AlTi Global (ALTI) investor relations material

Executive summary

• Consolidated revenues reached $255M for FY 2025, up 29% year-over-year, with Q4 revenue at $88M, a 71% increase from the prior-year quarter, driven by AUM growth and strong incentive fees from the Arbitrage Fund.

• Assets under management (AUM) grew 10% year-over-year to $50B, supported by investment performance and the Kontora acquisition.

• Management fees totaled $198M for the year, up 9% year-over-year, and $53M in Q4, up 14% year-over-year.

• CEO transition announced: Michael Tiedemann stepping down, Nancy Curtin appointed Interim CEO, with continuity in strategy and leadership.

• Strategic simplification to a single segment after exiting the international real estate business, enhancing focus and transparency.

Financial highlights

• Adjusted EBITDA rose 45% to $35M for the year, with margins at 14%; Q4 Adjusted EBITDA nearly doubled sequentially to $11M.

• GAAP net loss was $155M for FY 2025, primarily due to non-cash and non-recurring items, including a $35M impairment in the Arbitrage Fund.

• Total operating expenses increased to $329M, mainly from higher compensation, integration of Kontora, and one-time items.

• Management fees totaled nearly $200M, up 9% year-over-year.

• Incentive fees for FY 2025 were $34.7M, with $31.7M in Q4, reflecting strong Arbitrage Fund performance.

Outlook and guidance

• 2026 expected to be a turning point as cost initiatives and platform efficiencies become more visible.

• Focus on topline growth through organic initiatives, collaboration, refined pricing, and private markets JV.

• Margin expansion targeted via zero-based budgeting and technology transformation for efficiency.

• Special committee continues to review strategic alternatives to maximize shareholder value.

• Financial flexibility maintained to capitalize on future growth opportunities.