Allfunds Group PLC

Earnings Release • Oct 29, 2025

Allfunds publishes its 3Q 2025 trading update Surpasses €1.7 trillion in AuA, up 17.9% YoY, driven by strong flows and market performance

London/Madrid/Amsterdam. 29 October 2025 - Allfunds Group plc ("Allfunds"' or the "Company") (AMS: ALLFG), one of the world's leading B2B WealthTech platforms which offers integrated wealth management platform solutions for distributors and fund management partners, today releases a trading update for the thirdquarter period ended 30 September, 2025.

Flows and commercial dynamics

• o Allfunds' total assets under administration ("AuA") continued to show strong momentum, growing 17.9% year-on-year to €1.7 trillion (a 12.1% increase since December 2024), reaffirming the strength of Allfunds' business model and franchise.
• o Platform service AuA¹ rose by 18.0% year-on-year to €1,192 billion (10.1% since December 2024), driven by strong net flows from both new and existing clients, as well as favourable market performance:
• − Net flows were strong at €31.7 billion in the third quarter, an increase of 24.4% year-on-year. Over the first nine months of the year, net flows totalled €85.8 billion a significant rise compared to €48.8 billion during the same period last year (+75.7% year-on-year). This year-to-date performance represents approximately 11% of Beginning-of-Period (BoP) AuA on an annualised basis.
  • Flows from existing clients reached €17.4 billion in the third quarter and were €49.5 billion over the first nine months of the year, representing approximately 6% of BoP) platform service AuA on an annualised basis. This performance marks a twofold increase year-on-year.
  • Migrations reached €14.2 billion in the third quarter, showing an improvement compared with the first two quarters of 2025. Over the first nine months of 2025, total migrations amounted to €36.3 billion.
• − Market performance was notably strong in the third quarter, contributing €33.7 billion. For the first nine months of 2025, market performance totalled €23.1 billion.
• o Dealing & Execution ("D&E") AuA continued to grow, supported by both market performance and organic flows, increasing 17.5% year-on-year to €493.9 billion, which is a 17.4% rise since December 2024.

Financial performance and shareholder remuneration

• o Total net revenue was €156.1 million in the third quarter, a 5.5% year-on-year increase, with solid structural growth of 11.2%. For the first nine months of 2025, total net revenue amounted to €472.9 million, a 6.0% increase year-on-year, or 12.8% excluding NTI.
• − Platform revenue reached €139.1 million in the third quarter of 2025, a 5.5% year-on-year increase, and total of €422.2 million for the first nine months of the year (+5.9% year-on-year). The platform margin, excluding Net Treasury Income (NTI), stood at 3.09 basis points in the first nine months of 2025, a decline of 2.6% compared with the same period in 2024.
  • Commission revenue of €96.2 million, increased by 12.3% year-on-year, supported by strong growth inAuA. On a cumulative basis, commission revenue for the first nine months of 2025 rose 14.6%, to €278.2 million.
  • Transaction revenue was €25.6 million for the third quarter, a 10.7% year-on-year increase, driven by increased customer activity.
  • Net Treasury Income was €17.3 million in the third quarter, marking a 25.1% year-on-year decline, primarily due to the impact of a lower interest rate environment.

¹ Platform service AuA includes Allfunds standalone and platform acquisitions business in the period 2017-2025.

− Subscription revenue was €17.0 million in the third quarter, a 5.9% year-on-year increase, driven by growth in Connect and other services. On a cumulative basis, subscription revenue grew 7.1% over the first nine months of 2025.

