Allfunds Group (ALLFG) H2 2025 earnings summary

Executive summary

• Achieved record assets under administration (AUA) of €1.76 trillion, up 17% year-over-year, driven by strong net flows and positive market performance.

• Strategic review and refocus led to restructuring and divestment of non-core businesses, including exits from WebFG, ManCo Luxembourg, and Mainstreet Partners, to concentrate on core strengths and scalable opportunities.

• Announced board-recommended acquisition by Deutsche Börse at a substantial premium, with a shareholder vote scheduled and offer including cash, shares, and additional dividends.

• Expanded partnerships, notably with MSCI for ESG data and Waystone for ManCo services, enhancing client offerings and operational efficiency.

• Alternatives and ETFs highlighted as key growth drivers, with alternatives AUA up 74% year-over-year and ETF platform moving to full production.

Financial highlights

• Net revenues reached €639.9 million, a 5% increase year-over-year and 10% growth excluding net treasury income.

• Adjusted EBITDA rose 4% to €417.3 million, with a margin of 65.2% on a constant perimeter.

• Adjusted profit after tax increased 10% to €254.6 million; adjusted EPS up 12% year-over-year to €0.42.

• Returned €160 million to shareholders via dividends and share buybacks.

• Normalised free cash flow increased 10.3% to €239.1 million.

Outlook and guidance

• 2026 net flows expected between €100 billion and €120 billion, representing double-digit growth on beginning-of-period AUA.

• Total revenue growth projected in the mid to high single digit range; adjusted EBITDA margin expected to improve versus 2025 constant perimeter and align with 2025 reported margin.

• Full operational launch of ETF platform expected in 2026, with ongoing feature expansion.

• Focus remains on capturing flows across asset classes, especially mutual funds, alternatives, and ETFs.

• Management confident in strategic direction and value creation following Deutsche Börse acquisition.