Financial assets at amortised cost" (35,841 thousand euro), "Equity investments" (6,007 thousand euro), "Property, plant and equipment" (328 thousand euro), "Intangible assets" (3,743 thousand euro), "Tax assets" (461 thousand euro) and "Other assets" (95,323 thousand euro).

   Other assets mainly include tax assets (100 million euro) and advances for virtual stamp duties (133 million euro). They also include amounts due from financial advisors for loans and

   Consolidated interim financial report as of 30 September 2025 10

advanced commissions (approximately 19 million euro) and incentive costs relating to total inflow targets which are directly attributable to the contracts which meet the capitalisation requirements under the category of costs incurred to fulfil a contract introduced by IFRS 15. These are included under prepayments and amount to 75 million euro as of 30 September 2025.

Financial liabilities at amortised cost mainly include the lease liabilities arising from the application of IFRS 16, which amounted to 22 million euro as of 30 September 2025. Insurance liabilities include the insurance contracts of the Group's Irish company.

Liabilities related to discontinued operations include the liabilities identified within a selected perimeter of the Group's Italian distribution activities, together with other assets, following the binding framework agreement signed between Azimut Holding Spa and FSI SGR SpA for the creation of TNB and verification of the fulfilment of the requirements set out in IFRS 5. For additional information about this transaction, reference should be made to the paragraph "Significant events of the period".

Specifically, with respect to figures, the main effects related to the items "Financial liabilities at amortised cost" (1,021 thousand euro), "Tax liabilities" (430 thousand euro), "Other liabilities" (28,404 thousand euro), "Staff severance pay (TFR)" (54 thousand euro), "Provisions for risks and charges" (27,552 thousand euro) and "Valuation reserves" (10 thousand euro).

1. Consolidated net financial position

   With respect to the methods used to assess the net financial position, reference was made to the ESMA (European Securities and Markets Authority) Guidelines dated 4 March 2021, paragraph 175 and following paragraphs.

   	Euro/000	30.09.2025	30.06.2025	31.12.2024
   A	Cash	461,639	401,674	394,804
   B	Cash equivalents	177,436	113,775	156,562
   C	Other current financial assets	125,886	127,077	198,294
   D	Liquidity (A + B + C)	764,961	642,526	749,660
   E	Current financial debt (including debt instruments, but excluding current portion of non-current financial debt)	-	-	-
   F	Current portion of non-current financial debt	-66	-66	-66
   G	Current financial indebtedness (E + F)	-66	-66	-66
   H	Net current financial indebtedness (G - D)	764,895	642,460	749,594
   I	Non-current financial debt (excluding current portion and debt instruments)	-34	-52	-88
   J	Debt instruments	-	-	-
   K	Non-current trade and other payables	-21,634	-23,267	-27,671
   L	Non-current financial indebtedness (I + J + K)	-21,668	-23,267	-27,759
   M	Net financial position (H + L)	743,227	619,141	721,835

   Consolidated interim financial report as of 30 September 2025 11

In the net financial position only financial liabilities were included, whereas trade payables have been excluded. Assets in the form of fees and commissions for managed funds and discretionary portfolios are also included and are considered as cash equivalents given that they are collected by the Group during the first few working days after the reporting date, in addition to investments in money market funds.

As of 30 September 2025, the net financial position is 743 million euro, up on the balance as of 31 December 2024 (722 million euro).

The balance, net of the liquidity generated by the operating activities of the period, was impacted by the dividends paid in cash to Azimut Holding SpA shareholders, the payment to Fondazione Azimut Onlus, the payment of profit-participating financial instruments held by top key people (totalling 331 million euro) and 235 million euro paid as tax advances, the virtual stamp duty and taxes on the mathematical reserve (the latter pertaining to the Irish Azimut Life Dac).

For additional information about the other significant transactions of the period, reference should be made to the section "Significant events of the period".

1. Shareholders' equity

   As of 30 September 2025, consolidated shareholders' equity, including the profit for the period, amounted to 1,911 million euro (1,923 million euro as of 31 December 2024). This figure reflects the effects of the dividend distribution approved by the shareholders in their ordinary meeting called to approve the 2024 financial statements on 30 April 2025. The shareholders resolved to pay a dividend of 1.75 euro per ordinary share, pre-tax. The cash dividend payment took place on 21 May 2025, with ex-dividend payment date 19 May 2025 and record date 20 May 2025. The shareholders also approved the payment of 8.0 million euro, or 1% of pre-tax consolidated profit, to Fondazione Azimut ONLUS pursuant to the Articles of Association. In addition, the shareholders decided to allocate, in accordance with the Articles of Association, 57.62 euro for each participating financial instrument held by Top Key People at the time of approval of payment of the dividend.

2. Treasury shares

As of 30 September 2025, Azimut Holding SpA subsidiaries did not hold any treasury shares or shares of the Parent Company, either directly or via trust companies or third parties.

During the first nine months of 2025, the following transactions involving treasury shares were carried out:

• 176,040 treasury shares were transferred to AZ International Holdings Sa for a total of 4.3 million euro as part of a capital injection and were used on the same date to pay the first tranche of the price adjustment related to the initial acquisition of the investment in Turkey;

• 115,000 treasury shares were transferred to the US subsidiary Azimut US Holding for a total of 3 million euro as a capital injection and used to exercise the call option to increase the investment in Kennedy Capital Management LLC from 35% to 51%;

• 663,196 treasury shares were transferred to the US subsidiary Azimut Alternative Capital Partners for a total of 16 million euro which, on the same date, were used to purchase an additional 41% of the share capital of the US associate High Post Capital LCC and another 2% thereof;

• 1,400,000 treasury shares were purchased for a total amount of 31 million euro.

As of 30 September 2025, Azimut Holding SpA's treasury share portfolio stood at 1,102,365 shares, or 0.77% of share capital.

With respect to operations after 30 September 2025, no transactions involving the purchase and/or sale of treasury shares were carried out in October 2025 or up to the date of this consolidated interim financial report.

