Earnings release
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PRESS RELEASE ANIMA Holding: H1 2026 consolidated results • Net inflows excluding Class I insurance mandates: €-5.2 billion (€+0.6 billion excluding the outflows associated with the termination of the Etica SGR mandate) • Net recurring commissions: €184.7 million (+3% vs. H1 2025) • Total consolidated revenues: €286.8 million (+16%) • Consolidated net profit: €158.8 million (+3%) • Consolidated Adjusted net profit: €178.4 million (+16%) “In the first half of 2026, Anima delivered satisfactory financial results in a challenging environment and against an objectively demanding comparison base,” said Saverio Perissinotto, CEO of ANIMA Holding S.p.A. “ Following the positive performance of financial markets in the first part of the year, we are confident that retail clients will regain confidence and a constructive appetite for our asset management solutions in the quarters ahead.” Milan, 3 August 2026 – The Board of Directors of ANIMA Holding S.p.A. (EXM: ANIM), chaired by Patrizia Grieco, approved the Consolidated Half-Year Report at 30 June 2026 in a meeting held today. Net inflows for the half year (excluding Class I insurance mandates) were negative for €5.2 billion (positive for €0.6 billion excluding the outflows of funds previously managed under the Etica SGR mandate). Assets under management and administration at the end of June 2026 amounted to €212.2 billion, compared with €206.6 billion at June 2025 (+3%). Net recurring commissions amounted to €184.7 million (+3% compared with €179.0 million in H1 2025). Performance fees amounted to €64.2 million, a sharp increase (+80%) compared with €35.6 million in H1 2025. Including performance fees and other income, total revenues amounted to €286.8 million, up 16% compared with €248.1 million in H1 2025. Ordinary operating expense amounted to €79.6 million, up 1% compared with €78.8 million in H1 2025. The overall cost/income ratio (excluding performance fees from total revenues) decreased from 37.1% to 35.8%. Other income/expense includes the P&L impact of the acquisition of the remaining 20% stake in Castello SGR, completed at the end of June (a €3.1 million charge), and €4.0 million of income from the purchase and use of third -party tax credits. The prior -year figure included a €31.8 million one -off payment from a distributor, calculated by refere nce to net inflows over the previous five years. Despite the absence of this one -off income, profit before tax for the first half of 2026 amounted to €225.2 million, 5% above the €214.5 million recorded in the first half of 2025. Similarly, net profit amounted to €158.8 million (+3% compared with €153.9 million in H1 2025). Adjusted net profit (which does not take into account extraordinary and/or non-cash income or charges, including amortisation of finite-life intangible assets and one-off income) amounted to €178.4 million in the first half of the year, an increase of 16% compared with €154.2 million in the first half of 2025.
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Consolidated net financial position at 30 June 2026 was positive (net cash) for €604.3 million (compared with net cash of €211.3 million at 30 June 2025 and €491.2 million at 31 December 2025). The change since the beginning of the year reflects cash generation from operating activities, the appreciation in the value of the 1.7% stake in Banca Monte dei Paschi di Siena and the payment of €162.6 million in dividends. The H1 2026 Analyst Presentation will be made available on the authorized repository www.1info.it and on www.animaholding.it in the section “Investors->Presentations”. * * * The Manager responsible for preparing the Company Financial Statements, Enrico Bosi, in accordance with paragraph 2 of article 154-bis of the Consolidated Finance Law (Testo Unico della Finanza), hereby 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, the net financial position and the reclassified management income statement, the latter not subject to review by the independent auditors. The Half-Year Report at 30/06/2026, which is subject to a limited review by the independent auditors, will be filed with the authorized repository www.1info.it and published on the institutional web site www.animaholding.it, 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 created through the aggregation of several companies with different and complementary specializations in 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. ANIMA Holding, listed on Euronext Milan since 2014, controls 100% of the operating companies ANIMA Sgr (mutual funds), ANIMA Alternative Sgr (private markets), Kairos Partners Sgr (an Asset and Wealth Management boutique) and Castello Sgr, a leading company in the promotion and management of alternative investment products, mainly in 