Anima Holding

Earnings Release • May 6, 2025

PRESS RELEASE

ANIMA Holding: 1Q 2025 consolidated results

• Net commissions: €87.3 million (+9% vs. 1Q24)
• Total consolidated revenues: €134.6 million (+10% vs. 1Q24)
• Consolidated Net Profit: €71.8 million (+36% vs. 1Q24)
• Consolidated Adjusted net profit: €61.9 million (-2% vs. 1Q24)

"The year started with solid results, in line with the positive performance of previous quarters, reflecting the strong commitment of the Anima team and our strategic partners," said Alessandro Melzi d'Eril, CEO of ANIMA Holding S.p.A. "I am confident that integration into the Banco BPM Group will create further meaningful opportunities for Anima for both organic and external growth"

Milan, May 6 th 2025 – ANIMA Holding S.p.A. (ANIM.IM) Board of Directors, chaired by Maria Patrizia Grieco, approved today the Consolidated Interim Report at 31 March 2025.

Consolidated results reflect some changes in perimeter (altogether, "the Acquisitions") compared to the corresponding quarter of last year, reflecting the inclusion of Kairos Partners SGR - acquired in May 2024 - and the business - acquired in August 2024 - of instrumental company Vita Srl, both consolidated for the entire quarter. Year-on-year changes net of the Acquisitions are highlighted where significant.

Net recurring commissions reached €87.3 million (+9% vs. €80.0 million in 1Q24, +1% net of Acquisitions); performance fees amounted to €29.4 million compared to €26.9 million in 1Q24. Adding up Other Revenues, total revenues reached €134.6 million (+10% vs. 1Q24, +1% ex Acquisitions)

Ordinary operating expense was €40.3 million, +40% vs. 1Q24, of which 33 percentage points related to the Acquisitions. The cost/income ratio (excluding performance fees from total revenues) was 38.3%.

Other income/expense for 2025 includes a €31.8 million revenue, an amount contractually envisioned in the agreements with distributor Banco BPM S.p.A., calculated as a function of actual net inflows in the five-year period from February 2020 to February 2025.

Profit before tax reached €109.9 million (+36% vs. €81.0 million in 1Q24), whereas net profit was €71.8 million (+36% vs. €52.9 million in 1Q24).

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 revenue from distributor Banco BPM) was €61.9 million (-2% vs. €63.0 million in the first quarter last year).

Consolidated net financial position as of March 31th 2025 is €221.3 million net cash (compares to €3.1 million net cash at March 31th 2024 and €251.5 million net cash at the end of 2024). The year-to-date change includes €146.3 million euro payable for dividends resolved and not yet paid, most of which has been compensated by the cash generated by operations and capital gains on investments (notably on the 4% stake of Banca Monte dei Paschi di Siena).

The Q1 2025 Analyst Presentation will be made available on the authorized repository 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 Interim Report at 31/03/2024, which is not subject to external auditing, will be filed with the authorized repository 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 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.

Contacts:

Media Relations Investor Relations Image Building Luca Mirabelli Cristina Fossati, Federica Corbeddu, Denise Ricchiuto Federico Pardini Tel: +39 02 89 011 300 Tel. +39 02 63536.226 gruppoanima@imagebuilding.it ir@animaholding.it

CONSOLIDATED INCOME STATEMENT

(€/000)	Q1 2025	Q1 2024
10. Commissions earned	328,360	322,347
20. Commissions paid	(194,355)	(200,722)
30. NET COMMISSIONS	134,005	121,625
50. Interest income and equivalent	3,553	4,854
60. Interest expense and equivalent	(3,032)	(2,998)
90. Profits (Losses) on disposal or repurchase of:
a) financial assets at amortized cost	386
100. Net result on financial instruments at fair value through P&L
b) other financial assets mandatorily measured at fair value	849	460
110. BROKERAGE MARGIN	135,761	123,941
120. Net credit impairment losses/recoveries relating to:
a) a) financial assets at amortised cost	(277)	(130)
130. NET OPERATING RESULT	135,484	123,811
140. Administrative expense:	(45,171)	(30,950)
a) personnel expense	(27,413)	(20,028)
b) other	(17,758)	(10,922)
150. Provisions for risks and charges	(396)	3
160. Amortization and depreciation tangible assets	(1,709)	(1,057)
170. Amortization and depreciation intangible assets	(10,840)	(11,114)
180. Other income/expense	32,518	277
190. OPERATING EXPENSE	(25,598)	(42,841)
200. Gains (losses) on equity investments	13
240. GROSS PROFIT (LOSS) FROM CURRENT ACTIVITIES	109,899	80,970
250. Income tax	(38,062)	(28,080)
260.NET PROFIT (LOSS) FROM CURRENT ACTIVITIES	71,837	52,890
280.NET PROFIT (LOSS) FOR THE PERIOD	71,837	52,890
290. Profit (loss) for the period attributable to non-controlling	(117)	(15)
interests 300. Parent Company's profit (loss) for the period	71,954	52,905

