Anima Holding S.p.a. · MIL:ANIM
Anima — Q1 2026 Earnings Presentation
15 slides from Anima's earnings presentation, 2026
Slide 1: Q1 2026 Results: Keeping up the pace
Q1 2026 Results Keeping up the pace Banco BPM Group Anima Holding S.p.A. is subject to the direction and coordination of Banco BPM S.p.A.
Slide 2: Q1 2026 Highlights
Q1 2026 Highlights € 203.3 bn AuM+AuA € -5.8 bn Net Inflows* -1.46% Mutual funds’ WAP +1% vs. March 25 vs. +0.9 €bn in Q1 25 vs. -1.69% Italian market ➢ Total Assets up €1.2 bn YoY despite termination of Etica SGR mandate and March negative market effect ➢ Net inflows driven by Etica SGR outflows (-
Slide 3: ANIMA Group structure
Q1 2026 ANIMA Group structure Assets at 31.03.2026 – 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 renowned Real-estate and other illiquid or non-traditional as
Slide 4: Split of Total Assets at 31.03.2026
Q1 2026 Split of Total Assets at 31.03.2026 Retail (32% of total) B2B2C (13% of total) Institutional (46% of total) Poste funds and U/L 67.9% Poste Class I Insurance 69.3% Banco BPM 49.1% Private Bankers & other* 4.4% AuM/AuA AuM AuM Financial Advisors 7.1% € 65.0 bn € 27.2 bn € 93.6 bn other banks
Slide 5: Mutual funds' investment performance
Q1 2026 Mutual funds’ investment performance 2026 WAP Funds’ breakdown by category ANIMA Italian industry as of 31.03.2026 % 6.0 21.0% 5.0 Equity 33.5% 4.0 11.2% 3.0 2.0 13.6% Flexible 14.1% 1.0 0.0 Balanced 9.5% -1.0 -1.46% -2.0 -1.69% 49.5% -3.0 Bond 38.3% -4.0 -5.0 -6.0 Cash 4.7% 4.6% Feb Mar Jan
Slide 6: Mutual Funds - Net flows breakdown by quarter
Q1 2026 Mutual Funds - Net flows breakdown by quarter € bn 1.1 0.4 0.9 0.6 0.3 1.7 1.3 1.4 1.4 1.8 1.1 1.4 0.1 ➢ Q1 2026 net inflows driven 0.4 by retail customers’ 0.2 0.2 0.2 0.3 reluctance to invest due to -0.1 0.0 0.0 0.1 -0.2 -0.3 Iran war and energy crisis, -0.3 -0.3 -0.5 -0.6 0.0 affecting al
Slide 7: Managed assets YTD net inflows: eye on profitability
Q1 2026 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 halted in Q1
Q1 2026 Retail net inflows halted in Q1 B2C Retail Net Inflows into Anima Group products data in € mn 3.000 2450 2274 2.000 ➢ Unremarkable net inflows from retail in Q1 2026 1.000 reflecting war- and energy- 332 279 related fears 40 0 ➢ In the second half of the year, -308 -194 the trend will likely
Slide 9: Reclassified consolidated P&L
Q1 2026 Reclassified consolidated P&L YoY € mn Q1 26 Q1 25 Change Notes Net revenues ex p.fees 111.3 104.8 +6% Margin on avg assets: 17.7bps for the quarter Performance fees 29.3 29.4 +0% Total revenues 140.6 134.2 +5% Personnel costs (26.6) (25.5) +4% o/w variable (9.0) (8.0) +12% Other expenses (1
Slide 10: Total Revenues ex performance fees by quarter
Q1 2026 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 110.9 112.0 111.3 108.9 104.8 107.6 Other income 101.7 98.1 20.9 17.0 18.9
Slide 11: Personnel Expenses
Q1 2026 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 26.6 Variable 25.5 23.9 24.5 24.0 24.6 1.7 Fixed 23.0 1.7 1
Slide 12: Consolidated Net Financial Position
Q1 2026 Consolidated Net Financial Position 558.3 491.2 € mn 31.03.26 31.12.25 31.03.25 221.3 Bond 2019-26 1.75% (283.8) (283.8) (283.6) Bond 2021-28 1.50% (299.5) (299.4) (299.2) Accrued interest expense (6.4) (4.1) (6.4) IFRS16 (20.4) (21.7) (24.8) Put&Call options (Castello, Vita, Kairos) (20.0)
Slide 13: Total net return on liquidity by quarter
Q1 2026 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” ➢ Overall quarterly result decreasing from end of 2024, mirroring interest rates ➢ Exception
Slide 14: Keeping up the pace in a challenging environment
Q1 2026 Keeping up the pace in a challenging environment ➢ Board renewed on April 15, Saverio Perissinotto confirmed as CEO & GM ➢ No changes in business model, strategy, and commercial partnerships ➢ New products launched: - managed accounts “powered by Kairos” - target-date funds with gradual shif
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