Azimut sees underlying profit of $642 million in 2026 as TNB deal closure nears
12/01/2026 10:06
Jan 12 (Reuters) - Azimut Holding AZMT.MI said on Monday it expected a net profit of 550 million euros ($642 million) in 2026, excluding extraordinary items, while confirming it aimed to complete the deal creating digital bank TNB this year. The Italian asset manager extended last month its binding agreement with private equity fund FSI to spin off part of its network of financial advisers into the new fintech bank, which was initially planned by the end of 2025. In November, the Milan-based group forecast net income exceeding 1 billion euros for 2026, which included the expected contribution from the TNB transaction. The new target for underlying earnings excludes this effect. Azimut reiterated in a press release that the board intended to propose a higher dividend policy for the 2025 financial year, compared to the 61% of earnings paid out for 2024. The company added it expected last year's net income to be more than 515 million euros, slightly higher than the previous 2025 guidance for a profit exceeding 500 million euros. ($1 = 0.8563 euros) (Reporting by Enrico Sciacovelli, editing by Milla Nissi-Prussak) ((Enrico.Sciacovelli@thomsonreuters.com; +48587720309;))