RECLASSIFIED CONSOLIDATED INCOME STATEMENT

(€/000)	Q1 2025	Q1 2024
Net commissions	87,278	80,010
Performance fees	29,403	26,944
Other income	17,944	14,899
Total revenues	134,625	121,853
Personnel expense	(25,543)	(17,789)
Other administrative expense	(14,744)	(11,068)
Total operating expense	(40,286)	(28,857)
EBITDA (adjusted)	94,339	92,996
Extraordinary charges	(6,418)	(2,938)
Other income/expense	32,335	336
Tangible and intangible assets depreciation	(11,077)	(11,418)
EBIT	109,178	78,976
Net financial charges	721	1,994
PBT	109,899	80,970
Income tax	(38,062)	(28,080)
Consolidated net profit	71,837	52,890
Net adjustments*	(9,926)	10,075
Adjusted net profit	61,911	62,965

*Depreciation of intangibles and capitalised costs on financing, extraordinary items, non-recurrent and/or non cash-out (restructuring, LTIP…)

CONSOLIDATED BALANCE SHEET

ASSETS (€/000)	31.03.25	31.12.24
10. Cash and equivalents	468,539	306,883
20. Financial assets at fair value through P&L
c) other financial assets at fair value	97,301	119,217
30. Financial assets at fair value through other comprehensive income	367,223	342,278
40. Financial assets at amortized cost	257,636	259,860
70. Interests in associates and joint ventures	21	8
80. Tangible assets	26,215	27,776
90. Intangible assets	1,545,542	1,556,185
of which goodwill	1,168,200	1,168,200
100. Tax assets	25,987	29,715
a) current	6,522	6,386
b) prepaid	19,465	23,329
120. Other assets	85,001	48,017
TOTAL ASSETS	2,873,465	2,689,939
LIABILITIES AND SHAREHOLDERS' EQUITY (€/000)	2,873,465 31.03.25	31.12.24
10. Financial liabilities at amortized cost	807,209	800,757
a) payables	219,397	215,543
b) securities issued	587,812	585,214
60. Tax liabilities	147,917	112,840
a) current	75,086	38,309
b) deferred	72,831	74,531
80. Other liabilities	291,984	81,112
90. Employees' severance payment fund	6,732	6,634
100. Provision for risks and charges:	9,973	27,691
a) commitments and guarantees issued	27	24
c) other	9,946	27,667
110. Capital	7,422	7,292
120. Treasury shares (-)		(44,529)
140. Share premium reserve	787,652	787,652
150. Reserves	610,977	574,062
160. Evaluation reserves	115,111	91,855
170. Net profit for the period	71,954	227,922
180. Non-controlling interests	16,534	16,651
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	2,873,465	2,689,939

CONSOLIDATED NET FINANCIAL POSITION

(€/000)	31.03.25	31.12.24	31.03.24
10/2026 Bond	(283,618)	(283,562)	(283,393)
04/2028 Bond	(299,200)	(299,138)	(298,947)
Accrued interest expense	(6,406)	(4,071)	(6,414)
Dividends payable	(146,347)		(79,535)
Other liabilities (incl, IFRS 16)	(44,378)	(44,851)	(33,534)
Total financial debt	(779,949)	(631,622)	(701,823)
Cash and equivalent	468,538	306,883	241,658
Securities	420,655	420,225	127,051
Time deposits	106,352	122,605	328,180
Performance fees receivables	5,686	33,420	8,024
Total cash and equivalent	1,001,232	883,132	704,913
NET FINANCIAL POSITION	221,283	251,511	3,090