﻿<?xml version="1.0" encoding="utf-8" standalone="no"?>
<!--This is a generated XML file-->
<link:linkbase xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase">
  <link:arcroleRef arcroleURI="https://xbrl.org/2023/arcrole/summation-item" xlink:type="simple" xlink:href="https://www.xbrl.org/2023/calculation-1.1.xsd#summation-item" />
  <link:roleRef roleURI="https://www.azimut-group.com/role/StatoPatrimoniale" xlink:type="simple" xlink:href="81560025690EF8540635-2025-12-31.xsd#StatoPatrimoniale" />
  <link:roleRef roleURI="https://www.azimut-group.com/role/ContoEconomico" xlink:type="simple" xlink:href="81560025690EF8540635-2025-12-31.xsd#ContoEconomico" />
  <link:roleRef roleURI="https://www.azimut-group.com/role/OCI" xlink:type="simple" xlink:href="81560025690EF8540635-2025-12-31.xsd#OCI" />
  <link:roleRef roleURI="https://www.azimut-group.com/role/OCI_1" xlink:type="simple" xlink:href="81560025690EF8540635-2025-12-31.xsd#OCI_1" />
  <link:roleRef roleURI="https://www.azimut-group.com/role/RendicontoFinanziario" xlink:type="simple" xlink:href="81560025690EF8540635-2025-12-31.xsd#RendicontoFinanziario" />
  <link:calculationLink xlink:type="extended" xlink:role="https://www.azimut-group.com/role/StatoPatrimoniale">
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLoss" xlink:label="loc_ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLoss" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValue" xlink:label="loc_ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValue" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLoss" xlink:to="loc_ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValue" weight="1" order="0" />
    <link:loc xlink:type="locator" xlink:href="81560025690EF8540635-2025-12-31.xsd#AZIMUT_Insuranceassets" xlink:label="loc_AZIMUT_Insuranceassets" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ReinsuranceContractsHeldThatAreAssets" xlink:label="loc_ifrs-full_ReinsuranceContractsHeldThatAreAssets" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_AZIMUT_Insuranceassets" xlink:to="loc_ifrs-full_ReinsuranceContractsHeldThatAreAssets" weight="1" order="1" />
    <link:loc xlink:type="locator" xlink:href="81560025690EF8540635-2025-12-31.xsd#AZIMUT_TaxAssets" xlink:label="loc_AZIMUT_TaxAssets" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CurrentTaxAssets" xlink:label="loc_ifrs-full_CurrentTaxAssets" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_AZIMUT_TaxAssets" xlink:to="loc_ifrs-full_CurrentTaxAssets" weight="1" order="2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DeferredTaxAssets" xlink:label="loc_ifrs-full_DeferredTaxAssets" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_AZIMUT_TaxAssets" xlink:to="loc_ifrs-full_DeferredTaxAssets" weight="1" order="3" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_Assets" xlink:label="loc_ifrs-full_Assets" />
    <link:loc xlink:type="locator" xlink:href="81560025690EF8540635-2025-12-31.xsd#AZIMUT_DisponibilitaLiquideEMezziEquivalenti" xlink:label="loc_AZIMUT_DisponibilitaLiquideEMezziEquivalenti" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ifrs-full_Assets" xlink:to="loc_AZIMUT_DisponibilitaLiquideEMezziEquivalenti" weight="1" order="4" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ifrs-full_Assets" xlink:to="loc_ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLoss" weight="1" order="5" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_FinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome" xlink:label="loc_ifrs-full_FinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ifrs-full_Assets" xlink:to="loc_ifrs-full_FinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome" weight="1" order="6" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_FinancialAssetsAtAmortisedCost" xlink:label="loc_ifrs-full_FinancialAssetsAtAmortisedCost" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ifrs-full_Assets" xlink:to="loc_ifrs-full_FinancialAssetsAtAmortisedCost" weight="1" order="7" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_InvestmentAccountedForUsingEquityMethod" xlink:label="loc_ifrs-full_InvestmentAccountedForUsingEquityMethod" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ifrs-full_Assets" xlink:to="loc_ifrs-full_InvestmentAccountedForUsingEquityMethod" weight="1" order="8" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ifrs-full_Assets" xlink:to="loc_AZIMUT_Insuranceassets" weight="1" order="9" />
