Allfunds Group (ALLFG) H1 2025 earnings summary

Executive summary

• Achieved record net revenues in H1 2025, supported by 17% year-on-year AuA growth to €1.6 trillion and strong client onboarding, including 24 new distributors and 51 fund houses.

• Maintained market share leadership at 29.6%, with positive net flows and expansion in alternative investments.

• CEO transition completed, with Annabel Spring appointed in June 2025 and Investor Day planned for Q1 2026.

• Platform remains well-positioned in the global wealth ecosystem, benefiting from digitalization and open architecture trends.

• Share buyback program progressing, with €80 million of the first tranche executed and 3.57 million shares repurchased.

Financial highlights

• Net revenues grew 6.2% year-on-year to €316.8 million; excluding net treasury income, revenues rose 14%.

• Adjusted EBITDA increased 4% to €205.9 million, with a 65% margin; adjusted profit after tax rose 10% to €124.1 million and adjusted EPS up 11%.

• Free cash flow reached €125.6 million, up 15% year-on-year; capital expenditure decreased 12.9% to €21.4 million.

• Net treasury income declined 27% year-on-year due to lower interest rates.

• Market share in European cross-border UCITS rose 2.9 percentage points to 29.6%.

Outlook and guidance

• Platform AuA expected to grow around 10% in 2025, with net flows forecasted at €100–120 billion and migration activity projected at €50–60 billion, skewed to H2.

• Total revenue growth forecasted at 3–4% for FY 2025; underlying structural revenue (excluding net treasury income) expected to grow ~10%.

• Adjusted EBITDA margin anticipated to remain at ~65% in H2.

• Subscription revenue growth revised to mid-single digits due to ESG headwinds, longer sales cycles, and project delays.

• Investor Day scheduled for Q1 2026 to update on strategic priorities.