Deutsche Bank downgrades Azimut on regulatory gaps delaying TNB project

Investing.com -- Deutsche Bank downgraded Azimut Holding (BIT:AZMT)to “hold” from “buy” after the Bank of Italy identified “significant gaps” in the governance and organization of Azimut Capital Management, a finding that is expected to slow the group’s TNB project, according to analyst Giovanni Razzoli, sending shares down over 2% on Monday.

The disclosure prompted a roughly 10% drop in Azimut’s stock, reflecting investor concern that the regulatory review will delay the initiative. 

Deutsche Bank said it now expects approval for the TNB project in the third or fourth quarter of 2026, about six months later than its previous forecast and a full year beyond Azimut’s July indication that approval could come by the end of 2025.

Management has said it still sees authorization arriving “by 2Q26, within the limits of common sense,” but Deutsche Bank described that as a best-case scenario. 

The projected delay also affects the expected timing of the initial €240 million payment from private equity firm FSI linked to the project, Deutsche Bank said.