Anima Holding (ANIM) Q3 2024 earnings summary

Executive summary

• Assets under management (AUM) reached €203.4 billion at the end of September, up 10.5% year-over-year, driven by strong retail inflows, positive market effects, and recent acquisitions.

• Net profit surged 78% year-over-year to €172.0 million, with adjusted net profit at €189.9 million, and total revenues rose 48% to €367.1 million, supported by significant performance fees.

• Retail segment accounted for €105.2 billion (51% of total AUM), with institutional at €99.1 billion.

• Recent acquisitions (Castello SGR, Kairos Partners SGR, Vita Srl) contributed positively to net inflows, profitability, and revenue growth.

• Retail net inflows were the strongest in nine years, mainly through partner banks, reflecting renewed client interest in managed solutions.

Financial highlights

• Net revenues increased 20% year-over-year and 11% like-for-like; total revenues up 48% year-over-year, mainly due to performance fees.

• Adjusted EBITDA rose nearly 50% year-over-year to €266.1 million; EBITDA margin remained above 70% despite dilution from acquisitions.

• Cost/income ratio (excluding performance fees) at 34.3%, among the industry's lowest, though it increased due to acquisitions.

• Tax rate for the period was approximately 28.3%, benefiting from badwill income and goodwill step-up.

• Net financial position improved to €73.7 million net cash at 30/09/2024, compared to €13.2 million net debt at end-2023.

Outlook and guidance

• Retail inflows remain strong, with expectations for continued positive trends in Q4 and into 2025.

• Performance fees are expected to continue in Q4, though the exact amount is uncertain.

• Cost/income ratio will worsen slightly in 2024 as Kairos is consolidated for the full year.

• Tax rate expected at 29% for 2024 and 32% for 2025, barring one-off items.

• Shareholder remuneration commitment of 75% (dividends + buyback) confirmed over five years, subject to extraordinary events.