Consolidated interim financial report as of 30 September 2025 12

1. Significant events of the period
   1. Parent Company - Azimut Holding SpA and its direct subsidiaries Capitalisation transactions carried out by Azimut Holding SpA

      During the period, Azimut Holding SpA made capital injections in favour of:

      • Azimut Enterprises Srl for a total of 12.6 million euro as resolved by the Board of Directors on 7 March 2024 and 31 July 2025;

      • AZ International Holdings Sa for a total of 14.9 million euro. Of this amount, 4.3 million euro related to 176,040 Azimut Holding SpA treasury shares and the residual balance was paid in cash, in order to finance the Group's international development as resolved by the Board of Directors on 14 December 2023 and 31 July 2025;

      • AZI First Srl for 2.6 million euro as resolved by the Board of Directors on 6 February 2025.

        Capitalisation transactions carried out by the direct subsidiaries of Azimut Holding SpA Following the Board of Directors' resolution of 26 February 2024 and 7 March 2024, Azimut Enterprises Srl made capital injections totalling 1.5 million euro to AZ Venture Tech Srl. On 16 April 2025, Azimut Enterprises Srl acquired the remaining 25% stake in AZ Venture Tech Srl from third parties at par value. Other transactions carried out by Azimut Holding SpA and its subsidiaries

        On 23 January 2025, Azimut Enterprises Srl subscribed a capital increase in Indigo.AI Srl amounting to 10 million euro. Following the capital increase the investment percentage is 59.45%.

        On 21 February 2025, AZI First Srl acquired 46.70% of the Spanish-based Romeo Founders S.L. for a consideration of 2 million euro.

        Bank of Italy inspection - Azimut Capital Management SGR SpA

        As per its notice dated 5 March 2025, the Bank of Italy carried out a routine inspection on Azimut Capital Management SGR SpA (ACM), which began on 10 March 2025 and ended on 13 June 2025. At the date of this consolidated interim financial report, the Bank of Italy notified the inspection report on 24 October 2025. The report identified areas for improvement mainly related to ACM's organisational structure and internal controls. These actions are aimed at strengthening organisational and supervisory units and at evolving strategic planning and monitoring processes, without affecting client portfolios, product integrity or the continuity of core services, and without prejudice to the alignment of certain operating methods with supervisory guidelines. ACM is already defining an action plan to incorporate the relevant corrective and reinforcement measures, which will be submitted to the competent authorities by 30 November 2025 and implemented by 30 April 2026. As envisaged in the inspection report, by implementing these measures, ACM will be able to participate in the demerger preliminary to the TNB transaction, and to achieve full regulatory compliance of the business units transferred to TNB as part of the transaction.

        Consolidated interim financial report as of 30 September 2025 13

Azimut Holding SpA and FSI SGR SpA2 ("FSI") have signed a binding agreement for the creation of TNB ("TNB")

On 22 May 2025 Azimut Holding SpA entered into a binding framework agreement with FSI SGR SpA for the creation of TNB, a next-generation wealth management bank. The transaction will be completed through a series of steps to be carried out essentially concurrently, namely:

• the acquisition by Azimut Holding SpA of a bank (the "Bank"), identified together with FSI, with advanced-stage negotiations ongoing, subject to completion of a corporate transaction involving the Bank;

• the rebranding of the Bank as TNB and the partial demerger in favour of TNB of a selected perimeter of Italian distribution activities, together with other assets of Azimut Capital Management SGR SpA and Azimut Financial Insurance SpA;

• the sale by Azimut Holding SpA of 80.01% of the share capital of TNB to FSI, backed by a pool of co-investors, including the managers and financial advisors involved in the project (the "Co-investors");

• the execution of the Transactions is subject to (i) the authorisations by the Competent Supervisory Authorities (Bank of Italy, European Central Bank), as well as by the relevant oversight bodies (Italian Competition Authority and Prime Minister's Office) and (ii) the satisfaction of the conditions precedent specified in the agreement signed between the parties, as is customary in transactions of similar scale and type.

  The sale of the 80.01% stake has a potential total value for Azimut of around 1.2 billion euro over time. In addition to the consideration, the 19.99% interest to be held by Azimut Holding SpA in TNB represents a strategic lever to maintain exposure to the upside deriving from the expected growth and high potential of the TNB project. The transaction will be financed using the own funds of Azimut Holding SpA and FSI. The agreement also provides for a long-term industrial partnership between TNB and Azimut in respect of asset management, financial advisory and banking services.

  The assets and liabilities pertaining to the demerged business units of the Italian distribution activities, together with other assets of Azimut Capital Management SGR SpA and Azimut Financial Insurance SpA, which meet IFRS 5 requirements, have been reclassified to "Non-current assets held for sale and discontinued operations" and "Liabilities related to discontinued operations", respectively, in the balance sheet included in this consolidated interim financial report as of 30 September 2025.

  1. AZ International Holdings SA, Azimut UK Holdings LTD and their direct and/or indirect subsidiaries

     Americas

• On 27 February 2025, the Azimut Group, via its US subsidiary Azimut US Holdings, exercised the call option to increase its investment in Kennedy Capital Management LLC, an investment company specialising in US Small and Mid Cap stocks and mutual fund management, from 35% to 51%. This led to an outlay of 12 million euro in cash and treasury shares of Azimut Holding.

• On 7 May 2025, through its subsidiary Azimut Alternative Capital Partners LLC, the Group entered into an agreement to increase its investment in High Post Capital LLC from 15% to 56%, thus achieving a controlling interest. An additional 2% was acquired in the third quarter of 2025, bringing the total investment percentage to 58%. This led to an outlay of 37 million euro in cash and treasury shares of Azimut Holding.

• On 22 July 2025, the Azimut Group, through Azimut US Holdings Inc., signed a binding agreement to acquire 100% of North Square Investments, LLC ("NSI" or "North Square"), a multi-boutique asset management and distribution platform with 16.0 billion US dollars of assets under management3. Under the transaction, Azimut will transfer its 51% stake in Kennedy Capital Management ("KCM"), which has a sub-advisory agreement in

  ‌2 FSI is the largest private equity fund fully dedicated to Italy. For additional information, reference should be made to the website https://www.fondofsi.it.

