This article first appeared on GuruFocus .
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Assets under Administration (AuA):EUR1.76 trillion, a 17% increase since December 2024.
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Net Revenues:EUR639.9 million, a 5% year-on-year increase and 10% excluding net treasury income.
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Adjusted EBITDA:EUR417.3 million, a 4% growth compared to 2024.
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Adjusted Profit After Tax:EUR254.6 million, a 10% increase year-on-year.
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Adjusted EPS:Increased by 12% year-on-year.
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Net Flows:EUR121 billion, an 18% increase versus last year.
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Revenue Growth from Alternatives:Up 74% year-on-year.
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Adjusted EBITDA Margin:65.2% on a constant perimeter basis, 67.9% on a reported basis.
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Capital Return to Shareholders:EUR160 million through dividends and share buybacks.
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Proposed Dividend:EUR0.2 per share, subject to AGM approval.
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Commission and Transaction Revenues:Grew at a double-digit rate.
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Subscription Revenues:Accounted for approximately 10% of total revenues, broadly stable year-on-year.
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Cost Base Growth:6.7% year-on-year in 2025.
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Reported EBITDA:EUR404.3 million, a 6% growth compared to last year.
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CET1 Ratio:33%, providing a resilient capital buffer.
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Warning! GuruFocus has detected 8 Warning Signs with STU:6UY.
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Release Date: March 03, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Allfunds Group PLC ( STU:6UY ) reported a record AuA of EUR1.76 trillion, indicating strong growth and market presence.
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The company achieved a 10% increase in revenues excluding net treasury income, showcasing robust core business performance.
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Adjusted EBITDA grew by 4% year-on-year, reflecting operational efficiency and scalability.
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The company successfully expanded its alternative investments, with a 74% year-on-year increase, highlighting a strategic focus on high-growth areas.
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Allfunds Group PLC ( STU:6UY ) returned EUR160 million to shareholders through dividends and share buybacks, demonstrating strong capital management and shareholder value focus.
Negative Points
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The overall platform margin declined in 2025 due to lower net treasury income, impacted by interest rate cuts.
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Subscription revenues were softer than targeted, reflecting market conditions and strategic review impacts.
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The company recognized an accounting impairment of EUR135 million related to goodwill and intangibles, affecting reported financials.
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The decision to exit certain businesses, such as WebFG and ManCo, indicates challenges in achieving synergy and scalability in those areas.
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Despite strong growth in alternatives, the revenue contribution from ETFs is expected to be modest in the near term, indicating a longer ramp-up period.
Q & A Highlights
Q: Why is the net flow guidance for 2026 set at EUR100 million to EUR120 million, and why isn't it expected to increase year-on-year? A: Alvaro Perera, CFO, explained that the EUR100 million to EUR120 billion range is a prudent outlook for 2026. While they achieved the higher end last year, they prefer to maintain a cautious approach in their projections.
Q: Why did Allfunds choose MSCI for the new partnerships in subscription services, and could this be a potential competitor to Deutsche Borse's business? A: Annabel Spring, CEO, stated that the partnership with MSCI was driven by the specific nature of ESG data they were targeting. Allfunds operates independently and makes strategic decisions without anticipating any M&A, ensuring no conflict with Deutsche Borse.
Q: What was the rationale behind exiting WebFG and ManCo businesses? A: Annabel Spring, CEO, explained that the decision was part of a strategic review to focus on synergistic, sustainable, and scalable businesses. WebFG did not align with Allfunds' core distribution strengths, and ManCo required scale that Allfunds could better achieve through partnerships.
Q: Can you provide more details on the financial impacts of the restructuring and the baseline for the 2026 outlook? A: Alvaro Perera, CFO, noted that the restructuring led to a net positive EBITDA impact of EUR4.7 million. The disposal of certain businesses will raise the adjusted EBITDA margin to 67.9%, and the 2026 outlook remains strong with expected revenue growth in the mid- to high single-digit range.
Q: How does Allfunds plan to capture growth in mutual funds and alternatives in 2026? A: Annabel Spring, CEO, highlighted that Allfunds is well-positioned to capture flows across asset classes, driven by demographics and macro trends. They expect strong net flows and are focusing on enhancing platform capabilities to address client needs.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