    <link:loc xlink:type="locator" xlink:href="81560025690EF8540635-2025-12-31.xsd#AZIMUT_TangibleAssets" xlink:label="loc_AZIMUT_TangibleAssets" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ifrs-full_Assets" xlink:to="loc_AZIMUT_TangibleAssets" weight="1" order="10" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_IntangibleAssetsAndGoodwill" xlink:label="loc_ifrs-full_IntangibleAssetsAndGoodwill" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ifrs-full_Assets" xlink:to="loc_ifrs-full_IntangibleAssetsAndGoodwill" weight="1" order="11" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ifrs-full_Assets" xlink:to="loc_AZIMUT_TaxAssets" weight="1" order="12" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSale" xlink:label="loc_ifrs-full_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSale" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ifrs-full_Assets" xlink:to="loc_ifrs-full_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSale" weight="1" order="13" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_OtherAssets" xlink:label="loc_ifrs-full_OtherAssets" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ifrs-full_Assets" xlink:to="loc_ifrs-full_OtherAssets" weight="1" order="14" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_FinancialLiabilitiesAtAmortisedCost" xlink:label="loc_ifrs-full_FinancialLiabilitiesAtAmortisedCost" />
    <link:loc xlink:type="locator" xlink:href="81560025690EF8540635-2025-12-31.xsd#AZIMUT_FinancialLiabilitiesAtAmortisedCostDifferentFromDebtSecurities" xlink:label="loc_AZIMUT_FinancialLiabilitiesAtAmortisedCostDifferentFromDebtSecurities" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ifrs-full_FinancialLiabilitiesAtAmortisedCost" xlink:to="loc_AZIMUT_FinancialLiabilitiesAtAmortisedCostDifferentFromDebtSecurities" weight="1" order="15" />
    <link:loc xlink:type="locator" xlink:href="81560025690EF8540635-2025-12-31.xsd#AZIMUT_TaxLiabilities" xlink:label="loc_AZIMUT_TaxLiabilities" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CurrentTaxLiabilities" xlink:label="loc_ifrs-full_CurrentTaxLiabilities" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_AZIMUT_TaxLiabilities" xlink:to="loc_ifrs-full_CurrentTaxLiabilities" weight="1" order="16" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DeferredTaxLiabilities" xlink:label="loc_ifrs-full_DeferredTaxLiabilities" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_AZIMUT_TaxLiabilities" xlink:to="loc_ifrs-full_DeferredTaxLiabilities" weight="1" order="17" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_Provisions" xlink:label="loc_ifrs-full_Provisions" />
    <link:loc xlink:type="locator" xlink:href="81560025690EF8540635-2025-12-31.xsd#AZIMUT_OtherProvisionsForRiskAndCharges" xlink:label="loc_AZIMUT_OtherProvisionsForRiskAndCharges" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ifrs-full_Provisions" xlink:to="loc_AZIMUT_OtherProvisionsForRiskAndCharges" weight="1" order="18" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_EquityAndLiabilities" xlink:label="loc_ifrs-full_EquityAndLiabilities" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ifrs-full_EquityAndLiabilities" xlink:to="loc_ifrs-full_FinancialLiabilitiesAtAmortisedCost" weight="1" order="19" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_InsuranceContractsIssuedThatAreLiabilities" xlink:label="loc_ifrs-full_InsuranceContractsIssuedThatAreLiabilities" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ifrs-full_EquityAndLiabilities" xlink:to="loc_ifrs-full_InsuranceContractsIssuedThatAreLiabilities" weight="1" order="20" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLossDesignatedAsUponInitialRecognition" xlink:label="loc_ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLossDesignatedAsUponInitialRecognition" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ifrs-full_EquityAndLiabilities" xlink:to="loc_ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLossDesignatedAsUponInitialRecognition" weight="1" order="21" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ifrs-full_EquityAndLiabilities" xlink:to="loc_AZIMUT_TaxLiabilities" weight="1" order="22" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale" xlink:label="loc_ifrs-full_LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ifrs-full_EquityAndLiabilities" xlink:to="loc_ifrs-full_LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale" weight="1" order="23" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_OtherLiabilities" xlink:label="loc_ifrs-full_OtherLiabilities" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ifrs-full_EquityAndLiabilities" xlink:to="loc_ifrs-full_OtherLiabilities" weight="1" order="24" />
    <link:loc xlink:type="locator" xlink:href="81560025690EF8540635-2025-12-31.xsd#AZIMUT_ProvisionForEmployeeSeverancesPay" xlink:label="loc_AZIMUT_ProvisionForEmployeeSeverancesPay" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ifrs-full_EquityAndLiabilities" xlink:to="loc_AZIMUT_ProvisionForEmployeeSeverancesPay" weight="1" order="25" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ifrs-full_EquityAndLiabilities" xlink:to="loc_ifrs-full_Provisions" weight="1" order="26" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_IssuedCapital" xlink:label="loc_ifrs-full_IssuedCapital" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ifrs-full_EquityAndLiabilities" xlink:to="loc_ifrs-full_IssuedCapital" weight="1" order="27" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_TreasuryShares" xlink:label="loc_ifrs-full_TreasuryShares" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ifrs-full_EquityAndLiabilities" xlink:to="loc_ifrs-full_TreasuryShares" weight="-1" order="28" />
