Allfunds Group (ALLFG) Q3 2025 TU earnings summary

Executive summary

• Assets under administration (AuA) grew 17.9% year-on-year to EUR 1.7 trillion, driven by strong net flows and market performance.

• Net flows reached EUR 31.7 billion in Q3, matching the highest ever for the period, and totaled EUR 85.8 billion for the first nine months, up 26% year-on-year.

• Onboarded 24 new distributors and 24 new asset managers in Q3 2025, with a balanced mix of traditional and alternative managers; 75 fund houses and 48 distributors added in the first nine months.

• Asia remains the fastest-growing region, and fixed income funds are the strongest contributors to flows.

• Alternative assets AuA surged 86% year-on-year, with distribution volumes up 116%.

Financial highlights

• Revenue for Q3 was EUR 156.1 million, up 5.1% year-on-year (excluding NTI), with total revenue up 11.2% year-on-year.

• Commission revenues rose 12.3% year-on-year to EUR 96.2 million in Q3; nine-month commission revenue up 14.6% to EUR 278.2 million.

• Transaction revenue increased 10.7% year-on-year to EUR 25.6 million, driven by improved activity in Italy.

• Net treasury income (NTI) declined 25.1% year-on-year due to lower interest rates.

• Subscription revenue grew 5.9% year-on-year to EUR 17 million.

Outlook and guidance

• On track to reach the upper end of the EUR 100-120 billion net flow target for FY2025, barring market dislocation or migration delays.

• Revenue and other guidance provided in July remain unchanged; management reiterates confidence in full-year targets.

• Platform service AuA may exceed guidance if current trends persist.

• Cautious optimism on NTI for the full year, with Q4 expected to see higher transactional activity.

• Strategic review is ongoing, with more details to be shared at the Investor Day in March 2026.