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, with €19.4 billion growth driven by market effects and strong retail inflows, especially from partner banks.

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

• Retail and affluent client base remains a strategic focus, with retail assets at €105.2 billion (51% of total), and institutional assets at €99.1 billion.

• Acquisitions of Kairos, Castello, and Vita Srl contributed positively to net inflows, profitability, and commercial synergies.

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

Financial highlights

• Total revenues rose 48% year-over-year to €367.1 million, with net recurring commissions at €248.8 million (+16%) and performance fees at €72.4 million.

• Adjusted EBITDA increased 49% to €266.1 million, and EBITDA margin remained above 70% despite acquisition-related dilution.

• Cost/income ratio (excluding performance fees) at 34.3%, among the industry's lowest, though up from 28.7% in 9M23.

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

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

Outlook and guidance

• Retail net inflows remain strong into October, with expectations for continued positive trends in Q4, supported by client and distributor demand.

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

• Operating costs will reflect the full-year impact of Castello and partial-year impact of Kairos, with further cost/income ratio dilution expected as Kairos is consolidated for a full year in 2025.

• Tax rate guidance: ~29% for 2024, ~32% for 2025, barring one-off items.

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