Interim report
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Allfunds Delivers Strong 1H 2025 Results, Record Net Revenues Underpinned by 17% YoY Growth in AuA, Reaching €1.6trn London/Madrid/Amsterdam. 29 July 2025 - Allfunds Group plc (“Allfunds”’ or the ”Company”) (AMS: ALLFG), one of the world’s leading B2B WealthTech platforms which offers integrated wealth management platform solutions for distributors and fund management partners, today releases its interim results for the six-month period ended 30 June 2025. The full Interim Report is available under Financial Information and Reports on the Allfunds website. Key Financial Highlights Allfunds’ total assets under administration (“AuA”) continued to show strong momentum, growing 17% year-on-year to €1.6 trillion (a 7% increase since 31 December 2024). Net flows of €54.2 billion more than doubled those of the same period last year (€23.4 billion) o Approximately 60% of flows came from the existing distributor base with improving monthly trends. o The remainder of flows came from new distributors, well-diversified across regions, customer segments and sizes. Allfunds reported total net revenues for the first half of €316.8 million, representing a 6.2% increase year-on-year, with solid structural growth of 13.6% year-on-year, excluding Net Treasury Income. o Commission revenue of €182.0 million, an increase of 15.9% year-on-year, supported by solid AuA growth. o Transaction revenue of €61.5 million, a growth of 10.4% year-on-year, driven by increased customer activity. o Net Treasury Income of €39.5 million, which was a decline of 27% year-on-year due to the lower interest rate environment. o Subscription revenue of €33.7 million, an increase year-on-year of 7.7% driven by Connect and other services. Allfunds’ Interim Adjusted EBITDA of €205.9 million for the first half reflected a 3.5% increase year- on-year and an adjusted EBITDA margin of 65%. The Adjusted Profit After Tax of €124.1 million for the first half was an increase of 9.5% year-on-year. Adjusted Earnings Per Share were €0.203 for 1H 2025 (1H 2024: €0.183). Allfunds has sustained traction in the share buy-back programme: Allfunds announced the first tranche of its share buy-back programme on 12 May 2025. This first tranche, under the single €250 million SBB program, will cover up to €80 million and a maximum of 25 million shares. As at 21 July, 3,573,775 of Allfunds’ own ordinary shares have been repurchased at an average price of €5.89. This share buy-back evidences Allfunds’ strong and recurrent organic cash flow generation capacity, with high cash flow generation achieved in 1H 2025, as well as our strong conviction in the Company and its future.
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"We are proud to report another strong half year with both revenues and profit growing year-on-year, fueled by sustained secular growth across our markets,” said Alvaro Perera, Chief Financial Officer. “Our disciplined approach to capital allocation enables us to invest in innovation while continuing to return value to shareholders. These results reflect the strength of our business model and our unwavering focus on long-term value creation.” Annabel Spring, Chief Executive Officer, said: “Allfunds results demonstrate the strength of our positioning to capitalize on global wealth management growth, the increasing sophistication of end customers and the acceleration of outsourcing by distribution firms. Since joining Allfunds it is even more clear to me that our leadership in WealthTech is due to the client-focus and technical expertise of our teams internationally, our close partnerships with distribution clients and fund houses and, of course, our innovation and technology platform. This strong positioning and foundation will serve us well as we go forward into the next phase of Allfunds growth and drive long term value creation.” Business Highlights Allfunds maintained a strong focus on client onboarding in the first half of the year with 24 new distributors and 51 fund houses onboarded. Growth was driven by a mix of clients transitioning from competitors, replacing in-house solutions, and adopting the open-architecture model, reflecting the strength and attractiveness of the Company’s unique proposition. o Citi Wealth entered into an agreement with Allfunds, leveraging the Company’s leading technology platform to provide enhanced speed and execution for Citi Wealth clients. The innovative Allfunds platform will enable streamlined trade execution, settlement, and reconciliation processes. In addition, as a new distributor for Allfunds, Citi Wealth will leverage the full scope of the platform to enhance the availability of third-party investment offerings. Citi Wealth is targeting the launch of these services for Citi Private Bank in EMEA later this year, with additional regions expected to benefit from Allfunds’ capabilities in 2026 and 2027. Allfunds Alternatives Solutions continued as a key service for both distributors and fund houses. As of June 2025, 191 alternative fund houses are available on the platform, marking a 51.6% increase year- on-year. Allfunds Alternatives Solutions grew 68% year-on-year to €26.8 billion AuA (and 38% since December 2024), driven by increasing retail customer appetite. More than €13.3 billion of the overall alternatives AuA are under distribution agreement, an increase of 87% versus the same period in 2024. The ETP platform project is advancing steadily, with live transactions and pilot testing planned for the second half of this year. Subscription-based services also continued to evolve, supported by the new sales model and more effective cross-selling to existing clients.
