Anima Holding S.p.a. · MIL:ANIM
Anima — H1 2025 Earnings Presentation
15 slides from Anima's earnings presentation, 2025
Slide 1: 1H 2025 Results: Strong legacy, bright future
1H 2025 Results Strong legacy, bright future Banco BPM Group Anima Holding S.p.A. is subject to the direction and coordination of Banco BPM S.p.A.
Slide 2: 1H 2025 Highlights
1H 2025 Highlights € 206.6 bn AuM+AuA € +1.4 bn Net Inflows* +0.32% Mutual funds’ WAP +4% vs. June ‘24 vs. -0.3 €bn in 1H 24 vs. +4.45% in 1H 24 ➢ Total Assets up €7.9bn YoY thanks to positive inflows, and assets performance ➢ Very strong net inflows driven once again by retail ➢ Flattish WAP due to
Slide 3: 1H 2025 ANIMA Group structure
1H 2025 ANIMA Group structure Assets at 30.06.2025 – 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 manage
Slide 4: Split of Total Assets at 30.06.2025
1H 2025 Split of Total Assets at 30.06.2025 Retail (31% of total) B2B2C (14% of total) Institutional (47% of total) Poste funds and U/L 50.0% Poste Class I Insurance 70.7% Banco BPM 49.6% Private Bankers & other* 4.0% Financial Advisors 6.5% AuM/AuA AuM AuM € 63.3 bn € 29.5 bn € 97.2 bn other banks
Slide 5: Mutual funds' investment performance
1H 2025 Mutual funds’ investment performance 2025 YTD WAP Funds’ breakdown by category ANIMA Italian industry as of 30.06.2025 % 6.0 19.9% 5.0 Equity 32.2% 4.0 12.9% 3.0 2.0 Flexible 14.7% 13.5% 1.0 0.97 0.0 0.32 Balanced 10.0% -1.0 -2.0 48.7% -3.0 Bond 38.6% -4.0 -5.0 -6.0 Cash 4.4% 4.9% Nov Jul Fe
Slide 6: Mutual Funds - Net flows breakdown by quarter
1H 2025 Mutual Funds - Net flows breakdown by quarter € bn 0.6 1.1 0.4 1.5 0.6 0.3 1.7 ➢ Confirmed strong appeal of 1.8 1.3 1.4 mutual funds in time of 1.3 1.4 decreasing interest rates 0.8 1.1 0.8 0.5 ➢ Overall pace and especially 0.1 0.1 0.2 0.2 0.2 -0.1 0.0 0.0 equity appetite influenced by -0.2
Slide 7: Managed assets YTD net inflows: eye on profitability
1H 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
1H 2025 Retail net inflows accelerating even further B2C Retail Net Inflows into Anima Group products data in €mn 2.000 1584 1.500 1225 1149 ➢ B2C Retail inflows: 1.000 a significant qualitative indicator, even higher than 1H 500 last year 166 140 ➢ Strong contribution from all our 0 distribution pa
Slide 9: Reclassified consolidated P&L
1H 2025 Reclassified consolidated P&L € mn 1H 25 1H 24 YoY Notes 1H 25 YoY Statutory Change like-for-like Change Including Including 2M of Kairos 6M of Kairos no contribution from Vita 6M of Vita Net revenues ex p.fees 212.4 193.0 +10% Margin on avg assets:17.4bps, (+0.7bps) 201.9 +5% Performance fe
Slide 10: Total Revenues ex performance fees by quarter
1H 2025 Total Revenues ex performance fees by quarter € mn ➢ Recurring fees reflecting stable assets QoQ, boosted by Placement fees on target-date funds ➢ Other Income structural increase confirmed, slight QoQ decrease attributable to Fixed Fees ➢ Higher-than-usual concentration of placements of Tar
Slide 11: Personnel Expenses
1H 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 23.9 23.0 24.5 Variable 1.7 1.4 Fixed 21.4 1.9 0.4 Variab
Slide 12: Consolidated Net Financial Position
1H 2025 Consolidated Net Financial Position 251.5 211.3 30.06.25 31.12.24 30.06.24 Bond 2019-26 1.75% (283.7) (283.6) (283.4) Bond 2021-28 1.50% (299.3) (299.1) (299.0) 8.4 Accrued interest expense (4.3) (4.1) (4.3) IFRS16 (23.0) (25.5) (20.9) Put&Call options (Castello, Vita) (19.2) (18.8) (14.1) O
Slide 13: Total net return on liquidity by quarter
1H 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” ➢ Interest rates are reflected with a delay due to time deposits ➢ Net return still positive
Slide 14: Strong legacy, bright future
1H 2025 Strong legacy, bright future A new chapter began after the tender offer from Banco BPM Vita Anima’s legacy is more evident than ever… ➢ The power of a time-proven, scalable asset management model ➢ An unparalleled network of relationships with other players in the financial industry ➢ Strong
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