Business highlights

• o Allfunds continued to maintain a strong focus on client onboarding during the third quarter, welcoming 24 new distributors and 24 fund houses, of which approximately 46% were traditional fund houses and 54% alternative asset managers. Over the first nine months of 2025, Allfunds onboarded a total of 75 fund houses and 48 distributors. Growth continues to be driven by a combination of clients transitioning from competitors, replacing in-house solutions, and adopting the openarchitecture model, showing the strength and appeal of the Company's value proposition.
• o Allfunds' alternatives business delivered very strong results in the third quarter and continues to build momentum.
• − As of September 2025, total AuA in alternatives grew 86% year-on-year to €30.8 billion, representing a 58.3% increase since December 2024. Distribution AuA reached €16.5 billion, an exceptional 116.2% growth year-on-year.
• − As one of the leading platforms for alternatives outside the U.S., Allfunds is uniquely positioned to capitalise on the growth of this expanding market. Demand from asset managers remains strong, and Allfunds now offers 206 alternative fund houses.
• − Interest in private market funds is rising among distributors, with existing clients expanding their allocations and new distributors joining Allfunds with alternatives as their initial entry point, establishing a strong strategic positioning for our business.
• o The ETP platform testing is now in process. We have concluded with the live multi-counterparty testing of the RFQ functionality in which several leading ETP liquidity providers have been involved and we are pilot testing with real trades.
• o Allfunds successfully completed the first tranche of share buy-back programme. Following the announcement of the first tranche on 12 May 2025, under the €250 million programme, Allfunds has now successfully completed this first tranche on 17 September 2025, reaching the €80 million target and repurchasing a total of 25 million ordinary shares at an average price of €6.09 per share. A total of 13,142,278 shares were repurchased, of which 9,459,004 have been cancelled, leaving the share capital at 601,548,734 shares.

Investor Day

Allfunds will host an Investor Day in London on Wednesday, 11 March 2026, to present the company's strategy and outlook to investors and analysts. The event will begin at 9:00 a.m. and will feature presentations and a Q&A session led by our Chief Executive Officer Annabel Spring, Chief Financial Officer Alvaro Perera, and the Allfunds leadership team.

The event and presentations will take place in person. A recording will be made available following the event. Further details regarding registration will be shared in due course.

Annabel Spring, Chief Executive Officer, said:

"We are pleased with this quarter's strong operating performance, which underscores the momentum of our platform and the strength of our business. Total AuA grew 17.9% year-on-year, reaching €1.7trn driven by robust markets, net flows from existing clients, and successful migrations. Structural revenue growth remains solid at 11% year-on-year. We have continued to onboard distributors and fund houses at pace, expanding our global reach and reinforcing our comprehensive fund offering.

Our Alternatives business is performing strongly, and continues to emerge as a growth engine. As outsourcing accelerates in alternatives distribution and the wealth management sector evolves, Allfunds is well positioned to capture this opportunity.

We are making good progress on our strategic review and look forward to sharing more at our first Investor Day in London on 11 March 2026."

Non-financial highlights

Figures in € billion, unless otherwise stated	3Q 2025	3Q 2024	Change Y-o-Y (%)	Dec 2024	Change vs Dec 2024 (%)
AuA EoP	1,685.4	1,430.0	17.9%	1,503.3	12.1%
Platform service	1,191.5	1,009.8	18.0%	1,082.6	10.1%
Dealing & Execution(1)	493.9	420.3	17.5%	420.6	17.4%
Platform Service Net flows	31.7	25.5	24.4%	101.9	n.m
Flows from existing clients	17.4	9.7	80.5%	28.5	n.m
Migrations (migrations)	14.2	15.8	(9.9)%	73.4	n.m
Platform Service Market performance	33.7	18.9	78.3%	92.9	n.m
Net flows as a % of BoP AuA(2)	2.8%	2.6%	0.2 p.p.	11.5%	n.m
Net flows as a % annualised of BoP AuA(2)	11.2%	10.5%	0.7 p.p.	11.5%	(0.3 p.p.)
D&E flows	18.0	12.0	50.2%	21.1	n.m
D&E Var. as a % of BoP AuA(3)	3.8%	2.9%	0.8 p.p.	5.3%	n.m
D&E Var. as a % annualised of BoP AuA(3)	15.0%	11.7%	3.3 p.p.	5.3%	9.7 p.p.