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Leadership Highlights Annabel Spring was appointed as CEO in June 2025. Annabel joined Allfunds with deep experience gained through a distinguished career in wealth management and banking that spans 30 years and four continents. Leadership was also strengthened in key markets, with Véronique Uzan appointed as Head of France and Daniel Alonso as Head of US, both bringing decades of relevant industry experience to drive growth. Investor Day Allfunds will host an Investor Day in Q1 2026 which will provide a refresh of Allfunds' strategic priorities. Further details will be provided to the market in due course.
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Non-financial highlights Figures in € billion, unless otherwise stated 1H 2025 1H 2024 Change Y-o-Y (%) 2H 2024 Change H-o-H (%) AuA EoP 1,602.1 1,373.7 16.6% 1,503.3 6.6% Platform service 1,126.2 965.4 16.7% 1,082.6 4.0% Dealing & Execution(1) 475.9 408.3 16.6% 420.6 13.1% Platform Service Net flows 54.2 23.4 n.m 78.5 (31%) Flows from existing clients 32.0 9.4 n.m 19.1 n.m Flows from new clients (migrations) 22.1 14.0 n.m 59.4 (63%) Platform Service Market performance (10.6) 54.2 (120%) 38.7 (127%) Net flows as a % of BoP AuA(2) 5.0% 2.6% 2.4 p.p. 8.1% (3.1 p.p.) Net flows as a % annualised of BoP AuA 10.1% 5.3% 4.8 p.p. 16.2% (6.1 p.p.) D&E flows 55.2 8.7 n.m 12.4 n.m Net flows + market performance as a % of BoP AuA(3) 13.1% 2.2% 10.9 p.p. 3.0% 10.1 p.p. Net flows + market performance as a % annualised of BoP AuA 26.5% 4.4% 22.1 p.p. 6.0% 20.5 p.p. Note: AuA refer to Assets under administration at End of Period (‘EoP’), 30 June or 31 December. All figures excluding Discontinued Operations. (1) AuA for which we provide only Dealing & Execution services. (2) Calculated as the sum of flows from existing clients and from new clients over Allfunds total AuA only as of Beginning of Period (‘BoP’) (for 1H 25, it is 31 December 2024, for 1H 24, it is 31 December 2023 amounting to €887.8 billion and for 2H 24, it is 30 June 2024 amounting to €965.4 billion). (3) Variation coming from Dealing and Execution portfolio refers to market performance, flows from existing clients and flows from new clients (migrations). Percentage calculated as total D&E variation over Dealing & Execution AuA as of Beginning of Period (for 1H 2025, considering €420.6 billion as of 31 December 2024. For 1H 2024, considering €399.6 billion as 31 December 2023, and for 2H 2024, considering €408.3 billion as 30 June 2024). Financial highlights Figures in € million, unless otherwise stated 1H 2025 Unaudited 1H 2024 Unaudited Change Y-o-Y (%) 2H 2024 Unaudited Change H-o-H (%) Net revenues 316.8 298.2 6.2% 312.6 1.3% Net platform revenues 283.1 266.9 6.1% 277.3 2.1% Net platform revenue (% of total) 89.4% 89.5% (0.1 p.p.) 88.7% 0.6 p.p. Net platform revenue margin (bps) 3.7 4.0 (8.6%) 3.8 (3.5%) Net subscription 33.7 31.3 7.7% 35.3 (4.4%) Net subscription (% of total) 10.6% 10.5% 0.1 p.p. 11.3% (0.6 p.p.) Adjusted EBITDA 205.9 198.8 3.5% 202.1 1.9% Adjusted EBITDA margin 65.0% 66.7% (1.7 p.p.) 64.6% 0.3 p.p. Adjusted Profit before tax 168.5 160.7 4.9% 165.2 2.0% Adjusted Profit after tax 124.1 113.3 9.5% 118.1 5.0% Normalised free cash flow 125.6 109.1 15.2% 107.8 16.5% Capital expenditure 21.4 24.6 (12.9%) 30.0 (28.8%) Separately disclosed items (23.4) (23.1) 1.5% 2.1 n.m
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Interim Condensed Consolidated Statement of Comprehensive Income Items that may be reclassified subsequently to profit or loss *No tax effect has been registered related to the exchange differences on translation of foreign entities. 30 Jun 25 EUR (‘000s) 30 Jun 24 EUR (‘000s) (restated) Unaudited Unaudited Fee, commission and service income 290,953 268,240 Fee, commission and service expense (13,681) (12,729) Net Fee, Commission and Service Revenue 277,272 255,511 Interest income 40,257 54,433 Interest expense (715) (298) Net Interest Income from Treasury Activities 39,542 54,135 Net Revenue 316,814 309,646 Employee compensation and benefits (85,070) (70,841) Other expenses (53,243) (55,848) Other operating income 3,946 4,209 Amortisation and depreciation relating to other intangible assets and property, plant and equipment (23,105) (21,552) Amortisation of intangible assets acquired as a result of business combinations (62,913) (71,566) Profit before finance costs, impairment losses and tax expense 96,429 94,048 Finance costs (10,443) (14,026) Impairment losses on financial assets (3,794) (2,532) Impairment losses on non-financial asset (292) - Profit before tax 81,900 77,490 Tax expenses (38,444) (46,184) Profit after tax 43,456 31,306 Profit attributable to non-controlling interests - - Profit attributable to the Group 43,456 31,306 Basic and diluted earnings per share (EUR) 0.0712 0.0506 Exchange differences on translation of foreign entities* (1,498) (11,603) Total (1,498) (11,603) Total comprehensive income for the period 41,958 19,703 Six months to
