Allfunds Group (ALLFG) Q1 2025 TU earnings summary

Executive summary

• Total assets under administration (AUA) rose by 0.9% since December 2024 to €1.517 trillion, up 13.2% year-over-year, with market share in European cross-border mutual funds increasing to 28%.

• Net flows reached €34.6 billion in Q1, representing 12.8% annualized growth and a fivefold year-over-year increase, with strong contributions from both existing and new clients.

• Platform service AUA increased by 17% year-over-year to €1.1 trillion, with migrations contributing €10.8 billion in Q1.

• Alternative solutions business grew 21% quarter-on-quarter, reaching €23.6 billion in AUA, with 178 alternative asset managers onboarded.

• Acquisition of Andbank’s securities broker arm in Brazil positions the company as a first mover in the Brazilian onshore fund distribution market.

Financial highlights

• Total revenue for Q1 2025 was €162.6 million, up 10.3% year-over-year; excluding NTI, revenue grew 16% year-over-year.

• Platform revenues reached €145.6 million, up 10.3% year-over-year; commission revenue was €90.7 million, up 15.6% year-over-year.

• Transaction revenue increased 20.4% year-over-year to €33 million, driven by Italian market activity.

• Subscription revenues rose nearly 10% year-over-year to €17 million, driven by commercial efforts and service penetration.

• Net treasury income (NTI) declined to €21.9 million due to the interest rate environment, partially offset by higher cash balances.

Outlook and guidance

• Management reiterated full-year 2025 guidance for net flows and migrations, expecting migrations of €40–60 billion.

• April saw strong migrations, expected to offset potential outflows from market volatility.

• No change to guidance for transaction revenues or flows at this time; H2 is expected to be stronger for subscription revenues.

• Management remains confident in delivering 2025 financial guidance despite anticipated market volatility.

• NTI is expected to continue declining in line with lower interest rates.