    <link:loc xlink:type="locator" xlink:href="81560025690EF8540635-2025-12-31.xsd#AZIMUT_EquityInstrument" xlink:label="loc_AZIMUT_EquityInstrument" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ifrs-full_EquityAndLiabilities" xlink:to="loc_AZIMUT_EquityInstrument" weight="1" order="29" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_SharePremium" xlink:label="loc_ifrs-full_SharePremium" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ifrs-full_EquityAndLiabilities" xlink:to="loc_ifrs-full_SharePremium" weight="1" order="30" />
    <link:loc xlink:type="locator" xlink:href="81560025690EF8540635-2025-12-31.xsd#AZIMUT_OtherReservesOther" xlink:label="loc_AZIMUT_OtherReservesOther" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ifrs-full_EquityAndLiabilities" xlink:to="loc_AZIMUT_OtherReservesOther" weight="1" order="31" />
    <link:loc xlink:type="locator" xlink:href="81560025690EF8540635-2025-12-31.xsd#AZIMUT_ValuationReserve" xlink:label="loc_AZIMUT_ValuationReserve" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ifrs-full_EquityAndLiabilities" xlink:to="loc_AZIMUT_ValuationReserve" weight="1" order="32" />
    <link:loc xlink:type="locator" xlink:href="81560025690EF8540635-2025-12-31.xsd#AZIMUT_ProfitsLossesAttributableToOwnersOfParent" xlink:label="loc_AZIMUT_ProfitsLossesAttributableToOwnersOfParent" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ifrs-full_EquityAndLiabilities" xlink:to="loc_AZIMUT_ProfitsLossesAttributableToOwnersOfParent" weight="1" order="33" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_NoncontrollingInterests" xlink:label="loc_ifrs-full_NoncontrollingInterests" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ifrs-full_EquityAndLiabilities" xlink:to="loc_ifrs-full_NoncontrollingInterests" weight="1" order="34" />
  </link:calculationLink>
  <link:calculationLink xlink:type="extended" xlink:role="https://www.azimut-group.com/role/ContoEconomico">
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_FeeAndCommissionIncomeExpense" xlink:label="loc_ifrs-full_FeeAndCommissionIncomeExpense" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_FeeAndCommissionIncome" xlink:label="loc_ifrs-full_FeeAndCommissionIncome" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ifrs-full_FeeAndCommissionIncomeExpense" xlink:to="loc_ifrs-full_FeeAndCommissionIncome" weight="1" order="0" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_FeeAndCommissionExpense" xlink:label="loc_ifrs-full_FeeAndCommissionExpense" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ifrs-full_FeeAndCommissionIncomeExpense" xlink:to="loc_ifrs-full_FeeAndCommissionExpense" weight="-1" order="1" />
    <link:loc xlink:type="locator" xlink:href="81560025690EF8540635-2025-12-31.xsd#AZIMUT_GainsLossesOnDisposalsAndRepurchaseOfFinancialAssetsAndLiabilities" xlink:label="loc_AZIMUT_GainsLossesOnDisposalsAndRepurchaseOfFinancialAssetsAndLiabilities" />
    <link:loc xlink:type="locator" xlink:href="81560025690EF8540635-2025-12-31.xsd#AZIMUT_GainLossOnDisposalsOfFinancialAssetsAtFairValueThroughOtherComprehensiveIncome" xlink:label="loc_AZIMUT_GainLossOnDisposalsOfFinancialAssetsAtFairValueThroughOtherComprehensiveIncome" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_AZIMUT_GainsLossesOnDisposalsAndRepurchaseOfFinancialAssetsAndLiabilities" xlink:to="loc_AZIMUT_GainLossOnDisposalsOfFinancialAssetsAtFairValueThroughOtherComprehensiveIncome" weight="1" order="2" />
    <link:loc xlink:type="locator" xlink:href="81560025690EF8540635-2025-12-31.xsd#AZIMUT_NetGainsLossesOnOtherFinancialAssetsLiabilitiesAtFairValueThroughProfitOrLoss" xlink:label="loc_AZIMUT_NetGainsLossesOnOtherFinancialAssetsLiabilitiesAtFairValueThroughProfitOrLoss" />
    <link:loc xlink:type="locator" xlink:href="81560025690EF8540635-2025-12-31.xsd#AZIMUT_GainsLossesOnFinancialAssetsLiabilitiesDesignatedAtFairValueThroughProfitOrLoss" xlink:label="loc_AZIMUT_GainsLossesOnFinancialAssetsLiabilitiesDesignatedAtFairValueThroughProfitOrLoss" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_AZIMUT_NetGainsLossesOnOtherFinancialAssetsLiabilitiesAtFairValueThroughProfitOrLoss" xlink:to="loc_AZIMUT_GainsLossesOnFinancialAssetsLiabilitiesDesignatedAtFairValueThroughProfitOrLoss" weight="1" order="3" />
    <link:loc xlink:type="locator" xlink:href="81560025690EF8540635-2025-12-31.xsd#AZIMUT_GainsLossesOnFinancialAssetsLiabilitiesMandatorilyAtFairValueThroughProfitOrLoss" xlink:label="loc_AZIMUT_GainsLossesOnFinancialAssetsLiabilitiesMandatorilyAtFairValueThroughProfitOrLoss" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_AZIMUT_NetGainsLossesOnOtherFinancialAssetsLiabilitiesAtFairValueThroughProfitOrLoss" xlink:to="loc_AZIMUT_GainsLossesOnFinancialAssetsLiabilitiesMandatorilyAtFairValueThroughProfitOrLoss" weight="1" order="4" />