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 Items (€/000) H1 2026 H1 2025* 10. Commissions earned 722,243 678,479 20. Commissions paid (435,533) (430,518) 30. NET COMMISSIONS 286,710 247,961 40. Dividend income and equivalent 43,250 43,250 50. Interest income and equivalent 5,879 6,417 60. Interest expense and equivalent (6,144) (6,173) 90. Profits (losses) on disposal or repurchase of: a) financial assets at amortised cost 3,985 386 100. Net result on other financial assets and liabilities at fair value through profit or loss b) other financial assets mandatorily measured at fair value 1,890 1,898 110. BROKERAGE MARGIN 335,569 293,739 120. Net credit impairment losses/recoveries relating to: a) financial assets at amortised cost (826) (577) 130. NET OPERATING RESULT 334,744 293,162 140. Administrative expense: (81,398) (86,340) a) personnel expense (57,368) (53,804) b) other administrative expense (24,030) (32,536) 150. Net provisions for risks and charges 30 (15) 160. Net impairment losses/recoveries on tangible assets (3,209) (3,422) 170. Net impairment losses/recoveries on intangible assets (21,689) (21,885) 180. Other income/expense (3,250) 32,992 190. OPERATING EXPENSE (109,517) (78,670) 200. Gains (losses) on equity investments 13 240. GROSS PROFIT FROM CURRENT ACTIVITIES 225,226 214,504 250. Income tax (66,437) (60,588) 260. NET PROFIT FROM CURRENT ACTIVITIES 158,789 153,917 280. NET PROFIT FOR THE PERIOD 158,789 153,917 290. Profit (loss) for the period attributable to non-controlling interests (52) (173) 300. Parent Company’s profit for the period 158,841 154,090 RECLASSIFIED CONSOLIDATED INCOME STATEMENT Items (€/000) H1 2026 H1 2025* Net recurring commissions 184,705 178,959 Performance fees 64,245 35,636 Other income 37,805 33,470 Total revenues 286,755 248,064 Personnel expense (54,074) (50,153) Other administrative expense (25,565) (28,599) Total operating expense (79,639) (78,751) Adjusted EBITDA 207,116 169,313 Extraordinary charges (4,364) (10,010) Other income/expense 1,226 33,666 Net impairment losses on tangible and intangible assets (22,086) (22,361) EBIT 181,892 170,607 Net financial income (charges) 84 647 Dividend income 43,250 43,250 Profit before tax 225,226 214,504 Income tax (66,437) (60,588) Consolidated net profit 158,789 153,917 Net adjustments** 19,563 312 Adjusted consolidated net profit 178,352 154,229 * Restated figures following the PPA carried out by Vita Srl on the acquired businesses ** Amortisation of intangible assets and capitalised borrowing costs; extraordinary, non -recurring and/or non-cash items
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CONSOLIDATED BALANCE SHEET ASSETS (€/000) 30,06,26 31,12,25* 10. Cash and equivalents 590,130 569,894 20. Financial assets at fair value through profit or loss c) other financial assets measured at fair value 136,155 123,014 30. Financial assets at fair value through other comprehensive income 546,358 459,154 40. Financial assets at amortised cost 132,698 175,707 70. Interests in associates and joint ventures 21 21 80. Tangible assets 19,160 22,163 90. Intangible assets 1,496,159 1,517,090 of which goodwill 1,167,805 1,167,805 100. Tax assets 19,453 25,389 a) current 503 1,912 b) prep a id 18,950 23,477 120. Other assets 64,087 53,539 TOTAL ASSETS 3,004,221 2,945,970 LIABILITIES AND SHAREHOLDERS’ EQUITY (€/000) 30,06,26 31,12,25* 10. Financial liabilities at amortised cost 819,536 818,144 a) payables 232,510 231,854 b) securities issued 587,026 586,290 60. Tax liabilities 77,801 81,784 a) current 10,726 11,476 b) deferred 67,075 70,308 80. Other liabilities 117,783 121,678 90. Employees’ severance payment fund 5,494 5,833 100. Provisions for risks and charges: 15,467 25,904 a) commitments and guarantees issued 24 25 c) other provisions for risks and charges 15,443 25,879 110. Share capital 7,422 7,422 140. Share premium reserve 787,652 787,652 150. Reserves 732,963 613,057 160. Valuation reserves 280,544 201,148 170. Net profit for the period 158,841 266,242 180. Non-controlling interests 719 17,107 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 3,004,221 2,945,970 * Restated figures following the PPA carried out by Vita Srl on the acquired businesses CONSOLIDATED NET FINANCIAL POSITION Items (€/000) 30.06.26 31.12.25 30.06.25 10/2026 Bond (283,905) (283,790) (283,675) 04/2028 Bond (299,523) (299,394) (299,264) Accrued interest expense (4,267) (4,071) (4,267) Dividends payable (33) 0 (25) Other liabilities (incl. IFRS 16 and put/call options) (23,855) (42,015) (42,736) Total financial debt (611,583) (629,270) (629,967) Cash and equivalents 590,130 569,898 395,203 Securities 606,595 518,018 422,923 Time deposits 20,108 Performance fee and other financial receivables 19,172 32,585 3,036 Total cash and equivalents 1,215,898 1,120,502 841,270 NET FINANCIAL POSITION 604,315 491,232 211,303