Azimut Group IR Presentation August 2025 Azimut Group – IR Presentation Table of Contents About Azimut 3 Total Assets 12 Business update 19 Financials 31 2025 Guidance 45 2 2 Azimut Group At a glance Azimut is an independent global firm specializing in asset management across public and private markets, wealth management, investment banking, and fintech, serving private and corporate clients in 20 countries € 113bn Total Assets 230+ investment professionals ~900 employees globally 1.4m+ investors globally1 ...

Financial Performance - Like-for-like (LFL) revenue less pass-through costs decreased by 43% in H1 2025 and 58% in Q2 2025[18] - Headline operating margin was 82%, a decrease of 290 bps year-over-year (YoY) on a LFL basis, due to the decline in LFL revenue less pass-through costs and higher severance costs[18] - Headline operating profit was £412 million in H1 2025[29] - Adjusted net debt was £3261 million as of June 2025[67] - The company expects LFL revenue less pass-through costs to decline by 3% to 5% for the full year 2025[77] - The company expects headline operating margin to decline 50 to 175 bps year-on-year for the full year 2025, excluding the impact of FX[79] Business Segment Performance - Global Integrated Agencies experienced a decline of 60% in LFL revenue less pass-through costs in Q2 2025[34] - WPP Media's LFL revenue less pass-through costs decreased by 47% in Q2 2025[36] - Public Relations saw a decrease of 78% in LFL revenue less pass-through costs in Q2 2025[34] Regional Performance - North America's LFL revenue less pass-through costs decreased by 46% in Q2 2025[43] - The UK experienced a decline of 65% in LFL revenue less pass-through costs in Q2 2025[42] - Western Continental Europe's LFL revenue less pass-through costs decreased by 65% in Q2 2025[42] - Asia-Pacific, Latin America, Africa & Middle East, and Central & Eastern Europe (AP, LA, AME, CEE) saw a decline of 68% in LFL revenue less pass-through costs in Q2 2025[42] Strategic Initiatives - WPP Open has been adopted by 69000 users, representing approximately 85% of client-facing staff[18, 20] - The company is investing £300 million per annum in AI[109] - Headcount reduced by 37% in H1 2025 to 104000[18]

Financial Performance - H1 2025 global RevPAR increased by 1.8%[15], with ADR up by 1.4%[15] and occupancy up by 0.3%pts[15] - Fee margin increased by 3.9%pts to 64.7%[15], with TTM EBITDA reaching $1.259 billion, a 10% increase[15] - Adjusted EPS increased by 19% to 242.5¢[15], and free cash flow reached $302 million[15] - The interim dividend increased by 10% to 58.6¢[15] System Growth and Development - Gross system growth increased by 7.7% YOY, and net system growth increased by 5.4% YOY[15] - A record 31.4k rooms (207 hotels) were opened in H1, a 75% increase YOY[15] - Signings reached 51.2k rooms (324 hotels), a 15% increase YOY[15] - The pipeline consists of 338k rooms (2,276 hotels), representing 34% of the current system size[16] Capital Returns - $423 million (47%) of the $900 million share buyback program has been returned, representing 2.4% of the opening share count[15] - The company expects to return >$1.1 billion in 2025, representing 5.9% of the opening market cap[15] Strategic Priorities - Loyalty enrolments increased by 22% YOY in H1[102], with ~65% of room nights booked by members[102] - Co-brand fee revenue is on track to double by 2025 and more than triple by 2028[114] Regional Performance - Americas RevPAR increased by 1.4%[184], with a fee margin of 82.7%[184] - EMEAA RevPAR increased by 4.1%[188], with a fee margin of 65.8%[188] - Greater China RevPAR decreased by 3.2%[192], with a fee margin of 57.9%[192]

Financial Performance - Total Revenues for the fiscal year 2024.4-2025.3 reached 2,874,821 million yen[5], a slight increase from 2,814,361 million yen in the previous fiscal year[5] - Net Income Attributable to ORIX Corporation Shareholders for the fiscal year 2024.4-2025.3 was 351,630 million yen[5], compared to 346,132 million yen in the previous fiscal year[5] - Return on Equity (ROE) for the quarter 2025.4-6 increased to 10.4%[5] from 9.2% in the same quarter of the previous year[5] - Return on Assets (ROA) for the quarter 2025.4-6 increased to 2.53%[5] from 2.19% in the same quarter of the previous year[5] Segment Performance - Total segment profits reached 544,668 million yen[7], with an adjustment of -64,205 million yen[7] leading to an income before income taxes of 480,463 million yen[7] - Corporate Financial Services and Maintenance Leasing reported segment profits of 90,329 million yen[7] and segment assets of 1,884,565 million yen[7] - Real Estate segment profits were 70,541 million yen[7] with segment assets of 1,158,293 million yen[7], showing a segment asset ROA of 4.26%[7] - PE Investment and Concession segment profits amounted to 98,872 million yen[7] with segment assets of 1,022,944 million yen[7], resulting in a segment asset ROA of 6.96%[7] - Insurance segment profits were 74,399 million yen[7] with segment assets of 3,009,234 million yen[7], and a segment asset ROA of 1.80%[7] Asset and Funding - Total Assets reached 16,866,251 million yen[5], with Total Liabilities at 12,691,036 million yen[5] and Total ORIX Corporation Shareholders' Equity at 4,089,782 million yen[5] - The Shareholders' Equity Ratio stood at 24.2%[6], and the Debt-to-Equity Ratio was 2.1 times[6] - The company maintains strong liquidity, with a liquidity coverage ratio of 2,086%[86]

