Anima Holding (ANIM) Q1 2025 earnings summary

Executive summary

• Q1 2025 saw strong retail net inflows, robust performance fees, and a significant YoY increase in total assets, supported by the Kairos acquisition and positive asset performance.

• Banco BPM completed its tender offer, now holding 89.95% of Anima, opening new expansion opportunities.

• Rebranding and new corporate identity successfully completed.

• Net commissions rose to €87.3 million, up 9% YoY, with total consolidated revenues at €134.6 million, a 10% increase compared to 1Q24.

• Results reflect the full-quarter consolidation of Kairos Partners SGR and Vita Srl, acquired in 2024.

Financial highlights

• Total assets (AuM + AUA) reached €202.0bn, up 4.3% vs. March '24 and €8.4bn YoY.

• Net inflows were €+0.9bn, reversing a €-0.8bn outflow in Q1 2024.

• Total revenues rose 10% YoY to €134.6mn; adjusted EBITDA grew 1% YoY to €94.3mn, with a 70% margin.

• Net profit increased 36% YoY to €71.8mn; adjusted net income was €61.9mn, down 2% YoY.

• Performance fees totaled €29.4mn, up from €26.9mn in 1Q24.

Outlook and guidance

• Expected €43mn dividend income from BMPS stake in Q2.

• Entry into Banco BPM Group anticipated to drive internal and external business expansion.