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Allfunds Group PLC — Earnings Release 2025
Mar 3, 2026
7332_rns_2026-03-03_45d8d36c-e4ff-4ea5-898f-6d1ee558b2d7.pdf
Earnings Release
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allfunds
Allfunds reports record €1.76 Trillion AuA and 74% Alternatives growth
Strong full-year 2025 performance driven by client flows, platform optimisation and alternatives momentum
London/Madrid/Amsterdam. 3 March 2026 - Allfunds Group plc ("Allfunds" or the "Company") (AMS: ALLFG), a leading global dealing and distribution platform in the wealth management industry, today releases preliminary results for the year ended 31 December 2025.
Flows and commercial dynamics
- Allfunds' total assets under administration ("AuA") continued to show sustained momentum, growing 17.1% year-on-year to €1.76 trillion, reaffirming the resilience and scalability of Allfunds business model and franchise.
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Platform service AuA rose by 15.5% year-on-year to €1.25 trillion. This solid performance is driven by robust net flows from both new and existing clients, and favourable market dynamics:
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Net flows were notably high at €34.8 billion in the fourth quarter, accelerating versus previous quarters. For 2025, net flows totalled €120.6 billion up 18.3% from the €101.9 billion recorded in 2024 and accounting for 11.1% of Beginning-of-Period (BoP) platform service AuA.
- Flows from existing clients reached €15.4 billion in the fourth quarter alone and were €64.9 billion in 2025, representing 6.0% of BoP platform service AuA. This performance marks a twofold increase year-on-year.
- Migrations reached €19.3 billion in the fourth quarter, and €55.7 billion for 2025 as a whole, representing 5.1% of BoP platform service AuA.
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Market performance was particularly favourable in the fourth quarter, contributing €23.6 billion. For full-year 2025, market performance totalled €46.7 billion.
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Dealing & Execution AuA continued to grow, supported by both market performance and net flows, increasing 21.3% year-on-year to €510.4 billion.
Financial performance
- Total net revenue was €167.0 million in the fourth quarter, a 1.4% year-on-year increase, with solid structural growth of 4.4%. In 2025, total net revenue amounted to €639.9 million, a 4.8% increase year-on-year, or 10.5% excluding NTI.
- Platform revenue reached €150.4 million in the fourth quarter of 2025, a 3.4% year-on-year increase, and total of €572.6 million for full-year 2025 (+5.2% year-on-year). The platform margin, excluding Net Treasury Income (NTI), stood at 3.1 basis points in 2025 versus 3.2 basis points in 2024.
- Commission revenue of €96.8 million in the fourth quarter, increased by 8.4% year-on-year, supported by significant growth in AuA. Full-year 2025, commission revenue rose 13.0%, to €375.0 million.
- Transaction revenue rose to €32.6 million for the fourth quarter, a 4.1% year-on-year increase, driven by increased customer activity. Full-year 2025, transaction revenue rose 8.6%, to €119.7 million.
- Net Treasury Income came to €21.0 million in the fourth quarter and €77.8 million for full-year 2025 marking a 23.7% year-on-year decline, primarily due to the impact of a lower interest rate environment.
1 For clarity and comparability, all 2025 figures, quarter-on-quarter and year-on-year percentage variations are shown on a 'constant perimeter' basis relative to 2024.
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Subscription revenue, which accounted for 11% of total revenue in 2025, was €16.6 million in the fourth quarter and €67.3 million for full-year 2025, a 1% year-on-year increase.
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Adjusted EBITDA grew 4.1% year-on-year to €417.3 million in 2025 and an adjusted EBITDA margin of 65.2% was reported for the year.
- The Adjusted Profit After Tax of €254.6 million for full-year 2025 representing an increase of 10.0% year-on-year.
- Adjusted Earnings Per Share were €0.42 for 2025 (2024: €0.38).
CEO STATEMENT
Annabel Spring, Chief Executive Officer, said:
"2025 was a year of strong results and decisive refocusing. €1.76 trillion in AuA, 18% net flow growth, 74% growth in Alternatives and an improved EBITDA margin of above 65%, delivered while making clear strategic choices to concentrate Allfunds on its core strengths.
The result is a leaner, more agile Allfunds with an unwavering commitment to our clients and partners, and we are already demonstrating results in our focus areas.
The recommended acquisition by Deutsche Börse Group announced in January reflects the value we have built, and the strength and quality of our franchise. We are confident that the combination will bring together complementary capabilities and market reach."