  ‌3 Figures as of 30 June 2025.

  Consolidated interim financial report as of 30 September 2025 14

place with NSI related to the Micro Cap strategy, thereby contributing to the creation of an integrated platform to be rebranded Azimut NSI. The transaction provides for a minimum consideration of 110 million US dollars (based on an enterprise value of 165 million US dollars), of which 60 million US dollars will be paid at closing and 50 million US dollars deferred over the following four years. In addition, a management earn-out and incentive plan could take the total value to around 160 million US dollars, the majority of which will be paid five years after closing. The purchase price will be paid through a combination of cash and Azimut Holding shares.

• On 30 July 2025, the Azimut Group completed the sale of the entire 20% stake in RoundShield Partners LLP, held through Azimut Capital Alternative Limited via a Luxembourg investment fund, as part of a transaction promoted by RoundShield aimed at transferring control of the company to Harrison Street. The sale took place for a total consideration of 38 million euro.

  Europe & MENA

• On 25 March 2025, Azimut Holding SpA, through its subsidiary Az International Holdings SA, reached an agreement for the acquisition of a non-controlling interest in two companies of Red Med Capital, one of Morocco's leading independent investment banks. Specifically, the acquisition includes a 29% and a 25% investment in Red Med Asset Management and Red Med Securities, respectively. The transaction was completed in July 2025 with an outlay of 7 million euro.

• On 9 April 2025, the Group obtained approval from Saudi Arabia's Capital Market Authority (CMA) to operate as a locally licensed asset manager.

  1. Azimut Holding SpA General Shareholders' Meeting of 30 April 2025
  Approval of the 2024 financial statements and allocation of the profit for the year

  The shareholders' meeting approved the 2024 financial statements, which included a Parent Company net profit of 320.9 million euro. The shareholders approved the allocation of the profit for the year and also resolved to pay an ordinary dividend of 1.75 euro per share (excluding any treasury shares in the Company's portfolio on the day prior to the ex-dividend date), before withholding taxes and entirely in cash on 21 May 2025, with ex-dividend date on 19 May 2025 and record date on 20 May 2025. Furthermore, in accordance with the Articles of Association, they decided to allocate 8.0 million euro, equal to 1% of the consolidated gross profit, to Fondazione Azimut ONLUS. The shareholders also decided to allocate, in accordance with the Articles of Association, 57.62 euro for each participating financial instrument held by Top Key People at the time of approval of payment of the dividend.

  Appointment of the Board of Directors, subject to determination of the number of members and term of office. Appointment of the Chairperson of the Board of Directors. Related fees

  The Shareholders approved the number of members comprising the Board of Directors and its term of office, confirming Pietro Giuliani as Chairman.

  Based on the two submitted lists, the Shareholders appointed the new Board of Directors, which will remain in office until the approval of the financial statements as of 31 December 2027, as follows:

• 9 members from the first list, submitted by Timone Fiduciaria Srl;

• 1 member from the second list, submitted by a group of shareholders of asset management companies and institutional investors.

  The new Board of Directors is made up of 10 members: 9 members for 3 years and 1 member for 1 year.

  The Shareholders also approved the fees of the Board of Directors.

  Consolidated interim financial report as of 30 September 2025 15

Appointment of the Board of Statutory Auditors and its Chairperson for 2025, 2026 and 2027. Related fees.

Based on the two submitted lists, the Shareholders appointed the Board of Statutory Auditors which will remain in office for the next three years until the approval of the financial statements as of 31 December 2027. The Shareholders also approved the fees of the Board of Statutory Auditors.

Proposal for purchase and allocation of treasury shares and consequent resolutions

The shareholders approved the purchase of up to 14,000,000 Azimut Holding SpA ordinary shares, or 9.77% of the current share capital, including in several tranches, (provided that in this maximum overall amount, a maximum of 7,000,000 Azimut Holding SpA ordinary shares equal to 4.89% of the current share capital may be allocated to the funds necessary to implement any stock option plans), considering the shares already in portfolio upon purchase. The purchase price will be a minimum unit price equal to at least the carrying amount of Azimut Holding SpA ordinary shares and a maximum unit price of 40 euro. The shareholders also approved the whitewash mechanism that exempts the shareholders from the obligation of a full public tender offer in case it exceeds the relevant threshold (over 25%) as a consequence of the purchase of treasury shares.

Report on the remuneration policy and on the remuneration paid pursuant to article 123-ter.3-bis and 6 of Legislative decree no. 58/98

The shareholders approved the first and second section of the point of the company policy concerning remuneration of members of the management boards, general managers and key managers, as well as the procedures used to adopt and implement said policy.

Medium- to long-term incentive plan 2025/2027.

The Shareholders approved the medium- to long-term incentive plan by a large majority. The Plan combines monetary and equity incentives, is intended solely for the Company's Chief Executive Officers and covers the 2025-2027 period.

1. Key risks and uncertainties

   For the purposes of risk monitoring, the Group has identified the key risks as follows: The prevailing market situation, despite signs of monetary easing from the second half of the period, mainly in Europe, was characterised by the introduction of tariffs imposed by the United States government and an uncertain geopolitical environment, particularly in relation to the continuing conflict between Russia and Ukraine, as previously mentioned. These factors led to the general amplification of all the risk factors described below, requiring at the same time the prompt adoption of measures to ensure ongoing risk monitoring by the Group companies, without however generating any specific critical issues, as described earlier.

   The main risks and uncertainties to which Azimut Holding SpA and the Group are exposed are as follows:

   • Strategic risk

   • Sales network risks

   • Operational risk

   • Outsourcing risk

   • Reputational risk

   • Compliance risk

   • Financial risks

   • Liquidity risk

   • Operational risk

   • Technological risk

     For further information on the main risks and uncertainties for the Group, reference should be made to the Management Report accompanying the consolidated financial statements as of 31 December 2024.

