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 and €13 billion higher than 1H23, driven by strong retail inflows and the consolidation of Kairos Partners SGR and Castello SGR.

• Net profit for H1 2024 was €118.6 million, up 88% year-over-year, with adjusted net profit at €124.9 million; profitability was boosted by performance fees and acquisitions.

• Retail net inflows were the strongest in nine years, reflecting robust demand from strategic partner banks and end clients.

• Integration of Kairos and Castello diversified the business, improved product mix, and strengthened presence in affluent, high-net-worth, and institutional segments.

• Dividend of €0.25 per share (€79.5 million) was paid, and a share buyback program totaling €13.9 million was executed.

Financial highlights

• Total revenues reached €239.4 million, up 47% year-over-year, driven by strong performance fees (€46.4 million) and the consolidation of Kairos and Castello.

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

• Net management fees increased to €163.1 million, up €22.5 million year-over-year.

• Net financial position improved to €8.4 million net cash at June 2024, reflecting strong liquidity and prudent capital management.

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

Outlook and guidance

• Management expects continued strong net inflows and growth, supported by recent acquisitions and recurring revenue momentum.

• Product mix and profitability improvements are expected to be sustained, with further initiatives planned and a focus on expanding strategic partner channels.

• Guidance for other revenues is for a linear trend, assuming stable or growing assets.

• Management fee margin may see a slight technical increase from full-year Kairos consolidation, but no major further expansion anticipated.

• The Group aims to further diversify its customer base and revenue streams, leveraging recent acquisitions.