Allfunds Group (ALLFG) H2 2024 earnings summary

Executive summary

• Achieved record-breaking growth in FY 2024, with assets under administration (AuA) up 13% to €1,558 billion and net flows increasing 11% to €102 billion, supported by strong client migrations and market share gains.

• Net revenues rose 16% year-over-year to €632 million, with adjusted EBITDA up 18% to €422 million and margin expanding to 66.8%.

• Normalized free cash flow rose 17% to €238 million.

• Proposed €80 million dividend (32% payout, 40% DPS growth) and €250 million share buyback over two years.

• Full exit from Discontinued Operations (Credit Suisse book) as of January 2025.

Financial highlights

• AuA ex-Discontinued Operations grew 17% to €1,503 billion; Platform Service AuA surged 16%-22%.

• Net flows totaled €102 billion (+11.5% vs BoP), with €29 billion from existing clients and €73 billion from new client migrations.

• Platform revenues up 18%, subscription revenues up 13% to €67 million, commission revenue's share of total declined to 54%.

• Adjusted Profit After Tax increased 16% to €253 million; Adjusted EPS up 18% to €0.41.

• Cost-to-income ratio improved to 35.6%; capital expenditure increased 10% to €54.6 million.

Outlook and guidance

• 2025 outlook projects low double-digit Platform Service AuA growth and double-digit total revenue growth (excluding net treasury income).

• Net flows guidance: high-single to low double-digit, with €40-60 billion migrations and 4-5% organic flows.

• Adjusted EBITDA margin targeted to improve by 50 basis points.

• Subscription revenue growth forecasted in the mid to high teens; share buyback and dividend to continue.

• Capital Markets Day scheduled for Q4 2025 in London.