Slides
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1 Preliminary results FY 2024 World’s leading B2B WealthTech platform London, 4 March 2025
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2 Agenda Financial update Alvaro Perera - CFO Q&A Appendix 01 02 03 04 FY 24 in review: A new era Juan Alcaraz - CEO
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3 Juan Alcaraz CEO FY24 in review : A new era
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4 Unleashing growth, achieving record -breaking performance, and the best is yet to come (1) Excluding Discontinued Operations. Total AuA ex-DO amounted to €1,503bn, implying a +17% growth since December 2023 (2) Subject to AGM approval (7 May 2025) Note: FY 2024 financial data unaudited. “Ex -DO” refers to excluding Discontinued Operations (Credit Suisse book) Leading platform with multiple AuA growth engines €1,558bn AuA +13% AuA up 13%, with Platform Service AuA surging 16% (22% ex -DO) • Net flows: +€102bn (+11.5% vs BoP) - Sustained flows from existing clients(1) : +€29bn - Record new client migrations: +€73bn Strong structural growth across the entire business €632m Revenues +16% • Making our best year, with record -breaking performance • All revenue lines growing at double digit (1), with subscription business growing at 13% and representing 11% of total revenues Operating leverage leading to exceptional profitability €422m Adj. EBITDA +18% 66.8% Adj. EBITDA Margin • Positive jaws, increasing Adj. EBITDA margin by c.100 bps Executing on our capital allocation €238m Normalised FCF +17% • Significant cash flow generation and excess capital • Proposed increased dividend of €80m , implying a pay-out ratio of 32%(2) • Proposed €250m share buyback, to be executed up to 2 years(2) Upcoming Capital Markets Day Early Q4 2025 • Capital Markets Day to be held in London
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5 Extending our track record of profitable growth Total AuA Net Revenues Adj. EBITDA Figures in €bn Platform Service flows (% of BoP AuA(1)) 15% 25% Figures in €m Figures in €m Adj. EBITDA margin 68% 70% M&A 68%1% 2014 2015 2016 2017 2018 2019 508 2020 2021 2022 11 2023 13 2024 1,032 1,356 1,184 1,290 1,503 331 458 457 518 611 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 226 322 313 332 401 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 64%2% Demonstrated track record of historical growth 66%10% Note: FY 2024 financial data unaudited. All figures excluding Discontinued Operations (Credit Suisse book) (1) Annual calculations for migrations, market and organic flows, are based on the beginning of the relevant financial year AuA, on a like for like perimeter, excluding the effect of in -year M&A. M&A volumes are added to the following financial year starting AuA, updating the relevant perimeter for calculations 2014-2017 figures relate to Allfunds Bank Group, whereas figures starting 2018 relate to consolidated accounts of Allfunds Group plc. 2020 financial data unaudited. 2020PF figures pro forma for BNPP Local Paying Agent. AuA as at 31 -Dec-2019 includes c. €425bn of AuA on the Allfunds platform, ETFs, acquired for the NFM transaction. AuA as at 31 -Dec-2020 includes c. €96bn of AuA from BNPP Local Paying agent and €412bn of FDS portfolio.
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51.3% 52.4% 52.8% 53.3% 55.0% 56.3% 56.3% 56.4% 56.4% 56.6% 58.0% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5.6% 6.7% 7.4% 9.3% 9.4% 10.0% 21.9% 24.6% 25.4% 26.2% 26.7% A decade of market share gains, with a positive outlook for Open Architecture and Allfunds Our cross-border share continues to increase Allfunds segment share evolution (FY 2014 – FY 2024) 6 Open Architecture Penetration (Segment share of Cross Border funds) Allfunds segment share of European cross -border UCITS Source: ECB, Bloomberg and Morningstar. Cross border funds include open -ended funds and exchange-traded funds. Cross-border UCITS defined as Luxembourg or Ireland domiciled open -ended funds registered for sale in more than one country Note: FY 2024 financial data unaudited. All figures excluding Discontinued Operations US/UK Open-architecture penetration >65% >7 pp Gap
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Meaningful reacceleration of our core growth engine in 2024 Business model has demonstrated long term value creation, with material growth outperformance on the recovery 7 Note: FY 2024 financial data unaudited. All figures excluding Discontinued Operations (1) Only Platform Service AuA (2) Annual calculations for migrations, market and organic flows, are based on the beginning of the relevant financial year AuA, on a like for like perimeter, excluding the effect of in -year M&A. M&A volumes are added to the following financial year starting AuA, updating the relevant perimeter for calculations % of BoP AuA (1)(2) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 L5Y Avg. L10Y Avg. Market Performance 3.5% 3.2% 4.8% (6.6%) 13.7% 3.6% 10.0% (13.9%) 8.1% 10.4% 3.6% 3.7% Total Flows 31.8% 13.2% 37.0% 4.0% 10.9% 14.7% 25.0% 0.7% 2.3% 10.0% 10.5% 15.0% Organic Flows 25.0% 5.1% 19.9% 1.0% 0.5% 6.9% 14.5% (4.0)% (3.8)% 3.2% 3.4% 6.8% Migrations 6.8% 8.1% 17.0% 3.0% 10.4% 7.8% 10.5% 4.7% 6.1% 6.8% 7.2% 8.1% (=) Total 35.3% 16.3% 41.8% (2.6%) 24.6% 18.3% 35.0% (13.2%) 10.4% 20.5% 14.2% 18.6% US-China commercial crisis 1 2 Financial crisis: Ukraine, inflation & Banking Turmoil Interest rate hikes
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2024 was a year of recovery for mutual funds in Europe UCITS have now experienced 4 consecutive quarters of inflows, in a sign of rebound for the product 8 -€120 bn €0 bn €120 bn €240 bn Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Net inflows into European UCITS (1) Figures in €bn Source: Morningstar (excluding money market funds) (1) Including mutual funds and ETFs Net inflows into European active mutual funds €0 bn €120 bn €240 bn -€120 bn Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Figures in €bn
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€68.0 €20.4 €17.1 €37.0 €2.1 €9.0 Treasury Bonds Treasuries Notes Local Funds with Target Maturity -46% -90% -48% €(3.9) €19.9 €22.5 €(0.7) €2.3 €3.1 Treasury Bonds Treasury Notes Local Funds with Target Maturity -83% -88% -86% Flows into conservative products The organic flow engine is back Flow opportunity expected in 2025 and beyond Net Flows in Spain FY23 FY24 9 Net Flows in Italy Figures in €bn Figures in €bn Note: FY 2024 financial data unaudited Sources: Inverco, Morningstar, Banco de España, Banca d´Italia, Ministero dell'Economia e delle Finanze and Morningstar. Figures as of December 2024 €28 bn €31 bn 2025 Maturity Asset Pool €28 bn€31 bn Treasury Notes Local Funds with 2025 Maturity €33 bn €7 bn Spain €58 bn Italy €40 bn Short-term opportunity for Allfunds 103 179 214 2022 2023 2024 Cumulative L3Y ~500 Net Flows into money market UCITS in Europe – last 3 years Figures in €bn If interest rates in Europe keep going down, the natural next step for some of this money would be to switch towards Fixed Income, Equity and Multi-Asset products, resulting in cross-border funds and Allfunds capturing flows
