Allfunds Group Aktie

Good morning, ladies and gentlemen, and welcome to the Annual General Meeting of Allfunds Group plc. As the time is now 12:00 p.m. BST and a quorum of members is present, I am pleased to call the meeting to order, and I hereby declare the Annual General Meeting open. My name is David Bennett. I'm the Chairman of the Board of Directors and will serve as Chair of today's meeting. Please allow me to introduce my colleagues, Annabel Spring, Executive Director and CEO; Lisa Dolly, Independent Non-Executive Director, Board Vice Chair and Chair of the Remuneration Appointments and Governance Committee; and David Perez Renovales, Independent Non-Executive Director and Chair of the Risk and Audit Committee. I would also like to introduce Mr. Amit Singh from Ernst & Young LLP, the company's external auditor. Finally, I would like to introduce Marta Oñoro, our General Counsel and Company Secretary, who will assist me in the conduct of this AGM.

Thank you, David, and good morning, everyone. According to the requirements of the Dutch law, I will begin by stating that 406,515,509 shares carrying all the same number of voting rights are present or represented at this meeting, either in person or by proxy. I will now briefly outline the agenda for today's Annual General Meeting. First, our CEO, Annabel Spring, will provide a brief overview of the market context, the group's business performance in 2025 and the progress made across our strategic priorities. Then the Chair of the Board will comment on the main corporate governance highlights for 2025. And finally, we will then open the floor to questions from shareholders before proceeding to a poll on the proposed resolutions. I will now give the floor to the CEO.

Thank you, Marta. Good morning, shareholders and guests, and thank you for joining us today at our Annual General Meeting. I'm delighted to welcome you and to thank you for your continued support of Allfunds. Now, importantly, before I continue, I'd like to remember Juan Alcaraz, the founder of Allfunds. 26 years ago, Juan saw what others didn't, the need to bring an open and neutral platform to really bring order to Europe's fragmented post-trade infrastructure. He built this business, and he made end-to-end fund distribution work at scale and gave UCITS global reach really for the first time. And it's been a tremendous honor to succeed Juan as Chief Executive Officer since June last year.

Now, since then, it's been a period of exceptional activity for Allfunds, a year in which we sharpened our strategic focus, we delivered strong business performance and also we reached a transformational milestone for the company. This is set against an interesting and complex wealth environment for wealth and for the asset management industry generally. At the same time as what has been a complex environment, long-term structural trends, though, including growing savings, increasing investor sophistication and the expansion of open architecture and outsourcing remain firmly in place. And these dynamics continue to support the role of scalable platform models such as Allfunds.

Allfunds against this backdrop delivered strong financial and operational performance in 2025. Assets under administration reached an all-time record of $1.76 trillion, up 17% year-on-year with net flows up 18%. On a constant perimeter basis, net revenue and adjusted profit after tax both grew by 10%, and our adjusted EBITDA margin strengthened to 68%, reflecting both disciplined execution and the scalability of our model.

We continue to expand our ecosystem, welcoming 64 new distributors and 90 new fund partners, and we now serve over 930 distributors and 1,450 fund partners across 66 countries. This performance reflects progress against 4 clear strategic priorities: firstly, accelerating international growth; secondly, expanding our product offering, particularly in ETFs and alternatives; thirdly, embedding continuous client-focused improvement through technology and automation; and fourthly, focusing on scalable, synergistic value-added services. International expansion remained a key driver with Asia and Latin America representing about 25% of platform migrations during the year, while our alternatives business continued to grow very strongly with assets reaching $33.8 billion, up 74% year-on-year. We also advanced client-focused improvement through targeted investments in automation, AI, of course, and blockchain. And we sharpened our portfolio of value-added services following a disciplined strategic review, creating key partnerships with MSCI and Waystone and exiting activities that are not aligned with our core model.

As David will speak about later, in January this year, we announced that Allfunds had agreed to be acquired by Deutsche Börse Group, subject to the regulatory and customary approvals. This proposed combination brings together two highly complementary businesses and has the potential to create a world-class player with global reach and deep local connectivity, which will be well positioned to support clients as the wealth and asset management industry continues to evolve. It reflects the long-term value and strategic relevance of the platform that we have built.

Finally, and importantly, I'd like to thank our people. Across the past year, our teams have continued to deliver strong results while navigating leadership transition and unfortunately, recently grief and significant corporate activity all at the same time. Their expertise, commitment and support of Allfunds in particularly difficult times remains central to our success. In closing, Allfunds enters this next chapter from a position of strength with a clear strategy, strong performance, a great team and an exciting future ahead. Thank you for your trust and support. I'll now hand it over to the Chair.

Thank you, Annabel. In my capacity of Chair of the Board, I would like to provide an overview of the main corporate governance highlights during 2025. But before doing so, I would like to begin with a very special remembrance in honor of Juan Alcraz, who sadly passed away recently, as Annabel mentioned. On behalf of the Board, I'd once again like to express our deepest condolences to the family and close relatives as well as our profound appreciation for Juan. As the founder of Allfunds, his vision, leadership and long-standing commitment were instrumental in building the company into the global platform it is today. His contribution has left a lasting legacy and firmly underpins the group's future success. Against the backdrop of a year of significant change marked by the successful transition of the Chief Executive Officer and the potential acquisition of the Allfunds Group by Deutsche Börse.

In 2025, the Board focused clearly on three key areas: Board renewal, strengthening our risk disclosures and oversight in line with the revised 2025 Dutch Corporate Governance Code while overseeing compliance with its other provisions and monitoring progress against our ESG strategic plan 2024 to 2026. 2025 has been a year of purposeful Board renewal. During the year, we continued the staggered Board renewal process initiated in 2024.

At the 2025 AGM, Lisa Dolly, JP Rangaswami, Delfin Rueda, Johannes Korp and Zita Saurel were reelected, ensuring continuity while avoiding excessive concentration of retirements in a single year. This phased approach continues today with the reelection of Annabel Spring and myself being submitted for shareholder approval. At the 2025 AGM, we were also pleased to welcome Marina Bellini and Hunter Philbrick to the Board. Their appointments have further strengthened our collective capabilities, particularly in technology, digital transformation and industry expertise, while also enhancing diversity in its broadest sense.

The Board remains firmly committed to maintaining the right balance of experience, skills and perspectives in the boardroom aligned with the evolving needs of the business. In June, Annabel Spring assumed leadership of the group, representing an important milestone for all funds. Since her appointment, Annabel has continued to drive execution of our strategy with strong momentum, building on the solid foundations created under Juan's leadership and further strengthening the Board's ability to support the group through its next phase of growth.

In parallel, progress was also made in executive and senior management succession planning, reflecting the Board's focus on leadership continuity and long-term talent development across the group. Corporate governance remains a core priority for all funds. Following the 2025 update to the Dutch Code, we enhanced our disclosures relating to internal risk management and control as well as the oversight exercised on these matters by the Risk and Audit Committee. These enhancements further strengthen transparency for shareholders and other stakeholders. In addition, throughout 2025, the company continued to demonstrate an excellent level of adherence to the principles and best practice provisions of the Dutch Corporate Governance Code as detailed in the corporate governance statement included in the annual report. Sustainability and responsible business practices remain fully integrated in the Board's oversight responsibilities. Through 2025, the Board closely monitored progress against Allfunds ESG strategic plan for the 2024, '26 period, overseeing the implementation of key environmental, social and governance initiatives.

Throughout the year, we continued to strengthen our sustainability performance through further progress on carbon footprint reduction -- sorry, carbon footprint reduction initiatives and improvement in employee training and development in diversity indicators, ESG assessment of suppliers and further improvements in external ESG ratings. These efforts reflect the Board's conviction that a strong sustainability framework is essential to long-term value creation and to maintaining the trust of clients, employees, investors and society more broadly. I'd also like to comment on the potential acquisition of Allfunds by Deutsche Börse. As you are all aware, on the 12th of March 2026, shareholders were invited to consider and vote on the proposed transaction of -- at the court meeting and general meeting convened under the U.K. Companies Act scheme of arrangement process. The resolutions were approved with 99.99% support at both meetings. The Board is grateful for this overwhelming endorsement, which sends a clear signal of confidence in the Board's judgment and in the strategic rationale presented.

While shareholder approval represents an important milestone, the transaction remains subject to the sanction of the U.K. court and the receipt of relevant regulatory approvals before it can become effective. I would like to reinstate the Board's firm commitment to ensuring robust governance, disciplined risk management and effective oversight in order to safeguard continuity and protect the interests of all stakeholders. Our focus continues to be on delivering business as usual while maintaining strong controls over risk, capital and operations.

Before concluding, I'd like to express my sincere thanks to all members of the Board for their availability, commitment and contributions over what has been a challenging year. The Board remains firmly focused on maintaining high standards of governance, effective oversight and responsible leadership, particularly in a period of transformation for the group. We believe that these foundations are essential to supporting Allfunds strategy and long-term success, whatever the next chapter may bring. Thank you for your continued trust and support. Before we proceed to the vote on the resolutions, all shareholders are now invited to ask any questions regarding the business of the meeting. Please note that only shareholders and their duly authorized representatives are entitled to speak. If you wish to ask a question, please indicate this by raising your hand, an attendant will take your name and if appropriate, the shareholder you represent, verify your entitlement to speak and introduce you to the meeting before you ask your question. Shareholders' questions will be addressed once all questions have been raised.

Okay. We will now proceed to the formal business of the Annual General Meeting as set out in the resolutions contained in the AGM notice. At this point, I'd like to advise you that the Board of Directors considers all the resolutions to be in the best interest of the company and its shareholders as a whole. Accordingly, the Board unanimously recommends that shareholders vote in favor of resolutions 1 to 12 inclusive.

