Anima Holding

Investor Presentation • May 6, 2025

Q1 2025 Results

Strong, committed, ready

€ 202.0 bn AuM+AuA +4.3% vs. March '24

Q1 2025 Highlights

€ +0.9 bn Net Inflows* vs. -0.8 €bn in Q1 24

-1.02% Mutual funds' WAP vs. +3.50% in Q1 24

• ➢ Total Assets up €8.4bn YoY thanks to the addition of Kairos, positive inflows, and assets performance
• ➢ Very strong net inflows driven once again by retail
• ➢ Negative funds WAP due to market uncertainties, slightly better than Italian average
• ➢ BAMI's tender offer began in the quarter (ended in April with BAMI holding 89.95% of Anima)

€ 134.6 mn Total revenues +10% vs. Q124

€ 94.3 mn EBITDA Adj. +1% vs. Q124

€ 71.8 mn Net Profit +36% vs. Q124

• ➢ Excellent generation of performance fees in the first part of the quarter
• ➢ YoY improvement in 'core' managed asset profitability (even when excluding mix factor related to Class I outflows and growth of AIFs)
• ➢ EBITDA margin at 70% despite acquisitions and increase in operating costs
• ➢ Significant improvement of NFP despite higher-ever dividend thanks to operating cashflow and gains on securities

*Including inflows into administered assets – Excluding Class I insurance mandates

^** adjusted EBITDA ex non-recurring costs

ANIMA Group structure Q1 2025

Assets at 31.03.2025 – Instrumental subsidiaries not shown

Alternative investments business unit

An Italian asset management powerhouse with ~100 retail distribution agreements plus numerous institutional mandates AuM €189.5 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 €6.4 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 €5.1 bn

Q1 2025 Split of Total Assets at 31.03.2025

Retail (39% of total)

Institutional (47% of total)

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

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

Q1 2025 Mutual funds' investment performance

Italian Industry represented by FIDMGEND index (source: Bloomberg) 2025 YTD WAP Funds' breakdown by category as of 31.03.2025 % 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 -1.07 -1.02 Mar Apr May Jun Jul Aug Sep Oct Nov Dec 32.7% 14.8% 10.3% 4.3% ITA Industry (Assogestioni) 20.1% 16.0% 14.5% 44.8% 4.6% ANIMA Equity Flexible Balanced Bond Cash 37.8%

Mutual Funds - Net flows breakdown by quarter Q1 2025

€ bn

➢ Q1 Net inflows data reflect strategic partners' strong campaign with retail customers, with bond targetdate funds being the favorite product category -0.2

Not included: money-market, PIR, AIFs

Q1 2025 Managed assets YTD net inflows: eye on profitability

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 + € 0.8 bn + € 0.1 bn - € 1.0 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-offunds" 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

Q1 2025 Retail net inflows accelerating even further

B2C Retail Net Inflows into Anima Group products

data in €mn

• ➢ B2C Retail inflows: a significant qualitative indicator, even higher than Q1 last year
• ➢ Mostly coming through our strategic and commercial partner banks
• ➢ Stronger interest demonstrated by clients in managed solutions
• ➢ Renewed focus on managed assets fueled by rate cuts
• ➢ Market uncertainties may suggest a shift towards accumulation plans in quarters

Q1 2025 Reclassified consolidated P&L

€ mn

	Q1 25 statutory	Q1 25 like-for-like	Q1 24	YoY Change	YoY Change
	Including 3M of Kairos 3M of Vita	no contribution from Kairos or Vita			like-for-like
Net revenues ex p.fees	105.2	97.3	94.9	+11%	+3%
Performance fees	29.4	26.3	26.9
Total revenues	134.6	123.6	121.8	+10%	+1%
Personnel costs	(25.5)	(19.3)	(17.8)
o/w variable	(8.0)	(6.3)	(5.8)
Other expense	(14.7)	(11.7)	(11.1)
Total expense	(40.3)	(31.0)	(28.9)	+40%	+7%
EBITDA adjusted	94.3	92.6	93.0	+1%	-0%
Non-recurring costs*	(6.4)	(5.4)	(2.9)
Other income/(cost)**	32.3	32.3	0.3
D&A	(11.1)	(11.0)	(11.4)
EBIT	109.2	108.5	79.0	+38%	+37%
Net financial income	0.7	0.2	2.0
PBT	109.9	108.7	81.0	+36%	+34%
Income tax	(38.1)	(37.6)	(28.1)
Net income	71.8	71.1	52.9	+36%	+34%
Adjusted net income	61.9	61.9	63.0	-2%	-2%

