Banco BPM Group Anima Holding S.p.A. issubject to the direction and coordination of Banco BPM S.p.A.H1 2026 Results Business asusual , in unusual times
* Excluding Class I insurance mandates ** Contribution of Etica SGR’s mandate to commission income was less than €2mn per quarter *** Total revenues less total operating expenses. Does not embed non -recurring costsHighlights H1 2026 2€212.2 bn AuM+AuA +3% vs. June 25+ €0.7 bn Net Inflows* vs. + €0.5bn in Q2 25+4.83% fund WAP YTD (was -1.46% at end March) ➢Total Assets up €5.6 bn YoY despite March 2026 termination of Etica SGR mandate (- €5.7bn)** ➢Sharp positive swing in mutual funds’ WAP and return of performance fees in May and June € 146.2 mn Total revenues +28% vs. Q2 25€106.0 mn EBITDA Adj.*** +41% vs. Q2 25€97.3 mn Net Profit +19% vs. Q2 25 ➢Commission income in line with Q1 ➢Very satisfactory income from performance fees in the quarter (€34.9mn) € 286.8 mn Total revenues +16% vs. H1 25€ 207.1 mn EBITDA Adj.*** +22% vs. H1 25€ 158.8 mn Net Profit +3% vs. H1 25 ➢Excellent quarterly results bring YTD cost/income ratio down to 27.8%, 3 pp lower than one year ago ➢YTD net income higher than one year ago, despite large one-off revenue in Q1 2025AuM &
Inflows
Q2
2026
H1
2026
* Based on voting rightsANIMA Asset Management Companies Assets at 30.06.2026H1 2026 100% 100%* 100% 100% (up from previous 80%) Alternative investments “business unit” An Italian asset
management powerhouse
with ~100 retail
distribution agreements
plus numerous
institutional mandatesOne of Italy’s most renowned AM brands, focusing on high -
end retail and institutional clients. Select team of private bankers offering tailored support to HNWIReal -estate and other illiquid or non -traditional asset classes, aimed almost exclusively at institutional business and HNW individuals.
A segment with high growth potential, launched in 2020 and enlarged with the acquisition of Castello SGR (2023) AuM €194.7 bn€11.0 bn (AuM €9.6 bn + AuA €1.5 bn)AuM
€6.5 bn
3+ Additional €1.0 bn in assets under advisory (Third -party assets managed according to recommendations from an Anima Group AM company)Total AuM+AuA € 212.2 bn
* the Private Bankers (Kairos) segment includes Assets under AdministrationSplit of Total Assets at 30.06.2026 H1 2026 4Poste Class I Insurance 67.2%
other
Class I
insurance
13.3%
Pension
Funds
8.9%Fund
users
4.7%Alternative
Investments
5.9%Banco BPM
49.4%
Monte dei Paschi di Siena 28.2%Crédit Agricole Italy 4.2%B.P. Puglia e Basilicata 0.8%other banks 5.9%Financial Advisors 7.2%Private Bankers & other* 4.4%Poste funds and U/L 71.2% Insurance - U/L 28.8%Retail (32% of total) B2B2C ( 13% of total) Institutional ( 46% of total)
AuM /AuA
€ 68.8 bnAuM € 27.7 bnAuM € 96.9 bn €18.8 bnDuplications (9% of total) All Anima products underlying other products, both retail and institutional.
See slide 7 for more informationTotal AuM+AuA € 212.2 bn + Additional €1.0 bn in assets under advisory (Third -party assets managed according to recommendations from an Anima Group AM company)
Italian Industry represented by FIDMGEND index (source: Bloomberg)Mutual funds’ investment performance H1 2026 52026 Weighted Average Performance Funds’ breakdown by category as of 30.06.2026 %ANIMA Italian industry
-6.0-5.0-4.0-3.0-2.0-1.00.01.02.03.04.05.06.0
Jan Feb
Mar Apr
May
Jun34.0%
14.3%
9.7%
37.3%
4.6%
ITA Industry
(Assogestioni )23.2%
11.0%
14.2%
47.4%
4.2%
ANIMAEquity
Flexible
Balanced
Bond
Cash+5.30%
+4.83%
Not included: money -market, PIR, AIFs 6Mutual Funds - Net flows breakdown by quarter € bnH1 2026 ➢ Investor sentiment improved during Q2 ➢ Maturity and profit -taking on bond target -date funds ➢ Significant inflows in two target -date funds placed in Q2: a step -in equity fund and a balanced Anima -
Kairos co -branded fund
-0.2
Q1241.3
-0.2
-1.50.2
Q2241.4
-0.1
-1.20.2
Q3241.1
-0.3
-0.50.0
Q4241.7
0.0
-0.80.2
Q1251.4
-0.3
-0.4
-0.1
Q2251.4
-0.80.3
Q3250.4
-0.50.1
Q425-0.3
0.01.8
-0.1
Q126-0.7-0.10.4
0.31.1
0.60.9
0.1
-0.4
Q2260.2
-0.40.00.2
-0.6
-1.70.3
Bond
BalancedFlexible
Equity
7Managed assets YTD net inflows: a focus on profitability H1 2026 Class I Insurance mandates Lowest profitability among all assets – Flows reported but typically excluded from commentaryWrapping (duplications)Retail clients (B2C) Pension Funds &
institutional
mandates ex EticaFund usersPROFITABILITY+ € 0.9 bn
- € 0.3 bn
- € 1.8 bn•The vast majority of ‘wrapping’ is represented by funds underlying other funds, especially target -date
funds
•‘Wrapping’ flows are driven by changes in portfolio of wrapper products, or the prevalence of a fund -of-
funds vs. a plain -fund architecture in new products.