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10 Unleashing Growth: our core business thrives with the improving investment cycle 01
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1,287 1,558 1,503 93 29 (43) (55)61 Allfunds AuA 2023 Market Performance Flows from existing clients 13 Migrations 21 D&E Variation Outflows from Discontinued Operations Allfunds AuA 2024 Full exit from Discontinued Operations as of 1 Jan 25 Allfunds AuA PF 2024 1,384 73 Allfunds Assets under Administration excluding Discontinued Operations have seen an increase of 16.8% driven by: Exceptional market performance of €93bn, reflecting our alignment with the macroeconomic cycle Robust flows from existing clients of €29bn Record migrations of €73bn with significant contributions in the UK, Italy and Asia. Excluding the business of Intesa (3), migrations exceeded expectations (€61bn) Growth since Dec 23 10.5% 3.2%% Over BoP AuA (1) Note: AuA refer to Assets under administration at End of Period (EoP) as of 31 December 2024. FY 2024 financial data unaudited (1) % over BoP AuA is defined as volumes of AuA in any given year as a percentage of Platform service AuA on the Group’s platform at the beginning of the relevant financial period (BoP). Figures calculated based on Platform service AuA, which amounted to €888bn. (2) Includes Credit Suisse book, including outflows (flows from existing clients) as well as market performance in Credit Suisse boo k during the year (3) Migrations take into account the €12.6bn acquisition of FAMI, ISP-Fideuram paying agent business for proprietary offshore funds, as part of the Intesa renewed partnership (highlighted as a separate blue). See slide 29 for further details (4) Refers to flows (sum of AuA coming from existing clients and market performance, excluding migrations) increase on Dealing & Exe cution portfolio 8.3% Figures in €bn 11 Igniting our 3 growth engines Allfunds AuA bridge 01 Unleashing growth +17% (3) Platform Service: €888bn D&E: €400bn Platform Service: €1,083bn D&E: €421bn (4) Discontinued Operations AuA (2) +22% vs FY23 (2) AuA ex-Discontinued Operations
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(5.0) 6.4 20.8 27.9 (11.1) (11.5) 0.6 (10.6) (12.1) 3.3 6.1 9.7 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 YTD as of 21 Feb 6.9 25.8 20.4 15.6 (8.3) (5.7) (7.7) 9.5 14.6 Inflows from existing clients are entering a brighter period 14 consecutive months of positive flows, poised to benefit from new positive investment cycle 12 Flows from existing clients(1) – Quarterly evolution (2020 – Feb 2025) Figures Ex-DO in €bn Note: FY 2024 financial data unaudited. All figures excluding Discontinued Operations (1) Platform Service flows from existing clients excluding Discontinued Operations 01 Unleashing growth Organic flows L3M Average Worst years for financial markets in more than a decade and temporary halt in shift towards open-architecture €29bn €90bn €(37) bn €(30) bn €29bn
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24.5% 20.4% 14.3% 9.2% 9.2% 8.2% 7.1% 7.1% 57.1%25.7% 14.3% 2.9% 2024 Migrations: paving the way for 2025 and beyond 27.0% 23.0% 13.5% 10.8% 10.8% 5.4% 5.4% 2.7% 1.4% Growth mainly coming from expansion markets +40% growth y-o-y Maintained focus on mid- sized clients, with exceptional few “big whales” 43% of the onboarded clients have been captured from other platforms / legacy providers Predominance of FHs from Europe, Luxembourg and UK, with more than 20% being Alternative Asset managers +21% growth y-o-y Small and mid-sized clients, our sweet spot New clients diversification Capturing segment share from competitors New Fund houses onboarded from core marketsby Size % based on total AuA of migrations by Region % based on number of distributors onboarded by Origin % based on number of distributors onboarded 98 13 Note: FY 2024 financial data unaudited (1) Refers to Central and North of Europe (2) Refers to Southern & Eastern Europe (3) Refers to Middle East and Africa. (4) Percentages based on migrations excluding FAMI, Intesa SP-Fideuram paying agent business for proprietary offshore funds, amounting to €61bn (3) 74 €73bn(4) CNE Asia Americas SEE ME&A UK & IE Iberia France Benelux (1) (2) (3) €100m - €500m €1bn - €5bn €500m - €1bn > €5bn 01 Unleashing growth 74 27.0% 43.2% 29.7% Shift from in-house to outsourced model Captured from platforms / legacy providers New in open-architecture model Luxembourg UK and Ireland Rest of Europe ME&A France Asia Rest of World Nordics
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Progress on our new proposition A comprehensive, integrated suite of best-in-class solutions New ETP platform Private markets platform Long-only platform Tech Solutions Data Analytics ESG Regulatory Blockchain Investment Solutions Consolidation of Alternatives Solutions €19.4bn AuA with €10.1bn in distribution, growing at 81% Good progress in the infrastructure needed to launch the platform in 2025 and key hirings in Sales/Ops/Data to lead the next chapter Strong core business Key milestone of €1.5 trillion AuA 3 engines back to growth, and entering an even brighter era Flywheel, fuelling momentum 14 01 Unleashing growth
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15 Private markets platform, sailing with strong structural tailwinds02
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Note: FY 2024 financial data unaudited Source: Novantigo, ESMA, Allfunds research and Annual Global Private Wealth Survey by Hamilton Lane (1) Evergreen funds include UCI Part II private markets funds and open -end RAIFs. AuM based on products tracked by Novantigo, may be underestimated Figures in €bn European wealth products enjoy high growth 16 59%of wealth managers plan to allocate 10% or more 56% of wealth managers are willing to increase their asset allocation in private market strategies Private assets allocation expectations 0%1-5%5-10%10-20%20%+ of book of business Increase Stay the same Not sure 56% 42% 1% 2% Change in % of total book allocated to private markets % of book to be allocated to private markets in 2025 Private markets are becoming bigger 02 Private markets, strong tailwinds 18% 2023 Q3 2024 Q3 45 73 +62% ELTIF Evergreen(1) New product launches in private assets for the Wealth segment This is creating a perfect market dynamic for distribution of these products through platforms +77% growth in launches of private assets products for Wealth Traditional fund houses are now launching these products too (e.g. JP Morgan AM, Neuberger Berman, PGIM) In addition, local products (LTAF, FCR) are also getting traction amongst international fund houses (e.g. Apollo, Schroders) Growing appetite for private market funds Demand: Private Market allocations are increasing, while new products are coming to market at a rapid pace
