Anima Holding (ANIM) Q4 2024 earnings summary

Executive summary

• Assets under management and administration reached €204.2 billion at end-2024, up 6.6% year-over-year, with net inflows of €0.9 billion reversing outflows from FY23 and an 8.6% weighted average asset performance.

• Total revenues grew 44% year-over-year to €530 million, adjusted EBITDA rose 47% to €390 million, and net profit increased 53% to €227.8 million, reflecting improved profitability and successful integration of acquisitions.

• Acquired a strategic stake in Monte Paschi, increasing ownership from 1% to 4%, with a €219 million investment expected to yield dividends from 2025.

• Subject to a voluntary public tender offer from Banco BPM Vita, launched November 6, 2024, for 100% of shares at €6.20 per share, with regulatory approvals pending.

• Addition of Castello and Kairos diversified products and channels, supporting growth and margin improvement, with Castello consolidated for the full year and Kairos since May 2, 2024.

Financial highlights

• Performance fees contributed €125.3 million, significantly higher than the previous year.

• Cost/income ratio (excluding performance fees) was 29.3% in FY24, among the industry's lowest, though increased with acquisitions.

• Net financial position improved to €251.5 million net cash, driven by strong cash generation, capital gains, and after €79.5 million in dividends and €40 million in share buybacks.

• Tax rate at 29.5%, influenced by badwill income from Kairos and goodwill step-up from Castello acquisition, resulting in a €6.1 million benefit.

• Ordinary operating expense increased 37% to €140 million, mainly due to perimeter changes.

Segment performance

• Retail assets accounted for 52% of total (€106.8 billion), with retail inflows at their strongest in nine years, mainly from commercial and banking partners.

• Institutional mandates, including insurance mandates, have lower profitability, while retail and pension fund inflows are robust.

• Alternative investments, including Castello SGR, reached €4.8 billion AuM, targeting institutional and HNW clients.

• Kairos focused on high-end retail and institutional clients, with €5.9 billion AuM and €1.0 billion AUA.

• Five months of Vita Srl business included in 2024 perimeter.