•Under Italian regulations, m anagement fees on this category is limited to any positive fee differencial between the underlying fund and the wrapper fundFocus on Wrapping
- € 5.7 bn Etica SGR
8Retail net inflows reappear H1 2026
-1046-308332
-2380-2237279
-699-19424502274
114
-3.000-2.000-1.00001.0002.0003.000
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 H126B2C Retail Net Inflows into Anima Group products data in € mn ➢Modest retail net inflows in H1 ➢Remarkable reversal in June (and July) following continued good market performance
H126o/w +78
in June
Reclassified consolidated P&L H1 2026 € mn H1 26 H1 25YoY
ChangeNotes
Net revenues ex p.fees 222.5 212.4 +5% Margin on avgassets: 17.8bps in Q2 Performance fees 64.2 35.6 +80% Total revenues 286.8 248.1 +16% Personnel costs (54.1) (50.2) +8%
o/w variable
(18.5)
(14.3)
+29%
Other expenses (25.6) (28.6) -11% Cost optimization and some seasonality in marketing costs Total expenses (79.6) (78.8) +1% Cost/ income 27.8% (35.8% ex p.fees ) EBITDA adjusted* 207.1 169.3 +22% Non -recurring costs (4.4) (10.0) -56% Other income/(cost) 1.2 33.7 n.s.H126 incorporates € 4.0 mn revenue from purchase of tax credits and € -3.1mn impact from acquisition of Castello’s 20% stake
D&A (22.1) (22.4) -1%
EBIT 181.9 170.6 +7%
Net financial income 0.1 0.6 -87% Dividends 43.2 43.2 +0%
PBT 225.2 214.5 +5%
Income tax (66.4) (60.6) +10% 28.7% tax rate in Q2 bringing YTD tax rate to 29.5% Net income 158.8 153.9 +3% Adjusted net income 178.4 154.2 +16% Adjusted for non -recurring and/or non -monetary items 9*Total revenues less total operating expenses. Does not embed non -recurring costs.\Investor relations \
\2026_Gruppo
- Supporto
Total Revenues ex performance fees by quarter € mnH1 2026
3.110.8
Q12269.62.99.2
Q22269.23.19.0
Q32267.51.58.5
Q42266.82.810.6
Q12367.53.59.3
Q22371.63.110.3
Q32371.73.512.6
Q42373.76.314.9
Q12478.05.115.0
Q22480.94.716.0
Q32485.84.220.9
Q42483.04.417.4
Q12582.68.916.1
Q22586.25.717.0
Q32588.34.818.9
Q42586.45.619.2
Q12672.281.7 81.277.580.1 80.385.087.794.998.1101.7
86.1104.8107.6 108.9112.0 111.3
Q226111.2
86.95.718.6110.9➢Average assets stable QoQ despite Q2 no longer including the Etica mandates ➢Net placement fees (related to target -date funds) show a long -term upward trend;
can be unevenly distributed due to product launch dates
Other income
Net Placement fees Net Recurring fees 10
Personnel Expenses
€ mnH1 2026 9.3
Q1233.0
9.9
Q2230.61.4
3.1 9.6
Q3231.4
2.0 5.7
10.3
Q4230.7
2.1 5.1
9.9
Q1240.8
2.8 0.7
2.2 4.5
10.3
Q2241.9
3.9 0.7
1.8 5.4
10.3
Q3240.4
4.3 0.5
2.8 4.0
10.9
Q4241.7
4.2 0.7
2.6 5.6
10.8
Q1251.4
4.1 0.7
2.7 4.1
11.5
Q2252.0
4.1 0.7
2.4 4.1
10.8
Q3251.8
3.7 0.9
2.6 4.6
11.0
Q4251.7
3.8 0.7
2.7 3.3
11.1
Q12612.6 12.914.619.4
17.821.423.923.025.5
6.624.024.626.6
Q22627.5
11.36.02.80.93.82.524.5Variable
Fixed
Variable
Fixed
Variable
Fixed➢Castello’s fixed component increased since Q4 24 due to the inclusion of support -services company Vita Srl ➢Variable components reflect provisions for year -end bonuses related to performance fees 11
*including time depositsConsolidated Net Financial Position H1 2026 € mn 30.06.26 31.12.25 30.06.25 Bond 2019 -26 1.75% (283.9) (283.8) (283.7) Bond 2021 -28 1.50% (299.5) (299.4) (299.3) Accrued interest expense (4.3) (4.1) (4.3)