I will now provide some information on the voting procedures. The notice of the AGM has been published on our website and copies are also available here today. So unless there are any objections, we'll take the AGM notice as read. Resolutions 1 to 7 are proposed as ordinary resolutions. These resolutions to be passed require a simple majority of the votes cast in favor. Resolutions 8 to 12 are proposed as special resolutions and do require at least 3/4 of the votes cast in favor in order to be passed. In accordance with the company's Articles of Association, resolutions will be decided on a show of hands unless a poll is duly demanded and further allow the Chair to demand a poll.

For ease of administration, I hereby demand that voting on all resolutions be conducted by poll. The company's Secretary will assist me in the conduct of the poll and the counting of votes.

Every shareholder present, either in person or by proxy is entitled to 1 vote for each ordinary share held. If you wish to vote for or against any resolution or to abstain, please fill in your voting card accordingly.

We will now proceed to consider each of the resolutions proposed at this meeting. Shareholders attending the meeting have already submitted their voting cards at the beginning of the meeting. Their votes together with the proxy instructions received ahead of the meeting have been counted. The results are as follows.

For Resolution 1, to receive the annual accounts and reports for the year ended 31st December 2025, 100% of the votes validly cast are in favor of the resolution.

I declare the resolution passed.

For Resolution 2, to approve the final dividend for the year ended 31st December 2025, 99.91% of the votes cast are in favor of the resolution and 0.09% against it.

I declare the resolution passed.

For Resolution 3, to approve the directors' remuneration report, excluding the directors' policy for the year ended 31st December 2025, 83.63% of the votes cast are in favor of the resolution and 16.37% against it.

I declare the resolution, which is advisory in nature, passed.

For resolution 4, to reelect David Bennett as a Non-Executive Director, 98.87% of the votes cast are in favor of the resolution and 1.13% against it.

I declare the resolution passed.

For Resolution 5, to reelect Annabel Spring as an Executive Director, 99.88% of the votes cast are in favor of the resolution and 0.12% against it.

I declare the resolution passed.

For resolution 6, to appoint Ernst & Young LLP as auditor, 99.99% of the votes cast are in favor of the resolution and 0.01% against it.

I declare the resolution passed.

For resolution 7, to authorize Directors to determine the auditor's remuneration, 99.99% of the votes cast are in favor of the resolution and 0.01% against it.

I declare the resolution passed.

For resolution 8, the authority to allot shares pursuant to Section 551 of the U.K. Companies Act 2006 under the terms referred to in the 2026 AGM notice. 97.81% of the votes cast are in favor of the resolution and 2.19% against it.

I declare the resolution passed.

For Resolution 9, the authority to allot shares according to Sections 570 and 573 of the U.K. Companies Act 2006 and to disapply pre-emptive rights under the terms referred to in the AGM notice, 98.99% of the votes cast are in favor of the resolution and 1.01% against it.

I declare the resolution passed.

For resolution 10, the additional authority to allot shares according to Sections 570 and 573 of the U.K. Companies Act and to be disapply pre-emptive rights under the terms referred to in the 2026 AGM notice, 97.75% of the votes cast are in favor of the resolution and 2.25% against it.

I declare the resolution passed.

For Resolution 11, to approve the terms of the ordinary buyback contract for off-market purchases and the authority for the company to purchase own shares off the market, 100% of the votes validly cast are in favor of the resolution.

I declare the resolution passed.

And for Resolution 12, the authority to call general meetings except AGMs on short notice, 97.71% of the votes cast are in favor of the resolution and 2.29% against it.

I declare the resolution passed. Thanks, Marta. Ladies and gentlemen, this concludes the formal business of the Annual General Meeting. I now declare the meeting closed, and I thank you for your attendance and continued support. Thanks very much.

Good morning, and welcome to Allfunds' Q1 2026 Trading Update Conference Call. Joining us in today's call, we have Allfunds CEO, Annabel Spring; and our CFO, Alvaro Perera. Annabel will make a brief introduction, and there will be a Q&A session that will follow. This conference call, as always, will be recorded, and an audio replay will be available at allfunds.com during the day.

So without further delay, I will hand it over now to our CEO, Annabel Spring. Over to you.

Thanks, Carlos. Good morning, everyone, and thank you for joining us today for Allfunds first quarter trading update. Turning immediately to the key financial metrics and business performance. First quarter demonstrated continued growth and momentum in client onboarding as we welcomed 21 distributors and 56 fund partners, broadened our product set and delivered further operating leverage, reinforcing the strength of our model.

What stands out this quarter is the strength and resilience of our platform. Assets under administration stood at EUR 1.766 trillion, broadly stable versus December, even in the face of what is very complex markets. Our platform service AuA increased by 14.6% on a year-on-year basis to EUR 1.253 trillion. Robust net flows of EUR 21.7 billion more than offset market impact of EUR 18.3 billion. Of the net flows, EUR 20.5 billion came from existing clients and EUR 1.2 billion from migrations.

Migrations were slightly lower than expected due to a delayed onboarding of a scale client. We are on track to deliver, however, the 100 billion to 120 billion net flow target for full year 2026. We also delivered a strong year-on-year increase in AuA within our D&E business, increasing 21% to EUR 512.3 billion, remaining broadly flat on a quarter-on-quarter basis.

Before moving on to the income statement and revenues, let me briefly mention our pleasing progress in alternatives, one of our key strategic initiatives. As of May 2026, we have a total of 233 alternative asset managers on our platform, an increase of 20 fund partners year-to-date. During the first 3 months of the year, we've seen 4.1 billion in net inflows in Alternative Solutions, taking the total AuA to 37.9 billion. All assets under distribution have also risen to 20.7 billion, a 68% growth over the same period last year. Our position as a leading platform for alternatives outside the U.S. continues to attract top-tier managers and distributors alike.

With that context in mind, let's take a closer look at our revenue performance. Total revenues were EUR 170.9 million, an 8.3% increase year-on-year. Excluding NTI, total revenue showed a solid structural growth of 10.3% year-on-year. Platform revenues for the first quarter reached EUR 157.8 million, an 8.4% increase compared with the same period last year. Platform margin, excluding net treasury income, was 3.1 basis points in the first quarter of 2026, remaining broadly stable.

Commission revenues were EUR 103.2 million, a 13.9% increase year-on-year, supported by significant growth in AuA. Transaction revenues rose to EUR 33.5 million, representing a 1.5% increase year-on-year, driven by sustained customer activity. Net treasury income showed a 3.9% decline year-on-year due to the lower interest rate environment. And finally, value-added services revenues increased by 7.6% on a year-on-year basis to EUR 13.1 million.

Since our last call, as we've already published, we have received shareholder approval for the [ Deutsche Börse ] transaction. We're working closely with them on the various regulatory approvals. At this point, there is no substantial update on that other than we are still progressing towards an expected first half close of the transaction.

Now with that, let me hand it back to Carlos, who will open for the Q&A session.

Thank you, Annabel. We will now open the floor for Q&A. Operator, Elliot, can you please proceed with the first question, including the name and company name of the caller?

[Operator Instructions] We have no questions. I hand back to you, Carlos, for any final comments.

Thank you, Elliot. All right. If there are any follow-up questions following the call, please contact the Investor Relations team, Javier, Diego, myself, we will be delighted to assist you. Otherwise, thank you very much for attending, and we will see you in the next call. Thank you.

Ladies and gentlemen, today's call has now concluded. We'd like to thank you for your participation. You may now disconnect your lines.

Good morning, and welcome to Allfunds 2025 Financial Results Presentation. Thank you for joining us today. This session is being broadcast live, and a replay will be available on our website later today. The presentation materials are already available on our corporate website.

Without further delay, let me pass it on to our CEO, Annabel Spring. Annabel, over to you.

Thank you, Carlos, and good morning, everyone, and thank you for joining us for Allfunds' Preliminary 2025 Results Presentation. We are pleased to walk you through a strong year of delivery, one in which our AuA reached EUR 1.76 trillion and one in which we made clear strategic choices to refocus Allfunds on its core strengths. I'll start with a brief recap of the recommended transaction, a strategic context and the key highlights of the year, and Alvaro will then present the detailed financials. And we will conclude, as we always do, with Q&A.

As you know, we've announced the Board recommended acquisition of Allfunds by Deutsche Börse with an offer in cash, shares and dividends as outlined at a substantial premium to our undisturbed share price. All of the transaction details and milestones are already publicly available, so I won't go through them in detail beyond a comment that the shareholder meeting and scheme vote is on the 12th of March, with the full information accessible in the announcement and scheme of arrangement documentation available on our website.

To return to the strategic context, the strategic underpinning of our industry is unchanged. The core wealth industry remains structurally attractive, and we expect growth to accelerate, supported by aging populations, increasing savings and a steady expansion of the use of investment products. The rise of new wealth hubs in Asia and Latin America continues to be a significant force. Digitalization, however, is allowing both broader access and a more engaged retail investor base, now increasingly accelerated by AI and new models of data-driven distribution.

We are optimistic also about the continued movement towards a European savings and investment product system. There's a clear opportunity for Allfunds to keep scaling, driven by the expansion of open architecture and increased outsourcing. Distributors are expected by their clients to have a broadest product shelf, seamless connectivity, scalable infrastructure and of course, by their shareholders, cost-efficient operating models.

With more fast-moving and complicated products, mutual funds, ETFs, alternatives, the level of operational complexity is rising, reinforcing the value of platforms like Allfunds. Our takeaway is clear. Allfunds is extremely well positioned to help clients capture the full growth of the wealth management industry. But in 2025, we undertook a deeper strategic review within this growing ecosystem. We are a leading B2B multiproduct investment platform with global reach and a deeply embedded client set of relationships. It's an almost ideal positioning.

