Half Year 2025 Allfunds Group PLC Earnings Call Transcript
Key Points
- Allfunds Group PLC (FRA:6UY) reported a strong first-half 2025 with record net revenues and a 70% year-on-year growth in assets under administration.
- The company successfully onboarded 24 new distributors and 51 fund houses, increasing its market share to 29.6%, a 2.9 percentage point rise year on year.
- Assets under administration grew 17% year on year to EUR1.6 trillion, with 60% of flows coming from existing clients, indicating strong client retention.
- Adjusted profit after tax rose by 10% year on year to EUR124 million, and the company generated strong cash flows totaling EUR126 million for the period.
- The alternative solutions segment saw significant growth, with assets under administration reaching EUR26.8 billion, a 38% increase year on year, driven by retail customer demand.
- Net treasury income declined by 27% year on year due to a lower interest rate environment, impacting overall revenue growth.
- Subscription revenue growth moderated in the second quarter, with some services underperforming due to extended sales cycles and delays in project delivery.
- The adjusted EBITDA margin declined by 1.7 percentage points to 60%, primarily due to the reduction in treasury income.
- The company anticipates some pressure on revenue margins in the coming quarters due to a shift in asset class mix and lower average margins from new client migrations.
- Subscription revenue growth is expected to be in the mid-single digits for the full year, a downgrade from previous expectations, partly due to challenges in the ESG segment.
Hello everyone, and thank you for joining the Allfunds Group PLC first-half 2025 interim results. My name is Lucy, and I will be coordinating your call today. On the call today are Annabel Spring, CEO; Alvaro Perera, CFO; and Carlos Berastain, Head of Investor Relations. (Operator Instructions)
It is now my pleasure to hand over to your host, Carlos Berastain, Head of Investor Relations, to begin. Please go ahead.
Thank you, Lucy. Good morning, everyone, and welcome to Allfunds financial results presentation for the first half of 2025. Thank you for joining us today.
This session is being broadcast live, and a replay will be available on our website later today. The presentation materials are already accessible for download on our corporate website. So without any further delay, I will now hand it over to our CEO, Annabel Spring.
Thank you, Carlos. Welcome everyone.
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