2025
Annual Report
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Letter from the CEO

Annabel Spring, CEO

Annabel Spring, CEO

“In 2025, we have sharpened our strategic focus with disciplined execution, while delivering strong business performance and progressing towards the transformational milestone of the announcement in January 2026 of the acquisition by Deutsche Börse.”

2025 Key Highlights

We are committed to continually reshaping the wealth industry. At Allfunds, our strategy is grounded in an unwavering pursuit of excellence. This commitment is driven by our people, who strive to deliver exceptional client service and create lasting value for all our stakeholders.

FY 2025 Key financial highlights

AuA

€1.76tn

Net revenues

€622m

(€640 million on the Constant perimeter, +4.8 in 2025)

Adjusted profit after tax

€265m

Adjusted EBITDA margin

67.9%

Normalised free cash flow

€247m

Who We Are

Allfunds is a leading global dealing and distribution platform within the wealth management industry. Defined by the breadth of its distribution network, strong global and local execution capabilities, a suite of value-added services, and by its buy free model, Allfunds has a longstanding track record of delivering growth, with AuA reaching an all-time high of €1.76 trillion.

Distributors

Extensive global access to mutual funds, ETFs, and alternative investments supported by fundamental services and a loyalty driven framework in which buying incurs no fees.

  • Private & Retail Banks
  • Insurance companies & Pension Funds
  • Wealth managers & Independent financial advisors
  • Custodian & Investment Banks
Distribution
Dealing & execution
VAS

Fund Partners

Access to one of the world's most extensive distribution networks by leveraging digital technologies, designed to boost fund sales and enhance connectivity.

  • Mutual funds
  • ETFs
  • Alternatives

Our Business Model

Integrated - Scalable - Trusted

Allfunds is leading global B2B distribution and dealing multi-product platform in the wealth management industry, connecting Distributors with Fund Partners. Its strength lies in the breadth of its distribution network, strong global and local execution capabilities and synergistic value-added services. This combination of deep expertise, exceptional client service, and innovation have made Allfunds what it is today.

The Allfunds platform amplifies value across its ecosystem, generating material benefits for both Fund Partners and Distributors. This self-reinformed dynamic is commonly referred to as the network effect.

ETF Platform

Our ETF platform became operational during 2026, marking a major strategic milestone for Allfunds. With strong demand building from both issuers and Distributors, we are well positioned to scale rapidly and drive long‑term growth across this expanding segment.

Alternatives

Allfunds connects Distributors and Fund Partners to private markets via a single platform, streamlining access, onboarding, and distribution at scale.

Value creation

Our business model has proven successful and resilient, evolving into well-diversified, multi-product platform. This diversification is reflected in our global footprint, with a local presence in 66 countries and 17 offices worldwide.

Sustainability

In 2025, Allfunds advanced its ambition to embed sustainability across the organisation, ensuring that environmental, social, and governance (ESG) priorities are integrated into the way we operate. Throughout the year, Allfunds made solid progress in delivering its ESG Strategic Plan 2026, approved by the Board of Directors in 2023.

Sustainability Priorities

People

In 2025, Allfunds continued to strengthen its commitment to building a high-performance, purpose-driven culture that supports innovation, collaboration and sustainable growth. Our people remain central to our success, and throughout the year we continued to invest in initiatives that attract, develop and engage talent across our organisation.

Risk Review

Prudence in risk management is a fundamental pillar of the Group's activities and services. The Group's organisational structure establishes a system of clearly defined delegations that support effective risk management.

Clear and robust corporate governance that supports long‑term sustainable value creation

David Bennet, Board Chair

David Bennet, Board Chair

“Irrespective of the ongoing transaction process (Deutsche Börse), the Board has ensured robust governance and oversight to safeguard continuity and protect the interests of all stakeholders. In the months ahead, our priority remains the delivery of business as usual, while keeping a disciplined approach to risk, capital and control.”

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