Anima Holding S.p.a. · MIL:ANIM

Anima — FY2025 Earnings Presentation

15 slides from Anima's earnings presentation, 2026

  1. Slide 1: FY 2025 Results

    FY 2025 Results Banco BPM Group Anima Holding S.p.A. is subject to the direction and coordination of Banco BPM S.p.A.

  2. Slide 2: FY 2025 Highlights

    FY 2025 Highlights € 212.4 bn AuM+AuA € +3.9 bn Net Inflows* +4.68% Mutual funds’ WAP +4% vs. EOY 24 vs. +0.9 €bn in FY 24 on top of +8.60% in FY 24 ➢ Total Assets up €8.2bn YoY thanks to positive inflows and assets performance ➢ Very strong net inflows, still driven by retail (€ +2.3 bn during the

  3. Slide 3: ANIMA Group structure

    FY 2025 ANIMA Group structure Assets at 31.12.2025 – 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 One of Italy’s most Real-estate and other illiquid or non-traditional asset man

  4. Slide 4: Split of Total Assets at 31.12.2025

    FY 2025 Split of Total Assets at 31.12.2025 Retail (31% of total) B2B2C (16% of total) Institutional (45% of total) Poste funds and U/L 55.6% Poste Class I Insurance 69.6% Banco BPM 49.1% Private Bankers & other* 4.3% AuM/AuA AuM AuM Financial Advisors 6.9% € 66.1 bn € 33.0 bn € 95.1 bn other banks

  5. Slide 5: Mutual funds’ investment performance

    FY 2025 Mutual funds’ investment performance 2025 WAP Funds’ breakdown by category ANIMA Italian industry as of 31.12.2025 % 6.0 +5.42% 21.2% 5.0 Equity 33.3% +4.68% 4.0 11.2% 3.0 2.0 13.6% Flexible 14.3% 1.0 0.0 Balanced 9.8% -1.0 -2.0 49.3% -3.0 Bond 38.2% -4.0 -5.0 -6.0 Cash 4.4% 4.8% Nov Jul Feb

  6. Slide 6: Mutual Funds - Net flows breakdown by quarter

    FY 2025 Mutual Funds - Net flows breakdown by quarter € bn 0.6 1.1 0.4 0.9 1.5 0.6 0.3 1.7 1.3 1.4 1.4 1.8 1.3 1.1 1.4 0.1 ➢ Weak Q4 seasonality with 0.8 higher-than-usual outflows 0.8 0.4 0.5 from bond funds 0.1 0.1 0.2 0.2 0.2 0.3 -0.1 0.0 0.0 0.1 -0.2 -0.3 -0.3 -0.2 -0.3 -0.3 -0.6 -0.6 -0.5 ➢ Str

  7. Slide 7: Managed assets YTD net inflows: eye on profitability

    FY 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

  8. Slide 8: Retail net inflows accelerating even further

    FY 2025 Retail net inflows accelerating even further B2C Retail Net Inflows into Anima Group products data in € mn 3.000 2450 2274 2.000 ➢ B2C Retail Net Inflows: a significant quality indicator 1.000 332 279 ➢ Exciting positive trend for the second consecutive year, 0 supported by all our partner b

  9. Slide 9: Reclassified consolidated P&L

    FY 2025 Reclassified consolidated P&L FY 25 FY 24 YoY Notes FY 25 YoY Statutory Change comparable* Change Including Including 8M Kairos 12M Kairos 4M Vita 12M Vita Net revenues ex p.fees 433.4 404.7 +7% Margin on avg assets: 17.5bps for the year 422.3 +4% Performance fees 82.3 125.3 -34% 78.7 -37% T

  10. Slide 10: Total Revenues ex performance fees by quarter

    FY 2025 Total Revenues ex performance fees by quarter € mn ➢ Recurring fees reflecting QoQ increase in managed assets ➢ Net placement fees (related to target-date funds) can be unevenly distributed due to product launch dates 110.9 112.1 108.9 104.8 107.6 Other income 101.7 98.1 20.9 17.0 19.1 Net P

  11. Slide 11: Personnel Expenses

    FY 2025 Personnel Expenses € mn ➢ Castello’s fixed component increased since Q4 24 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 24.5 24.0 24.6 Fixed 1.4 1.8 21

  12. Slide 12: Consolidated Net Financial Position

    FY 2025 Consolidated Net Financial Position 491.2 31.12.25 31.12.24 Bond 2019-26 1.75% (283.8) (283.6) 251.5 Bond 2021-28 1.50% (299.4) (299.1) Accrued interest expense (4.1) (4.1) IFRS16 (21.7) (25.5) Put&Call options (Castello, Vita, Kairos) (19.8) (18.8) Other payable (0.5) (0.5) Total cash 1,120

  13. Slide 13: Total net return on liquidity by quarter

    FY 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” ➢ Negligible contribution from net interest margin, strong capital gains in Q4 on portfolio

  14. Slide 14: Dividend proposal €0.50 per share

    FY 2025 Dividend proposal* €0.50 per share April 2026 April 2026 April 2026 20 21 22 Ex-Dividend Date Record Date Payment Date DPS (€) 0.17 0.25 0.26 0.19 0.16 0.20 0.22 0.28 0.22 0.25 0.45 0.50* 164 146 Cash Dividends (€ mn) Buyback (€ mn) 95 95 2024 buyback did not result in cancellation of 75 77

  15. Slide 15: 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

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