Slides
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Banco BPM Group Anima Holding S.p.A. is subject to the direction and coordination of Banco BPM S.p.A. FY 2025 Results
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* Excluding Class I insurance mandates – Incorporating outflows for €1.7bn related to Etica SGR mandates whose termination was announced in January 2025 HighlightsFY 2025 € 212.4 bn AuM+AuA +4% vs. EOY 24 € +3.9 bn Net Inflows* vs. +0.9 €bn in FY 24 € 515.7 mn Total revenues -3% vs. FY 24 € 360.1 mn EBITDA Adj. -8% vs. FY 24 € 266.7 mn Net Profit +16% vs. FY 24 +4.68% Mutual funds’ WAP on top of +8.60% in FY 24 2 ➢ Total Assets up €8.2bn YoY thanks to positive inflows and assets performance ➢ Very strong net inflows, still driven by retail (€ +2.3 bn during the year) ➢ Positive WAP , lower than market average due to asset mix ➢ Lower revenues/ EBITDA exclusively due to decrease in contribution from performance fees ➢ Higher net profit thanks to dividend income and €31.8 mn one-off income from price adjustment
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* Plus €0.7 bn in assets under advisory ** Based on voting rights ANIMA Group structure Assets at 31.12.2025 – Instrumental subsidiaries not shown FY 2025 100% 100% ** 100% 80% 20% Alternative investments “business unit” Put&Call options on minority stake for 2026-2028 An Italian asset management powerhouse with ~100 retail distribution agreements plus numerous institutional mandates AuM €197.2 bn* One of Italy’s most renowned AM brands, focusing on high-end retail and institutional clients. Select team of private bankers offering tailored support to HNWI AuM €8.3 bn +AuA €1.3 bn Real-estate and other illiquid or non-traditional asset classes, aimed at institutional business and HNW individuals only. A segment with high growth potential, inaugurated in 2020 and enlarged with the acquisition of Castello SGR (2023) AuM €5.6 bn 3
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* the Private Bankers (Kairos) segment includes Assets under Administration Split of Total Assets at 31.12.2025FY 2025 4 Poste Class I Insurance 69.6% other Class I insurance 12.0% Pension Funds 8.5% Fund users 4.7% Alternative Investments 5.2% Banco BPM 49.1% Monte dei Paschi di Siena 28.4% Crédit Agricole Italy 4.6% B.P. Puglia e Basilicata 0.8% other banks 5.8% Financial Advisors 6.9% Private Bankers & other* 4.3% Poste funds and U/L 55.6% Insurance - U/L 27.0% Etica SGR 17.4% Retail (31% of total) B2B2C (16% of total) Institutional (45% of total) AuM/AuA € 66.1 bn AuM € 33.0 bn AuM € 95.1 bn € 212.4 bn Total AuM+AuA €18.2 bnDuplications (9% of total) All Anima products underlying other products, both retail and institutional. See slide 7 for more information + Additional €0.7 bn in assets under advisory
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Italian Industry represented by FIDMGEND index (source: Bloomberg) Mutual funds’ investment performanceFY 2025 5 2025 WAP Funds’ breakdown by category as of 31.12.2025 % ANIMA Italian industry -6.0 -5.0 -4.0 -3.0 -2.0 -1.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 33.3% 14.3% 9.8% 38.2% 4.4% ITA Industry (Assogestioni) 21.2% 11.2% 13.6% 49.3% 4.8% ANIMA Equity Flexible Balanced Bond Cash +5.42% +4.68%
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Not included: money-market, PIR, AIFs 6 Mutual Funds - Net flows breakdown by quarter € bn FY 2025 ➢ Weak Q4 seasonality with higher-than-usual outflows from bond funds ➢ Strong customer preference for ‘flexible’ target-date funds with progressive investment in equity -0.2 -1.0 0.1 1Q23 1.5 -0.3 -1.4 0.8 2Q23 1.3 -0.3 -1.5 0.1 3Q23 0.5 -0.6 -1.4 -0.1 4Q23 1.8 -0.6 -1.7 -0.2 1Q24 1.3 -0.2 -1.5 0.2 2Q24 1.4 -0.1 -1.2 0.2 3Q24 1.1 -0.3 -0.5 0.0 4Q24 1.7 0.0 -0.8 0.2 1Q25 1.4 -0.3 -0.4 -0.1 2Q25 1.4 -0.8 0.3 3Q25 0.8 0.6 -0.5 -1.6 -0.7 -0.1 0.4 0.3 -0.3 0.6 0.9 4Q25 0.1 0.4 -0.5 0.1 1.1 Bond Balanced Flexible Equity
