Anima Holding (ANIM) Q1 2026 earnings summary

Executive summary

• Total assets under management reached EUR 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 EUR 69.9 million, while reported net profit declined due to a prior year one-off gain.

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

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

• Board renewal and CEO confirmation in April 2026, with new products launched including managed accounts and target-date funds.

Financial highlights

• Total revenues increased by 5% year-over-year to EUR 140.6 million.

• Adjusted EBITDA reached EUR 101.1 million, up from EUR 94.4 million year-over-year.

• Net income was EUR 61.4 million, down from EUR 71.8 million year-over-year, but adjusted net income rose to EUR 69.9 million.

• Performance fees remained stable at around EUR 29 million.

• Cost/income ratio before performance fees: 35%; with performance fees: 28%.

Outlook and guidance

• No significant changes in business model or strategy are planned, with continuity in leadership.

• Expectation of a rebound in net asset gathering in upcoming quarters, supported by improving market conditions.

• Anticipated strong dividend from the Monte dei Paschi di Siena stake will further strengthen the net financial position.

• The impact of the Etica SGR outflow on revenues is expected to be less than EUR 6 million for 2026 and is already factored into estimates.

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