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Interim Condensed Consolidated Statement of Financial Position Assets 30 Jun 25 EUR (‘000s) 31 Dec 24 EUR (‘000s) Non-current assets Unaudited Audited Goodwill 1,039,837 1,040,385 Intangible assets 894,871 956,424 Property, plant and equipment 25,609 23,756 Financial assets held at amortised cost 2,551 2,290 Deferred tax assets 35,303 43,313 Total non-current assets 1,998,171 2,066,168 Current assets Financial assets at fair value through profit or loss 14,202 12,135 Financial assets held at amortised cost 230,622 233,334 Contract assets 118,684 119,840 Tax assets 8,689 5,525 Other assets 11,549 7,026 Cash and cash equivalents 3,621,099 2,628,100 Total current assets 4,004,845 3,005,960 Total Assets 6,003,016 5,072,128 Equity and liabilities Non-current liabilities Deferred tax liabilities 140,517 148,329 Financial liabilities held at amortised cost 411,931 397,935 Non-current lease liabilities 13,504 11,645 Provisions 5,662 5,914 Total non-current liabilities 571,614 563,823 Current liabilities Financial liabilities at fair value through profit or loss 134 1,896 Financial liabilities held at amortised cost 3,426,919 2,373,134 Current lease liabilities 6,655 6,421 Tax liabilities 15,678 27,662 Other liabilities 50,427 53,984 Total current liabilities 3,499,813 2,463,097 Total liabilities 4,071,427 3,026,920 Equity Share capital 1,528 1,527 Share premium 1,960,203 1,960,203 Retained earnings 29,526 66,104 Treasury shares (16,434) (6,015) Other reserves (43,234) 23,389 Total equity 1,931,589 2,045,208 Total equity and liabilities 6,003,016 5,072,128 As at
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Reconciliations from IFRS to non-IFRS measures 1 Separately disclosed items of €23,437m (1H 2024: €23,085m) referred to the following adjustments: Employee compensation and benefits €18,986m (1H 2024: €8,879m), other expenses €4,584m (1H 2024: €12,878m) and other operating income / expense of €(133m) (1H 2024: €1,328m). Figures in € thousand, unless otherwise stated Six months ended 30 June 2025 Unaudited Six months ended 30 June 2024 Unaudited Profit after tax 43,456 31,306 Net effect of excluding Discontinued Operations - (2,316) Profit after tax excluding Discontinued Operations 43,456 28,990 Separately disclosed items1 Transitional Service Agreements (TSAs) 423 267 Consultancy costs, legal fees & M&A 1,228 2,852 LTIP & exceptional compensation 5,039 5,707 Spanish bank Levy - 7,014 Restructuring costs 13,947 5,190 Other non-recurring items 2,800 2,054 Subtotal 66,893 52,075 Impairment losses of non-financial assets 292 - Amortisation of intangible assets acquired as a result of business combinations 62,913 63,793 Tax expenses 38,444 44,866 Adjusted profit before tax 168,542 160,734 Finance costs 10,443 14,026 Impairment losses on financial asset 3,794 2,532 Amortisation and depreciation relating to other intangible assets and property, plant and equipment. 23,105 21,552 Adjusted EBITDA 205,884 198,844 Underlying capital expenditure (21,391) (24,552) Rental expenses (3,995) (3,747) Finance costs (10,443) (14,026) Adjusted cash tax expenses (44,471) (47,467) Normalised free cash flow 125,584 109,052
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Media Investors Katherine Sloan, Global Head Communications Allfunds Group Investor Relations +34 91 274 64 00 +34 91 274 64 00 Katherine.sloan@allfunds.com investors@allfunds.com Allfunds. Transforming the WealthTech industry Allfunds (AMS:ALLFG) is the leading end-to-end WealthTech partner for the wealth and asset management industries, with €1.6 trillion assets under administration across mutual funds, alternative assets and ETPs. Allfunds has built and continues to evolve an ecosystem that covers the entire fund distribution value chain and investment cycle, with solutions including wealth management solutions, data and analytics tools, regulatory technology, ESG, ManCo, as well as distribution and execution services for mutual funds, alternative assets and ETFs. Allfunds operates globally with 17 offices in major financial markets, serving +20,000 wealth professionals with its SaaS solutions. The company serves and connects over 3,350 fund groups and 930 distributors across 66 countries. *Bogotá | Dubai | Hong Kong | London | Luxembourg | Madrid | Miami | Milan | Paris | Santiago | São Paulo | Shanghai | Singapore | Stockholm | Valencia | Warsaw | Zurich For more information, please visit www.allfunds.com. All figures as of 30.06.2025.