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7 Managed assets YTD net inflows: eye on profitabilityFY 2025 Class I Insurance mandates Lowest profitability among all assets – Flows reported but typically excluded from commentary Wrapping (duplications) Retail clients (B2C) Pension Funds & institutional mandates Fund users PROFITABILITY + € 3.0 bn + € 0.9 bn - € 3.2 bn • The vast majority of ‘wrapping’ is represented by funds underlying other funds, especially target-date funds • ‘Wrapping’ flows are driven by changes in portfolio of container products, or the prevalence of “fund-of- funds” vs. “plain fund” architecture. • Management fees for this category is limited to the excess fee of the underlying fund compared to the mother fund Focus on Wrapping
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8 Retail net inflows accelerating even furtherFY 2025 -1046 -308 332 -2380 -2237 279 -699 -194 2450 2274 -3.000 -2.000 -1.000 0 1.000 2.000 3.000 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 B2C Retail Net Inflows into Anima Group products data in € mn ➢ B2C Retail Net Inflows: a significant quality indicator ➢ Exciting positive trend for the second consecutive year, supported by all our partner bank networks 2025
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Reclassified consolidated P&LFY 2025 FY 25 Statutory FY 24 YoY Change Notes FY 25 comparable* YoY Change Including 12M Kairos 12M Vita Including 8M Kairos 4M Vita Net revenues ex p.fees 433.4 404.7 +7% Margin on avg assets: 17.5bps for the year 422.3 +4% Performance fees 82.3 125.3 -34% 78.7 -37% Total revenues 515.7 529.9 -3% 501.0 -5% Personnel costs (98.7) (86.1) +15% (90.1) +5% o/w variable (28.4) (24.7) +15% (26.5) +7% Other expense (56.9) (53.9) +6% (53.0) -2% Total expense (155.6) (139.9) +11% Cost/income 30.2% (35.9% ex p.fees) (143.1) +2% EBITDA adjusted** 360.1 390.0 -8% 357.9 -8% Non-recurring costs (16.4) (45.8) -64% FY25 included €6.5 mn in advisory services, mostly related to BAMI’s tender offer (15.0) -67% Other income/(cost) 39.9 13.7 +192% FY24 restated (+€2.1 mn) following final PPA on Kairos & Vita. Also affects EBIT, PBT, NI 40.0 +192% D&A (45.2) (46.2) -2% (45.0) -2% EBIT 338.4 311.7 +9% 337.8 +8% Net financial income 0.2 8.9 n.s. (0.5) n.s. Dividends 43.2 3.1 n.s. Dividend income taxed at ca. 4% 43.2 n.s. PBT 381.9 323.8 +18% 380.6 +18% Income tax (115.2) (93.9) +23% 30.2% tax rate for the year (114.6) +22% Net income 266.7 229.9 +16% 266.0 +16% Adjusted net income 286.5 276.5 +4% 286.7 +4% 9 * Four month of Vita included vs. 5 months in FY 2024. Effect on consolidated numbers is negligible. **Total revenues less total operating expenses. Does not embed non-recurring costs. \Investor \2025 \Supporto
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Total Revenues ex performance fees by quarter € mn FY 2025 3.1 10.8 1Q22 69.6 2.9 9.2 2Q22 69.2 3.1 9.0 3Q22 67.5 1.5 8.5 4Q22 66.8 2.8 10.6 1Q23 67.5 3.5 9.3 2Q23 71.6 3.1 10.3 3Q23 71.7 3.5 12.6 4Q23 73.7 6.3 14.9 1Q24 78.0 5.1 15.0 2Q24 80.9 4.7 16.0 3Q24 85.8 4.2 20.9 4Q24 83.0 4.4 17.4 1Q25 82.6 8.9 16.1 2Q25 86.2 5.7 17.0 3Q25 72.2 81.7 81.2 77.5 80.1 80.3 85.0 87.7 94.9 98.1 86.1 110.9 104.8 107.6 108.9 4Q25 112.1 88.3 4.8 19.1101.7 ➢ Recurring fees reflecting QoQ increase in managed assets ➢ Net placement fees (related to target-date funds) can be unevenly distributed due to product launch dates Other income Net Placement fees Net Recurring fees 10
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Personnel Expenses € mn FY 2025 8.7 1Q21 4.1 8.9 2Q21 4.0 8.5 3Q21 2.6 8.7 4Q21 3.0 8.9 1Q22 2.6 9.0 2Q22 2.5 9.0 3Q22 4.5 9.4 4Q22 3.3 9.3 1Q23 3.0 9.9 2Q23 0.61.4 3.1 9.6 3Q23 1.4 2.0 5.7 10.3 4Q23 0.7 2.1 5.1 9.9 1Q24 0.8 2.8 0.7 2.2 4.5 10.3 2Q24 1.9 3.9 0.7 1.8 5.4 10.3 3Q24 0.4 4.3 0.5 2.8 4.0 10.9 4Q24 1.7 4.2 0.7 2.6 5.6 10.8 1Q25 1.4 4.1 0.7 2.7 4.1 11.5 2Q25 2.0 4.1 0.7 2.4 4.1 10.8 5.1 13.8 13.0 12.5 11.3 11.8 11.7 11.5 13.9 12.6 12.9 14.6 19.4 17.8 3Q25 23.9 23.0 25.5 24.5 24.0 4Q25 24.6 11.0 4.6 2.6 0.9 3.7 1.8 21.4 Variable Fixed Variable Fixed Variable Fixed ➢ Castello’s fixed component increased since Q4 24 due to the inclusion of instrumental company Vita Srl ➢ Variable components reflect provision for year-end bonuses related to performance fees 11
