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The consolidated Financial Statements were approved and authorised by the Directors of the Company on 30 March 2026 and
were signed on its behalf by:
Alvaro Perera
Chief Financial Officer
Allfunds Group plc
Company registration number 10647359
The Notes form an integral part of these Financial Statements.\u2003
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Additional disclosures
Included in operating activities was interest income received
which during the year to 31 December 2025 was EUR 79,142
thousand (31 December 2024: EUR 104,191 thousand).
Non-cash disclosures
During the year to 31 December 2025, xxx,xxx ordinary
shares were delivered to the beneficiaries of the Employee
share schemes (31 December 2024: 392,497 ordinary
shares).
Method used
The indirect method has been used in the preparation of the
cash flows for both the years ended 31 December 2025 and
31 December 2024.
In addition, during the year to 31 December 2025, Assets held
for resale were separately disclosed in the consolidated
statement of financial position and the consolidated
statement of comprehensive income. Please see Note 12.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-315": { "value": "
1.\u00a0 General Information
Allfunds Group plc , (the \u201cCompany\u201d) is a public limited company which was listed on the Euronext Amsterdam on 23 April 2021
and is domiciled in England and Wales, United Kingdom . The address of the registered office is at 2 Fitzroy Place, 8 Mortimer
Street, London , United Kingdom, W1T 3JJ.
The activities that the Company (the ultimate parent company) and its subsidiaries (the \u201cAllfunds Group\u201d) ultimately undertake
are as follows:
\u2022 The performance of all kinds of activities, including part of transactions and services of the banking business in general,
related thereto or permitted under current legislation and financial reporting framework applicable to the Bank of Spain;
\u2022 The acquisition, holding, use, administration, and disposal of Spanish and foreign marketable securities, shares and equity
interests in companies, in accordance with current legislation; and
\u2022 The provision of investment services and any applicable supplementary activity under current legislation.
As at 31 December 2025, the Company is 35.9% owned by LHC3 Limited (formerly LHC3 Plc), 6.1% by BNP Paribas S.A., 6.6%
by BNP Paribas Asset Management Holding (\u201cBNPP AM\u201d), 0.6% by the Company through Treasury Shares, while the remaining
50.8% of the ordinary shares of the Company are listed on the Euronext Amsterdam exchange.\u00a0
The largest shareholder, LHC3 Limited, is in turn wholly owned by LHC2 Limited having its registered address at Third Floor, 37
Esplanade, St. Helier, Jersey, JE1 1AD. Similarly, LHC2 Limited is wholly owned by LHC1 Limited which indirectly holds its share
of the Company through LHC2 Limited and LHC3 Limited. LHC1 Limited is ultimately jointly controlled by Hellman & Friedman
LLC and its affiliates (\u201cH&F\u201d), and Eiffel Investment Pte Ltd, a nominated investment vehicle of GIC Special Investments Pte Ltd,
a direct subsidiary of GIC (Ventures) Pte Ltd (\u201cEiffel\u201d), with a minority holding held by certain members of senior management of
the Allfunds Group.
To describe the latest situation of the offer from Deutsche Borse
2.b. Basis of preparation
The financial statements have been prepared on the historical cost basis, except for the revaluation of financial assets and
liabilities at fair value through profit and loss.
The financial statements are presented in Euros, which is the currency of the primary economic environment in which the Group
operates (the \u201cfunctional currency\u201d) and have been rounded to the nearest thousand.
The Directors have made enquiries and, having considered the current economic climate at the time of approving the
consolidated financial statements, as well as the expected working capital requirements that the Group will have for the 12
months from the date that these financial statements are signed and issued, they have a reasonable expectation that the Group
will have adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the
going concern basis of accounting in preparing the consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-316": { "value": "Allfunds Group plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-317": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-318": { "value": "England and Wales,", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-319": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-320": { "value": "2 Fitzroy Place, 8 Mortimer Street, London , United Kingdom, W1T 3JJ.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-321": { "value": "The activities that the Company (the ultimate parent company) and its subsidiaries (the \u201cAllfunds Group\u201d) ultimately undertake are as follows:\u2022 The performance of all kinds of activities, including part of transactions and services of the banking business in general, related thereto or permitted under current legislation and financial reporting framework applicable to the Bank of Spain;\u2022 The acquisition, holding, use, administration, and disposal of Spanish and foreign marketable securities, shares and equity interests in companies, in accordance with current legislation; and\u2022 The provision of investment services and any applicable supplementary activity under current legislation.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-322": { "value": "
2.\u00a0 Basis of Accounting
2.a. Statement of compliance
The consolidated financial statements for the year ended 31 December 2025 have been properly prepared on a going concern
basis and in accordance with United Kingdom International Accounting Standards and International Financial Reporting
Standards as adopted by the European Union (EU). In addition, the Financial Statements have been prepared in conformity with
the requirements of the Companies Act 2006 of the United Kingdom.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-323": { "value": "
2.a. Statement of compliance
The consolidated financial statements for the year ended 31 December 2025 have been properly prepared on a going concern
basis
2.b. Basis of preparation
The Directors have made enquiries and, having considered the current economic climate at the time of approving the
consolidated financial statements, as well as the expected working capital requirements that the Group will have for the 12
months from the date that these financial statements are signed and issued, they have a reasonable expectation that the Group
will have adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the
going concern basis of accounting in preparing the consolidated financial statements.
37.\u00a0 Going Concern
The directors have made enquiries and having considered the current economic climate, including the impact of both the
Ukrainian-Russian and Israeli - Palestinian Wars, at the time of approving the financial statements, they have no knowledge of
any material uncertainties. Furthermore, there are sufficient resources for at least the next 12 months to cover the expected
working capital requirements for both the Allfunds Group individual Company and the consolidated Group. Cash and highly liquid
assets held by the Group would be sufficient to cover a total cash outflow of the balances held on demand accounts of the
counterparties (see Notes 13, 16 and 17).
Deutsche Borse situation
As a consequence, the Directors have a reasonable expectation that the Allfunds Group and Company have adequate resources
to continue in operational existence for the foreseeable future. Accordingly, they have continued to adopt the going concern
basis of accounting in preparing the consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-324": { "value": "
2.b. Basis of preparation
The financial statements have been prepared on the historical cost basis, except for the revaluation of financial assets and
liabilities at fair value through profit and loss.
The financial statements are presented in Euros, which is the currency of the primary economic environment in which the Group
operates (the \u201cfunctional currency\u201d) and have been rounded to the nearest thousand.
The Directors have made enquiries and, having considered the current economic climate at the time of approving the
consolidated financial statements, as well as the expected working capital requirements that the Group will have for the 12
months from the date that these financial statements are signed and issued, they have a reasonable expectation that the Group
will have adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the
going concern basis of accounting in preparing the consolidated financial statements.
2.e. Climate related change
Allfunds' business is principally that of funds distribution by acting as an intermediary through connecting Distributors and Fund
houses with financial products. As such, Allfunds cannot control or influence the activities of these counterparties with regards
to selection of other counterparties, service providers or the financial products selected.\u00a0 \u00a0
Due to the nature of the assets which Allfunds holds, with significant balances in both goodwill and intangible assets, most
notably being the current relationships with clients and the cooperation and exclusivity agreements, and further the fact that the
counterparties with which the Group uses, mostly being regulated financial institutions, the climate related changes and effects
are minimal.\u00a0 \u00a0
Considering this, the effects of climate related changes and the risks associated were considered when preparing these
financial statements. However, due to acting as an intermediary for the counterparties, the impact on the financial statements is
limited with no material effect.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-325": { "value": "
2.b. Basis of preparation
The financial statements are presented in Euros, which is the currency of the primary economic environment in which the Group
operates (the \u201cfunctional currency\u201d) and have been rounded to the nearest thousand.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-327": { "value": "
2.c. Basis of Consolidation
Subsidiaries are all entities over which the parent company has control (see Note 39). The investor (parent company) controls
an investee if and only if the investor has all of the following: a) power over the investee; b) exposure, or rights, to variable
returns from its involvement with the investee; and c) the ability to use its power over the investee to affect the amount of the
investor's returns. Subsidiaries are fully consolidated from the date on which control is transferred to the parent company.
Consolidation ceases from the date in which control is lost. The acquisition method is used by the Group to account for business
combinations.
When the parent company has less than a majority of the voting rights of an investee, they consider that they have power over
the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee
unilaterally.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.
All intra group assets and liabilities, equity, income, expenses and cash flows relating to transactions between the members of
the Group are eliminated on consolidation.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-326": { "value": "
2.c. Basis of Consolidation
Subsidiaries are all entities over which the parent company has control (see Note 39). The investor (parent company) controls
an investee if and only if the investor has all of the following: a) power over the investee; b) exposure, or rights, to variable
returns from its involvement with the investee; and c) the ability to use its power over the investee to affect the amount of the
investor's returns. Subsidiaries are fully consolidated from the date on which control is transferred to the parent company.
Consolidation ceases from the date in which control is lost. The acquisition method is used by the Group to account for business
combinations.
When the parent company has less than a majority of the voting rights of an investee, they consider that they have power over
the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee
unilaterally.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.
All intra group assets and liabilities, equity, income, expenses and cash flows relating to transactions between the members of
the Group are eliminated on consolidation.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-329": { "value": "
2.d. New standards interpretations and amendments adopted by the Group
The following amendment and interpretation became effective during the year. The adoption has not had any significant impact
on the Group:
Effective from
Amendments to IAS 21 - Lack of Exchangeability
1 January 2025
The following new standards, amendments and interpretations became effective after the 31 December 2025:
Effective from
Amendments to IFRS 7 and IFRS 9\u00a0 \u2013 Classification and Measurement of Financial Instruments
1 January 2026
Amendments to IFRS 7 and IFRS 9\u00a0 \u2013 Contracts referencing Nature dependent Electricity Contracts
1 January 2026
Annual Improvements to IFRS Accounting Standards Volume 11
1 January 2026
IFRS 18 \u2013 Presentation and Disclosure in Financial Statements
1 January 2027
IFRS 19 - Subsidiaries without Public Accounting Disclosures
1 January 2027
Amendments to IAS 21 -\u00a0 Translation to a Hyperinflationary presentation currency
1 January 2027
The Group has not early adopted any of these or any other standard, interpretation or amendment that has been issued but is not
yet effective. Management believe that the early adoption of these standards would not have a significant impact on the Group
even in the case of IFRS 18 considering the nature of activities of the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-328": { "value": "
2.d. New standards interpretations and amendments adopted by the Group
The following amendment and interpretation became effective during the year. The adoption has not had any significant impact
on the Group:
Effective from
Amendments to IAS 21 - Lack of Exchangeability
1 January 2025
The following new standards, amendments and interpretations became effective after the 31 December 2025:
Effective from
Amendments to IFRS 7 and IFRS 9\u00a0 \u2013 Classification and Measurement of Financial Instruments
1 January 2026
Amendments to IFRS 7 and IFRS 9\u00a0 \u2013 Contracts referencing Nature dependent Electricity Contracts
1 January 2026
Annual Improvements to IFRS Accounting Standards Volume 11
1 January 2026
IFRS 18 \u2013 Presentation and Disclosure in Financial Statements
1 January 2027
IFRS 19 - Subsidiaries without Public Accounting Disclosures
1 January 2027
Amendments to IAS 21 -\u00a0 Translation to a Hyperinflationary presentation currency
1 January 2027
The Group has not early adopted any of these or any other standard, interpretation or amendment that has been issued but is not
yet effective. Management believe that the early adoption of these standards would not have a significant impact on the Group
even in the case of IFRS 18 considering the nature of activities of the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-330": { "value": "
3.\u00a0 Material Accounting Policy Information
The Group's accounting policies have been appli ed consistently by all Group entities and for all periods presented herein.
3.a. Foreign currency translation
Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the
transactions. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the
exchange rate at the reporting date, with the foreign currency difference recognised in other operating income/(expense) in the
consolidated statements of comprehensive income.
Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are translated into the
Euro functional currency at the exchange rate at the date that the fair value was determined. Non-monetary items in a foreign
currency that are measured based on historical cost are translated using the exchange rate at the date of the transaction.\u00a0
The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are
translated into euros at the exchange rates at the reporting date. The income and expenses of foreign operations are translated
to euros at the exchange rates at the date of the transactions.
Foreign currency differences are recognised in other comprehensive income and presented in other reserves (translation
reserve) of equity.
3.b. Financial Instruments
Financial assets and financial liabilities are recognised in the consolidated statement of financial position when the Group
becomes a party to the contractual provisions of the instrument.
i. Financial assets
Financial assets are classified according to the business model within which the asset is held and the contractual cash-flow
characteristics of the asset.
ii. Cash and cash equivalents
Cash and cash equivalents include cash in hand, on-demand deposits with banks, balances required to be held at Central Banks\u00a0
and other short-term highly liquid investments that have original maturities of three months or less and that are readily
convertible to known amounts of cash. These are subject to an insignificant risk of changes in value and are held for the
purpose of meeting short term cash requirements.
Where appropriate, bank overdrafts, which cannot be netted, are shown within borrowings in current liabilities in the
consolidated statement of financial position.
iii. Financial assets at amortised cost
The Group\u2019s financial assets at amortised cost comprise time deposits from credit institutions, receivables from customers and
debt securities.
Financial assets at amortised cost are initially recognised at fair value including any directly attributable costs and they are
subsequently measured using the effective interest method, less any impairment. Financial assets at amortised cost are
derecognised when the contractual rights to the cash flows from the asset expire or have been transferred.
Trade and other receivables are initially recorded at the fair value of the amount receivable and subsequently measured at
amortised cost using the effective interest method, less any provision for impairment.
Impairment of financial assets
To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and
number of days past due, except for those impairment losses estimated on an individual basis. The Group considers a trade
receivable to be in default when it is past due by more than 90 days since agreement. This approach is consistent with the
expectations and requirements of the Banking Regulator for the Group\u00b4s most significant subsidiary, Allfunds Bank, S.A.U. The
carrying amount of the financial assets would be fully provided for after two years past due. When a trade receivable is
considered uncollectible, it is written off against the provision. Subsequent recoveries of amounts previously written off are
credited against the provision. Changes in the carrying amount of the provision are recognised in the income statement. Please
see Note 6.b.
iv. Financial assets at fair value through profit and loss
Financial assets at fair value through profit and loss are assets derived from a business model where the objective is to obtain
contractual cash flows and to sell those instruments, but the contractual cash flows do not comply with the requirements of the
Solely Payments of Principal and Interest (\"SPPI\") test. These assets are recognised in the consolidated statement of financial
position and measured upon acquisition at fair value and changes in the fair value are recognised, when applicable, under the
heading gains or losses on financial assets at fair value through profit and loss within the other operating income/(expense).
Please see Note 29.\u00a0
v. Financial liabilities
Financial liabilities are classified according to the substance of the contractual arrangements entered into.
vi. Financial liabilities at amortised cost
The Group\u2019s financial liabilities at amortised cost comprise of cash held in demand accounts from both credit and non-credit
institutions, amounts owed regarding the revolving credit facility, which is classified as a long-term liability, as well as other
financial liabilities. These other financial liabilities include funds temporarily held on behalf of Distributors due to orders of
transfers of investments in UCIs received, which were yet to be settled at the period end, tax collection accounts due within 30
days, and other payment obligations.
Financial liabilities are initially recorded at fair value, net of transaction costs. They are subsequently measured at amortised
cost using the effective interest rate. Financial liabilities at amortised cost are derecognised when the Group's contractual
obligations are discharged, cancelled or they expire.
Trade and other payables consist of amounts payable to clients and other counterparties and obligations to pay suppliers for
goods and services in the ordinary course of business, including amounts recognised as accruals. Trade and other payables are
measured at amortised cost using the effective interest method.
vii. Lease liabilities
Lease liabilities consist of amounts payable by the Group measured at the present value of lease payments to be made over the
lease term. Please see Note 3.i.
viii. Derivative financial instruments
The Group enters into derivative financial instruments, mainly for foreign exchange spot and forward contracts, to manage its
exposure to foreign exchange rate risk.
Derivatives are initially recognised at fair value at the date the contract is entered into and are subsequently remeasured to fair
value at each statement of financial position date, with the resulting gain or loss being recognised in comprehensive income.
A derivative with a positive fair value is recognised as a financial asset whereas a derivative with a negative fair value is
recognised as a financial liability. A derivative is presented as a non-current asset or a non-current liability if the remaining
maturity of the instrument is more than 12 months and it is not expected to be realised or settled within 12 months from the
reporting date. Other derivatives are presented as current assets or current liabilities.
3.c. Goodwill
Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in
the acquiree, and the fair value of the acquirer's previously held equity interest in the acquiree (if any) over the net of the
acquisition date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the net of the
acquisition date amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration
transferred, the excess is recognised immediately in profit and loss as a bargain purchase gain.
Goodwill is not amortised but is reviewed for impairment, as part of the cash-generating unit (\u201cCGU\u201d) to which it belongs, at
least annually. The cash-generating unit is the smallest group of assets that includes the goodwill and generates cash inflows
that are largely independent of the cash inflows from other assets or groups of assets. Identification of an asset\u2019s cash-
generating unit involves judgement. For the purpose of impairment testing, goodwill acquired as part of a business combination
is allocated to each of the Group\u2019s cash-generating units expected to benefit from the synergies of the combination. Cash-
generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an
indication that the unit may be impaired.
If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is
allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-
rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill cannot be
reversed in a subsequent period. On\u00a0disposal of a cash-generating unit, the attributable amount of goodwill is included in the
determination of the gain or loss on disposal.
3.d. Property, Plant and Equipment
Items of property, plant and equipment are stated at historical cost less accumulated depreciation. Historical cost includes
expenditures that are directly attributable to the acquisition of the items.
Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is
probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured
reliably. All other repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred.
The Group depreciates property, plant and equipment on a straight-line basis for both years ended 31 December 2025 and 31
December 2024, over the following periods:
Furniture and fixtures
3-10 years
Computer hardware
3-4 years
The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.
3.e. Intangible Assets (other than goodwill)
Intangible assets are identifiable non-monetary assets without physical substance which arise as a result of a legal transaction
or which are developed internally by the Group, where applicable. Only assets whose cost can be reasonably estimated
objectively and from which the Group considers it probable that future economic benefits will be generated are recognised.
Intangible assets comprise IT developments, IT technological platforms, current relations with clients, current relations with
clients through cooperation agreements, current relations with clients through exclusivity agreements, brand names, and sub-
distribution agreements. These are stated at cost less amortisation less any recognised impairment loss. Amortisation is
provided on all intangible assets excluding goodwill at rates calculated to write off the cost or valuation, less estimated residual
value, of each asset evenly using a straight-line method over its estimated useful economic life for both years ended 31
December 2025 and 31 December 2024, are as follows:
IT developments
3-10 years
IT technological platforms
5-5.1 years
Current relations with clients
13.6-20 years
Current relations with clients through cooperation agreements
12-16.5 years
Brand names
16.5 years
Exclusivity agreements
2-10 years
The assets\u2019 estimated useful lives, amortisation rates and residual values are reviewed, and adjusted if appropriate at the end of
each reporting period. An asset\u2019s carrying value is written down immediately to its recoverable amount if its carrying value is
greater than the recoverable amount.
IT Development costs are directly attributable to the design and testing of identifiable and unique platforms and software
products, controlled by the Group and which are recognised as intangible assets when the following criteria are met:
\u2022 it is technically feasible to complete the software product so that it will be available for use;
\u2022 management intends to complete the software and use or sell it;
\u2022 there is an ability to use or sell the software;
\u2022 it can be demonstrated how the software will generate probable future economic developments;
\u2022 adequate technical, financial and other resources to complete the development and to use or sell the software are available; and
\u2022 the expenditure attributable to the software during its development can be reliably measured.
Directly attributable costs that are capitalised as part of the software include employee costs and an appropriate portion of
relevant overheads.
Capitalised IT development costs are recorded as intangible assets and amortised from the point at which the asset is ready for use.
An intangible asset is derecognised upon disposal (that is at the date the recipient obtains control) or when no future economic
benefits are expected from its use or disposal. Any gain or loss arising upon derecognition of the asset (calculated as the
difference between the net disposal proceeds and the carrying amount of the asset) is included in the statement of profit or loss.
Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the
higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on
available data from binding sales transactions, conducted at arm`s length, for similar assets or observable market prices less
incremental costs of disposing of the asset. The value in use calculation is based on either the Discounted Cash Flow (\"DCF\") or
the Dividend Discount Model (\"DDM\"), depending on the CGU, and the methodology used to calculate the fair value less cost of
disposal was the income approach.\u00a0 Forecast performance figures do not include future investments that will enhance the
performance of the assets of the CGU being tested.
3.f. Revenue recognition
Fee, commission and service revenue
The Group identifies revenue to be recognised in accordance with the provisions of the agreements signed with customers. The
services can be differentiated according to the type of service, as detailed further below. The Group recognises contract assets
and liabilities in accordance with IFRS 15 as a result of the balances generated for accrued fee, commission and service
revenues.
Platform revenue:
Includes those directly related to the market value of the volume of Assets under Administration (\"AuA\"). Platform Revenues can
be divided into Asset-Based Revenues, Transaction-Based Revenues and Net Treasury Income.
The Group considers that the service is provided, and the performance obligation satisfied, when subscription and redemption
of UCIs are settled and accordingly the positions are allocated in the clients' securities accounts, or when the services are
rendered and completed in the case of Transaction-Based Revenues.
Asset-Based Revenues:
Revenue is recognised in the period in which the performance obligation is being satisfied, in accordance with the volume of
activity and the contractual price, according to two models, described below:
\u2022 Non-Rebate Model: Under the Non-Rebate Model, a Platform Service Fee is charged to the Fund House as a fee margin on
the volume of the Fund House\u2019s AuA on the Allfunds Platform in exchange for bundled services provided by Allfunds to the
Fund House, comprising of, but not limited to, intermediation and execution services, distribution channel access, and
\u2022 Rebate Model: Under the Rebate Model, applicable primarily for retail share classes, Allfunds receives a Platform Service Fee
for the services it provides, in line with the Non-Rebate Model. In addition, Allfunds, in certain circumstances, retains a
percentage of the gross rebate paid to the Distributor, based on agreements in place with each Fund House and individual
Distributor. The gross rebate is calculated based on the Fund House\u2019s annual management charge for each UCI.
In both the Rebate Model and the Non-Rebate Model, the Group charges fees on a quarterly basis for all the services it
provides. The Group calculates and accrues these fees daily based on daily AuA.
In accordance with IFRS 15 \u2013 Revenue from Contracts with Customers, when a third party intervenes in the supply of goods or
services to a customer, the entity shall determine whether its promise is a performance obligation to provide the specified
goods or service (i.e. the entity acts as principal) or to arrange for the supply or those goods or services by the third party (i.e.
the entity acts as agent). The entity will determine whether to act as principal or agent with respect to each of the specified
goods or services promised to the customer. In this regard, the Group has concluded that it does not act as principal for the
investment fund distribution service under the Rebate Model. When a third party is involved in the delivery of goods, or the
provision of services to a customer, the company acting as principal controls the specified good or service before its transfer to
the customer, control referring to the ability to direct the use of the good or service and obtain its remaining benefits.\u00a0 Among
others, the following indicators will be considered:
\u2022 Responsibility to act as principal if it is primarily responsible for fulfilling the promise to provide the specified goods or
service, including responsibility for its acceptance and conformity to the customer's specifications: Allfunds is not acting
as principal for fulfilling the promise to distribute, as it lacks its own network and has no control over the service provided by
the Distributor to the Fund Managers prior to its transfer and has no discretion to accept or reject purchases and sales of
investment funds. In addition, the Group can not influence which funds the Distributor actually markets nor its activity towards
a specific Fund Manager.
\u2022 Inventory Risk: The Company will act as principal if it assumes the inventory risk associated with the transfer, which may
imply exposure to return risk by the customer: By obtaining the services, nor committing to obtain the services before the
Distributor markets the investment fund, the Group does not obtain any prior benefit. So Allfunds is not exposed to the
inventory risk, given that only the Distributor is remunerated for the transaction executed. The Group does not assume risks of
insolvency in which the Fund Manager or Distributor may be exposed to (nor is it responsible for late payments of commissions).
Any advance made by the Group to the Distributor without having received the reimbursed amount from the Fund Manager would
be returned.
\u2022 Setting prices: Will act as principal if it has the power to set the price for the specified good or service, which indicates
control over the use and economic benefits associated with it: There are limitations and restrictions imposed by Fund
managers and Distributors to set the level of the distribution commission (pricing policies of the Fund Managers, existence of
prior agreements and bilateral agreements).
Due to the above, the Group has concluded that it does not act as principal in the performance obligation linked to the
distribution of funds.
Transaction-Based Revenues:
Consists of transaction charges related to the number of transactions. While correlated with AuA, these fees are charged on a
transactional basis and are driven by both the volume and the value of the transactions. Transaction-based net platform
revenue includes, but is not limited to, fees earned from the Group\u2019s local paying agent services, its foreign exchange services,
and ETF services.
Net Treasury Income:
These consist mainly of accrued interest managed by the Treasury business area by investing the liquidity generated by the
intermediation and distribution activities of UCIs with Distributors and Fund Houses in a variety of financial instruments in a
\"Held to Collect\" business model with the aim of generating recurring revenue. The assets under this category are subsequently
measured at amortised cost, after initial recognition, using the \"Effective Interest Rate\" method. The contractual characteristics
of these financial instruments meet the SPPI test whereby the contractual terms of the financial asset give rise to cash-flows on
specified dates that are solely payments of principal and interest on the principal amounts outstanding.\u00a0
Subscription and other revenues:
These include:
\u2022 Financial, legal or banking services: the service is provided and the performance obligation satisfied at a point in time. The
commissions and fees are invoiced at the time the service is rendered in accordance with the economic terms fixed in the
agreement. The performance obligation is satisfied once the service has been performed, and revenue is recognised accordingly.
\u2022 Information delivery services: the service is provided and the performance obligation satisfied over a period of time in
accordance with the contract. The service is invoiced according to the conditions and fixed pricing included in the contract -
monthly, quarterly or annually. The performance obligation is satisfied over a period of time as defined in the contract, and the
revenue is recognised pro-rata over this same period.
\u2022 Environmental, Social and Governance (\"ESG\") related services: providing investment strategies via model portfolios and
empowered reporting, a specialized ESG information delivery services. The performance obligations are satisfied once the
service has been performed and when the data is being provided over a period, respectively.
Fee, commission and service expenses
Fee, commission and service expenses comprise expenses for third parties, Distributors, and other parties.
Net revenue
Net revenue is comprised of fee, commission and service revenue recognised under IFRS 15 less fee, commission and service
expense, plus the interest income from treasury activities. Net revenue includes the results of all the principal products and
services offered by Allfunds to the Wealth Management industry, reflecting the integral interrelationship between revenue
generated and the expenses concurrently incurred.
3.g. Employee Benefits
3.g. i. Short-term obligations
Liabilities for wages and salaries, including non-monetary benefits and accumulated sick leave that are expected to be settled
wholly within 12 months after the end of the period in which the employees render the related service, are recognised in respect
of employees\u2019 services up to the end of the reporting period and are measured at the amounts expected to be paid when the
liabilities are settled. The liabilities are presented within other liabilities in the consolidated statement of financial position, as
long as there is no right to deferral.
3.g. ii. Long term objectives
3.g. iii. Post-employment obligations \u2013 defined contribution plans
The Group\u2019s post-employment obligations to its employees are deemed to be \u201cdefined contribution plans\u201d where the Group makes
pre-determined contributions to a separate entity and will have no legal or constructive obligation to make further contributions
if the separate entity cannot pay the employee benefits relating to the service rendered in the current and prior periods.
The contributions are recognised as employee benefit expense when they are due. Prepaid contributions are recognised as an
asset to the extent that a cash refund or a reduction in the future payments is available.
3.g. iv. Post-employment obligations \u2013 defined benefit plans
As of 31 December 2025, the Group maintains pension commitments with respect to certain employees of the Italian and Swiss
branches of the Group's indirect subsidiary, Allfunds Bank, S.A.U. which, in accordance with the provisions of the applicable
regulations, meet the conditions to be considered defined benefit plans. The Group records within provisions in the consolidated
balance sheet the present value of these post-employment defined benefit obligations.
3.g. v. Employee Share schemes
In 2025, the Board of Directors of the Company approved the launch of a Long-Term Incentive Plan (LTIPs) as a share-based
payment scheme of Allfunds Group plc applicable to Executive Directors, Senior Management and other employees of the
Group. This continues a trend from previous years since 2021. There are now three current cycles of LTIP schemes active.
These schemes have been granted and are divided into two types of incentives:
a. A share incentive granted to executive directors, senior management and key employees, linked to the beneficiary's
permanence in Allfunds until the payment date and the degree of achievement of two metrics:
i. The evolution of the Total Shareholder Return (TSR) of Allfunds Group plc compared to the evolution of the TSR of a
group of comparable companies, and
ii. The ratio of the Group`s Adjusted EBITDA compared to the budgeted Adjusted EBITDA over an agreed performance
period.
b. A share incentive granted to other LTIP beneficiaries, linked solely to the employee's permanence in Allfunds until the date of
payment of the incentive, which was executed in two equal instalments at the beginning of 2023 and 2024 for the first cycle
and will be executed at the beginning of 2025 and 2026 for the second and third cycles respectively.