Given the growing opportunity set for funds, we will become even more focused on what we do best, providing a world-class distribution and servicing platform, offering broad investment product suites. And this will particularly include alternatives and ETFs as we see substantial growth in these areas, which I will detail later.

We're continuing deepening our strengths in developed markets while exploring opportunities in higher-growth regions such as Asia and Latin America, which together already represent 25% of migrations in 2025. And while we keep evolving to ensure we bring value to our clients in our value-added services, we recognize that we needed to become more targeted and ensure that those services are synergistic for our distribution clients and our fund houses that they're scalable and that they're sustainable. So importantly, where partnerships can help us scale faster, more efficiently or provide an enhanced service to our clients, we are going to pursue them with a combined focus on client service and of course, operational excellence.

So talking about partnerships. After defining the business characteristics that truly fit our long-term ambition, we have made some deliberate portfolio choices. As a result, 3 business lines are being restructured or divested. This will allow us to concentrate fully where we can create the most value. Specifically, we have announced that we've partnered with MSCI to bring our combined best to our ESG data clients, and we have restructured our ESG advisory business. We've also announced that we've partnered with Waystone to provide for our Luxembourg and Dublin ManCo clients. Our current Manco clients will benefit from their specialized oversight and ManCo governance capabilities. While Waystone's clients gain access to Allfunds distribution network and technology.

And finally, we're in the process of divesting our WebFG businesses that have proved to be more customized service that is sold to different elements of the wealth management value chain than we traditionally interact with, and it hasn't been a strong synergistic fit for us. This sharper focus ensures that our capital, our talent and our technology are fully aligned with our most value-accretive opportunities. We will also continue seeking partnerships that allow us to keep delivering exceptional products and services to our clients and our fund partners, leveraging our distribution strength and of course, our technology.

This allows us to refocus more on our core funds businesses, and I spoke about alternatives before. Alternatives remains one of our strongest drivers of growth being an asset class with still significant growth potential. The industrial logic is clear, higher margins, lower market volatility, longer-dated product and growing investor demand and fund partner supply. On our platform, you can see from our results, we are already capturing that growth, with alternatives up 74% year-on-year. That's a remarkable number, and it reflects a genuine structural shift in allocations across Asia and the Middle East and increasingly in Europe.

To put that scale in context, we now host 213 alternative asset managers with more than 390 distributors actively allocating to alternatives through Allfunds. And we expect this trend to continue and Allfunds is well positioned to capture further share.

2025 was also an important year for ETFs. We successfully completed the pilot testing phase announced in third quarter 2025. And since early 2026, have been operating in full production mode, which is a significant milestone for the business. Our priority for 2026 is to further enhance the platform's capabilities to address the full range of client needs. We have a strong pipeline of ETF issuers and a growing roster of distributors preparing to onboard.

With former client onboarding beginning this year, revenue contribution will be modest, and the focus remains on building a complete scalable long-term capability for this important opportunity. The strategic review and its execution as well as the recommended DB transaction or Deutsche Börse transaction have not distracted us from what has been another strong performance in 2025, with Allfunds delivering on all commitments set out earlier in the year.

Our key highlights include strong structural growth and continued positive net flows. AuA, as I said, reaching EUR 1.76 trillion, supported importantly by both existing client flows and new migrations. Revenues up 10% ex-NTI year-on-year, and adjusted EBITDA is up 4% with a margin of 65.2% and on a reported basis, which Alvaro will detail at 67.9%. We welcomed 64 new distributors and 90 new fund partners, broadening our product set and continuing to deliver operating leverage, all reinforcing the strength of our model.

Now with that, let me hand over to Alvaro who will take you through the 2025 financials in detail.

Thank you, Annabel, and good morning to everyone. 2025 was a strong year for Allfunds; record AuA, double-digit flow growth, EPS up 12% and a capital position that allowed us to return EUR 160 million to our shareholders.

I will now take you through the numbers behind that performance and share why we believe the momentum continues into 2026. One brief point on comparability before we get into the numbers. As Annabel noted, certain units have been classified as held for sale under IFRS 5. So for clarity, today's figures are presented on a constant perimeter basis, which means fully comparable with 2024.

The bridge to reported figures is on Slide 19, if I recall correctly. And I will walk you through it shortly. So in 2025, we continued to deliver solid growth across key financial metrics. We reported net revenues of EUR 639.9 million that is a 5% year-on-year increase and a 10% excluding Net Treasury Income, adjusted EBITDA increased to EUR 417.3 million, a 4% growth compared to 2024. Adjusted profit after tax rose by 10%, reaching EUR 254.6 million, and adjusted EPS increased by 12%, reflecting our continued ability to convert operational strength into shareholder value.

Sorry, Carlos, can you go one slide back, thank you. So as of December 2025, assets under administration reached a record level of EUR 1.8 trillion, representing a 17% increase since December 2024. This growth was driven by strong net flows of EUR 121 billion in platform services, representing an 18% increase versus last year and then 11% over beginning of the period AuA, approximately 54% originating from existing clients and 46% from new client migrations.

This was further supported by a positive market performance of EUR 47 billion. We also delivered a strong year-on-year increase in AuA within our Dealing & Execution business, driven by both organic and market growth as well as the onboarding of a new client who contributed EUR 36 billion in Dealing & AuA, together with additional platform AuA noted during our H1 '25 results presentation. With that context in mind, let's take a closer look at our platform revenue margins.

The overall platform margin declined in 2025 as expected, primarily due to lower Net Treasury Income resulting from the interest rate cuts across '24 and 2025. However, excluding Net Treasury Income, our underlying platform margin remained broadly stable. Let's now take a closer look at our revenue performance on Slide 15.

We continue to deliver consistent and structural revenue growth throughout 2025. Commission and Transaction revenues grew at double-digit rate, highlighting the strength of our core business. This performance was supported by higher volumes and commercial activity, which helped offset the anticipated normalization of the Net Treasury Income. Despite the reduction in official interest rates shown on the previous slide, Net Treasury Income proved resilient, supported by higher average cash balances from increased activity and ongoing improvements in treasury management. Subscription revenues accounted for approximately 10% of our revenues and were broadly stable year-on-year.

This was softer than what we had targeted reflecting both market conditions and the impact of the strategic review on certain units. The guiding principle of our 2025 strategic review is generating growth and created -- and create strong value for clients and shareholders by focusing on businesses that are truly synergistic, profitable, scalable and partnering with leading specialists whenever it helps us better offer solutions and services. As Annabel mentioned, the outcome is that we are realigning around what we do best, our core platform and distribution capabilities.

Moving on to cost. Our adjusted cost base grew by 6.7% year-on-year in 2025. However, when compared to the first half of 2025, the increase was more modest, reflecting a more balanced cost trajectory. This growth reflects the combined effect of inflation, higher activity levels and our continued investments in the platform. So breaking it down, almost 40% of the increase relates to technology and operations enhancements across mutual funds, alternatives and ETF platform. A further 40% is driven by inflation and incremental activity, and the remaining 20% is associated with costs linked to the subscription business.

As a result of these combined efforts, we achieved sustained and resilient EBITDA growth. Adjusted EBITDA reached EUR 417.3 million, so up from EUR 400.9 million in 2024, so representing a 4% growth year-on-year. Reported EBITDA increased to EUR 404.3 million, a 6% growth compared to last year. These results highlight the efficiency and scalability of our business model. Allfunds continues to show strong capital generation capacity. RWAs remained broadly stable even as the business expanded with a strong CET1 ratio of 33% proving a resilient capital buffer -- providing a resilient capital buffer.

At the same time, we returned EUR 160 million to shareholders through both dividends and share buybacks, reinforcing our focus on disciplined capital allocation. This commitment carries forward with the proposed EUR 0.2 per share dividend to be distributed this year, obviously subject to approval at our next AGM. But before presenting the 2026 outlook, I would like to pause briefly on the next slide to provide a more detailed explanation of the financial impacts of the restructuring discussed earlier as well as the baseline from which the outlook should be assessed.

So this slide presents the bridge from our 2025 P&L with a constant perimeter, remember, fully comparable with the 2024 income statement to the reported or statutory figures on the right-hand side, right? As highlighted earlier, Allfunds has decided to exit certain businesses, which, under IFRS 5, have been classified as noncurrent assets held for sale. In 2025, these businesses contributed EUR 18 million of revenue and roughly EUR 24 million in cost. So their disposal will, therefore, deliver a net positive EBITDA impact of EUR 4.7 million. And as a result, we'll raise our adjusted EBITDA margin to 67.9%.

I want to be direct on one item. We have recognized an accounting impairment of EUR 135 million, predominantly related to goodwill and intangibles. Let me be clear on what this is and what it is not. This is a noncash accounting adjustment, a consequence of our strategic decision to focus the business. It does not affect our operations. It does not trigger any cash outflows and it will -- it fully preserves our dividend distribution capacity. Before we move into Q&A, let me share our outlook for 2026.

As highlighted by Annabel, mutual funds offer strong growth potential, driven by demographics, macro trends and shifting investor preferences. And Allfunds is well positioned to capture flows across asset classes. With this in mind and assuming a flat market contribution for the remainder of the year, net flows remain the primary driver of our growth. And the outlook here remains strong.

We expect platform service net flows between EUR 100 million and EUR 120 billion, representing double-digit growth relative to beginning of the period platform service AuA. And turning into the income statement. As mentioned earlier, our core business continues to show strong momentum. We expect total revenue growth in the mid- to high single-digit range and revenues growth, excluding Net Treasury Income of high single digit. We expect the adjusted EBITDA margin to improve versus the 2025 in constant perimeter and be broadly in line with the 2025 reported one.

To close, the fundamentals of this business are strong. Our platform is growing. Our capital position is robust and we are executing a clear strategic plan with discipline. We are confident in our 2026 outlook and look forward to your questions. Once again, thank you for your attention. And with that, let's open the Q&A session, Carlos.

