Allfunds Group (ALLFG) Q1 2025 TU earnings summary

Executive summary

• Total assets under administration (AUA) rose by nearly 1% since December 2024 to €1.517 trillion, up 13.2% year-over-year, with market share in European cross-border mutual funds increasing to 28%.

• Net flows reached €34.6 billion in Q1, representing 12.8% annualized growth, a fivefold year-over-year increase, with strong contributions from both existing and new clients and balanced geographic inflows.

• Platform service AUA increased by 17% year-over-year to €1.1 trillion, with migrations of €10.8 billion in Q1 supporting full-year targets.

• Alternative solutions business grew 21% quarter-on-quarter, reaching €23.6 billion in AUA, with 178 alternative asset managers onboarded and over €12 billion under distribution.

• Allfunds entered the onshore fund distribution market in Brazil through a strategic agreement with Andbank, expanding its global footprint.

Financial highlights

• Total revenue for Q1 2025 was €162.6 million, up 10.3% year-over-year; excluding NTI, revenue growth was 16%.

• Platform revenues were €145.6 million, up 10.3% year-over-year; platform margin was 3.8 bps, stable quarter-on-quarter.

• Commission revenue reached €90.7 million, up 15.6% year-over-year, supported by AUA growth.

• Transaction revenue increased 20.4% year-over-year to €33 million, driven by Italian market activity.

• Subscription revenues rose nearly 10% year-over-year to €17 million, driven by commercial efforts and service penetration.

• Net treasury income (NTI) declined to €21.9 million year-over-year due to the interest rate environment, partially offset by higher cash balances.

Outlook and guidance

• Management reiterated full-year 2025 guidance for migrations of €40–60 billion, with strong April migrations expected to offset potential outflows.

• No change to guidance for flows or transaction revenues; H2 expected to be stronger for subscription revenues due to seasonality.

• Anticipates continued market volatility but remains confident in achieving 2025 targets.

• NTI is expected to continue declining in line with lower interest rates.