Anima Holding

Investor Presentation • Aug 4, 2025

1H 2025 Results

Strong legacy, bright future

Banco BPM Group Anima Holding S.p.A. is subject to the direction and coordination of Banco BPM S.p.A. € 206.6 bn AuM+AuA +4% vs. June '24

1H 2025 Highlights

€ +1.4 bn Net Inflows* vs. -0.3 €bn in 1H 24

+0.32% Mutual funds' WAP vs. +4.45% in 1H 24

• ➢ Total Assets up €7.9bn YoY thanks to positive inflows, and assets performance
• ➢ Very strong net inflows driven once again by retail
• ➢ Flattish WAP due to market uncertainties, picking up after April trough
• ➢ Since April 11th, Anima Group is part of Banco BPM Banking Group

€ 248.1 mn Total revenues +4% vs. 1H 24	€ 169.3 mn EBITDA Adj. -4% vs. 1H 24	€ 153.9 mn Net Profit +28% vs. 1H 24
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• ➢ No significant contribution from performance fees in the quarter but several funds close to HWM at the end
• ➢ Continued YoY increase of AuM profitability
• ➢ Relevant dividend income from BMPS dividends as expected

* Excluding Class I insurance mandates – Incorporating outflows for €1.1bn related to Etica SGR mandates whose termination was announced in January 2025

ANIMA Group structure 1H 2025

Assets at 30.06.2025 – Instrumental subsidiaries not shown

Alternative investments "business unit"

An Italian asset management powerhouse with ~100 retail distribution agreements plus numerous institutional mandates AuM €193.4 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 €6.9 bn +AuA 1.1 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

* Plus €0.6 bn in assets under advisory

1H 2025 Split of Total Assets at 30.06.2025

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

** Figure may not be perfectly comparable with past disclosures due to the inclusion of new categories of duplications.

+ Additional €0.6 bn in assets under advisory

1H 2025 Mutual funds' investment performance

Italian Industry represented by FIDMGEND index (source: Bloomberg) 2025 YTD WAP Funds' breakdown by category as of 30.06.2025 % 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 0.97 0.32 Jun Jul Aug Sep Oct Nov Dec 32.2% 14.7% 10.0% 38.6% 4.4% ITA Industry (Assogestioni) 19.9% 12.9% 13.5% 48.7% 4.9% ANIMA Equity Flexible Balanced Bond Cash

Mutual Funds - Net flows breakdown by quarter 1H 2025

€ bn

➢ Confirmed strong appeal of mutual funds in time of decreasing interest rates

➢ Overall pace and especially equity appetite influenced by newsflow in Q2

➢ Unusually high inflows into target-date funds

1H 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 + € 1.3 bn + € 0.1 bn - € 0.7 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

1H 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 1H last year
• ➢ Strong contribution from all our distribution partners

1H 2025 Reclassified consolidated P&L

€ mn

	1H 25 Statutory	1H 24	YoY Change	Notes	1H 25 like-for-like	YoY Change
	Including 6M of Kairos 6M of Vita				Including no contribution	2M of Kairos from Vita
Net revenues ex p.fees	212.4	193.0	+10%	Margin on avg assets:17.4bps, (+0.7bps)	201.9	+5%
Performance fees	35.6	46.4			32.1
Total revenues	248.1	239.4	+4%		233.9	-2%
Personnel costs	(50.1)	(39.1)			(41.8)
o/w variable	(14.3)	(11.7)			(12.4)
Other expense	(28.7)	(24.0)			(25.0)
Total expense	(78.8)	(63.2)	+25%	Cost/income 31.8% (37.1% ex p.fees)	(66.8)	+6%
EBITDA adjusted	169.3	176.2	-4%		167.1	-5%
Non-recurring costs	(9.8)	(7.3)		1H25 included €5.1 mn in advisory services, mostly related to the tender offer	(8.4)
Other income/(cost)	33.1	11.4		1H24 restated (+€2.1 mn) after final PPA on Kairos. Also affects EBIT, PBT, NI	33.2
D&A	(22.3)	(22.9)			(22.2)
EBIT	170.3	157.3	+8%		169.7	+8%
Net financial income	1.0	4.6			0.3
Dividends	43.2	3.1		Dividend income is taxed at ca. 4%	43.2
PBT	214.5	165.0	+30%		213.3	+29%
Income tax	(60.6)	(44.3)		YtD tax rate decreased to 28.3%	(60.1)
Net income	153.9	120.7	+28%		153.2	+27%
Adjusted net income	153.9	124.9	+23%		154.1	+23%

AuM 1H25 1H24

➢ Higher profitability of AuM reflect mix

improvement, pricing of new products, and full consolidation of Castello and Kairos

17.4 16.7

25.9 24.9

Total Revenues ex performance fees by quarter 1H 2025

€ mn

• ➢ Recurring fees reflecting stable assets QoQ, boosted by Placement fees on target-date funds
• ➢ Other Income structural increase confirmed, slight QoQ decrease attributable to Fixed Fees
• ➢ Higher-than-usual concentration of placements of Target-Date funds in the quarter

Personnel Expenses 1H 2025

€ mn

➢ 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

1H 2025 Consolidated Net Financial Position

	30.06.25	31.12.24	30.06.24
Bond 2019-26 1.75%	(283.7)	(283.6)	(283.4)
Bond 2021-28 1.50%	(299.3)	(299.1)	(299.0)
Accrued interest expense	(4.3)	(4.1)	(4.3)
IFRS16	(23.0)	(25.5)	(20.9)
Put&Call options (Castello, Vita)	(19.2)	(18.8)	(14.1)
Other payable	(0.5)	(0.5)	(1.5)
TOTAL DEBT	(630.0)	(631.6)	(623.1)
Cash and equivalent	395.2	306.9	311.5
Securities*	443.0	542.8	313.4
Performance fees receivable	3.0	33.4	6.6
TOTAL CASH & EQUIVALENT	841.3	883.1	631.5
CONSOLIDATED NFP	211.3	251.5	8.4

• ➢ NFP change in 1H25 reflects €146.3 mn dividends (€0.45 DPS) paid in May, and €83 mn cash disbursement in taxes.
• ➢ Rich cash position sustained by capital gains on investments and boosted by this year's net income

*including time deposits

Total net return on liquidity by quarter 1H 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"
• ➢ Interest rates are reflected with a delay due to time deposits
• ➢ Net return still positive thanks to rich cash position and careful management

Strong legacy, bright future 1H 2025

A new chapter began after the tender offer from Banco BPM Vita

Anima's legacy is more evident than ever…

• ➢ The power of a time-proven, scalable asset management model
• ➢ An unparalleled network of relationships with other players in the financial industry
• ➢ Strong reputation with Italian customers
• ➢ A capital-light business with significant and steady cash generation

…and the company is well-positioned for the future

• ➢ Becoming part of the BBPM group enlarges the set of addressable AuM
• ➢ Anima can play an important role in any strategic operation that Banco BPM may put in place after the lifting of passivity rule

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

www.animaholding.it Anima Holding SpA Corso Garibaldi, 99 I – 20121 Milano www.animaholding.it

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