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Allfunds Alternatives Solutions , the start of an exciting future €19.4bn of Alternatives, of which €10.1bn in distribution growing at 81% Source: FY 2024 financial data unaudited (1) Distribution includes APP program and other local products distribution (i.e. other ELTIFs, FCRs) 5.6 10.1 9.2 2023 9.4 2024 14.8 19.4 Distribution AuA Execution AuA Figures in €bn (1) Alts business is growing exponentially 17 More than 320 Distributors are investing in Alternative investments via Allfunds, at an accretive revenue margin: — Strong demand from Swiss, Asian and Italian clients — Pipeline of 20 new distributors expected to join Allfunds for our Alternatives Solutions in 2025 (from Switzerland, Spain, Nordics) As of December, 144 Alternative asset managers were available on our platform Allfunds Private Partners (APP) is setting the stage for unprecedented achievements: — Acceleration of organic flows in the 2H of 2024 — New additions to the programme: J.P. Morgan Asset Management and ARES Management Corporation have joined as Private Partners 02 Private markets, strong tailwinds +81% Alts Non-APP - AuA 0.2 1.4 2023 2024 >100% Figures in €bn AuA under Distribution Deep Dive Allfunds Private Partners - AuA 5.4 8.7 2023 2024 +63% Figures in €bn
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18 Developing a Cutting -Edge ETP Solution03
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Source: Allfunds analysisSource: Allfunds Distributor Survey conducted in Q3 2024 Source: Allfunds analysis 19 European ETPs offer a high growth opportunity Demand and supply dynamics support a significant addressable opportunity in high value ETP segments Record net flows of c.€250 bn in 2024 with Active and Thematic growing x11 YoY €2.2 TN AuM +33% YoY Source: Morningstar Thematic defined as Sector as per Morningstar categories Product innovation focused on adding value beyond core index trackers +50% Active and Thematic launches YoY Intend to invest in Active and Thematic ETPs in the short-term >75% of our distributor clients Source: Allfunds Distributor Survey (Q4 2024) Projected for European Active and Thematic ETPs >€1 TN AuM by 2030 Source: Allfunds’ own estimatesSource: Morningstar Thematic defined as Sector as per Morningstar categories 03 Cutting-edge ETP solution
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1 Launch ETPs (Manco Solutions) 2 Distribution platform 3 Allfunds Navigator 1 Premium ETPs 2 Best Execution 3 3in1 solutions (ETF, MF, Private Assets) 20 One stop shop First cross border ETP end -to-end platform For Issuers For Distributors End-to-end platform enhanced by built -in distribution Empowering the wealth and retail space with cutting edge institutional trading and distribution capabilities 03 Cutting-edge ETP solution
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ETP Roadmap and key milestones to launch 21 Full End Platform Roll-out Testing Distributors Pilot phase (Clients from all regions and segments already selected) First ETFs issues within White Label manco New Trading platform development New End to End Dedicated ETP Team onboarded New ETP ecosystem partnership in place Proposition validated and survey with over 100 clients done (Q4 2024) Q4 2025Q1 2025 Q2 2025 Q3 2025 03 Cutting-edge ETP solution
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22 Building a high -quality, growth accretive subscription business04
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Subscription -based revenues delivering double-digit growth and poised for acceleration 23 Subscription revenues Figures in €m Double-digit subscription revenue growth 59 67 2023 2024 +13.3% Broadening our scope: international growth and diversification Global Growth: significant deal value expansion in US & LatAM, Italy, Middle East and Asia Note: FY 2024 financial data unaudited (1) Annualized 12-month revenue expected from customer contracts. Includes both revenue that is currently being recognized and reven ue that has been contracted but not yet recognized in the P&L (2) Deal value considers ARR (Annual Recurring Revenues) and set -up fees (3) Pipeline figure takes into account deal value based on engaged clients that have requested a formal proposal in one or more p roducts (4) Calculated as 1 minus churn rate. Churn figures based on ARR lost vs existing ARR 04 High-quality, growth accretive Dec 2023 Dec 2024 54 63 +17% Figures in €m High-teens contracted ARR(1) growth Subscription business – Key metrics in FY 2024 Deal value(2) breakdown by region +55 Increase of new clients in 2024 +37% YoY >90% Retention(4) Global UK & Ireland CNE US & Latam Italy France & Benelux Iberia MENA Asia 16% 15% 15% 14% 12% 9% 8% 6% 6% ~€30m Pipeline(3)
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Wide range of products Successful product launches Sustainability Navigator Tool for constructing sustainable investment portfolios in line with SFDR regulation Allfunds Navigator Intelligent assistant launched to help users navigate the fund universe efficiently ANA White Label Fund Hosting Platform Supports mutual funds and ETFs in Luxembourg and Ireland, connecting fund managers with Allfunds’ distribution network Fund Registration & Regulatory Reporting This service helps asset managers enter new markets, comply with regulations, and streamline fund registration and document publication. Combines AI and machine learning with Allfunds’ digital ecosystem to provide market insights and identify opportunities 24 04 High-quality, growth accretive
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25 Álvaro Perera CFO Financial update
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Figures in €m FY 2024 FY 2023 %Y-o-Y growth Excluding Discontinued Operations %Y-o-Y growth ex-DOFY 2024 FY 2023 Net revenues 632.1 545.5 610.8 518.1 Adjusted EBITDA 422.2 359.2 400.9 331.8 Adjusted EBITDA margin 66.8% 65.8% 65.6% 64.0% Adjusted Profit After Tax 252.7 216.9 231.4 189.5 Adjusted EPS (1) 0.41 0.35 0.38 0.31 Free Cash Flow 238.1 202.7 216.9 175.3 Soaring to new heights Record revenues, Adjusted EBITDA and Adjusted Profit After Tax Note: FY 2024 financial data unaudited. “Ex-DO” refers to excluding Discontinued Operations (Credit Suisse book) (1) Average shares for FY 2023 amounted to 618,788,623. Average shares for FY 2024 amounted to 609,732,402 26 +18% +16% +18% +21% +22% +24% +24% +16% +18% +17% 1 p.p. 2 p.p.
