Alpcot (ALPCOT) CMD 2025 summary

Strategic direction and business model

• Focus on being the leading digital platform for advisors and distributors to help individuals achieve financial well-being in Sweden, with a scalable, user-friendly ecosystem and broad product range including savings, insurance, and proprietary funds.

• Franchise model for advisors is a key growth area, offering economic support and shared ownership to attract entrepreneurial talent.

• 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.

• All fund rebates are returned to customers, minimizing conflicts of interest and differentiating from competitors.

• Ongoing modernization with a new website, graphic profile, and enhanced digital onboarding and advisory tools launching in January.

Financial performance and growth

• Prioritized capital increased by SEK 1.4 billion YTD/2025, with total AUM at 10.2 billion SEK as of October and portfolio management AUM up 51% year-on-year, surpassing SEK 4 billion.

• Net inflow of 800 million SEK YTD, with 2,174 new custody clients and SEK 96 million growth in proprietary funds.

• Q3 net operating income rose 14%, with commission income up 27% and a positive adjusted EBITDA of 0.9 million SEK, after one-off costs; recurring revenues are increasing.

• Four consecutive quarters of positive EBITDA, driven by higher volumes, improved cost control, and increased share of recurring revenues.

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

Product and platform development

• Platform supports full digital onboarding, KYC/AML, and portfolio management, with integration of external data sources for holistic customer views.

• Over 1,300 funds available, with all rebates paid out to customers; platform fee is the first 0.2% of the rebate.

• New services and AI-driven features are being explored to enhance customer and advisor experience.

• Acquisition of Gadd & Cie, a Luxembourg/Swiss asset manager with 4 billion SEK AUM, for SEK 93.7 million, expands international reach and product offering; Gadd & Cie will remain independent but gain access to the digital platform and Swedish market.

• Gadd SMP fund delivered a 66.45% total return over five years, outperforming OMXS30, and Gadd's flagship balanced fund has outperformed index with lower risk, available in SEK, EUR, and CHF.