- Net inflows ex Class I insurance: € -5.8 bn due to the termination of Etica SGR mandate
- Net commissions: €92.1 million (+5%)
- Total consolidated revenues: €140.6 million (+5%)
- Consolidated Net Profit: €61.4 million (-14%)
- Consolidated Adjusted net profit: €69.9 million (+13%)
- ANIMA Holding S.p.A. (ANIM.IM) Board of Directors, in a meeting held today chaired by Patrizia Grieco, approved the consolidated results of the three month period ending 31 March 2026.
Net inflows for the quarter (excluding Class I insurance mandates) were negative for €5.8 billion, of which €5.7 billion was attributable to the outflow of assets previously managed under mandate on behalf of Etica SGR, as announced to the market more than a year ago (see the press release of 9 January 2025). Despite this, and the market downturn in March following the outbreak of the conflict between the USA/Israel and Iran, total assets under management and administration at the end of March 2026 remained higher than a year earlier (€203.3 billion compared to €202.1 billion, +1%). Net recurring commissions reached €92.1 million (+5% vs. €87.5 million in Q125); performance fees amounted to €29.3 million, substantially unchanged vs. €29.4 million in Q125. Considering these, along with Other Revenues, total revenues reached €140.6 million (+5% vs. €134.2 mn in Q125)Ordinary operating expense was €39.5 million, a slight decrease (-1%) compared to €39.9 million in
Q125. The cost/income ratio (excluding performance fees from total revenues) went down to 35.5%.
As a reminder, the line item Other income/expense at the end of March last year included a one-off
€31.8 million revenue from a distributor, calculated as a function of its net inflows of the previous five
years. For this reason only, profit before tax, which registered at €88.6 million, is 19% lower than the
€109.9 million of the first quarter of 2025; in the same way, net profit was €61.4 million (-14% vs. €71.8 million in Q125).
Conversely, 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 €69.9 million in the first quarter, with a 13% growth vs. €61.9 million registered in the first quarter of 2025.
Consolidated net financial position as of March 31th 2026 is €558.3 million net cash (compares to
€221.3 million net cash at March 31th 2025 and €491.2 million net cash at the end of 2025). The year-to-date change reflects the cash generation from operations, partially offset by a decrease in value of the
1.7% stake held in Banca Monte dei Paschi di Siena; it should be noted that, unlike in 2025, this year's figure at 31 March does not include dividend payables (€162.6 million), as these were approved in the subsequent month of April.
The Q1 2026 Analyst Presentation will be made available on the authorized repository https://www.1info.it and on https://www.animaholding.it in section "Investors->Presentations".
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The Board of Directors, at today's meeting, also completed the verification of the requirements set out in the Articles of Association and applicable regulations for those directors who have declared that they qualify as independent and for the statutory auditors.
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* * *
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 MirabelliTel: +39 02 89 011 300 Tel. +39 02 63536.226
gruppoanima@imagebuilding.it ir@animaholding.it
CONSOLIDATED INCOME STATEMENT
(€/000) | Q1 2026 | Q1 2025* |
10. Commissions earned | 355,878 | 328,360 |
20. Commissions paid | (215,316) | (194,355) |
30. NET COMMISSIONS | 140,562 | 134,005 |
50. Interest income and equivalent | 2,786 | 3,553 |
60. Interest expense and equivalent | (3,035) | (3,032) |
90. Profits (Losses) on disposal or repurchase of: | ||
100. Net result on financial instruments at fair value through P&L | ||
