PRESS RELEASE
ANIMA Holding: 1H 2025 consolidated results and co-opting of a Board member
Net commissions: €179.0 million (+10% vs. 1H24)
Total consolidated revenues: €248.1 million (+4%)
Consolidated Net Profit: €153.9 million (+28%)
Consolidated Adjusted net profit: €153.9 million (+23%)
Natale Schettini co-opted as a Board Member
Milan, August 4th 2025 - ANIMA Holding S.p.A. (ANIM.IM) Board of Directors, chaired by Patrizia Grieco, co-opted a new Director and approved the Consolidated Half-Year Report at 30 June 2025 in a meeting held today.
The half-year report reflects some changes in the consolidation perimeter (altogether, "the Acquisitions") compared to the corresponding period of last year, reflecting the inclusion for the entire 6-month period of Kairos Partners SGR - acquired in May 2024 and consolidated for only 2 months in 1H 2024 - and the business - acquired in August 2024 and not included in 1H 2024 - of instrumental company Vita Srl. Year-on-year changes net of the Acquisitions are highlighted where significant.
It is noted preliminarily that, in accordance with IFRS 3, the 2024 comparable figures have been restated following the completion of the purchase price allocation process related to the acquisition of Kairos Partners SGR, resulting in a €2.1 million improvement in the "Other costs and revenues" item, with a corresponding impact on EBIT, profit before tax, and net profit.
Net recurring commissions reached €179.0 million (+10% vs. €163.1 million in 1H24, +4% net of Acquisitions); performance fees amounted to €35.6 million compared to €46.4 million in 1H24. Adding up Other Revenues as well, total revenues reached €248.1 million (+4% vs. the €239.4 million registered in 1H24, -2% ex Acquisitions)
Ordinary operating expense was €78.8 million, +25% vs. €63.2 million in 1H24; 19 percentage points of change were related to the Acquisitions. The overall cost/income ratio (excluding performance fees from total revenues) was 37.1%.
Other income/expense for 2025 includes a €31.8 million one-off revenue as indicated in the results at 31 March 2025, while Dividend income, relative to the stake held in Banca Monte dei Paschi di Siena S.p.A., went from €3.1 million to €43.2 million.
Profit before tax thus reached €214.5 million (+30% vs. €165.0 million in 1H24), whereas net profit was
€153.9 million (+28% vs. €120.7 million in 1H24).
The corresponding Adjusted net income (which does not take into account extraordinary income or charges, and/or non cash-out items such as intangibles depreciation and the above-referenced one-off revenue) was also €153.9 million (+23% vs. €124.9 million in the first half of last year).
Consolidated net financial position as of June 30th 2025 is €211.3 million net cash (compares to €8.4 million net cash at June 30th 2024 and €251.5 million net cash at the end of 2024). The year-to-date change
includes €146.3 million euro paid in dividends and approximately €83 million disbursement for tax, most of which has been compensated by the cash generated by operations and capital gains on investments.
The 1H 2025 Analyst Presentation will be made available on the authorized repository https://www.1info.it and on https://www.animaholding.it in section "Investors->Presentations".
* * *
Prior to the approval of the Half-Year Report, the Board of Directors - having verified the relevant conditions and requirements - co-opted Mr. Natale Schettini, current Head of Planning and Value Management of Banco BPM, who will remain in office as a non-independent and non-executive Director until the next Shareholders' Meeting. Mr. Schettini is not a member of any internal board committees and, as of today, does not hold any shares in Anima Holding.
* * *
The Manager responsible for preparing the Company Financial Statements, Enrico Bosi, in accordance with paragraph 2 article 154-bis of the Consolidated Finance Law (Testo Unico della Finanza), herewith declares that the accounting information contained in this press release is consistent with the official documents, books and accounting records. Attached to this release are the consolidated balance sheet and income statement, net financial position as well as reclassified P&L.