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*including time deposits Consolidated Net Financial PositionFY 2025 31.12.25 31.12.24 Bond 2019-26 1.75% (283.8) (283.6) Bond 2021-28 1.50% (299.4) (299.1) Accrued interest expense (4.1) (4.1) IFRS16 (21.7) (25.5) Put&Call options (Castello, Vita, Kairos) (19.8) (18.8) Other payable (0.5) (0.5) TOTAL DEBT (629.3) (631.6) Cash and equivalent 569.9 306.9 Securities* 518.0 542.8 Performance fees receivable & other financial assets 32.6 33.4 TOTAL CASH & EQUIVALENT 1,120.5 883.1 CONSOLIDATED NFP (NET CASH) 491.2 251.5 ➢ NFP change incorporates €146.3 mn dividends (€0.45 DPS) paid in May ➢ Rich cash position sustained by capital gains on investments and boosted by the year’s net income ➢ “Securities” includes BMPS stake at market value (€459 mn at 31.12.25) -283.8 -299.4 -19.8-26.3 1,120.5 31.12.25 -283.6 -299.1 -18.8-30.1 883.1 31.12.24 2026 Bond 2028 Bond Put&Call Options Other debt Total cash & equivalents 491.2 251.5 12 \Investor relations\2025 FY\Supporto - Consolidata E D 41 (283.7) (283.5) 42 (299.3) (299.1) 20 (6.7) (6.7) 35 (22.9) (25.9) 36+37+38 (20.0) (18.6) 21+44 (0.5) (0.7) 60 (633.1) (634.5) 61 555.7 309.1 62+63 438.1 391.8 64 11.9 7.2 65 1,005.7 708.1 67 372.6 73.7
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Total net return on liquidity by quarter € mn FY 2025 1Q24 0.5 -2.5 -0.3 5.5 2Q24 2.9 -2.5 -0.4 5.0 3Q24 0.5 -2.5 -0.5 4.9 4Q24 1.2 -2.5 -0.4 3.5 1Q25 0.5 -2.5 -0.4 0.5 3.2 2Q25 0.9 -2.6 -0.4 -2.5 2.4 3Q25 -0.4 2.5 3.1 5.1 2.4 1.8 0.8 4Q25 4.7 -2.5 5.0 -0.4 4.8 2.7 0.3 ➢ 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” ➢ Negligible contribution from net interest margin, strong capital gains in Q4 on portfolio of own UCITS & AIF ➢ Comprehensive return for the year amounts to € 7.7 million Own Portfolio net result Interest expense Amortised financing costInterest income Net Financial Margin 13
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Dividend proposal* €0.50 per share * subject to AGM approval FY 2025 50 75 77 59 61 73 79 95 71 79 146 164 61 31 34 95 45 40 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 DPS (€) 0.17 0.25 0.26 0.19 0.16 0.20 0.22 0.28 0.22 0.25 Dividend payout 50% 50% 51% 40% 59% 53%59% 59% 76% 53% April 2026 April 2026 April 2026 20 21 22 Ex-Dividend Date Record Date Payment Date 64% 0.45 Cash Dividends (€ mn) Buyback (€ mn) 2024 buyback did not result in cancellation of shares due to LTIP acceleration triggered by BAMI’s tender offer 0.50* 61%
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www.animaholding.it Luca.mirabelli@animaholding.it www.animaholding.it Anima Holding SpA Corso Garibaldi, 99 I – 20121 Milano www.animaholding.it Luca.mirabelli@animaholding.it Investor Relations Luca Mirabelli Tel. +39.02.63536.226 Luca.mirabelli@animaholding.it These slides have been prepared by Anima Holding S.p.A. (“Anima”, the “Company” and together with its subsidiaries the “Group”), solely for a presentation to investors. These slides are being shown for information purposes and neither this document nor any copy thereof may be reproduced, further distributed to any other person or published, in whole or in part, for any purpose. The information contained in this document (“Information”) has been provided by the Company or obtained from publicly available sources and has not been independently verified. None of the Company or any of their respective affiliates, directors, officers, advisers, agents or employees, nor any other person make any representation or warranty, express or implied, as to, and no reliance should be placed on, the fairness, accuracy, materiality, completeness or correctness of the Information or any opinions contained herein. This