    <link:loc xlink:type="locator" xlink:href="81560025690EF8540635-2025-12-31.xsd#AZIMUT_GrossIncome" xlink:label="loc_AZIMUT_GrossIncome" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_AZIMUT_GrossIncome" xlink:to="loc_ifrs-full_FeeAndCommissionIncomeExpense" weight="1" order="5" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_RevenueFromDividends" xlink:label="loc_ifrs-full_RevenueFromDividends" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_AZIMUT_GrossIncome" xlink:to="loc_ifrs-full_RevenueFromDividends" weight="1" order="6" />
    <link:loc xlink:type="locator" xlink:href="81560025690EF8540635-2025-12-31.xsd#AZIMUT_InterestIncomeAndSimilarRevenues" xlink:label="loc_AZIMUT_InterestIncomeAndSimilarRevenues" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_AZIMUT_GrossIncome" xlink:to="loc_AZIMUT_InterestIncomeAndSimilarRevenues" weight="1" order="7" />
    <link:loc xlink:type="locator" xlink:href="81560025690EF8540635-2025-12-31.xsd#AZIMUT_InterestExpenseAndSimilarCharges" xlink:label="loc_AZIMUT_InterestExpenseAndSimilarCharges" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_AZIMUT_GrossIncome" xlink:to="loc_AZIMUT_InterestExpenseAndSimilarCharges" weight="-1" order="8" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_AZIMUT_GrossIncome" xlink:to="loc_AZIMUT_GainsLossesOnDisposalsAndRepurchaseOfFinancialAssetsAndLiabilities" weight="1" order="9" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_AZIMUT_GrossIncome" xlink:to="loc_AZIMUT_NetGainsLossesOnOtherFinancialAssetsLiabilitiesAtFairValueThroughProfitOrLoss" weight="1" order="10" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_InsuranceServiceResult" xlink:label="loc_ifrs-full_InsuranceServiceResult" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_AZIMUT_GrossIncome" xlink:to="loc_ifrs-full_InsuranceServiceResult" weight="1" order="11" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_InsuranceFinanceIncomeExpensesFromInsuranceContractsIssuedRecognisedInProfitOrLoss" xlink:label="loc_ifrs-full_InsuranceFinanceIncomeExpensesFromInsuranceContractsIssuedRecognisedInProfitOrLoss" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_AZIMUT_GrossIncome" xlink:to="loc_ifrs-full_InsuranceFinanceIncomeExpensesFromInsuranceContractsIssuedRecognisedInProfitOrLoss" weight="1" order="12" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ImpairmentLossImpairmentGainAndReversalOfImpairmentLossDeterminedInAccordanceWithIFRS9" xlink:label="loc_ifrs-full_ImpairmentLossImpairmentGainAndReversalOfImpairmentLossDeterminedInAccordanceWithIFRS9" />
    <link:loc xlink:type="locator" xlink:href="81560025690EF8540635-2025-12-31.xsd#AZIMUT_Impairmentlossimpairmentgainandreversalofimpairmentlossdeterminedinaccordancewithifrs9onfinancialassetsatamortisedcost" xlink:label="loc_AZIMUT_Impairmentlossimpairmentgainandreversalofimpairmentlossdeterminedinaccordancewithifrs9onfinancialassetsatamortisedcost" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ifrs-full_ImpairmentLossImpairmentGainAndReversalOfImpairmentLossDeterminedInAccordanceWithIFRS9" xlink:to="loc_AZIMUT_Impairmentlossimpairmentgainandreversalofimpairmentlossdeterminedinaccordancewithifrs9onfinancialassetsatamortisedcost" weight="1" order="13" />
    <link:loc xlink:type="locator" xlink:href="81560025690EF8540635-2025-12-31.xsd#AZIMUT_Netprofitfromfinancialactivities" xlink:label="loc_AZIMUT_Netprofitfromfinancialactivities" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_AZIMUT_Netprofitfromfinancialactivities" xlink:to="loc_ifrs-full_ImpairmentLossImpairmentGainAndReversalOfImpairmentLossDeterminedInAccordanceWithIFRS9" weight="-1" order="14" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_AdministrativeExpense" xlink:label="loc_ifrs-full_AdministrativeExpense" />
    <link:loc xlink:type="locator" xlink:href="81560025690EF8540635-2025-12-31.xsd#AZIMUT_AdministrativeExpenseStaffCosts" xlink:label="loc_AZIMUT_AdministrativeExpenseStaffCosts" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ifrs-full_AdministrativeExpense" xlink:to="loc_AZIMUT_AdministrativeExpenseStaffCosts" weight="1" order="15" />
    <link:loc xlink:type="locator" xlink:href="81560025690EF8540635-2025-12-31.xsd#AZIMUT_OtherAdministrativeExpense" xlink:label="loc_AZIMUT_OtherAdministrativeExpense" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ifrs-full_AdministrativeExpense" xlink:to="loc_AZIMUT_OtherAdministrativeExpense" weight="1" order="16" />
    <link:loc xlink:type="locator" xlink:href="81560025690EF8540635-2025-12-31.xsd#AZIMUT_OperatingCosts" xlink:label="loc_AZIMUT_OperatingCosts" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_AZIMUT_OperatingCosts" xlink:to="loc_AZIMUT_AdministrativeExpenseStaffCosts" weight="-1" order="17" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_AZIMUT_OperatingCosts" xlink:to="loc_AZIMUT_OtherAdministrativeExpense" weight="-1" order="18" />
    <link:loc xlink:type="locator" xlink:href="81560025690EF8540635-2025-12-31.xsd#AZIMUT_NetProvisionsForRisksAndCharges" xlink:label="loc_AZIMUT_NetProvisionsForRisksAndCharges" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_AZIMUT_OperatingCosts" xlink:to="loc_AZIMUT_NetProvisionsForRisksAndCharges" weight="1" order="19" />