Financial Performance - Q1 FY2025 Results (Continuing Operations) - Sales increased by 563 billion yen (+2%) year-on-year to 26216 billion yen, with an approximately 8% increase on a constant currency basis[6, 8] - Operating income increased by 908 billion yen (+36%) year-on-year to 3400 billion yen, with operating income margin at 130%, a 33 percentage point increase[6] - Net income attributable to Sony Group Corporation's stockholders increased by 489 billion yen (+23%) to 2590 billion yen[6] Segment Performance - Q1 FY2025 - Game & Network Services (G&NS) sales increased by 716 billion yen (+8%) to 9365 billion yen, and operating income increased by 827 billion yen (+127%) to 1480 billion yen[9, 22] - Music sales increased by 233 billion yen (+5%) to 4653 billion yen, and operating income increased by 69 billion yen (+8%) to 928 billion yen[9, 26] - Pictures sales decreased by 102 billion yen (-3%) to 3271 billion yen, but operating income increased by 74 billion yen (+65%) [9, 30] - Entertainment, Technology & Services (ET&S) sales decreased by 667 billion yen (-11%) to 5343 billion yen, and operating income decreased by 209 billion yen (-33%) to 431 billion yen[9, 39] - Imaging & Sensing Solutions (I&SS) sales increased by 547 billion yen (+15%) to 4082 billion yen, and operating income increased by 176 billion yen (+48%) to 543 billion yen[9, 44, 47] FY2025 Forecast (Continuing Operations) - Sales forecast remains unchanged at 117 trillion yen[10, 16] - Operating income forecast increased by 50 billion yen (+4%) to 133 trillion yen after considering a 70 billion yen estimated tariff impact[10, 11, 16] - Net income attributable to Sony Group Corporation's stockholders forecast increased by 40 billion yen (+4%) to 970 billion yen[10, 15] Spin-off of Financial Services Business - Sony plans to execute a partial spin-off of Sony Financial Group Inc (SFGI) in October 2025, classifying the Financial Services business as a discontinued operation from Q1 FY25[3, 4] - A considerable one-time loss will be recorded in the consolidated statements of income at the time of the execution of the Spin-off, but there will be no impact on operating income and net income from continuing operations[52]

FY2026 Forecast Revision - Toyota revised its FY2026 operating income forecast downward by 06 trillion yen, from 38 trillion yen to 32 trillion yen [5] - The impact of US tariffs is estimated to be 14 trillion yen, a downward revision from the previous forecast of 12 trillion yen [5] - Consolidated vehicle sales forecasts remain unchanged at 98 million units [35] FY2026 First Quarter Performance - Operating income for the first quarter of FY2026 was 11661 billion yen, a decrease of 1423 billion yen year-on-year [15] - Net income attributable to Toyota Motor Corporation decreased by 4920 billion yen to 8413 billion yen [15] - Total retail vehicle sales increased by 73% year-on-year, reaching 2829 thousand units [11] Sales Performance - Toyota and Lexus vehicle sales increased by 61% year-on-year, reaching 2643 thousand units [11] - Electrified vehicle sales increased by 171% year-on-year, reaching 1259 thousand units, representing 476% of total retail vehicle sales [11] - Consolidated vehicle sales increased by 71% year-on-year to 2411 thousand units [13] Financial Analysis - Sales revenues increased by 4154 billion yen to 122533 billion yen [15] - The operating income margin decreased from 111% to 95% [15] - The analysis of consolidated operating income indicates a negative impact of 4500 billion yen due to tariffs [19] Regional Performance - In North America, vehicle sales increased by 142% [22] - In Asia, vehicle sales increased by 127% [22] - China Business operating income of consolidated subsidiaries increased by 104 billion yen [27] Financial Forecasts - Sales Revenues are forecasted to be 485 trillion yen [38] - Net Income Attributable to Toyota Motor Corporation is forecasted to be 266 trillion yen [38]