There are now four current cycles of LTIP share based schemes pending execution in which no shares have been granted to
any individual scheme member. These schemes have planned execution dates at the beginning of 2025, 2026 and 2027
respectively. The incentive plans are subject to standard malus and clawback clauses normal in this type of remuneration plan.
In addition, the long term compensation plan for identified members\u00a0 xxxxxx
3.g. vi. Termination Benefits
Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or when an
employee accepts voluntary redundancy in exchange for these benefits. The Group recognises termination benefits at the
earlier of the following dates: (a) when the Group can no longer withdraw the offer of those benefits; and (b) when the entity
recognises costs for a restructuring that is within the scope of IAS 37 and involves the payment of terminations benefits. In the
case of an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of
employees expected to accept the offer. Benefits falling due more than 12 months after the end of the reporting period are
discounted to present value.
3.h. Income Tax
Current tax expense or benefit is based on the taxable profit for that year. Taxable profit differs from the profit as reported in
the consolidated statement of comprehensive income because it excludes items of income or expenses that are taxable or
deductible in other years and it further excludes items that are never taxable or deductible.
Current tax assets and liabilities are measured as the amount expected to be paid to tax authorities, net of recoveries based on
the tax rates and laws enacted or substantively enacted at the date of the statement of financial position. The Group
periodically evaluates positions taken in the tax returns for situations in which applicable tax regulations are subject to
interpretation and establishes provisions where appropriate.
Deferred tax liabilities are provided for using the liability method on temporary differences between carrying amounts of assets
and liabilities for financial reporting purposes and the amounts used for taxation purposes. However, deferred tax liabilities are
not recognised if they arise from the initial recognition of goodwill. Deferred tax is also not accounted for if it arises from initial
recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects
neither accounting nor taxable profit or loss.
Deferred tax assets are recognised for all deductible temporary differences and are carried forward as unused tax losses, to the
extent that it is probable that the deductions and tax losses can be utilised. The carrying amounts of deferred tax assets are
reviewed at each date of the statement of financial position and reduced to the extent it is no longer probable that the deferred
or current tax assets will be recovered. Unrecognised deferred tax assets are reassessed at each reporting date and are
recognised to the extent that it has become probable that future taxable income will allow the deferred tax asset to be
recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to prevail in the period when the
asset is realised or the liability settled, based on the tax rates and laws that have been enacted or substantively enacted at the
dates of the statements of financial position.
Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive
income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.
Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to
settle on a net basis, or to realise the asset and settle the liability simultaneously.
3.i. Leases
The Group assesses at contract inception whether a contract is, or contains, a lease, that is, if the contract conveys the right to
control the use of an identified asset for a period of time in exchange for consideration. In accordance with IFRS 16, the Group
applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value
assets. The Group applies the short-term lease recognition exemption to its short-term leases (that is, those leases that have a
lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of
low-value assets recognition exemption to leases that are considered to be low value. Lease payments on short-term leases
and leases of low-value assets are recognised as expense on a straight-line basis over the lease term.
In all other cases the Group recognises a right-of-use asset representing its right to use the leased asset under \u201cProperty, plant
and equipment\u201d in the consolidated statement of financial position (see Note 9), and a lease liability representing its obligation to
make lease payments under \u201cLease liabilities\u201d in the consolidated statement of financial position (see Note 34). The depreciation of
the right-of-use asset is recognised under \u201cAmortisation and depreciation relating to other intangible assets and property, plant
and equipment\" (see Notes 9 and 10), and the finance cost associated with the lease liability under \u201cInterest expense\" (see Note 30).
The Group recognises right-of-use assets at the commencement date of the lease, that is, the date the underlying asset is
available for use. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and
adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the initial amount of lease liabilities
recognised, adjusted for any initial direct costs incurred, and lease payments made at or before the commencement date less
any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term
and the estimated useful lives of the assets for both the year ended 31 December 2025 and 31 December 2024 are as follows:
Vehicles
4 years
Computer hardware
5 years
Buildings
2\u201310 years
If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a
purchase option, depreciation is calculated using the estimated useful life of the asset.
At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments
to be made over the lease term. The lease liabilities also include the exercise price of a purchase option reasonably certain to be
exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the
option to terminate. There are no variable lease payments or expected payments under residual value guarantees.
The lease liabilities are measured at amortised cost using the effective interest method.
In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement
date because the interest rate implicit in the lease is not readily determinable. The incremental borrowing rate has been
constructed as the country risk-free rate for a period similar to the term of the lease, plus an adjustment for the lessee's credit
risk (spread), plus an adjustment for the exchange rate, in the event that the currency of the lease contract is different from the
reference currency of the country in which the lessee operates, and finally the possibility of making an adjustment for the risk
associated with the type of asset being leased is analysed.
After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the
lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the
lease term as a result of a change in the Group\u2019s assessment of whether it will exercise an extension or termination option, a
change in the future lease payments arising from a change in an index or rate or if there is a revised in-substance future lease
payment, or a change in the assessment of an option to purchase the underlying asset.
When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-
use asset or is recorded in the profit or loss within the consolidated statement of comprehensive income if the carrying amount
of the right-of-use asset has been reduced to zero.
3.j. Business Combinations
Acquisitions of subsidiaries and businesses are accounted for using the acquisition method of accounting pursuant to IFRS 3.
The cost of an acquired business is assigned to the tangible and intangible assets acquired and the liabilities assumed on the
basis of their fair value at the date of acquisition. The consideration transferred is calculated as the sum of the acquisition-date
fair values of assets, liabilities and the equity interest issued by the Group in exchange for control of the\u00a0acquiree. Any excess of
purchase prices over their fair value of the net tangible and intangibles assets is allocated to goodwill.
Acquisition-related costs are recognised in the profit or loss within the consolidated statement of comprehensive income as
incurred and included in \"Legal and professional costs\" within other expenses (see Note 28).
If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination
occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts
are adjusted during the measurement period (being no longer than one year from the acquisition date), or additional assets or
liabilities are recognised, to reflect new information obtained about facts and circumstances that existed as of the acquisition
date that, if known, would have affected the amounts recognised as of that date.
3.k. Provisions
Provisions are recognised when the Group has a present obligation, legal or constructive, as a result of a past event, and it is
probable that the Group will be required to settle that obligation and a reliable estimate can be made of the amount of the
obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the
statement of financial position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision
is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those
cash flows, where the effect of the time value of money is material.
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a
receivable is recognised as an asset if it is virtually certain that reimbursement will be received, and the amount of the
receivable can be measured reliably.
3.l. Treasury Shares
Own equity instruments that are reacquired (treasury shares) are recognised at cost and deducted from equity. No gain or loss
is recognised in profit or loss on the purchase, sale, issue or cancellation of the Group`s own equity instruments. Any gains or
losses arising on their disposal are credited or debited, as appropriate, within Retained Earnings in the consolidated statement of
financial position.
5.\u00a0 Operating Segments
The Allfunds Group's revenues are generated through its global operations, primarily in Europe. The Allfunds Group reports its
results of operations through the following two reportable segments: net platform revenue and net subscription and other revenues.
\u2022 Net platform revenue is generated from Asset-based revenues, Transaction-based revenues and Treasury revenues.
\u2022 Asset-based revenues are generated based on a daily fee calculated on the amount of each Fund House's outstanding AuA\u00a0 \u00a0
in UCIs on the platform, according to the Service fee model or the Rebate Commission fee model.
\u2022 Transaction-based revenues are related to AuA but are charged on a per-transaction basis rather than based on the
underlying AuA volume.
\u2022 Net treasury income consists mainly of accrued interest originated from investing the liquidity generated on the Platform in a
variety of types of financial instruments (the contractual characteristics of these financial instruments meet the \u201cSPPI\u201d test\u201d) in
a \"Held to collect\" business model.
\u2022 Net subscription and other revenues include Allfunds Connect and digital add-on solutions through, among others, Allfunds
Digital Solutions and Allfunds Data Analytics, as well as the Allfunds Group\u2019s fund research and investment services and legal
and compliance services. Allfunds generates income from subscription and other services related to its digital solutions and
tools and other investment and legal solutions.
The chief operating decision makers (the Executive Committee), regularly review the performance of each of these distinct
revenue-generating services, and the Company has determined that these represent the operating segments of the Group. On a
segment basis, the Executive Committee is solely reviewing net revenue in order to steer each of the operating segments.
Interest expense, interest income, segment assets and segment liabilities are consistent with those included in these financial
statements and no adjustments are required to arrive at the relevant totals for the segments; it is impracticable to split these
amounts and balances between the two segments. No additional profitability or balance sheet metrics are reviewed at the
segment level by the chief operating decision makers. The operating segments have not been aggregated; thus, the reportable
segments are equivalent to the operating segments. Revenues, and their associated expenses for each segment, are recognised
in accordance with the same accounting principles and policies as those used to prepare the consolidated financial statements.
Basic EPS is calculated by dividing the profit for the year attributable to the ordinary equity holders of the Company by the
weighted average number of ordinary shares outstanding during the year, excluding the Treasury Shares acquired by the
Company. The EPS as per the Statement of Comprehensive Income for the comparative period has been calculated
retroactively, incorporating the reduction in the number of ordinary shares in the previous year end in accordance with IAS 33.
As the Company has mainly ordinary shares issued with no dilutive potential, diluted EPS equates to basic EPS.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-331": { "value": "
3.a. Foreign currency translation
Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the
transactions. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the
exchange rate at the reporting date, with the foreign currency difference recognised in other operating income/(expense) in the
consolidated statements of comprehensive income.
Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are translated into the
Euro functional currency at the exchange rate at the date that the fair value was determined. Non-monetary items in a foreign
currency that are measured based on historical cost are translated using the exchange rate at the date of the transaction.\u00a0
The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are
translated into euros at the exchange rates at the reporting date. The income and expenses of foreign operations are translated
to euros at the exchange rates at the date of the transactions.
Foreign currency differences are recognised in other comprehensive income and presented in other reserves (translation
reserve) of equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-332": { "value": "
3.b. Financial Instruments
Financial assets and financial liabilities are recognised in the consolidated statement of financial position when the Group
becomes a party to the contractual provisions of the instrument.
i. Financial assets
Financial assets are classified according to the business model within which the asset is held and the contractual cash-flow
characteristics of the asset.
ii. Cash and cash equivalents
Cash and cash equivalents include cash in hand, on-demand deposits with banks, balances required to be held at Central Banks\u00a0
and other short-term highly liquid investments that have original maturities of three months or less and that are readily
convertible to known amounts of cash. These are subject to an insignificant risk of changes in value and are held for the
purpose of meeting short term cash requirements.
Where appropriate, bank overdrafts, which cannot be netted, are shown within borrowings in current liabilities in the
consolidated statement of financial position.
iii. Financial assets at amortised cost
The Group\u2019s financial assets at amortised cost comprise time deposits from credit institutions, receivables from customers and
debt securities.
Financial assets at amortised cost are initially recognised at fair value including any directly attributable costs and they are
subsequently measured using the effective interest method, less any impairment. Financial assets at amortised cost are
derecognised when the contractual rights to the cash flows from the asset expire or have been transferred.
Trade and other receivables are initially recorded at the fair value of the amount receivable and subsequently measured at
amortised cost using the effective interest method, less any provision for impairment.
Impairment of financial assets
To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and
number of days past due, except for those impairment losses estimated on an individual basis. The Group considers a trade
receivable to be in default when it is past due by more than 90 days since agreement. This approach is consistent with the
expectations and requirements of the Banking Regulator for the Group\u00b4s most significant subsidiary, Allfunds Bank, S.A.U. The
carrying amount of the financial assets would be fully provided for after two years past due. When a trade receivable is
considered uncollectible, it is written off against the provision. Subsequent recoveries of amounts previously written off are
credited against the provision. Changes in the carrying amount of the provision are recognised in the income statement. Please
see Note 6.b.
iv. Financial assets at fair value through profit and loss
Financial assets at fair value through profit and loss are assets derived from a business model where the objective is to obtain
contractual cash flows and to sell those instruments, but the contractual cash flows do not comply with the requirements of the
Solely Payments of Principal and Interest (\"SPPI\") test. These assets are recognised in the consolidated statement of financial
position and measured upon acquisition at fair value and changes in the fair value are recognised, when applicable, under the
heading gains or losses on financial assets at fair value through profit and loss within the other operating income/(expense).
Please see Note 29.\u00a0
v. Financial liabilities
Financial liabilities are classified according to the substance of the contractual arrangements entered into.
vi. Financial liabilities at amortised cost
The Group\u2019s financial liabilities at amortised cost comprise of cash held in demand accounts from both credit and non-credit
institutions, amounts owed regarding the revolving credit facility, which is classified as a long-term liability, as well as other
financial liabilities. These other financial liabilities include funds temporarily held on behalf of Distributors due to orders of
transfers of investments in UCIs received, which were yet to be settled at the period end, tax collection accounts due within 30
days, and other payment obligations.
Financial liabilities are initially recorded at fair value, net of transaction costs. They are subsequently measured at amortised
cost using the effective interest rate. Financial liabilities at amortised cost are derecognised when the Group's contractual
obligations are discharged, cancelled or they expire.
Trade and other payables consist of amounts payable to clients and other counterparties and obligations to pay suppliers for
goods and services in the ordinary course of business, including amounts recognised as accruals. Trade and other payables are
measured at amortised cost using the effective interest method.
vii. Lease liabilities
Lease liabilities consist of amounts payable by the Group measured at the present value of lease payments to be made over the
lease term. Please see Note 3.i.
viii. Derivative financial instruments
The Group enters into derivative financial instruments, mainly for foreign exchange spot and forward contracts, to manage its
exposure to foreign exchange rate risk.
Derivatives are initially recognised at fair value at the date the contract is entered into and are subsequently remeasured to fair
value at each statement of financial position date, with the resulting gain or loss being recognised in comprehensive income.
A derivative with a positive fair value is recognised as a financial asset whereas a derivative with a negative fair value is
recognised as a financial liability. A derivative is presented as a non-current asset or a non-current liability if the remaining
maturity of the instrument is more than 12 months and it is not expected to be realised or settled within 12 months from the
reporting date. Other derivatives are presented as current assets or current liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-333": { "value": "
i. Financial assets
Financial assets are classified according to the business model within which the asset is held and the contractual cash-flow
characteristics of the asset.
ii. Cash and cash equivalents
Cash and cash equivalents include cash in hand, on-demand deposits with banks, balances required to be held at Central Banks\u00a0
and other short-term highly liquid investments that have original maturities of three months or less and that are readily
convertible to known amounts of cash. These are subject to an insignificant risk of changes in value and are held for the
purpose of meeting short term cash requirements.
Where appropriate, bank overdrafts, which cannot be netted, are shown within borrowings in current liabilities in the
consolidated statement of financial position.
iii. Financial assets at amortised cost
The Group\u2019s financial assets at amortised cost comprise time deposits from credit institutions, receivables from customers and
debt securities.
Financial assets at amortised cost are initially recognised at fair value including any directly attributable costs and they are
subsequently measured using the effective interest method, less any impairment. Financial assets at amortised cost are
derecognised when the contractual rights to the cash flows from the asset expire or have been transferred.
Trade and other receivables are initially recorded at the fair value of the amount receivable and subsequently measured at
amortised cost using the effective interest method, less any provision for impairment.
Impairment of financial assets
To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and
number of days past due, except for those impairment losses estimated on an individual basis. The Group considers a trade
receivable to be in default when it is past due by more than 90 days since agreement. This approach is consistent with the
expectations and requirements of the Banking Regulator for the Group\u00b4s most significant subsidiary, Allfunds Bank, S.A.U. The
carrying amount of the financial assets would be fully provided for after two years past due. When a trade receivable is
considered uncollectible, it is written off against the provision. Subsequent recoveries of amounts previously written off are
credited against the provision. Changes in the carrying amount of the provision are recognised in the income statement. Please
see Note 6.b.
iv. Financial assets at fair value through profit and loss
Financial assets at fair value through profit and loss are assets derived from a business model where the objective is to obtain
contractual cash flows and to sell those instruments, but the contractual cash flows do not comply with the requirements of the
Solely Payments of Principal and Interest (\"SPPI\") test. These assets are recognised in the consolidated statement of financial
position and measured upon acquisition at fair value and changes in the fair value are recognised, when applicable, under the
heading gains or losses on financial assets at fair value through profit and loss within the other operating income/(expense).
Please see Note 29.\u00a0
. Derivative financial instruments
The Group enters into derivative financial instruments, mainly for foreign exchange spot and forward contracts, to manage its
exposure to foreign exchange rate risk.
Derivatives are initially recognised at fair value at the date the contract is entered into and are subsequently remeasured to fair
value at each statement of financial position date, with the resulting gain or loss being recognised in comprehensive income.
A derivative with a positive fair value is recognised as a financial asset whereas a derivative with a negative fair value is
recognised as a financial liability. A derivative is presented as a non-current asset or a non-current liability if the remaining
maturity of the instrument is more than 12 months and it is not expected to be realised or settled within 12 months from the
reporting date. Other derivatives are presented as current assets or current liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-334": { "value": "
ii. Cash and cash equivalents
Cash and cash equivalents include cash in hand, on-demand deposits with banks, balances required to be held at Central Banks\u00a0
and other short-term highly liquid investments that have original maturities of three months or less and that are readily
convertible to known amounts of cash. These are subject to an insignificant risk of changes in value and are held for the
purpose of meeting short term cash requirements.
Where appropriate, bank overdrafts, which cannot be netted, are shown within borrowings in current liabilities in the
consolidated statement of financial position.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-335": { "value": "ii. Financial assets at amortised cost
Trade and other receivables are initially recorded at the fair value of the amount receivable and subsequently measured at
amortised cost using the effective interest method, less any provision for impairment.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-336": { "value": "Financial assets at amortised cost are
derecognised when the contractual rights to the cash flows from the asset expire or have been transferred.
Trade and other receivables are initially recorded at the fair value of the amount receivable and subsequently measured at
amortised cost using the effective interest method, less any provision for impairment.
Impairment of financial assets
To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and
number of days past due, except for those impairment losses estimated on an individual basis. The Group considers a trade
receivable to be in default when it is past due by more than 90 days since agreement. This approach is consistent with the
expectations and requirements of the Banking Regulator for the Group\u00b4s most significant subsidiary, Allfunds Bank, S.A.U. The
carrying amount of the financial assets would be fully provided for after two years past due. When a trade receivable is
considered uncollectible, it is written off against the provision. Subsequent recoveries of amounts previously written off are
credited against the provision. Changes in the carrying amount of the provision are recognised in the income statement. Please
see Note 6.b.
Financial liabilities at amortised cost are derecognised when the Group's contractual
obligations are discharged, cancelled or they expire.
Trade and other payables consist of amounts payable to clients and other counterparties and obligations to pay suppliers for
goods and services in the ordinary course of business, including amounts recognised as accruals. Trade and other payables are
measured at amortised cost using the effective interest method.
vii", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-337": { "value": "Impairment of financial assets
To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and
number of days past due, except for those impairment losses estimated on an individual basis. The Group considers a trade
receivable to be in default when it is past due by more than 90 days since agreement. This approach is consistent with the
expectations and requirements of the Banking Regulator for the Group\u00b4s most significant subsidiary, Allfunds Bank, S.A.U. The
carrying amount of the financial assets would be fully provided for after two years past due. When a trade receivable is
considered uncollectible, it is written off against the provision. Subsequent recoveries of amounts previously written off are
credited against the provision. Changes in the carrying amount of the provision are recognised in the income statement. Please
see Note 6.b.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-338": { "value": ". Financial assets at fair value through profit and loss
Financial assets at fair value through profit and loss are assets derived from a business model where the objective is to obtain
contractual cash flows and to sell those instruments, but the contractual cash flows do not comply with the requirements of the
Solely Payments of Principal and Interest (\"SPPI\") test. These assets are recognised in the consolidated statement of financial
position and measured upon acquisition at fair value and changes in the fair value are recognised, when applicable, under the
heading gains or losses on financial assets at fair value through profit and loss within the other operating income/(expense).
Please see Note 29.\u00a0
. Derivative financial instruments
The Group enters into derivative financial instruments, mainly for foreign exchange spot and forward contracts, to manage its
exposure to foreign exchange rate risk.
Derivatives are initially recognised at fair value at the date the contract is entered into and are subsequently remeasured to fair
value at each statement of financial position date, with the resulting gain or loss being recognised in comprehensive income.
A derivative with a positive fair value is recognised as a financial asset whereas a derivative with a negative fair value is
recognised as a financial liability. A derivative is presented as a non-current asset or a non-current liability if the remaining
maturity of the instrument is more than 12 months and it is not expected to be realised or settled within 12 months from the
reporting date. Other derivatives are presented as current assets or current liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-339": { "value": "
v. Financial liabilities
Financial liabilities are classified according to the substance of the contractual arrangements entered into.
vi. Financial liabilities at amortised cost
The Group\u2019s financial liabilities at amortised cost comprise of cash held in demand accounts from both credit and non-credit
institutions, amounts owed regarding the revolving credit facility, which is classified as a long-term liability, as well as other
financial liabilities. These other financial liabilities include funds temporarily held on behalf of Distributors due to orders of
transfers of investments in UCIs received, which were yet to be settled at the period end, tax collection accounts due within 30
days, and other payment obligations.
Financial liabilities are initially recorded at fair value, net of transaction costs. They are subsequently measured at amortised
cost using the effective interest rate. Financial liabilities at amortised cost are derecognised when the Group's contractual
obligations are discharged, cancelled or they expire.
Trade and other payables consist of amounts payable to clients and other counterparties and obligations to pay suppliers for
goods and services in the ordinary course of business, including amounts recognised as accruals. Trade and other payables are
measured at amortised cost using the effective interest method.
vii. Lease liabilities
Lease liabilities consist of amounts payable by the Group measured at the present value of lease payments to be made over the
lease term. Please see Note 3.i.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-340": { "value": "
vi. Financial liabilities at amortised cost
Trade and other payables consist of amounts payable to clients and other counterparties and obligations to pay suppliers for
goods and services in the ordinary course of business, including amounts recognised as accruals. Trade and other payables are
measured at amortised cost using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-341": { "value": "
vii. Lease liabilities
Lease liabilities consist of amounts payable by the Group measured at the present value of lease payments to be made over the
lease term. Please see Note 3.i.
3.i. Leases
The Group assesses at contract inception whether a contract is, or contains, a lease, that is, if the contract conveys the right to
control the use of an identified asset for a period of time in exchange for consideration. In accordance with IFRS 16, the Group
applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value
assets. The Group applies the short-term lease recognition exemption to its short-term leases (that is, those leases that have a
lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of
low-value assets recognition exemption to leases that are considered to be low value. Lease payments on short-term leases
and leases of low-value assets are recognised as expense on a straight-line basis over the lease term.
In all other cases the Group recognises a right-of-use asset representing its right to use the leased asset under \u201cProperty, plant
and equipment\u201d in the consolidated statement of financial position (see Note 9), and a lease liability representing its obligation to
make lease payments under \u201cLease liabilities\u201d in the consolidated statement of financial position (see Note 34). The depreciation of
the right-of-use asset is recognised under \u201cAmortisation and depreciation relating to other intangible assets and property, plant
and equipment\" (see Notes 9 and 10), and the finance cost associated with the lease liability under \u201cInterest expense\" (see Note 30).
The Group recognises right-of-use assets at the commencement date of the lease, that is, the date the underlying asset is
available for use. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and
adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the initial amount of lease liabilities
recognised, adjusted for any initial direct costs incurred, and lease payments made at or before the commencement date less
any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term
and the estimated useful lives of the assets for both the year ended 31 December 2025 and 31 December 2024 are as follows:
Vehicles
4 years
Computer hardware
5 years
Buildings
2\u201310 years
If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a
purchase option, depreciation is calculated using the estimated useful life of the asset.
At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments
to be made over the lease term. The lease liabilities also include the exercise price of a purchase option reasonably certain to be
exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the
option to terminate. There are no variable lease payments or expected payments under residual value guarantees.
The lease liabilities are measured at amortised cost using the effective interest method.
In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement
date because the interest rate implicit in the lease is not readily determinable. The incremental borrowing rate has been
constructed as the country risk-free rate for a period similar to the term of the lease, plus an adjustment for the lessee's credit
risk (spread), plus an adjustment for the exchange rate, in the event that the currency of the lease contract is different from the
reference currency of the country in which the lessee operates, and finally the possibility of making an adjustment for the risk
associated with the type of asset being leased is analysed.
After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the
lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the
lease term as a result of a change in the Group\u2019s assessment of whether it will exercise an extension or termination option, a
change in the future lease payments arising from a change in an index or rate or if there is a revised in-substance future lease
payment, or a change in the assessment of an option to purchase the underlying asset.
When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-
use asset or is recorded in the profit or loss within the consolidated statement of comprehensive income if the carrying amount
of the right-of-use asset has been reduced to zero.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-343": { "value": ". Derivative financial instruments
The Group enters into derivative financial instruments, mainly for foreign exchange spot and forward contracts, to manage its
exposure to foreign exchange rate risk.
Derivatives are initially recognised at fair value at the date the contract is entered into and are subsequently remeasured to fair
value at each statement of financial position date, with the resulting gain or loss being recognised in comprehensive income.
A derivative with a positive fair value is recognised as a financial asset whereas a derivative with a negative fair value is
recognised as a financial liability. A derivative is presented as a non-current asset or a non-current liability if the remaining
maturity of the instrument is more than 12 months and it is not expected to be realised or settled within 12 months from the
reporting date. Other derivatives are presented as current assets or current liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-342": { "value": ". Derivative financial instruments
The Group enters into derivative financial instruments, mainly for foreign exchange spot and forward contracts, to manage its
exposure to foreign exchange rate risk.
Derivatives are initially recognised at fair value at the date the contract is entered into and are subsequently remeasured to fair
value at each statement of financial position date, with the resulting gain or loss being recognised in comprehensive income.
A derivative with a positive fair value is recognised as a financial asset whereas a derivative with a negative fair value is
recognised as a financial liability. A derivative is presented as a non-current asset or a non-current liability if the remaining
maturity of the instrument is more than 12 months and it is not expected to be realised or settled within 12 months from the
reporting date. Other derivatives are presented as current assets or current liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-347": { "value": "
3.c. Goodwill
Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in
the acquiree, and the fair value of the acquirer's previously held equity interest in the acquiree (if any) over the net of the
acquisition date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the net of the
acquisition date amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration
transferred, the excess is recognised immediately in profit and loss as a bargain purchase gain.
Goodwill is not amortised but is reviewed for impairment, as part of the cash-generating unit (\u201cCGU\u201d) to which it belongs, at
least annually. The cash-generating unit is the smallest group of assets that includes the goodwill and generates cash inflows
that are largely independent of the cash inflows from other assets or groups of assets. Identification of an asset\u2019s cash-
generating unit involves judgement. For the purpose of impairment testing, goodwill acquired as part of a business combination
is allocated to each of the Group\u2019s cash-generating units expected to benefit from the synergies of the combination. Cash-
generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an
indication that the unit may be impaired.
If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is
allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-
rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill cannot be
reversed in a subsequent period. On\u00a0disposal of a cash-generating unit, the attributable amount of goodwill is included in the
determination of the gain or loss on disposal.
3.j. Business Combinations
Acquisitions of subsidiaries and businesses are accounted for using the acquisition method of accounting pursuant to IFRS 3.
The cost of an acquired business is assigned to the tangible and intangible assets acquired and the liabilities assumed on the
basis of their fair value at the date of acquisition. The consideration transferred is calculated as the sum of the acquisition-date
fair values of assets, liabilities and the equity interest issued by the Group in exchange for control of the\u00a0acquiree. Any excess of
purchase prices over their fair value of the net tangible and intangibles assets is allocated to goodwill.
Acquisition-related costs are recognised in the profit or loss within the consolidated statement of comprehensive income as
incurred and included in \"Legal and professional costs\" within other expenses (see Note 28).
If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination
occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts
are adjusted during the measurement period (being no longer than one year from the acquisition date), or additional assets or
liabilities are recognised, to reflect new information obtained about facts and circumstances that existed as of the acquisition
date that, if known, would have affected the amounts recognised as of that date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-346": { "value": "
3.c. Goodwill
Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in
the acquiree, and the fair value of the acquirer's previously held equity interest in the acquiree (if any) over the net of the
acquisition date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the net of the
acquisition date amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration
transferred, the excess is recognised immediately in profit and loss as a bargain purchase gain.