     Consolidated interim financial report as of 30 September 2025 16

1. Related-party disclosures

   Pursuant to Consob Regulation on Related parties (CONSOB regulation no. 21396 of 10 June 2020), the Board of Directors of Azimut Holding SpA approved the procedures that ensure transparency and the substantial and procedural fairness of related party transactions ("Procedure for Related-party Transactions" available on Azimut's website at https://www.azimut-group.com).

   With reference to paragraph 8 of article 5 of the Consob Regulation on periodic disclosure of related-party transactions, the following should be noted with respect to the first nine months of 2025:

   • the Group did not engage in any "significant" transactions;

   • no atypical or unusual transactions were performed;

   • disclosures on other related-party transactions and minor transactions carried out in the first nine months of 2025 as part of ordinary operations are provided in the section "Disclosures on related-party transactions".

     Disclosures on related-party transactions and minor transactions

     Related-party transactions referring to commercial transactions carried out by Azimut Holding SpA and its subsidiaries and associates, as well as those between subsidiaries and/or associates during the first nine months of 2025, are part of the Group's ordinary business and were conducted on an arm's length basis.

     Moreover:

   • for the use of the trademark, the subsidiary Azimut Capital Management SGR SpA pays Azimut Holding SpA contractually established annual royalties totalling 2,000 thousand euro;

   • Azimut Holding SpA, as the Parent Company, and Azimut Capital Management SGR SpA, Azimut Financial Insurance SpA, Azimut Libera Impresa SGR SpA, Azimut Enterprises Srl, Azimut Capital Tech Srl and AZ Venture Tech Srl as subsidiaries, have adopted the tax consolidation regime;

   • a contractually established annual fee (totalling 1,000 thousand euro) is payable for the coordination activities carried out by the company on behalf of the subsidiary Azimut Capital Management SGR SpA;

   • a contractually established annual fee (totalling 300 thousand euro) is payable for the coordination activities carried out by the Company on behalf of the subsidiary Azimut Libera Impresa SGR SpA;

   • Azimut Capital Management SGR SpA and Azimut Financial Insurance SpA have disbursed loans to several financial advisors, identified as related parties, to develop their business. The terms and conditions of these loans are at arm's length. As of 30 September 2025, they amounted to 5,407 thousand euro;

   • moreover, the directors of the Group who also act as managers of mutual funds are exempt from paying fees and commissions on any personal investments made in the funds they manage;

   • an annual fee calculated based on contractually established percentages is payable for the Risk Management, Internal Audit, Compliance and Anti-money Laundering control activities carried out by Azimut Capital Management SGR SpA, in favour of Azimut Holding SpA, Azimut Financial Insurance SpA, Azimut Libera Impresa SGR SpA, Azimut Life Dac (only to the extent of the Anti-money Laundering function) and Azimut Direct SpA;

   • an annual fee calculated based on contractually established percentages is payable for the IT/operation activities carried out by Azimut Capital Management SGR SpA in favour of Azimut Investments Sa.

   • Consulenza Evoluta operations between Azimut Capital Management SGR SpA and Azimut Financial Insurance SpA are governed by a licence agreement signed with Wealthype Spa. The agreement provides for a fixed monthly amount of 15 thousand euro and a variable amount linked to usage.

     Consolidated interim financial report as of 30 September 2025 17

• a licence agreement was signed with Mamacrowd Srl for the use of software to monitor the investees of Azimut Libera Impresa SGR's Venture Capital funds. The agreement provides for an annual fee of 6 thousand euro.

• Azimut Direct SpA signed an agreement with Azimut Capital Management SGR SpA, which provides for a variable fee linked to broker agents' operations and characteristics;

• for IT, ICT and third-party management activities, in implementing the regulations set forth in EU Regulation 2554/2022, outsourcing agreements were signed with Azimut Capital Management SGR for Azimut Financial Insurance SpA and Azimut Libera Impresa SGR SpA, covering the activities provided as of January 2025 and providing for an annual amount calculated in accordance with contractually established percentages.

  With respect to profit-participating financial instruments, in accordance with Shareholders' resolutions, 4 key managers subscribed 190,000 instruments (paying the corresponding amount), including the Chairman Pietro Giuliani (100,000), the Chief Executive Officers Paolo Martini (30,000), Alessandro Zambotti (35,000) and Giorgio Medda (25,000). As per the Shareholders' agreement related to Azimut Holding SpA, 1,054 related parties subscribed a total of 1,134,560 profit-participating financial instruments. As of 30 September 2025, the Parent Company held 175,440 profit-participating instruments.

  During the period, two minor transactions were carried out, subject to the opinion of the Related Parties Committee.

  With respect to the "Partnership between Azimut Capital Management SGR and Up2You Srl SB", the Related Parties Committee expressed a non-binding positive opinion on the substantial reasonableness and fairness of the transaction. In particular, the partnership envisages the collaboration with Up2You Srl S.B. in order to promote the latter's services to the corporate clients of the Azimut Group, including the calculation and management of the carbon footprint and ESG reporting.

  With respect to "Sula Inversiones", AZI First Srl, wholly owned by Azimut Holding, participated in an investment transaction in the Spanish-based Romeo Founders S.L., whose main investors include: L Invest Srl, MJA Holding Srl (whose founding partners are Riccardo Maffiuletti and Jacopo Maffiuletti), Marco Montagnani, LP Investimenti SRL (with Gian Luca Puggioni as the founding partner) and Massimiliano Leali. With respect to Riccardo Maffiuletti and Gianluca Puggioni, financial advisors of Azimut Capital Management SGR SpA and trustees of Timone Fiduciaria as members of the Shareholders' Agreement of Azimut Holding SpA, in compliance with the current applicable regulations and the Procedure for Related-party Transactions adopted by the Parent Company, and most recently approved by Azimut Holding SpA, on 17 June 2021, the Related Parties Committee expressed a non-binding positive opinion on the substantial reasonableness and fairness of the transaction based on the Company's interest.