Financial Performance - Q2 2025 - Net revenue increased by 80% to RMB559 million (or $78 million) compared to Q2 2024[20] - Gross profit increased by 102% to RMB283 million (or $40 million) compared to Q2 2024[20] - Revenues from Overseas Study Counselling, Research-based Learning and Other Educational Services increased by 542% compared to Q2 2024[12] - Net loss attributable to ACG was RMB108 million (or $15 million) in Q2 2025, compared to RMB168 million in Q2 2024[20] Financial Performance - H1 2025 - Net revenue increased by 118% to RMB1117 million (or $156 million) compared to H1 2024[21] - Gross profit increased by 128% to RMB537 million (or $75 million) compared to H1 2024[21] - Revenues from Overseas Study Counselling, Research-based Learning and Other Educational Services increased by 408% compared to H1 2024[15] - Net loss attributable to ACG was RMB241 million (or $34 million) in H1 2025, compared to RMB347 million in H1 2024[21] Operational Highlights - Q2 2025 - Portfolio Training Services accounted for 680% of total revenues[18] - Project-based programs accounted for 767% of total credit hours delivered within portfolio training services, compared to 612% in Q2 2024[18] - Research-Based Learning Services comprised 320% of Q2 2025 total net revenues, compared to 224% in Q2 2024[18] FY 2025 Guidance - Revenue is projected to grow by approximately 3% to 5% versus FY 2024, reaching RMB276 million – RMB281 million[33]

Financial Performance - Group underlying NPAT increased by 9.2% to $131 million compared to $120 million in 1H 24[5, 27] - Underlying EPS increased by 18.2% to 5.2 cents per share[6, 27] - Controllable costs improved by 4.4% to $303 million[5, 27, 90] - Cost to income ratio improved by 2.9 percentage points to 59.4%[6, 27] Assets Under Management (AUM) - Total AUM increased by 3.7% since FY 24 to $153.9 billion[6, 30] - Platforms AUM grew by 4.3% to $83.2 billion[32] - Superannuation & Investments AUM grew by 2.8% to $58.5 billion[32] - New Zealand Wealth Management AUM increased by 3.6% to $12.2 billion[32] Business Unit Performance - Platforms underlying NPAT increased by 7.4% to $58 million[33, 37] - Superannuation & Investments underlying NPAT remained stable at $34 million[33, 48] - AMP Bank underlying NPAT increased by 2.9% to $36 million[33, 61] - New Zealand Wealth Management underlying NPAT increased by 11.8% to $19 million[33, 74] - Group underlying NPAT showed a decrease of 20.0% to -$16 million[33, 77] AMP Bank - Residential mortgage book grew by 2.8% to $23.326 billion[61] - Net interest margin (NIM) increased by 2 basis points to 1.30%[61] - Transactional balances for 'AMP Bank GO' reached $123 million[21]

Financial Performance & Growth - The company reported a 39% profit growth [30] - Underlying EBITDA for 1H26 is projected to be $14 million to $16 million [30, 56] - Underlying EBITDA increased by 20% to $23.5 million from $19.5 million [43] - Underlying EBITDAR Per Care Bed increased by 13% to $27.9K from $24.7K [45] - Total FY25 cash dividend was 1.45cps, compared to 0.70cps in FY24 [45] Expansion & Acquisitions - Acquired St Allisa, a 109-bed care home, through a leaseback arrangement [24, 27, 30] - Acquired 51% of Cibus Catering Limited, resulting in a $4.1 million revenue uplift [30] - Pursuing capital-light expansion focused on new-build 100-bed care homes leased from private investors [28] Operational Efficiency & Staffing - Company-wide staff turnover decreased by 30% year-on-year, reaching a record low [48] - 86% of care homes audited in FY25 received 4-Year Certification [49] - Average occupancy is trending upwards, reaching approximately 95% [50] - The company acquired 920,000 shares for $280,000, with an average buyback price of 30.4cps [39, 40]

Dimerix Overview - Dimerix is developing DMX-200, a lead drug candidate in Phase 3 clinical trial for focal segmental glomerulosclerosis (FSGS)[14] - FSGS is a rare kidney disease with no approved treatments, leading to irreversible kidney damage, dialysis, transplant, or death[14] - Dimerix has secured orphan drug designation for DMX-200, providing regulatory, marketing exclusivity, and pricing benefits in key territories[14] - Dimerix has licensing partners across key territories for DMX-200[14] Financial Achievements and Partnerships - Dimerix has received over AU$65 million in total payments to date[14,54] - Licensing deals are collectively valued up to approximately AU$1.4 billion in total upfront and potential milestone fees plus royalties[14,53] - A 3rd development and license agreement for DMX-200 in Japan is valued up to ¥10.5 billion (~AU$107 million) in upfront/milestones, plus royalties[17] - A 4th license agreement for DMX-200 in the United States is valued up to US$590 million (~AU$940 million) in upfront/milestones, plus royalties[17] Clinical Trial and Regulatory Progress - The FDA confirmed proteinuria as an acceptable endpoint for full marketing approval in the US[17] - The ACTION3 study has enrolled 225 patients, with 52 patients enrolled in the Open Label Extension Study as of August 5, 2025[33] - The Phase 3 trial aims to recruit a total of approximately 286 patients[33] - Dimerix held a positive Type C meeting with the FDA in March 2025 regarding proteinuria trial endpoints for full approval and potential accelerated approval for DMX-200[41] Market Opportunity - The estimated global incidence of FSGS is over 200,000 per year[61] - The estimated incidence of FSGS per year across all Dimerix licensed territories is approximately 50,071[61]