Anima Holding

Investor Presentation • Feb 5, 2025

FY 2024 Results

At the center of the scene

€ 204.2 bn AuM+AuA +6.6% vs. FY23	€ +0.9 bn Net Inflows* vs. -0.2 €bn in FY23	+8.6% Mutual funds' WAP vs. +8.4% in FY23
€ 530.0 mn Total revenues +44% vs. FY23	€ 390.0 mn EBITDA Adj. +47% vs. FY23	€ 227.8 mn Net Profit +53% vs. FY23
Stake in BMPS increased from 1% to 4%	Voluntary Public Tender Offer from Banco BPM Vita on Anima	Early vesting of LTI plans

* Including € 0.1 bn net inflows into administered assets - Excluding Class I insurance mandates ** adjusted EBITDA ex non-recurring costs

1H 2024 ANIMA Group structure FY 2024

Assets at 31.12.2024 – Instrumental subsidiaries not shown

Alternative investments business unit

Italy's independent asset management powerhouse with ~100 retail distribution agreements plus numerous institutional mandates AuM €192.5 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 €5.9 bn +AuA 1.0 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 €4.8 bn

Split of Total Assets as of 31.12.2024 FY 2024

* mutual funds underlying other ANIMA group products/mandates distributed to retail

** the Private Bankers (Kairos) segment includes Assets under Administration

Mutual funds' investment performance FY 2024

Italian Industry represented by FIDMGEND index (source: Bloomberg)

4.7%

FY 2024 Net flows breakdown by quarter € bn

• ➢ Decreasing trend of interest rates with no clear consensus on the timing of cuts, and geopolitical uncertainty
• ➢ Q4 figures reflect client appetite shift from Bond (and Equity) to Flexible

Bond Balanced Flexible Equity

FY 2024 YTD net inflows: eye on profitability

Focus on Wrapping

• The vast majority of 'wrapping' outflows is represented by funds underlying other funds, especially target-date funds
• Negative 'wrapping' flows in the absence of a comparable trend in other categories are driven by changes in portfolio of container products, or replacement of a fundof-fund structure with a 'simple' fund.
• In this case, the loss of management fees is limited to the excess fee of the underlying fund compared to the mother fund, zero in most cases.

Lowest profitability among all assets – Flows reported but typically excluded from commentary

FY 2024 The strongest Retail net inflows in 9 years € mn

B2C Retail Net Inflows into Anima Group products

data in €mn

• ➢ B2C Retail inflows: a significant qualitative indicator
• ➢ Mostly coming through our strategic and commercial partner banks
• ➢ Stronger interest demonstrated by clients in managed solutions
• ➢ Renewed focus on managed assets fueled by recent and expected rate cuts
• ➢ Solid trend continuing into 2025

FY 2024 Reclassified Consolidated P&L

	FY24 statutory	FY24 like-for-like	FY23	YoY Change	YoY Change
	Including	Including 5 months	of Castello		like-for-like
	12M of Castello	(5.5 mo. for 2023)
	8M of Kairos	no contribution
	5M of Vita	from Kairos or Vita
Net revenues	404.7	374.4	333.1	+21%	+12%
Performance fees	125.3	116.7	34.9
Total revenues	530.0	491.1	368.0	+44%	+33%
Personnel costs	(86.1)	(64.7)	(59.6)
o/w variable	(24.7)	(22.0)	(17.1)
Other expense	(53.9)	(44.1)	(42.4)
Total expense	(140.0)	(108.8)	(102.0)	+37%	+7%
EBITDA adjusted	390.0	382.3	266.0	+47%	+44%
Non-recurring costs	(5.2)	(6.1)	(6.7)
LTIP expense	(40.6)	(31.8)	(5.6)
Other income/(cost)*	11.5	12.0	5.1
D&A	(46.1)	(45.5)	(44.3)
EBIT	309.7	311.0	214.5	+44%	+45%
Net financial income	9.0	7.0	5.4
Dividends	3.1	3.1	-
PBT	321.8	321.1	219.8	+46%	+46%
Income tax**	(94.0)	(93.6)	(70.5)
Net income	227.8	227.5	149.3	+53%	+52%
Adjusted net income	276.3	281.1	184.7	+50%	+52%

bps/avg AuM	FY24	FY23
Total margin	17.4	15.6
Margin excl. Class I and AIFs	27.4	25.3

➢ Profitability of AuM increased due to mix improvement, pricing of new products, and further boosted by the consolidation of Castello and Kairos

Cost/income	FY24 stat	FY24 L-f-L	FY23
on total revenues	26.4%	22.3%	27.7%
ex performance fees	34.6%	29.3%	30.6%

• ➢ Cost/income ratio ex-performance fees, still among the industry's lowest, increased as expected due to consolidation of acquired companies
• ➢ 29.5% tax rate for 2025, due to two items registered in 2Q: badwill income from Kairos acquisition (not taxed), dividends (ca. 4% tax rate), and step-up of goodwill related to the Castello acquisition (implying a net €6.1 mn tax benefit)