Goodwill is not amortised but is reviewed for impairment, as part of the cash-generating unit (\u201cCGU\u201d) to which it belongs, at
least annually. The cash-generating unit is the smallest group of assets that includes the goodwill and generates cash inflows
that are largely independent of the cash inflows from other assets or groups of assets. Identification of an asset\u2019s cash-
generating unit involves judgement. For the purpose of impairment testing, goodwill acquired as part of a business combination
is allocated to each of the Group\u2019s cash-generating units expected to benefit from the synergies of the combination. Cash-
generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an
indication that the unit may be impaired.
If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is
allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-
rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill cannot be
reversed in a subsequent period. On\u00a0disposal of a cash-generating unit, the attributable amount of goodwill is included in the
determination of the gain or loss on disposal.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-345": { "value": "
3.c. Goodwill
Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in
the acquiree, and the fair value of the acquirer's previously held equity interest in the acquiree (if any) over the net of the
acquisition date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the net of the
acquisition date amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration
transferred, the excess is recognised immediately in profit and loss as a bargain purchase gain.
Goodwill is not amortised but is reviewed for impairment, as part of the cash-generating unit (\u201cCGU\u201d) to which it belongs, at
least annually. The cash-generating unit is the smallest group of assets that includes the goodwill and generates cash inflows
that are largely independent of the cash inflows from other assets or groups of assets. Identification of an asset\u2019s cash-
generating unit involves judgement. For the purpose of impairment testing, goodwill acquired as part of a business combination
is allocated to each of the Group\u2019s cash-generating units expected to benefit from the synergies of the combination. Cash-
generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an
indication that the unit may be impaired.
If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is
allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-
rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill cannot be
reversed in a subsequent period. On\u00a0disposal of a cash-generating unit, the attributable amount of goodwill is included in the
determination of the gain or loss on disposal.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-344": { "value": "
3.c. Goodwill
Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in
the acquiree, and the fair value of the acquirer's previously held equity interest in the acquiree (if any) over the net of the
acquisition date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the net of the
acquisition date amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration
transferred, the excess is recognised immediately in profit and loss as a bargain purchase gain.
Goodwill is not amortised but is reviewed for impairment, as part of the cash-generating unit (\u201cCGU\u201d) to which it belongs, at
least annually. The cash-generating unit is the smallest group of assets that includes the goodwill and generates cash inflows
that are largely independent of the cash inflows from other assets or groups of assets. Identification of an asset\u2019s cash-
generating unit involves judgement. For the purpose of impairment testing, goodwill acquired as part of a business combination
is allocated to each of the Group\u2019s cash-generating units expected to benefit from the synergies of the combination. Cash-
generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an
indication that the unit may be impaired.
If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is
allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-
rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill cannot be
reversed in a subsequent period. On\u00a0disposal of a cash-generating unit, the attributable amount of goodwill is included in the
determination of the gain or loss on disposal.
3.e. Intangible Assets (other than goodwill)
Intangible assets are identifiable non-monetary assets without physical substance which arise as a result of a legal transaction
or which are developed internally by the Group, where applicable. Only assets whose cost can be reasonably estimated
objectively and from which the Group considers it probable that future economic benefits will be generated are recognised.
Intangible assets comprise IT developments, IT technological platforms, current relations with clients, current relations with
clients through cooperation agreements, current relations with clients through exclusivity agreements, brand names, and sub-
distribution agreements. These are stated at cost less amortisation less any recognised impairment loss. Amortisation is
provided on all intangible assets excluding goodwill at rates calculated to write off the cost or valuation, less estimated residual
value, of each asset evenly using a straight-line method over its estimated useful economic life for both years ended 31
December 2025 and 31 December 2024, are as follows:
IT developments
3-10 years
IT technological platforms
5-5.1 years
Current relations with clients
13.6-20 years
Current relations with clients through cooperation agreements
12-16.5 years
Brand names
16.5 years
Exclusivity agreements
2-10 years
The assets\u2019 estimated useful lives, amortisation rates and residual values are reviewed, and adjusted if appropriate at the end of
each reporting period. An asset\u2019s carrying value is written down immediately to its recoverable amount if its carrying value is
greater than the recoverable amount.
IT Development costs are directly attributable to the design and testing of identifiable and unique platforms and software
products, controlled by the Group and which are recognised as intangible assets when the following criteria are met:
\u2022 it is technically feasible to complete the software product so that it will be available for use;
\u2022 management intends to complete the software and use or sell it;
\u2022 there is an ability to use or sell the software;
\u2022 it can be demonstrated how the software will generate probable future economic developments;
\u2022 adequate technical, financial and other resources to complete the development and to use or sell the software are available; and
\u2022 the expenditure attributable to the software during its development can be reliably measured.
Directly attributable costs that are capitalised as part of the software include employee costs and an appropriate portion of
relevant overheads.
Capitalised IT development costs are recorded as intangible assets and amortised from the point at which the asset is ready for use.
An intangible asset is derecognised upon disposal (that is at the date the recipient obtains control) or when no future economic
benefits are expected from its use or disposal. Any gain or loss arising upon derecognition of the asset (calculated as the
difference between the net disposal proceeds and the carrying amount of the asset) is included in the statement of profit or loss.
Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the
higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on
available data from binding sales transactions, conducted at arm`s length, for similar assets or observable market prices less
incremental costs of disposing of the asset. The value in use calculation is based on either the Discounted Cash Flow (\"DCF\") or
the Dividend Discount Model (\"DDM\"), depending on the CGU, and the methodology used to calculate the fair value less cost of
disposal was the income approach.\u00a0 Forecast performance figures do not include future investments that will enhance the
performance of the assets of the CGU being tested.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-348": { "value": "
Goodwill is not amortised but is reviewed for impairment, as part of the cash-generating unit (\u201cCGU\u201d) to which it belongs, at
least annually. The cash-generating unit is the smallest group of assets that includes the goodwill and generates cash inflows
that are largely independent of the cash inflows from other assets or groups of assets. Identification of an asset\u2019s cash-
generating unit involves judgement. For the purpose of impairment testing, goodwill acquired as part of a business combination
is allocated to each of the Group\u2019s cash-generating units expected to benefit from the synergies of the combination. Cash-
generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an
indication that the unit may be impaired.
If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is
allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-
rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill cannot be
reversed in a subsequent period. On\u00a0disposal of a cash-generating unit, the attributable amount of goodwill is included in the
determination of the gain or loss on disposal.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-349": { "value": "
3.d. Property, Plant and Equipment
Items of property, plant and equipment are stated at historical cost less accumulated depreciation. Historical cost includes
expenditures that are directly attributable to the acquisition of the items.
Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is
probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured
reliably. All other repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred.
The Group depreciates property, plant and equipment on a straight-line basis for both years ended 31 December 2025 and 31
December 2024, over the following periods:
Furniture and fixtures
3-10 years
Computer hardware
3-4 years
The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-351": { "value": "
3.d. Property, Plant and Equipment
The Group depreciates property, plant and equipment on a straight-line basis for both years ended 31 December 2025 and 31
December 2024, over the following periods:
Furniture and fixtures
3-10 years
Computer hardware
3-4 years
The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.
Amortisation is
provided on all intangible assets excluding goodwill at rates calculated to write off the cost or valuation, less estimated residual
value, of each asset evenly using a straight-line method over its estimated useful economic life for both years ended 31
December 2025 and 31 December 2024, are as follows:
IT developments
3-10 years
IT technological platforms
5-5.1 years
Current relations with clients
13.6-20 years
Current relations with clients through cooperation agreements
12-16.5 years
Brand names
16.5 years
Exclusivity agreements
2-10 years
The assets\u2019 estimated useful lives, amortisation rates and residual values are reviewed, and adjusted if appropriate at the end of
each reporting period. An asset\u2019s carrying value is written down immediately to its recoverable amount if its carrying value is
greater than the recoverable amount.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-350": { "value": "
3.d. Property, Plant and Equipment
The Group depreciates property, plant and equipment on a straight-line basis for both years ended 31 December 2025 and 31
December 2024, over the following periods:
Furniture and fixtures
3-10 years
Computer hardware
3-4 years
The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.
Amortisation is
provided on all intangible assets excluding goodwill at rates calculated to write off the cost or valuation, less estimated residual
value, of each asset evenly using a straight-line method over its estimated useful economic life for both years ended 31
December 2025 and 31 December 2024, are as follows:
IT developments
3-10 years
IT technological platforms
5-5.1 years
Current relations with clients
13.6-20 years
Current relations with clients through cooperation agreements
12-16.5 years
Brand names
16.5 years
Exclusivity agreements
2-10 years
The assets\u2019 estimated useful lives, amortisation rates and residual values are reviewed, and adjusted if appropriate at the end of
each reporting period. An asset\u2019s carrying value is written down immediately to its recoverable amount if its carrying value is
greater than the recoverable amount.
9.\u00a0 Property, Plant and Equipment
31 Dec 2025
Furniture and
fixtures
Computer Hardware
Right-of-use Assets\u00b9
Total
EUR ('000s)
EUR ('000s)
EUR ('000s)
EUR ('000s)
Cost:
Brought forward 1 Jan 2025
13,598
4,122
35,299
53,019
Additions
273
550
7,003
7,826
Disposals
(1,474)
\u2014
(5,386)
(6,860)
Other
\u2014
\u2014
1
1
Carried forward 31 Dec 2025
12,397
4,672
36,917
53,986
Accumulated depreciation:
Brought forward 1 Jan 2025
(8,318)
(3,463)
(17,482)
(29,263)
Charge for the year
(1,657)
(1,199)
(6,489)
(9,345)
Disposals
950
\u2014
5,386
6,336
Other
\u2014
\u2014
\u2014
Carried forward 31 Dec 2025
(9,025)
(4,662)
(18,585)
(32,272)
Net Book Value
3,372
10
18,332
21,714
Fully depreciated assets
3,675
\u2014
\u2014
3,675
1. Right-of-use assets are further detailed in Note 34
31 Dec 2024
Furniture and
fixtures
Computer
Hardware
Right-of-use Assets\u00b9
Total
EUR ('000s)
EUR ('000s)
EUR ('000s)
EUR ('000s)
Cost:
Brought forward 1 Jan 2024
13,864
4,314
45,687
63,865
Additions
205
180
2,038
2,423
Disposals
(471)
(372)
(12,337)
(13,180)
Other
\u2014
\u2014
(89)
(89)
Carried forward 31 Dec 2024
13,598
4,122
35,299
53,019
Accumulated depreciation:
Brought forward 1 Jan 2024
(7,233)
(3,515)
(21,838)
(32,586)
Charge for the year
(1,621)
(504)
(7,623)
(9,748)
Disposals
536
556
11,979
13,071
Other
\u2014
\u2014
\u2014
\u2014
Carried forward 31 Dec 2024
(8,318)
(3,463)
(17,482)
(29,263)
Net Book Value
5,280
659
17,817
23,756
Fully depreciated assets
5,931
\u2014
\u2014
5,931
1. Right-of-use assets are further detailed in Note 38
Depreciation is calculated using the straight-line method to allocate the cost, net of the residual values, over the estimated
useful lives of the assets.\u00a0
Presented in the table below is an analysis of Goodwill and Other Intangible Assets as at 31 December 2025 and 31 December 2024 :
Goodwill
EUR ('000s)
IT
developments
EUR ('000s)
IT
technological
platforms
EUR ('000s)
Current
relations
with clients
EUR ('000s)
Current relations
with clients
through
cooperation
agreement
EUR ('000s)
Brand names
EUR ('000s)
Exclusivity
agreements
EUR ('000s)
Total
EUR ('000s)
Cost:
Brought forward 1.1.25
1,594,855
238,589
216,226
563,381
701,176
51,174
245,400
3,610,801
Additions
\u2014
58,839
\u2014
\u2014
\u2014
\u2014
65,806
124,645
Disposals
\u2014
(12,735)
\u2014
\u2014
\u2014
\u2014
\u2014
(12,735)
Translation differences and
others
(108,794)
(49,515)
(996)
(34,319)
\u2014
(17)
\u2014
(193,641)
Carried forward 31.12.25
1,486,061
235,178
215,230
529,062
701,176
51,157
311,206
3,529,070
Accumulated amortisation:
Brought forward 1.1.25
\u2014
(115,662)
(206,973)
(216,536)
(287,080)
(21,262)
(100,075)
(947,588)
Charge for the year
\u2014
(33,457)
(4,533)
(35,461)
(31,933)
(3,410)
(51,055)
(159,849)
Disposals
\u2014
12,421
\u2014
\u2014
\u2014
\u2014
\u2014
12,421
Translation differences and
others
\u2014
27,613
284
5,117
\u2014
\u2014
\u2014
33,014
Carried forward 31.12.25
\u2014
(109,085)
(211,222)
(246,880)
(319,013)
(24,672)
(151,130)
(1,062,002)
Impairment losses:
Brought forward 1.1.25
(554,470)
(7)
(1,301)
(2,655)
(107,971)
\u2014
\u2014
(666,404)
Charge for the year\u00b9
(23,474)
(314)
(2,365)
\u2014
\u2014
(2,296)
\u2014
(28,449)
Carried forward 31.12.25
(577,944)
(321)
(3,666)
(2,655)
(107,971)
(2,296)
\u2014
(694,853)
Net book value
908,117
125,772
342
279,527
274,192
24,189
160,076
1,772,215
Fully amortised
\u2014
45,273
\u2014
\u2014
\u2014
\u2014
\u2014
45,273
1. Included in the impairment losses in the Consolidated statement of comprehensive income are EUR 43,222 thousand for the foreign exchange on the accumulated
results from the date of acquisition of the InvestLab business.
Total Intangibles assets other than Goodwill as at 31 December 2025 was EUR 864,098 thousand (31 December 2024: EUR
956,424 thousand).
Included in Exclusivity agreements for the year to 31 December 2025 are additions of EUR 65,806 thousand relating to identifiable
intangible asset which are controlled by the Group to generate future benefits and will be amortised considering a useful economic
life of a minimum of 2 years up to a maximum of 7 years which coincides with the contractual terms of the asset.
Goodwill
EUR ('000s)
IT
developments
EUR ('000s)
IT
technological
platforms
EUR ('000s)
Current
relations
with clients
EUR ('000s)
Current relations
with clients
through
cooperation
agreement
EUR ('000s)
Brand names
EUR ('000s)
Exclusivity
agreement
EUR ('000s)
Total
EUR ('000s)
Cost:
Brought forward 1.1.24
1,638,468
182,319
216,358
527,686
700,508
50,935
191,000
3,507,274
Additions
\u2014
54,190
\u2014
\u2014
\u2014
\u2014
54,400
108,590
Finalised PPA
(41,497)
\u2014
\u2014
41,497
\u2014
\u2014
\u2014
\u2014
Disposals
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Translation differences and
others
(2,116)
2,080
(132)
(5,802)
668
239
\u2014
(5,063)
Carried forward 31.12.24
1,594,855
238,589
216,226
563,381
701,176
51,174
245,400
3,610,801
Accumulated amortisation:
\u00a0
Brought forward 1.1.24
\u2014
(82,957)
(200,507)
(177,174)
(244,621)
(18,633)
(54,351)
(778,243)
Charge for the year
\u2014
(33,614)
(6,163)
(36,579)
(45,819)
(3,302)
(45,264)
(170,741)
Disposals
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Translation differences and
others
\u2014
909
(303)
(2,783)
3,360
673
(460)
1,396
Carried forward 31.12.24
\u2014
(115,662)
(206,973)
(216,536)
(287,080)
(21,262)
(100,075)
(947,588)
Impairment losses:
Brought forward 1.1.24
(362,000)
(7)
(1,301)
\u2014
\u2014
\u2014
\u2014
(363,308)
Charge for the year\u00b9
(192,470)
\u2014
\u2014
(2,655)
(107,971)
\u2014
\u2014
(303,096)
Carried forward 31.12.24
(554,470)
(7)
(1,301)
(2,655)
(107,971)
\u2014
\u2014
(666,404)
Net book value
1,040,385
122,920
7,952
344,190
306,125
29,912
145,325
1,996,809
Fully amortised
\u2014
40,428
\u2014
\u2014
\u2014
\u2014
\u2014
40,428
1. Included in the impairment losses in the Consolidated Statement of Comprehensive Income for the year ended 31 December 2024 are EUR 43,222 thousand for the
foreign exchange on the accumulated results from the date of acquisition of the InvestLab business.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-352": { "value": "
Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is
probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured
reliably. All other repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-354": { "value": "
3.e. Intangible Assets (other than goodwill)
Intangible assets are identifiable non-monetary assets without physical substance which arise as a result of a legal transaction
or which are developed internally by the Group, where applicable. Only assets whose cost can be reasonably estimated
objectively and from which the Group considers it probable that future economic benefits will be generated are recognised.
Intangible assets comprise IT developments, IT technological platforms, current relations with clients, current relations with
clients through cooperation agreements, current relations with clients through exclusivity agreements, brand names, and sub-
distribution agreements. These are stated at cost less amortisation less any recognised impairment loss. Amortisation is
provided on all intangible assets excluding goodwill at rates calculated to write off the cost or valuation, less estimated residual
value, of each asset evenly using a straight-line method over its estimated useful economic life for both years ended 31
December 2025 and 31 December 2024, are as follows:
IT developments
3-10 years
IT technological platforms
5-5.1 years
Current relations with clients
13.6-20 years
Current relations with clients through cooperation agreements
12-16.5 years
Brand names
16.5 years
Exclusivity agreements
2-10 years
The assets\u2019 estimated useful lives, amortisation rates and residual values are reviewed, and adjusted if appropriate at the end of
each reporting period. An asset\u2019s carrying value is written down immediately to its recoverable amount if its carrying value is
greater than the recoverable amount.
IT Development costs are directly attributable to the design and testing of identifiable and unique platforms and software
products, controlled by the Group and which are recognised as intangible assets when the following criteria are met:
\u2022 it is technically feasible to complete the software product so that it will be available for use;
\u2022 management intends to complete the software and use or sell it;
\u2022 there is an ability to use or sell the software;
\u2022 it can be demonstrated how the software will generate probable future economic developments;
\u2022 adequate technical, financial and other resources to complete the development and to use or sell the software are available; and
\u2022 the expenditure attributable to the software during its development can be reliably measured.
Directly attributable costs that are capitalised as part of the software include employee costs and an appropriate portion of
relevant overheads.
Capitalised IT development costs are recorded as intangible assets and amortised from the point at which the asset is ready for use.
An intangible asset is derecognised upon disposal (that is at the date the recipient obtains control) or when no future economic
benefits are expected from its use or disposal. Any gain or loss arising upon derecognition of the asset (calculated as the
difference between the net disposal proceeds and the carrying amount of the asset) is included in the statement of profit or loss.
Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the
higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on
available data from binding sales transactions, conducted at arm`s length, for similar assets or observable market prices less
incremental costs of disposing of the asset. The value in use calculation is based on either the Discounted Cash Flow (\"DCF\") or
the Dividend Discount Model (\"DDM\"), depending on the CGU, and the methodology used to calculate the fair value less cost of
disposal was the income approach.\u00a0 Forecast performance figures do not include future investments that will enhance the
performance of the assets of the CGU being tested.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-353": { "value": "
3.e. Intangible Assets (other than goodwill)
Intangible assets are identifiable non-monetary assets without physical substance which arise as a result of a legal transaction
or which are developed internally by the Group, where applicable. Only assets whose cost can be reasonably estimated
objectively and from which the Group considers it probable that future economic benefits will be generated are recognised.
Intangible assets comprise IT developments, IT technological platforms, current relations with clients, current relations with
clients through cooperation agreements, current relations with clients through exclusivity agreements, brand names, and sub-
distribution agreements. These are stated at cost less amortisation less any recognised impairment loss. Amortisation is
provided on all intangible assets excluding goodwill at rates calculated to write off the cost or valuation, less estimated residual
value, of each asset evenly using a straight-line method over its estimated useful economic life for both years ended 31
December 2025 and 31 December 2024, are as follows:
IT developments
3-10 years
IT technological platforms
5-5.1 years
Current relations with clients
13.6-20 years
Current relations with clients through cooperation agreements
12-16.5 years
Brand names
16.5 years
Exclusivity agreements
2-10 years
The assets\u2019 estimated useful lives, amortisation rates and residual values are reviewed, and adjusted if appropriate at the end of
each reporting period. An asset\u2019s carrying value is written down immediately to its recoverable amount if its carrying value is
greater than the recoverable amount.
IT Development costs are directly attributable to the design and testing of identifiable and unique platforms and software
products, controlled by the Group and which are recognised as intangible assets when the following criteria are met:
\u2022 it is technically feasible to complete the software product so that it will be available for use;
\u2022 management intends to complete the software and use or sell it;
\u2022 there is an ability to use or sell the software;
\u2022 it can be demonstrated how the software will generate probable future economic developments;
\u2022 adequate technical, financial and other resources to complete the development and to use or sell the software are available; and
\u2022 the expenditure attributable to the software during its development can be reliably measured.
Directly attributable costs that are capitalised as part of the software include employee costs and an appropriate portion of
relevant overheads.
Capitalised IT development costs are recorded as intangible assets and amortised from the point at which the asset is ready for use.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-355": { "value": "
3.f. Revenue recognition
Fee, commission and service revenue
The Group identifies revenue to be recognised in accordance with the provisions of the agreements signed with customers. The
services can be differentiated according to the type of service, as detailed further below. The Group recognises contract assets
and liabilities in accordance with IFRS 15 as a result of the balances generated for accrued fee, commission and service
revenues.
Platform revenue:
Includes those directly related to the market value of the volume of Assets under Administration (\"AuA\"). Platform Revenues can
be divided into Asset-Based Revenues, Transaction-Based Revenues and Net Treasury Income.
The Group considers that the service is provided, and the performance obligation satisfied, when subscription and redemption
of UCIs are settled and accordingly the positions are allocated in the clients' securities accounts, or when the services are
rendered and completed in the case of Transaction-Based Revenues.
Asset-Based Revenues:
Revenue is recognised in the period in which the performance obligation is being satisfied, in accordance with the volume of
activity and the contractual price, according to two models, described below:
\u2022 Non-Rebate Model: Under the Non-Rebate Model, a Platform Service Fee is charged to the Fund House as a fee margin on
the volume of the Fund House\u2019s AuA on the Allfunds Platform in exchange for bundled services provided by Allfunds to the
Fund House, comprising of, but not limited to, intermediation and execution services, distribution channel access, and
\u2022 Rebate Model: Under the Rebate Model, applicable primarily for retail share classes, Allfunds receives a Platform Service Fee
for the services it provides, in line with the Non-Rebate Model. In addition, Allfunds, in certain circumstances, retains a
percentage of the gross rebate paid to the Distributor, based on agreements in place with each Fund House and individual
Distributor. The gross rebate is calculated based on the Fund House\u2019s annual management charge for each UCI.
In both the Rebate Model and the Non-Rebate Model, the Group charges fees on a quarterly basis for all the services it
provides. The Group calculates and accrues these fees daily based on daily AuA.
In accordance with IFRS 15 \u2013 Revenue from Contracts with Customers, when a third party intervenes in the supply of goods or
services to a customer, the entity shall determine whether its promise is a performance obligation to provide the specified
goods or service (i.e. the entity acts as principal) or to arrange for the supply or those goods or services by the third party (i.e.
the entity acts as agent). The entity will determine whether to act as principal or agent with respect to each of the specified
goods or services promised to the customer. In this regard, the Group has concluded that it does not act as principal for the
investment fund distribution service under the Rebate Model. When a third party is involved in the delivery of goods, or the
provision of services to a customer, the company acting as principal controls the specified good or service before its transfer to
the customer, control referring to the ability to direct the use of the good or service and obtain its remaining benefits.\u00a0 Among
others, the following indicators will be considered:
\u2022 Responsibility to act as principal if it is primarily responsible for fulfilling the promise to provide the specified goods or
service, including responsibility for its acceptance and conformity to the customer's specifications: Allfunds is not acting
as principal for fulfilling the promise to distribute, as it lacks its own network and has no control over the service provided by
the Distributor to the Fund Managers prior to its transfer and has no discretion to accept or reject purchases and sales of
investment funds. In addition, the Group can not influence which funds the Distributor actually markets nor its activity towards
a specific Fund Manager.
\u2022 Inventory Risk: The Company will act as principal if it assumes the inventory risk associated with the transfer, which may
imply exposure to return risk by the customer: By obtaining the services, nor committing to obtain the services before the
Distributor markets the investment fund, the Group does not obtain any prior benefit. So Allfunds is not exposed to the
inventory risk, given that only the Distributor is remunerated for the transaction executed. The Group does not assume risks of
insolvency in which the Fund Manager or Distributor may be exposed to (nor is it responsible for late payments of commissions).
Any advance made by the Group to the Distributor without having received the reimbursed amount from the Fund Manager would
be returned.
\u2022 Setting prices: Will act as principal if it has the power to set the price for the specified good or service, which indicates
control over the use and economic benefits associated with it: There are limitations and restrictions imposed by Fund
managers and Distributors to set the level of the distribution commission (pricing policies of the Fund Managers, existence of
prior agreements and bilateral agreements).
Due to the above, the Group has concluded that it does not act as principal in the performance obligation linked to the
distribution of funds.
Transaction-Based Revenues:
Consists of transaction charges related to the number of transactions. While correlated with AuA, these fees are charged on a
transactional basis and are driven by both the volume and the value of the transactions. Transaction-based net platform
revenue includes, but is not limited to, fees earned from the Group\u2019s local paying agent services, its foreign exchange services,
and ETF services.
Net Treasury Income:
These consist mainly of accrued interest managed by the Treasury business area by investing the liquidity generated by the
intermediation and distribution activities of UCIs with Distributors and Fund Houses in a variety of financial instruments in a
\"Held to Collect\" business model with the aim of generating recurring revenue. The assets under this category are subsequently
measured at amortised cost, after initial recognition, using the \"Effective Interest Rate\" method. The contractual characteristics
of these financial instruments meet the SPPI test whereby the contractual terms of the financial asset give rise to cash-flows on
specified dates that are solely payments of principal and interest on the principal amounts outstanding.\u00a0
Subscription and other revenues:
These include:
\u2022 Financial, legal or banking services: the service is provided and the performance obligation satisfied at a point in time. The
commissions and fees are invoiced at the time the service is rendered in accordance with the economic terms fixed in the
agreement. The performance obligation is satisfied once the service has been performed, and revenue is recognised accordingly.
\u2022 Information delivery services: the service is provided and the performance obligation satisfied over a period of time in
accordance with the contract. The service is invoiced according to the conditions and fixed pricing included in the contract -
monthly, quarterly or annually. The performance obligation is satisfied over a period of time as defined in the contract, and the
revenue is recognised pro-rata over this same period.
\u2022 Environmental, Social and Governance (\"ESG\") related services: providing investment strategies via model portfolios and
empowered reporting, a specialized ESG information delivery services. The performance obligations are satisfied once the
service has been performed and when the data is being provided over a period, respectively.
Fee, commission and service expenses
Fee, commission and service expenses comprise expenses for third parties, Distributors, and other parties.
Net revenue
Net revenue is comprised of fee, commission and service revenue recognised under IFRS 15 less fee, commission and service
expense, plus the interest income from treasury activities. Net revenue includes the results of all the principal products and
services offered by Allfunds to the Wealth Management industry, reflecting the integral interrelationship between revenue
generated and the expenses concurrently incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-357": { "value": "
Fee, commission and service expenses
Fee, commission and service expenses comprise expenses for third parties, Distributors, and other parties.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-356": { "value": "
Fee, commission and service expenses
Fee, commission and service expenses comprise expenses for third parties, Distributors, and other parties.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-358": { "value": "
3.g. Employee Benefits
3.g. i. Short-term obligations
Liabilities for wages and salaries, including non-monetary benefits and accumulated sick leave that are expected to be settled
wholly within 12 months after the end of the period in which the employees render the related service, are recognised in respect
of employees\u2019 services up to the end of the reporting period and are measured at the amounts expected to be paid when the
liabilities are settled. The liabilities are presented within other liabilities in the consolidated statement of financial position, as
long as there is no right to deferral.
3.g. ii. Long term objectives
3.g. iii. Post-employment obligations \u2013 defined contribution plans
The Group\u2019s post-employment obligations to its employees are deemed to be \u201cdefined contribution plans\u201d where the Group makes
pre-determined contributions to a separate entity and will have no legal or constructive obligation to make further contributions
if the separate entity cannot pay the employee benefits relating to the service rendered in the current and prior periods.
The contributions are recognised as employee benefit expense when they are due. Prepaid contributions are recognised as an
asset to the extent that a cash refund or a reduction in the future payments is available.
3.g. iv. Post-employment obligations \u2013 defined benefit plans
As of 31 December 2025, the Group maintains pension commitments with respect to certain employees of the Italian and Swiss
branches of the Group's indirect subsidiary, Allfunds Bank, S.A.U. which, in accordance with the provisions of the applicable
regulations, meet the conditions to be considered defined benefit plans. The Group records within provisions in the consolidated
balance sheet the present value of these post-employment defined benefit obligations.
