Anima Holding S.p.a. · MIL:ANIM
Anima — H1 2026 Earnings Presentation
15 slides from Anima's earnings presentation, 2026
Slide 1: H1 2026 Results
H1 2026 Results Business as usual, in unusual times Banco BPM Group Anima Holding S.p.A. is subject to the direction and coordination of Banco BPM S.p.A.
Slide 2: H1 2026 Highlights
H1 2026 Highlights €212.2 bn AuM+AuA + €0.7bn Net Inflows* +4.83% fund WAP YTD +3% vs. June 25 vs. + €0.5bn in Q2 25 (was -1.46% at end March) AuM & Inflows ➢ Total Assets up €5.6 bn YoY despite March 2026 termination of Etica SGR mandate (- €5.7bn)** ➢ Sharp positive swing in mutual funds’ WAP and
Slide 3: ANIMA Asset Management Companies
H1 2026 ANIMA Asset Management Companies Assets at 30.06.2026 100% 100%* 100% 100% (up from previous 80%) Alternative investments “business unit” An Italian asset One of Italy’s most renowned Real-estate and other illiquid or non-traditional asset management powerhouse AM brands, focusing on high- c
Slide 4: Split of Total Assets at 30.06.2026
H1 2026 Split of Total Assets at 30.06.2026 Retail (32% of total) B2B2C (13% of total) Institutional (46% of total) Poste funds and U/L 71.2% Poste Class I Insurance 67.2% Banco BPM 49.4% Private Bankers & other* 4.4% AuM/AuA AuM AuM Financial Advisors 7.2% € 68.8 bn € 27.7 bn € 96.9 bn other banks
Slide 5: Mutual funds' investment performance
H1 2026 Mutual funds’ investment performance 2026 Weighted Average Performance Funds’ breakdown by category as of 30.06.2026 ANIMA Italian industry % 6.0 +5.30% 23.2% 5.0 Equity +4.83% 34.0% 4.0 3.0 11.0% 2.0 Flexible 14.3% 14.2% 1.0 0.0 Balanced 9.7% -1.0 -2.0 47.4% -3.0 Bond 37.3% -4.0 -5.0 -6.0 C
Slide 6: Mutual Funds - Net flows breakdown by quarter
H1 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 0.2 0.3 ➢ Investor sentiment 0.4 improved during Q2 0.0 0.2 0.2 0.2 0.3 0.2 -0.1 0.0 0.0 0.1 -0.2 -0.3 -0.3 -0.3 -0.5 -0.4 ➢ Maturity and profit-taking -0.6 -0.8 -0.8 -0.1 0.0 on bond targe
Slide 7: Managed assets YTD net inflows: a focus on profitability
H1 2026 Managed assets YTD net inflows: a focus 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) wra
Slide 8: Retail net inflows reappear
H1 2026 Retail net inflows reappear B2C Retail Net Inflows into Anima Group products data in € mn 3.000 2450 ➢ Modest retail net inflows in H1 2274 2.000 ➢ Remarkable reversal in June (and July) following continued good market performance 1.000 332 279 114 0 -308 -194 -1.000 -699 o/w +78 -1046 in Ju
Slide 9: Reclassified consolidated P&L
H1 2026 Reclassified consolidated P&L YoY € mn H1 26 H1 25 Change Notes Net revenues ex p.fees 222.5 212.4 +5% Margin on avg assets: 17.8bps in Q2 Performance fees 64.2 35.6 +80% Total revenues 286.8 248.1 +16% Personnel costs (54.1) (50.2) +8% o/w variable (18.5) (14.3) +29% Other expenses (25.6) (
Slide 10: Total Revenues ex performance fees by quarter
H1 2026 Total Revenues ex performance fees by quarter € mn ➢ Average assets stable QoQ despite Q2 no longer including the Etica mandates ➢ Net placement fees (related to target-date funds) show a long-term upward trend; can be unevenly distributed due to product launch dates 110.9 112.0 111.3 111.2
Slide 11: Personnel Expenses
H1 2026 Personnel Expenses € mn ➢ Castello’s fixed component increased since Q4 24 due to the inclusion of support-services company Vita Srl ➢ Variable components reflect provisions for year-end bonuses related to performance fees Variable Fixed 27.5 Variable 26.6 25.5 2.5 Fixed 23.9 24.5 24.0 24.6
Slide 12: Consolidated Net Financial Position
H1 2026 Consolidated Net Financial Position 604.3 491.2 € mn 30.06.26 31.12.25 30.06.25 Bond 2019-26 1.75% (283.9) (283.8) (283.7) Bond 2021-28 1.50% (299.5) (299.4) (299.3) Accrued interest expense (4.3) (4.1) (4.3) 211.3 IFRS16 (18.7) (21.7) (23.0) Put&Call options (Vita, Kairos) (4.7) (19.8) (19.
Slide 13: Total net return on liquidity by quarter
H1 2026 Total net return on liquidity by quarter € mn ➢ Overall 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” ➢ Stronger contribution from investments offsetting decline in pure interest income ➢ Addit
Slide 14: Business as usual, even in unusual times
H1 2026 Business as usual, even in unusual times A quarter packed with good news. Ready to explore new waters on a solid ship ➢ Quality of net inflows and positive market performance have quickly offset the economic impact of the termination of Etica SGR mandate ➢ Performance fees even stronger than
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