Thank you, Annabel. Thank you, Alvaro. We will now open the floor for Q&A. Before we do that, let me remind, please, and ask everyone to stick to a maximum of 2 questions on this call. Operator, can you please proceed with the first question, including name and company name of the caller.

[Operator Instructions] Our first question is from Christiane Holstein from Bank of America.

I just had 2 of them. So my first one is on the net flow guidance for EUR 100 million to EUR 120 million. Just wondering why you're not expecting that to increase year-on-year?

My second question was just on the new partnerships for the subscription services. Just wondering why you chose MSCI and whether that would be a potential competitor to Deutsche Börse's business?

I'll take the first question. So we believe that, that EUR 100 million to EUR 120 billion range is a very reasonable outlook for this year. As you saw last year, we managed to be at the higher end. But at the same time, we want to be prudent, as always, in our outlook. And hence, we believe it's the right range of postcode to think about -- for 2026.

And with respect to the partnership with MSCI, this is something we're really excited about. And our choice was really driven by the particular nature of the ESG data that we were looking at with respect to the partnership within our MainStreet business. However, as we do look at MSCI more broadly, there are many interesting data sources, and we partner with them and many other players in the market.

And with respect to the conflict, what is important to remember is that -- or any potential conflict indeed, that between now and close, it's absolutely critical that Allfunds remains operating as a stand-alone business and makes our choices as if we are a stand-alone business without anticipation of any M&A. And in that case, we're very much operating along our strategic plan and is a business-as-usual methodology.

[Operator Instructions] Our next question is from Carlos Peixoto from CaixaBank BPI.

Just a question from my side, actually, I was wondering on the rationale behind the decision to exit WebFG and ManCo. What was the strategic pivot to decide to do these businesses? Well, just some color on the rationale there.

Inevitably, in a year like 2025, new CEO, first view of the strategy and the team, we really had to look at the whole portfolio and think very carefully around our commercial and our strategic decisions. And our guiding principle was to generate growth, obviously, and create strong value for clients and for shareholders and retain businesses that were truly synergistic, sustainable and scalable and partner with specialists where it helped us deliver better solutions and service.

So as we looked at that and as we looked at our portfolios, in particular, looking at WebFG, it really focuses on a slightly different part of the wealth management value chain than the one that is the traditional focus of our business, and it talks to slightly different people in that wealth management chain. So it doesn't really take advantage of our distribution strength in the same way. And it's a little bit more customized. So it's a little bit less scalable in the global way that Allfunds needs to. That being said, it's good business, and it's a very interesting business and very much able to access the growth in wealth management on a stand-alone basis or with some -- with a different partner.

With respect to ManCo, ManCo, as you know, is a business that really needs to scale. And when we look at our relative scale in Luxembourg and in Dublin, it's relatively small. We looked at our competitors and making sure that we were absolutely providing the best for our clients and particularly as the compliance standards increase and increase and the scalability requirements increase and increase. And we just thought, are we the best provider for our clients? Or are we better to partner with another provider who can provide that service for us, and we can provide distribution for them. And I think that's very much where we're thinking about how we operate in the wealth management ecosystem. It's just indeed like MSCI, how do we partner with somebody as we look across all of our businesses, how do we provide the best to our clients with respect to the particular services that we're operating in.

Thank you, Carlos. [Operator Instructions] We currently have no further questions, so I will hand back to Carlos for closing remarks.

No, there is no more questions on the web.

Right. That was the final question for today. So Carlos and the Investor Relations team remain at your disposal for any follow-up questions you may have, and thank you very much for your participation today. It was a pleasure to host you on this annual results presentation.

Good morning, everyone, and thank you for joining us today as we present Allfunds Group's trading update for the third quarter of 2025. I will review the key financial metrics and business performance for the quarter before, obviously, we open it up for questions.

We have maintained a strong focus on onboarding during the third quarter, welcoming 24 new distributors and 24 new asset managers. Of the asset managers, 46% were traditional fund managers and 54% were alternative asset managers. We believe this performance underscores both the appeal of the business model and its continuing evolution as the wealth management market itself evolves.

Looking to activity levels and volume performance. All funds total assets under administration continue to show strong momentum, growing -- sorry, growing 17.9% year-on-year and 12.1% since year-end 2024. AuA reached the EUR 1.7 trillion mark. Our platform performance AuA increased by 18% year-on-year to close to EUR 1.2 trillion, growing at 10.1% since year-end 2024.

Looking more closely at this quarter's performance, we've achieved a significant milestone with net flows reaching EUR 31.7 billion, matching the highest ever net flow figure in the third quarter, which was actually back in 2021. Over the first 9 months of the year, net flows totaled EUR 85.8 billion, a 76% rise compared with EUR 48.8 billion during the same period last year. This represents a 10.6% increase over the beginning of period on an annualized basis. To be clear, we are on track to deliver the EUR 100 billion to EUR 120 billion net flow target for full year 2025.

Breaking down on these strong quarterly net flow figures, we continue to see healthy activity from our existing clients, contributing EUR 17.4 billion in the third quarter. This marks the seventh consecutive quarter of positive flows, reinforced by the sustained upward trend seen since late 2023. From a geographic perspective, Asia stands out as the fastest-growing region, further diversifying our global presence.

In terms of asset mix, fixed income funds continue to be the strongest contributors, in line with trends we've seen over the past few quarters. On migrations, we've added EUR 14.2 billion in the third quarter, showing an improvement over the first 2 quarters. Market performance has been very strong, along with the market indices through the period, contributing EUR 33.7 billion. Also supported by a favorable market environment, the dealing and execution portfolio increased by EUR 18 billion during the quarter, reaching close to EUR 494 billion in AuA.

Now before moving on to the income statement and revenues, I wanted to briefly mention our progress on Allfunds' alternative solutions and ETP. This third quarter has been really strong in alts, and our business continues to build momentum. As of September, we have a total of 206 alternative asset managers in our platform and total AuA in alternative is now over EUR 30 billion, which is an 86% year-on-year increase and a 58% increase since year-end.

Within that, distribution volumes have risen EUR 16.5 billion in AuA now, and that is 116% growth versus the same period last year. Our positioning as a leading platform for alternatives outside the U.S. continues to attract top-tier managers and distributors alike. Interestingly, though, for our franchise, we're seeing rising interest in private market funds, not only with existing clients opening and then expanding allocations, but also and importantly, new distributors joining Allfunds with alternatives as their entry point, a clear sign of strategic traction in what are very complex products to manage for distributors.

On the ETP platform, which remains another key initiative, platform testing is now in progress. We've concluded with the live multicounterparty testing of the RFQ functionality in which several leading ETP liquidity providers have been involved, and we're currently pilot testing with real trades.

With that, returning to the financials. Revenues were EUR 156.1 million, a 5.1% increase year-on-year. Excluding NTI, total revenue showed a strong structural growth of 11.2% year-on-year. Again, this is on track to deliver our full year guidance of 3% to 4% growth in total revenue and around 10% growth, excluding NTI. Our platform revenues for the third quarter were EUR 139.1 million, a 5.5% increase compared with the same period last year. Platform margin declined to 3.3 basis points in the third quarter and to 2.9 basis points, excluding NTI, reflecting some seasonality and the margin compression we had been anticipating.

Commission revenues were EUR 96.2 million in the quarter, a 12.3% year-on-year growth. mainly supported by solid AuA acting as an important counterbalance to the margin compression. On a cumulative basis, compression revenue for the first -- revenue for the first 9 months of 2025 increased 14.6%, reaching EUR 278.2 million. Our transaction revenue reflects improved customer activity and engagement in Italy, driving an increase of 10.7% year-on-year to EUR 25.6 million in third quarter 2025.

Net treasury income, as we discussed previously, had a year-on-year decline of 25.1%, obviously, due to the lower interest rate environment. Subscription revenue increased by 5.9% on a year-on-year basis to EUR 17 million. As I mentioned in the half year results, some of our subscription services such as Connect continued to perform very strongly. While certain other areas remain influenced by longer sales cycles and products that are currently less in demand, such as ESG.

But let me finish by announcing our upcoming Investor Day, which will be in London on Wednesday, the 11th of March 2026. As a team, we're all really looking forward to it, and we're working hard to be absolutely ready. It will be a great opportunity to share and present the company's strategy and outlook for the coming years. And we'll be sharing further details around logistics today or tomorrow. Once again, thank you very much.

Thank you, Annabel. We will now open the floor to Q&A. [Operator Instructions][ id="-1" name="Operator" /> [Operator Instructions] Our first question from Tom Mills from Jefferies.

Clearly, a strong quarter from a net flow perspective. Could I firstly clarify that you said you expect to be at the top end of the EUR 100 billion to EUR 120 billion net flow range for FY '25? Or were you just confirming your comfort with the range overall? And then could you also speak with respect to the other guidance that you provided at 1H? Are you still happy with all of that?

And then the second question is, it sounds like the strategic review you're undertaking is ongoing, and I'm sure we'll get the full picture on that on the 11th of March, which we look forward to. Is there any incremental sense of direction you can give us, particularly on the perimeter of the subscription business at this stage? Or it's a little too early?

I might ask Alvaro to take the projections question and bring it back to me for the strategic review.

Sure. Happy to. Tom, so on the net flow range, the EUR 100 million to EUR 120 million, our view is that in absence of any market dislocation that could affect flows or any delays in migrations, we are likely on track to reach the upper end of the guidance range. With regards to the rest of the topics we typically guide to, no changes to the guidance we provided back in July.

And with respect to the strategic review, specifically with respect to value-added services, we're making really good progress on the portfolio optimization, really supported by a series of interesting strategic partnerships, but we will share those details in our full year results as well as a fuller discussion in our Capital Markets Day.