3.g. vi. Termination Benefits
Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or when an
employee accepts voluntary redundancy in exchange for these benefits. The Group recognises termination benefits at the
earlier of the following dates: (a) when the Group can no longer withdraw the offer of those benefits; and (b) when the entity
recognises costs for a restructuring that is within the scope of IAS 37 and involves the payment of terminations benefits. In the
case of an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of
employees expected to accept the offer. Benefits falling due more than 12 months after the end of the reporting period are
discounted to present value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-359": { "value": "
3.g. v. Employee Share schemes
In 2025, the Board of Directors of the Company approved the launch of a Long-Term Incentive Plan (LTIPs) as a share-based
payment scheme of Allfunds Group plc applicable to Executive Directors, Senior Management and other employees of the
Group. This continues a trend from previous years since 2021. There are now three current cycles of LTIP schemes active.
These schemes have been granted and are divided into two types of incentives:
a. A share incentive granted to executive directors, senior management and key employees, linked to the beneficiary's
permanence in Allfunds until the payment date and the degree of achievement of two metrics:
i. The evolution of the Total Shareholder Return (TSR) of Allfunds Group plc compared to the evolution of the TSR of a
group of comparable companies, and
ii. The ratio of the Group`s Adjusted EBITDA compared to the budgeted Adjusted EBITDA over an agreed performance
period.
b. A share incentive granted to other LTIP beneficiaries, linked solely to the employee's permanence in Allfunds until the date of
payment of the incentive, which was executed in two equal instalments at the beginning of 2023 and 2024 for the first cycle
and will be executed at the beginning of 2025 and 2026 for the second and third cycles respectively.
There are now four current cycles of LTIP share based schemes pending execution in which no shares have been granted to
any individual scheme member. These schemes have planned execution dates at the beginning of 2025, 2026 and 2027
respectively. The incentive plans are subject to standard malus and clawback clauses normal in this type of remuneration plan.
In addition, the long term compensation plan for identified members\u00a0 xxxxxx
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-360": { "value": "
3.g. vi. Termination Benefits
Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or when an
employee accepts voluntary redundancy in exchange for these benefits. The Group recognises termination benefits at the
earlier of the following dates: (a) when the Group can no longer withdraw the offer of those benefits; and (b) when the entity
recognises costs for a restructuring that is within the scope of IAS 37 and involves the payment of terminations benefits. In the
case of an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of
employees expected to accept the offer. Benefits falling due more than 12 months after the end of the reporting period are
discounted to present value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-361": { "value": "
3.h. Income Tax
Current tax expense or benefit is based on the taxable profit for that year. Taxable profit differs from the profit as reported in
the consolidated statement of comprehensive income because it excludes items of income or expenses that are taxable or
deductible in other years and it further excludes items that are never taxable or deductible.
Current tax assets and liabilities are measured as the amount expected to be paid to tax authorities, net of recoveries based on
the tax rates and laws enacted or substantively enacted at the date of the statement of financial position. The Group
periodically evaluates positions taken in the tax returns for situations in which applicable tax regulations are subject to
interpretation and establishes provisions where appropriate.
Deferred tax liabilities are provided for using the liability method on temporary differences between carrying amounts of assets
and liabilities for financial reporting purposes and the amounts used for taxation purposes. However, deferred tax liabilities are
not recognised if they arise from the initial recognition of goodwill. Deferred tax is also not accounted for if it arises from initial
recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects
neither accounting nor taxable profit or loss.
Deferred tax assets are recognised for all deductible temporary differences and are carried forward as unused tax losses, to the
extent that it is probable that the deductions and tax losses can be utilised. The carrying amounts of deferred tax assets are
reviewed at each date of the statement of financial position and reduced to the extent it is no longer probable that the deferred
or current tax assets will be recovered. Unrecognised deferred tax assets are reassessed at each reporting date and are
recognised to the extent that it has become probable that future taxable income will allow the deferred tax asset to be
recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to prevail in the period when the
asset is realised or the liability settled, based on the tax rates and laws that have been enacted or substantively enacted at the
dates of the statements of financial position.
Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive
income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.
Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to
settle on a net basis, or to realise the asset and settle the liability simultaneously.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-362": { "value": "
Deferred tax liabilities are provided for using the liability method on temporary differences between carrying amounts of assets
and liabilities for financial reporting purposes and the amounts used for taxation purposes. However, deferred tax liabilities are
not recognised if they arise from the initial recognition of goodwill. Deferred tax is also not accounted for if it arises from initial
recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects
neither accounting nor taxable profit or loss.
Deferred tax assets are recognised for all deductible temporary differences and are carried forward as unused tax losses, to the
extent that it is probable that the deductions and tax losses can be utilised. The carrying amounts of deferred tax assets are
reviewed at each date of the statement of financial position and reduced to the extent it is no longer probable that the deferred
or current tax assets will be recovered. Unrecognised deferred tax assets are reassessed at each reporting date and are
recognised to the extent that it has become probable that future taxable income will allow the deferred tax asset to be
recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to prevail in the period when the
asset is realised or the liability settled, based on the tax rates and laws that have been enacted or substantively enacted at the
dates of the statements of financial position.
Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive
income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-363": { "value": "the finance cost associated with the lease liability under \u201cInterest expense\" (see Note 30).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-364": { "value": "
3.j. Business Combinations
Acquisitions of subsidiaries and businesses are accounted for using the acquisition method of accounting pursuant to IFRS 3.
The cost of an acquired business is assigned to the tangible and intangible assets acquired and the liabilities assumed on the
basis of their fair value at the date of acquisition. The consideration transferred is calculated as the sum of the acquisition-date
fair values of assets, liabilities and the equity interest issued by the Group in exchange for control of the\u00a0acquiree. Any excess of
purchase prices over their fair value of the net tangible and intangibles assets is allocated to goodwill.
Acquisition-related costs are recognised in the profit or loss within the consolidated statement of comprehensive income as
incurred and included in \"Legal and professional costs\" within other expenses (see Note 28).
If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination
occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts
are adjusted during the measurement period (being no longer than one year from the acquisition date), or additional assets or
liabilities are recognised, to reflect new information obtained about facts and circumstances that existed as of the acquisition
date that, if known, would have affected the amounts recognised as of that date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-365": { "value": "
3.k. Provisions
Provisions are recognised when the Group has a present obligation, legal or constructive, as a result of a past event, and it is
probable that the Group will be required to settle that obligation and a reliable estimate can be made of the amount of the
obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the
statement of financial position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision
is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those
cash flows, where the effect of the time value of money is material.
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a
receivable is recognised as an asset if it is virtually certain that reimbursement will be received, and the amount of the
receivable can be measured reliably.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-366": { "value": "
3.l. Treasury Shares
Own equity instruments that are reacquired (treasury shares) are recognised at cost and deducted from equity. No gain or loss
is recognised in profit or loss on the purchase, sale, issue or cancellation of the Group`s own equity instruments. Any gains or
losses arising on their disposal are credited or debited, as appropriate, within Retained Earnings in the consolidated statement of
financial position.
3.m. Assets and Liabilities held for sale - Disposal Group
The Group classifies certain non\u2011current assets and disposal groups as assets held for sale when their carrying amount is
expected to be recovered principally through a sale transaction rather than through continuing use. Classification as held for
sale requires that the assets are available for immediate sale in their present condition and that the sale is highly probable, with
an active program in place to identify a buyer and complete the transaction within approximately twelve months from the date of
classification. Assets whose sale was originally expected to be completed within this period but has been delayed due to
circumstances beyond the Group\u2019s control may continue to be classified as held for sale, provided there is sufficient evidence
that the commitment to sell remains firm.
In accordance with IFRS 5, assets and liabilities being held for resale are to be presented separately in the Statement of
Financial Position and shown at the lower of the carrying amount and fair value less costs to sell. Details of these assets and
liabilities can be found in Note 12.
Amounts relating to assets held for sale, or assets forming part of a disposal group, that have been recognised in other
comprehensive income are reclassified, where applicable, to the line item \u201cGain / (losses) from assets and liabilities held for sale
- Disposal Groups\u201d. This presentation requirement is not applied retrospectively to comparative statements of financial position
presented in the consolidated financial statements
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-367": { "value": "
3.m. Assets and Liabilities held for sale - Disposal Group
The Group classifies certain non\u2011current assets and disposal groups as assets held for sale when their carrying amount is
expected to be recovered principally through a sale transaction rather than through continuing use. Classification as held for
sale requires that the assets are available for immediate sale in their present condition and that the sale is highly probable, with
an active program in place to identify a buyer and complete the transaction within approximately twelve months from the date of
classification. Assets whose sale was originally expected to be completed within this period but has been delayed due to
circumstances beyond the Group\u2019s control may continue to be classified as held for sale, provided there is sufficient evidence
that the commitment to sell remains firm.
In accordance with IFRS 5, assets and liabilities being held for resale are to be presented separately in the Statement of
Financial Position and shown at the lower of the carrying amount and fair value less costs to sell. Details of these assets and
liabilities can be found in Note 12.
Amounts relating to assets held for sale, or assets forming part of a disposal group, that have been recognised in other
comprehensive income are reclassified, where applicable, to the line item \u201cGain / (losses) from assets and liabilities held for sale
- Disposal Groups\u201d. This presentation requirement is not applied retrospectively to comparative statements of financial position
presented in the consolidated financial statements
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-368": { "value": "
4.\u00a0 Critical Accounting Judgements and Key Sources of Estimation Uncertainty
The preparation of the financial statements requires the use of accounting estimates which, by definition, will seldom equal the
actual results. Management also exercises judgement in applying Allfunds Group's accounting policies. Detailed below is an
overview of the areas that involve a higher degree of judgement or complexity, and of items which are more likely to be
materially adjusted due to estimates and assumptions being revised based on actual experience.
4.a. Critical judgements in applying the Group's accounting policies
\u2022 Useful lives of intangible assets with finite lives \u2013 The determination of the useful economic life of intangible assets is
considered a management judgment. Adjustments to the financial statements could occur as a result of changes in the
expected useful life or the expected pattern of consumption of future economic benefits of the asset. See further information
in Note 10.
\u2022 The Group has exclusivity agreements with certain counterparties, which have an extension option, which allows the Group
access to their underlying clients. The Group amortises the relationships with the underlying customers over the useful
economic life whereby an applicable churn rate is applied. Management has made judgements in considering these useful
economic life periods and the churn rate. Please see Note 10.
\u2022 Taxes \u2013 Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be
available against which the losses can be utilised. Significant management judgement is required to determine the amount of
deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits, together with
future tax planning strategies. Please see Note 8.
4.b. Key sources of estimation uncertainty
\u2022 Business Combinations - The determination of fair values acquired and liabilities assumed required management to make
estimates and use valuation techniques when market values are not readily available. See further information in Note 11.
\u2022 Impairment of non-financial assets - The recoverable amount of non-financial assets is sensitive to the discount rate used to
calculate the present terminal value of the investment and the growth rate used for extrapolation purposes. These estimates
are most relevant to goodwill and the other intangibles with indefinite useful lives recognised by the Group. The key
assumptions used to determine the recoverable amount for the different CGUs, including sensitivity analysis, are disclosed
and explained in Note 10. \u00a0
Impairment Testing
At least once per year, or whenever there is any indication of impairment, the Group reviews goodwill for impairment, that is, a
potential reduction in its recoverable amount to below its carrying amount (see Note 3c). The first step that must be taken in
order to perform this analysis is to identify each separate CGU, being the Group's smallest identifiable group of assets that
generate cash inflows that are largely independent of the cash inflows from other assets or other group of assets.
The carrying amount of each CGU is determined by taking into consideration the carrying amount,including any fair value
adjustment arising on the business combination of all the assets and liabilities of all the independent legal entities composing
the CGU, together with the related goodwill. The carrying amount of the CGU to be recovered is compared with its recoverable
amount in order to determine whether there is any impairment.
The carrying amount of goodwill acquired through business combinations has been allocated to each CGU below, which are all
included within the Platform Revenue and net Subscription Revenue, operating and reportable segments.
The Group's directors assess the existence of any indication that might be considered to be evidence of impairment of the CGU
by reviewing information including the following:
i. certain macroeconomic variables that might affect its investment being the political and economic situation, among others),
and
ii. various microeconomic variables comparing the Group's investment with the financial services industry of the country in
which the CGU conducts most of its business activities, for example off-balance-sheet intermediated funds, net fees and
commissions, earnings, among others.
Regardless of whether there is any indication of impairment, every year the Group calculates the recoverable amount of each
CGU to which goodwill has been allocated and, to this end, it uses internal estimates and appraisals performed by independent
experts. The\u00a0Group performed its annual impairment test as at 31 December 2025.\u00a0
The recoverable amount of an asset is the higher of the asset's or CGU's fair value less costs of disposal and its value in use.
The value in use has been calculated using discounted cash flow projections (\u201cDCF\u201d) or the dividend discount model (\u201cDDM\u201d),
depending upon the CGU. The purpose of impairment testing is to determine whether the recoverable amount is greater than
the carrying amount. If it is greater \u2013 based on either fair value less costs of disposal or value in use \u2013 then there is no
requirement to refine the determination of the recoverable amount to a single number. However, if it is not greater, then more
detailed work is required to determine the recoverable amount in order to calculate the impairment loss. Therefore, it is not
always necessary to determine both a CGU's fair value less costs of disposal and value in use.
The dividend discount model was determined to be best suited to valuing Allfunds Bank,\u00a0 Allfunds Sweden, BNPP LPA Business
and Iccrea Bank LPA CGUs, as this is best suited for financial institutions, while the discounted cash flow method was
determined to be the best valuation method for the remainder.\u00a0
In order to obtain the actual value of the business, the income is discounted to a present date at a discount rate based on the
cost of equity. The discounted cash flow method is accepted by valuation experts from both a theoretical and a practical
perspective, as it effectively incorporates all the factors that affect the value of a business into the result of the valuation. The
discounted cash flow method considers the operating results as well as the capital expenditures and working capital policies to
calculate a business capacity of generating free cash flow. In order to obtain the actual value of the business, free cash flows
are discounted to a present date at a weight average cost of capital (WACC).
In all cases, the valuation has been performed, following a mid-year discounting assumption as it is considered that there is no
special seasonality in the business. Furthermore, although limitations in comparability exist, value in use calculated is within the
range of comparable listed companies and comparable transactions analysed.
See below for further details on the impairment testing methodology performed for the most relevant CGU:
2025
CGU
Value in Use
Discount Rate
Ke / WACC
Growth Rate
Allfunds Bank
Dividend discount model (DDM)
Cost of equity (Ke)
10.1%
2.9%
Allfunds Sweden
Dividend discount model (DDM)
Cost of equity (Ke)
10.8%
2.9%
BNPP LPA Business
Dividend discount model (DDM)
Cost of equity (Ke)
10.6%
2.9%
Iccrea Bank LPA business
Dividend discount model (DDM)
Cost of equity (Ke)
12.2%
2.9%
MainStreet Capital Partners
Discounted cash flow method (DCF)
Cost of equity (Ke)
13,0%
3,0%
Allfunds Data Analytics
Discounted cash flow method (DCF)
Cost of equity (Ke)
13,0%
3,0%
Allfunds Digital Solutions
Discounted cash flow method (DCF)
Weighted average cost of capital (WACC)
13,0%
3,0%
2024
CGU
Value in Use
Discount Rate
Ke / WACC
Growth Rate
Allfunds Bank
Dividend discount model (DDM)
Cost of equity (Ke)
9.9%
3.1%
ATS - Digital
Discounted cash flow method (DCF)
Weighted average cost of capital (WACC)
12.3%
2.0%
Allfunds Sweden
Dividend discount model (DDM)
Cost of equity (Ke)
10.6%
3.1%
BNPP LPA Business
Dividend discount model (DDM)
Cost of equity (Ke)
10.8%
3.1%
MainStreet Capital Partners
Dividend discount model (DDM)
Cost of equity (Ke)
12.3%
3.1%
Iccrea Bank LPA business
Dividend discount model (DDM)
Cost of equity (Ke)
10.8%
3.1%
Assumptions
Discount Rate
The present value of the future distributable dividends has been calculated using a discount rate for the cost of capital of the
business (Ke). Such rate reflects the yield demanded by investors for investments with a similar risk to the business being
valued. For its determination the Capital Asset Pricing Model (\u201cCAPM\u201d) has been used. When discounting future distributable
dividends, only a post-tax discount rate could be used.
In determining value in use, projected future cash flows are discounted using a pre-tax discount rate that reflects current market
assessments of the time value of money and the risks specific to the asset or CGU. The WACC shown above and applied to the
DCF model has been determined specific to projected future cash flows to be generated by the relevant CGU and it has been
considered that this discount rate is one that a market participant would\u00a0use.
Perpetual Growth Rate
The determination of the perpetual growth rate for the calculation of the terminal value in the DDM and DCF has been prepared
based on market data. Management\u2019s experts have reviewed broker reports of listed comparable companies belonging to the
asset management industry, which have been issued close to the valuation date, in order to obtain a market consensus of the
perpetuity growth rates assumed by analysts on their valuations.
Other Business Assumptions
Business plans
Annually business plans are prepared, normally for a duration of four-year periods, and which are approved by management.
These business plans are used to calculate both future profitability and projected cash flow movements for each separate CGU.
AuA evolution
The volume flows have been estimated by the Company according to its best estimate of its capacity to capture assets under
management, both from migrations of other clients and from organic growth of current clients. The market effect has been
estimated by the Company in line with the rest of AFB\u2019s branches, based on their best understanding of the overall expected
performance evolution of the equities and fixed income.
Fee and commission income
The fee evolution has been forecast by the Group based on their best estimate of the margin and remunerated AuA. In addition,
this takes into account the movement in some CGUs from a revenue model based on set-up fees toward a new model based on
recurring revenue.
Expenses
Expenses have been projected by the Group considering the current cost structure of the Group and are expected to evolve
considering the Group's needs, improved efficiency driven by the digitisation of services offered and forecast inflationary
scenarios.
The Company's capital requirements are only applicable to the CGU where the DDM model has been applied.
Allfunds Bank CGU \u2013 The Company's capital necessities and the target Common Equity Tier (\u201cCET\u201d) ratio has been projected to
be 17.8% plus the required counter cyclical buffer applicable as at the date of these financial statements, which is in line with the
Company's commitment and the consensual agreement with the Bank of Spain.
Recoverable Amount
The carrying amount of a CGU should be determined in a way that is consistent with the way that the recoverable amount of the
CGU is determined. For Allfunds Bank, Allfunds Sweden, BNPP LPA Business and Iccrea Bank LPA Business, the recoverable
amount of the CGU has been determined using the DDM, based on income statement projections, and the carrying amount of all
the assets and liabilities allocated to the cash-generating unit should be used in determining the cash-generating unit's carrying
amount. For the remainder of the CGUs, the DCF projections include outflows and inflows in respect of tangible assets,
intangible assets and working capital. Therefore, the carrying amount of the CGU that is used to determine the recoverable
amount includes the related assets and liabilities.
Sensitivity Analysis
The Directors note that the estimations regarding the discount rate (Ke or WACC) and perpetual growth rate (g) factors could
move and therefore have deemed it appropriate to consider the below sensitivity analysis for the following main CGUs:
Allfunds Bank
Increase in Ke
of 1.0%
Decrease in Ke
of 1.0%
Increase in g
of 0.3%
Decrease in g
of 0.3%
Revised factor
11.1%
9.1%
3.2%
2.6%
Recoverable amount (EUR (\u2018000s))
3,583,540
4,683,700
4,207,400
3,941,100
Impairment needed
No
No
No
No
Allfunds Sweden
Increase in Ke
of 1.0%
Decrease in Ke
of 1.0%
Increase in g
of 0.3%
Decrease in g
of 0.3%
Revised factor
11.8%
9.8%
3.2%
2.6%
Recoverable amount (EUR (\u2018000s))
78,400
100,900
90,530
85,600
Impairment needed
No
No
No
No
BNPP LPA Business
Increase in Ke
of 1.0%
Decrease in Ke
of 1.0%
Increase in g
of 0.3%
Decrease in g
of 0.3%
Revised factor
11.6%
9.6%
3.2%
2.6%
Recoverable amount (EUR (\u2018000s))
921,800
1,174,100
1,056,300
1,001,170
Impairment needed
No
No
No
No
Iccrea Bank LPA Business
Increase in Ke
of 1.0%
Decrease in Ke
of 1.0%
Increase in g
of 0.3%
Decrease in g
of 0.3%
Revised factor
13.2%
11.2%
3.2%
2.6%
Recoverable amount (EUR (\u2018000s))
144,800
168,000
156,530
154,200
Impairment needed
No
No
No
No
As referred to earlier, the Group\u2019s directors assess the existence of any indication that might be considered to be evidence of
impairment of the CGUs by reviewing various macroeconomic and microeconomic data. For the current financial statements, the
assessment was carried out as of 31 December 2025.
31 Dec 2025
EUR (\u2018000s)
CGU
Carrying value
Recoverable amount
Impairment required
to goodwill
Allfunds Bank
1,527,513
4,053,000
\u2014
Allfunds Sweden
28,638
87,339
\u2014
BNPP LPA Business
415,368
1,031,600
\u2014
MainStreet Capital Partners
33,921
5,648
28,273
Iccrea Bank LPA Business
117,376
155,400
\u2014
Allfunds Data Analytics Limited
7,957
9,025
\u2014
Allfunds Digital Solutions Limited
8,289
27,982
\u2014
During the year to 31 December 2025, an impairment was recognised in relation to goodwill for he MainStreet Capital Partners
CGU of EUR 28,273 thousand (31 December 2024: EUR 13,077 thousand impairment). In addition, no impairments were
recognised for the CS InvestLab CGU as this had already been fully impaired during the year ended 31 December 2024 for a
total amount of EUR 246,642 thousand, which comprised of EUR 179,393 thousand relating to Goodwill and EUR 67,249
thousand relating to Intangible Assets. Please see Note 31.
Where the recoverable amount exceeded the carrying amount of the investments for each CGU no impairment is required.\u00a0
The directors will continue to review and assess such indications and the potential effect in the carrying amount of goodwill and
intangible assets in future impairment assessments. In this sense, the Group\u2019s exclusivity agreements remain in place and are
enforceable until their expiration date, regardless of any potential changes in the ownership structure of the customers with
whom these agreements were signed.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-369": { "value": "4.b. Key sources of estimation uncertainty\u2022 Business Combinations - The determination of fair values acquired and liabilities assumed required management to make estimates and use valuation techniques when market values are not readily available. See further information in Note 11.\u2022 Impairment of non-financial assets - The recoverable amount of non-financial assets is sensitive to the discount rate used to calculate the present terminal value of the investment and the growth rate used for extrapolation purposes. These estimates are most relevant to goodwill and the other intangibles with indefinite useful lives recognised by the Group. The key assumptions used to determine the recoverable amount for the different CGUs, including sensitivity analysis, are disclosed and explained in Note 10.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-373": { "value": "
5.\u00a0 Operating Segments
The Allfunds Group's revenues are generated through its global operations, primarily in Europe. The Allfunds Group reports its
results of operations through the following two reportable segments: net platform revenue and net subscription and other revenues.
\u2022 Net platform revenue is generated from Asset-based revenues, Transaction-based revenues and Treasury revenues.
\u2022 Asset-based revenues are generated based on a daily fee calculated on the amount of each Fund House's outstanding AuA\u00a0 \u00a0
in UCIs on the platform, according to the Service fee model or the Rebate Commission fee model.
\u2022 Transaction-based revenues are related to AuA but are charged on a per-transaction basis rather than based on the
underlying AuA volume.
\u2022 Net treasury income consists mainly of accrued interest originated from investing the liquidity generated on the Platform in a
variety of types of financial instruments (the contractual characteristics of these financial instruments meet the \u201cSPPI\u201d test\u201d) in
a \"Held to collect\" business model.
\u2022 Net subscription and other revenues include Allfunds Connect and digital add-on solutions through, among others, Allfunds
Digital Solutions and Allfunds Data Analytics, as well as the Allfunds Group\u2019s fund research and investment services and legal
and compliance services. Allfunds generates income from subscription and other services related to its digital solutions and
tools and other investment and legal solutions.
The chief operating decision makers (the Executive Committee), regularly review the performance of each of these distinct
revenue-generating services, and the Company has determined that these represent the operating segments of the Group. On a
segment basis, the Executive Committee is solely reviewing net revenue in order to steer each of the operating segments.
Interest expense, interest income, segment assets and segment liabilities are consistent with those included in these financial
statements and no adjustments are required to arrive at the relevant totals for the segments; it is impracticable to split these
amounts and balances between the two segments. No additional profitability or balance sheet metrics are reviewed at the
segment level by the chief operating decision makers. The operating segments have not been aggregated; thus, the reportable
segments are equivalent to the operating segments. Revenues, and their associated expenses for each segment, are recognised
in accordance with the same accounting principles and policies as those used to prepare the consolidated financial statements.
The information in the following tables is derived from the Allfunds Group\u2019s internal financial reporting used for corporate
management purposes:
For the year ended
31 December 2025
31 December 2024
EUR (\u2018000s)
EUR (\u2018000s)\u00a0 \u00a0 \u00a0 \u00a0
Platform revenue
601,381
591,883
Asset-based revenue
401,988
378,727
Transaction-based revenue
120,251
110,215
Net Treasury Income
79,142
102,941
Platform expense
(28,799)
(26,406)
Asset-based expense
(27,475)
(25,485)
Transaction-based expense
\u2014
\u2014
Net Treasury expense
(1,324)
(921)
Net platform revenue
572,582
565,477
Subscription and other revenues
49,348
66,602
Subscription and other expenses
\u2014
\u2014
Net subscription and other revenues
49,348
66,602
Total Net Revenue
621,930
632,079
No single customer contributed 10% or more to the Allfunds Group\u2019s revenue in either the year to 31 December 2025 or 31 December 2024.
Contract assets represent accrued fees, commissions, and service revenues pursuant to IFRS 15 and the amounts accrued
pending to be invoiced as at 31 December 2025 were EUR 124,953 thousand ( 31 December 2024: EUR 119,840 thousand).
23.\u00a0 Fee, Commission and Service Income
Fee, commission and service revenue has been generated by the following segments and recorded by the Group in accordance
with IFRS 15:
2025
2024
EUR ('000s)
EUR (\u2018000s)\u00a0 \u00a0 \u00a0
Platform revenue: asset based
401,981
378,727
Platform revenue: transaction based
120,251
110,215
Subscription and other revenues
49,355
66,602
Total fee, commission and service revenue
571,587
555,544
Platform revenue includes fees and commissions related with the fund intermediation services, primarily from:
\u2022 the marketing of units in collective investments undertakings to asset management houses;
\u2022 intermediation services to customers where the fees are calculated applying a percentage to the daily assets under
administration or distribution held for the account of the Group\u2019s customers
\u2022 correspondent bank services
\u2022 transaction fees on subscriptions and redemption orders in units of collective investments undertakings
\u2022 foreign currency exchange services;
\u2022 ETFs intermediation activity; and
\u2022 sub-custody services.
Subscription and other revenues is revenue that is not driven by fund intermediation activity, and includes:
\u2022 digital add-on services
\u2022 information and research services;
\u2022 administration and legal services;
\u2022 use of technological financial tools; and
\u2022 Sustainability reporting previously referred to as Environmental, Social and Government Reporting (ESG).
24.\u00a0 Fee, Commission and Service Expense
Fee, commission and service expense has been incurred and recorded by the Group as follows:
2025
2024
EUR ('000s)
EUR (\u2018000s)\u00a0 \u00a0
Total fee, commission and service expense
(27,475)
(25,485)
Fee, commission and service expenses for the year ended 31 December 2025 were EUR 27,475 thousand (31 December 2024:
EUR 25,485 thousand) and relate to the distribution of units in collective investment undertakings.\u00a0
25.\u00a0 Interest Income
2025
2024
EUR ('000s)
EUR ('000s)
Deposits in central banks
46,266
67,906
Loans and advances to credit institutions
31,666
33,595
Loans and advances to customers
1,054
694
Other
156
746
Total
79,142
102,941
The average interest earned on deposits in the year ended 31 December 2025 ranged from 2.2% to 2.4% ( 31 December 2024:
3.7% to 4.3%).
26.\u00a0 Interest Expense
2025
2024
EUR ('000s)
EUR ('000s)
Deposits and loans from credit institutions
(1,324)
(921)
Total
(1,324)
(921)
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-372": { "value": "
5.\u00a0 Operating Segments
The Allfunds Group's revenues are generated through its global operations, primarily in Europe. The Allfunds Group reports its
results of operations through the following two reportable segments: net platform revenue and net subscription and other revenues.
\u2022 Net platform revenue is generated from Asset-based revenues, Transaction-based revenues and Treasury revenues.
\u2022 Asset-based revenues are generated based on a daily fee calculated on the amount of each Fund House's outstanding AuA\u00a0 \u00a0
in UCIs on the platform, according to the Service fee model or the Rebate Commission fee model.
\u2022 Transaction-based revenues are related to AuA but are charged on a per-transaction basis rather than based on the
underlying AuA volume.
\u2022 Net treasury income consists mainly of accrued interest originated from investing the liquidity generated on the Platform in a
variety of types of financial instruments (the contractual characteristics of these financial instruments meet the \u201cSPPI\u201d test\u201d) in
a \"Held to collect\" business model.