    <link:loc xlink:type="locator" xlink:href="81560025690EF8540635-2025-12-31.xsd#AZIMUT_DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTangibleAssets" xlink:label="loc_AZIMUT_DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTangibleAssets" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_AZIMUT_OperatingCosts" xlink:to="loc_AZIMUT_DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTangibleAssets" weight="1" order="20" />
    <link:loc xlink:type="locator" xlink:href="81560025690EF8540635-2025-12-31.xsd#AZIMUT_DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill" xlink:label="loc_AZIMUT_DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_AZIMUT_OperatingCosts" xlink:to="loc_AZIMUT_DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill" weight="1" order="21" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_OtherOperatingIncomeExpense" xlink:label="loc_ifrs-full_OtherOperatingIncomeExpense" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_AZIMUT_OperatingCosts" xlink:to="loc_ifrs-full_OtherOperatingIncomeExpense" weight="1" order="22" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ProfitLossBeforeTax" xlink:label="loc_ifrs-full_ProfitLossBeforeTax" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ifrs-full_ProfitLossBeforeTax" xlink:to="loc_AZIMUT_GrossIncome" weight="1" order="23" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ifrs-full_ProfitLossBeforeTax" xlink:to="loc_AZIMUT_Netprofitfromfinancialactivities" weight="1" order="24" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ifrs-full_ProfitLossBeforeTax" xlink:to="loc_AZIMUT_OperatingCosts" weight="1" order="25" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:label="loc_ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ifrs-full_ProfitLossBeforeTax" xlink:to="loc_ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" weight="1" order="26" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ProfitLossFromContinuingOperations" xlink:label="loc_ifrs-full_ProfitLossFromContinuingOperations" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ifrs-full_ProfitLossFromContinuingOperations" xlink:to="loc_ifrs-full_ProfitLossBeforeTax" weight="1" order="27" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:label="loc_ifrs-full_IncomeTaxExpenseContinuingOperations" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ifrs-full_ProfitLossFromContinuingOperations" xlink:to="loc_ifrs-full_IncomeTaxExpenseContinuingOperations" weight="-1" order="28" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ProfitLoss" xlink:label="loc_ifrs-full_ProfitLoss" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ifrs-full_ProfitLoss" xlink:to="loc_ifrs-full_ProfitLossFromContinuingOperations" weight="1" order="29" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ProfitLossFromDiscontinuedOperations" xlink:label="loc_ifrs-full_ProfitLossFromDiscontinuedOperations" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ifrs-full_ProfitLoss" xlink:to="loc_ifrs-full_ProfitLossFromDiscontinuedOperations" weight="1" order="30" />
  </link:calculationLink>
  <link:calculationLink xlink:type="extended" xlink:role="https://www.azimut-group.com/role/OCI">
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_OtherComprehensiveIncome" xlink:label="loc_ifrs-full_OtherComprehensiveIncome" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments" xlink:label="loc_ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ifrs-full_OtherComprehensiveIncome" xlink:to="loc_ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments" weight="1" order="0" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" xlink:label="loc_ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ifrs-full_OtherComprehensiveIncome" xlink:to="loc_ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" weight="1" order="1" />
    <link:loc xlink:type="locator" xlink:href="81560025690EF8540635-2025-12-31.xsd#AZIMUT_AltriRedditiComplessiviCheNonSarannoRiclassificatiComeUtiliOPerditeNetti" xlink:label="loc_AZIMUT_AltriRedditiComplessiviCheNonSarannoRiclassificatiComeUtiliOPerditeNetti" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ifrs-full_OtherComprehensiveIncome" xlink:to="loc_AZIMUT_AltriRedditiComplessiviCheNonSarannoRiclassificatiComeUtiliOPerditeNetti" weight="1" order="2" />
    <link:loc xlink:type="locator" xlink:href="81560025690EF8540635-2025-12-31.xsd#AZIMUT_ForeignExchangeDifferences" xlink:label="loc_AZIMUT_ForeignExchangeDifferences" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ifrs-full_OtherComprehensiveIncome" xlink:to="loc_AZIMUT_ForeignExchangeDifferences" weight="1" order="3" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ComprehensiveIncome" xlink:label="loc_ifrs-full_ComprehensiveIncome" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ProfitLoss" xlink:label="loc_ifrs-full_ProfitLoss" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ifrs-full_ComprehensiveIncome" xlink:to="loc_ifrs-full_ProfitLoss" weight="1" order="4" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ifrs-full_ComprehensiveIncome" xlink:to="loc_ifrs-full_OtherComprehensiveIncome" weight="1" order="5" />