  For information about capital injections for subsidiaries, reference should be made to the section "Significant events of the period - Capitalisation transactions carried out by Azimut Holding SpA and its subsidiaries".

  Excluded / exempt transactions:

  On 30 April 2025, following the Board of Directors' resolution of 24 April 2025, after renewing the corporate bodies, Azimut Enterprises Srl and Gabriele Blei, the former Chairman of the Company's Board of Directors and Azimut Holding's former Chief Executive Officer, signed a collaboration contract covering the management of certain equity investments to support commercial activities in specific areas. The contract has a 60-month term, expires on 30 April 2030 and includes payment of an annual fee.

  This transaction falls within the following category envisaged by the Procedure for Related-party Transactions: "(a) Agency mandates and commercial agreements for the distribution of financial products and instruments signed with financial advisors/collaborators who are members of the Azimut Holding shareholders' agreement and work for Azimut Group

  Consolidated interim financial report as of 30 September 2025 18

companies"; therefore, under said procedure and considering the sector in which Azimut Enterprises Srl operates, the transaction is deemed an ordinary transaction carried out at standard or market conditions.

As the commercial agreement covers activities which involve financial instruments/equity investments of Azimut Enterprises Srl with a member of the Shareholders' Agreement, the transaction falls within this category and, therefore, is part of the exclusion cases described in article 10 of the Procedure for Related-party Transactions.

Information on key management fees

Directors' and Board of Statutory Auditors' fees amounted to 7,555 thousand euro and 472 thousand euro, respectively, in the first nine months of 2025. They were calculated based on the parameters in force.

1. Human Resources

   As of 30 September 2025, Group personnel amounted to 912 employees, broken down as follows:

   Position	30.09.2025	30.09.2024	31.12.2024
   Managers	108	216	114
   Middle managers	265	304	188
   Office staff	539	1,127	589
   Total	912	1,647	892

   Consolidated interim financial report as of 30 September 2025 19

1. Other information Average number of financial advisors

   In the first nine months of 2025, the average number of financial advisors amounted to 1,841.

   Dividends paid

   The unit dividend amounted to 1.75 euro per ordinary share and was paid in cash in May 2025.

   Significant non-recurring events and transactions

   In the first nine months of 2025, the Azimut Group did not carry out non-recurring transactions which have not already been disclosed in this consolidated interim financial report. There were no atypical and/or unusual transactions.

2. Events after the reporting date Publication of the consolidated interim financial report as of 30 September 2025

   On 6 November 2025, the Board of Directors granted authorisation to publish the consolidated interim financial report as of 30 September 2025.

3. Business outlook

Given the positive results of the main subsidiaries and the positive trend of inflows in the first few months of the year, the consolidated performance is expected to be positive this year.

The Group's operating and financial performance will also be affected by the performance of the financial markets, whose volatility has grown considerably following the current market situation, particularly with respect to inflation and the tariffs announced by the US government, in addition to the geopolitical crises.

Although the economic outlook remains uncertain in its future prospects, a combined valuation of the Group's historic and current financial position and results of operations, along with its business model, lead the Group to believe that there should be no uncertainty about the Group's ability to continue generating profits.

Consolidated interim financial report as of 30 September 2025 20

‌ Azimut Group consolidated financial statements

1. Consolidated Balance Sheet as as of 30 September 2025

   Euro/000

   Assets	30.09.2025	30.06.2025	31.12.2024
   Cash and cash equivalents	461,639	401,674	394,804
   Financial assets at fair value through profit or loss	8,205,896	7,967,044	8,239,240
   c) other financial assets mandatorily measured at fair value	8,205,896	7,967,044	8,239,240
   Financial assets at fair value through other comprehensive
   income	23,972	23,966	19,132
   Financial assets at amortised cost	206,096	180,870	310,901
   Equity investments	161,674	147,824	184,733
   Insurance contract assets	6,081	6,029	5,919
   b) reinsurance contract assets	6,081	6,029	5,919
   Property, plant and equipment	23,776	25,524	29,466
   Intangible assets	684,990	684,074	581,060
   of which:
   - goodwill	618,111	618,048	507,998
   Tax assets	52,472	22,339	21,089
   a) current	37,516	7,601	3,106
   b) deferred	14,956	14,738	17,983
   Non-current assets held for sale and discontinued operations	141,701	139,389	-
   Other assets	383,581	390,626	446,908
   TOTAL ASSETS	10,351,878	9,989,359	10,233,252

   Liabilities and Shareholders' Equity	30.09.2025	30.06.2025	31.12.2024
   Financial liabilities at amortised cost	57,672	62,923	44,135
   a) Liabilities	57,672	62,923	44,135
   Insurance liabilities	1,904,819	1,820,827	1,778,608
   Financial liabilities designated at fair value	6,008,731	5,866,061	6,029,802
   Tax liabilities:	118,164	127,725	129,369
   a) current	57,702	68,418	60,099
   b) deferred	60,462	59,307	69,270
   Liabilities related to discontinued operations	57,471	57,139	-
   Other liabilities	226,404	205,436	229,508
   Staff severance pay (TFR)	4,890	4,892	4,831
   Provisions for risks and charges:	40,374	39,773	68,923
   c) other provisions for risks and charges	40,374	39,773	68,923
   Share capital	32,324	32,324	32,324
   Treasury shares (-)	(18,707)	(18,973)	(7,513)
   Equity instruments	36,000	36,000	36,000
   Share premium reserve	173,987	173,987	173,987
   Reserves	1,372,214	1,402,886	1,109,917
   Valuation reserves	(70,822)	(79,157)	2,345
   Profit for the period/year	386,163	239,637	576,165
   Minority interests	22,194	17,879	24,851
   TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	10,351,878	9,989,359	10,233,252