Business highlights
- Allfunds remained focused on client onboarding in the fourth quarter, adding 16 distributors and 15 fund houses. In 2025, the Group added a total of 90 fund houses and 64 distributors, supported by clients replacing internal solutions and embracing open architecture.
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Allfunds' alternatives business delivered notable results in the fourth quarter, reinforcing its position as a key strategic priority.
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As of December 2025, total AuA in alternatives grew 74% year-on-year to €33.8 billion. Distribution AuA reached €18.4 billion, an exceptional 83% growth year-on-year.
- Demand from asset managers continues to accelerate, and Allfunds now offers 213 alternative fund houses. We already work with the most prominent names in the Alternatives space: KKR, Blackstone, Apollo, Ares, Carlyle, BlackRock, JPMorgan, Morgan Stanley, Franklin Templeton, and many others.
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Interest in private market funds is rising among distributors, with existing clients expanding their allocations. Importantly, we are seeing new distributors joining Allfunds specifically for Alternatives access, then expand into our broader platform, cementing long-term client relationships and validating our model. This establishes an excellent strategic foothold for our business.
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We have successfully completed the pilot-testing phase of our ETF platform, validating the platform's core capabilities and confirming the readiness for the next stage. In 2026 we expect the platform to enter full operational model, while development continues, and we expand its features.
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Strategic Review
- The guiding principle of our 2025 Strategic Review is generating growth and create strong value for clients and shareholders by focusing on businesses that are truly synergistic, profitable and scalable, and partnering with leading specialists whenever it helps us offer better solutions and service. The outcome is that we are realigning around what we do best—our core platform and distribution capabilities.
- As a result of this review, Allfunds has decided to exit the Allfunds Tech (WebFG) and the ManCo Luxembourg businesses, and restructure Mainstreet Partners. By exiting or restructuring these businesses, we simplify the Group, concentrate on what truly differentiates Allfunds, and enhance both our financial profile and our long-term value-creation potential.
- In February 2026 Allfunds announced milestone partnership agreements with Waystone and MSCI. Respectively, these collaborations will enhance Management Company services for Allfunds' global clients, as well as enhanced data and analytical capabilities from MSCI, delivered through the platform. See both press releases with all the details and information here.
- In the case of WebFG and the ManCo the conditions required for their classification as “Non-current assets held for sale” under IFRS 5 are met, and they have been measured at the lower end of their carrying amount and fair value less costs to sell.
- The Group has recognised impairment losses amounting to €135.2 million in the consolidated income statement. This adjustment to the carrying amount has an immaterial impact on regulatory capital, will not result in any cash outflow nor have any impact on the dividend distribution capacity
Recommended acquisition of Allfunds Group by Deutsche Börse Group
On January 21st Allfunds and Deutsche Börse Group announced that they had jointly entered into a binding agreement on the terms of a recommended acquisition by Deutsche Börse Group (the “Acquisition”).
Full text of the joint announcement made by Allfunds Group and Deutsche Börse Group in connection with the Acquisition can be found here.
On February 16th, the Scheme Document relating to the recommended cash and share acquisition of Allfunds Group plc by Deutsche Börse was published and it is available on our corporate website and can be accessed directly through the following link.
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Non-financial highlights
| Figures in € billion, unless otherwise stated | FY 2025 | FY 2024 | Change Y-o-Y (%) | 2H 2025 | 1H 2025 | Change H-o-H (%) |
|---|---|---|---|---|---|---|
| AuA EoP | 1,760.4 | 1,503.3 | 17.1% | 1,760.4 | 1,602.1 | 9.9% |
| Platform Service | 1,249.9 | 1082.6 | 15.5% | 1,249.9 | 1,126.2 | 11.0% |
| Dealing & Execution (1) | 510.4 | 420.6 | 21.3% | 510.4 | 475.9 | 7.3% |
| Platform Service Net flows | 120.6 | 101.9 | 18.3% | 66.4 | 54.2 | 22.7% |
| Flows from existing clients | 64.9 | 28.5 | n.m | 32.9 | 32.0 | 2.5% |
| Migrations (new clients) | 55.7 | 73.4 | (24.1)% | 33.6 | 22.1 | 51.9% |
| Platform Service Market performance | 46.7 | 92.9 | (49.7)% | 57.3 | (10.6) | n.m |
| Net flows as a % of BoP AuA (2) | 11.1% | 11.5% | (0.3) p.p. | 5.9% | 5.0% | 0.9 p.p. |
| D&E Flows | 89.8 | 21.1 | n.m | 34.5 | 55.2 | (37.5)% |
| D&E Var. as a % of BoP AuA (3) | 21.3% | 5.3% | 16.1 p.p. | 7.3% | 13.1% | (5.9) p.p. |
Note: AuA refer to Assets under administration at End of Period ('EoP'), 30 June or 31 December. FY 2024 figures excluding Discontinued Operations
(1) AuA for which we provide only Dealing & Execution services.