* FY24 includes €8.7 mn badwill accounting from Kairos acquisition

** FY24 incorporates a €6.1 mn tax benefit due to step-up of goodwill related to Castello acquisition

FY 2024 FY Net Income bridge 2023-2024 € mn

FY 2024 Total Revenues ex performance fees by quarter € mn

➢ Net Recurring fees growing faster than AuM thanks to change in asset mix

Other Income:

➢ Structural increase since the beginning of 2024 following internalization of some services rendered to mutual funds

➢ 4Q surge reflecting seasonality of Castello's business

110.9

FY 2024 Personnel Expenses € mn

• ➢ Anima and Kairos' Q4 fixed components include once-a-year charge related to personnel welfare
• ➢ Castello's fixed component increased due to the inclusion of instrumental company Vita Srl
• ➢ Variable components reflect provision for year-end bonuses related to performance fees

Consolidated Net Financial Position FY 2024

€ mn

	31.12.24	31.12.23
Bond 2021-28 1.50%	(299.1)	(298.9)
Bond 2019-26 1.75%	(283.6)	(283.3)
Accrued interest expense	(4.1)	(4.1)
Other payable	(0.5)	(0.5)
Put&Call options (Castello, Vita)	(18.8)	(13.7)
TOTAL DEBT	(606.1)	(600.5)
Cash and equivalent	306.9	169.5
Securities*	542.8	406.0
Performance fees receivable	33.4	30.0
TOTAL CASH & EQUIVALENT	883.1	605.4

Note: IFRS16 debt (€25.5 mn at 31/12/24) not included

➢		NFP change in FY24 incorporates:
	➢	€79.5m dividends paid in May

• ➢ €40.0m share buyback
• ➢ Increase of put&call options after Castello' acquisition of Halldis business (short-term rentals)
• ➢ Surge in FY24 due to strong cash generation and significant capital gains (notably on BMPS)

*including time deposits

Total net return on liquidity by quarter FY 2024 € mn

• ➢ Interest expense reduced in 2Q23 with the reimbursement of bank debt, with a €4mn capital gain
• ➢ Effect of interest rate cuts beginning to show in 3Q24 (delayed due to time deposits)
• ➢ 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"
• ➢ In 4Q24, liquidity decreased with acquisition of BMPS share for a consideration of € 219 mn (slightly depressing return on liquidity but securing significant dividend income from 2025 onwards)

Dividend proposal* €0.45 per share FY 2024

* subject to AGM approval. 2024 amount and payout are calculated including shares servicing the LTIP plans (5.9 mn shares capital increase and 9.4 mn treasury shares)

FY 2024 Banco BPM Vita's voluntary public tender offer

on 100% of Anima Holding share capital, at €6.20 per share

First Announcement	Filing of Draft Prospectus	Regulators' Authorizations	Approval and publishing of Prospectus	Anima's Board Press Release	Acceptance period	Aftermath
Nov 6, 2024	Nov 26, 2024	Expected Feb 26; 1-month extension possible	No later than 5 days after the last authorization is obtained	In the days following the publishing of the Prospectus	15 to 40 market days	Depending on % of acceptance (including BAMI's 22.4 stake)
Beginning of passivity rule		Antitrust cleared on Dec 12 Awaiting IVASS (insurance regulator) and central banks. See below on Danish Compromise		Will include the fairness opinion by the financial advisors (GS for the whole Board, Vitale&Associati for Independent Directors)	Dates and duration to appear in prospectus	<66.7% offer can be canceled >90% sell-out (shareholders' right to sell at the offer's price) >95% squeeze-out (same but imposed by offerer)

➢ Additionally, the conditions of the offer include the application of the Danish Compromise accounting to minimize impact on BAMI's RWAs. This must be acknowledged by ECB, there is no set timing.

➢ Since November 25, BAMI itself is subject to the passivity rule due to the pending Public Tender Offer by Unicredit. As a consequence, in the absence of a waiver from UCG, only BAMI's AGM can make amendments on the price or conditions of the offer on Anima Holding.

FY 2024 At the center of the scene

"It is not the strongest of the species that survives, but the one most responsive to change"

• ➢ When regulation encouraged banks to externalize their product factories, Anima offered them a solution and created long-lasting, successful partnerships
• ➢ Anima demonstrated strength and resilience throughout the entire economic cycle, thanks to its flawless track record and disciplined investment approach
• ➢ 11 years as a listed company, of which 10 with positive net inflows (ex Class I insurance mandates), with an average of nearly €3bn/year
• ➢ At a time when asset management profitability is considered at risk, Anima has been registering constant margin improvements due to the evolution of asset mix and ongoing optimization of processes and structures
• ➢ The addition of Castello and Kairos provided product and channel diversification, opening new growth paths
• ➢ Anima's business model provided significant value to countless financial institutions in Italy, resulting in wellestablished links
• ➢ Shareholding relationships with strategic partners have positioned Anima at the center of the new wave of consolidation in the Italian banking industry

Anima's value is becoming more and more evident

Investor Relations Luca Mirabelli Tel. +39.02.63536.226 Luca.mirabelli@animaholding.it

I – 20121 Milano www.animaholding.it

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Anima Holding SpA Corso Garibaldi, 99

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