[ id="-1" name="Operator" /> Our next question is from Gianna Holston from Bank of America.

It's Christiane Holstein. My first question, back on the guidance, you seem to be tracking above guidance for both net flows and revenue. I was just wondering what's stopping you from raising guidance at this stage? Then my second question is on alternatives. So this is clearly a very exciting area and higher margin, although it is still a very small part of overall AuA. I suspect this will be an area of focus at the CMD, but I was just wondering if you can give us any indication at the moment of how you think you're scaling this business and are you considering inorganic growth at all?

I think suffice to say, the fact that I've highlighted in this earnings call and talked not only about the results, but also the strategic importance for the distribution franchise would suggest that you are absolutely correct, and we will cover that in more detail in the Capital Markets Day. But with respect to the guidance again, Alvaro.

Christiane, so we're very pleased with the net flow performance we've been seeing. And as I said, I answered earlier to Tom, we're seeing it not only within the range that we provided back in July, but towards the upper end. Having said so, we might be above the platform service AuA guidance figure absent any changes or market dislocations, as I said. But from a revenue perspective and rest of items in the P&L, we would like to reiterate that we are on track to deliver within the guidance that we provided back in July.

[ id="-1" name="Operator" /> Our next question is from Ian White from Autonomous Research.

Just on NTI, can you help me a little bit with the moving parts in the quarter? I'm wondering if you might be able to call out the average cash balance, for example, that was elevated at 1H. Just wondering if that continued into 3Q and if that was basically a driver of the strong print we saw there.

And in terms of the migrations, it looks like you're tracking nicely into at least the middle of the guidance for this year. Can you just explain to us, are you seeing sort of faster realization of the existing pipeline there? Or is it the case that you're still seeing growth in the pipeline itself? Maybe you could share some numbers around that, please, if possible.

So Ian, let me start with the NTI question. So in Q3, as you saw, we reported EUR 17.3 million revenues, bringing the year-to-date total to EUR 57 roughly million. When we look ahead, we anticipate higher transactional activity in Q4. As you know, Q3 is typically weaker given the seasonality. Although this year, we have seen, on average, a stronger Q3 when it comes to transaction activity than in previous years, which has contributed positively to NTI revenues.

We've also seen a certain increase in average cash balances, thanks to the increased transactional activity. And although we have not disclosed the quarterly cash balances, I can confirm that on average, we're seeing an increase on a like-for-like basis. We've also seen some portfolio rebalancing taking place over the course of Q3, in particular in July and September that have contributed to higher cash balances. All in all, we want to remain prudent with -- when it comes to full year guidance. But I have to admit we're more positive today than what we were in July when it comes to this revenue line for the full year 2025.

And then with respect to the question on the pipeline, I don't think that's details that we've provided before, but suffice to say, our pipeline remains strong.

[ id="-1" name="Operator" /> Our next question is from Julian Dobrovolschi from ABN AMRO and ODDO BHF.

I have 2. The first one on the platform margins. So if you look at the AuA, this one was up 18% and in the mix of that alts grew 86%, so obviously quite strong, and you also flagged that. At the same time, if you look at the platform margins, this continue to come down, also excluding the NTI. Arguably you're saying that alts are coming at a much stronger fee rate than the rest of the book. So based on that, could you please indicate what's the uplift, if any, at this point in time to the overall platform margins from the alts book today or perhaps give us a bit of an indication by what order of magnitude alts book fee rate compares to the overall book fee rate? So that's the first question.

And the other one is on the SaaS. I think Q4 technically is a stronger quarter for you because many of the clients, they kind of, let's say, finish the migration or let's say, the implementation of their SaaS products at the end of the year. So just wondering if you expect some growth to accelerate in the subscriptions in Q4 over Q3.

Julian, let me take the first one. So on platform margin, the overall quarter-on-quarter decline in platform margin was primarily driven by the seasonality of transaction revenues and to a lesser extent, by the net treasury income. However, when we focus specifically on what we call the pure commission margin over platform service AuA, so leaving the dealing and execution aside, the margin has remained stable quarter-on-quarter.

Obviously, compared to the same period last year, the margin has declined, and I think we've explained that addressed it over previous calls and the key drivers here include this ongoing shift from rebate into non-rebate AuA, the recent client migrations, particularly in regions such as U.K., which have entered the platform at a slightly lower average margin. And finally, a higher portion of fixed income and money market funds on our platform, which generally yield a lower margin compared to other asset classes.

While alternatives do yield on average a higher margin. And I think we haven't disclosed the exact number, but let's say, it's higher than what you would typically see in a classical active equity fund. The size of the alts today is still too low to really make a difference, which is something we look forward to see changing in the coming years.

And then with respect to the subscription guidance, we just really like to reaffirm that subscription guidance and Q3 performance is consistent, I think, with our latest full year guidance. And given the strategic review, we think that's appropriate.

[ id="-1" name="Operator" /> Our next question is from Gregory Simpson from BNP Paribas.

First question is the industry data and some of the listed asset managers in Europe have been reporting flows that show a picture of pretty sluggish active flows and strong passive flows. So I just wanted to check in on what you're seeing around active and passive on the platform around existing client flows.

And then second question, just back on alternatives. Can you just remind us of the differences between the total AuA, the distribution AuA and then also the private partners AuA, which I think you haven't talked about this quarter was about EUR 4 billion in June.

Greg, so industry figures, it's tricky because it depends on if you're looking at an aggregated basis or on a country-by-country basis. And overall, I do think what you're seeing is probably reflected as well in the Allfunds numbers. When you look at our flows for the quarter, for the first 9 months, as Annabel described, they were very strong, but predominantly in the fixed income space, not so much in equities. On passives, we have not seen a meaningful increase on our platform. But you also heard Annabel, we're still in piloting phase with our ETF platform. So very early to really comment on that.

With regards to your second question, I think you wondered what the distribution between the different buckets within the alts business -- yes, distribution versus execution…

Distribution versus private partners, which would …

I see. So I think -- so on Allfunds Private Partners, we are roughly at EUR 5.86 billion AuA out of the total EUR 30 billion number. Out of those EUR 30 billion, roughly EUR 14 billion, EUR 15 billion are pure execution. Greg, any follow ups.

No, what is the core thing you focus on, but it sounds like the distribution within that is the key one.

Yes, distribution and within distribution, obviously, the Allfunds private partners, that's the segment that is delivering the highest growth.

[ id="-1" name="Operator" /> Our next question comes from Joao Safara Silva from Banco Santander.

It's Joao Safara from Banco Santander. Just one question from my side. So we've heard yesterday the announcement of UniCredit is pulling client money from Amundi. And I wanted to understand what could be the potential impact, if any, on Allfunds.

That seems like a situation that is evolving in a few years ahead. It's something that we'll watch carefully to understand.

[ id="-1" name="Operator" /> [Operator Instructions] Our next question comes from David McCann from Deutsche Bank.

Well done on a good quarter. So the first question has been partly answered. I just wanted a slightly different take on that around the flows in the period. So if you look at the flows from existing clients, were there any sort of notable one-offs about that in nature? Because obviously, Q3 is normally a seasonally quieter quarter as has been mentioned as well. So I guess, should we be extrapolating the momentum on a seasonally adjusted basis going into Q4? That's really the first question.

And then secondly, on the ETP progress you've reported in going testing. When should we expect this to move from testing to full go-live?

First great question. There really wasn't anything particularly idiosyncratic about the quarter with respect to those flows. So just kind of an interesting market that we're all in. With respect to the second question, the reason you test is to make sure that it all works. But at this stage, obviously, we're looking forward to first quarter.

[ id="-1" name="Operator" /> Our next question comes from [ William Burgers ] from [ Nuvest Capital ].

I got one question on the share buyback program. What is your strategy -- by ending this program, you completed the first tranche on the 17th of September. But at this stage, there are no share buyback activity, whilst your share price today at EUR 6.40 is substantially below the average share price targets of your 15 analysts on your website, which tells us a 25% discount roughly. So can you comment on your strategy to recommend and continue with your share buyback efforts?

William, we did indeed announce our intention to buy up to EUR 250 million over 2 years. I think we announced this back in March when we presented our full year results. And we have completed the first tranche, the first EUR 80 million tranche, I would say, earlier than expected. So we finished in September, while the initial plan was to complete it by the end of December.

The second tranche and subsequent tranches will be launched according to our original timing. And we will, of course, communicate further details ahead of the launch. So...

[ id="-1" name="Operator" /> There are no questions waiting at this time. So I'll pass the conference back over to Carlos Berastain for any further remarks.

Thank you, Sarah. Well, thanks very much, everyone, for dialing in. The Investor Relations team will remain at your entire disposal should there be any follow-up questions. Thank you very much, and goodbye.

[ id="-1" name="Operator" /> That concludes Allfunds third quarter 2025 trading update conference call. Thank you for your participation. You may now disconnect your lines.

Hello, everyone, and thank you for joining the Allfunds Group plc First Half 2025 Interim Results. My name is Lucy, and I will be coordinating your call today. On the call today are Annabel Spring, CEO; Alvaro Perera, CFO; and Carlos Berastain, Head of Investor Relations. [Operator Instructions] It is now my pleasure to hand over to your host, Carlos Berastain, Head of Investor Relations, to begin. Please go ahead.

Thank you, Lucy. Good morning, everyone, and welcome to Allfunds financial results presentation for the first half of 2025. Thank you for joining us today. This session is being broadcast live, and a replay will be available on our website later today. The presentation materials are already accessible for download on our corporate website.

So without any further delay, I will now hand it over to our CEO, Annabel Spring.

Thank you, Carlos. Welcome, everyone. I'm very pleased to be hosting my first interim results presentation as CEO of Allfunds. I believe these results demonstrate the strength of our positioning at the heart of a growing global wealth management industry with a unique scale platform powered by an experienced team with strong relationships. As you can tell, I'm excited to be here and by the opportunities.