  </link:calculationLink>
  <link:calculationLink xlink:type="extended" xlink:role="https://www.azimut-group.com/role/OCI_1">
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ComprehensiveIncome" xlink:label="loc_ifrs-full_ComprehensiveIncome" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests" xlink:label="loc_ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ifrs-full_ComprehensiveIncome" xlink:to="loc_ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests" weight="1" order="0" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent" xlink:label="loc_ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ifrs-full_ComprehensiveIncome" xlink:to="loc_ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent" weight="1" order="1" />
  </link:calculationLink>
  <link:calculationLink xlink:type="extended" xlink:role="https://www.azimut-group.com/role/RendicontoFinanziario">
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CashFlowsFromUsedInOperations" xlink:label="loc_ifrs-full_CashFlowsFromUsedInOperations" />
    <link:loc xlink:type="locator" xlink:href="81560025690EF8540635-2025-12-31.xsd#AZIMUT_UtilePerditaAttribuibileAiSociDellaControllante" xlink:label="loc_AZIMUT_UtilePerditaAttribuibileAiSociDellaControllante" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ifrs-full_CashFlowsFromUsedInOperations" xlink:to="loc_AZIMUT_UtilePerditaAttribuibileAiSociDellaControllante" weight="1" order="0" />
    <link:loc xlink:type="locator" xlink:href="81560025690EF8540635-2025-12-31.xsd#AZIMUT_Netlossesrecoveriesoncreditimpairment" xlink:label="loc_AZIMUT_Netlossesrecoveriesoncreditimpairment" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ifrs-full_CashFlowsFromUsedInOperations" xlink:to="loc_AZIMUT_Netlossesrecoveriesoncreditimpairment" weight="1" order="1" />
    <link:loc xlink:type="locator" xlink:href="81560025690EF8540635-2025-12-31.xsd#AZIMUT_Netvalueadjustmentswritebacksontangibleandintangibleassets" xlink:label="loc_AZIMUT_Netvalueadjustmentswritebacksontangibleandintangibleassets" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ifrs-full_CashFlowsFromUsedInOperations" xlink:to="loc_AZIMUT_Netvalueadjustmentswritebacksontangibleandintangibleassets" weight="1" order="2" />
    <link:loc xlink:type="locator" xlink:href="81560025690EF8540635-2025-12-31.xsd#AZIMUT_Netprovisionsforrisksandchargesandotherexpensesincome" xlink:label="loc_AZIMUT_Netprovisionsforrisksandchargesandotherexpensesincome" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ifrs-full_CashFlowsFromUsedInOperations" xlink:to="loc_AZIMUT_Netprovisionsforrisksandchargesandotherexpensesincome" weight="1" order="3" />
    <link:loc xlink:type="locator" xlink:href="81560025690EF8540635-2025-12-31.xsd#AZIMUT_Unpaiddutiestaxesandtaxcredits" xlink:label="loc_AZIMUT_Unpaiddutiestaxesandtaxcredits" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ifrs-full_CashFlowsFromUsedInOperations" xlink:to="loc_AZIMUT_Unpaiddutiestaxesandtaxcredits" weight="1" order="4" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_OtherAdjustmentsToReconcileProfitLoss" xlink:label="loc_ifrs-full_OtherAdjustmentsToReconcileProfitLoss" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ifrs-full_CashFlowsFromUsedInOperations" xlink:to="loc_ifrs-full_OtherAdjustmentsToReconcileProfitLoss" weight="1" order="5" />
    <link:loc xlink:type="locator" xlink:href="81560025690EF8540635-2025-12-31.xsd#AZIMUT_Cashflowsfromusedinfinancialassetsclassifiedasoperatingactivities" xlink:label="loc_AZIMUT_Cashflowsfromusedinfinancialassetsclassifiedasoperatingactivities" />
    <link:loc xlink:type="locator" xlink:href="81560025690EF8540635-2025-12-31.xsd#AZIMUT_Adjustmentsfordecreaseincreaseinfinancialassetsdesignatedatfairvalue" xlink:label="loc_AZIMUT_Adjustmentsfordecreaseincreaseinfinancialassetsdesignatedatfairvalue" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_AZIMUT_Cashflowsfromusedinfinancialassetsclassifiedasoperatingactivities" xlink:to="loc_AZIMUT_Adjustmentsfordecreaseincreaseinfinancialassetsdesignatedatfairvalue" weight="1" order="6" />
    <link:loc xlink:type="locator" xlink:href="81560025690EF8540635-2025-12-31.xsd#AZIMUT_Adjustmentsforincreasedecreaseininsurancereinsuranceassets" xlink:label="loc_AZIMUT_Adjustmentsforincreasedecreaseininsurancereinsuranceassets" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_AZIMUT_Cashflowsfromusedinfinancialassetsclassifiedasoperatingactivities" xlink:to="loc_AZIMUT_Adjustmentsforincreasedecreaseininsurancereinsuranceassets" weight="1" order="7" />
    <link:loc xlink:type="locator" xlink:href="81560025690EF8540635-2025-12-31.xsd#AZIMUT_Adjustmentsfordecreaseincreaseinotherfinancialassetsmandatorilyatfairvalue" xlink:label="loc_AZIMUT_Adjustmentsfordecreaseincreaseinotherfinancialassetsmandatorilyatfairvalue" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_AZIMUT_Cashflowsfromusedinfinancialassetsclassifiedasoperatingactivities" xlink:to="loc_AZIMUT_Adjustmentsfordecreaseincreaseinotherfinancialassetsmandatorilyatfairvalue" weight="1" order="8" />
