Earnings release
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PRESS RELEASE ANIMA Holding: 9M 2025 consolidated results • Net commissions: €270.8 million (+9% vs. 9M24) • Total consolidated revenues: €368.3 million (+0.3%) • Consolidated Net Profit: €199.5 million (+15%) • Consolidated Adjusted net profit: €210.0 million (+11%) Milan, November 5th 2025 – ANIMA Holding S.p.A. ( EXM: ANIM) Board of Directors, chaired by Patrizia Grieco, approved the Consolidated Interim Financial Report at 30 September 2025 in a meeting held today. The 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 9-month period of Kairos Partners SGR - acquired in May 2024 and consolidated for only 5 months in 9M 2024 - and of the business of instrumental company Vita Srl , acquired in August 2024 and consolidated for 2 months in 9M 2024. Year-on-year changes net of the Acquisitions are highlighted where significant. It is noted preliminarily that, in accordance with the applicable financial reporting standards, the 2024 comparable figures have been restated following the completion of the purchase price allocation processes related to the acquisition of Kairos Partners SGR, and the business of Vita Srl, 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. In the first nine months of 202 5, Net recurring commissions reached €270.8 million (+9% vs. € 248.8 million in 9M24, +5% net of Acquisitions); performance fees amounted to € 47.0 million compared to €72.4 million in 9M24. Adding up Other Revenues as well , total revenues reached € 368.3 million (substantially unchanged vs. the €367.1million registered in 9M24, -4% ex Acquisitions) Ordinary operating expense was €115.9 million, +15% vs. €101.0 million in 9M24; the increase net of Acquisitions would have been 2%. The overall cost/income ratio (excluding performance fees from total revenues) was 36.1%. As already indicated with the approval of the Half-Year report, Other income/expense for 2025 includes a €31.8 million one-off revenue and 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 €282.7 million (+17% vs. € 242.0 million in the corresponding period of 2024), whereas net profit was €199.5 million (+15% vs. €174.1 million in 9M24). 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) amounted to €210.0 million (+11% vs. €189.9 million in the first nine months of last year). Consolidated net financial position at September 30th 2025 was €372.6 million net cash (compares to €73.7 million net cash at September 30th 2024 and €251.5 million net cash at the end of 2024). The year- to-date change includes €146.3 million euro pa id in dividends and approximately €83 million disbursement for tax, and benefits from the business results and capital gains on investments.
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The 9M 2025 Analyst Presentation will be made available on the authorized repository www.1info.it and on www.animaholding.it in section “Investors->Presentations”. 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 30/09/2025, which is not subject to review by the independent auditors, will be filed with the authorized repository www.1info.it and published on 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 specialization s 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 Weal th 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 Tel: +39 02 89 011 300 Tel. +39 02 63536.226 gruppoanima@imagebuilding.it ir@animaholding.it
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CONSOLIDATED INCOME STATEMENT (€/000) 9M 2025 9M 2024* 10. Commissions earned 1,001,849 946,957 20. Commissions paid (633,571) (581,479) 30. NET COMMISSIONS 368,278 365,478 40. Dividend income and equivalent 43,250 3,125 50. Interest income and equivalent 8,822 15,344 60. Interest expense and equivalent (9,364) (9,005) 90. Profits (Losses) on disposal or repurchase of: a) financial assets at amortized cost 386 866 100. Net result on financial instruments at fair value through P&L b) other financial assets mandatorily measured at fair value 2,791 2,945 110. BROKERAGE MARGIN 414,163 378,753 120. Net