Let's start with the broader context. The global wealth management industry is underpinned by long-term structural growth. We're seeing continued economic expansion, favorable demographics, increasing financialization of wealth with greater accessibility to investment opportunities, driven in large part by technology. We're seeing end investors are becoming more sophisticated and digitally engaged. That sophistication has driven a growing preference for open architecture products, rising demand for access to alternatives and more digital experiences also, even in advisory relationships.

Of course, this rising complexity presents challenges for distributors particularly as product sets expand and data and operational requirements grow. Increasingly, we're seeing firms look to outsource elements of their operations.

On the other side of the equation, fund managers are needing to access an increasing multiplicity of distributors globally, even more so with the growth of alternatives. It's at this intersection where Allfunds pay such a critical role. We sit at the center of this evolving global wealth management ecosystem and benefit from these trends.

As a market-leading B2B wealth tech platform, we connect front houses to distributors. Our scale and technology provide a strong foundation. Our absolute unique buy-free model helps our distributor clients efficiently scale, modernize and globalize their offerings. The range of our offerings, including alternatives and value-added digital and data services allows distributors to meet those increasing needs of their end clients.

Over the past month, I've had the privilege of meeting many of our colleagues across Europe, the Americas and Asia and spending some time with numbers of our clients and our partners. So in addition to the strategic positioning, I would add what also really differentiates us is the deep expertise and the client focus about people, the quality of our relationships and the spirit of innovation that runs through everything we do.

Now of course, there are some areas that we will refine and improve and my priority in these first few months is to listen, to learn and to gain a deeper understanding of our clients, our partners, our people and our opportunities throughout that wealth ecosystem. Together with the leadership team, we'll focus on sharpening our execution and sharpening our strategy and importantly, of course, accelerating our execution. Looking ahead, our Investor Day in first quarter 2026 will be a key moment to share with the market our refreshed strategic direction and updated medium-term business and financial plans.

And now to the results. In terms of starting momentum, it's particularly pleasing to be able to announce strong first half results with record net revenues, underpinned by a 7% year-on-year growth in assets under administration. However, having just passed the 1 month mark in the role, it's appropriate maybe to slightly adjust the format for today's call. So our CFO, Alvaro will take you through the financials in detail, and we'll both be available to answer your questions at the end.

And with that, I'll now hand over to you, Alvaro.

Thank you very much, Annabel, and good morning to everyone. I will now provide you a brief summary of key business highlights. To begin, we have made strong progress in the first half of the year. We maintained a strong focus on client onboarding with 24 new distributors and 51 fund houses onboarded, bringing our market share to 29.6%, a 2.9% point increase year-on-year. Our assets under administration continued to show strong momentum, growing 17% year-on-year to EUR 1.6 trillion, reflecting solid underlying performance from both existing and new clients.

Approximately 60% of flows came from existing client base, demonstrating strong appetite for our products. And the remainder of flows came from new distributors, well diversified across regions, customer segments and size. We continue to be the preferred platform and take market share.

Turning to financial performance for the first 6 months of the year. Revenue grew by 6% to EUR 317 million, supported by strong continued growth of our core platform business. While net treasury income declined by 27% year-on-year due to lower interest rate environment, revenues, excluding net treasury income, rose 14% year-on-year to EUR 277 million.

Within this, commission revenue grew 16%, transactional revenue 10% and subscription revenue, 8% year-on-year. We did observe a moderation in subscription revenue growth during the second quarter of the year, with momentum gradually easing over the period.

While underlying contracted recurrent revenue cured 10% year-over-year driven by ramp-up from last year's bookings, new customer acquisitions activity showed some signs of softening in Q2. Adjusted EBITDA increased 4% year-on-year, reflecting continued business strength and investments into the long-term growth of our platform.

The adjusted profit after tax rose by 10% year-on-year to EUR 124 million. We also continued to generate strong cash flows totaling EUR 126 million for the period. Our share buyback program remains on track. As of July 21, we have completed almost 26% of the initial EUR 80 million tranche with around EUR 229 million remaining under the single EUR 250 million program currently scheduled for execution.

Now let's take a closer look at our core business growth, starting with the market context on Slide #7. Thank you, Carlos. Following a strong start of the year, we have seen a swift rebound in usage flows recovering quickly from the market volatility experienced in April after Liberation Day, supported by lower interest rates that are encouraging a shift from cash holdings into financial investments.

European uses recorded net inflows of approximately EUR 250 billion in the first half of the year, supported by a particularly strong Q1. While Q2 was slightly softer during -- due to April weakness, momentum has clearly returned in recent months. The structural growth trend in open architecture penetration remains robust now standing nearly 58% across Europe. While this marks a significant milestone, there is still substantial room for further expansion, and we are well positioned to capitalize on these tailwinds.

Let's now turn to the growth trajectory of our core business. As of the end of June 2025, our assets under administration reached EUR 1.6 trillion, representing a 7% increase since December '24. This growth was driven by strong net inflows of EUR 54 billion in platform service AuA, which more than doubled the same period last year. Approximately 60% originating from existing clients and 40% from new client migrations. This was achieved despite a negative market impact of around EUR 11 billion, primarily due to foreign exchange movements.

In Q2 2025, we recorded a significant quarter-on-quarter increase in AuA within our dealing and execution business, totaling EUR 55 billion. This was fueled by both organic and market growth, which tends to accelerate during periods of volatility and the onboarding of a new client who contributed EUR 35 billion in dealing and execution AuA along with additional part from AuA.

So building on that context, let's take a closer look at our net flows. We continue to see strong flows from existing clients in the first half of the year, totaling EUR 32.2 billion, our highest level since 2021. This marked the third consecutive semester of positive flows reinforcing the sustained upward trend that began in late 2023.

With market conditions stabilizing and structural trends such as open architecture adoption accelerating, we are clearly entering a new phase of sustained growth. The most recent trend observed in July further reinforced its trajectory.

Let's now turn to the next key contributor of our performance, client migrations. As shown on this slide, platform service migrations remained a stable and reliable contributor to our growth keeping us firmly on track to meet our 2025 guidance. In the first half of the year, we onboarded 24 new distributors across a broad range of regions.

Notably, over 70% of these new distributors fell within the EUR 100 million to EUR 500 million AuA range, further reinforcing our well-diversified client base. We also continued to increase our market share. 50% of new clients transitioned from in-house models to our platform, 25% migrated from competitor platforms and the remaining 25% represent clients new to the open architecture model.

On the fund house side, we welcomed 51 new fund managers, which approximately half coming from the alternative space, highlighting the growing importance of diversification in portfolios. And more importantly, our new distributor pipeline remains strong. These results reflect the strength of our value proposition and the continued trust placed in Allfunds as a leading global platform.

Now I would like to take a moment to focus on the success of our Alternative Solution. Our Alternative Solutions continue to grow at a remarkable pace reaching EUR 26.8 billion in AuA by the end of June '25, a 38% increase year-on-year, driven by increasing retail customer appetite. Notably, half of this volume came from distribution AuA, which grew 87% year-on-year and 32% since the beginning of the year.

Within this, we're seeing particularly strong momentum in our Allfunds Private Partners program, which has more than doubled in size. This reflects robust demand for top-tier managers. As you know, Alternative Solutions is one of our most important growth opportunities and Allfunds is exceptionally positioned to become a leading platform for private market fund distribution outside the U.S.

As you can see on Slide 12, we continue expanding our platform. In the first half of 2025, we reached a total of 919 distributors. To better understand how the regional distribution has evolved, we consider 2022 as a usual reference point. Over the past 3 years, our distributor base has grown by more than 8%, with particularly strong growth in Asia.

The region now represents 12% of our total distributors up from 8% back in 2022. We've also continued to enrich our fund offering, reaching 1,437 fund houses, a 4.4% increase compared to the same period of last year. This expanding network of distributors and fund houses continues to reinforce our leadership in the European cross-border market, where we are consistently gaining share.

I will now walk you through the key financial figures and explain the main drivers behind our performance in the first 6 months of the year. Let's begin with a few performance indicators, which you can see on Slide 14. In the first half of 2025, we continued delivering solid growth across key financial metrics. We reported net revenues of EUR 316.8 million, up 6% year-on-year and 14% excluding net treasury income, reflecting the strength and consistency of our core business.

Adjusted EBITDA increased to EUR 205.9 million, a 4% growth compared to the same period of last year. The adjusted EBITDA margin declined by 1.7 percentage points to 65%, primarily due to the reduction in net treasury income. Adjusted profit after tax rose by 10%, reaching EUR 124.1 million, and our adjusted earnings per share increased by 11%, reflecting our continued ability to convert operational strength into shareholder value. We also generated EUR 125.6 million in free cash flow, up 15% year-on-year, demonstrating the strong cash generation capacity and resilience of our plan.

Let's now pause on Slide 15 to take a closer look at our revenue performance. We continue to deliver consistent and structural revenue growth in the first half of the year. Both commission and transaction revenues delivered double-digit growth, reflecting strong commercial activity and helping offset the expected normalization of net treasury income. Subscription revenue grew 8% year-on-year, reaching nearly EUR 34 million.

Let's take a closer look at the composition and drivers of our revenue performance on Slide #16. So shifting our focus to margins, I would like to highlight that our platform margin remained broadly stable in the first half of 2025 at 3.2 basis points when excluding the impact of the declining net treasury income.

Transaction activity in Q2 moderated following the tariff announcements, easing from the elevated levels seen in the first quarter of the year. It is also worth noting that our commission revenue margin has shown resilience as it remained steady year-on-year at 2.4 basis points. While our growth trajectory remains strong, we acknowledge that the current asset class mix may exert some pressure on revenue margins in the quarters ahead.