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Note: FY 2024 financial data unaudited. All figures excluding Discontinued Operations (1) LTM stands for Last Twelve Months Our revenue growth takes off Both Platform and Subscription revenues growing at double-digit LTM revenues have surged, reflecting our exceptional growth and market momentum Platform revenues Platform revenues growing at 18% Double-digit growth across all segments of revenues Reduced relative weight of commission revenue from 58% to 54% of total revenues Subscription revenues Subscription revenues growing at 13% vs FY 2023 27 Figures in €m LTM revenues(1) Figures in €m Net revenues 300.4 332.0 82.5 110.2 76.4 102.058.8 66.6 FY 2023 FY 2024 518.1 610.818% Subscription revenue Net Treasury Income Transaction revenue Commission revenue 440 460 480 500 540 560 520 580 380 600 400 620 360 420 Q1 22 Q2 22 Q4 21 Q4 22 Q1 23 Q2 23 Q3 23 Q3 22 Q1 24 Q2 24 Q3 24 Q4 24 Q4 23
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Platform margin evolution Shift to non rebate-earnings AuA evolution (3) (2017- 2024) 29% 71% 2017 18% 82% 2020 11% 89% 2024 Rebate-earning AuA Non-rebate earning AuA Improved margin in Platform service and stable D&E margin Rebate-earning AuA still shifting towards non- rebate earning model from 18% in 2020 to 11% in FY 2024 Stable commission income margin Stronger margin thanks to: — Transaction-based revenues contributing an additional 0.1bps linked to higher transactions in the platform — Net treasury Income margin increasing 0.2bps because of higher cash levels Deep dive on platform margin (bps) Note: FY 2024 financial data unaudited. All figures excluding Discontinued Operations (1) End of Period AuA as of 31 December (2) Calculated as average annualised revenues over average AuA. For platform service, average AuA amounted to € 836bn and €972bn in 2023 and 2024, respectively. For D&E, average AuA were €399bn and €412bn in 2023 and 2024, respectively and for Total AuA average AuA amounted to €1,235bn and €1,385bn in 2023 and 2024, respectively (3) Based on Total AuAs FY 2024, taking into consideration all countries and not just countries under MiFiD II. Historical figures including Discontinued operations Strong increase in Platform revenue margin 28 2.4 2.4 0.7 0.8 0.6 0.7 FY 2023 0.2 0.1 0.0 FY 2024 3.7 3.9 NTI Margin Transaction-based Margin Commission revenue Margin Platform service Dealing & Execution Total AuA Dec 2023 (1) (€bn) 888 400 1,287 FY 2023 Platform Margin c. 5.4 bps(2) c. 0.2 bps(2) c. 3.7 bps(2) AuA Dec 2024 (1) (€bn) 1,083 421 1,503 FY 2024 Platform Margin c. 5.5 bps(2) c. 0.2 bps(2) c. 3.9 bps(2)
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Allfunds client base: highly diversified, thanks to the continuous onboarding of new clients Note: FY 2024 financial data unaudited.”Ex-DO” refers to excluding Discontinued Operations (Credit Suisse book) (1) No less than 5 years following the expiration of current exclusivity term finalizing in November 2025, in exchange of an aggr egated payment of €60 million (2) Framework agreement to be further detailed with regards to the particulars of the service terms by the relevant Santander units, to extend the current collaboration (3) Allfunds has made an upfront payment for this business of €20m, already reflected in 1H interim report (4) Refers to Strategic partners, as per IPO prospectus Net revenues by type of distributor 29 58% 42% 2020 74% 26% 2023 76% 24% 2024 78% 22% 2024 PF ex-DO Rest of Distributors Key Strategic Distributors Extension of Strategic partnerships (1) • Allfunds and Santander have strengthened their relationship through a collaboration framework under which they have agreed to collaborate across different areas including: • Santander to remain a strategic platform service client of Allfunds(2) • Allfunds to use the SWIFT bureau services of PagoNxt • Allfunds and Santander Wealth Management & Insurance Division to explore different opportunities with regards to digital tools and technologies Agreement with Santander Agreement with Intesa • Allfunds and Intesa have reinforced their partnership through a strategic agreement • Intesa will remain a strategic platform service client of Allfunds • The partnership has been expanded: Allfunds has taken over the paying agent activities of Intesa in connection with its proprietary offshore funds managed by Fideuram Asset Management International (FAMI) (3) (4)
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Figures in €m Significant positive jaws despite inflation and strategic investments Costs increase of €15.7m (+8%) like for like Cost driven by higher inflation, currency effect and increased investments in line with our strategic ambition to develop our digital capabilities and IT infrastructure Personnel • Inflation and currency effect • Key hires in strategic initiatives and new senior appointments in IT & Ops team • Partially offset by efficiency programs launched in 2023 in Italy and Poland after consolidation of IT platforms SG&A • +7% increase driven by higher variable costs due to higher transactional activity and boost of our subscription business • Fixed costs increase (6%) driven by inflation and tech enhancements Costs bridge 30 Cost-to-income ratio (%) Pro forma for full year of Iccrea and MainStreet 79.5 80.1 86.0 114.4 0.6 121.6 2.6 131.4 Rebasement due to Bonus Adj. and FY M&A FY 2023 LfL(1) 5.2 Inflation & FX 4.5 Net Hires & Exits(2) 2.0 Variable Costs 1.4 Tech Enhancement FY 2024FY 2023 7.2193.9 201.7 217.4 +7.8 (+4%) +15.7 (+8%) Note: FY 2024 financial data unaudited. All figures excluding Discontinued Operations (1) FY 2023 Like for like costs including rebasement variable compensation adjustment and FY M&A (2) Net hires & exits include full-year impact of previous year net hires FY 2023 (1.8)% Var. 35.6% FY 2024 37.4% Personnel SG&A
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Note: FY 2024 financial data unaudited. All figures excluding Discontinued Operations Sustained Adj. EBITDA growth, margin expansion and strong cash -flow generation Growth paired with operational leverage 31 Figures in €m Adjusted EBITDA Figures in €m Reported EBITDA 331.8 400.9 FY 2023 FY 2024 21% 292.0 380.0 FY 2023 FY 2024 30% Adj. EBITDA Margin EBITDA Margin Improved cash flow generation Figures in €m 175.3 216.9 FY 2023 FY 2024 +24% 65.6%64.0% 62.2%56.4%
