Anima Holding

Investor Presentation • Nov 5, 2025

9M 2025 Highlights

€ 209.4 bn AuM+AuA +3% vs. September '24 € +2.5 bn Net Inflows* vs. +0.6 €bn in 9M 24

+2.67% Mutual funds' WAP vs. +6.91% in 9M 24

• ➢ Total Assets up €6.0bn YoY thanks to positive inflows and assets performance
• ➢ Very strong net inflows, still driven by retail
• ➢ Positive WAP, lower than market average due to asset mix

€ 368.3 mn Total revenues unchanged vs. 9M 24

€ 252.4 mn EBITDA Adj. -5% vs. 9M 24

€ 199.5 mn Net Profit +15% vs. 9M 24

• ➢ Lower EBITDA due to average contribution from performance fees, was very strong in 9M 24
• ➢ Higher net profit thanks to dividend income and one-off income from price adjustment in H1

^* Excluding Class I insurance mandates – Incorporating outflows for €1.4bn related to Etica SGR mandates whose termination was announced in January 2025

ANIMA Group structure

Assets at 30.09.2025 – Instrumental subsidiaries not shown

An Italian asset management powerhouse with ~100 retail distribution agreements plus numerous institutional mandates

AuM €193.3 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 €9.4 bn +AuA €1.2 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 €5.4 bn

^** Based on voting rights

^* Plus €0.6 bn in assets under advisory

9M 2025

Split of Total Assets at 30.09.2025

• Additional €0.6 bn in assets under advisory

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

9M 2025 Mutual funds' investment performance

Italian Industry represented by FIDMGEND index (source: Bloomberg)

Mutual Funds - Net flows breakdown by quarter

• ➢ Confirmed strong appeal of mutual funds in time of decreasing interest rates
• ➢ Improving flows into Balanced and Equity funds

Not included: money-market, PIR, AIFs

9M 2025 Managed assets YTD net inflows: eye on profitability

Retail net inflows accelerating even further

B2C Retail Net Inflows into Anima Group products

• B2C Retail Net Inflows: a significant quality indicator
• Typically influenced by past equity returns and interest rates
• Favorable trend confirmed for the second year in a row

^* Calculated as 9/12 of yearly figures

Reclassified consolidated P&L

	9M 25 Statutory	9M 24	YoY Change	Notes	9M 25 comparable*	YoY Change
	Including 9M of Kairos 9M of Vita				Including 5M of Kairos 1M of Vita
Net revenues ex p.fees	321.3	294.6	+9%	Margin on avg assets grew to 17.4bps	310.2	+5%
Performance fees	47.0	72.4			43.4
Total revenues	368.3	367.1	==		353.6	-4%
Personnel costs	(74.1)	(63.1)			(65.5)
o/w variable	(21.1)	(19.7)			(19.1)
Other expense	(41.8)	(37.9)			(37.9)
Total expense	(115.9)	(101.0)	+15%	Cost/income 31.5% (36.1% ex p.fees)	(103.4)	+2%
EBITDA adjusted**	252.4	266.1	-5%		250.2	-6%
Non-recurring costs	(13.4)	(13.0)		9M25 included €5.9 mn in advisory services, mostly related to BAMI's tender offer	(11.9)
Other income/(cost)	33.6	13.6		9MH24 restated (+€2.1 mn) following final PPA on Kairos. Also affects EBIT, PBT, NI	33.7
D&A	(33.7)	(34.6)			(33.5)
EBIT	239.0	232.1	+3%		238.4	+3%
Net financial income	0.4	6.8			(0.3)
Dividends	43.2	3.1		Dividend income taxed at ca. 4%	43.2
PBT	282.7	242.0	+17%		281.4	+16%
Income tax	(83.1)	(67.9)		29.4% tax rate YTD	(82.6)
Net income	199.5	174.1	+15%		198.8	+14%
Adjusted net income	210.0	189.9	+11%		210.3	+11%

^* One month of Vita included vs. 2 months in 9M 2024. Effect on consolidated numbers is negligible.

^**Total revenues less total operating expenses. Does not embed non-recurring costs.

Total Revenues ex performance fees by quarter

€ mn

• Recurring fees reflecting QoQ increase in managed assets
• Net placement fees (related to target-date funds) normalizing after the 2Q peak

Personnel Expenses

€ mn

• Castello's fixed component increased since Q4 24 due to the inclusion of instrumental company Vita Srl
• Variable components reflect provision for year-end bonuses related to performance fees

9M 2025 Consolidated Net Financial Position

	30.09.25	31.12.24	30.09.24
Bond 2019-26 1.75%	(283.7)	(283.6)	(283.5)
Bond 2021-28 1.50%	(299.3)	(299.1)	(299.1)
Accrued interest expense	(6.7)	(4.1)	(6.7)
IFRS16	(22.9)	(25.5)	(25.9)
Put&Call options (Castello, Vita, Kairos)	(20.0)	(18.8)	(18.6)
Other payable	(0.5)	(0.5)	(0.7)
TOTAL DEBT	(633.1)	(631.6)	(634.5)
Cash and equivalent	555.7	306.9	309.1
Securities*	438.1	542.8	391.8
Performance fees receivable	11.9	33.4	7.2
TOTAL CASH & EQUIVALENT	1,005.7	883.1	708.1
CONSOLIDATED NFP	372.6	251.5	73.7

• ➢ NFP change in 9M25 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
• ➢ Value of BMPS stake (part of "Securities") increased by €37 mn YTD

251.5

372.6

^*including time deposits

^-283.7 -299.3 -20.0 -30.1 1,005.7 30.09.25 -283.6 -299.1 -18.8 -30.1 883.1 31.12.24 -283.5 -299.1 -18.6 -33.3 708.1 30.09.24 2026 Bond 2028 Bond Put&Call Options Other debt Total cash & equivalents 73.7

Total net return on liquidity by quarter

€ mn

• ➢ With a delay due to time deposits, this year's drop in interest rates was reflected in a negative NIM for 3Q 25
• ➢ 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"
• ➢ Overall net return still positive thanks to rich cash position and careful management

Investor Relations

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

Anima Holding SpA

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

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