* Q125 includes €4.2 mn in advisory services, mostly related to the tender offer on Anima Holding

** Q125 includes a cash €31.8 mn amount paid by Banco BPM related to 5-yr net inflows for the period from Feb 2020 to Feb 2025

bps/avg AuM Q125 Q124 Total mgmt. fee margin 17.2 16.6 Margin excl. Class I and AIFs 27.0 26.1

➢ Higher profitability of AuM reflect mix improvement, pricing of new products, and full consolidation of Castello and Kairos

Cost/income	Q125 stat	Q125 L-f-L	Q124
on total revenues	30.0%	25.1%	23.7%
ex performance fees	38.3%	31.8%	30.4%

• ➢ Cost/income ratio ex-performance fees, still among the industry's lowest, increased as expected due to consolidation of acquired companies
• ➢ 34.6% tax rate for Q1 2025 (lower yearly rate expected due to upcoming dividend income in Q2, taxed at ca. 4%)

Q1 2025 Q1 Net income bridge 2024-2025

Total Revenues ex performance fees by quarter Q1 2025

€ mn

• ➢ Normalization of recurring fees following two positive one-offs in Q4:
  • ➢ Year-end adjustment (equalization) of fees collected by a Kairos fund
  • ➢ Reversal of 'loyalty discount' previously granted to an institutional customer who did not commit to a renewal
• 110.9 ➢ Other Income structural increase confirmed (internalization of some services rendered to mutual funds) ➢ 4Q surge reflecting seasonality of Castello's business

Personnel Expenses € mn Q1 2025

➢ Castello's fixed component increased since Q4 due to the inclusion of instrumental company Vita Srl ➢ Variable components reflect provision for year-end bonuses related to performance fees

Note: a previous version of this slide incorrectly included Vita Srl in the Anima cluster instead of Castello for Q4 2024.

Q1 2025 Consolidated Net Financial Position

	31.03.25	31.12.24	31.03.24
Bond 2021-28 1.50%	(299.2)	(299.1)	(298.9)
Bond 2019-26 1.75%	(283.6)	(283.6)	(283.4)
Accrued interest expense	(6.4)	(4.1)	(6.4)
IFRS16	(24.8)	(25.5)	(18.0)
Put&Call options (Castello, Vita)	(19.0)	(18.8)	(13.9)
Dividends payable	(146.3)		(79.5)
Other payable	(0.5)	(0.5)	(1.7)
TOTAL DEBT	(779.9)	(631.6)	(701.8)
Cash and equivalent	468.5	306.9	241.7
Securities*	527.0	542.8	455.2
Performance fees receivable	5.7	33.4	8.0
TOTAL CASH & EQUIVALENT	1,001.2	883.1	704.9
CONSOLIDATED NFP	221.3	251.5	3.1

• ➢ NFP change in Q125 incorporates:
  • ➢ Booking of €146.3 mn dividends to be paid in May, approved by the AGM of March 31
• ➢ Focus on BMPS investment:
  • ➢ 3% stake added to existing 1% on Nov.13, 2024 for a consideration of € 219 mn
  • ➢ Capital gain since Nov.13, on entire 4% stake, amounts to €79.4 mn
  • ➢ €43 mn dividend income expected in May

*including time deposits S

Total net return on liquidity by quarter Q1 2025

€ mn

• ➢ 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"
• ➢ Satisfactory, positive total return despite lower interest rates and a € 219 mn cash-out in November for the acquisition of BMPS share (securing significant dividend income from 2025 onwards)

Q1 2025 Strong, Committed, Ready

A robust, profitable and scalable business model ready to be deployed in the next chapter of our story

• ➢ Q1 '25: yet another strong quarter characterized by strong retail inflows (probably close to a historical record) and performance fees from managed assets
• ➢ ca. € 43 million dividend income expected from BMPS stake in Q2
• ➢ New corporate identity: rebranding successfully completed
• ➢ Banco BPM, formerly our relative majority shareholder, now controls 89.95% of Anima. All our strategic agreements remain in force (no applicable CoC clauses)

Entry into the Banco BPM Group open up exciting opportunities for internal and external expansion of Anima's business scope

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

www.animaholding.it

I – 20121 Milano www.animaholding.it

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