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Capital light business, strong capital generation and low leverage 32 Figures in €m Pillar 1 RWAs – Dec 2024 Figures in €m CET1(1) 979 1,073 1,167 652 17 Dec 2023 11 Dec 2024 2,163 1,735 -20% Market Risk Credit Risk Operational Risk 392 315 106 282 Dec 2023 Dec 2024 498 596 +20% Reduction in Credit Risk RWAs driven by revised accounting treatment of revenue in accordance with IFRS 15: intermediation commissions accounted for on a net basis in the income statement as opposed to gross. Neutral from a P&L perspective: - c. €700m reduction in RWAs vs June 2024, freeing up c. 130m of capital Significant increase in the capital buffer above regulatory minimum Over €280 million in excess capital and low leverage (reducing leverage to 0.3x Adj. EBITDA) (2) CET 1 ratio (%) Minimum regulatory CET1 Excess capital 263 129 0.73x Dec 2023 0.31x Dec 2024 Net Financial Debt(3) Leverage ratio Figures in €m Net Financial debt Note: FY 2024 financial data unaudited. Perimeter of Allfunds Banking Group, see slide 52 for further details (1) Before proposed 2024 dividend (2) See slide 51 in Appendix for further details (3) Net Financial Debt calculated as Gross Financial Debt minus cash at plc level minus notional excess capital above minimum reg ulatory requirement 34%23%
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Our capital allocation framework remains effective, with a laser focus on value generation for our shareholders 33 Strategic M&A Share buybacks Capex Consistent capital allocation since 2021 Shareholder remuneration >55% Note: FY 2024 financial data unaudited (1) Including 2024 dividend proposal and share buyback programme in the next 2 years • We continue to invest in the future of the company , and in parallel, we monitor the market to assess the best risk adjusted returns for shareholders to deploy the excess cash that we generate • Our substantial existing cash balances and material current and expected cash generation growth create the opportunity to continue returning capital to our shareholders • Request approval to AGM: — €80m dividend (0.131€ per share), representing a payout ratio of 32% and a DPS growth of 40% — €250m share buy-back programme to be executed up to two years. Shares bought back will be cancelled Dividends 32 57 58 80 50 50 250 10 2022 2023 2024 2025 Share Buyback Dividend 3 4 1 2 Figures in €m Dividend and share buybackCapital Allocation since 2021 (1) Dividend per share €0.050 €0.090 €0.094 €0.131 Proposal for next AGM x1.4 x5
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34 Looking ahead: continuation of momentum leading to double digit structural growth 2025 Outlook Comments Market performance assumptions Flat contribution for the remainder of the year 3% contribution at 21 February Net Flows(1) (incl.migrations) (% BoP) High single to low double digit €40-60bn of migrations and 4% to 5% of organic flows, continuing upward trend Platform service AuA growth (%) Low double digit (c. €1.2tr) D&E growth expected in line with market performance Total Revenue (excl. NTI) growth (%) Double digit to low teens Double digit Platform Service Revenue growth (ex-NTI) with growth in every segment of revenues Mid to high teens subscription revenue growth Total Revenue (incl. NTI) growth (%) Mid-single digit NTI share of revenue expected to decrease from 17% to c. 11% Adj. EBITDA Margin (%) c. 50 bps margin expansion Current margin of 65.6% Note: FY 2024 financial data unaudited. Metrics rebased to perimeter excluding Discontinued Operations (Credit Suisse book) (1) Net flows is the sum of flows from new clients (migrations) and flows from existing clients
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35 Allfunds Capital Markets Day Early 4Q 2025
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36 Q&A
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37 Appendix
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Figures in €m FY 2024 FY 2023 % Y-o-Y change 2H 2024 1H 2024 % H-o-H change Net platform revenues 565.5 486.7 16% 287.1 278.3 3% Net subscription revenues 66.6 58.8 13% 35.3 31.3 13% Net revenues 632.1 545.5 16% 322.4 309.6 4% Adj. Personnel Expenses (131.4) (114.4) 15% (69.4) (62.0) 12% Adj. SG&A (86.0) (79.5) 8% (43.1) (43.0) 0% Adjusted Expenses (217.4) (193.9) 12% (112.5) (104.9) 7% Other operating income / (Expense) 7.5 7.6 (2)% 2.0 5.5 n.m. Adjusted EBITDA 422.2 359.2 18% 211.9 210.3 1% Adj. EBITDA margin % 66.8% 65.8% 1.0 p.p. 65.7% 67.9% 2.2 p.p Finance costs (27.5) (15.6) n.m. (13.5) (14.0) (4)% D&A (excl. PPA intangibles amortisation) (43.4) (39.5) 10% (21.8) (21.6) 1% Provisions (1) (4.1) (3.2) 29% (1.5) (2.5) n.m. Adj. Profit Before Tax 347.2 301.0 15% 175.1 172.1 2% Adj. Cash tax (2) (94.5) (84.1) 12% (47.1) (47.5) (1)% Adj. Profit After Tax 252.7 216.9 16% 128.0 124.7 3% Adjusted EPS 0.41 0.35 18% 0.21 0.20 1% Memo: Separately disclosed items (21.0) (39.8) (47)% 2.1 (23.1) n.m. Reported EBITDA 401.2 319.4 26% 214.0 187.2 14% EBITDA margin % 63.5% 58.6% 5 p.p. 66.4% 60.4% 6 p.p. Note: FY 2024 financial data unaudited (1) Recurring provisions related to the normal course of the business (2) Tax expense in FY 2024 based on 27% cash tax rate over Adjusted PBT (including tax step -up) FY 2024 – Income Statement Reported record revenues for FY 2024, reflecting a substantial 16% year-over-year growth Increase of costs in the 2H 24 due to higher variable compensation recognised Adjusted EBITDA grew by 18% to €422 million, fueled by robust Transactional and NTI contributions Adj. EPS benefited by the amortisation of shares due to the SBB carried in 2024 Growth in EBITDA of 26% Y-o-Y driven by a reduction in separately disclosed items due to lower TSAs, M&A costs, and positive impact from revaluation of MSP put option 38
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5Y Avg. 2017-2021 2Y Avg. 2022-2023 1.2% Q1 24 Annualised 2.6% Q2 24 Annualised 4.0% Q3 24 Annualised 4.0% Q4 24 Annualised 3.2% FY 24 8.6% (3.9%) Trends in Organic flows across different interest rate periods New investment cycle to benefit organic flow patterns 39 Organic flows(1) over BoP AuA (%) >5.4 pp Gap to a potential normalised interest rate environment No additional increase Interest rate environment Note: FY 2024 financial data unaudited. All figures excluding Discontinued Operations (1) Platform Service AuA excluding flows from Discontinued Operations. Annual calculations for organic flows, are based on the beginning of the relevant financial year AuA, on a like for like perimet er, excluding the effect of in-year M&A. M&A volumes are added to the following financial year starting AuA, updating the relevant perimeter for calculations 3rd & 4th ECB rate cuts (Oct and Dec) Beginning of expansionary policy 1st ECB rate cut (June) 2nd ECB rate cut (Sept) Rapid rate increase Stable/ expansionary policy Acceleration Q-o-Q in 2024
