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Introduction & Market Context
Anima Holding SpA (BIT:ANIM) presented its first half 2025 results on August 4, highlighting strong net profit growth despite mixed performance across other metrics. The Italian asset management company, which became part of the Banco BPM Banking Group in April 2025, reported assets under management (AuM) plus assets under advisory (AuA) of €206.6 billion, representing a 4% increase compared to June 2024.
The company’s shares were trading at €6.18 at the time of the presentation, up 0.49% on the day, and have shown resilience in a challenging market environment, currently trading well above their 52-week low of €4.14.
Quarterly Performance Highlights
Anima reported net inflows of €1.4 billion for the first half of 2025, a significant improvement compared to the -€0.3 billion outflow recorded in the same period last year. This positive momentum was primarily driven by strong retail investor activity, with the company noting accelerating retail net inflows across its distribution network.
As shown in the following chart of key performance metrics, Anima delivered mixed financial results with total revenues increasing while EBITDA declined:
Total (EPA:TTEF) revenues reached €248.1 million, up 4% compared to the first half of 2024, while adjusted EBITDA declined 4% to €169.3 million. Despite this EBITDA contraction, net profit surged 28% to €153.9 million, benefiting from dividend income from BMPS and improved overall financial efficiency.
The company’s mutual funds’ weighted average performance (WAP) was +0.32% for the period, significantly lower than the +4.45% recorded in 1H 2024, reflecting broader market uncertainties. However, Anima noted that performance began picking up after April.
Detailed Financial Analysis
Anima’s consolidated profit and loss statement reveals the drivers behind the company’s financial performance. The reclassified P&L shows that while performance fees decreased from €46.4 million to €35.6 million, net revenues excluding performance fees grew by 10% year-over-year.
The following table provides a comprehensive breakdown of Anima’s financial performance:
The company maintained a strong cost discipline with a cost/income ratio of 31.7%, slightly higher than the 26.4% recorded in the same period last year. This increase was primarily due to the decline in performance fees, which have a high margin contribution.
Anima’s asset allocation strategy differs notably from the broader Italian industry, with a higher allocation to equity funds (32.2% vs. industry average of 19.9%) and a lower allocation to bond funds (38.6% vs. industry average of 48.7%). This strategic positioning has helped the company maintain competitive returns despite challenging market conditions.
The quarterly breakdown of mutual fund flows shows continued strong interest in Anima’s products, particularly in bond and equity funds. The company noted that the overall pace and equity appetite were influenced by market news flow in Q2, while also highlighting unusually high inflows into target-date funds.
Strategic Initiatives & Outlook
Anima’s integration into the Banco BPM Banking Group represents a significant strategic development for the company. This new relationship is expected to enlarge Anima’s addressable AuM and potentially position the company to play an important role in future strategic operations that Banco BPM may undertake.
The company’s group structure encompasses several specialized subsidiaries, including KAIROS (focused on high-end retail and institutional clients), and ANIMA ALTERNATIVE and CASTELLO (specializing in real estate and other illiquid asset classes).
Anima maintains a strong financial position with a consolidated net financial position of €211.3 million as of June 30, 2025, compared to €251.5 million at the end of 2024. The change reflects €146.3 million in dividends and €83 million in cash disbursement for taxes during the first half of the year.
Looking ahead, Anima emphasized its strong legacy as a time-proven, scalable asset management model with an unparalleled network of relationships in the Italian financial industry. The company’s capital-light business continues to generate steady cash flow, positioning it well for future growth opportunities within the Banco BPM group structure.
Retail net inflows have been accelerating further, reaching €1,584 million in the first half of 2025, significantly higher than previous periods and demonstrating strong momentum across all distribution partners.
As interest rates begin to decrease, Anima noted the confirmed strong appeal of mutual funds, particularly in the bond category. The company’s strategic focus on profitability is evident in its approach to managed assets, with the most profitable inflows coming from fund users and retail clients.
With its enhanced strategic positioning within the Banco BPM group and continued strong performance in retail net inflows, Anima appears well-positioned to navigate the evolving market environment while leveraging its established strengths in the Italian asset management sector.
Full presentation:
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