(2) Calculated as the sum of flows from existing clients and from new clients over Allfunds total Platform service AuA only as of Beginning of Period ('BoP') (for FY 2025 and 1H 2025, it is 31 December 2024 amounting to €1,082.6; for FY 2024, it is 31 December 2023 amounting to €887.8 billion and for 2H 2025, it is 30 June 2025 amounting to €1,126.2 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 Beginning of Period (for FY 2025, considering €420.6 billion as of 31 December 2024 and for 2H 2025, considering €475.9 billion as 30 June 2025).
Financial highlights
| Figures in € million, unless otherwise stated | FY 2025 Constant perimeter (1) | FY 2024 | Change Y-o-Y (%) | 2H 2025 Constant perimeter (1) | 1H 2025 Constant perimeter (1) | Change H-o-H (%) |
|---|---|---|---|---|---|---|
| Net revenue | 639.9 | 610.8 | 4.8% | 323.0 | 316.8 | 2.0% |
| o/w Net platform revenue | 572.6 | 544.2 | 5.2% | 289.5 | 283.1 | 2.3% |
| o/w Net subscription | 67.3 | 66.6 | 1.0% | 33.6 | 33.7 | (0.5)% |
| Adjusted EBITDA | 417.3 | 400.9 | 4.1% | 211.4 | 205.9 | 2.7% |
| Adjusted EBITDA margin (%) | 65.2% | 65.6% | (0.4) p.p. | 65.4% | 65.0% | 0.5 p.p. |
| Adjusted profit before tax | 345.5 | 326.0 | 6.0% | 177.0 | 168.5 | 5.0% |
| Adjusted Cash tax expenses | (90.9) | (94.5) | (3.8)% | (46.4) | (44.5) | 4.4% |
| Adjusted profit after tax | 254.6 | 231.4 | 10.0% | 130.5 | 124.1 | 5.2% |
| Normalised free cash flow | 239.1 | 216.9 | 10.3% | 113.5 | 125.6 | (9.6)% |
Note: FY 2025 financial data unaudited. FY 2024 figures excluding Discontinued Operations
(1) "FY2025 Constant perimeter" figures are adjusted to maintain the "FY 2024 ex. DO" structure for comparison purposes
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Financial Section Table of contents
I. Condensed Consolidated Statement of Comprehensive income
II. Condensed Consolidated Statement of financial position
III. Reconciliation of IFRS to non-IFRS measures
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I. Condensed Consolidated Statement of Comprehensive income
| Figures in € million, unless otherwise stated | FY 2025 Constant perimeter (1) | Held for Sale | FY 2025 Reported | FY 2024 Ex. DO (2) | FY 2024 Reported |
|---|---|---|---|---|---|
| Net platform revenues | 572.6 | (0.1) | 572.5 | 544.2 | 565.5 |
| Net subscription | 67.3 | (17.9) | 49.4 | 66.6 | 66.6 |
| Net revenue | 639.9 | (18.0) | 621.9 | 610.8 | 632.1 |
| Adjusted SG&A | (134.5) | 8.7 | (125.8) | (131.4) | (131.4) |
| Adjusted personnel expenses | (97.5) | 15.1 | (82.4) | (86.0) | (86.0) |
| Adjusted expenses | (232.0) | 23.8 | (208.2) | (217.4) | (217.4) |
| Other operating income / (expenses) | 9.5 | (1.1) | 8.3 | 7.5 | 7.5 |
| Adjusted EBITDA | 417.3 | 4.7 | 422.0 | 400.9 | 422.2 |
| Adjusted EBITDA margin (%) | 65.2% | -26.1% | 67.9% | 65.6% | 66.8% |
| Finance expenses | (20.0) | 0.1 | (19.9) | (27.5) | (27.5) |
| Amortization and depreciation relating to other intangible assets and property, plant and equipment | (47.9) | 4.8 | (43.1) | (43.4) | (43.4) |
| Impairment losses on financial assets (provisions) | (3.9) | 0.4 | (3.5) | (4.1) | (4.1) |
| Adjusted profit / (loss) before tax | 345.5 | 10.0 | 355.5 | 326.0 | 347.2 |
| Adjusted cash tax rate (%) | (26.3%) | -- | (25.6%) | (29.0%) | (27.2%) |
| Adjusted Cash Tax expenses | (90.9) | -- | (90.9) | (94.5) | (94.5) |
| Adjusted profit / (loss) after tax | 254.6 | 10.0 | 264.6 | 231.4 | 252.7 |
| Transitional Service Agreements (TSAs) | (0.7) | -- | (0.7) | (0.6) | (0.6) |
| Consultancy costs, legal fees and M&A | (10.8) | -- | (10.8) | (5.4) | (5.4) |