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Allfunds AuA breakdown Diversified EquityEmpowering growth with active investments Diversified Fixed income Multi-asset well balanced by Region % based on total Platform Service AuA by Style % based on total Platform Service AuA by Product % based on total Platform Service AuA 91.4% 8.6% Active ETFs/Passives 57.7% 16.1% 14.0% 8.1% 4.1% Global USA Europe Asia Rest 39.9% 15.3% 14.6% 13.1% 7.5% 5.9% 3.7% General Fixed income Corporate bonds Short-term High-Yield Emerging FI Sovereign debt Rest 24.6% 19.2% 19.6% 17.1% 6.7% 7.5% 5.2% Global - Balanced Global - Flexible Aggressive Conservative Balanced Target Maturity Rest by Product % based on total Platform Service AuA Significantly higher allocation to active products compared to the average in Europe (83%) Investment preference for global reach, with focus on US Strategic Fixed Income: High-Yield, Corporate, and European Focus Variety of asset-classes, with a predominance of balanced and flexible Note: FY 2024 financial data unaudited. All figures excluding Discontinued Operations 40
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Italy Iberia UK & Ireland RoE RoW France and Benelux Allfunds AuA breakdown Total Platform Service AuA Note: FY 2024 financial data unaudited. Based on Allfunds Platform service AuA. All figures excluding Discontinued Operations (Credit Suisse book) (1) Includes stock brokers / broker dealers, custodian, IFA platform, endowments / foundations, test, investment bank and others (2) Rest of Europe refers to Nordics and Central Europe (3) Rest of World includes Asia, US and LatAm by Asset Classby Type of Client by Geography 32% 30% 23% 25% 19% 18% 12% 11% 3% 3% 11% 12% 2023 2024 43% 42% 30% 29% 17% 18% 6% 6% 3% 4% 2023 2024 Equity Fixed Income Multi-Asset Guaranteed/MM/Others Alternative UCITS 39% 38% 19% 19% 11% 14% 11% 11% 10% 10% 9% 8% 2023 2024 (1) (2) (3) Private Banks Insurance Asset Management Custodian Others Bank 41
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Deep dive on flows from existing clients Excluding Discontinued Operations Flows from existing clients breakdown (FY 2024) Note: FY 2024 financial data unaudited. All figures excluding Discontinued Operations (Credit Suisse book) (1) Rest of the World considers Asia Pacific, US, Latin America and Middle East (2) Rest of Europe considers UK, Benelux, France, Northern, Central, Southern (ex -Italy and Spain) and Eastern Europe. (3) Flows from existing clients in private capital markets 42 By Quarter 3.3 6.1 9.7 9.5 Q1 24 Q2 24 Q3 24 Q4 24 4.8 5.7 6.0 12.0 Rest of World Italy Rest of Europe Spain (13.5) (3.6) (1.1) 1.8 12.4 32.4 Equity Multi Asset Alternative UCITS Alternative non-UCITS Money Market Fixed Income (13.5) (1) By Region (FY 2024) (3) (2) Figures in €bn By Asset Class (FY 2024) (7.5) (6.0) H1 H2 H1 2024 H2 2024
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Deep dive on flows from existing clients Flows from existing clients breakdown (FY 2024) 43 By Quarter (3.4) 5.7 4.7 (29.6) Q1 24 Q2 24 Q3 24 Q4 24 (42.9) 2.7 5.5 12.1 Rest of Europe Rest of World Italy Spain (40.4) (12.5) (2.3) 1.8 10.0 20.8 Equity Multi Asset Alternative UCITS Alternative non-UCITS Money Market Fixed Income (40.4) (1) By Region (FY 2024) (3) (2) Figures in €bn By Asset Class (FY 2024) Note: FY 2024 financial data unaudited (1) Rest of Europe considers UK, Benelux, France, Northern, Central, Southern (ex Italy and Spain) and Eastern Europe. (2) Rest of the World considers Asia Pacific, US, Latin America and Middle East (3) Flows from existing clients in private capital markets H1 2024 H2 2024 (31.2) H2 (9.1) H1
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Deep dive into Alts - AuA under distribution Product breakdown in line with best-in-class 44 7% of Alts funds onboarded are ELTIFs as of today. 20+ ELTIF 2.0 are in the pipeline to be onboarded in the next couple of quarters 85% 15% Private Equity Multi-strategy Private debt Real Estate Rest 24% 19% 18% 10% 29% Private debt, real estate and multi strategy represent c. 50% of the funds 67% 26% 7% LUX funds (UCI and RAIF) ELTIFs Rest Semi-liquids Closed-ended Semi-liquids are the product of choice for distribution, although clients do also have access to closed-ended funds by Legal Framework % based on AuA by Type of Fund % based on AuA by Type of Product % based on AuA Note: FY 2024 financial data unaudited c.50%
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Deep-dive in our subscription business WealthTech Solutions Regulatory solutions ESG solutions Data Analytics ~42% ~34% ~6% ~10% ~3%(1) ~3% Suite of services and tools designed to drive the end-to-end wealth management proposition. Offers Software as a Service (SaaS) and On-Premise solutions to cater the wealth management needs of asset managers, banks & Wealth managers and Insurance companies, addressing market changes and client needs Licenses to access our digital ecosystem of powerful tools and services, that will help our clients increase sales, enhance efficiency, and deliver exceptional client service Helps clients to be compliant across multiple jurisdictions, helping to meet regulatory requirements to register funds in a new country. Allfunds’ platform simplifies regulatory documentation reporting for asset managers Supports clients to comply with ESG regulations in multiple jurisdictions, offering one stop solution for ESG that includes analysis, data and ESG reporting required to market their funds Offers Management Company (ManCo) services to banks, wealth managers, and institutional investors, assisting them in the creation and distribution of their own UCITS funds in Luxembourg and Ireland Provides unique data to its clients with advanced reporting with comprehensive data on their assets and flows. Allfunds’ market intelligence services provide access and insights to its deep, and for the most part real-time, transactional market data pool Contribution to FY 24 Subscription revenues Note: FY 2024 financial data unaudited (1) ManCo revenues refer only to the non-asset driven portion of Investment solutions 45 Connect Allfunds Professional Workstation Proprietary software and network for increased operational efficiency and transparency. An opportunity to deliver savings in a blockchain ecosystem ~1%Allfunds Blockchain ManCo
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46 Transformational Non-transformational Sustained investment in Capex Underlying capital expenditure of €55m for FY24 due to IT development projects to support the future growth of the Group and new initiatives, especially the Allfunds Alternative Solutions platform and the upcoming ETP platform Non-transformational Capex (1) as a % of net revenue Figures in €m Note: FY 2024 financial data unaudited (1) Excluding right-of-use asset additions under IFRS 16 as well as any M&A (i.e. Iccrea or FAMI) (2) Based on 2020 pro-forma net revenues of €370m (3) Transformational capex refers to infrastructure and data driven developments alongside with advancements of Blockchain and digit al capabilities 46 15.1 13.0 15.0 19.4 26.2 30.8 12.0 6.5 11.6 20.2 23.5 23.8 2019 2020 2021 2022 2023 2024 27.1 19.5 26.6 39.6 49.7 54.6 (3) 4.9%4.8%4.0%3.0%6.6% 3.5%(2)