    <link:loc xlink:type="locator" xlink:href="81560025690EF8540635-2025-12-31.xsd#AZIMUT_Adjustmentsfordecreaseincreaseinfinancialassetsatfairvaluethroughothercomprehensiveincome" xlink:label="loc_AZIMUT_Adjustmentsfordecreaseincreaseinfinancialassetsatfairvaluethroughothercomprehensiveincome" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_AZIMUT_Cashflowsfromusedinfinancialassetsclassifiedasoperatingactivities" xlink:to="loc_AZIMUT_Adjustmentsfordecreaseincreaseinfinancialassetsatfairvaluethroughothercomprehensiveincome" weight="1" order="9" />
    <link:loc xlink:type="locator" xlink:href="81560025690EF8540635-2025-12-31.xsd#AZIMUT_Adjustmentsfordecreaseincreaseinfinancialassetsatamortisedcost" xlink:label="loc_AZIMUT_Adjustmentsfordecreaseincreaseinfinancialassetsatamortisedcost" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_AZIMUT_Cashflowsfromusedinfinancialassetsclassifiedasoperatingactivities" xlink:to="loc_AZIMUT_Adjustmentsfordecreaseincreaseinfinancialassetsatamortisedcost" weight="1" order="10" />
    <link:loc xlink:type="locator" xlink:href="81560025690EF8540635-2025-12-31.xsd#AZIMUT_Liquiditygeneratedabsorbedbyotherassets" xlink:label="loc_AZIMUT_Liquiditygeneratedabsorbedbyotherassets" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_AZIMUT_Cashflowsfromusedinfinancialassetsclassifiedasoperatingactivities" xlink:to="loc_AZIMUT_Liquiditygeneratedabsorbedbyotherassets" weight="1" order="11" />
    <link:loc xlink:type="locator" xlink:href="81560025690EF8540635-2025-12-31.xsd#AZIMUT_Cashflowsfromusedinfinancialliabilitiesclassifiedasoperatingactivities" xlink:label="loc_AZIMUT_Cashflowsfromusedinfinancialliabilitiesclassifiedasoperatingactivities" />
    <link:loc xlink:type="locator" xlink:href="81560025690EF8540635-2025-12-31.xsd#AZIMUT_Adjustmentsforincreasedecreaseinfinancialliabilitiesatamortisedcost" xlink:label="loc_AZIMUT_Adjustmentsforincreasedecreaseinfinancialliabilitiesatamortisedcost" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_AZIMUT_Cashflowsfromusedinfinancialliabilitiesclassifiedasoperatingactivities" xlink:to="loc_AZIMUT_Adjustmentsforincreasedecreaseinfinancialliabilitiesatamortisedcost" weight="1" order="12" />
    <link:loc xlink:type="locator" xlink:href="81560025690EF8540635-2025-12-31.xsd#AZIMUT_Adjustmentsforincreasedecreaseofifnancialliabilitiesdesignatedatfairvalue" xlink:label="loc_AZIMUT_Adjustmentsforincreasedecreaseofifnancialliabilitiesdesignatedatfairvalue" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_AZIMUT_Cashflowsfromusedinfinancialliabilitiesclassifiedasoperatingactivities" xlink:to="loc_AZIMUT_Adjustmentsforincreasedecreaseofifnancialliabilitiesdesignatedatfairvalue" weight="1" order="13" />
    <link:loc xlink:type="locator" xlink:href="81560025690EF8540635-2025-12-31.xsd#AZIMUT_Adjustmentsforincreasedecreaseininsurancereinsuranceliabilities" xlink:label="loc_AZIMUT_Adjustmentsforincreasedecreaseininsurancereinsuranceliabilities" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_AZIMUT_Cashflowsfromusedinfinancialliabilitiesclassifiedasoperatingactivities" xlink:to="loc_AZIMUT_Adjustmentsforincreasedecreaseininsurancereinsuranceliabilities" weight="1" order="14" />
    <link:loc xlink:type="locator" xlink:href="81560025690EF8540635-2025-12-31.xsd#AZIMUT_Cashflowsfromincreasedecreaseofotherliabilities" xlink:label="loc_AZIMUT_Cashflowsfromincreasedecreaseofotherliabilities" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_AZIMUT_Cashflowsfromusedinfinancialliabilitiesclassifiedasoperatingactivities" xlink:to="loc_AZIMUT_Cashflowsfromincreasedecreaseofotherliabilities" weight="1" order="15" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:label="loc_ifrs-full_CashFlowsFromUsedInOperatingActivities" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:to="loc_ifrs-full_CashFlowsFromUsedInOperations" weight="1" order="16" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:to="loc_AZIMUT_Cashflowsfromusedinfinancialassetsclassifiedasoperatingactivities" weight="1" order="17" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:to="loc_AZIMUT_Cashflowsfromusedinfinancialliabilitiesclassifiedasoperatingactivities" weight="1" order="18" />
    <link:loc xlink:type="locator" xlink:href="81560025690EF8540635-2025-12-31.xsd#AZIMUT_Cashflowsfrominvestingactivities" xlink:label="loc_AZIMUT_Cashflowsfrominvestingactivities" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_OtherCashReceiptsFromSalesOfEquityOrDebtInstrumentsOfOtherEntitiesClassifiedAsInvestingActivities" xlink:label="loc_ifrs-full_OtherCashReceiptsFromSalesOfEquityOrDebtInstrumentsOfOtherEntitiesClassifiedAsInvestingActivities" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_AZIMUT_Cashflowsfrominvestingactivities" xlink:to="loc_ifrs-full_OtherCashReceiptsFromSalesOfEquityOrDebtInstrumentsOfOtherEntitiesClassifiedAsInvestingActivities" weight="1" order="19" />