The Consolidated Half-Year Report at 30/06/2025, which is subject to a limited review by the independent auditors, will be filed with the authorized repository https://www.1info.it and published on https://www.animaholding.it institutional website, under Investors -> Financial Statements and Reports, within the terms set forth by law.
ANIMA is one of the leading asset management groups in Italy, with over €200 billion in assets under management and more than one million clients. It was born from an aggregation process of several companies, with different and complementary specializations in the world of asset management and wealth management. It now has over 500 professionals in Italy and manages investment solutions for institutional clients (insurance and financial groups, pension funds, and category pension schemes), companies and individuals.
The parent company ANIMA Holding has been listed on Euronext Milan since 2014 and controls 100% of the operating companies ANIMA Sgr (mutual funds), Anima Alternative (alternative investments) and, since 2024, Kairos Partners Sgr (Asset Management and Wealth Management boutique). It also controls 80% of Castello Sgr, a leading company in the promotion and management of alternative investment products, mainly real estate.
Since April 2025, Anima is part of the Banco BPM Group.
Contacts:
Media Relations Investor Relations
Image Building Luca Mirabelli
Cristina Fossati, Federica Corbeddu, Denise Ricchiuto Tel. +39 02 63536.226 Tel: +39 02 89 011 300 ir@animaholding.it
gruppoanima@imagebuilding.it
CONSOLIDATED INCOME STATEMENT
(€/000) | 1H 2025 | 1H 2024* |
10. Commissions earned | 678,479 | 632,899 |
20. Commissions paid | (430,518) | (393,964) |
30. NET COMMISSIONS | 247,961 | 238,935 |
40. Dividend income and equivalent | 43,250 | 3,125 |
50. Interest income and equivalent | 6,417 | 10,300 |
60. Interest expense and equivalent | (6,173) | (5,951) |
90. Profits (Losses) on disposal or repurchase of: | ||
a) financial assets at amortized cost | ||
100. Net result on financial instruments at fair value through P&L | 386 | |
b) other financial assets mandatorily measured at fair value | 1,898 | 913 |
110. BROKERAGE MARGIN | 293,739 | 247,322 |
120. Net credit impairment losses/recoveries relating to: | (577) | (246) |
a) a) financial assets at amortised cost | ||
130. NET OPERATING RESULT | 293,162 | 247,076 |
140. Administrative expense: | (86,340) | (68,671) |
a) personnel expense | (53,804) | (44,718) |
b) other | (32,536) | (23,953) |
150. Provisions for risks and charges | (15) | 626 |
160. Amortization and depreciation tangible assets | (3,422) | (2,417) |
170. Amortization and depreciation intangible assets | (21,862) | (22,279) |
180. Other income/expense | 32,992 | 10,701 |
190. OPERATING EXPENSE | (78,648) | (82,040) |
200. Gains (losses) on equity investments | 13 | |
240. GROSS PROFIT (LOSS) FROM CURRENT ACTIVITIES | 214,527 | 165,036 |
250. Income tax | (60,594) | (44,311) |
260.NET PROFIT (LOSS) FROM CURRENT ACTIVITIES | 153,933 | 120,725 |
280.NET PROFIT (LOSS) FOR THE PERIOD | 153,933 | 120,725 |
290. Profit (loss) for the period attributable to non-controlling | (168) | (42) |
300. Parent Company's profit (loss) for the period | 154,101 | 120,767 |
RECLASSIFIED CONSOLIDATED INCOME STATEMENT
(€/000) | 1H 2025 | 1H 2024* |
Net commissions | 178,959 | 163,103 |
Performance fees | 35,636 | 46,439 |