| LTIP & exceptional compensation | (10.6) | 0.5 | (10.1) | (13.1) | (13.1) |
| Spanish bank levy | -- | -- | -- | (7.0) | (7.0) |
| Restructuring costs | (23.4) | 0.1 | (23.4) | (9.1) | (9.1) |
| Other non-recurring items | 32.4 | (0.2) | 32.2 | 14.2 | 14.2 |
| Separately disclosed items | (13.0) | 0.3 | (12.7) | (21.0) | (21.0) |
| Reported EBITDA | 404.3 | 5.0 | 409.3 | 380.0 | 401.2 |
| Finance expenses | (20.0) | 0.1 | (19.9) | (27.5) | (27.5) |
| Amortization and depreciation relating to other intangible assets and property, plant and equipment | (47.9) | 4.8 | (43.1) | (43.4) | (43.4) |
| Amortization of intangible assets acquired as a result of business combination | (128.0) | 1.8 | (126.1) | (124.0) | (137.1) |
| Impairment losses on financial assets (provisions) | (3.9) | 0.4 | (3.5) | (4.1) | (4.1) |
| Impairment losses on non-financial assets | (135.2) | 101.6 | (33.6) | (13.1) | (259.9) |
| Gain / (Losses) Held for Sale | -- | (115.6) | (115.6) | -- | -- |
| Profit / (loss) before tax | 69.3 | (1.8) | 67.5 | 167.9 | (70.8) |
| Tax expenses | (67.0) | 1.8 | (65.2) | (77.9) | (97.8) |
| Profit / (loss) after tax | 2.3 | -- | 2.3 | 90.0 | (168.5) |
Note: 2025 financial data unaudited.
(1) "FY2025 Constant perimeter" figures are adjusted to maintain the "FY 2024 ex. DO" structure for comparison purposes
(2) "FY 2024 Ex. DO" refers to excluding Discontinued Operations (Credit Suisse book)
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II. Condensed Consolidated Statement of financial position
Allfunds Group plc
| Figures in € million, unless otherwise stated | 31 Dec 2025
Unaudited | 31 Dec 2024
Audited |
| --- | --- | --- |
| Assets | | |
| Non-current assets | | |
| Goodwill | 908 | 1,040 |
| Intangible assets | 864 | 956 |
| Property, plant, and equipment | 22 | 24 |
| Financial assets held at amortised cost | 75 | 2 |
| Deferred tax assets | 35 | 43 |
| Total non-current assets | 1,905 | 2,066 |
| Current assets | | |
| Assets held for resale and disposal groups | 77 | -- |
| Financial assets at fair value through profit or loss | 11 | 12 |
| Financial assets held at amortised cost | 648 | 233 |
| Contract assets | 125 | 120 |
| Tax assets | 10 | 6 |
| Other assets | 28 | 7 |
| Cash and cash equivalents | 2,551 | 2,628 |
| Total current assets | 3,450 | 3,006 |
| Total Assets | 5,355 | 5,072 |
Equity and liabilities
| Non-current liabilities | ||
|---|---|---|
| Deferred tax liabilities | 124 | 148 |
| Financial liabilities held at amortised cost | 411 | 398 |
| Lease liabilities | 10 | 12 |
| Provisions | 8 | 6 |
| Total non-current liabilities | 554 | 564 |
| Current liabilities | ||
| Liabilities directly associated with assets held for resale and disposal groups | 33 | -- |
| Financial liabilities at fair value through profit or loss | 1 | 2 |
| Financial liabilities held at amortised cost | 2,795 | 2,373 |
| Lease liabilities | 7 | 6 |
| Tax liabilities | 10 | 28 |
| Other liabilities | 59 | 54 |
| Total current liabilities | 2,903 | 2,463 |
| Total liabilities | 3,457 | 3,027 |
| Share capital | 2 | 2 |
| Share premium | 1,926 | 1,960 |
| Retained earnings | (12) | 66 |
| Treasury shares | (23) | (6) |
| Other reserves | 5 | 23 |
| Total equity | 1,897 | 2,045 |
| Total equity and liabilities | 5,355 | 5,072 |
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III. Reconciliation of IFRS to non-IFRS measures
| Figures in € million, unless otherwise stated | FY 2025 Constant perimeter (1) | Held for Sale | FY 2025 Reported | FY 2024 Ex. DO (2) | FY 2024 Reported |
|---|---|---|---|---|---|
