
Azimut Group FY 2020 Results March 11th, 2021 Table of Contents • FY 2020 Highlights 3 • Asset Management & Distribution 16 • International business 22 • FY 2020 Financials 25 • Summary & Outlook 28 • About Azimut 31 2 Table of Contents • FY 2020 Highlights 3 • Asset Management & Distribution 16 • International business 22 • FY 2020 Financials 25 • Summary & Outlook 28 • About Azimut 31 3 Azimut Group FY 2020: 3 key takeaways Net WAP 2019-2021 YtD Private Markets AUM Net Profit Margin +14% €2.2bn 64bps (from € 0.6bn of Jan. 2020) Source: Company data. 4 FY 2020: Italian listed players 1 4 AUM Growth Dividends(1) €bn 31-12-14 31-12-20 Diff. € per share 2014 2015 2016 2017 2018 2019 2020 Total Azimut 30.0 67.3 124% Azimut 0.8 1.5 1.0 2.0 1.5 1.0 1.0 8.8 Banca Generali 36.6 74.5 104% Banca Generali 1.0 1.2 1.1 1.3 1.3 - 2.7 8.5 Fineco 49.3 91.7 86% Banca Mediolanum 0.3 0.3 0.4 0.4 0.4 0.2 0.8 2.8 Banca Mediolanum 64.5 93.3 45% Fineco 0.2 0.3 0.3 0.3 0.3 - - 1.3 Note: AZM includes Sanctuary Wealth AUM 2 Total Net Inflows Market Cap Growth €bn 2014 2015 2016 2017 2018 2019 2020 Total Fineco 4.0 5.5 5.0 6.0 6.2 5.8 9.3 41.8 Azimut 5.6 6.7 6.5 6.8 4.4 4.6 4.5 39.1 €bn 31/12/2014 09/03/2021 Diff. Banca Mediolanum 5.2 5.7 6.0 5.4 4.1 4.1 7.7 38.2 Banca Generali 4.0 4.6 5.7 6.9 5.0 5.1 5.9 37.2 Fineco 2.8 9.0 218.0% 3 Banca Mediolanum 3.9 5.7 46.1% Net Profit Growth Banca Generali 2.7 3.4 27.5% €mn 2014 2015 2016 2017 2018 2019 2020 Diff. Azimut 174 247 173 220 145 370 382 119% Azimut 2.6 2.7 4.5% Fineco 150 191 212 214 241 288 325 116% Banca Generali 161 204 156 204 180 272 275 71% Banca Mediolanum 321 439 394 380 256 565 434 35% Source: Company data, Press releases, Facstet. 5 Note (1): DPS payment is in T+1, and only includes dividends to be paid in the following fiscal year only. 2020 all subject to AGM approval. FY 2020: key highlights Breaking new records in an unprecedented year thanks to strength of the business model Total Assets (€bn) Recurring Revenues (€mn) International Recurring fee 29% 34% 174 178 AUM margin (bps)(1) +14% +2.8% 67.3 774 753 59 2019 2020 2019 2020 Operating Costs (€mn) Net Profit (€mn) Distribution Q4 Net Profit 380 356 85 103 Costs -1.2% margin (bps) +3.1% 604 382 597 370 2019 2020 2019 2020 Source: Company data. 6 Note (1): quarterly average. FY 2020: key highlights Revenue evolution: a decade of consistent growth, driven by recurring earnings Recurring Fees Variable Fees Other €mln +11% CAGR 1054 1050 207 149 207 811 748 708 706 136 136 57 552 159159 131131 472 434 108108 +12% 358 326 875 107 824 CAGR875 107 824 120 656 678 58 656 678 35 557 35 529 557 427 349 427 286 278 300 286 278 300 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Source: Company data. 7 FY 2020: key highlights OpEx: significant slowdown following the initial “investment” phase, CIR at lowest level in 10-Y €mln Dist. Costs Pers. and SG&A Other Cost/Income 75% 1000 66% 64% 63% 63% 61% 58% 60% 900 58% 60% +4% CAGR 51% 46% 800 +12% CAGR 40% 700 604 597 556 533 600 500 24 29 20% 16 428 17 500 16 200 211 359 0% 11 179 204 400 291 159 256 16 126 243 300 235 - 20% 13 87 20 69 21 21 200 51 51 63 380 338 336 356 325 - 40% 256 291 100 208 170 164 173 0 - 60% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Source: Company data. 8 Note: Cost Income Ratio calculated as Operating Expenses over Net Revenues FY 2020: key highlights A recap of the last 10 years 2010 2020 (1) AUM (€bn) 16.5 4x 67.3 Net Inflows 0.5 4.5 (€bn) 9x Revenues 358 (€mn) 3x 1,054 Costs 242 (€mn) 2.5x 597 Net Profits 94 382 (€mn) 4x Source: Company data. 9 Note (1): Including Sanctuary. FY 2020: key highlights A year with a huge digital step-up across the board, boosting efficiency at every level Digital Proposals Digital Clients 50% 46% 44% 42% 45% 42% 40% 35% 40% 30% 38% 25% 20% 20% 36% 33% 15% 34% 10% 32% 5% 0% 30% February 2020 February 2021 February 2019 February 2021 Digital FAs 95% 91% 90% 85% 80% 74% 75% 70% 65% 60% 55% 50% February 2019 February 2021 Source: Company data. 10 Note: Digital Clients and FAs defined as who use Azimut Digital Gate (MyAzimut) App, including digital signature Revenues and Net Profit over time As stated in our 2019 investor day… Pre 2019(1) 2019 2020 20% 20% 14% Revenues 80% 80% 86% Recurring Variables Recurring Variable Recurring Variables 35% 39% Net Profit 56% 44% 65% 61% Recurring Variables Recurring Variable Recurring Variables Source: Company data (1): Average 2012-2018. 