Anima Holding (ANIM) Q1 2026 earnings summary

Executive summary

• Total assets under management and administration reached €203.3bn, up 1% vs. March 2025, serving over one million clients, despite significant outflows from Etica SGR and negative market effects in March.

• Adjusted net profit rose 13% year-over-year to €69.9mn, while reported net profit fell due to a prior year one-off gain.

• Board renewed in April with continuity in leadership and strategy; new products launched, including managed accounts and target-date funds.

• The group expanded its portfolio with full control of Kairos Partners Sgr and 80% of Castello Sgr.

• Since April 2025, the group is part of Banco BPM Group.

Financial highlights

• Total revenues increased 5% year-over-year to €140.6mn; EBITDA Adj. up 7% to €101.1mn.

• Net commissions rose to €92.1mn in Q1 2026 from €87.5mn in Q1 2025.

• Adjusted net income grew 13% year-over-year, excluding non-recurring items.

• Net inflows were negative at -€5.8bn, mainly due to Etica SGR outflows.

• Cost/income ratio at 28.1% (35.5% ex performance fees), reflecting cost optimization.

Outlook and guidance

• Modest economic impact expected from Etica SGR mandate termination; already factored into estimates.

• Market recovery underway after March downturn; some funds have rebounded to high-water marks by end of April.

• Focus remains on cost control and improving average profitability of assets.

• Dividend payables of €162.6mn approved in April are not included in Q1 2026 figures.