Anima Holding (ANIM) Q2 2025 earnings summary

Executive summary

• Net profit increased 28% year-over-year to €153.9 million, with adjusted net income up 23%.

• Total assets under management and administration reached €206.6 billion, up 4% year-over-year, driven by strong retail net inflows and positive asset performance.

• Banco BPM became the controlling shareholder in April 2025, holding 89.95% of share capital after a successful tender offer, expanding addressable AuM and strategic opportunities.

• The period reflects full consolidation of Kairos Partners SGR and Vita Srl, impacting year-over-year comparisons.

• Natale Schettini was co-opted as a new Board member.

Financial highlights

• Net recurring commissions rose 10% year-over-year to €179 million, with total revenues up 4% to €248.1 million.

• Adjusted EBITDA declined 4% to €169.3 million, mainly due to higher operating costs.

• Performance fees declined 23% year-over-year to €35.6 million.

• Dividend income surged to €43.3 million, primarily from Banca Monte dei Paschi shares.

• Profit before tax reached €214.5 million, up 30% year-over-year.

Outlook and guidance

• The group aims to further diversify its customer base and revenue streams, leveraging integration into Banco BPM for growth.

• Focus remains on enhancing strategic partner channels and developing products for retail and institutional investors.

• Retail net inflows are accelerating, with strong contributions from all distribution partners.

• Profitability of AuM continues to improve year-over-year.