11 Azimut Positioning in the Market Main KPIs versus selected listed Traditional and Alternative players 2020 Revenue Margin 2020 Net Profit Margin 1.8% 0.6% 0.6% 1.4% 0.8% 0.2% Azimut Alternatives Traditionals Azimut Alternatives Traditionals 2020 Net New Money (as % of beginning AUM) 2015-2020 AUM CAGR 13.9% 12.6% 9.1% 7.7% 6.9% 6.2% Azimut Alternatives Traditionals Azimut Alternatives Traditionals Source: Company data and Factset. Traditionals include: Banca Generali, Banca Mediolanum, Fineco, Man Group, 12 Schroders, DWS, Amundi. Alternatives include: KKR, ICG, Blackstone, Carlyle, EQT A valuation perspective Despite outperforming both Traditionals and Alternatives… P/E 2021 P/E 2022 29x 28x 7.7x with €350mn Net Profit 10.6x with actual Consensus 21x 18x 18x 18x 16x 16x Avg. P/E 2021: 16.2x 15x 15x 16x 13x Avg. P/E 2022: 14.8x 13x 12x 13x 13x 12x 12x 12x 11x 11x 11X 10x 10x 8x Fonte: Company data and Factset. 13 Group Inflows & AUM evolution Record AUM and International Business reaching 34% of Total Total Assets breakdown (€bn) * Total Assets reaches record high of €70bn including the most recent acquisition of Sanctuary Wealth 69.9 International business stands at 34% of Total, record level for the Group 60.4 59.1 FY 2020 Net Inflows: €4.5bn, of which €3.7bn organic and €0.8bn M&A(1) 50.8 50.4 €1.4bn from Private Markets 43.6 Alternatives at end February 2021 up to 4% vs 3% end of 2020 36.7 Total Inflows Jan – Feb 2021: €1.3bn 30.0 (excluding Sanctuary) AUM breakdown (1): Discretionary Portfolio Advisory 3% Management 11% Life Insurance 23% Mutual Funds 59% Alternatives 4% Source: Company data. Note (1): Figures referred to Managed Assets. 14 Private Markets: product suite overview €2.2 bn of Total AuM, a growth of 3x vs. the beginning of 2020 # refers to number of deals (€AUM) #28(1) 436 #17 363 #2 277 #32 193 #8 #16 #3 154 150 128 133 #3 #7 #15 87 65 70 40 Venture Capital Private Credit Infra. / RE Private Equity Source: Company data. 15 Note: Showing only fully closed funds and it doesn’t’ include others Private Markets Vehicles. Kennedy Lewis AUM is pro-rata for Azimut ownership (20%).(1) The current figure compared to the one of last quarter, excludes public names. Private Markets: product suite in the pipeline Strong pipeline coming up to enhance our product offering and remaining ahead of the curve Partnership/ AUM/ Target Investors/ Min. Fund Focus Status Managed Target AUM Investment ALTO Equity & PIPE Azimut Investments Fundraising (UCITS) Unconstrained Retail (min. € ) ALTO Fixed Income PE, minority stakes (PIR Azimut Libera Impresa Fundraising € mn Retail (min. € k) AZ Eltif Ophelia Alternative compliant) AZ Eltif Capital PD, rescue financ. In partnership with Fundraising € mn Retail (min. € k) Solutions (PIR Alternative compliant) Muzinich AZ Eltif Digital State-guaranteed loans Azimut Libera Impresa Fundraising € mn Retail (min. € k) Lending and commercial credits FIA Private Debt PD, performing and non- Project Azimut Libera Impresa Fundraising € mn Retail (min. € k) Multistrategy performing assets Synthetic Bank AZ Eltif Tactical Southern Europe Private In partnership with Fundraising € mn Retail (min. € k) Opportunities Equity Peninsula Kennedy Lewis US Alternative / AACP / In pipeline for 2H ~$3bn TBD Fund III Opportunistic Credit Kennedy Lewis 2021 AACP Emerging US PE, PD and VC emerging Azimut Alternative In pipeline ~$500mn TBD Manager Fund managers Capital Partners ALTO Future / Italia PIPE Azimut Investments In pipeline Unconstrained Retail (min. € ) AliCrowd VC, Crowdfunding Azimut Libera Impresa In pipeline € mn Retail (min. € k) Further products in regulatory filing / product design phase expected to launch in 2021 Source: Company data. 16 Table of Contents • FY 2020 Highlights 3 • Asset Management & Distribution 16 • International business 22 • FY 2020 Financials 25 • Summary & Outlook 28 • About Azimut 31 17 Azimut Net Weighted Average Performance to clients Steady recovery from 2020 lows while delivering solid positive returns on a longer term horizon 15.00% 10.00% 5.00% 0.00% -5.00% -10.00% -15.00% Azimut Net WAP RiskFree Source: Company data at 11/02/2021 and Bloomberg Risk free: MTSIBOTR Index.
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