AlTi Global (ALTI) Q4 2025 earnings summary

Executive summary

• Achieved 29% year-over-year revenue growth in 2025, reaching $255 million, with strong contributions from alternative strategies, recurring management fees, and a $29 million incentive fee from arbitrage strategy.

• Assets under management (AUM) grew 10% to $50 billion, driven by investment performance and the Kontora acquisition, which added $15 billion AUM.

• 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.

• Operational discipline through zero-based budgeting identified $20 million in recurring annual gross savings, most to be realized by end of 2026.

Financial highlights

• Total revenue for 2025 was $255 million, up 29% year-over-year, with Q4 revenue of $88 million, up 71% sequentially, boosted by incentive fees.

• Adjusted EBITDA rose 45% to $35 million, with margins at 14% for the year and 13% for Q4.

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

• Reported GAAP net loss of $155 million for the year, mainly due to non-cash, non-recurring items, including a $35 million impairment charge.

• Adjusted net income was $11.1 million, compared to a loss of $13.3 million in 2024.

Outlook and guidance

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

• Continued focus on organic growth, cost optimization, and technology investments to drive future profitability.

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

• Financial flexibility is maintained to capitalize on future growth opportunities.