Azimut lifts FY profit outlook, proposes share buyback (updated)
06/11/2025 15:24
Adds context on TNB in paragraph 2, inspection in paragraph 3, payout policy in paragraph 6, strategic plan 2030 Nov 6 (Reuters) - Italian asset manager Azimut Holding AZMT.MI on Thursday raised its full-year net profit outlook, proposed buying back shares, and said that it aims to complete the launch of its new fintech bank in 2026. The group announced this year a deal with domestic private equity fund FSI to create a fintech bank named TNB , spinning off a portion of its financial adviser network into a new entity, with the initial aim of completing the operation by the end of 2025. Azimut said in a separate statement to its earnings release, that following an ordinary inspection by the Bank of Italy regarding the TNB project, it now expects regulatory authorization for the bank in the second quarter of 2026. The group expects its net profit for next year to be above 1 billion euros, including the contribution from the TNB transaction, it said. Its lifted its 2025 core net profit target, now excluding the TNB deal, to above 500 million euros, up from the previous target of 400 million euros. Azimut also said that it will propose a share buy-back program for up to 500 million euros to be completed within 18-24 months, in addition to a 2025 dividend policy above the previous year's payout of 1.75 euros per share. The company has moved forward the presentation of its strategic plan 'Elevate 2030', pending the authorization of the TNB transaction, it said. ($1 = 0.8575 euros) (Reporting by Mirko Miorelli and Enrico Sciacovelli, editing by Matt Scuffham) ((Mirko.Miorelli@thomsonreuters.com;))