110. BROKERAGE MARGIN | 142,486 | 135,761 |
120. Net credit impairment losses/recoveries relating to: | (529) | (277) |
130. NET OPERATING RESULT | 141,957 | 135,484 |
140. Administrative expense: | (40,614) | (45,171) |
150. Provisions for risks and charges | (589) | (396) |
160. Amortization and depreciation tangible assets | (1,623) | (1,709) |
170. Amortization and depreciation intangible assets | (10,763) | (10,902) |
180. Other income/expense | 198 | 32,518 |
190. OPERATING EXPENSE | (53,390) | (25,660) |
200. Gains (losses) on equity investments | 13 | |
240. GROSS PROFIT (LOSS) FROM CURRENT ACTIVITIES | 88,566 | 109,837 |
250. Income tax | (27,164) | (38,043) |
260.NET PROFIT (LOSS) FROM CURRENT ACTIVITIES | 61,403 | 71,794 |
280.NET PROFIT (LOSS) FOR THE PERIOD | 61,403 | 71,794 |
290. Profit (loss) for the period attributable to non-controlling | 9 | (120) |
300. Parent Company's profit (loss) for the period | 61,394 | 71,914 |
RECLASSIFIED CONSOLIDATED INCOME STATEMENT
(€/000) | Q1 2026 | Q1 2025* |
Net commissions | 92,057 | 87,468 |
Performance fees | 29,298 | 29,403 |
Other income | 19,246 | 17,372 |
Total revenues | 140,601 | 134,243 |
Personnel expense | (26,614) | (25,518) |
Other administrative expense | (12,908) | (14,368) |
Total operating expense | (39,522) | (39,885) |
EBITDA (adjusted) | 101,079 | 94,358 |
Extraordinary charges | (2,392) | (6,488) |
Other income/expense | 901 | 32,376 |
Tangible and intangible assets depreciation | (10,955) | (11,139) |
EBIT | 88,633 | 109,106 |
Net financial charges | (67) | 731 |
PBT | 88,566 | 109,837 |
Income tax | (27,164) | (38,043) |
Consolidated net profit | 61,403 | 71,794 |
Net adjustments** | 8,525 | (9,887) |
Adjusted net profit | 69,928 | 61,906 |
CONSOLIDATED BALANCE SHEET
ASSETS (€/000) | 31.03.26 | 31.12.25 |
10. Cash and equivalents | 742,668 | 569,894 |
20. Financial assets at fair value through P&L | ||
30. Financial assets at fair value through other comprehensive income | 373,509 | 459,154 |
40. Financial assets at amortized cost | 129,781 | 175,707 |
70. Interests in associates and joint ventures | 21 | 21 |
80. Tangible assets | 20,645 | 22,163 |
90. Intangible assets | 1,506,436 | 1,517,092 |
100. Tax assets | 18,417 | 25,389 |
120. Other assets | 64,082 | 53,539 |
TOTAL ASSETS | 2,981,974 | 2,945,973 |
LIABILITIES AND SHAREHOLDERS' EQUITY (€/000) | 31.03.26 | 31.12.25 |
10. Financial liabilities at amortized cost | 839,514 | 818,144 |
250,621 | 231,854 | |
588,893 | 586,290 | |
60. Tax liabilities | 75,970 | 81,786 |
8,812 | 11,476 | |
67,158 | 70,310 | |
80. Other liabilities | 176,408 | 121,678 |
90. Employees' severance payment fund | 5,471 | 5,833 |
100. Provision for risks and charges: | 8,716 | 25,904 |
110. Capital | 7,422 | 7,422 |
140. Share premium reserve | 787,652 | 787,652 |
150. Reserves | 879,310 | 613,057 |
160. Evaluation reserves | 123,014 | 201,148 |
170. Net profit for the period | 61,394 | 266,242 |
180. Non-controlling interests | 17,105 | 17,107 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 2,981,974 | 2,945,973 |
CONSOLIDATED NET FINANCIAL POSITION
(€/000) | 31.03.26 | 31.12.25 | 31.03.25 |
10/2026 Bond | (283,847) | (283,790) | (283,618) |
04/2028 Bond | (299,458) | (299,394) | (299,200) |
Accrued interest expense | (6,406) | (4,071) | (6,406) |
Dividends payable | - | - | (146,347) |
Other liabilities (incl, IFRS 16) | (40,875) | (42,015) | (44,351) |
Total financial debt | (630,586) | (629,270) | (779,922) |
Cash and equivalent | 744,668 | 569,894 | 468,539 |
Securities | 434,802 | 518,018 | 420,655 |
Time deposits | - | - | 106,352 |
Performance fees receivables | 9,412 | 32,586 | 5,683 |
Total cash and equivalent | 1,188,882 | 1,120,498 | 1,001,229 |
NET FINANCIAL POSITION | 558,296 | 491,227 | 221,307 |