Anima Holding (ANIM) Q3 2025 earnings summary

Executive summary

• Total assets under management and administration (AuM + AUA) reached €209.4bn, up 3% vs. September 2024, driven by strong net inflows and positive asset performance.

• Net inflows totaled €2.5bn, significantly higher than €0.6bn in 9M 2024, with retail channels as the main driver.

• Net profit rose 15% year-over-year to €199.5mn, supported by dividend income and a one-off price adjustment in H1.

• Net commissions rose 9% year-over-year to €270.8mn, with a 5% increase excluding acquisitions.

• The results reflect the full-period consolidation of Kairos Partners SGR and Vita Srl, acquired in 2024.

Financial highlights

• Total revenues were €368.3mn, unchanged from 9M 2024.

• Adjusted EBITDA was €252.4mn, down 5% year-over-year due to lower performance fees.

• Adjusted net income reached €210.0mn, up 11% year-over-year.

• Cost/income ratio stood at 31.5% (36.1% ex performance fees).

• Performance fees declined to €47.0mn from €72.4mn in the prior year.

Outlook and guidance

• Retail net inflows continued to accelerate, confirming a favorable trend for the second consecutive year.

• Mutual funds remain attractive amid decreasing interest rates, with improving flows into balanced and equity funds.