Anima Holding (ANIM) Q4 2023 earnings summary

Executive summary

• FY23 AuM reached €191.5bn, up 8.1% YoY, with total AuM increasing €14.4bn.

• Total revenues rose 7% to €368.0m; adjusted EBITDA was €266.0m and consolidated net profit €149.3m, up 4% and 24%, respectively.

• Net inflows were -€171m (-€0.2bn), or -€4.1bn including Class I insurance mandates; mutual-fund WAP improved to +8.4% from -10.7% in FY22.

• Management cited late-year business acceleration, channel diversification and strategic partnerships as supporting conditions for the start of 2024.

Financial highlights

• Revenues were €368.0m, up 7% YoY and 4% excluding Castello; net commissions were €290.5m, up 1% but down 2% at unchanged perimeter, while performance fees rose to €34.9m from €16.6m.

• Adjusted EBITDA was €266.0m, up 4%, with a 72% margin despite higher operating costs.

• Ordinary operating expenses were €102.0m, up 16% YoY, including ~7 percentage points from the consolidation perimeter change.

• Consolidated net profit was €149.3m, up 24%; adjusted net profit was €184.7m, up 19%, and profit before tax was €219.8m, up 19%.

• Other income was €42.6m.

Outlook and guidance

• 2024 net inflows are expected to benefit from normalized interest rates improving the appeal of managed assets to clients and distributors.

• Positive returns are expected across asset classes; 50% of funds using HWM-based performance fees began 2024 above or within 2% of HWM.

• Full Castello integration is expected in 2024, with a strong contribution to inflows; Kairos closing is expected in Q2 2024.

• Robust cash flow is expected to sustain M&A capacity despite shareholder remuneration.