ALTI — AlTi Global, Inc.

Summary of AlTi Q4 2025 Earnings Call

1. Key Financial Results and Metrics

• Total Revenues: $255 million for 2025, a 29% increase year-over-year, with Q4 revenues reaching $88 million, up 71% from the prior quarter.
• Adjusted EBITDA: Approximately $35 million for the year, a 45% increase, with Q4 adjusted EBITDA at $11 million.
• Assets Under Management (AUM): Reached $50 billion, a 10% year-over-year growth, driven by strong investment performance and the acquisition of Kontora.
• Management Fees: Nearly $200 million for the year, up 9% year-over-year, with Q4 management fees at $53 million, a 14% increase compared to Q4 2024.
• Net Loss: Reported a net loss of $155 million for the year, primarily due to nonrecurring items, including a $35 million impairment charge.

2. Strategic Updates and Business Highlights

• AlTi has expanded its wealth management platform to 19 cities across 9 countries, focusing on the ultra-high net worth segment.
• The firm has seen a 70% growth in AUM since its public listing in early 2023, with client retention rates exceeding 95%.
• A strategic exit from the noncore international real estate business was completed in 2025, alongside the adoption of a zero-based budgeting (ZBB) approach, expected to yield $20 million in annual savings by 2026.
• The firm has built a complementary endowment and foundation business with over $8 billion in AUM, enhancing its service offerings.

3. Forward Guidance and Outlook

• Management expressed optimism for 2026, anticipating improved financial performance as the benefits of restructuring and cost-saving initiatives materialize.
• The company is focused on organic growth while remaining open to potential inorganic opportunities, with confidence in its ability to secure funding for acquisitions if needed.
• Continued emphasis on optimizing the cost structure and enhancing operational efficiencies through technology investments is expected to support profitability.

4. Bad News, Challenges, or Points of Concern

• The reported net loss of $155 million raises concerns about the firm’s current profitability, primarily driven by nonrecurring costs and impairment charges.
• Foreign exchange headwinds impacted international business performance, particularly due to U.S. dollar depreciation.
• The ongoing strategic review has not yet yielded proposals that reflect the long-term value of the business, indicating potential uncertainty in future strategic directions.

5. Notable Q&A Insights

• The CEO transition from Michael Tiedemann to Nancy Curtin was described as a strategic decision to position the firm for its next growth phase, with continuity in the overall strategy.
• Questions regarding the merger arbitrage strategy revealed strong performance in 2025, with expectations for continued M&A activity potentially benefiting this segment.
• Allianz's recent 13D filing raised questions about their intentions, with management indicating no current visibility on potential changes in their engagement.
• The management team emphasized a dual focus on organic growth and cost optimization, with ongoing efforts to streamline expenses and improve technology efficiencies.

This summary encapsulates the key points from AlTi's Q4 2025 earnings call, highlighting financial performance, strategic initiatives, outlook, and areas of concern.