Anima Holding S.p.a. · MIL:ANIM
Anima — Q1 2025 Earnings Presentation
16 slides from Anima's earnings presentation, 2025
Slide 1: Q1 2025 Results
Q1 2025 Results Strong, committed, ready
Slide 2: Q1 2025 Highlights
Q1 2025 Highlights € 202.0 bn AuM+AuA € +0.9 bn Net Inflows* -1.02% Mutual funds’ WAP +4.3% vs. March ‘24 vs. -0.8 €bn in Q1 24 vs. +3.50% in Q1 24 ➢ Total Assets up €8.4bn YoY thanks to the addition of Kairos, positive inflows, and assets performance ➢ Very strong net inflows driven once again by r
Slide 3: ANIMA Group structure
Q1 2025 ANIMA Group structure Assets at 31.03.2025 – Instrumental subsidiaries not shown Put&Call options on minority stake 100% 100% 100% for 2026-2028 80% 20% Alternative investments business unit An Italian asset management One of Italy’s most Real-estate and other illiquid or non-traditional ass
Slide 4: Split of Total Assets at 31.03.2025
Q1 2025 Split of Total Assets at 31.03.2025 Retail (39% of total) Institutional (47% of total) Poste Class I Insurance 70.1% Wrapping* 20.2% Banco BPM 39.7% Private Bankers & other** B2B2C (14% of total) 2.7% AuM/AuA Poste funds and U/L 48.5% AuM Financial Advisors 4.9% € 77.9 bn € 95.2 bn other ban
Slide 5: Mutual funds' investment performance
Q1 2025 Mutual funds’ investment performance 2025 YTD WAP Funds’ breakdown by category ANIMA Italian industry as of 31.03.2025 % 6.0 20.1% 5.0 Equity 32.7% 4.0 3.0 16.0% 2.0 Flexible 14.8% 1.0 14.5% 0.0 Balanced 10.3% -1.02 -1.0 -2.0 -1.07 -3.0 44.8% Bond 37.8% -4.0 -5.0 -6.0 Cash 4.3% 4.6% Nov Jul
Slide 6: Mutual Funds - Net flows breakdown by quarter
Q1 2025 Mutual Funds - Net flows breakdown by quarter € bn Bond Flexible 0.6 Balanced Equity 1.1 0.4 1.5 0.3 ➢ Q1 Net inflows data reflect 1.7 strategic partners’ strong 1.8 1.3 1.4 campaign with retail 1.3 0.8 1.1 customers, with bond target- 0.8 date funds being the favorite 0.5 0.1 0.1 0.2 0.2 0.
Slide 7: Managed assets YTD net inflows: eye on profitability
Q1 2025 Managed assets YTD net inflows: eye on profitability Focus on Wrapping Fund users • The vast majority of ‘wrapping’ is represented by funds underlying other funds, especially target-date funds PROFITABILITY • ‘Wrapping’ flows are driven by changes in portfolio of Retail clients (B2C) contain
Slide 8: Retail net inflows accelerating even further
Q1 2025 Retail net inflows accelerating even further B2C Retail Net Inflows into Anima Group products data in €mn 1.000 916 ➢ B2C Retail inflows: a significant qualitative 800 734 indicator, even higher than Q1 613 last year 600 ➢ Mostly coming through our 400 strategic and commercial 200 partner ba
Slide 9: Reclassified consolidated P&L
Q1 2025 Reclassified consolidated P&L € mn Q1 25 Q1 25 Q1 24 YoY YoY statutory like-for-like Change Change bps/avg AuM Q125 Q124 Including like-for-like Total mgmt. fee margin 17.2 16.6 no contribution 3M of Kairos from Kairos or Vita Margin excl. Class I and AIFs 27.0 26.1 3M of Vita Net revenues e
Slide 10: Q1 Net income bridge 2024-2025
Q1 2025 Q1 Net income bridge 2024-2025 -1.6 1.2 Tax Rate Q1 24 34.7% 31.8 -38.1 -0.4 -2.5 0.4 28.1 Amount paid by distributor 109.9 Tax Rate Banco BPM related to Q1 25 5-yr net inflows (02/2020-02/2025) 34.6% 81.0 71.8 52.9 Q12024 Income tax Q12024 EBITDA Extraordinary D&A Adjustment Other Change in
Slide 11: Total Revenues ex performance fees by quarter
Q1 2025 Total Revenues ex performance fees by quarter € mn ➢ Normalization of recurring fees following two positive one-offs in Q4: ➢ Year-end adjustment (equalization) of fees collected by a Kairos fund ➢ Reversal of ‘loyalty discount’ previously granted to an institutional customer who did not com
Slide 12: Personnel Expenses
Q1 2025 Personnel Expenses € mn ➢ Castello’s fixed component increased since Q4 due to the inclusion of instrumental company Vita Srl ➢ Variable components reflect provision for year-end bonuses related to performance fees Variable Fixed 25.5 Variable 23.9 23.0 1.7 Fixed 21.4 1.9 0.4 Variable 4.2 19
Slide 13: Consolidated Net Financial Position
Q1 2025 Consolidated Net Financial Position 221.3 31.03.25 31.12.24 31.03.24 251.5 Bond 2021-28 1.50% (299.2) (299.1) (298.9) Bond 2019-26 1.75% (283.6) (283.6) (283.4) Accrued interest expense (6.4) (4.1) (6.4) 3.1 IFRS16 (24.8) (25.5) (18.0) Put&Call options (Castello, Vita) (19.0) (18.8) (13.9) D
Slide 14: Total net return on liquidity by quarter
Q1 2025 Total net return on liquidity by quarter € mn ➢ Actual return on liquidity includes the net result from the company’s own portfolio of investments, reported in the P&L as part of “Other Income/Costs” ➢ Satisfactory, positive total return despite lower interest rates and a € 219 mn cash-out i
Slide 15: Strong, Committed, Ready
Q1 2025 Strong, Committed, Ready A robust, profitable and scalable business model ready to be deployed in the next chapter of our story ➢ Q1 ’25: yet another strong quarter characterized by strong retail inflows (probably close to a historical record) and performance fees from managed assets ➢ ca. €
Slide 16: Disclaimer and safe harbor statements
Investor Relations Digital link: Luca Mirabelli see and download Tel. +39.02.63536.226 our presentation Luca.mirabelli@animaholding.it Luca.mirabelli@animaholding.it Anima Holding SpA ANIMA and its suppliers Corso Garibaldi, 99 print this presentation, I – 20121 Milano www.animaholding.it when neede