Other income | 33,470 | 29,865 |
Total revenues | 248,064 | 239,407 |
Personnel expense | (50,055) | (39,146) |
Other administrative expense | (28,719) | (24,083) |
Total operating expense | (78,774) | (63,228) |
EBITDA (adjusted) | 169,290 | 176,179 |
Extraordinary charges | (9,778) | (7,340) |
Other income/expense | 33,089 | 11,356 |
Tangible and intangible assets depreciation | (22,339) | (22,919) |
EBIT | 170,263 | 157,276 |
Net financial charges | 1,015 | 4,635 |
Dividend income | 43,250 | 3,125 |
PBT | 214,527 | 165,036 |
Income tax | (60,594) | (44,311) |
Consolidated net profit | 153,933 | 120,725 |
Net adjustments** | (37) | 4,187 |
Adjusted net profit | 153,897 | 124,912 |
* Restated figures following the completion of PPA for the acquisition of Kairos Partners SGR
** Depreciation of intangibles and capitalised costs on financing, extraordinary items, non-recurrent and/or non-cash items
CONSOLIDATED BALANCE SHEET
ASSETS (€/000) | 30.06.25 | 31.12.24* |
10. Cash and equivalents | 395,203 | 306,883 |
20. Financial assets at fair value through P&L | ||
c) other financial assets at fair value | 111,009 | 119,217 |
30. Financial assets at fair value through other comprehensive income | 363,199 | 342,278 |
40. Financial assets at amortized cost | 193,812 | 259,860 |
70. Interests in associates and joint ventures | 21 | 8 |
80. Tangible assets | 24,930 | 27,776 |
90. Intangible assets | 1,537,962 | 1,559,123 |
of which goodwill | 1,168,200 | 1,168,200 |
100. Tax assets | 25,649 | 29,715 |
a) current | 5,563 | 6,386 |
b) prepaid | 20,086 | 23,329 |
120. Other assets | 56,103 | 48,017 |
TOTAL ASSETS | 2,707,889 | 2,692,877 |
LIABILITIES AND SHAREHOLDERS' EQUITY (€/000) | 30.06.25 | 31.12.24* |
10. Financial liabilities at amortized cost | 822,535 | 800,757 |
a) payables | 236,594 | 215,543 |
b) securities issued | 585,941 | 585,214 |
60. Tax liabilities | 88,673 | 113,709 |
a) current | 17,075 | 38,309 |
b) deferred | 71,598 | 75,400 |
80. Other liabilities | 84,863 | 81,112 |
90. Employees' severance payment fund | 6,649 | 6,634 |
100. Provision for risks and charges: | 14,995 | 27,691 |
a) commitments and guarantees issued | 27 | 24 |
c) other | 14,968 | 27,667 |
110. Capital | 7,422 | 7,292 |
120. Treasury shares (-) | (44,529) | |
140. Share premium reserve | 787,652 | 787,652 |
150. Reserves | 613,031 | 574,062 |
160. Evaluation reserves | 111,482 | 91,855 |
170. Net profit for the period | 154,101 | 229,991 |
180. Non-controlling interests | 16,487 | 16,651 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 2,707,889 | 2,692,877 |
* Restated figures following the completion of PPA for the acquisition of Kairos Partners SGR
CONSOLIDATED NET FINANCIAL POSITION
(€/000) | 30.06.25 | 31.12.24 | 30.06.24 |
10/2026 Bond | (283,675) | (283,562) | (283,449) |
04/2028 Bond | (299,264) | (299,138) | (299,010) |
Accrued interest expense | (4,267) | (4,071) | (4,271) |
Dividends payable | (25) | 0 | (282) |
Other liabilities (incl, IFRS 16) | (42,736) | (44,851) | (36,138) |
Total financial debt | (629,967) | (631,622) | (623,150) |
Cash and equivalent | 395,203 | 306,883 | 311,525 |
Securities | 422,924 | 420,225 | 132,993 |
Time deposits | 20,108 | 122,605 | 180,446 |
Performance fees receivables | 3,036 | 33,420 | 6,562 |
Total cash and equivalent | 841,270 | 883,132 | 631,526 |
NET FINANCIAL POSITION | 211,303 | 251,511 | 8,376 |