\u2022 Net subscription and other revenues include Allfunds Connect and digital add-on solutions through, among others, Allfunds
Digital Solutions and Allfunds Data Analytics, as well as the Allfunds Group\u2019s fund research and investment services and legal
and compliance services. Allfunds generates income from subscription and other services related to its digital solutions and
tools and other investment and legal solutions.
The chief operating decision makers (the Executive Committee), regularly review the performance of each of these distinct
revenue-generating services, and the Company has determined that these represent the operating segments of the Group. On a
segment basis, the Executive Committee is solely reviewing net revenue in order to steer each of the operating segments.
Interest expense, interest income, segment assets and segment liabilities are consistent with those included in these financial
statements and no adjustments are required to arrive at the relevant totals for the segments; it is impracticable to split these
amounts and balances between the two segments. No additional profitability or balance sheet metrics are reviewed at the
segment level by the chief operating decision makers. The operating segments have not been aggregated; thus, the reportable
segments are equivalent to the operating segments. Revenues, and their associated expenses for each segment, are recognised
in accordance with the same accounting principles and policies as those used to prepare the consolidated financial statements.
The information in the following tables is derived from the Allfunds Group\u2019s internal financial reporting used for corporate
management purposes:
For the year ended
31 December 2025
31 December 2024
EUR (\u2018000s)
EUR (\u2018000s)\u00a0 \u00a0 \u00a0 \u00a0
Platform revenue
601,381
591,883
Asset-based revenue
401,988
378,727
Transaction-based revenue
120,251
110,215
Net Treasury Income
79,142
102,941
Platform expense
(28,799)
(26,406)
Asset-based expense
(27,475)
(25,485)
Transaction-based expense
\u2014
\u2014
Net Treasury expense
(1,324)
(921)
Net platform revenue
572,582
565,477
Subscription and other revenues
49,348
66,602
Subscription and other expenses
\u2014
\u2014
Net subscription and other revenues
49,348
66,602
Total Net Revenue
621,930
632,079
No single customer contributed 10% or more to the Allfunds Group\u2019s revenue in either the year to 31 December 2025 or 31 December 2024.
Contract assets represent accrued fees, commissions, and service revenues pursuant to IFRS 15 and the amounts accrued
pending to be invoiced as at 31 December 2025 were EUR 124,953 thousand ( 31 December 2024: EUR 119,840 thousand).
23.\u00a0 Fee, Commission and Service Income
Fee, commission and service revenue has been generated by the following segments and recorded by the Group in accordance
with IFRS 15:
2025
2024
EUR ('000s)
EUR (\u2018000s)\u00a0 \u00a0 \u00a0
Platform revenue: asset based
401,981
378,727
Platform revenue: transaction based
120,251
110,215
Subscription and other revenues
49,355
66,602
Total fee, commission and service revenue
571,587
555,544
Platform revenue includes fees and commissions related with the fund intermediation services, primarily from:
\u2022 the marketing of units in collective investments undertakings to asset management houses;
\u2022 intermediation services to customers where the fees are calculated applying a percentage to the daily assets under
administration or distribution held for the account of the Group\u2019s customers
\u2022 correspondent bank services
\u2022 transaction fees on subscriptions and redemption orders in units of collective investments undertakings
\u2022 foreign currency exchange services;
\u2022 ETFs intermediation activity; and
\u2022 sub-custody services.
Subscription and other revenues is revenue that is not driven by fund intermediation activity, and includes:
\u2022 digital add-on services
\u2022 information and research services;
\u2022 administration and legal services;
\u2022 use of technological financial tools; and
\u2022 Sustainability reporting previously referred to as Environmental, Social and Government Reporting (ESG).
24.\u00a0 Fee, Commission and Service Expense
Fee, commission and service expense has been incurred and recorded by the Group as follows:
2025
2024
EUR ('000s)
EUR (\u2018000s)\u00a0 \u00a0
Total fee, commission and service expense
(27,475)
(25,485)
Fee, commission and service expenses for the year ended 31 December 2025 were EUR 27,475 thousand (31 December 2024:
EUR 25,485 thousand) and relate to the distribution of units in collective investment undertakings.\u00a0
25.\u00a0 Interest Income
2025
2024
EUR ('000s)
EUR ('000s)
Deposits in central banks
46,266
67,906
Loans and advances to credit institutions
31,666
33,595
Loans and advances to customers
1,054
694
Other
156
746
Total
79,142
102,941
The average interest earned on deposits in the year ended 31 December 2025 ranged from 2.2% to 2.4% ( 31 December 2024:
3.7% to 4.3%).
26.\u00a0 Interest Expense
2025
2024
EUR ('000s)
EUR ('000s)
Deposits and loans from credit institutions
(1,324)
(921)
Total
(1,324)
(921)
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-371": { "value": "
5.\u00a0 Operating Segments
The Allfunds Group's revenues are generated through its global operations, primarily in Europe. The Allfunds Group reports its
results of operations through the following two reportable segments: net platform revenue and net subscription and other revenues.
\u2022 Net platform revenue is generated from Asset-based revenues, Transaction-based revenues and Treasury revenues.
\u2022 Asset-based revenues are generated based on a daily fee calculated on the amount of each Fund House's outstanding AuA\u00a0 \u00a0
in UCIs on the platform, according to the Service fee model or the Rebate Commission fee model.
\u2022 Transaction-based revenues are related to AuA but are charged on a per-transaction basis rather than based on the
underlying AuA volume.
\u2022 Net treasury income consists mainly of accrued interest originated from investing the liquidity generated on the Platform in a
variety of types of financial instruments (the contractual characteristics of these financial instruments meet the \u201cSPPI\u201d test\u201d) in
a \"Held to collect\" business model.
\u2022 Net subscription and other revenues include Allfunds Connect and digital add-on solutions through, among others, Allfunds
Digital Solutions and Allfunds Data Analytics, as well as the Allfunds Group\u2019s fund research and investment services and legal
and compliance services. Allfunds generates income from subscription and other services related to its digital solutions and
tools and other investment and legal solutions.
The chief operating decision makers (the Executive Committee), regularly review the performance of each of these distinct
revenue-generating services, and the Company has determined that these represent the operating segments of the Group. On a
segment basis, the Executive Committee is solely reviewing net revenue in order to steer each of the operating segments.
Interest expense, interest income, segment assets and segment liabilities are consistent with those included in these financial
statements and no adjustments are required to arrive at the relevant totals for the segments; it is impracticable to split these
amounts and balances between the two segments. No additional profitability or balance sheet metrics are reviewed at the
segment level by the chief operating decision makers. The operating segments have not been aggregated; thus, the reportable
segments are equivalent to the operating segments. Revenues, and their associated expenses for each segment, are recognised
in accordance with the same accounting principles and policies as those used to prepare the consolidated financial statements.
The information in the following tables is derived from the Allfunds Group\u2019s internal financial reporting used for corporate
management purposes:
For the year ended
31 December 2025
31 December 2024
EUR (\u2018000s)
EUR (\u2018000s)\u00a0 \u00a0 \u00a0 \u00a0
Platform revenue
601,381
591,883
Asset-based revenue
401,988
378,727
Transaction-based revenue
120,251
110,215
Net Treasury Income
79,142
102,941
Platform expense
(28,799)
(26,406)
Asset-based expense
(27,475)
(25,485)
Transaction-based expense
\u2014
\u2014
Net Treasury expense
(1,324)
(921)
Net platform revenue
572,582
565,477
Subscription and other revenues
49,348
66,602
Subscription and other expenses
\u2014
\u2014
Net subscription and other revenues
49,348
66,602
Total Net Revenue
621,930
632,079
No single customer contributed 10% or more to the Allfunds Group\u2019s revenue in either the year to 31 December 2025 or 31 December 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-370": { "value": "
5.\u00a0 Operating Segments
The Allfunds Group's revenues are generated through its global operations, primarily in Europe. The Allfunds Group reports its
results of operations through the following two reportable segments: net platform revenue and net subscription and other revenues.
\u2022 Net platform revenue is generated from Asset-based revenues, Transaction-based revenues and Treasury revenues.
\u2022 Asset-based revenues are generated based on a daily fee calculated on the amount of each Fund House's outstanding AuA\u00a0 \u00a0
in UCIs on the platform, according to the Service fee model or the Rebate Commission fee model.
\u2022 Transaction-based revenues are related to AuA but are charged on a per-transaction basis rather than based on the
underlying AuA volume.
\u2022 Net treasury income consists mainly of accrued interest originated from investing the liquidity generated on the Platform in a
variety of types of financial instruments (the contractual characteristics of these financial instruments meet the \u201cSPPI\u201d test\u201d) in
a \"Held to collect\" business model.
\u2022 Net subscription and other revenues include Allfunds Connect and digital add-on solutions through, among others, Allfunds
Digital Solutions and Allfunds Data Analytics, as well as the Allfunds Group\u2019s fund research and investment services and legal
and compliance services. Allfunds generates income from subscription and other services related to its digital solutions and
tools and other investment and legal solutions.
The chief operating decision makers (the Executive Committee), regularly review the performance of each of these distinct
revenue-generating services, and the Company has determined that these represent the operating segments of the Group. On a
segment basis, the Executive Committee is solely reviewing net revenue in order to steer each of the operating segments.
Interest expense, interest income, segment assets and segment liabilities are consistent with those included in these financial
statements and no adjustments are required to arrive at the relevant totals for the segments; it is impracticable to split these
amounts and balances between the two segments. No additional profitability or balance sheet metrics are reviewed at the
segment level by the chief operating decision makers. The operating segments have not been aggregated; thus, the reportable
segments are equivalent to the operating segments. Revenues, and their associated expenses for each segment, are recognised
in accordance with the same accounting principles and policies as those used to prepare the consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-375": { "value": "
6.\u00a0 Financial Risk Management
This Note explains the Group's exposure to financial risks and how these risks could affect the Group's future financial
performance. Current year profit and loss information has been included where relevant to add further context.
The Group's risk management is carried out by the Directors of the Company and each of the Company's subsidiaries. As such,
this risk management function has been delegated to the relevant department within a specific Group company. The Directors
or the relevant department identify, evaluate and hedge financial risks.
6.a. Market risk
Market risk is defined as the risk to which the Group is exposed in terms of a potential adverse impact on its consolidated
statement of comprehensive income due to fluctuations in interest rates, currency exchange rates and the market prices of
instruments included in the Group's trading portfolio, where they exist.
The Group does not have significant positions on or off the consolidated statement of financial position that might be affected
by fair value risk relating to interest rate and price risks, except those that are strictly necessary for compliance with regulatory
requirements in connection with liquidity and currency exchange derivative hedging to mitigate the risk in the main currencies to
which it is exposed.
6.a.i. Foreign exchange risk
Foreign currency risk is defined as the risk that the fair value or future cash flows of a financial instrument will fluctuate because
of changes in foreign exchange rates.
As the Group operates internationally and is exposed to foreign exchange risk arising from foreign currency transactions, foreign
exchange risk arises from future commercial transactions and recognised assets and liabilities denominated in a currency that is
not the functional currency of the relevant Group entity. The risk is measured through the Risk Control Unit of Allfunds Bank
Group which forecasts likely foreign currency expenditure. In addition, the management of Allfunds Bank Group receive daily
reports on the exposure and impact on the statement of comprehensive income of Allfunds Bank Group due to currency
fluctuations and any measures implemented to mitigate open risks.
In order to mitigate the aforementioned foreign exchange risk, Allfunds Bank Group, which has the largest exposure to non-
reporting currencies within the Group, have set a cap on the net positions in foreign currencies.
The Group's exposure to foreign currency risk at the end of the reporting period, expressed in Euros, was as follows:
2025
2024
EUR (\u2018000s)\u00a0
\u00a0EUR (\u2018000s)\u00a0
USD
GBP
CHF
Other
USD
GBP
CHF
Other
Assets
\u00a0
Cash, and cash equivalents
319,586
107,402
87,404
112,372
144,401
2,167
32,909
4,920
Financial assets held at amortised cost
413,637
13,791
1,061
38,994
425,774
119,943
26,013
124,250
Financial assets at fair value through profit and loss
\u2014
8,186
\u2014
17
1,502
8,123
\u2014
\u2014
Other assets
20,183
15,788
17,402
59,229
17,949
16,311
14,176
29,222
Liabilities
Financial liabilities held at amortised cost
(540,527)
(102,248)
(37,749)
(107,893)
(460,437)
(94,416)
(24,703)
(89,721)
Other liabilities
\u2014
(7,394)
(4,589)
(7,203)
(2,874)
(4,946)
(3,900)
(2,769)
Net Asset Value
212,879
35,525
63,529
95,516
126,315
47,182
44,495
65,902
As shown in the table above, the Group is exposed to USD, GBP, CHF and several other currencies which result in a foreign
currency risk.This can be seen through a number of different asset and liability types that are held in currencies other than
Euros. In any case, the Group made use of FX spot and forward transactions to reduce exposures to foreign currencies.
Should the net asset value subject to currency risk be subject to a 1% increase/decrease, a movement deemed reasonably
possible, the impact on the Statement of Financial Position and Statement of Comprehensive Income would be an increase/
decrease in the value of EUR 4,074 thousand (2024: EUR 2,829 thousand).
6.a.ii. Interest rate risk
Interest rate risk is defined as the risk that the value or the future cash flows of a financial instrument will fluctuate due to
changes in interest rates.
The Group may be affected by the EURIBOR interest rate movements on the Revolving Credit Facility. As such a sensitivity
analysis has been performed. Please see Note 30.
With the exception of the RCF, the Group does not deem its exposure to interest rate risk to be significant as its main balance
sheet aggregates are either repayable on demand, have a short maturity or are variable interest rate risk instruments (except for
time deposits).\u00a0
6.a.iii. Price risk
The Group is exposed to equity securities price risk which arises from investments held by the Group and classified in the
statement of financial position as financial assets at fair value through profit or loss.
As the Group's exposure to equity securities is not material or its core business, the Group does not manage its price risk as it
does not deem the exposures to be significant.
6.b. Credit risk
Credit risk is the possibility of loss stemming from the failure of customers or counterparties to meet their payment obligations
to the Group. Given the type of business conducted by the Allfunds Bank Group, namely the distribution and intermediation of
third-party collective investment schemes, the Group does not perform any active lending activity, and nor is that its purpose.
The Group's exposure to credit risk is through its cash, cash balances with Central Banks and other demand deposits and
financial assets at amortised cost balances. Specifically, the material exposure is to regulated institutions, which are the only
authorised customers of Allfunds to which the Group has granted credit lines tied to the settlement of brokerage transactions.
The entity follows a criterion of reducing the exposure to concentration risk, diversifying the counterparts so as to mitigate the
additional risk. The Group evaluates and monitors credit risk by geographical distribution and by type of exposure. The Risk
Control Unit has implemented a system of counterparty limits based on an internal rating assignment methodology which results
in a probability of default for each counterparty. This assigned probability is reviewed and measured at least once a year, so that
the limits can be adjusted for each customer's risk profile. Counterparty limits are controlled through an integrated system
operating in real time, enabling the Group to be aware at all times of the unused credit line of each counterparty.
Expected Credit Loss (\"ECL\") Model
Per IFRS 9, the expected credit loss model has been applied as at 31 December 2025 and 31 December 2024. The expected
credit loss model measures the pattern of improvement or deterioration in the credit quality of the instruments. Financial assets
at amortised cost are grouped into three categories based on the impairment methodology applied, in accordance with the
following structure:
\u2022 Stage 1 - Standard risk: this category includes transactions for which credit risk has not increased significantly since initial
recognition. The impairment loss allowance will be equal to the 12-month expected credit losses.
\u2022 Stage 2 - Performing exposures under special monitoring: this category includes transactions for which credit risk has
increased significantly since initial recognition, although no default event has occurred. The impairment loss allowance will be
equal to the lifetime expected credit losses.
\u2022 Stage 3 - Non-performing exposure: this category includes transactions that are credit impaired, i.e., a default event has
occurred or receivable with past-due of more than 90 days after closing amounts to be invoiced. The impairment loss
allowance will be equal to the lifetime expected credit losses.
All financial assets measured at amortised cost other than trade receivables are classified as Stage 1.
Per IFRS 9, for collective model, the expected credit loss model has been applied as the Allfunds Group uses a provision matrix
to calculate the ECL and this estimate was made on the basis of industry-specific information and accumulated experience and
uses a combination of past-due days and the credit quality of counterparties.\u00a0 In the case of individual coverage estimation, the
coverage is equal to the difference between the gross carrying amount of the transaction and the present value of the
estimated cash flows expected to be collected.
Impairment losses are recognised in the consolidated statement of comprehensive income. Receivables for which an impairment
provision was recognised are written off against the provision when there is no expectation of recovering additional cash.
Subsequent recoveries of amounts previously written off are credited in the consolidated statement of comprehensive income.
Individual receivables balances, all related to UCI activities pending collection, which are known to be uncollectible (or with more
than two years past-due) are written off by reducing their carrying amount directly.
The loans and advances to credit institutions and customers that are recognised in financial assets held at amortised cost, and
as at 31 December 2025, based on their accounting classification and excluding any impairment losses, amounts were:
Gross carrying amount by stages
2025
Stage 1\u00a0 \u00a0 EUR
(`000s)
Stage 2\u00a0 \u00a0 EUR
(`000s)
Stage 3
EUR (`000s)
Total
EUR ('000s)
Balance as at 31 December 2025
\u2014
\u2014
\u2014
\u2014
Balance as at 31 December 2024
141,927
28,824
17,351
188,102
Expected credit losses by stages
2025
Stage 1\u00a0 EUR
(`000s)
Stage 2\u00a0 \u00a0 EUR
(`000s)
Stage 3\u00a0 \u00a0 EUR
(`000s)
Total
EUR ('000s)
Balance as at 31 December 2025
\u2014
\u2014
\u2014
\u2014
Balance as at 31 December 2024
342
451
11,494
12,287
As of 31 December 2025, EUR 42,405 thousand of exposures has been analysed individually (31 December 2024: EUR 28,250
thousand), with provisions recorded using the individual method amounting to EUR 0 thousand and EUR 2,336 thousand for
stages 2 and 3 (31 December 2024: EUR 238 thousand and EUR 2,483 thousand for Stage 2 and Stage 3 balances
respectively).
The Group held past-due but not impaired financial assets in the accompanying balance sheets as at 31 December 2025
amounting to EUR xx,xxx thousand (31 December 2024: EUR 60,731 thousand) all of which had maturities of less than 30 days
and were held with other financial institutions, which originated from outstanding commissions from the marketing of units in
collective investment institutions, as well as overdrawn demand deposit balances.
Detail of the changes in the Group's balances and of the expected credit losses for the financial assets classified as financial
assets at amortised cost and collectively estimated to be impaired due to credit risk are as follows:
2025
2025\u00a0 EUR
(`000s)
2024\u00a0 EUR
(`000s)
Opening balance
17,351
16,428
Write offs
(1,747)
(4,235)
Additions
\u2014
5,158
Closing balance
15,604
17,351
Movements in expected credit losses
2025
2025\u00a0 EUR
(`000s)
2024\u00a0 EUR
(`000s)
Opening balance
12,287
12,190
Write offs
(1,747)
(4,235)
Additions
3,589
4,332
Transfers to assets held for sale
(778)
\u2014
Closing balance
13,351
12,287
Below is the detail of the Group's financial assets classified at amortised cost which were considered to be impaired due to
credit risk classified by age of the oldest past due amount.
2025
Up to 6 months\u00a0
EUR (`000s)
Between 6 to 9
months\u00a0 EUR
(`000s)
Between 9 to 12
months\u00a0 EUR
(`000s)
Between 1 to 5
years\u00a0 EUR
(`000s)
More than 2
years
EUR ('000s)
Total
EUR ('000s)
Assets
Balance as at 31 December 2025
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Balance as at 31 December 2024
8,458
4,998
701
3,194
\u2014
17,351
6.c. Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities.
The Group's exposure to liquidity risk at the end of the reporting period as at 31 December 2025, expressed in Euros, was as
follows:
2025
On demand
EUR (`000s)
Less than 6
months EUR
(`000s)
6 to 12 months
EUR (`000s)
1 to 5 years
EUR (`000s)
More than 5
years
EUR ('000s)
Total
EUR ('000s)
Assets
Cash and cash equivalents:
Cash balances at Central Banks and in hand
1,683,168
\u2014
\u2014
\u2014
\u2014
1,683,168
Other demand deposits
867,360
\u2014
\u2014
\u2014
\u2014
867,360
Financial assets at amortised cost:
Time deposits from credit institutions
\u2014
398,303
\u2014
\u2014
\u2014
398,303
Receivables from customers
249,594
1,006
229
1,426
217
252,472
Debt securities
\u2014
\u2014
170
72,737
\u2014
72,907
Total assets
2,800,122
399,309
399
74,163
217
3,274,210
Liabilities
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Financial liabilities at amortised cost:
Revolving credit facility
\u2014
\u2014
\u2014
410,732
\u2014
410,732
Demand accounts from credit institutions
716,534
3,291
\u2014
\u2014
\u2014
719,825
Demand accounts from non-credit
institutions
1,429,380
\u2014
\u2014
\u2014
\u2014
1,429,380
Other financial liabilities
532,878
110,531
1,933
(93)
100
645,349
Lease liabilities
\u2014
3,568
3,157
10,399
100
17,224
Total liabilities
2,678,792
117,390
5,090
421,038
200
3,222,510
2024
On demand
EUR
(`000s)
Less than 6
months EUR
(`000s)
6 to 12 months
EUR (`000s)
1 to 5 years
EUR (`000s)
More than 5
years
EUR ('000s)
Total
EUR ('000s)
Assets
Cash and cash equivalents:
Cash balances at Central Banks and in hand
1,606,377
\u2014
\u2014
\u2014
\u2014
1,606,377
Other demand deposits
1,021,717
\u2014
\u2014
\u2014
\u2014
1,021,717
Financial assets at amortised cost:
Time deposits from credit institutions
\u2014
20,043
38,502
38,502
\u2014
97,047
Receivables from customers
127,216
142
502
1,715
444
130,019
Debt securities
\u2014
6,268
\u2014
\u2014
\u2014
6,268
Total assets
2,755,310
26,453
39,004
40,217
444
2,861,428
Liabilities
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Financial liabilities at amortised cost:
Revolving credit facility
\u2014
17,794
\u2014
392,000
\u2014
409,794
Demand accounts from credit institutions
556,491
2,485
\u2014
\u2014
\u2014
558,976
Demand accounts from non-credit institutions
1,221,335
\u2014
\u2014
\u2014
\u2014
1,221,335
Other financial liabilities
510,070
59,024
\u2014
5,935
\u2014
575,029
Lease liabilities
\u2014
3,456
2,965
11,071
574
18,066
Total liabilities
2,287,896
64,965
2,965
409,006
574
2,783,200
Included within assets are cash and cash equivalents which comprise both cash balances at Central Banks and other demand
deposits that have no restrictions and are all available on demand. Please see Note 16.
Financial assets at amortised cost include time deposits from credit institutions and receivable balances from customers, mainly
derived from the intermediation business, and both are of a short-term nature with the majority due either on demand or in a
period of three months or less. In addition, financial assets include the debt securities of EUR 72,907 thousand (31 December
2024: EUR 6,288 thousand), with the majority due in a period of greater than one year.\u00a0 Please see Note 13.
Liabilities contain demand accounts from credit institutions which include the Revolving Credit Facility (\"RCF\") due for
repayment of EUR 410,732 in the period of 1 to 5 years (31 December 2024: EUR 409,794 thousand). The interest expense
payable regarding the RCF was EUR 3,291 (31 December 2024: EUR 2,485 thousand) and this is included in the time period of
less than 6 months. For details of the RCF, please see Note 17.
All other balances included within demand accounts from credit institutions and non-credit institutions are both of a short-term
nature being due on demand.
Current other financial liabilities relate to the funds temporarily held on behalf of Distributors due to orders of transfers of
investments in UCIs received which were yet to be settled. Please see Note 17.\u00a0
The Risk Control Unit has developed a methodology to dynamically calculate the exposure to liquidity risk through static and
dynamic ratios and set a limit in terms of a liquidity buffer. The Group also periodically performs stress scenario analysis and
uses back-testing to measure these scenarios. Additionally, Allfunds's Board of Directors have established a contingency
procedure to cater for possible losses from this type of risk.
To supplement the monitoring performed by the Allfunds Group Risk Control Unit, the Settlement Department of the Transaction
Area of Allfunds Group performs ongoing follow-up of order settlement processes in each of the currencies in which the Group
operates, thus providing a twofold control of the Group's liquidity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-374": { "value": "
6.\u00a0 Financial Risk Management
This Note explains the Group's exposure to financial risks and how these risks could affect the Group's future financial
performance. Current year profit and loss information has been included where relevant to add further context.
The Group's risk management is carried out by the Directors of the Company and each of the Company's subsidiaries. As such,
this risk management function has been delegated to the relevant department within a specific Group company. The Directors
or the relevant department identify, evaluate and hedge financial risks.
6.a. Market risk
Market risk is defined as the risk to which the Group is exposed in terms of a potential adverse impact on its consolidated
statement of comprehensive income due to fluctuations in interest rates, currency exchange rates and the market prices of
instruments included in the Group's trading portfolio, where they exist.
The Group does not have significant positions on or off the consolidated statement of financial position that might be affected
by fair value risk relating to interest rate and price risks, except those that are strictly necessary for compliance with regulatory
requirements in connection with liquidity and currency exchange derivative hedging to mitigate the risk in the main currencies to
which it is exposed.
6.a.i. Foreign exchange risk
Foreign currency risk is defined as the risk that the fair value or future cash flows of a financial instrument will fluctuate because
of changes in foreign exchange rates.
As the Group operates internationally and is exposed to foreign exchange risk arising from foreign currency transactions, foreign
exchange risk arises from future commercial transactions and recognised assets and liabilities denominated in a currency that is
not the functional currency of the relevant Group entity. The risk is measured through the Risk Control Unit of Allfunds Bank
Group which forecasts likely foreign currency expenditure. In addition, the management of Allfunds Bank Group receive daily
reports on the exposure and impact on the statement of comprehensive income of Allfunds Bank Group due to currency
fluctuations and any measures implemented to mitigate open risks.
In order to mitigate the aforementioned foreign exchange risk, Allfunds Bank Group, which has the largest exposure to non-
reporting currencies within the Group, have set a cap on the net positions in foreign currencies.
The Group's exposure to foreign currency risk at the end of the reporting period, expressed in Euros, was as follows:
2025
2024
EUR (\u2018000s)\u00a0
\u00a0EUR (\u2018000s)\u00a0
USD
GBP
CHF
Other
USD
GBP
CHF
Other
Assets
\u00a0
Cash, and cash equivalents
319,586
107,402
87,404
112,372
144,401
2,167
32,909
4,920
Financial assets held at amortised cost
413,637
13,791
1,061
38,994
425,774
119,943
26,013
124,250
Financial assets at fair value through profit and loss
\u2014
8,186
\u2014
17
1,502
8,123
\u2014
\u2014
Other assets
20,183
15,788
17,402
59,229
17,949
16,311
14,176
29,222
Liabilities
Financial liabilities held at amortised cost
(540,527)
(102,248)
(37,749)
(107,893)
(460,437)
(94,416)
(24,703)
(89,721)
Other liabilities
\u2014
(7,394)
(4,589)
(7,203)
(2,874)
(4,946)
(3,900)
(2,769)
Net Asset Value
212,879
35,525
63,529
95,516
126,315
47,182
44,495
65,902
As shown in the table above, the Group is exposed to USD, GBP, CHF and several other currencies which result in a foreign
currency risk.This can be seen through a number of different asset and liability types that are held in currencies other than
Euros. In any case, the Group made use of FX spot and forward transactions to reduce exposures to foreign currencies.
Should the net asset value subject to currency risk be subject to a 1% increase/decrease, a movement deemed reasonably
possible, the impact on the Statement of Financial Position and Statement of Comprehensive Income would be an increase/
decrease in the value of EUR 4,074 thousand (2024: EUR 2,829 thousand).
6.a.ii. Interest rate risk
Interest rate risk is defined as the risk that the value or the future cash flows of a financial instrument will fluctuate due to
changes in interest rates.
The Group may be affected by the EURIBOR interest rate movements on the Revolving Credit Facility. As such a sensitivity
analysis has been performed. Please see Note 30.
With the exception of the RCF, the Group does not deem its exposure to interest rate risk to be significant as its main balance
sheet aggregates are either repayable on demand, have a short maturity or are variable interest rate risk instruments (except for
time deposits).\u00a0
6.a.iii. Price risk
The Group is exposed to equity securities price risk which arises from investments held by the Group and classified in the
statement of financial position as financial assets at fair value through profit or loss.
As the Group's exposure to equity securities is not material or its core business, the Group does not manage its price risk as it
does not deem the exposures to be significant.