Moving on to cost. Our adjusted cost base grew by 9% year-on-year. However, when compared to the second half of 2024, the increase was more modest, just 2%, reflecting a more balanced cost trajectory. This growth reflects the combined impact of inflation and our continued investment in the platform aligned with our strategic ambition to enhance our digital capabilities. Breaking it down, almost half of this cost increase is linked to our new initiatives, including ETPs and subscription businesses, and around 25% is attributable to tech enhancements.

Thanks to our operating leverage, we delivered solid profitability in the first half of 2025. Adjusted EBITDA reached EUR 205.9 million, up from EUR 198.8 million in the same period last year. And our reported EBITDA increased to EUR 182.4 million.

Our adjusted cash flow generation also remained strong, increasing to EUR 125.6 million, representing a 50% year-on-year growth. These results highlight the efficiency and scalability of our business model. Allfunds continued to demonstrate strong capital generation capacity. In the first half of 2025, we reduced our risk-weighted assets by 8%, primarily driven by a decline in operational risk despite continued top line growth. Our CET1 ratio improved to 36%, and with $267 million in excess capital, maintaining a robust capital buffer. At the same time, we reduced our net financial debt by 24% bringing it down to EUR 107 million and lowering our leverage ratio to 0.3x.

Before we move to the Q&A, I would like to take a few minutes to share our updated outlook for the second half of the year and what it means for the full year 2025 targets. We expect platform AuA to grow by around 10% in 2025, maintaining the positive trend of the first half of the year. Assuming a flat market contribution for the remainder of the year, net flows remain the primary driver of our growth.

And on this front, we -- our outlook remains strong. We forecast platform service net flows in the range of EUR 100 billion to EUR 120 billion, representing 9% to 11% of opening AuA. Following the initial disruption in early Q2, client flows have normalized. Assuming no further dislocation, we expect the positive trend observed in recent months and weeks to continue. We are forecasting flows from existing clients at around 5% of opening AuA.

Migration activity also remains solid with full year volumes expected in the EUR 50 million to EUR 60 billion range, representing around 5% of opening AuA with a notable skew towards the latter part of the year.

Turning to the income statement. And as I mentioned earlier, our main business continues to show strong momentum with double-digit growth in both flows and structural revenue. While Q2 brought some moderation, particularly in transaction activity, net treasury income as expected and our subscription business.

Our guidance reflects a measured outlook, though we remain open to upside potential. Some of our subscription services, such as Connect have performed strongly, even exceeded our expectations. Others, however, are showing a lighter performance driven by a global change and emphasis around ESG, which impacted the segment that we had identified as a growth driver. Challenging market conditions that have extended sales cycles and finally, delays in the delivery of certain projects.

As a result, we now anticipate subscription revenue growth to be in the mid-single digits year-on-year. Overall, we forecast total revenue growth of 3% to 4% for the full year with underlying structural revenue, i.e., excluding net treasury income expected to grow by approximately 10% reflecting the continued strength and resilience of our corporations. Finally, looking at profitability, assuming a stable cost base in the second half, consistent with the first half of the year, we expect our adjusted EBITDA margin to remain at approximately 65% in the second half, flat versus the first half.

Before we open the floor to Q&A, we are pleased to announce that we will be hosting our first Investor Day in Q1 2026, which will provide a refresh of Allfunds strategic priorities. Further details will be provided to the market in due course. Once again, thank you. And with that, let's open the Q&A session, Carlos.

Yes. Thank you, Annabel. Thank you, Alvaro. We will now open the floor to Q&A. But before that, let me remind and ask everyone to please stick to a maximum of 2 questions on this call. Lucy, can you please proceed with the first question, including the name and company name of the caller. Thank you.

[Operator Instructions] The first question comes from Tom Mills from Jefferies.

Annabel, I was listening to your opening remarks, which gave us a useful sense of how you see things. Of course, we need to put into context that you've only been in your seat for less than a month, but I'm curious how you're kind of finding the profound switch from running a division in Europe's largest listed financial institution to taking over as CEO from a founder who's been in place for 25 years.

How are you finding the difference in institutional debt versus potential for operational dynamism? And then perhaps during your time running the wealth management business for HSBC, what was your impression of Allfunds as a distributor? Did you use them as a platform? And if not, maybe why not? It would be great to hear your thoughts on those.

So I'll take the question in 3 parts. The first is how am I finding Allfunds versus where I came from. What I will say is Allfund sits in exactly the middle of the same world. So at HSBC, we dealt with all of the fund houses, and all of the fund managers. So that's a very, very familiar world. And obviously, we were a distributor. So that's a very, very familiar world. And in my previous career, I was also responsible for both distribution and being a fund manager. So this feels like home. It also feels like home because it's a tech platform, and that's a lot of what I've spent my last 5 years doing. So from that perspective, it absolutely feels completely comfortable in the same world.

What I will say is it's a much more exciting world. When I said in my opening remarks that innovation runs through everything that we do and the strength of our relationships and the expertise of our people. This is such an interesting company that really does sit and have that entrepreneurial edge, that founder-led edge. And I'm hoping to continue that culture and that momentum. It's a warm and open place to join, but that innovation edge is fantastic to see and really exciting.

I think your -- the second question is, did I use -- or did we use Allfunds at my previous employer? That's not something I can comment on. But what I can say was that was where I first became familiar with Allfunds, and I was extremely impressed by the platform and understanding its position in the ecosystem is certainly one of the reasons that I joined. And I think -- did I answer every element? I think I got your question. Thank you so much.

The next question comes from Carlos Peixoto from Caixa Bank.

Carlos Peixoto from Caixa Bank here. A couple of questions from my side as well. The first one is on costs. So we saw here roughly a 9% increase year-on-year in the first half. I was wondering how do you see that evolving into the second half of the year? And also, if you could give us some color on the drivers behind the cost growth that we saw in the first half. And the second question would be on the platform margin evolution. I believe you mentioned before during the presentation that you expect to see some pressure -- some additional pressure given your asset mix, if you could elaborate a bit further on that? And to what levels do you think platform margin should be at towards the full year?

So on cost, we're wealth tech, which means a substantial part of our cost growth is and will be linked to investing in our technology, which won't surprise you. Year-on-year, approximately 50% of the cost increase was linked to our new initiatives including the ETP platform and the subscription business and 25% linked to tech enhancements. We do see the second half of the year stable cost-wise compared to the first half.

And I think the next question, Carlos, was on platform margin. And here, you're correct. I mentioned some slight pressure on the average margins driven primarily by factors like a continuation in the shift from rebate applicable business to nonrebate, a change in mix with more fixed income and money market. And finally, recent migrations coming in with a slightly lower average margin. So these are the 3 components that are affecting our margin in the short term while our revenue trajectory remains very strong. This asset class mix may exert as I mentioned earlier, some pressure on revenue margins in the quarters ahead.

The next question comes from Haley Tam of UBS.

If I could add one for Annabel, please, and another one for Alvaro. So Annabel, first of all, welcome as well from me. I listened carefully as well to your comments at the beginning. And I just wondered if there's anything you can add in terms of the most interesting avenues for growth where you want to sharpen and accelerate execution whilst obviously, you've only been in place for 1 month, but if you can give any color there, that would be great.

And the second question, just on, I suppose, longer-term EBITDA margin progression I think you've been very clear on the new guidance for this year. I think we understand a lot of the cost growth has been due to technology and investment for future growth. Conceptually into 2026 and beyond if we don't have the headwind from a lower net treasury income, even given your comments about platform margin evolution, is there any reason why EBITDA margin should not expand into the future?

So as I said, it's very early days. And I'd be reluctant to sort of definitively call out anything on the growth opportunities other than to say the challenge at Allfunds is that there are so many of them. And I -- the reason I don't want to call out anyone specifically is we need to do some work to prioritize them to make sure that as we expand our effort, we're really focusing our execution on that growth and the best and most value accretive parts forward. So you can imagine, and I've seen actually everything you've written and most of which I look at it and I think yes, yes, yes. What we need to do is prioritize those. So I think we'll be waiting for that. We'll give you some sort of checkpoint in October, so you can get a feel for our direction, but then we will do that full Strategy Day and full capital markets and investment presentation in first quarter. But suffice to say, I wouldn't be here if I didn't see many opportunities.

Haley, so on EBITDA margin and without providing long-term guidance -- but you're right. So in this year, we've seen all the headwinds from margins in the net treasury income, affecting our EBITDA margin, which we will not see, hopefully, in the future. At the same time, on the subscription business front, what we intend to do is to focus on products with strong value contribution and a clear path to profitability. So taking that into consideration. And as you know well, the fact that this business is about scale. I wouldn't see a reason why we wouldn't be in a position not to improve our profitability in the future.

Next question comes from Andrew Lowe of Citi.

I've got 2. The first is on the subscription revenue guidance. You've guided that to the mid-single digits, which is quite a considerable downgrade. So could you just put a little bit more meat on the bones as to what the drivers are there? And I know you mentioned things like sort of ESG being a drag. But can we just get some more numbers on this to sort of work out exactly what's going on? And is this a temporary thing for 2025? And should we return to a more normalized growth level in 2026? And you mentioned about focusing within this business on products with better value creation. So what examples you give about what the focus is going to be on?

And then the second set of questions is on the ETP platform. And I note that you've got in your release, you said that you've got live transactions and pilot testing plans for H2. So do you have clients already signed up to use this business once it's launched? My understanding is that you're working with -- or seeking to work with a third party to do the execution. So has that agreement been finalized? And then I know that you've mentioned in the past but you think that the margins in this business should be comparable to the mutual fund platform. But does this involve clients holding lower cash balances. And therefore, are we likely to see an associated drag net treasury income as this business grows?

