Alpcot (ALPCOT) CMD 2025 summary

Strategic direction and business development

• Focus on providing a leading digital platform for financial advisors to support Swedish individuals' financial well-being, with a scalable, user-friendly ecosystem and broad product range including savings, insurance, and proprietary funds.

• Continued expansion of distribution channels, including internal advisors, affiliated agents, franchises, and external asset managers, with five new distributors added since the last Capital Market Day.

• Acquisition of Gadd & Cie, a Luxembourg-based wealth manager, for SEK 93.7 million, broadening international expertise and distribution, with transaction completion expected in Q4 2025.

• Gadd & Cie will remain independent but gain access to Alpcot's digital platform and Swedish market, while Alpcot clients benefit from expanded international management expertise.

• Ongoing product development, including a new website and enhanced digital onboarding and advisory tools.

Financial performance and guidance

• Assets under management (AUM) in portfolio management grew by 51% year-on-year, surpassing SEK 4 billion by October 2025.

• Total prioritized capital increased by SEK 1.4 billion in 2025, with 2,174 new custody clients and SEK 96 million growth in proprietary funds.

• Q3 2025 EBITDA was -0.8 MSEK, but adjusted for one-off costs, EBITDA was +0.9 MSEK; recurring revenues are increasing as a share of total income.

• Cost efficiency measures have taken full effect, with personnel costs stable and organization more efficient.

• Financial targets for 2027 include SEK 90–100 million in net operating income, AUM of SEK 22.8 billion in custody services, SEK 10.4 billion in portfolio management, and an EBITDA margin of at least 30%.

Market environment and investment outlook

• Swedish and US equity markets are expected to deliver 5–10% returns in 2026, with broader participation and small caps joining the rally later.

• SEK has strengthened against USD and trade-weighted baskets in 2025, with further potential to reach historical averages.

• Risks include potential for higher US long-term rates, continued USD weakness, and margin pressure from high valuations.

• Alpcot's proprietary and discretionary portfolios have outperformed benchmarks, with strong risk-adjusted returns and lower volatility.

• The Gadd SMP fund, now part of the group, has delivered a 66.45% total return over five years, outperforming OMXS30.