6.b. Credit risk
Credit risk is the possibility of loss stemming from the failure of customers or counterparties to meet their payment obligations
to the Group. Given the type of business conducted by the Allfunds Bank Group, namely the distribution and intermediation of
third-party collective investment schemes, the Group does not perform any active lending activity, and nor is that its purpose.
The Group's exposure to credit risk is through its cash, cash balances with Central Banks and other demand deposits and
financial assets at amortised cost balances. Specifically, the material exposure is to regulated institutions, which are the only
authorised customers of Allfunds to which the Group has granted credit lines tied to the settlement of brokerage transactions.
The entity follows a criterion of reducing the exposure to concentration risk, diversifying the counterparts so as to mitigate the
additional risk. The Group evaluates and monitors credit risk by geographical distribution and by type of exposure. The Risk
Control Unit has implemented a system of counterparty limits based on an internal rating assignment methodology which results
in a probability of default for each counterparty. This assigned probability is reviewed and measured at least once a year, so that
the limits can be adjusted for each customer's risk profile. Counterparty limits are controlled through an integrated system
operating in real time, enabling the Group to be aware at all times of the unused credit line of each counterparty.
Expected Credit Loss (\"ECL\") Model
Per IFRS 9, the expected credit loss model has been applied as at 31 December 2025 and 31 December 2024. The expected
credit loss model measures the pattern of improvement or deterioration in the credit quality of the instruments. Financial assets
at amortised cost are grouped into three categories based on the impairment methodology applied, in accordance with the
following structure:
\u2022 Stage 1 - Standard risk: this category includes transactions for which credit risk has not increased significantly since initial
recognition. The impairment loss allowance will be equal to the 12-month expected credit losses.
\u2022 Stage 2 - Performing exposures under special monitoring: this category includes transactions for which credit risk has
increased significantly since initial recognition, although no default event has occurred. The impairment loss allowance will be
equal to the lifetime expected credit losses.
\u2022 Stage 3 - Non-performing exposure: this category includes transactions that are credit impaired, i.e., a default event has
occurred or receivable with past-due of more than 90 days after closing amounts to be invoiced. The impairment loss
allowance will be equal to the lifetime expected credit losses.
All financial assets measured at amortised cost other than trade receivables are classified as Stage 1.
Per IFRS 9, for collective model, the expected credit loss model has been applied as the Allfunds Group uses a provision matrix
to calculate the ECL and this estimate was made on the basis of industry-specific information and accumulated experience and
uses a combination of past-due days and the credit quality of counterparties.\u00a0 In the case of individual coverage estimation, the
coverage is equal to the difference between the gross carrying amount of the transaction and the present value of the
estimated cash flows expected to be collected.
Impairment losses are recognised in the consolidated statement of comprehensive income. Receivables for which an impairment
provision was recognised are written off against the provision when there is no expectation of recovering additional cash.
Subsequent recoveries of amounts previously written off are credited in the consolidated statement of comprehensive income.
Individual receivables balances, all related to UCI activities pending collection, which are known to be uncollectible (or with more
than two years past-due) are written off by reducing their carrying amount directly.
The loans and advances to credit institutions and customers that are recognised in financial assets held at amortised cost, and
as at 31 December 2025, based on their accounting classification and excluding any impairment losses, amounts were:
Gross carrying amount by stages
2025
Stage 1\u00a0 \u00a0 EUR
(`000s)
Stage 2\u00a0 \u00a0 EUR
(`000s)
Stage 3
EUR (`000s)
Total
EUR ('000s)
Balance as at 31 December 2025
\u2014
\u2014
\u2014
\u2014
Balance as at 31 December 2024
141,927
28,824
17,351
188,102
Expected credit losses by stages
2025
Stage 1\u00a0 EUR
(`000s)
Stage 2\u00a0 \u00a0 EUR
(`000s)
Stage 3\u00a0 \u00a0 EUR
(`000s)
Total
EUR ('000s)
Balance as at 31 December 2025
\u2014
\u2014
\u2014
\u2014
Balance as at 31 December 2024
342
451
11,494
12,287
As of 31 December 2025, EUR 42,405 thousand of exposures has been analysed individually (31 December 2024: EUR 28,250
thousand), with provisions recorded using the individual method amounting to EUR 0 thousand and EUR 2,336 thousand for
stages 2 and 3 (31 December 2024: EUR 238 thousand and EUR 2,483 thousand for Stage 2 and Stage 3 balances
respectively).
The Group held past-due but not impaired financial assets in the accompanying balance sheets as at 31 December 2025
amounting to EUR xx,xxx thousand (31 December 2024: EUR 60,731 thousand) all of which had maturities of less than 30 days
and were held with other financial institutions, which originated from outstanding commissions from the marketing of units in
collective investment institutions, as well as overdrawn demand deposit balances.
Detail of the changes in the Group's balances and of the expected credit losses for the financial assets classified as financial
assets at amortised cost and collectively estimated to be impaired due to credit risk are as follows:
2025
2025\u00a0 EUR
(`000s)
2024\u00a0 EUR
(`000s)
Opening balance
17,351
16,428
Write offs
(1,747)
(4,235)
Additions
\u2014
5,158
Closing balance
15,604
17,351
Movements in expected credit losses
2025
2025\u00a0 EUR
(`000s)
2024\u00a0 EUR
(`000s)
Opening balance
12,287
12,190
Write offs
(1,747)
(4,235)
Additions
3,589
4,332
Transfers to assets held for sale
(778)
\u2014
Closing balance
13,351
12,287
Below is the detail of the Group's financial assets classified at amortised cost which were considered to be impaired due to
credit risk classified by age of the oldest past due amount.
2025
Up to 6 months\u00a0
EUR (`000s)
Between 6 to 9
months\u00a0 EUR
(`000s)
Between 9 to 12
months\u00a0 EUR
(`000s)
Between 1 to 5
years\u00a0 EUR
(`000s)
More than 2
years
EUR ('000s)
Total
EUR ('000s)
Assets
Balance as at 31 December 2025
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Balance as at 31 December 2024
8,458
4,998
701
3,194
\u2014
17,351
6.c. Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities.
The Group's exposure to liquidity risk at the end of the reporting period as at 31 December 2025, expressed in Euros, was as
follows:
2025
On demand
EUR (`000s)
Less than 6
months EUR
(`000s)
6 to 12 months
EUR (`000s)
1 to 5 years
EUR (`000s)
More than 5
years
EUR ('000s)
Total
EUR ('000s)
Assets
Cash and cash equivalents:
Cash balances at Central Banks and in hand
1,683,168
\u2014
\u2014
\u2014
\u2014
1,683,168
Other demand deposits
867,360
\u2014
\u2014
\u2014
\u2014
867,360
Financial assets at amortised cost:
Time deposits from credit institutions
\u2014
398,303
\u2014
\u2014
\u2014
398,303
Receivables from customers
249,594
1,006
229
1,426
217
252,472
Debt securities
\u2014
\u2014
170
72,737
\u2014
72,907
Total assets
2,800,122
399,309
399
74,163
217
3,274,210
Liabilities
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Financial liabilities at amortised cost:
Revolving credit facility
\u2014
\u2014
\u2014
410,732
\u2014
410,732
Demand accounts from credit institutions
716,534
3,291
\u2014
\u2014
\u2014
719,825
Demand accounts from non-credit
institutions
1,429,380
\u2014
\u2014
\u2014
\u2014
1,429,380
Other financial liabilities
532,878
110,531
1,933
(93)
100
645,349
Lease liabilities
\u2014
3,568
3,157
10,399
100
17,224
Total liabilities
2,678,792
117,390
5,090
421,038
200
3,222,510
2024
On demand
EUR
(`000s)
Less than 6
months EUR
(`000s)
6 to 12 months
EUR (`000s)
1 to 5 years
EUR (`000s)
More than 5
years
EUR ('000s)
Total
EUR ('000s)
Assets
Cash and cash equivalents:
Cash balances at Central Banks and in hand
1,606,377
\u2014
\u2014
\u2014
\u2014
1,606,377
Other demand deposits
1,021,717
\u2014
\u2014
\u2014
\u2014
1,021,717
Financial assets at amortised cost:
Time deposits from credit institutions
\u2014
20,043
38,502
38,502
\u2014
97,047
Receivables from customers
127,216
142
502
1,715
444
130,019
Debt securities
\u2014
6,268
\u2014
\u2014
\u2014
6,268
Total assets
2,755,310
26,453
39,004
40,217
444
2,861,428
Liabilities
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Financial liabilities at amortised cost:
Revolving credit facility
\u2014
17,794
\u2014
392,000
\u2014
409,794
Demand accounts from credit institutions
556,491
2,485
\u2014
\u2014
\u2014
558,976
Demand accounts from non-credit institutions
1,221,335
\u2014
\u2014
\u2014
\u2014
1,221,335
Other financial liabilities
510,070
59,024
\u2014
5,935
\u2014
575,029
Lease liabilities
\u2014
3,456
2,965
11,071
574
18,066
Total liabilities
2,287,896
64,965
2,965
409,006
574
2,783,200
Included within assets are cash and cash equivalents which comprise both cash balances at Central Banks and other demand
deposits that have no restrictions and are all available on demand. Please see Note 16.
Financial assets at amortised cost include time deposits from credit institutions and receivable balances from customers, mainly
derived from the intermediation business, and both are of a short-term nature with the majority due either on demand or in a
period of three months or less. In addition, financial assets include the debt securities of EUR 72,907 thousand (31 December
2024: EUR 6,288 thousand), with the majority due in a period of greater than one year.\u00a0 Please see Note 13.
Liabilities contain demand accounts from credit institutions which include the Revolving Credit Facility (\"RCF\") due for
repayment of EUR 410,732 in the period of 1 to 5 years (31 December 2024: EUR 409,794 thousand). The interest expense
payable regarding the RCF was EUR 3,291 (31 December 2024: EUR 2,485 thousand) and this is included in the time period of
less than 6 months. For details of the RCF, please see Note 17.
All other balances included within demand accounts from credit institutions and non-credit institutions are both of a short-term
nature being due on demand.
Current other financial liabilities relate to the funds temporarily held on behalf of Distributors due to orders of transfers of
investments in UCIs received which were yet to be settled. Please see Note 17.\u00a0
The Risk Control Unit has developed a methodology to dynamically calculate the exposure to liquidity risk through static and
dynamic ratios and set a limit in terms of a liquidity buffer. The Group also periodically performs stress scenario analysis and
uses back-testing to measure these scenarios. Additionally, Allfunds's Board of Directors have established a contingency
procedure to cater for possible losses from this type of risk.
To supplement the monitoring performed by the Allfunds Group Risk Control Unit, the Settlement Department of the Transaction
Area of Allfunds Group performs ongoing follow-up of order settlement processes in each of the currencies in which the Group
operates, thus providing a twofold control of the Group's liquidity.
13.\u00a0 Financial Assets at Amortised Cost
31 Dec 2025
31 Dec 2024
EUR (\u2018000s)
EUR (\u2018000s)\u00a0 \u00a0 \u00a0 \u00a0
Non-current assets
Debt securities
72,737
\u2014
Other receivables
2,542
2,290
Total non-current
75,279
2,290
Current assets
Time deposits from credit institutions
398,303
97,047
Receivables from customers
249,930
130,019
Debt securities
170
6,268
Total current
648,403
233,334
Total
723,682
235,624
Non-current assets include debt securities which as at 31 December 2025 totalled EUR 72,737 thousand and represents two
separate bond deposits of EUR 25,066 thousand with the Spanish Government of 2.23% which matures in August 2027 and EUR
47,841 thousand with the Italian Government of 2.15% which matures in January 2028 (31 December 2024: debt securities of
EUR 6,268 thousand for a United Kingdom bond which matured on 31 January 2025). The other non-current assets relate to
other receivable balances for both employee loans and office building deposits.
Time deposits from credit institutions as at 31 December 2025 are EUR 398,303 thousand (31 December 2024: 97,047
thousand) which include EUR 382,000 thousand which were placed on overnight deposits. The remainder is primarily derived
from the intermediation business of which all of a short-term nature with the majority due in a period of three months or less.
Financial assets classified as financial assets at amortised cost and collectively estimated to be impaired due to credit risk on 31
December 2025 amounted to EUR 13,311 thousand (31 December 2024: EUR 17,351 thousand), relating mainly to the receivable
commissions of shares from UCIs pending collection at that date, all of which had maturities of more than 90 day s.
On 31 December 2025 and 31 December 2024, the Group did not hold any financial assets classified as loans and receivables
and considered to be written-off assets.
The carrying values of trade and other assets are considered to be the same as their fair values, due to their short-term nature.
17.\u00a0 Financial Liabilities at Amortised Cost
31 Dec 2025
31 Dec 2024
EUR (\u2018000s)
EUR (\u2018000s)
Non-current liabilities
Revolving credit facility
410,732
392,000
Other Financial liabilities
\u2014
5,935
Total non-current
410,732
397,935
Current liabilities
Demand accounts from credit institutions
719,825
576,770
Demand accounts from non-credit instiutions
1,429,380
1,221,335
Other financial liabilities
645,349
575,029
Total current
2,794,554
2,373,134
Total
3,205,286
2,771,069
Included in non-current liabilities is the Revolving Credit Facility (\"RCF\") which was entered into by the Company during 2021
with a total capacity of EUR 550,000 thousand and was initially valid until April 2025. During the year 2025 an extension for a
further two-year period was finalised and the RCF is now valid until April 2027.
As at 31 December 2025 , the total amount drawn on the RCF was EUR 412,000 thousand ( 31 December 2024: EUR 412,000
thousand). The RCF amounts pending repayment have been reduced in both years 2025 and 2024 by the prepaid finance costs.
As at 31 December 2025 all the RCF repayable balance is shown as non-current liabilities, whereas as at 31 December 2024,
EUR 17,794 thousand was shown as current liabilities amounts due to credit institutions due to a leaving Lender. Interest
expense pending due on the RCF as at 31 December 2025 was EUR 3,291 thousand (31 December 2024: EUR 2,485 thousand).
All other balances included within current demand accounts from credit institutions and non-credit institutions, arise from
platform activities, and both are of a short-term nature being due on demand.
Other financial liabilities contain funds temporarily held on behalf of Distributors due to orders of transfers of investments in
UCIs received, which were yet to be settled at the period end, tax collection accounts due in 30 days, and other payment
obligations.
33.\u00a0 Financial assets at fair value through profit and loss
The methodology used to calculate fair value for each class of financial assets and liabilities is as follows:
\u2022 Cash, cash balances at central banks and other demand deposits: relate to financial assets convertible into cash on demand
and, accordingly, their fair value was considered to coincide with their carrying amount.
\u2022 Trading derivatives (assets and liabilities): the fair value of the trading derivatives was obtained by discounting estimated
cash flows based on the forward curves of the respective underlying, quoted in the market.
\u2022 Financial assets measured at fair value through profit or loss: the amount relates to equity instruments not listed on
organised markets and for which no other valid references for the estimation of fair value were available, mainly undertakings
for collective investments. The fair value is based on NAV (\"Net Asset Value\") and depending on the type of fund it is
categorised in Level 2 (monetary and fixed income funds) and Level 3 for the remainder.
\u2022 Financial assets at amortised cost: the fair value of financial assets at amortised cost was obtained using the present value
model, which discounts future cash flows to the present, using interest rates based on directly or indirectly observable market
data to calculate the discount rate.
\u2022 Financial liabilities at amortised cost: these include short-term demand accounts at a fixed interest rate and the revolving
credit facility, classed as a long-term financial liability at a variable EURIBOR interest rate. It was considered that their fair
value coincided with their carrying amount since there were no significant differences.
To provide an indication about the reliability of the inputs used in determining fair value, the Group has classified its financial
instruments into the three levels prescribed under IFRS. An explanation of each level is as follows:
\u2022 Level 1: The fair value of financial instruments traded in active markets (such as publicly traded derivatives, and trading held
at fair value through profit or loss securities) is based on quoted market prices at the end of the reporting period. The quoted
market price used for financial assets held by the Group is the current bid price. These instruments are included in Level 1.
\u2022 Level 2: The fair value of financial instruments that are not traded in an active market (for example, over-the-counter
derivatives) is determined using valuation techniques in which all the significant inputs are based on directly or indirectly
observable market data. If all significant inputs are observable, the instrument is included in Level 2.
\u2022 Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3.
This is the case for unlisted equity securities.
The following table summarises the valuation of the Group's financial instruments by the fair value hierarchy as detailed above:
31 Dec 2025
Level 1
Level 2
Level 3
Total
EUR ('000s)
EUR ('000s)
EUR ('000s)
EUR ('000s)
Financial assets at FVTPL
\u2014
8,186
1,582
9,768
Derivative financial assets
\u2014
1,347
\u2014
1,347
Sub-total
\u2014
9,533
1,582
11,115
Derivative financial liabilities
\u2014
(764)
\u2014
(764)
Total
\u2014
8,769
1,582
10,351
31 Dec 2024
Level 1
Level 2
Level 3
Total
EUR ('000s)
EUR ('000s)
EUR ('000s)
EUR ('000s)
Financial assets at FVTPL
\u2014
9,626
1,582
11,208
Derivative financial assets
\u2014
927
\u2014
927
Sub-total
\u2014
10,553
1,582
12,135
Derivate financial liabilities
\u2014
(1,896)
\u2014
(1,896)
Total
\u2014
8,657
1,582
10,239
During the years ended 31 December 2025 and 31 December 2024, the Group did not transfer any financial instruments
between Levels 1, 2 or 3. The variation in the Level 3 balance as at 31 December 2024 is due to an increase in the equity
investments based on their net asset values. Financial assets at fair value through profit and loss are comprised mainly of UCIs", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-376": { "value": "
6.a. Market risk
Market risk is defined as the risk to which the Group is exposed in terms of a potential adverse impact on its consolidated
statement of comprehensive income due to fluctuations in interest rates, currency exchange rates and the market prices of
instruments included in the Group's trading portfolio, where they exist.
The Group does not have significant positions on or off the consolidated statement of financial position that might be affected
by fair value risk relating to interest rate and price risks, except those that are strictly necessary for compliance with regulatory
requirements in connection with liquidity and currency exchange derivative hedging to mitigate the risk in the main currencies to
which it is exposed.
6.a.i. Foreign exchange risk
Foreign currency risk is defined as the risk that the fair value or future cash flows of a financial instrument will fluctuate because
of changes in foreign exchange rates.
As the Group operates internationally and is exposed to foreign exchange risk arising from foreign currency transactions, foreign
exchange risk arises from future commercial transactions and recognised assets and liabilities denominated in a currency that is
not the functional currency of the relevant Group entity. The risk is measured through the Risk Control Unit of Allfunds Bank
Group which forecasts likely foreign currency expenditure. In addition, the management of Allfunds Bank Group receive daily
reports on the exposure and impact on the statement of comprehensive income of Allfunds Bank Group due to currency
fluctuations and any measures implemented to mitigate open risks.
In order to mitigate the aforementioned foreign exchange risk, Allfunds Bank Group, which has the largest exposure to non-
reporting currencies within the Group, have set a cap on the net positions in foreign currencies.
The Group's exposure to foreign currency risk at the end of the reporting period, expressed in Euros, was as follows:
2025
2024
EUR (\u2018000s)\u00a0
\u00a0EUR (\u2018000s)\u00a0
USD
GBP
CHF
Other
USD
GBP
CHF
Other
Assets
\u00a0
Cash, and cash equivalents
319,586
107,402
87,404
112,372
144,401
2,167
32,909
4,920
Financial assets held at amortised cost
413,637
13,791
1,061
38,994
425,774
119,943
26,013
124,250
Financial assets at fair value through profit and loss
\u2014
8,186
\u2014
17
1,502
8,123
\u2014
\u2014
Other assets
20,183
15,788
17,402
59,229
17,949
16,311
14,176
29,222
Liabilities
Financial liabilities held at amortised cost
(540,527)
(102,248)
(37,749)
(107,893)
(460,437)
(94,416)
(24,703)
(89,721)
Other liabilities
\u2014
(7,394)
(4,589)
(7,203)
(2,874)
(4,946)
(3,900)
(2,769)
Net Asset Value
212,879
35,525
63,529
95,516
126,315
47,182
44,495
65,902
As shown in the table above, the Group is exposed to USD, GBP, CHF and several other currencies which result in a foreign
currency risk.This can be seen through a number of different asset and liability types that are held in currencies other than
Euros. In any case, the Group made use of FX spot and forward transactions to reduce exposures to foreign currencies.
Should the net asset value subject to currency risk be subject to a 1% increase/decrease, a movement deemed reasonably
possible, the impact on the Statement of Financial Position and Statement of Comprehensive Income would be an increase/
decrease in the value of EUR 4,074 thousand (2024: EUR 2,829 thousand).
6.a.ii. Interest rate risk
Interest rate risk is defined as the risk that the value or the future cash flows of a financial instrument will fluctuate due to
changes in interest rates.
The Group may be affected by the EURIBOR interest rate movements on the Revolving Credit Facility. As such a sensitivity
analysis has been performed. Please see Note 30.
With the exception of the RCF, the Group does not deem its exposure to interest rate risk to be significant as its main balance
sheet aggregates are either repayable on demand, have a short maturity or are variable interest rate risk instruments (except for
time deposits).\u00a0
6.a.iii. Price risk
The Group is exposed to equity securities price risk which arises from investments held by the Group and classified in the
statement of financial position as financial assets at fair value through profit or loss.
As the Group's exposure to equity securities is not material or its core business, the Group does not manage its price risk as it
does not deem the exposures to be significant.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-377": { "value": "
6.b. Credit risk
Credit risk is the possibility of loss stemming from the failure of customers or counterparties to meet their payment obligations
to the Group. Given the type of business conducted by the Allfunds Bank Group, namely the distribution and intermediation of
third-party collective investment schemes, the Group does not perform any active lending activity, and nor is that its purpose.
The Group's exposure to credit risk is through its cash, cash balances with Central Banks and other demand deposits and
financial assets at amortised cost balances. Specifically, the material exposure is to regulated institutions, which are the only
authorised customers of Allfunds to which the Group has granted credit lines tied to the settlement of brokerage transactions.
The entity follows a criterion of reducing the exposure to concentration risk, diversifying the counterparts so as to mitigate the
additional risk. The Group evaluates and monitors credit risk by geographical distribution and by type of exposure. The Risk
Control Unit has implemented a system of counterparty limits based on an internal rating assignment methodology which results
in a probability of default for each counterparty. This assigned probability is reviewed and measured at least once a year, so that
the limits can be adjusted for each customer's risk profile. Counterparty limits are controlled through an integrated system
operating in real time, enabling the Group to be aware at all times of the unused credit line of each counterparty.
Expected Credit Loss (\"ECL\") Model
Per IFRS 9, the expected credit loss model has been applied as at 31 December 2025 and 31 December 2024. The expected
credit loss model measures the pattern of improvement or deterioration in the credit quality of the instruments. Financial assets
at amortised cost are grouped into three categories based on the impairment methodology applied, in accordance with the
following structure:
\u2022 Stage 1 - Standard risk: this category includes transactions for which credit risk has not increased significantly since initial
recognition. The impairment loss allowance will be equal to the 12-month expected credit losses.
\u2022 Stage 2 - Performing exposures under special monitoring: this category includes transactions for which credit risk has
increased significantly since initial recognition, although no default event has occurred. The impairment loss allowance will be
equal to the lifetime expected credit losses.
\u2022 Stage 3 - Non-performing exposure: this category includes transactions that are credit impaired, i.e., a default event has
occurred or receivable with past-due of more than 90 days after closing amounts to be invoiced. The impairment loss
allowance will be equal to the lifetime expected credit losses.
All financial assets measured at amortised cost other than trade receivables are classified as Stage 1.
Per IFRS 9, for collective model, the expected credit loss model has been applied as the Allfunds Group uses a provision matrix
to calculate the ECL and this estimate was made on the basis of industry-specific information and accumulated experience and
uses a combination of past-due days and the credit quality of counterparties.\u00a0 In the case of individual coverage estimation, the
coverage is equal to the difference between the gross carrying amount of the transaction and the present value of the
estimated cash flows expected to be collected.
Impairment losses are recognised in the consolidated statement of comprehensive income. Receivables for which an impairment
provision was recognised are written off against the provision when there is no expectation of recovering additional cash.
Subsequent recoveries of amounts previously written off are credited in the consolidated statement of comprehensive income.
Individual receivables balances, all related to UCI activities pending collection, which are known to be uncollectible (or with more
than two years past-due) are written off by reducing their carrying amount directly.
The loans and advances to credit institutions and customers that are recognised in financial assets held at amortised cost, and
as at 31 December 2025, based on their accounting classification and excluding any impairment losses, amounts were:
Gross carrying amount by stages
2025
Stage 1\u00a0 \u00a0 EUR
(`000s)
Stage 2\u00a0 \u00a0 EUR
(`000s)
Stage 3
EUR (`000s)
Total
EUR ('000s)
Balance as at 31 December 2025
\u2014
\u2014
\u2014
\u2014
Balance as at 31 December 2024
141,927
28,824
17,351
188,102
Expected credit losses by stages
2025
Stage 1\u00a0 EUR
(`000s)
Stage 2\u00a0 \u00a0 EUR
(`000s)
Stage 3\u00a0 \u00a0 EUR
(`000s)
Total
EUR ('000s)
Balance as at 31 December 2025
\u2014
\u2014
\u2014
\u2014
Balance as at 31 December 2024
342
451
11,494
12,287
As of 31 December 2025, EUR 42,405 thousand of exposures has been analysed individually (31 December 2024: EUR 28,250
thousand), with provisions recorded using the individual method amounting to EUR 0 thousand and EUR 2,336 thousand for
stages 2 and 3 (31 December 2024: EUR 238 thousand and EUR 2,483 thousand for Stage 2 and Stage 3 balances
respectively).
The Group held past-due but not impaired financial assets in the accompanying balance sheets as at 31 December 2025
amounting to EUR xx,xxx thousand (31 December 2024: EUR 60,731 thousand) all of which had maturities of less than 30 days
and were held with other financial institutions, which originated from outstanding commissions from the marketing of units in
collective investment institutions, as well as overdrawn demand deposit balances.
Detail of the changes in the Group's balances and of the expected credit losses for the financial assets classified as financial
assets at amortised cost and collectively estimated to be impaired due to credit risk are as follows:
2025
2025\u00a0 EUR
(`000s)
2024\u00a0 EUR
(`000s)
Opening balance
17,351
16,428
Write offs
(1,747)
(4,235)
Additions
\u2014
5,158
Closing balance
15,604
17,351
Movements in expected credit losses
2025
2025\u00a0 EUR
(`000s)
2024\u00a0 EUR
(`000s)
Opening balance
12,287
12,190
Write offs
(1,747)
(4,235)
Additions
3,589
4,332
Transfers to assets held for sale
(778)
\u2014
Closing balance
13,351
12,287
Below is the detail of the Group's financial assets classified at amortised cost which were considered to be impaired due to
credit risk classified by age of the oldest past due amount.
2025
Up to 6 months\u00a0
EUR (`000s)
Between 6 to 9
months\u00a0 EUR
(`000s)
Between 9 to 12
months\u00a0 EUR
(`000s)
Between 1 to 5
years\u00a0 EUR
(`000s)
More than 2
years
EUR ('000s)
Total
EUR ('000s)
Assets
Balance as at 31 December 2025
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Balance as at 31 December 2024
8,458
4,998
701
3,194
\u2014
17,351
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-378": { "value": "
6.c. Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities.
The Group's exposure to liquidity risk at the end of the reporting period as at 31 December 2025, expressed in Euros, was as
follows:
2025
On demand
EUR (`000s)
Less than 6
months EUR
(`000s)
6 to 12 months
EUR (`000s)
1 to 5 years
EUR (`000s)
More than 5
years
EUR ('000s)
Total
EUR ('000s)
Assets
Cash and cash equivalents:
Cash balances at Central Banks and in hand
1,683,168
\u2014
\u2014
\u2014
\u2014
1,683,168
Other demand deposits
867,360
\u2014
\u2014
\u2014
\u2014
867,360
Financial assets at amortised cost:
Time deposits from credit institutions
\u2014
398,303
\u2014
\u2014
\u2014
398,303
Receivables from customers
249,594
1,006
229
1,426
217
252,472
Debt securities
\u2014
\u2014
170
72,737
\u2014
72,907
Total assets
2,800,122
399,309
399
74,163
217
3,274,210
Liabilities
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Financial liabilities at amortised cost:
Revolving credit facility
\u2014
\u2014
\u2014
410,732
\u2014
410,732
Demand accounts from credit institutions
716,534
3,291
\u2014
\u2014
\u2014
719,825
Demand accounts from non-credit
institutions
1,429,380
\u2014
\u2014
\u2014
\u2014
1,429,380
Other financial liabilities
532,878
110,531
1,933
(93)
100
645,349
Lease liabilities
\u2014
3,568
3,157
10,399
100
17,224
Total liabilities
2,678,792
117,390
5,090
421,038
200
3,222,510
2024
On demand
EUR
(`000s)
Less than 6
months EUR
(`000s)
6 to 12 months
EUR (`000s)
1 to 5 years
EUR (`000s)
More than 5
years
EUR ('000s)
Total
EUR ('000s)
Assets
Cash and cash equivalents:
Cash balances at Central Banks and in hand
1,606,377
\u2014
\u2014
\u2014
\u2014
1,606,377
Other demand deposits
1,021,717
\u2014
\u2014
\u2014
\u2014
1,021,717
Financial assets at amortised cost:
Time deposits from credit institutions
\u2014
20,043
38,502
38,502
\u2014
97,047
Receivables from customers
127,216
142
502
1,715
444
130,019
Debt securities
\u2014
6,268
\u2014
\u2014
\u2014
6,268
Total assets
2,755,310
26,453
39,004
40,217
444
2,861,428
Liabilities
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Financial liabilities at amortised cost:
Revolving credit facility
\u2014
17,794
\u2014
392,000
\u2014
409,794
Demand accounts from credit institutions
556,491
2,485
\u2014
\u2014
\u2014
558,976
Demand accounts from non-credit institutions
1,221,335
\u2014
\u2014
\u2014
\u2014
1,221,335
Other financial liabilities
510,070
59,024
\u2014
5,935
\u2014
575,029
Lease liabilities
\u2014
3,456
2,965
11,071
574
18,066
Total liabilities
2,287,896
64,965
2,965
409,006
574
2,783,200
Included within assets are cash and cash equivalents which comprise both cash balances at Central Banks and other demand
deposits that have no restrictions and are all available on demand. Please see Note 16.