Andrew. So on subscription, we've seen some subscription services, as I mentioned earlier, like Connect, that has performed strongly, even, as I said, now exceeding our initial expectations, but the others are showing lighter performance. And yes. So the change in emphasis around ESG, these challenging market conditions that have, in many cases, extended our sales cycles and finally, some delays in the delivery of certain projects have impacted our first half and will impact our full year revenue number.

I think one of the things that we'll do here is we will refine and refresh our subscription offering. I think Alvaro said some things have done better than we expected, which has been great. And then some things have had some natural challenges, particularly ESG and some of the longer sales cycle product. As we refine and refocus that execution, we'll be looking at the subscription portfolio and again, focusing on those things with stronger value contribution and a clear path to profitability. As I look at the portfolio, there are other synergistic options that we may also add to it, which is why I think we're thinking carefully through the strategy and what we should add to that portfolio as well.

Exactly, thank you Annabel. In terms of ETPs, what I can tell you is we are mindful of the growth that these products and the launches that are taking place in the market. And that's why we are working on our ETP solution. While we targeted our Q4 2024 -- '25, sorry, launch, we are taking a prudent approach to ensure a high quality and scalable rollout. So we are in a pilot phase in the second half of 2025. And yes, once we feel comfortable, we will disclose more details around the status of the platform of the initiatives. And in the future, of course, the margins. But as of today, I would wait a little bit before sharing more details and around contracts being signed with third parties. I'm afraid, I cannot comment at this stage.

I think one of the things it's really important for real-time market products is to be very confident that as we launch, we're getting it right. Because taking market risk with end client money is a very, very important responsibility and will be prudent and conservative in making sure that the product certainly works before we launch.

The next question comes from David McCann of Deutsche Bank.

Welcome Annabel. So a couple from my side as well. It looks like client allocations were actually slightly more cautious as the period ended here versus as you came into the year, which obviously made drag on performance. I also note that within that alternative allocations only stood at 4%. So I'm just curious as to what's driving the flat outlook for market growth in the second half of the year. Is it sort of further caution here? Because obviously, markets are up second half to date, equity markets at least. So yes, I guess just what's driving that given that? That's the first question. Second one on a more technical nature. You mentioned at the full year stage, the effective tax rate we should be thinking about in the neighborhood of 28% to 29%. It's coming at 26.5% in the first half. So why was that? And is 28% to 29% still the outlook?

So on client allocations, we have seen as a result of the volatility experience at beginning of Q2, a more cautious approach, a more risk adverse approach by many of our customers or clients underneath those customers investing in fixed income, short-term fixed income, even money market funds. Hence, my comment around asset class mix and margin. In terms of outlook, we've always approached this in a let's say, cautious way. We don't have a view, a market view. And hence, what we're seeing in our forecast for the full year 2025 is that absent any market impact, we would be delivering a 3% to 4% total revenue growth around 10% for the structural, excluding net treasury income.

Of course, if we look backwards in time, we've seen markets contributing on average, 3% to 4% per annum over the last 4 or 5 years, including periods of poor market performance and better performance. But yes, for purposes of this guidance, we wanted to remain measured, as I said, and assume 0 market contribution.

I think that's an important theme. I'll probably pick up the alternative part of your question. But before I say anything on alternatives, we just want to express our sympathy to everyone involved in the incident in New York, Blackstone and obviously an important partner. But to everyone have affected, including the family of the police officer who was also killed, these events are unimaginable and horrific, but unfortunately, all to common. But with that, I would like to turn to the alternative consideration because it is a focus for us. And Haley, this would certainly be one of the things that I would see as a growth opportunity. It's a growth opportunity for everyone. It's a stickier, higher margin, higher growth product.

If you look at alternatives, as Alvaro said, our AuA is up 38% with 26.8%, but we do focus on that EUR 13.3 billion that's under distribution. We're seeing real appetite from fund houses for this product. We've got 191 alternative asset managers on our platform, and we work already with the most prominent names worldwide in the alt space, in particular, just calling out our all funds private partners that's grown by around 2.5x since December, and that's around now at about 3.7% in AuA. We're working with many of the fund houses, guiding them with their launch of their products globally through our platform, and that's a real advantage of our platform. And we're working with them on the launch of new funds on the one hand.

On the other hand, as I said, we're seeing demand grow for private market funds and alternatives amongst distributors. Some of our existing clients are increasing their share in4 this type of product. Now that does take time. And speaking as a distributor, you really have to make sure that you're educating your sales force, educating your client, making sure that it's working well and serviced well, et cetera. So that process takes a little while. So I'm not expecting to see allocations tilt up very quickly, but we are seeing that demand, and you can see the outcome in the AuA. On the other side of the distributors, the other thing that I would add is we're seeing some first-time distributors on our platform joining us just for alternatives. And that's quite a pivot in our story and one that we're going to take a little look at in the strategic refresh.

And I think, David, you had -- your last question was around tax rate. Reason behind the decline in effective tax rates is a lower contribution to profit before tax of countries that have a higher average tax rate in particular, Southern European countries. And this is also connected to the decline in net treasury income versus previous years.

The next question comes from Christiane Holstein of Bank of America.

I also just want to say welcome, and congratulations to Annabel. Just 2 questions from me. So firstly, on pipeline of new clients. So I know the FY '24 result, it was flagged that there was a new client pipeline of about EUR 250 billion over 24 months. I know you slightly upgraded migration guidance to the upper range of EUR 50 billion to EUR 60 billion for the year. I just wanted to see if there was any upside to this number? Or when do you expect to realize the additional pipeline opportunity? And then my second question was just around potential M&A opportunities or any additional capital management initiatives. It seems that despite the share buyback, you still have additional excess capital and incredibly low leverage?

So on pipeline, I think we disclosed around EUR 250 billion last year. The number is pretty much the same as of today. As you know, it's a life -- living organism where we keep converting part of that pipeline into actual migrations. And then at the same time, we keep adding new prospects, new clients. And so as of today and taking into consideration all the migrations that we've seen coming to the platform and the ones we expect before the end of the year. I would say no meaningful changes to that pipeline. It still remains strong, pretty well diversified. And yes, and looking forward to continue converting it over the next 24 months.

And then in terms of our capital position, obviously, we'll continue with our buyback, and we can't comment on M&A ahead of the strategic refresh. But what I will say is we'll have -- we have a strong financial foundation, which makes -- it's a very comfortable company to join.

The next question comes from Gregory Simpson of BNP Paribas Exane.

Welcome, Annabel. First question is on the topic of the savings and investment unit and where the EU essentially want households to move out of deposits and into risk assets. I was wondering how you see Allfunds sitting in this debate and whether you're having any discussions with your distributor clients or regulators around things like savings and investment accounts, inventory plans. So that's the kind of the first topic. And then the second one is, can you provide any update on the competitive environment? We have Euroclear acquire one of your Spanish competitors and then Deutsche Borse looks like they're doing well on the platform side. So just any kind of changes around the competition when you're pitching for new clients?

I think on savings and investments, it should be a positive tailwind for Allfunds. And we're uniquely positioned as a funnel to channel those savings into investments. It's always hard, though, to comment on European regulatory initiatives or indeed any regulatory initiatives, they take time, and we need to make sure that we're able to implement and work well with those. So a little bit early to tell, but yes, an opportunity. With respect to the competitive environment, we don't really comment on our competitors. But the one thing that I would say is the comment that Alvaro made was particularly important with respect to market share.

Anything you want to add to that?

No. Nothing to add. Thank you.

The next question comes from Ian White of Autonomous Research.

I also have two, please. First, just a follow-up on the subscription. I don't quite -- bottomed out in response to a previous question. Is the mid-single-digit growth kind of a new normal for that business or basically a level of growth you think you can deliver in 2025, while you take a closer look at the portfolio of products there and determine an achievable target over the coming years. I guess, I'm conscious there was 30% of net revenue aspiration for subscriptions previously. So a cut now for mid-single-digit growth, quite a big change. And within the subscriptions are all the products that you have within the subscription offering definitely still relevant to the group looking ahead? Or could some aspects be discontinued potentially, you're not getting the right returns. That's question one, please.

And then just on the commentary around margins. Can you help me talk with the sort of fund book margin that you are earning based on the distribution of inflows, you report on Slide 25. Just if I look at the composition there, I'm thinking that the average margin across that basket of inflows might be something in the 2 to 2.5 basis points range. Is that the right sort of range for those existing client net inflows on the front book, please?

Maybe I'll take the first one and you take the second one. So with respect to subscription revenues, the guidance we've given is for 2025, and that's the guidance that we'll give at this stage. We talked about the strategic refresh and the chance to look carefully at the focus of the profitability of each of those. That's work we need to do. So we will do that work and we will come back when we have a stronger view.

With respect to the margin?

With respect to the margin, Ian, I think your intuition is in the right place. So the flows -- vast majority of flows that we've experienced in -- especially the second quarter of the year has arrived at a lower-than-average margin given the underlying products in which they have been invested are, as I said, lower risk, lower margin -- average margin products.

We currently have no further phone line questions. So I'll hand back to Carlos for webcasting questions.

Thank you, Lucy. We have three questions on the -- coming through the web. Two of them are related to subscription, which I think we've covered extensively. There is another one on the Spanish bank levy. If we can confirm that, that no longer applies to Allfunds?

No.

Okay. And someone asks, if we can be more specific as to when we will be launching the ETP platform, but I think you have already said we need to test it and see how things go and then we will update the market. I think that, that seems to be the final question. So back to you, Annabel.

So thank you very much, everyone, for your participation. It's been a pleasure to host you on this first half results presentation. And thank you also, Carlos and the rest of the investor team remain at your disposal for any follow-up questions you may have. I hope to see you soon and have a very happy summer break for those of you who are in the Northern Hemisphere. Thanks again.