Note: AuA EoP refer to Assets under administration at End of Period ('EoP'), 30 September or 31 December. All figures excluding Discontinued Operations

Financial highlights

Figures in € million, unless otherwise stated	3Q 2025	3Q 2024	Change Y-o-Y (%)
Net Platform revenues	139.1	131.9	5.5%
o/w Commission revenue	96.2	85.7	12.3%
o/w Transaction revenue	25.6	23.1	10.7%
o/w Net Treasury Income	17.3	23.1	(25.1)%
Net Subscription revenues	17.0	16.0	5.9%
Total Net revenue	156.1	147.9	5.5%
Total Net revenue ex. NTI	138.8	124.8	11.2%

⁽¹⁾ AuA for which we provide only Dealing & Execution services.

⁽²⁾ Calculated as the sum of flows from existing clients and from new clients (migrations) over Allfunds total Platform service AuA as of BoP (for 3Q 2025, it is 30 June 2025 amounting to €1,126.2 billion; for 3Q 2024, it is 30 June 2024 amounting to €965.4 billion, and for Dec 2024, it is 31 December 2023 amounting to €887.8 billion).

⁽³⁾ Variation coming from Dealing and Execution AuA refers to market performance, flows from existing clients and flows from new clients (migrations). Percentage calculated as total D&E variation over Dealing & Execution AuA as of BoP (for 3Q 2025, its is 30 June 2025 amounting to €475.9 billion; for 3Q 2024, it is 30 June 2024 amounting to €408.3 billion, and for Dec 2024, it is December 2023 amounting to €399.6 billion).

Media Investors

+34 91 274 64 00 +34 91 274 64 00

Katherine.sloan@allfunds.com investors@allfunds.com

Katherine Sloan, Global Head Communications Allfunds Group Investor Relations

Conference call and webcast

At 9.30 GMT / 10.30 CET / 5.30 EDT, today, 29 October 2025 Annabel Spring, CEO, and Alvaro Perera, CFO, will host a conference call to present the trading update and offer. To access to the call, kindly pre-register in the following link:

https://www.netroadshow.com/events/login/LE9zwo4BQnyF4VCLoaRG5szVSEKsCA3srPF

Once you have registered, you will receive an email with your personal credentials: dial-in numbers, access code and PIN number.

A conference call replay will be available on our website on the same day at www.allfunds.com

Important Legal Information

This press release may contain inside information within the meaning of Article 7(1) of Regulation (EU) 596/2014 (Market Abuse Regulation).

For the purposes of this disclaimer, Allfunds Group plc and its consolidated subsidiaries are referred to as "Allfunds".

Certain statements in this document may be forward-looking. There are a number of risks, uncertainties and other important factors which could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These include, among other factors, changing economic, business, or other market conditions, changing political conditions and the prospects for growth anticipated by the management of Allfunds. Any forward-looking statements contained in this document based upon past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Allfunds does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. No undue reliance should be placed in such forward-looking statements.

Statements about historical performance or growth rates must not be construed as suggesting that future performance, share price or earnings (including earnings per share) will necessarily be the same or higher than in a previous period. Nothing mentioned in this document should be taken as profit and loss forecast.

This press release does not constitute or form part of, and should not be construed as, an offer of securities nor a solicitation to make such an offer, in any jurisdiction. The press release neither constitutes investment advice or recommendation with respect to any securities of Allfunds, nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision. Any purchase of or subscription for securities of Allfunds shall be based solely on each investor's own analysis of all public information, the assessment of risk involved and its own determination of the suitability of any such investment. No reliance shall be placed, and no decision shall be based, on this document.

The distribution of this document in some jurisdictions may be restricted by law and persons into whose possession this document comes should inform themselves about and observe any such restrictions.

This document is subject to, and should be viewed solely in conjunction with, all the publicly available information provided by the Allfunds. It does not intend to provide, and recipients may not rely on these materials as providing, a complete or comprehensive analysis of Allfunds' financial or trading position or prospects.

The information and opinions contained in this document are provided as at its date and are subject to verification, correction, completion and change without notice. No obligation is undertaken to provide access to any additional information that may arise in connection with it.

With respect to the data provided by third parties, neither Allfunds nor any of its directors, managers or employees, either explicitly or implicitly, guarantees that these contents are exact, accurate, comprehensive or complete, nor are they obliged to keep them updated, nor to correct them in the case that any deficiency, error or omission were to be detected. Allfunds assumes no liability for any discrepancy.