Financial assets at amortised cost include time deposits from credit institutions and receivable balances from customers, mainly
derived from the intermediation business, and both are of a short-term nature with the majority due either on demand or in a
period of three months or less. In addition, financial assets include the debt securities of EUR 72,907 thousand (31 December
2024: EUR 6,288 thousand), with the majority due in a period of greater than one year.\u00a0 Please see Note 13.
Liabilities contain demand accounts from credit institutions which include the Revolving Credit Facility (\"RCF\") due for
repayment of EUR 410,732 in the period of 1 to 5 years (31 December 2024: EUR 409,794 thousand). The interest expense
payable regarding the RCF was EUR 3,291 (31 December 2024: EUR 2,485 thousand) and this is included in the time period of
less than 6 months. For details of the RCF, please see Note 17.
All other balances included within demand accounts from credit institutions and non-credit institutions are both of a short-term
nature being due on demand.
Current other financial liabilities relate to the funds temporarily held on behalf of Distributors due to orders of transfers of
investments in UCIs received which were yet to be settled. Please see Note 17.\u00a0
The Risk Control Unit has developed a methodology to dynamically calculate the exposure to liquidity risk through static and
dynamic ratios and set a limit in terms of a liquidity buffer. The Group also periodically performs stress scenario analysis and
uses back-testing to measure these scenarios. Additionally, Allfunds's Board of Directors have established a contingency
procedure to cater for possible losses from this type of risk.
To supplement the monitoring performed by the Allfunds Group Risk Control Unit, the Settlement Department of the Transaction
Area of Allfunds Group performs ongoing follow-up of order settlement processes in each of the currencies in which the Group
operates, thus providing a twofold control of the Group's liquidity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-379": { "value": "
7.\u00a0 Capital Management
The Group's objectives when managing capital are to:
\u2022 safeguard its ability to continue as a going concern, so that it can continue to provide returns for its shareholders and benefits
for other stakeholders; and
\u2022 maintain an optimal capital structure to reduce its cost of capital.
In order to maintain or adjust its capital structure, the Group may vary the amount of dividends paid to shareholders, return
capital to shareholders, issue new shares or sell assets.
The capital structure of the Group consists of equity attributable to equity holders of the ultimate parent, comprising issued
share capital, share premium, retained earnings and other reserves as disclosed in the consolidated financial statements.
Within the Group, Allfunds Bank, S.A.U. and the Liberty Partners Group, both have capital adequacy requirements, EU Directive
2024/1616 (CRD VI), imposed primarily by the Bank of Spain along with other regulatory bodies. Group entities are required to
report on certain capital adequacy ratios on a periodic basis. The ratio is calculated as being the percentage of capital to assets,
based on the regulators' definitions of capital and assets. This ratio is required at all times to be above a benchmark percentage
provided by each of the regulators. The subsidiaries of the Group have been in compliance with the capital adequacy
requirements in respect of the year ended 31 December 2025 and 31 December 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-380": { "value": "
8.\u00a0 Taxation
8.1 Tax Event from Prior Year
On 2 October 2020, BP2S contributed its BNPP LPA business to Allfunds Bank, S.A.U Milan branch in exchange for the issuance
of new shares.
The BNPP LPA business contribution qualified as a tax neutral transaction. As a result, the BNPP LPA business goodwill and its
intangibles that were identified in the PPA process were treated as if not existing for tax purposes, meaning that their tax base
was equal to zero and, therefore, could not be tax amortised.
However, Italian tax laws provide for an optional tax step-up regime whereby (i) the taxpayer can opt to pay a substitute tax at a
reduced rate and (ii) the tax base of the asset is increased up to its fair value as arising from the PPA process. Thus, by making
this election, the taxpayer is entitled to amortise the relevant stepped asset for tax purposes.
In particular, Allfunds Bank Milan branch made the following elections:
\u2022 Ordinary step-up election for the BNPP LPA business intangibles (Article 176(2-ter) of the Italian income tax code approved
with Presidential Decree No. 917 of 22 December 1986), under which:
a. Allfunds Bank Milan branch was required to make a step-up tax payment of EUR 36,700 thousand in three instalments
each June from 2021 to 2023 (with a 2.5% interest accruing on the second and third instalment). All these payments were
already made, and
b. Allfunds Bank Milan branch is entitled to amortise the BNPP LPA business intangible assets for tax purposes over their
useful lives and starting from 1 January 2021 (See Note 10).
\u2022 Special step-up election for the BNPP LPA business goodwill (Article 15(10) of the Italian Law Decree No.185/2008),
under which:
a. Allfunds Bank Milan branch was required to make a step-up tax payment amounting to EUR 35,000 thousand in one single
instalment by June 2021 (already paid); and
b. Allfunds Bank Milan branch is entitled to amortise the BNPP LPA business goodwill for tax purposes over five years
starting from 1 January 2022.
From an accounting perspective, for FY2021, the above elections triggered:
i. The full recognition of EUR 71,650 thousand step-up tax expense (with the exception of interest that will be due) as a
charge in the statement\u00a0 of comprehensive income of Allfunds Bank Milan branch.
ii. The accounting registration of EUR 72,281 thousand credit in the statement of comprehensive income of Allfunds Bank
Milan branch, with the corresponding recognition of a deferred tax asset (DTA) of EUR 15,330 thousand as at 31
December 2025, to reflect the future tax deductions of the BNPP LPA business goodwill (not amortised\u00a0 for accounting
purposes).
iii. The release of the deferred tax liability (DTL) booked in 2020 in relation to the BNPP LPA business intangibles (whose
amortisation was considered non tax-deductible before the tax step-up election) and the corresponding registration of
EUR 76,270 thousand credit in the\u00a0 statement of comprehensive income of Allfunds Bank Milan branch.
For more details on the tax step up election made, please refer to Note 8 in the the audited annual consolidated financial
statements of 31 December 2021.
8.2 Other Contributions
On 28 December 2022, the Law for the establishment of temporary taxes levy on credit institutions and financial credit
establishments was published in the Official State Gazette (Boletin Oficial de Estado de Espa\u00f1a).
This law establishes an obligation to pay a non-tax public economic levy during the years 2023 and 2024 for those credit
institutions that operate in Spain whose total gross income for interest and commission generated in the year 2019 was equal or
greater than EUR 800,000 thousand.
The amount of the levy to be paid was calculated by applying a 4.8% to the sum of the net margin of interest and commission
derived from the activities carried out in Spain, as shown in the income statement of the tax consolidation group to which the
credit institutions belong for the immediately preceding year. The impact for 2024 was an expense of EUR 7,014 thousand (31
December 2023: EUR 7,237 thousand) for Allfunds Bank, S.A.U. and both amounts were already paid. These expenses were
treated as non-deductible for Spanish corporate income tax purposes. Please see Note 28.
Allfunds Bank, S.A.U., the Company's wholly owned indirect subsidiary, has undertaken the appropriate legal measures to appeal
against these bank levies.
Based on the recently published regulation which approved the Spanish new bank tax for the years 2025 to 2027, and the
calculation method foreseen, the Company anticipates that Allfunds Bank, S.A.U, have not paid such tax in the year 2025.\u00a0
8.3 Pillar Two Disclosure
The Organisation for Economic Co-operation and Development (\"OECD\")'s Model Rules (also known as the \"Global Base Erosion
Rules\" or \"GloBE Rules\", hereinafter referred to as Pillar Two), aim to create a common framework to establish a global minimum
level of taxation for multinational groups.
Affected groups are required to calculate their Effective Tax Rate (\"ETR\") for each country or territory in which they operate
under the GloBE Rules. If this rate is below a minimum rate of 15%, as a general rule, the group will be required to pay a top up
tax on the difference.
The Group operates in the United Kingdom, Spain, Brazil, China, France, Germany, Hong Kong, Italy, Luxembourg, Poland,
United Arab Emirates, Singapore, Sweden and Switzerland.
The Ultimate Parent Entity (\u201cUPE\u201d in the GloBE nomenclature) is Allfunds Group plc, located in the United Kingdom, where the
UK Pillar 2 Law was implemented in 2023. The UK's Pillar Two rules apply for accounting periods beginning on or after 31
December 2023 and will apply in respect of profits in every jurisdiction where the Group operates.
Therefore, Allfunds Group plc will be, under the primary rule established in the GloBE Rules, responsible for the top-up tax in
relation to its operations and all its constituent entities, except in those countries where a Qualified Domestic Minimum Top-up
Tax (\"QDMTT\") considered as a safe harbour has been approved.
The OECD has provided certain simplifications rules which allow for safe harbour on a transitional basis until 2027), while a more
permanent safe harbour is being developed. In 2025, in the case of a jurisdiction is not covered by the so-called transitional safe
harbour based on the country-by-country report (\u201cTransitional CbC Safe Harbours\u201d), they will be required to calculate the ETR
(according to Pillar Two rules) and to pay the relevant top-up tax if the ETR is below 15%. In 2024, where a jurisdiction is not
covered by transitional safe harbour provisions (detailed in the \"Transitional CbC Safe Harbours\"), they were required to
calculate the ETR according to Pillar Two rules and to pay top-up tax if the ETR is below the 15%.
The Group determined that the global minimum top-up tax is an income tax within the scope of International Accounting
Standard (\"IAS\") 12 Income Taxes. In May 2023, the International Accounting Standards Board (\"IASB\") published an amendment
to IAS 12 related to the Pillar Two rules to introduce a mandatory exception to the requirement to recognise and disclose
information on deferred tax assets and liabilities arising from the implementation of these rules. As of 31 December 2025, this
exception continues to apply until the IASB completes its project on the accounting treatment of the Pillar Two effects.
However, because no new legislation to implement the top-up tax was effective on 31 December 2023 in the jurisdictions in
which the Group operates and no related deferred tax was recognised at that date, the retrospective application had no impact
on the Allfunds Group plc's consolidated financial statements.
The Group has assessed the exposure that the Globe Model Rules could have on the Group considering the latest available
financial statements.
The Group assessed if the Transitional CbC Safe Harbours published by the OECD could be applicable for the year 2025 in each
jurisdiction. Based on the financial information as of 31 December 2025, all jurisdictions except Switzerland and Singapore meet
at least one of the three tests.
In Switzerland, a QDMTT was formally \"enacted\" in 2023, which is effective from 1 January 2024. This QMDTT has been
deemed as a safe harbour by the OECD. In this sense, Allfunds Bank S.A.U. Zurich branch will be liable for the eventual top-up
tax in relation to its operations.
In Singapore, a QMDTT was considered \"enacted/substantively enacted\" in 2024, applicable to fiscal years starting on or after 1
January 2025.
The Group has carried out a preliminary estimation of the Swiss and Singaporean QDMTT, based on the financial statements as
of 31 December 2025. According to such an estimation, in principle, no Swiss nor Singaporean QDMTT would be expected. The
Group has carried out a detailed calculation of the Swiss QDMTT, in accordance with the GloBE Rules and Swiss Pillar Two
legislation, based on the financial statements as of 31 December 2024. According to such an estimation, no Swiss QDMTT
would be expected.\u00a0 \u00a0
8.4 Tax Inspection
Under current Spanish legislation, tax returns cannot be deemed to be definitive until they have been reviewed by the tax
authorities or until the related statute of limitations period has expired.
The Spanish company Liberty Partners was subject to a tax audit initiated in April 2023 for taxes covering Corporate Income Tax
(tax years 2018 to 2021) and Withholding Tax on account of Non-Resident Income Tax (tax years 2019 to 2021). Allfunds Banks,
S.A.U. was notified solely due to its status as the tax representative entity of the Spanish Tax group.\u00a0 The tax inspection was
closed during the year 2024, resulting in:
\u2022 the regularisation of Liberty Partner's amount of carry forward tax losses; and
\u2022 a corporate income tax liability of EUR 3,289 thousand plus late payment interest, all without tax penalties being imposed.
Also, as tax legislation applicable to transactions performed by the Group, during the years open to tax audit may be subject to
different interpretations and thus, contingent tax liabilities could arise. However, the Group's directors and its tax advisors
consider that the tax charge, if any, that could arise from possible future tax audits, would not have a material impact in these
financial statements.
8.5 Tax Assets
Included within the tax assets are the below balances:
31 Dec 2025
31 Dec 2024
EUR ('000s)
EUR ('000s)
Current tax assets:
Allfunds Bank, S.A.U.
2,886
576
Allfunds Singapore branch
2,131
1,690
Allfunds Bank London branch
1,955
958
Allfunds Bank Stockholm branch
999
908
Allfunds Bank Paris branch
1,691
524
Allfunds Blockchain, S.L.U.
403
278
Allfunds Digital, S.L.U.
\u2014
457
Allfunds Group plc
\u2014
131
Other
46
3
Total current
10,111
5,525
Deferred tax assets:
LTIP provisions (Allfunds Bank)
2,126
2,058
Bonus provisions (Allfunds Bank)
936
455
Deferred Tax assets \u2013 Business combinations BNP BC Goodwill tax amortisation 1
15,330
28,912
Others related to Allfunds Bank branches:
\u00a0 Allfunds Bank London branch (LTIP provision)
931
980
\u00a0 Allfunds Bank Warsaw branch (Bonus provision, TP and others)
668
390
\u00a0 Allfunds Bank Stockholm branch (Tax losses)
456
430
\u00a0 Allfunds Bank Zurich Branch (Tax losses) 2
14,950
9,260
Other related to Allfunds Bank subsidiaries
\u00a0 Allfunds Digital, S.L.U.3
\u2014
828
Other
97
\u2014
Total deferred
35,494
43,313
Total
40,869
48,838
1. Deferred Tax Assets \u2013 Business combination BNP - BC (Italian tax step-up)\u201d includes the tax asset arising as a consequence of the tax step-up election made by
Allfunds Bank Milan branch and its entitlement, as from 2022, to amortise for tax, not for accounting purposes, the BC goodwill over a five-year period.
2. Deferred Tax Asset - Allfunds Bank Zurich Branch (tax losses) includes unused tax losses carried forward expected to offset future taxable benefits.
3. Includes deferred tax assets of Allfunds Tech Solutions inherited by Allfunds Digital as a consequence of the domestic merger carried out during 2023.
2025 Reconciliation of deferred tax assets
Balance as at
1 Jan 2025
Impact in OCI
Impact in P&L
- Tax expense
Impact in P&L
- other
Balance as at
31 Dec 2025
LTIP provisions (Allfunds Bank)
2,058
\u2014
68
\u2014
2,126
Bonus provisions (Allfunds Bank)
455
\u2014
481
\u2014
936
Deferred Tax assets \u2013Allfunds Bank Zurich branch (tax losses)
9,260
\u2014
5,593
97
14,950
Tax assets \u2013 Business Combination BC Goodwill tax amortisation (Italy)
28,912
\u2014
(13,582)
\u2014
15,330
Other tax credits of Allfunds Bank branches:
\u00a0 \u00a0 Allfunds Bank London branch
979
\u2014
\u2014
(48)
931
\u00a0 \u00a0 Allfunds Bank Warsaw branch
390
\u2014
278
\u2014
668
\u00a0 \u00a0 Allfunds Bank Stockholm branch
431
\u2014
\u2014
25
456
Other related to Allfunds Bank subsidiaries:
\u00a0 Allfunds Digital, S.L.U.
828
\u2014
(828)
\u2014
\u2014
Other
\u2014
\u2014
\u2014
97
97
Total
43,313
0
(7,990)
171
35,494
2024 Reconciliation of deferred tax assets
Balance as at
1 Jan 2024
Impact in OCI
Impact in P&L
- Tax expense
Impact in P&L
- other
Balance as at
31 Dec 2024
Non-deductible depreciation (Allfunds Bank)
63
\u2014
(63)
\u2014
\u2014
LTIP provisions (Allfunds Bank)
1,355
\u2014
703
\u2014
2,058
Bonus provisions (Allfunds Bank)
351
\u2014
104
\u2014
455
Deferred Tax assets \u2013 Business Combination CS InvestLab\u00b9
45,060
\u2014
(45,060)
\u2014
\u2014
Tax assets \u2013 Business Combination BC Goodwill tax amortisation (Italy)
43,368
\u2014
(14,456)
\u2014
28,912
Other tax credits of Allfunds Bank branches:
\u00a0 \u00a0 Allfunds Bank London branch
878
\u2014
101
\u2014
979
\u00a0 \u00a0 Allfunds Bank Warsaw branch
400
\u2014
(10)
\u2014
390
\u00a0 \u00a0 Allfunds Bank Stockholm branch
445
\u2014
\u2014
(14)
431
Other related to Allfunds Bank subsidiaries:
\u00a0 \u00a0 Allfunds Digital, S.L.U.
828
\u2014
\u2014
\u2014
828
Total
92,748
0
(49,448)
13
43,313
1. Valuation adjustments made in application of IAS 21.
In addition to the tax assets detailed above, the Group has the following unrecognised tax losses from prior years, as the timing
of their possible recovery is uncertain since it depends on future taxable profits being obtained.
Entity
Country
Year Incurred
Amount in Tax Base
EUR (000s)
Allfunds Bank Singapore Branch
Singapore
2017
2,209
2018
3,543
2019
6,355
2020
5,702
2021
1,078
2022
3,293
2023
3,175
2024
1,618
Total
26,973
Allfunds Bank Zurich Branch
Switzerland
2017
20,652
2018
12,195
2019
9,436
2020
80,837
2021
66,875
2022
33,589
2023
46,797
2024
48,603
Total
318,984
Allfunds Hong Kong Limited
Hong Kong
2018
13
2019
322
2020
861
2021
1,319
2022
1,214
2023
1,448
Total
5,177
Tax group: Allfunds Tech Solutions (ex Allfunds Digital)- Allfunds
Blockchain
Spain
2021
32
2022
4,976
2023
2,473
2024
3,362
Entity
Country
Year Incurred
Amount in Tax Base
EUR (000s)
Total
10,843
Allfunds Digital (pre- tax group losses inherited from Allfunds Tech Solutions)
Spain
2022
1,315
Total
1,315
Allfunds Tech Solutions Germany
Germany
2020
327
Total
327
Allfunds Tech Solutions France
France
2017
91
2018
169
Total
260
Allfunds Tech Solutions UK
UK
2017
54
2018
1,487
Total
1,541
Allfunds Data Analytics
UK
Post 2017
435
Total
435
MainStreet Capital Partners
UK
Post 2017
335
2023
1,673
2024
2,385
Total
4,393
Allfunds Investment Solution
Luxembourg
2022
1,498
2023
3,954
2024
4,387
Total
9,839
Allfunds Tech Solutions Sweden
Sweden
2022
288
2023
220
2024
251
Total
759
Allfunds Tech Solutions Switzerland
Switzerland
Pre-2022
17
2022
561
2023
260
2024
604
Total
1,442
The Group also has the following unrecognised deferred tax assets / tax credits:
31 Dec 2025
31 Dec 2024
Amount in Tax Base
Amount in Tax Base
EUR ('000s)
EUR ('000s)
Unrecognised deferred tax assets / tax credits (applicable on tax base)
Allfunds Digital, S.L.U. (LTIP provision)
167
182
Allfunds Blockchain, S.L.U. (LTIP provision)
252
212
Allfunds Group plc (Unused interest)\u00b9
13,385
13,385
13,804
13,779
Unrecognised deferred tax assets / tax credits (applicable on tax due)
Allfunds Digital, S.L.U. (Innovation tax credits)
178
178
Allfunds Blockchain, S.L.U. (Innovation tax credits)
74
74
252
252
Total
14,056
14,031
1. Expiry period of usage of 5 years
8.6 Tax Liabilities
The Group has the following tax liabilities:
31 Dec 2025
31 Dec 2024
EUR ('000s)
EUR ('000s)
Current tax liabilities\u00b9
9,669
27,662
Deferred tax liabilities
Arising in business combinations (see Note 11 and previous Annual Reports)
Allfunds Bank, S.A.U.
121,146
136,719
Allfunds Digital, S.L.U.
528
572
Allfunds Tech Solutions, S.L.U.\u00b2
\u2014
7,545
Nordic Fund Market
191
201
Allfunds Data Analytics Limited
275
373
MainStreet Capital Partners 3
\u2014
1,623
Allfunds Bank Milan branch (Iccrea Bank LPA)
2,278
1,218
Others
\u2014
78
Total deferred tax liabilities
124,418
148,329
Total
134,087
175,991
1. The balance of Current tax liabilities in the accompanying consolidated statement of financial position includes mainly the income tax payable generated in Spain,
Italy, Luxembourg and Sweden.
2. The deferred tax liability of Allfunds Tech Solutions (previously merged into Allfunds Digital, S.L.U.decreased from EUR 7,545 thousand to EUR 7,088 thousand.
However this has been reallocated from an accounting perspective.
3. The deferred tax liability for MainStreet Capital Partners decreased from EUR 1,623 thousand to nil due to the impairment of the Entity
8.7 Tax Expenses
The tax expense recognised by the Group for the year is as follows:
2025
2024
EUR ('000s)
EUR ('000s)
Allfunds Bank
(22,300)
(49,126)
Allfunds Bank Milan branch
(53,064)
(51,662)
Allfunds Bank Luxembourg branch
(10,010)
(9,299)
Allfunds Bank Paris branch
(2)
(6,146)
Allfunds Bank London branch
(3,974)
(4,077)
Allfunds Bank Stockholm branch, Sweden
\u2014
(68)
Allfunds Bank Zurich branch
(97)
(68)
Allfunds Blockchain, S.L.U.
\u2014
\u2014
Liberty Partners , S.L.U.
(1,044)
(5,357)
Allfunds Group plc
2,828
2,508
Allfunds Digital Group
(257)
456
Others
960
(276)
less:
Deferred tax on tax losses Allfunds Bank Zurich branch
5,593
9,233
Deferred tax on intangible assets Allfunds Bank Group
44
44
Deferred tax on intangible assets Liberty Partners Group
15,574
15,616
Deferred tax on intangible assets Allfunds Digital Group
1,813
466
Others\u00b9
(1,242)
\u2014
Tax expense
(65,178)
(97,756)
1. CIT adjustments for Allfunds Bank EUR (1,322) thousand and Allfunds Data Analytics of EUR 80 thousand.
Current tax expense/
(income)
Adjustment in
respect of current
income tax of prior
years
Deferred tax relating
to origination and
reversal of temporary
differences
Total Tax
(credit)/expense
2025
EUR ('000s)
EUR ('000s)
EUR ('000s)
EUR ('000s)
Allfunds Bank
(23,232)
665
267
(22,300)
Allfunds Bank Milan branch
(38,565)
143
(14,642)
(53,064)
Allfunds Bank Luxembourg branch
(10,012)
2
\u2014
(10,010)
Allfunds Bank Paris branch
\u2014
(2)
\u2014
(2)
Allfunds Bank London branch
(3,096)
(839)
(39)
(3,974)
Allfunds Bank Zurich branch
(97)
\u2014
\u2014
(97)
Liberty Partners, S.L.U.
(1,044)
\u2014
\u2014
(1,044)
Allfunds Group plc
\u2014
2,828
\u2014
2,828
Allfunds Digital Group
(257)
\u2014
\u2014
(257)
Others
960
\u2014
\u2014
960
less:
Deferred tax on tax losses Allfunds Bank Zurich branch
\u2014
\u2014
5,593
5,593
Deferred tax on intangible assets Allfunds Bank Group
\u2014
\u2014
44
44
Deferred tax on intangible assets Liberty Partners Group
\u2014
\u2014
15,574
15,574
Deferred tax on intangible assets Allfunds Digital Group
\u2014
(222)
2,035
1,813
Others
\u2014
(1,242)
\u2014
(1,242)
Tax expense
(75,343)
1,333
8,832
(65,178)
Current tax expense/
(income)
Adjustment in
respect of current
income tax of prior
years
Deferred tax relating
to origination and
reversal of temporary
differences
Total Tax
(credit)/expense
2024
EUR ('000s)
EUR ('000s)
EUR ('000s)
EUR ('000s)
Allfunds Bank
(28,989)
(1,041)
(19,096)
(49,126)
Allfunds Bank Milan branch
(36,055)
(91)
(15,516)
(51,662)
Allfunds Bank Luxembourg branch
(9,301)
2
\u2014
(9,299)
Allfunds Bank Paris branch
(6,162)
16
\u2014
(6,146)
Allfunds Bank London branch
(3,429)
(749)
101
(4,077)
Allfunds Bank Zurich branch
(68)
\u2014
\u2014
(68)
Liberty Partners, S.L.U.
(1,462)
(3,895)
\u2014
(5,357)
Allfunds Group plc
1,741
767
\u2014
2,508
Allfunds Digital Group
(2)
458
\u2014
456
Other
(247)
(97)
\u2014
(344)
less:
Deferred tax on tax losses Allfunds Bank Zurich branch
\u2014
\u2014
9,233
9,233
Deferred tax on intangible assets Allfunds Bank Group
\u2014
\u2014
44
44
Deferred tax on intangible assets Liberty Partners Group
\u2014
\u2014
15,616
15,616
Deferred tax on intangible assets Allfunds Digital Group
\u2014
\u2014
466
466
Tax expense
(83,974)
(4,630)
(9,152)
(97,756)
8.8 Reconciliation of tax expense
2025
2024
EUR ('000s)
EUR ('000s)
Profit / (loss) before tax
67,523
(70,758)
Income tax at UK tax rate 25%
(16,881)
17,690
Lower/higher effective tax rate from foreign entities
(20,299)
(18,129)
Non-deductible losses due to impairment losses in CGU and Group companies held for sale
(37,288)
(84,026)
Prior year adjustments
2,797
(4,630)
Taxable Intercompany dividends
(1,080)
(1,703)
Other
7,573
(6,958)
Tax expense
(65,178)
(97,756)
The effective tax rate is as follows:
2025
2024
EUR ('000s)
EUR ('000s)
Profit / (loss) before tax
67,523
(70,758)
Tax expense
(65,178)
(97,756)
Effective tax rate
96.53%
(138.16%)
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-382": { "value": "
8.5 Tax Assets
Included within the tax assets are the below balances:
31 Dec 2025
31 Dec 2024
EUR ('000s)
EUR ('000s)
Current tax assets:
Allfunds Bank, S.A.U.
2,886
576
Allfunds Singapore branch
2,131
1,690
Allfunds Bank London branch
1,955
958
Allfunds Bank Stockholm branch
999
908
Allfunds Bank Paris branch
1,691
524
Allfunds Blockchain, S.L.U.
403
278
Allfunds Digital, S.L.U.
\u2014
457
Allfunds Group plc
\u2014
131
Other
46
3
Total current
10,111
5,525
Deferred tax assets:
LTIP provisions (Allfunds Bank)
2,126
2,058
Bonus provisions (Allfunds Bank)
936
455
Deferred Tax assets \u2013 Business combinations BNP BC Goodwill tax amortisation 1
15,330
28,912
Others related to Allfunds Bank branches:
\u00a0 Allfunds Bank London branch (LTIP provision)
931
980
\u00a0 Allfunds Bank Warsaw branch (Bonus provision, TP and others)
668
390
\u00a0 Allfunds Bank Stockholm branch (Tax losses)
456
430
\u00a0 Allfunds Bank Zurich Branch (Tax losses) 2
14,950
9,260
Other related to Allfunds Bank subsidiaries
\u00a0 Allfunds Digital, S.L.U.3
\u2014
828
Other
97
\u2014
Total deferred
35,494
43,313
Total
40,869
48,838
1. Deferred Tax Assets \u2013 Business combination BNP - BC (Italian tax step-up)\u201d includes the tax asset arising as a consequence of the tax step-up election made by
Allfunds Bank Milan branch and its entitlement, as from 2022, to amortise for tax, not for accounting purposes, the BC goodwill over a five-year period.