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Net Treasury Income : record -high for a sustainable revenue stream Note: FY 2024 financial data unaudited (1) Other currencies refer to Great Britain Pound (GBP), Swiss Franc (CHF), South African Rand (ZAR), Chinese Yuan (CNY), Swedish Krona (SEK), Japanese Yen (JPY), Hong Kong Dollar (HKD) Figures in €m Average cash balances 47 Strategically invested: c.70% in Central Banks and 75% in Euros By type of investment 2,257 2,639 Dec 2023 Dec 2024 +17% By currency 67.4% 23.8% 8.8% 74.9% 18.7% 6.4% Euro US Dollar Other Central Banks Cash Accounts Term deposits (1)
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Note: FY 2024 financial data unaudited. Sustained Adj. EBITDA growth and margin expansion 48 Figures in €m Adjusted EBITDA Figures in €m Reported EBITDA 359.2 422.2 FY 2023 FY 2024 18% 319.4 401.2 FY 2023 FY 2024 26% Adj. EBITDA Margin EBITDA Margin66.8%65.8% 63.5%58.6%
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Strong and sustained cash generation Growth + operational leverage + capital light business 49 2024 cash flow generation Figures in €m 400.9 216.9 Adj. EBITDA FY 2024 (54.6) Capex excluding IFRS16 / M&A (7.4) Rental expense (27.5) Finance costs (94.5) Normalised cash tax expense Normalised Free Cash Flow FY 2024 Note: FY 2024 financial data unaudited. All figures excluding Discontinued Operations (1) CAPEX figure excluding payments in connection with acquisitions or deferred payments on extension of exclusivity agreements (2) Refers only to the cost of financing due to RCF (3) Tax expense based on 29.0% cash tax rate over Adjusted PBT (1) (2) (3)
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Strong and sustained cash generation Including Discontinued Operations 50 (1) Improved cash flow generation 2024 cash flow generation (2) Figures in €m Figures in €m 422.2 238.1 Adj. EBITDA FY 2024 (54.6) Capex excluding IFRS16 / M&A (7.4) Rental expense (27.5) Finance costs (94.5) Normalised cash tax expense Normalised Free Cash Flow FY 2024 202.7 238.1 2023 2024 +17.5% Note: FY 2024 financial data unaudited (1) Refers only to the cost of financing due to RCF (2) Tax expense based on 27.2% cash tax rate over Adjusted PBT (including Discontinued Operations)
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Net financial debt / Adj. EBITDA ratio(3)Net financial debt (2023 – 2024) 51 Allfunds has currently a low leverage ratio Additional leverage capacity Figures in €m Dec 2023 Dec 2024 Gross financial debt at Plc 370.0 412.0 Cash at Allfunds Group Plc (1.5) (1.4) CET1 capital 498.1 596.1 Min. Capital required (1) (392.3) (314.6) Excess capital at Bank level (105.8) (281.6) Net financial debt (2) 262.6 129.0 Note: FY 2024 financial data unaudited. All figures excluding Discontinued Operations (1) Minimum capital requirement assumes a min. CET1 ratio of 18.13% as of December 2023 and December 2024, respectively (2) Net Financial Debt calculated as Gross Financial Debt minus cash at plc level minus notional excess capital above minimum reg ulatory requirement (3) Calculated as Net Financial Debt over Adj. EBITDA 0.79x 0.32x Dec 2023 Dec 2024
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Reduction in Credit Risk RWAs driven by revised accounting treatment of revenue in accordance with IFRS 15: Intermediation commissions accounted for on a net basis as opposed to gross basis, in the income statement. Neutral from a P&L perspective As a result: — Positive impact in RWAs related to Credit Risk — Thanks to this accounting treatment, there has been a significant increase in the capital buffer Dividend proposal of €80m, proposal subject to AGM approval (7 May 2025) ALLFUNDS GROUP PLC (United Kingdom) Liberty Partners, S.L. Unipersonal (Spain) ALLFUNDS BANK S.A.U. Spanish bank (Spain) 100% 100% Entities supervised by Bank of Spain “Allfunds Banking Group” Figures in €m Dec-24 Dec-23 Change vs Dec -23 Amount % Credit Risk 652 1,167 (516) (44)% Operational Risk 1,073 979 93 10% Market Risk 11 17 (6) (35)% RWAs - Pillar 1 1,735 2,163 (428) (20)% CET1 (incl. Profit) 596 498 111 23% CET1 ratio (incl. Profit) 34.4% 23.0% n.a. 11 p.p. 1 1 Boosting Capital: accounting treatment enhances capital buffer thanks to lower RWAs Allfunds Banking Group - Solvency position 1 1 52 Note: FY 2024 financial data unaudited (1) Minimum capital requirement assumes a min. CET1 ratio of 18.13% as of December 2024
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Separately disclosed items - Items Affecting Adj. EBITDA - Figures in €m 2024 2023 Y-o-Y change (%) H2 2024 H1 2024 H-o-H change (%) Transitional Service Agreements (TSAs) (0.6) (2.5) (77.0)% (0.3) (0.3) 17.6% Consultancy costs, legal fees and M&A (5.4) (8.6) (37.5)% (2.5) (2.9) (11.7)% LTIP & exceptional compensation (13.1) (9.6) 35.6% (7.4) (5.7) 29.0% Spanish bank levy (7.0) (7.2) (3.2)% 0.0 (7.0) n.m. Restructuring (9.1) (8.4) 8.9% (3.9) (5.2) (24.5)% Other non-recurring items 14.2 (3.4) n.m. 16.2 (2.1) n.m. Total (21.0) (39.8) (47.4)% 2.1 (23.1) (109.2)% Reduction in consultancy costs in connection to less M&A, but higher legal fees TSAs related to Iccrea deal Spanish bank levy expected to disappear Other non-recurring items include Mainstreet Partners put option devaluation (amounting to €16m) Tax expense increased due to the exclusivity payments agreement non-deductibility in Italy The resulting adjusted cash tax rate, calculated over Adjusted Profit Before Tax, of 27.2%, compares with 27.9% for 2023: Excluding Discontinued Operations, cash tax rate would amount to 29.0% in 2024 Bridge from Adj. PAT to PAT - Items Affecting Adj. Profit / Loss for the year after tax 2024 2023 Y-o-Y change (%) H2 2024 H1 2024 H-o-H change Separately disclosed items (21.0) (39.8) (47.4%) 2.1 (23.1) (109.2%) PPA intangibles amortisation (137.1) (108.5) 26.4% (65.6) (71.6) (8.4%) Provisions and extraordinary results (259.9) (0.0) n.m. (259.9) (0.0) n.m. Tax expense (97.8) (66.9) n.m. (51.6) (46.2) 11.7% Adjusted cash tax expense(1) 94.5 84.1 12.4% 47.1 47.5 (0.8%) Total (421.2) (131.2) n.m. (327.9) (93.4) n.m. Note: FY 2024 financial data unaudited (1) Adj. cash tax expense in FY 2024 based on 27.2% cash tax rate over Adjusted PBT (including the impact of the tax step -up from Italy) Significant alignment of Adjusted and Reported figures 53