   Consolidated interim financial report as of 30 September 2025 21

1. Consolidated income statement for the third quarter of 2025 and the first nine months of 2025

   Euro/000

   Items	Third quarter of 2025	Third quarter of 2024	01.01.2025 30.09.2025	01.01.2024 30.09.2024
   Fee and commission income Fee and commission expense	356,609 (99,925)	309,247 (94,152)	989,539 (292,436)	931,838 (276,542)
   NET FEE AND COMMISSION INCOME	256,684	215,095	697,103	655,296
   Dividends and similar income	2,215	990	8,493	4,801
   Interest income and similar income	2,680	4,560	9,009	14,636
   Interest expense and similar charges	(4,959)	(2,505)	(5,695)	(7,449)
   Profits (losses) on disposal or repurchase of:	(54)	226	69	585
   b) financial assets at fair value through other comprehensive income	(54)	226	69	585
   Net gains (losses) on other financial assets and financial liabilities at fair value through profit or loss	18,742	17,734	45,117	17,792
   	2,955 15,787	(712) 18,446	8,172 36,945	3,678 14,114
   Insurance service result	9,053	8,276	26,985	24,026
   Financial income from insurance operations	741	(264)	(520)	(1,775)
   TOTAL INCOME	285,102	244,111	780,561	707,911
   Administrative costs:	(87,297)	(74,095)	(246,606)	(224,876)
   	(38,705)	(31,831)	(109,516)	(99,560)
   b) other administrative costs	(48,592)	(42,264)	(137,090)	(125,316)
   Net accruals to provisions for risks and charges Net impairment losses/reversals of impairment losses on	(2,060)	(4,849)	(2,003)	(7,913)
   property, plant and equipment Net impairment losses/reversals of impairment losses on	(1,958)	(2,138)	(6,049)	(6,520)
   intangible assets	(3,979)	(3,576)	(16,166)	(10,183)
   Other operating income and costs	3,786	252	5,559	1,430
   OPERATING EXPENSE	(91,508)	(84,406)	(265,265)	(248,062)
   Profits (losses) on equity investments	4,303	754	11,240	149,495
   PRE-TAX PROFIT (LOSS) FROM CONTINUING OPERATIONS	197,897	160,459	526,536	609,344
   Income tax on profit from continuing operations	(39,583)	(37,831)	(116,684)	(152,417)
   NET PROFIT (LOSS) FROM CONTINUING OPERATIONS	158,314	122,628	409,852	456,927
   Gains (losses) on discontinued operations, net of taxes		(781)		4,491
   PROFIT FOR THE PERIOD/YEAR	158,314	121,847	409,852	461,418
   Profit for the period attributable to minority interests Parent Company profit for the period/year	11,788 146,526	6,671 115,176	23,689 386,163	23,763 437,655
   Basic earnings per share - Euro Diluted earnings per share - Euro	1.03 1.03	0.81 0.81	2.72 2.72	3.12 3.12

   1. assets and liabilities designated at fair value

   2. other financial assets mandatorily measured at fair value

   1. personnel costs

   The prior period corresponding figures were reclassified in order to comply with IFRS 5. Indeed, since December 2024, the Group no longer controls the Australian companies headed by AZ Next Generation Advisory Limited.

   Consolidated interim financial report as of 30 September 2025 22

1. Consolidated statement of comprehensive income for the third quarter of 2025 and the first nine months of 2025

   Euro/000

   Items	Third quarter of 2025	Third quarter of 2024	01.01.2025- 30.09.2025	01.01.2024- 30.09.2024
   Profit for the period/year	158,314	121,847	409,852	461,418
   Other comprehensive income, net of taxes, not
   transferred to profit or loss	123	759	142	777
   Equity instruments at fair value through other
   comprehensive income	123	759	269	830
   Defined benefit plans	-	-	(117)	(54)
   Non-current assets held for sale Other comprehensive income, net of taxes,	-	-	(10)	-
   transferred to profit or loss	8,212	(19,047)	(73,309)	(17,202)
   Exchange rate differences	8,212	(19,047)	(73,309)	(17,202)
   Total other comprehensive income (expense), net of
   taxes	8,335	(18,287)	(73,167)	(16,426)
   Comprehensive income	166,649	103,560	336,685	444,992
   Consolidated comprehensive income attributable to minority interests	11,788	6,671	23,689	23,763
   Consolidated comprehensive income attributable to the parent company	154,861	96,889	312,996	421,229

   Consolidated interim financial report as of 30 September 2025 23

1. Statement of changes in consolidated shareholders' equity as of 30 September 2025

   Euro/000

   Items	Balance as of 31.12.24	Changes in opening balance	Balance at 01.01.25	Allocation of prior year profit (loss)		Changes during the period						Consolidated comprehensive income for the first nine months of 2025	Group shareholders' equity as of 30.09.25	Shareholders' equity attributable to minority interests as of 30.09.25
   						Changes in reserves	Shareholders' equity transactions
   				Reserves	Dividends and other distributions		Issue of new shares	Treasury share purchases	Extraordinary dividend distribution	Changes in equity instruments	Other changes
   Share capital Share premium reserve Other reserves: Valuation reserves Equity instruments Treasury shares Profit for the year/period	32,324 173,987 1,218,832 (108,915) 2,345 36,000 (7,513) 576,165		32,324 173,987 1,218,832 (108,915) 2,345 36,000 (7,513) 576,165	245,004 245,004	(331,161)			(31,336)			17,293 20,142	(73,167) 386,163	32,324 173,987 1,481,129 (108,915) (70,822) 36,000 (18,707) 386,163	8,993 (8,788) (1,700) 23,689
   Group shareholders' equity	1,923,225		1,923,225		(331,161)			(31,336)			37,435	312,996	1,911,159
   Shareholders' equity attributable to minority interests	24,851		24,851								(26,346)	23,689		22,194

