Anima Holding (ANIM) Q2 2024 earnings summary

Executive summary

• Achieved record first-half 2024 results, with assets under management reaching €197.8 billion, up 7% year-over-year, driven by strong retail inflows and the integration of Kairos Partners SGR and Castello SGR.

• Net profit rose 88% year-over-year to €118.6 million, with adjusted net profit at €124.9 million, supported by performance fees and improved product mix.

• Retail net inflows were the strongest since 2015, driven by partner banks and renewed client interest in managed solutions.

• Integration of Kairos and Castello contributed to diversification, higher profitability, and expanded market presence.

Financial highlights

• Total revenues reached €239.4 million, up 47% year-over-year, with performance fees contributing €46.4 million.

• Adjusted EBITDA was €176.2 million, up 51% year-over-year, with a margin of 73.6%.

• Net profit was €118.6 million, up 88% year-over-year; adjusted net income at €124.9 million.

• Free cash flow yield remained in double digits, net of time deposits.

• Ordinary operating expenses rose to €63.2 million, up 38% year-over-year, reflecting acquisitions.

Outlook and guidance

• Management expects continued strong net inflows and sustained improvements in product mix and profitability, supported by recent acquisitions.

• Wrapping outflows are expected to decrease but will still impact results in the coming months.

• Guidance for a 50% dividend payout applies to recurring consolidated net income, including extraordinary items.

• The company is positioned to benefit from a potential rate cut scenario, with banks focusing on managed assets.