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Increase of EBITDA due to growth in revenues and discipline cost control Separately disclosed items mainly include: — LTIP & exceptional compensation due to objective centric benefits given — Restructuring costs in Poland and Italy — Spanish bank levy — Lower M&A costs; however, extraordinary legal expenses Increase in PPA intangibles amortisation related to the integration of Iccrea acquisition, and payments linked to the 2023 extension of exclusivity agreements Provisions refer to impairment of Discontinued Operations (write-off of CS Investlab goodwill and intangibles, as well as reversal of connected DTLs and DTAs) Higher tax expenses reflect the impact of the impairment in connection with the Discontinued Operations Bridge to reported figures 54 Figures in €m 2024 2023 % Y-o-Y change 2H 2024 1H 2024 % H-o-H change Adjusted EBITDA 422.2 359.2 17.5% 211.9 210.3 0.8% Transitional Service Agreements (TSAs) (0.6) (2.5) (77.0)% (0.3) (0.3) 17.6% Consultancy costs, legal fees and M&A (5.4) (8.6) (37.5)% (2.5) (2.9) (11.7)% LTIP & exceptional compensation (13.1) (9.6) 35.6% (7.4) (5.7) 29.0% Spanish Bank Levy (7.0) (7.2) (3.2)% 0.0 (7.0) n.m. Restructuring (9.1) (8.4) 8.9% (3.9) (5.2) (24.5)% Other non-recurring items 14.2 (3.4) n.m. 16.2 (2.1) n.m. Reported EBITDA 401.2 319.4 25.6% 214.0 187.2 14.4% Reported EBITDA margin 63.5% 58.6% 4.9 p.p. 66.4% 60.4% 5.9 p.p. Finance costs (27.5) (15.6) 77.0% (13.5) (14.0) (3.7)% D&A (excl. PPA intangibles amortisation) (43.4) (39.5) 9.8% (21.8) (21.6) 1.2% PPA intangibles amortisation (137.1) (108.5) 26.4% (65.6) (71.6) (8.4)% Provisions and extraordinary results (263.9) (3.2) n.m. (261.4) (2.5) n.m. Profit / (Loss) before tax (70.8) 152.6 n.m. (148.2) 77.5 n.m. Tax expenses (97.8) (66.9) 46.1% (51.6) (46.2) 11.7% Profit / (Loss) for the year after tax (168.5) 85.7 n.m. (199.8) 31.3 n.m. Note: FY 2024 financial data unaudited
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This presentation is delivered solely as reference material and is merely for information purposes. It does not constitute an offer to sell or a solicitation of an offer to buy any holdings and shares in any of the Allfunds group companies nor in any of the funds which may be available through Allfunds Bank, S.A.U from time to time. The Allfunds Group includes Allfunds Bank S.A.U. which is a Spanish credit entity duly regulated by the Bank of Spain and authorised by the Spanish Securities Market Commission (CNMV) to act as a broker and fund distributor and a wholly-owned Hong Kong incorporated subsidiary, Allfunds Hong Kong Limited that is licenced by the Hong Kong Securities and Futures Commission (SFC) to conduct the regulated activities of dealing in collective investment schemes and advising on collective investment schemes. Allfunds Bank, S.A.U. operates through branches in the United Kingdom (London) where it is authorised and regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), in Singapore where it is authorised by the Monetary Authority of Singapore (MAS), in Italy (Milan) where it is authorised by the Banca D´Italia, in Paris authorized and regulated by the Autorité de contrôle prudentiel et de résolution (“ACPR”) and Autorité des Marchés financiers (AMF), in Warsaw where it is registered with the Register of Entrepreneurs of the National Court Register and supervised by the Polish Financial Supervision Authority, in Luxembourg where it is authorised by the CSSF (Commission du Surveillance du Secteur Financiere), in Zurich where it is authorised by the Swiss Financial Market Supervisory Authority (FINMA) and in Stockholm, where it is duly authorised as a branch of a foreign bank and supervised by the Financial Market Supervisory Authority Finansinspektionen. In addition, Allfunds Bank S.A.U. has representative offices in Santiago de Chile registered with the Superintendencia de Bancos e Instituciones Financieras (SBIF), in Dubai, in the Dubai International Financial Centre (DIFC) which is regulated by the Dubai Financial Services Authority (DFSA), in Sâu Paulo, Brazil, duly registered with Banco Central Do Brasil, in Bogotá, Colombia, duly registered with the Superintendencia Financiera de Colombia (SFC) and in Miami where it is supervised with the Federal Reserved. In countries other than the ones referred to above, Allfunds Bank, S.A.U does not have a local branch nor a representative office and may have not requested the relevant licence to render investment services on a cross border basis. In this regard, this document should not be deemed as an offer of investment services by Allfunds Bank, S.A.U . Allfunds Bank, S.A.U shall decide at its own discretion or if it were stabilised by the local regulation to take the relevant steps to register with the local authorities in those other countries. No part of this material may be (i) copied, photocopied or duplicated in any form, by any means, or (ii) distributed to any person that is not an employee, officer, director, or authorized agent of the recipient, without Allfunds Bank, S.A.U prior written consent. The information in the document is and must be treated as confidential. Disclosure of any information contained in this document could give rise to a crime of confidence among others (save in respect for information that we have specifically agreed upon with you in writing or otherwise dealt with in this document, which is not confidential) except where (i) the disclosure of such information has been consented to by Allfunds Bank, S.A.U. (ii) such information is required to be disclosed pursuant to the applicable law and regulation and/or (iii) the relevant information is publicly available. If you are in any doubt as to whether information that we have provided to you, and which is in your possession is confidential please consult with Allfunds Bank S.A.U prior to the disclosure of such information. Should you wish to invest in funds not domiciled in your country of residence, please consult your local regulatory and tax requirements and/or consequences? You are also urged to take appropriate advice regarding any applicable legal requirements and any applicable taxation and exchange control regulations in the country of your citizenship, residence or domicile that may be relevant to the subscription, purchase, holding, exchange, redemption or disposal of any share in funds. We refer you to the information and relevant materials for a more complete discussion of the risks relating to an investment in any particular fund. You are urged to read all of the offering materials, including the entire prospectus, prior to any investment in any fund, and to ask questions of the investment manager or sponsor of such funds. Although certain information has been obtained from independent sources believed to be reliable, we do not guarantee its veracity, accuracy, completeness or fairness. Nevertheless, we have relied upon and assumed without independent verification, the accuracy and completeness of all information available from those independent sources. Copyright © 2025, Allfunds Bank, S.A.U. All rights reserved
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56 Investor Relations investors@allfunds.com +34 91 274 64 00