IFRS16 (18.7) (21.7) (23.0)
Put&Call options (Vita, Kairos) (4.7) (19.8) (19.2) Other payables (0.5) (0.5) (0.5)
TOTAL DEBT (611.6) (629.3) (630.0)
Cash and equivalents 590.1 569.9 395.2 Securities* 606.6 518.0 443.0 Performance fees receivable & other financial assets19.2 32.6 3.0
TOTAL CASH & EQUIVALENT 1,215.9 1,120.5 841.3
CONSOLIDATED NFP (NET CASH) 604.3 491.2 211.3
➢Strong cash position despite highest -ever dividend payment (€162.6 mn) in April, no pressure to refinance the bond maturing on 23 October 2026 ➢Put&Call options decreased following full acquisition of Castello SGR ➢“Securities” includes BMPS stake at market value (€546 mn at 30.06.26, up from €459mn at year -end)-283.9
-299.5
-4.7 -23.51,215.9
30.06.26-283.8
-299.4
-19.8-26.31,120.5
31.12.25-283.7
-299.3
-19.2-27.8841.3
30.06.252026 Bond
2028 Bond
Put&Call Options
Other debtTotal cash
& equivalents604.3
491.2
211.3
12\Investor relations \1H \2026_Gruppo Anima -
-ConsolidataG F E m40 m41 m19 m34
m35+36+37
m20+43
59 60
61+62
63 64
66
Total net return on liquidity by quarter € mnH1 2026 0.5
-2.5
-0.35.5
Q224
2.9
-2.5
-0.45.0
Q324
0.5
-2.5
-0.54.9
Q424
1.2
-2.5
-0.43.5
Q125
0.5
-2.5
-0.43.2
Q225
0.9
-2.6
-0.4
0.5 2.4
Q325
5.0
-2.5
-0.4-2.52.7
Q425
0.1
-2.7
-0.1 -0.42.8
Q1264.8
-0.2
Q1243.1
Q2262.53.15.1
1.81.8
0.80.34.7
0.01.9
-2.82.4➢Overall return on liquidity includes the net result from the company’s own portfolio of investments, reported in the P&L as part of “Other Income/Costs” ➢Stronger contribution from investments offsetting decline in pure interest income ➢Additionally, € 4mn revenue was registered in Q226 from purchase and utilization of tax credits Own Portfolio net result Interest expense Amortised financing cost Interest income Net Financial Margin 13Note: due to a change in managerial reclassification, part of amortised financing cost appears as interest expense from 1Q26 onwards.
Business as usual, even in unusual times H1 2026 A quarter packed with good news. Ready to explore new waters on a solid ship ➢Quality of net inflows and positive market performance have quickly offset the economic impact of the termination of Etica SGR mandate ➢Performance fees even stronger than Q1, still being generated after the end of the quarter ➢Additional one -off revenues from purchase and utilization of third -party tax credits ➢Group structure streamlined with acquisition of remaining 20% of Castello SGR ➢Strong appreciation of our BMPS stake benefitting NFP
Looking forward:
➢Confirmed improving trend of retail inflows after March drop in propensity to invest ➢New business line: Wealth Advisory started in July through Kairos (€ 1bn+ inflows) ➢Anima is well positioned to provide strategic value under any possible consolidation scenario in the banking sector 14
www.animaholding.itLuca.mirabelli@animaholding.it
www.animaholding.itAnima Holding SpA Corso Garibaldi, 99 I – 20121 Milano www.animaholding.it Luca.mirabelli@animaholding.itInvestor Relations
Luca Mirabelli
Tel. +39.02.63536.226
Luca.mirabelli@animaholding.it
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