   1. income-related

   2. other

   Consolidated interim financial report as of 30 September 2025 24

1. Statement of changes in consolidated shareholders' equity as of 30 September 2024

   Euro/000

   Items	Balance as of 31.12.23	Changes in opening balance	Balance at 01.01.24	Allocation of prior year profit (loss)		Changes during the period						Consolidated comprehensive income for the first nine months of 2024	Group shareholders' equity as of 30.09.24	Shareholders' equity attributable to minority interests as of 30.09.24
   						Changes in reserves	Shareholders' equity transactions
   				Reserves	Dividends and other distributions		Issue of new shares	Treasury share purchases	Extraordinary dividend distribution	Changes in equity instruments	Other changes
   Share capital	32,324			32,324										32,324	184,971
   Share premium reserve Other reserves:	173,987			173,987										173,987
   a) income-related	1,047,610			1,047,610	245,061	(19,984)						(51,568)		1,221,119	(149,171)
   b) other	(108,915)			(108,915)										(108,915)
   Valuation reserves	(9,940)			(9,940)									(16,426)	(26,366)	(5,084)
   Equity instruments	36,000			36,000										36,000
   Treasury shares	(55,069)			(55,069)		19,984						27,572		(7,513)
   Profit for the period/year	434,567			434,567	(245,061)	(189,506)							437,655	437,655	23,763
   Group shareholders' equity	1,550,564			1,550,564		(189,506)						(23,996)	421,229	1,758,291
   Shareholders' equity attributable to minority interests	58,739			58,739							(28,023)	23,763		54,479

   Consolidated interim financial report as of 30 September 2025 25

1. Consolidated cash flow statement for the third quarter of 2025 and for the nine months ended 30 September 2025

	Third quarter of 2025	Third quarter of 2024	01.01.2025 30.09.2025	01.01.2024 30.09.2024
A. OPERATING ACTIVITIES
1. Operations	194,105	19,701	527,064	475,856
- profit for the period (+/-)	146,526	115,176	386,163	437,655
- net impairment losses on property, plant and equipment
and intangible assets (+/-)	5,937	9,020	22,215	26,322
- net accruals to provisions for risks and charges and other
expenses/income (+/-)	2,060	5,035	2,003	7,913
taxes and tax credits still to be paid (+) other changes (+/-)	39,582 0	(107,498) (2,032)	116,683	10,060 (6,094)
2. Cash generated from or used by financial assets	(227,601)	(248,300)	(30,901)	(552,028)
- financial assets measured at fair value	(225,695)	(261,356)	(27,368)	(592,376)
- Insurance contract assets	(52)	(60)	(162)	(223)
other assets mandatorily measured at fair value financial assets at fair value through other comprehensive	12,493	9,714	14,032	54,176
income	1,672	(216)	405	317
- financial assets at amortised cost	9,916	12,691	94,706	11,213
- other assets	(25,935)	(9,073)	(112,514)	(25,135)
3. Cash generated from or used by financial liabilities	192,642	274,663	17,420	543,720
- financial liabilities at amortised cost	(5,251)	5,293	13,537	11,972
- financial liabilities measured at fair value	142,670	192,601	(21,071)	383,573
- insurance liabilities	83,992	72,808	126,211	219,972
- other liabilities	(28,769)	3,961	(101,257)	(71,797)
Total net cash generated from/(used by) operating activities	159,146	46,064	513,583	467,548
B. INVESTMENT ACTIVITIES
1. Cash generated from		590		84,397
- disposal of equity investments				79,596
- dividends from equity investments		590		4,801
2. Cash used by	(18,955)	(8,045)	(97,396)	(42,120)
- purchase of equity investments	(13,850)	2,498	(26,855)	(7,596)
- purchase of property, plant and equipment	(210)	(1,592)	(359)	(6,283)
- purchase of intangible assets	(4,832)	(4,383)	(9,984)	(16,408)
- purchase of subsidiaries and business units	(63)	(4,568)	(60,198)	(11,833)
Total net cash generated from/(used by) investment activities	(18,955)	(7,455)	(97,396)	42,277
C. FINANCING ACTIVITIES
- issue/purchase of treasury shares			(31,336)
- dividends and other distributions			(331,161)	(189,506)
- change in other reserves	(22,071)	(14,941)	(35,732)	(40,422)
- sale/purchase of non-controlling interests	4,315	3,045	(2,657)	(4,260)
Total net cash generated from/(used by) financing activities	(17,756)	(11,896)	(400,886)	(234,188)
NET CASH GENERATED/(USED) DURING THE PERIOD	122,435	26,713	15,301	275,637
RECONCILIATION	Third quarter of 2025	Third quarter of 2024	01.01.2025 30.09.2025	01.01.2024 30.09.2024
Opening cash and cash equivalents	642,526	1,138,340	749,660	889,416
Total net cash generated/(used) during the period	122,435	26,713	15,301	275,637
Closing cash and cash equivalents	764,961	1,165,053	764,961	1,165,053

Consolidated interim financial report as of 30 September 2025 26

‌ Basis of preparation

1. Accounting policies and preparation criteria

   Pursuant to article 154-ter of Legislative decree no. 58 of 24 February 1998 and subsequent amendments, the consolidated interim financial report of the Azimut Group as of 30 September 2025 has been prepared applying the IAS/IFRS (International Accounting Standards/International Financial Reporting Standards) promulgated by the International Accounting Standards Board (IASB) and the related interpretations of the IFRS Interpretations Committee (formerly IFRIC) and the Standing Interpretations Committee (SIC) endorsed by the European Commission until the date of this report, as required by Regulation (EC) no. 1606 of 19 July 2002, implemented in Italy by Legislative decree no. 38 of 28 February 2005.

   The consolidated interim financial report comprises the balance sheet, the statement of comprehensive income, the statement of changes in shareholders' equity, the cash flow statement, the basis of preparation, and is accompanied by information on the performance of consolidated companies and the statement required by article 154-bis, paragraph 2, of the Consolidated Law on Finance.

   The consolidated interim financial report has been drawn up using the euro as the reporting currency. Specifically, in line with the instructions issued by the Bank of Italy, consolidated interim financial statements figures are presented in thousands of euros, unless otherwise specified. Figures were rounded considering the above instructions issued by the Bank of Italy. The consolidated interim financial report has been published within 45 days of the end of the first quarter of the year and has not been audited by the independent auditors.