    <link:loc xlink:type="locator" xlink:href="81560025690EF8540635-2025-12-31.xsd#AZIMUT_Proceedsfromsalesoftangibleassetsclassifiedasinvestingactivities" xlink:label="loc_AZIMUT_Proceedsfromsalesoftangibleassetsclassifiedasinvestingactivities" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_AZIMUT_Cashflowsfrominvestingactivities" xlink:to="loc_AZIMUT_Proceedsfromsalesoftangibleassetsclassifiedasinvestingactivities" weight="1" order="20" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ProceedsFromSalesOfIntangibleAssetsClassifiedAsInvestingActivities" xlink:label="loc_ifrs-full_ProceedsFromSalesOfIntangibleAssetsClassifiedAsInvestingActivities" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_AZIMUT_Cashflowsfrominvestingactivities" xlink:to="loc_ifrs-full_ProceedsFromSalesOfIntangibleAssetsClassifiedAsInvestingActivities" weight="1" order="21" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" xlink:label="loc_ifrs-full_CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_AZIMUT_Cashflowsfrominvestingactivities" xlink:to="loc_ifrs-full_CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" weight="1" order="22" />
    <link:loc xlink:type="locator" xlink:href="81560025690EF8540635-2025-12-31.xsd#AZIMUT_Cashflowsusedninvestingactivities" xlink:label="loc_AZIMUT_Cashflowsusedninvestingactivities" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_OtherCashPaymentsToAcquireEquityOrDebtInstrumentsOfOtherEntitiesClassifiedAsInvestingActivities" xlink:label="loc_ifrs-full_OtherCashPaymentsToAcquireEquityOrDebtInstrumentsOfOtherEntitiesClassifiedAsInvestingActivities" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_AZIMUT_Cashflowsusedninvestingactivities" xlink:to="loc_ifrs-full_OtherCashPaymentsToAcquireEquityOrDebtInstrumentsOfOtherEntitiesClassifiedAsInvestingActivities" weight="-1" order="23" />
    <link:loc xlink:type="locator" xlink:href="81560025690EF8540635-2025-12-31.xsd#AZIMUT_Purchaseoftangibleassetsclassifiedasinvestingactivities" xlink:label="loc_AZIMUT_Purchaseoftangibleassetsclassifiedasinvestingactivities" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_AZIMUT_Cashflowsusedninvestingactivities" xlink:to="loc_AZIMUT_Purchaseoftangibleassetsclassifiedasinvestingactivities" weight="-1" order="24" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities" xlink:label="loc_ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_AZIMUT_Cashflowsusedninvestingactivities" xlink:to="loc_ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities" weight="-1" order="25" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" xlink:label="loc_ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_AZIMUT_Cashflowsusedninvestingactivities" xlink:to="loc_ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" weight="-1" order="26" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:label="loc_ifrs-full_CashFlowsFromUsedInInvestingActivities" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:to="loc_AZIMUT_Cashflowsfrominvestingactivities" weight="1" order="27" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:to="loc_AZIMUT_Cashflowsusedninvestingactivities" weight="1" order="28" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:label="loc_ifrs-full_CashFlowsFromUsedInFinancingActivities" />
    <link:loc xlink:type="locator" xlink:href="81560025690EF8540635-2025-12-31.xsd#AZIMUT_Otherinflowsoutflowsfromissuepurchaseoftreasuryshares" xlink:label="loc_AZIMUT_Otherinflowsoutflowsfromissuepurchaseoftreasuryshares" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:to="loc_AZIMUT_Otherinflowsoutflowsfromissuepurchaseoftreasuryshares" weight="1" order="29" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DividendsPaidClassifiedAsFinancingActivities" xlink:label="loc_ifrs-full_DividendsPaidClassifiedAsFinancingActivities" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:to="loc_ifrs-full_DividendsPaidClassifiedAsFinancingActivities" weight="-1" order="30" />
    <link:loc xlink:type="locator" xlink:href="81560025690EF8540635-2025-12-31.xsd#AZIMUT_Increasedecreaseofreserves" xlink:label="loc_AZIMUT_Increasedecreaseofreserves" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:to="loc_AZIMUT_Increasedecreaseofreserves" weight="1" order="31" />
    <link:loc xlink:type="locator" xlink:href="81560025690EF8540635-2025-12-31.xsd#AZIMUT_Otherinflowsoutflowsfromsalepurchaseofminoritycontrol" xlink:label="loc_AZIMUT_Otherinflowsoutflowsfromsalepurchaseofminoritycontrol" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:to="loc_AZIMUT_Otherinflowsoutflowsfromsalepurchaseofminoritycontrol" weight="1" order="32" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" xlink:label="loc_ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" xlink:to="loc_ifrs-full_CashFlowsFromUsedInOperatingActivities" weight="1" order="33" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" xlink:to="loc_ifrs-full_CashFlowsFromUsedInInvestingActivities" weight="1" order="34" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" xlink:to="loc_ifrs-full_CashFlowsFromUsedInFinancingActivities" weight="1" order="35" />
  </link:calculationLink>
</link:linkbase>