Anima Holding (ANIM) Q1 2026 earnings summary

Executive summary

• Total assets under management reached €203.3 billion at the end of Q1 2026, up 1% year-over-year, despite significant outflows from Etica SGR and challenging market conditions.

• Adjusted net profit rose 13% year-over-year to €69.9 million, while reported net profit was €61.4 million, down due to a prior year one-off gain.

• Revenues increased by 5% year-over-year to €140.6 million, with adjusted EBITDA at €101.1 million.

• The group expanded its portfolio with the full consolidation of Kairos SGR and 80% of Castello SGR.

• Board renewal and CEO confirmation in April 2026, with continuity in leadership and strategy.

Financial highlights

• Total revenues up 5% year-over-year to €140.6 million; adjusted EBITDA reached €101.1 million, up 7% year-over-year.

• Adjusted net profit at €69.9 million, up 13% year-over-year; reported net profit at €61.4 million, down 14%.

• Performance fees stable at €29–29.3 million; total costs decreased by 1% to €39.5 million.

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

• Cost/income ratio at 28.1% (35%–35.5% ex performance fees), reflecting cost optimization.

Outlook and guidance

• No change in net inflow trends observed in April; market uncertainty continues to affect inflows.

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

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

• Expectation of a strong dividend from the Monte dei Paschi di Siena stake in the next quarter.

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