credit impairment losses/recoveries relating to: a) a) financial assets at amortised cost (889) (676) 130. NET OPERATING RESULT 413,274 378,077 140. Administrative expense: (125,720) (110,434) a) personnel expense (79,609) (73,726) b) other (46,111) (36,708) 150. Provisions for risks and charges (87) 626 160. Amortization and depreciation tangible assets (5,110) (4,100) 170. Amortization and depreciation intangible assets (33,011) (33,636) 180. Other income/expense 33,321 11,521 190. OPERATING EXPENSE (130,607) (136,023) 200. Gains (losses) on equity investments 13 (6) 240. GROSS PROFIT (LOSS) FROM CURRENT ACTIVITIES 282,680 242,048 250. Income tax (83,141) (67,910) 260.NET PROFIT (LOSS) FROM CURRENT ACTIVITIES 199,539 174,138 280.NET PROFIT (LOSS) FOR THE PERIOD 199,539 174,138 290. Profit (loss) for the period attributable to non-controlling interests 23 (208) 300. Parent Company’s profit (loss) for the period 199,516 174,346 RECLASSIFIED CONSOLIDATED INCOME STATEMENT (€/000) 9M 2025 9M 2024* Net commissions 270,804 248,755 Performance fees 47,001 72,438 Other income 50,502 45,864 Total revenues 368,307 367,057 Personnel expense (74,085) (63,079) Other administrative expense (41,793) (37,903) Total operating expense (115,878) (100,981) EBITDA (adjusted) 252,429 266,076 Extraordinary charges (13,355) (13,006) Other income/expense 33,585 13,609 Tangible and intangible assets depreciation (33,658) (34,561) EBIT 239,002 232,118 Net financial charges 428 6,804 Dividend income 43,250 3,125 PBT 282,680 242,048 Income tax (83,141) (67,910) Consolidated net profit 199,539 174,138 Net adjustments** 10,421 15,728 Adjusted net profit 209,960 189,866 * Restated figures following the completion of PPA related to Kairos Partners SGR and Vita ** Depreciation of intangibles and capitalised costs on financing, extraordinary items, non-recurrent and/or non-cash items
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CONSOLIDATED BALANCE SHEET ASSETS (€/000) 30.09.25 31.12.24* 10. Cash and equivalents 555,702 306,883 20. Financial assets at fair value through P&L c) other financial assets at fair value 117,633 119,217 30. Financial assets at fair value through other comprehensive income 379,192 342,278 40. Financial assets at amortized cost 117,675 259,860 70. Interests in associates and joint ventures 21 8 80. Tangible assets 24,588 27,776 90. Intangible assets 1,527,434 1,559,256 of which goodwill 1,167,887 1,167,805 100. Tax assets 25,672 29,713 a) current 4,114 6,386 b) prepaid 21,558 23,327 120. Other assets 52,147 48,017 TOTAL ASSETS 2,800,064 2,693,008 LIABILITIES AND SHAREHOLDERS’ EQUITY (€/000) 30.09.25 31.12.24* 10. Financial liabilities at amortized cost 825,311 800,757 a) payables 236,712 215,543 b) securities issued 588,599 585,214 60. Tax liabilities 111,702 113,854 a) current 41,835 38,309 b) deferred 69,867 75,545 80. Other liabilities 86,066 81,112 90. Employees’ severance payment fund 6,084 6,634 100. Provision for risks and charges: 20,229 27,691 a) commitments and guarantees issued 26 24 c) other 20,203 27,667 110. Capital 7,422 7,292 120. Treasury shares (-) (44,529) 140. Share premium reserve 787,652 787,652 150. Reserves 613,019 574,062 160. Evaluation reserves 126,392 91,855 170. Net profit for the period 199,516 229,982 180. Non-controlling interests 16,672 16,645 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 2,800,064 2,693,008 * Restated figures following the completion of PPA related to Kairos Partners SGR and Vita CONSOLIDATED NET FINANCIAL POSITION (€/000) 30.09.25 31.12.24 30.09.24 10/2026 Bond (283,732) (283,562) (283,505) 04/2028 Bond (299,329) (299,138) (299,074) Accrued interest expense (6,654) (4,071) (6,655) Dividends payable (2) 0 (182) Other liabilities (incl, IFRS 16) (43,374) (44,851) (45,037) Total financial debt (633,091) (631,622) (634,453) Cash and equivalent 555,701 306,883 309,129 Securities 438,090 420,225 143,581 Time deposits 0 122,605 248,180 Performance fees receivables 11,898 33,420 7,227 Total cash and equivalent 1,005,689 883,132 708,116 NET FINANCIAL POSITION 372,598 251,511 73,663