Half Year 2026 Allfunds Group PLC Earnings Call Transcript
Key Points
- Allfunds Group PLC (FRA:6UY) achieved record AuA of EUR1.9 trillion, driven by strong net inflows of EUR51 billion and favorable market conditions.
- Revenue grew 10% year-on-year (11% excluding NTI), with adjusted EBITDA up 10% and margin stable at 67.8%, reflecting operational leverage.
- The company expanded into high-growth areas like private markets, ETFs, and tokenization, including partnerships with Hamilton Lane, Apex Group, and BBVA Asset Management.
- Alternative solutions AuA surged 54.4% year-on-year to EUR41.4 billion, with over 250 alternative asset managers and 490 distributors on the platform.
- Capital position remained robust with a CET1 ratio of 34%, and EUR120 million was returned to shareholders via dividends.
- The recommended acquisition by Deutsche Borse remains subject to regulatory approvals, with closing expected only in the first half of 2027, creating uncertainty.
- Adjusted expenses increased 8% year-on-year due to inflation, business activity, and technology investments, outpacing some revenue growth.
- Overall platform margin remained flat at 3.4 basis points, with commission revenue margins stable at 2.3 basis points, indicating limited margin expansion.
- The strategic portfolio review led to the sale of WebFG and exit of the ManCo, which may have disrupted some business lines and client relationships.
- Despite growth in alternatives, liquidity events affecting certain alternative funds posed risks, though impact was limited and managed effectively.
Welcome to the Allfunds 2026 interim results conference call. This conference is being recorded. After the presentation, there will be a Q&A session. (Operator Instructions)
Presenting on today's call, we have the CEO, Annabel Spring, the CFO, Alvaro Perera, and the Head of Investor Relations, Carlos Berastain. I will now hand you over to Mr. Berastain to begin. Please go ahead.
Thank you, Carla. Good morning, everyone, and welcome to Allfunds' first half 2026 interim results presentation. Thank you for joining us today.
This conference call is being streamed live, and a replay will be available on our website later today. The presentation materials are also available on our corporate website already. Without any further delay, I will pass it on to our CEO, Annabel Spring. Annabel, over to you.
Thank you, Carlos. Before reviewing our performance
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