2. Accounting policies

   The IAS/IFRS applied to prepare the Azimut Group's consolidated financial statements, governing the classification, recognition, measurement and derecognition criteria of asset and liability items and the recognition of income and expense are those in force at the date of this consolidated interim financial report, as endorsed by the European Union.

   For information on the classification, recognition, measurement and derecognition criteria of the main items, reference should be made to that set out in Part A.2. of the Notes to the Azimut Group's consolidated financial statements as of 31 December 2024.

   Disclosure pursuant to IFRS 5 about the discontinued operations of an entire geographical segment in Australia that took place last year.

   On 16 December 2024, the Group completed the sale of the shares of the Australian-based AZ Next Generation Advisory. AZ Next Generation Advisory was merged into the newco AZ Aust Holdings PTY Ltd and, as a result of the transaction, the percentage of investment decreased from 56% to 25.77%, thereby entailing the loss of control.

   Consequently, from 31 December 2024 the Group changed the consolidation method in accordance with IFRS 10 "Consolidated financial statements" and AZ Next Generation Advisory has been consolidated using the equity method pursuant to IAS 28. As per the relevant arrangements, the company meets the definition of joint venture. Indeed, the parties have rights only to the net assets of the arrangement and are liable only to the extent of their investments, without holding interests in the assets or being directly liable for AZ Next Generation Advisory's obligations. Based on the above, in accordance with IFRS 5, the comparative income statement figures for the period ended 30 September 2024 show the reclassified components. Specifically, pursuant to IFRS 5.33, a single amount is recognised in the income statement comprising the post-tax profit or loss of discontinued operations.

   Consolidated interim financial report as of 30 September 2025 27

1. 1. Standards, amendments and interpretations endorsed by the EU which became effective on 1 January 2025

      Amendments IASB publication date Date of coming into force

      The effects of changes in foreign exchange rates:

      lack of exchangeability [Amendments to IAS 21]

      August 2023 1 January 2025

   2. Standards, amendments and interpretations endorsed by the European Union but not yet applicable/not early adopted

      Amendments IASB publication date Date of coming into force

      Amendments to IFRS 7 and IFRS 9 concerning:

      • the introduction of the option to derecognise a financial liability settled through electronic transfer;

      • the assessment of the contractual terms of the cash flows of a financial asset with environmental, social and corporate governance (ESG) and similar features;

      • the accounting treatment of assets with non-recourse features and contractually linked instruments

      • additional disclosure about financial assets and liabilities with contractual terms that refer to a contingent event (including those linked to ESG factors) and investments in equity instruments designated at fair value through other comprehensive income

        Amendments to IFRS 7 and IFRS 9 concerning: Contracts referencing nature-dependent electricity

        Narrow scope amendments as part of the periodic maintenance of IFRS accounting standards4

      • The amendments include clarifications, simplifications, corrections or changes to improve consistency in: IFRS 1 First-time adoption of International Financial Reporting Standards, IFRS 7 Financial instruments: disclosures and its accompanying guidance on implementing IFRS 7; IFRS 9 Financial instruments; IFRS 10 Consolidated financial statements; and IAS 7 Statement of cash flows

        May 2024 1 January 2026

        December 2024 1 January 2026

        July 2024 1 January 2026

        ‌4 The implementing regulation was published on 10 July 2025 (Regulation 2025/1331).

        Consolidated interim financial report as of 30 September 2025

        28

        
        
        
        
        
   3. Standards, amendments and interpretations not yet endorsed by the European Union

      Amendments	IASB publication date	Date of coming into force
      IFRS 18 - Presentation and disclosure in financial statements	April 2024	1 January 2027
      IFRS 19 - Subsidiaries without public accountability	May 2024	1 January 2027
      Amendments to IFRS 19 - Subsidiaries without public accountability: disclosures	August 2025	1 January 2027

      The Group will adopt the above new standards based on the expected application date and will assess the potential impact once they have been endorsed by the European Union.

2. Consolidation scope

   This consolidated interim financial report includes the balance sheet and income statement figures of Azimut Holding SpA and its direct and indirect subsidiaries.

   1. Subsidiaries

      The Azimut Group consolidation scope has been established in accordance with IFRS 10. Specifically, subsidiaries are those companies in respect of which the Azimut Group is exposed, or has rights, to variable returns from its involvement with the investees and has the ability to affect those returns through its power over the investees. Control exists only when the following elements simultaneously exist: (i) the power to direct the relevant activities; (ii) exposure, or rights, to variable returns from involvement with the investee; (iii) the ability to use its power over the investee to affect the amount of its returns.

   2. Associates and joint ventures

      Associates are those companies subject to significant influence, i.e. companies in which the Azimut Group, either directly or indirectly, holds at least 20% of the voting rights (including "potential" voting rights) or in which - despite holding a smaller percentage of voting rights -has the power to participate in the financial and operating policy decisions, such as the participation in shareholders' agreements, due to specific legal relationships.

      A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control.

      Associates and joint ventures are consolidated using the equity method whereby on initial recognition the investment is recognised at cost, and the carrying amount is increased or decreased based on the investee's share of equity, using the most recently approved financial statements of the companies. The difference between the carrying amount of the equity investment and the investee's share of equity is included in the carrying amount of the investee.

      Consolidated interim financial report as of 30 September 2025

      29

      
      
      
      
      
   3. Changes to the consolidation scope

      Compared to 31 December 2024, the following companies joined the consolidation scope:

      • Synodia SpA Benefit with registered office in Italy, acquired and held (60%) by Mamacrowd Srl; and

      • Kennedy Capital Management LLC, based in the United States, with a further 16% acquired by Azimut US Holdings Inc. (as of 30 September 2025, the investment percentage was 51%);

      • High Post Capital LLC, based in the United States, with a further 43% acquired by Azimut Alternative Capital Partners LLC (as of 30 September 2025, the investment percentage was 57.71%).

      • Az Quest Consultoria Ltda, based in Brazil, was set up in July 2025 and is owned by AZ Quest Holdings SA (as of 30 September 2025, the investment percentage was 99.95%).

Consolidated interim financial report as of 30 September 2025 30