Q3 2024 Anima Holding SpA Earnings Call Transcript
Key Points
- Anima Holding SpA (FRA:124) reported a significant increase in assets under management (AUM), reaching EUR203 billion, close to their historical high.
- The company experienced strong inflows, particularly in the retail segment, driven by partner banks.
- Performance fees have significantly increased, contributing to a 48% rise in total revenues year-on-year.
- The EBITDA margin remains stable above 70%, despite the dilutive effects of recent acquisitions.
- Anima Holding SpA continues to generate substantial cash flow, enabling shareholder returns through dividends and share buybacks.
- The institutional category saw a net outflow of EUR2.6 billion, primarily due to the wrapping component.
- The company's asset mix is slightly underperforming the Italian average due to a conservative approach.
- The cost-income ratio has worsened due to the consolidation of acquired companies with higher costs.
- The tax rate is expected to increase to 32% next year, up from the current 28%.
- Despite positive contributions from recent acquisitions, there is still significant work required to fully integrate and optimize these businesses.
With everyone connected, ladies and gentlemen, I'm very grateful that you found the time to follow an Anima's results on such a busy day filled with company results and other news.
Without any further wait, I would like to give the microphone to Alessandro Melzi, our Chief Executive Officer and General Manager, who will comment the figures that we just published for you. And of course, we will wait for your questions at the end. Please, Alessandro.
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Thank you, Luca. Thank you, everybody, for attending our conference call. And hi, everybody. Well, I'll bring you through -- take you through our presentation. As always, I'll start from page 3 with the highlights over nine months 2024.
We reached, at the end of September. EUR203 billion of assets. It's not our highest level in our history, but is very close to it. We've actually AUM up EUR19 billion approximately year
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