Anima Holding S.p.a. · MIL:ANIM
Anima — 9M 2024 Earnings Presentation
18 slides from Anima's earnings presentation, 2024
Slide 1: 9M 2024 Results
9M 2024 Results Building momentum
Slide 2: Contents
Contents 9M 2024 Results 3 Business model & Value proposition 18 Sustainability 24 Appendix 27 2
Slide 3: 9M 2024 Highlights
9M 2024 Highlights 203.4 €bn AuM +0.6 €bn Net Inflows* +6.9% Mutual funds’ WAP +10.5% vs. 9M23 vs. -0.73 €bn in 9M23 vs. +3.1% in 9M23 ➢ Total AuM up €19.4bn yoy ➢ Outstanding results in retail inflows from partner banks and satisfactory flows in the institutional category; negative -2.6 €bn flows i
Slide 4: ANIMA Group structure
9M 1H 2024 ANIMA Group structure Assets at 30.09.2024 – Instrumental subsidiaries not shown ANIMA Holding Put&Call options on minority stake 100% 100% 100% for 2026-2028 80% 20% Alternative investments business unit Italy’s independent asset One of Italy’s most Real-estate and other illiquid or non-
Slide 5: Split of Total Assets as of 30.09.2024
9M 2024 Split of Total Assets as of 30.09.2024 Retail (B2C & B2B2C) Institutional (B2B) €105.2bn (51% of total) B2C €99.1bn (49% of total) B2B2C Wrap* 14.9% B2B Alternative Investments Banco BPM Fund users 4.5% 28.8% 5.1% Advisory Pension Funds 7.2% 7.4% Insurance - U/L other 7.9% Class I insurance
Slide 6: Mutual funds' investment performance
9M 2024 Mutual funds’ investment performance 2024 YTD WAP Funds’ breakdown by category ANIMA Italian industry as of 30.09.2024 % 8.0 19.9% 7.43 Equity 33.3% 7.0 6.91 6.0 18.3% 5.0 Flexible 15.2% 14.6% 4.0 Balanced 10.9% 3.0 2.0 42.6% 1.0 Bond 36.9% 0.0 -1.0 Cash 3.8% 4.6% Mar May Apr Feb Sep Jan Jul
Slide 7: Net flows breakdown by quarter
9M 2024 Net flows breakdown by quarter € bn Bond Balanced Flexible Equity ➢ Equity appetite from retail 1.5 customers increasing due to interest rate cut and good 1.4 market performance 1.8 1.3 1.3 0.8 0.8 ➢ Flexible outflows mainly 0.1 0.5 0.2 0.2 0.1 connected to the “wrapping” -0.2 -0.3 -0.3 -0.2
Slide 8: YTD net inflows: eye on profitability
9M 2024 YTD net inflows: eye on profitability Focus on Wrapping Fund users • The vast majority of ‘wrapping’ outflows is represented by funds underlying other funds, especially target-date funds • Negative ‘wrapping’ flows in the absence of a PROFITABILITY Retail clients (B2C) comparable trend in ot
Slide 9: The strongest Retail net inflows in 9 years…
9M 2024 The strongest Retail net inflows in 9 years… € mn B2C Retail Net Inflows into Anima Group products data in €mn ➢ B2C Retail inflows: 2.000 1779 a significant qualitative indicator 1.500 ➢ Mostly coming through our 1.000 strategic and commercial partner 332 banks 500 279 0 ➢ Stronger interest
Slide 10: … and the strongest appreciation from our partners
9M 2024 … and the strongest appreciation from our partners On a scale of 1 to 10, how much would you recommend Anima to a colleague? Net Promoter Score* 45 42 40 ➢ Results just in from a yearly 35 survey ran by an independent third party 30 27 25 ➢ Sample of 1,664 representatives 25 of partner banks
Slide 11: Reclassified Consolidated P&L
9M 2024 Reclassified Consolidated P&L € mn 9M24 9M24 9M23 YoY YoY statutory like-for-like Change Change bps/avg AuM 9M24 9M23 Including Including 2 months of Castello like-for-like Total margin 17.1 15.4 9M of Castello (2.5 mo. for 2023) 5M of Kairos no contribution Margin excl. Class I and AIFs 27.
Slide 12: 9M Net Income bridge 2023-2024
9M 2024 9M Net Income bridge 2023-2024 € mn 3.1 1.4 1.4 8.0 19.4 Tax Rate 9M 23 74.0 32.6% 63.7 6.1 46.7 240.0 Tax Rate 9M 24 28.3% 172.1 143.1 96.4 9M2023 Income tax 9M2023 Perf Fees Other Badwill BMPS Other Change in 9M2024 Income Tax: 9M2024 NI PBT EBITDA revenue dividend Perimeter PBT Tax step-u
Slide 13: Total Revenues ex performance fees by quarter
9M 2024 Total Revenues ex performance fees by quarter € mn ➢ Structural increase in Other Income since the beginning of 2024 following internalization of some services rendered to mutual funds 101.7 98.1 94.9 Other income 16.0 86.7 85.5 86.1 87.7 15.0 Net Placement fees 85.0 14.9 80.5 81.0 81.7 81.2
Slide 14: Personnel Expenses
9M 2024 Personnel Expenses € mn ➢ Costs stable after 4Q spike mainly due to renewal of national labour contract ➢ Variable component influenced by provision for year-end bonuses related to performance fees in the last three quarters Data in €m Variable Fixed 23.9 Variable 1.9 Fixed 21.4 0.8 Variable
Slide 15: Consolidated Net Financial Position
9M 2024 Consolidated Net Financial Position € mn 30.09.24 31.12.23 30.09.23 99.6 Bond 2019-26 1.75% (283.5) (283.3) (283.3) Bond 2021-28 1.50% (299.1) (298.9) (298.8) 5.0 Accrued interest expense (6.7) (4.1) (6.7) Other payable (0.5) (0.5) (0,5) Dividends (0.2) - (0.0) Put&Call options (Castello, Vi
Slide 16: Total net return on liquidity by quarter
9M 2024 Total net return on liquidity by quarter € mn ➢ Interest expense reduced in 2Q23 with the reimbursement of bank debt, with a €4mn capital gain ➢ Effect of interest rate cuts beginning to show in 3Q24 (delayed due to time deposits) ➢ Actual return on liquidity includes the net result from the
Slide 17: Advancing towards ambitious goals
9M 2024 Advancing towards ambitious goals 2024 so far: an all-around, long-term increase in profitability crowned by performance fees ➢ Improving asset mix: Class I insurance mandates and ‘funds underlying other funds’ are being increasingly replaced by more profitable retail business ➢ Market effec
Slide 18: Disclaimer and safe harbor statements
Investor Relations Digital link: Luca Mirabelli see and download Tel. +39.02.63536.226 our presentation Luca.mirabelli@animaholding.it Anima Holding SpA ANIMA and its suppliers print this presentation, when Corso Garibaldi, 99 needed, on FSC 100% I – 20121 Milano www.animaholding.it certified paper