presentation may contain financial information and/or operating data and/or market information regarding the business, assets and liabilities of the Company and its consolidated subsidiaries and the results of operations and markets in which the Company and its consolidated subsidiaries are active. Such financial information may not have been audited, reviewed or verified by any independent accounting firm and/or such operating or market information may be based on management estimates or on reports prepared by third parties which the Company has not independently verified. It is not the intention of the Company to provide, and you may not rely on these materials as providing, a complete or comprehensive analysis of the Company’s financial or trading position or prospects. This presentation speaks as of its date and will not be updated. The Information included in this presentation may be subject to updating, completion, revision and amendment and such Information may change materially without notice. No person is under any obligation to update or keep current the Information contained in this presentation and any estimates, opinions and projections expressed relating thereto are subject to change without notice. Neither the Company nor any of their respective affiliates, directors, officers, advisers, agents or employees, nor any other person shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of these materials or its contents or otherwise arising in connection with this presentation. This document includes forward-looking statements which include statements regarding ANIMA’s business strategy, financial condition, results of operations and market data, as well as other statements that are not historical facts. By their nature, forward-looking statements are subject to numerous factors, risks and uncertainties that could cause actual outcomes and results to be materially different from those projected. Readers are cautioned not to place undue reliance on these forward-looking statements. Except for any ongoing obligation to disclose material information as required by the relevant regulations, ANIMA does not have any intention or obligation to publicly update or revise any forward-looking statements after ANIMA distributes this document, whether to reflect any future events or circumstances or otherwise. 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A multitude of factors can cause actual events to differ significantly from any anticipated development. Forward-looking statements contained in this presentation regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. No one undertakes any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on forward-looking statements, which speak only as of the date of this presentation and are subject to change without notice. This document does not contain or constitute an offer of, or the solicitation of an offer to buy, securities, nor will there be any sale of securities referred to in this announcement, in any jurisdiction, including the United States, Australia, Canada or Japan in which such offer, solicitation or sale is not permitted or would require the approval of local authorities. The securities referred to herein may not be offered or sold in the United States unless registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or offered in a transaction exempt from, or not subject to, the registration requirements of the Securities Act. The securities referred to herein have not been and will not be registered under the Securities Act or under the applicable securities laws of Australia, Canada or Japan. Neither this document nor any part of it nor the fact of its distribution may form the basis of, or be relied on in connection with, any contract or investment decision in relation thereto. Disclaimer and safe harbor statements Digital link: see and download our presentation ANIMA and its suppliers print this presentation, when needed, on FSC 100% certified paper only