| Profit / (loss) after tax | 2.3 | -- | 2.3 | 90.0 | (168.5) |
| Separately disclosed items | |||||
| Transitional Service Agreements (TSAs) | 0.7 | -- | 0.7 | 0.6 | 0.6 |
| Consultancy costs, legal fees and M&A | 10.8 | -- | 10.8 | 5.4 | 5.4 |
| LTIP & exceptional compensation | 10.6 | (0.5) | 10.1 | 13.1 | 13.1 |
| Spanish bank levy | -- | -- | -- | 7.0 | 7.0 |
| Restructuring costs | 23.4 | (0.1) | 23.4 | 9.1 | 9.1 |
| Other non-recurring items | (32.4) | 0.2 | (32.2) | (14.2) | (14.2) |
| Subtotal | 15.4 | (0.3) | 15.1 | 111.0 | (147.6) |
| Impairment losses on non-financial assets | 135.2 | (101.6) | 33.6 | 13.1 | 259.9 |
| Gain/Losses Assets Held for Sale | -- | 115.6 | 115.6 | -- | -- |
| Amortization of intangible assets acquired as a result of business combination | 128.0 | (1.8) | 126.1 | 124.0 | 137.1 |
| Tax expenses | 67.0 | (1.8) | 65.2 | 77.9 | 97.8 |
| Adjusted profit / (loss) before tax | 345.5 | 10.0 | 355.5 | 326.0 | 347.2 |
| Finance expenses | 20.0 | (0.1) | 19.9 | 27.5 | 27.5 |
| Impairment losses on financial assets (provisions) | 3.9 | (0.4) | 3.5 | 4.1 | 4.1 |
| Amortization and depreciation relating to other intangible assets and property, plant and equipment | 47.9 | (4.8) | 43.1 | 43.4 | 43.4 |
| Adjusted EBITDA | 417.3 | 4.7 | 422.0 | 400.9 | 422.2 |
| Underlying capital expenditure | (59.4) | 2.7 | (56.7) | (54.6) | (54.6) |
| Rental expenses | (7.9) | 0.1 | (7.8) | (7.4) | (7.4) |
| Finance expenses | (20.0) | 0.1 | (19.9) | (27.5) | (27.5) |
| Adjusted cash tax expense | (90.9) | -- | (90.9) | (94.5) | (94.5) |
| Normalised free cash flow | 239.1 | 7.6 | 246.7 | 216.9 | 238.1 |
Note: 2025 financial data unaudited.
(1) "FY2025 Constant perimeter" figures are adjusted to maintain the "FY 2024 ex. DO" structure for comparison purposes
(2) "FY 2024 Ex. DO" refers to excluding Discontinued Operations (Credit Suisse book)
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Media
Sara Boyes, Global Head of Communications
+44 (0)7926 287615
[email protected]
Investors
Allfunds Group Investor Relations
+34 91 274 64 00
[email protected]
Conference call and webcast
At 9.30 GMT / 10.30 CET / 5.30 EDT, today, 03 March 2026 Annabel Spring, CEO, and Alvaro Perera, CFO, will host a conference call to present the trading update and offer. To access the call, kindly pre-register in the following link:
https://streamstudio.world-television.com/1362-2522-42967/en
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
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Important 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".
Non-IFRS and alternative performance measures
This document may contain non-IFRS and alternative performance measures ("APMs"). Allfunds considers these APMs and non-IFRS measures to be useful metrics for our management and investors to compare operating performance between accounting periods, but they should be considered supplemental information to, and are not meant to substitute, IFRS measures. For further details on non-IFRS measures, including its definition or a reconciliation with IFRS measures, please see the 2024 Annual Report of Allfunds available on the investors section of the corporate website (www.allfunds.com).
Forward-looking statements
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.
Past performance does not indicate future outcomes
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.
Not a securities offer
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.
Third party information
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.