2. Deferred Tax Asset - Allfunds Bank Zurich Branch (tax losses) includes unused tax losses carried forward expected to offset future taxable benefits.
3. Includes deferred tax assets of Allfunds Tech Solutions inherited by Allfunds Digital as a consequence of the domestic merger carried out during 2023.
2025 Reconciliation of deferred tax assets
Balance as at
1 Jan 2025
Impact in OCI
Impact in P&L
- Tax expense
Impact in P&L
- other
Balance as at
31 Dec 2025
LTIP provisions (Allfunds Bank)
2,058
\u2014
68
\u2014
2,126
Bonus provisions (Allfunds Bank)
455
\u2014
481
\u2014
936
Deferred Tax assets \u2013Allfunds Bank Zurich branch (tax losses)
9,260
\u2014
5,593
97
14,950
Tax assets \u2013 Business Combination BC Goodwill tax amortisation (Italy)
28,912
\u2014
(13,582)
\u2014
15,330
Other tax credits of Allfunds Bank branches:
\u00a0 \u00a0 Allfunds Bank London branch
979
\u2014
\u2014
(48)
931
\u00a0 \u00a0 Allfunds Bank Warsaw branch
390
\u2014
278
\u2014
668
\u00a0 \u00a0 Allfunds Bank Stockholm branch
431
\u2014
\u2014
25
456
Other related to Allfunds Bank subsidiaries:
\u00a0 Allfunds Digital, S.L.U.
828
\u2014
(828)
\u2014
\u2014
Other
\u2014
\u2014
\u2014
97
97
Total
43,313
0
(7,990)
171
35,494
2024 Reconciliation of deferred tax assets
Balance as at
1 Jan 2024
Impact in OCI
Impact in P&L
- Tax expense
Impact in P&L
- other
Balance as at
31 Dec 2024
Non-deductible depreciation (Allfunds Bank)
63
\u2014
(63)
\u2014
\u2014
LTIP provisions (Allfunds Bank)
1,355
\u2014
703
\u2014
2,058
Bonus provisions (Allfunds Bank)
351
\u2014
104
\u2014
455
Deferred Tax assets \u2013 Business Combination CS InvestLab\u00b9
45,060
\u2014
(45,060)
\u2014
\u2014
Tax assets \u2013 Business Combination BC Goodwill tax amortisation (Italy)
43,368
\u2014
(14,456)
\u2014
28,912
Other tax credits of Allfunds Bank branches:
\u00a0 \u00a0 Allfunds Bank London branch
878
\u2014
101
\u2014
979
\u00a0 \u00a0 Allfunds Bank Warsaw branch
400
\u2014
(10)
\u2014
390
\u00a0 \u00a0 Allfunds Bank Stockholm branch
445
\u2014
\u2014
(14)
431
Other related to Allfunds Bank subsidiaries:
\u00a0 \u00a0 Allfunds Digital, S.L.U.
828
\u2014
\u2014
\u2014
828
Total
92,748
0
(49,448)
13
43,313
1. Valuation adjustments made in application of IAS 21.
In addition to the tax assets detailed above, the Group has the following unrecognised tax losses from prior years, as the timing
of their possible recovery is uncertain since it depends on future taxable profits being obtained.
Entity
Country
Year Incurred
Amount in Tax Base
EUR (000s)
Allfunds Bank Singapore Branch
Singapore
2017
2,209
2018
3,543
2019
6,355
2020
5,702
2021
1,078
2022
3,293
2023
3,175
2024
1,618
Total
26,973
Allfunds Bank Zurich Branch
Switzerland
2017
20,652
2018
12,195
2019
9,436
2020
80,837
2021
66,875
2022
33,589
2023
46,797
2024
48,603
Total
318,984
Allfunds Hong Kong Limited
Hong Kong
2018
13
2019
322
2020
861
2021
1,319
2022
1,214
2023
1,448
Total
5,177
Tax group: Allfunds Tech Solutions (ex Allfunds Digital)- Allfunds
Blockchain
Spain
2021
32
2022
4,976
2023
2,473
2024
3,362
Entity
Country
Year Incurred
Amount in Tax Base
EUR (000s)
Total
10,843
Allfunds Digital (pre- tax group losses inherited from Allfunds Tech Solutions)
Spain
2022
1,315
Total
1,315
Allfunds Tech Solutions Germany
Germany
2020
327
Total
327
Allfunds Tech Solutions France
France
2017
91
2018
169
Total
260
Allfunds Tech Solutions UK
UK
2017
54
2018
1,487
Total
1,541
Allfunds Data Analytics
UK
Post 2017
435
Total
435
MainStreet Capital Partners
UK
Post 2017
335
2023
1,673
2024
2,385
Total
4,393
Allfunds Investment Solution
Luxembourg
2022
1,498
2023
3,954
2024
4,387
Total
9,839
Allfunds Tech Solutions Sweden
Sweden
2022
288
2023
220
2024
251
Total
759
Allfunds Tech Solutions Switzerland
Switzerland
Pre-2022
17
2022
561
2023
260
2024
604
Total
1,442
The Group also has the following unrecognised deferred tax assets / tax credits:
31 Dec 2025
31 Dec 2024
Amount in Tax Base
Amount in Tax Base
EUR ('000s)
EUR ('000s)
Unrecognised deferred tax assets / tax credits (applicable on tax base)
Allfunds Digital, S.L.U. (LTIP provision)
167
182
Allfunds Blockchain, S.L.U. (LTIP provision)
252
212
Allfunds Group plc (Unused interest)\u00b9
13,385
13,385
13,804
13,779
Unrecognised deferred tax assets / tax credits (applicable on tax due)
Allfunds Digital, S.L.U. (Innovation tax credits)
178
178
Allfunds Blockchain, S.L.U. (Innovation tax credits)
74
74
252
252
Total
14,056
14,031
1. Expiry period of usage of 5 years
8.6 Tax Liabilities
The Group has the following tax liabilities:
31 Dec 2025
31 Dec 2024
EUR ('000s)
EUR ('000s)
Current tax liabilities\u00b9
9,669
27,662
Deferred tax liabilities
Arising in business combinations (see Note 11 and previous Annual Reports)
Allfunds Bank, S.A.U.
121,146
136,719
Allfunds Digital, S.L.U.
528
572
Allfunds Tech Solutions, S.L.U.\u00b2
\u2014
7,545
Nordic Fund Market
191
201
Allfunds Data Analytics Limited
275
373
MainStreet Capital Partners 3
\u2014
1,623
Allfunds Bank Milan branch (Iccrea Bank LPA)
2,278
1,218
Others
\u2014
78
Total deferred tax liabilities
124,418
148,329
Total
134,087
175,991
1. The balance of Current tax liabilities in the accompanying consolidated statement of financial position includes mainly the income tax payable generated in Spain,
Italy, Luxembourg and Sweden.
2. The deferred tax liability of Allfunds Tech Solutions (previously merged into Allfunds Digital, S.L.U.decreased from EUR 7,545 thousand to EUR 7,088 thousand.
However this has been reallocated from an accounting perspective.
3. The deferred tax liability for MainStreet Capital Partners decreased from EUR 1,623 thousand to nil due to the impairment of the Entity
8.7 Tax Expenses
The tax expense recognised by the Group for the year is as follows:
2025
2024
EUR ('000s)
EUR ('000s)
Allfunds Bank
(22,300)
(49,126)
Allfunds Bank Milan branch
(53,064)
(51,662)
Allfunds Bank Luxembourg branch
(10,010)
(9,299)
Allfunds Bank Paris branch
(2)
(6,146)
Allfunds Bank London branch
(3,974)
(4,077)
Allfunds Bank Stockholm branch, Sweden
\u2014
(68)
Allfunds Bank Zurich branch
(97)
(68)
Allfunds Blockchain, S.L.U.
\u2014
\u2014
Liberty Partners , S.L.U.
(1,044)
(5,357)
Allfunds Group plc
2,828
2,508
Allfunds Digital Group
(257)
456
Others
960
(276)
less:
Deferred tax on tax losses Allfunds Bank Zurich branch
5,593
9,233
Deferred tax on intangible assets Allfunds Bank Group
44
44
Deferred tax on intangible assets Liberty Partners Group
15,574
15,616
Deferred tax on intangible assets Allfunds Digital Group
1,813
466
Others\u00b9
(1,242)
\u2014
Tax expense
(65,178)
(97,756)
1. CIT adjustments for Allfunds Bank EUR (1,322) thousand and Allfunds Data Analytics of EUR 80 thousand.
Current tax expense/
(income)
Adjustment in
respect of current
income tax of prior
years
Deferred tax relating
to origination and
reversal of temporary
differences
Total Tax
(credit)/expense
2025
EUR ('000s)
EUR ('000s)
EUR ('000s)
EUR ('000s)
Allfunds Bank
(23,232)
665
267
(22,300)
Allfunds Bank Milan branch
(38,565)
143
(14,642)
(53,064)
Allfunds Bank Luxembourg branch
(10,012)
2
\u2014
(10,010)
Allfunds Bank Paris branch
\u2014
(2)
\u2014
(2)
Allfunds Bank London branch
(3,096)
(839)
(39)
(3,974)
Allfunds Bank Zurich branch
(97)
\u2014
\u2014
(97)
Liberty Partners, S.L.U.
(1,044)
\u2014
\u2014
(1,044)
Allfunds Group plc
\u2014
2,828
\u2014
2,828
Allfunds Digital Group
(257)
\u2014
\u2014
(257)
Others
960
\u2014
\u2014
960
less:
Deferred tax on tax losses Allfunds Bank Zurich branch
\u2014
\u2014
5,593
5,593
Deferred tax on intangible assets Allfunds Bank Group
\u2014
\u2014
44
44
Deferred tax on intangible assets Liberty Partners Group
\u2014
\u2014
15,574
15,574
Deferred tax on intangible assets Allfunds Digital Group
\u2014
(222)
2,035
1,813
Others
\u2014
(1,242)
\u2014
(1,242)
Tax expense
(75,343)
1,333
8,832
(65,178)
Current tax expense/
(income)
Adjustment in
respect of current
income tax of prior
years
Deferred tax relating
to origination and
reversal of temporary
differences
Total Tax
(credit)/expense
2024
EUR ('000s)
EUR ('000s)
EUR ('000s)
EUR ('000s)
Allfunds Bank
(28,989)
(1,041)
(19,096)
(49,126)
Allfunds Bank Milan branch
(36,055)
(91)
(15,516)
(51,662)
Allfunds Bank Luxembourg branch
(9,301)
2
\u2014
(9,299)
Allfunds Bank Paris branch
(6,162)
16
\u2014
(6,146)
Allfunds Bank London branch
(3,429)
(749)
101
(4,077)
Allfunds Bank Zurich branch
(68)
\u2014
\u2014
(68)
Liberty Partners, S.L.U.
(1,462)
(3,895)
\u2014
(5,357)
Allfunds Group plc
1,741
767
\u2014
2,508
Allfunds Digital Group
(2)
458
\u2014
456
Other
(247)
(97)
\u2014
(344)
less:
Deferred tax on tax losses Allfunds Bank Zurich branch
\u2014
\u2014
9,233
9,233
Deferred tax on intangible assets Allfunds Bank Group
\u2014
\u2014
44
44
Deferred tax on intangible assets Liberty Partners Group
\u2014
\u2014
15,616
15,616
Deferred tax on intangible assets Allfunds Digital Group
\u2014
\u2014
466
466
Tax expense
(83,974)
(4,630)
(9,152)
(97,756)
8.8 Reconciliation of tax expense
2025
2024
EUR ('000s)
EUR ('000s)
Profit / (loss) before tax
67,523
(70,758)
Income tax at UK tax rate 25%
(16,881)
17,690
Lower/higher effective tax rate from foreign entities
(20,299)
(18,129)
Non-deductible losses due to impairment losses in CGU and Group companies held for sale
(37,288)
(84,026)
Prior year adjustments
2,797
(4,630)
Taxable Intercompany dividends
(1,080)
(1,703)
Other
7,573
(6,958)
Tax expense
(65,178)
(97,756)
The effective tax rate is as follows:
2025
2024
EUR ('000s)
EUR ('000s)
Profit / (loss) before tax
67,523
(70,758)
Tax expense
(65,178)
(97,756)
Effective tax rate
96.53%
(138.16%)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-381": { "value": "
8.5 Tax Assets
Included within the tax assets are the below balances:
31 Dec 2025
31 Dec 2024
EUR ('000s)
EUR ('000s)
Current tax assets:
Allfunds Bank, S.A.U.
2,886
576
Allfunds Singapore branch
2,131
1,690
Allfunds Bank London branch
1,955
958
Allfunds Bank Stockholm branch
999
908
Allfunds Bank Paris branch
1,691
524
Allfunds Blockchain, S.L.U.
403
278
Allfunds Digital, S.L.U.
\u2014
457
Allfunds Group plc
\u2014
131
Other
46
3
Total current
10,111
5,525
Deferred tax assets:
LTIP provisions (Allfunds Bank)
2,126
2,058
Bonus provisions (Allfunds Bank)
936
455
Deferred Tax assets \u2013 Business combinations BNP BC Goodwill tax amortisation 1
15,330
28,912
Others related to Allfunds Bank branches:
\u00a0 Allfunds Bank London branch (LTIP provision)
931
980
\u00a0 Allfunds Bank Warsaw branch (Bonus provision, TP and others)
668
390
\u00a0 Allfunds Bank Stockholm branch (Tax losses)
456
430
\u00a0 Allfunds Bank Zurich Branch (Tax losses) 2
14,950
9,260
Other related to Allfunds Bank subsidiaries
\u00a0 Allfunds Digital, S.L.U.3
\u2014
828
Other
97
\u2014
Total deferred
35,494
43,313
Total
40,869
48,838
1. Deferred Tax Assets \u2013 Business combination BNP - BC (Italian tax step-up)\u201d includes the tax asset arising as a consequence of the tax step-up election made by
Allfunds Bank Milan branch and its entitlement, as from 2022, to amortise for tax, not for accounting purposes, the BC goodwill over a five-year period.
2. Deferred Tax Asset - Allfunds Bank Zurich Branch (tax losses) includes unused tax losses carried forward expected to offset future taxable benefits.
3. Includes deferred tax assets of Allfunds Tech Solutions inherited by Allfunds Digital as a consequence of the domestic merger carried out during 2023.
2025 Reconciliation of deferred tax assets
Balance as at
1 Jan 2025
Impact in OCI
Impact in P&L
- Tax expense
Impact in P&L
- other
Balance as at
31 Dec 2025
LTIP provisions (Allfunds Bank)
2,058
\u2014
68
\u2014
2,126
Bonus provisions (Allfunds Bank)
455
\u2014
481
\u2014
936
Deferred Tax assets \u2013Allfunds Bank Zurich branch (tax losses)
9,260
\u2014
5,593
97
14,950
Tax assets \u2013 Business Combination BC Goodwill tax amortisation (Italy)
28,912
\u2014
(13,582)
\u2014
15,330
Other tax credits of Allfunds Bank branches:
\u00a0 \u00a0 Allfunds Bank London branch
979
\u2014
\u2014
(48)
931
\u00a0 \u00a0 Allfunds Bank Warsaw branch
390
\u2014
278
\u2014
668
\u00a0 \u00a0 Allfunds Bank Stockholm branch
431
\u2014
\u2014
25
456
Other related to Allfunds Bank subsidiaries:
\u00a0 Allfunds Digital, S.L.U.
828
\u2014
(828)
\u2014
\u2014
Other
\u2014
\u2014
\u2014
97
97
Total
43,313
0
(7,990)
171
35,494
2024 Reconciliation of deferred tax assets
Balance as at
1 Jan 2024
Impact in OCI
Impact in P&L
- Tax expense
Impact in P&L
- other
Balance as at
31 Dec 2024
Non-deductible depreciation (Allfunds Bank)
63
\u2014
(63)
\u2014
\u2014
LTIP provisions (Allfunds Bank)
1,355
\u2014
703
\u2014
2,058
Bonus provisions (Allfunds Bank)
351
\u2014
104
\u2014
455
Deferred Tax assets \u2013 Business Combination CS InvestLab\u00b9
45,060
\u2014
(45,060)
\u2014
\u2014
Tax assets \u2013 Business Combination BC Goodwill tax amortisation (Italy)
43,368
\u2014
(14,456)
\u2014
28,912
Other tax credits of Allfunds Bank branches:
\u00a0 \u00a0 Allfunds Bank London branch
878
\u2014
101
\u2014
979
\u00a0 \u00a0 Allfunds Bank Warsaw branch
400
\u2014
(10)
\u2014
390
\u00a0 \u00a0 Allfunds Bank Stockholm branch
445
\u2014
\u2014
(14)
431
Other related to Allfunds Bank subsidiaries:
\u00a0 \u00a0 Allfunds Digital, S.L.U.
828
\u2014
\u2014
\u2014
828
Total
92,748
0
(49,448)
13
43,313
1. Valuation adjustments made in application of IAS 21.
In addition to the tax assets detailed above, the Group has the following unrecognised tax losses from prior years, as the timing
of their possible recovery is uncertain since it depends on future taxable profits being obtained.
Entity
Country
Year Incurred
Amount in Tax Base
EUR (000s)
Allfunds Bank Singapore Branch
Singapore
2017
2,209
2018
3,543
2019
6,355
2020
5,702
2021
1,078
2022
3,293
2023
3,175
2024
1,618
Total
26,973
Allfunds Bank Zurich Branch
Switzerland
2017
20,652
2018
12,195
2019
9,436
2020
80,837
2021
66,875
2022
33,589
2023
46,797
2024
48,603
Total
318,984
Allfunds Hong Kong Limited
Hong Kong
2018
13
2019
322
2020
861
2021
1,319
2022
1,214
2023
1,448
Total
5,177
Tax group: Allfunds Tech Solutions (ex Allfunds Digital)- Allfunds
Blockchain
Spain
2021
32
2022
4,976
2023
2,473
2024
3,362
Entity
Country
Year Incurred
Amount in Tax Base
EUR (000s)
Total
10,843
Allfunds Digital (pre- tax group losses inherited from Allfunds Tech Solutions)
Spain
2022
1,315
Total
1,315
Allfunds Tech Solutions Germany
Germany
2020
327
Total
327
Allfunds Tech Solutions France
France
2017
91
2018
169
Total
260
Allfunds Tech Solutions UK
UK
2017
54
2018
1,487
Total
1,541
Allfunds Data Analytics
UK
Post 2017
435
Total
435
MainStreet Capital Partners
UK
Post 2017
335
2023
1,673
2024
2,385
Total
4,393
Allfunds Investment Solution
Luxembourg
2022
1,498
2023
3,954
2024
4,387
Total
9,839
Allfunds Tech Solutions Sweden
Sweden
2022
288
2023
220
2024
251
Total
759
Allfunds Tech Solutions Switzerland
Switzerland
Pre-2022
17
2022
561
2023
260
2024
604
Total
1,442
The Group also has the following unrecognised deferred tax assets / tax credits:
31 Dec 2025
31 Dec 2024
Amount in Tax Base
Amount in Tax Base
EUR ('000s)
EUR ('000s)
Unrecognised deferred tax assets / tax credits (applicable on tax base)
Allfunds Digital, S.L.U. (LTIP provision)
167
182
Allfunds Blockchain, S.L.U. (LTIP provision)
252
212
Allfunds Group plc (Unused interest)\u00b9
13,385
13,385
13,804
13,779
Unrecognised deferred tax assets / tax credits (applicable on tax due)
Allfunds Digital, S.L.U. (Innovation tax credits)
178
178
Allfunds Blockchain, S.L.U. (Innovation tax credits)
74
74
252
252
Total
14,056
14,031
1. Expiry period of usage of 5 years
8.6 Tax Liabilities
The Group has the following tax liabilities:
31 Dec 2025
31 Dec 2024
EUR ('000s)
EUR ('000s)
Current tax liabilities\u00b9
9,669
27,662
Deferred tax liabilities
Arising in business combinations (see Note 11 and previous Annual Reports)
Allfunds Bank, S.A.U.
121,146
136,719
Allfunds Digital, S.L.U.
528
572
Allfunds Tech Solutions, S.L.U.\u00b2
\u2014
7,545
Nordic Fund Market
191
201
Allfunds Data Analytics Limited
275
373
MainStreet Capital Partners 3
\u2014
1,623
Allfunds Bank Milan branch (Iccrea Bank LPA)
2,278
1,218
Others
\u2014
78
Total deferred tax liabilities
124,418
148,329
Total
134,087
175,991
1. The balance of Current tax liabilities in the accompanying consolidated statement of financial position includes mainly the income tax payable generated in Spain,
Italy, Luxembourg and Sweden.
2. The deferred tax liability of Allfunds Tech Solutions (previously merged into Allfunds Digital, S.L.U.decreased from EUR 7,545 thousand to EUR 7,088 thousand.
However this has been reallocated from an accounting perspective.
3. The deferred tax liability for MainStreet Capital Partners decreased from EUR 1,623 thousand to nil due to the impairment of the Entity
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-384": { "value": "
8.7 Tax Expenses
The tax expense recognised by the Group for the year is as follows:
2025
2024
EUR ('000s)
EUR ('000s)
Allfunds Bank
(22,300)
(49,126)
Allfunds Bank Milan branch
(53,064)
(51,662)
Allfunds Bank Luxembourg branch
(10,010)
(9,299)
Allfunds Bank Paris branch
(2)
(6,146)
Allfunds Bank London branch
(3,974)
(4,077)
Allfunds Bank Stockholm branch, Sweden
\u2014
(68)
Allfunds Bank Zurich branch
(97)
(68)
Allfunds Blockchain, S.L.U.
\u2014
\u2014
Liberty Partners , S.L.U.
(1,044)
(5,357)
Allfunds Group plc
2,828
2,508
Allfunds Digital Group
(257)
456
Others
960
(276)
less:
Deferred tax on tax losses Allfunds Bank Zurich branch
5,593
9,233
Deferred tax on intangible assets Allfunds Bank Group
44
44
Deferred tax on intangible assets Liberty Partners Group
15,574
15,616
Deferred tax on intangible assets Allfunds Digital Group
1,813
466
Others\u00b9
(1,242)
\u2014
Tax expense
(65,178)
(97,756)
1. CIT adjustments for Allfunds Bank EUR (1,322) thousand and Allfunds Data Analytics of EUR 80 thousand.
Current tax expense/
(income)
Adjustment in
respect of current
income tax of prior
years
Deferred tax relating
to origination and
reversal of temporary
differences
Total Tax
(credit)/expense
2025
EUR ('000s)
EUR ('000s)
EUR ('000s)
EUR ('000s)
Allfunds Bank
(23,232)
665
267
(22,300)
Allfunds Bank Milan branch
(38,565)
143
(14,642)
(53,064)
Allfunds Bank Luxembourg branch
(10,012)
2
\u2014
(10,010)
Allfunds Bank Paris branch
\u2014
(2)
\u2014
(2)
Allfunds Bank London branch
(3,096)
(839)
(39)
(3,974)
Allfunds Bank Zurich branch
(97)
\u2014
\u2014
(97)
Liberty Partners, S.L.U.
(1,044)
\u2014
\u2014
(1,044)
Allfunds Group plc
\u2014
2,828
\u2014
2,828
Allfunds Digital Group
(257)
\u2014
\u2014
(257)
Others
960
\u2014
\u2014
960
less:
Deferred tax on tax losses Allfunds Bank Zurich branch
\u2014
\u2014
5,593
5,593
Deferred tax on intangible assets Allfunds Bank Group
\u2014
\u2014
44
44
Deferred tax on intangible assets Liberty Partners Group
\u2014
\u2014
15,574
15,574
Deferred tax on intangible assets Allfunds Digital Group
\u2014
(222)
2,035
1,813
Others
\u2014
(1,242)
\u2014
(1,242)
Tax expense
(75,343)
1,333
8,832
(65,178)
Current tax expense/
(income)
Adjustment in
respect of current
income tax of prior
years
Deferred tax relating
to origination and
reversal of temporary
differences
Total Tax
(credit)/expense
2024
EUR ('000s)
EUR ('000s)
EUR ('000s)
EUR ('000s)
Allfunds Bank
(28,989)
(1,041)
(19,096)
(49,126)
Allfunds Bank Milan branch
(36,055)
(91)
(15,516)
(51,662)
Allfunds Bank Luxembourg branch
(9,301)
2
\u2014
(9,299)
Allfunds Bank Paris branch
(6,162)
16
\u2014
(6,146)
Allfunds Bank London branch
(3,429)
(749)
101
(4,077)
Allfunds Bank Zurich branch
(68)
\u2014
\u2014
(68)
Liberty Partners, S.L.U.
(1,462)
(3,895)
\u2014
(5,357)
Allfunds Group plc
1,741
767
\u2014
2,508
Allfunds Digital Group
(2)
458
\u2014
456
Other
(247)
(97)
\u2014
(344)
less:
Deferred tax on tax losses Allfunds Bank Zurich branch
\u2014
\u2014
9,233
9,233
Deferred tax on intangible assets Allfunds Bank Group
\u2014
\u2014
44
44
Deferred tax on intangible assets Liberty Partners Group
\u2014
\u2014
15,616
15,616
Deferred tax on intangible assets Allfunds Digital Group
\u2014
\u2014
466
466
Tax expense
(83,974)
(4,630)
(9,152)
(97,756)
8.8 Reconciliation of tax expense
2025
2024
EUR ('000s)
EUR ('000s)
Profit / (loss) before tax
67,523
(70,758)
Income tax at UK tax rate 25%
(16,881)
17,690
Lower/higher effective tax rate from foreign entities
(20,299)
(18,129)
Non-deductible losses due to impairment losses in CGU and Group companies held for sale
(37,288)
(84,026)
Prior year adjustments
2,797
(4,630)
Taxable Intercompany dividends
(1,080)
(1,703)
Other
7,573
(6,958)
Tax expense
(65,178)
(97,756)
The effective tax rate is as follows:
2025
2024
EUR ('000s)
EUR ('000s)
Profit / (loss) before tax
67,523
(70,758)
Tax expense
(65,178)
(97,756)
Effective tax rate
96.53%
(138.16%)
24.\u00a0 Fee, Commission and Service Expense
Fee, commission and service expense has been incurred and recorded by the Group as follows:
2025
2024
EUR ('000s)
EUR (\u2018000s)\u00a0 \u00a0
Total fee, commission and service expense
(27,475)
(25,485)
Fee, commission and service expenses for the year ended 31 December 2025 were EUR 27,475 thousand (31 December 2024:
EUR 25,485 thousand) and relate to the distribution of units in collective investment undertakings.\u00a0
26.\u00a0 Interest Expense
2025
2024
EUR ('000s)
EUR ('000s)
Deposits and loans from credit institutions
(1,324)
(921)
Total
(1,324)
(921)
27.\u00a0 Employee Compensation and Benefits
2025
2024
Average number of employees during the year:
Senior
41
46
Manager
383
303
Technical and general
726
696
Total
1,150
1,045
2025
2024
EUR ('000s)
EUR ('000s)
Employee compensation and benefits:
Wages and salaries
(107,786)
(109,920)
Social security costs
(18,241)
(18,634)
Expense for pension funds
(2,666)
(2,806)
Termination benefits
(15,767)
(2,771)
Employee share schemes
(6,823)
(8,926)
Training expenses
(290)
(318)
Other staff costs
(4,705)
(4,109)
Total
(156,278)
(147,484)
Wages and salaries of EUR (107,786) thousand for the year ended 31 December 2025 (31 December 2024 : EUR (109,920)
thousand) have decreased due to the reclassification to Assets held for sale.
Termination benefits of EUR 15,767 thousand (31 December 2024: 2,771 thousand) relate principally to the changes to the
Executive Committee during the year.\u00a0
28.\u00a0 General and Administrative Expenses
2025
2024
EUR (\u2018000s)
EUR (\u2018000s)
Information technology
(34,301)
(30,619)
Sub-contracted administrative services
(17,905)
(25,639)
Technical reports
(15,353)
(11,094)
Contributions to taxes
(4,303)
(10,318)
Communications
(8,404)
(10,111)
Legal and professional
(7,223)
(4,930)
Rental and office costs
(3,428)
(3,255)
Marketing and publicity
(3,106)
(2,306)
Insurance
(3,049)
(3,353)
Other
(5,171)
(5,185)
Total
(102,243)
(104,504)
Sub-contracted administrative expenses during the year to 31 December 2025 of EUR (17,387) (31 December 2024: (25,639)
thousand) have decreased mainly due to the reclassification to Assets held for sale
Included within contributions to taxes of EUR (4,303) thousand (31 December 2024: EUR 10,111 thousand) are EUR nil thousand
for the year ended 31 December 2025 (31 December 2024 : EUR (7,237) thousand) relating to the Spanish Bank tax levy which
was introduced in 2023, which was not applicable during 2025.
Included in Technical reports of EUR (15,353) thousand for the year ended 31 December 2025 (31 December 2024: EUR (11,094)
thousand) are the fees for audit and other services of which the breakdown is included below:
2025
2024
EUR ('000s)
EUR ('000s)
Audit services: Company financial statements
\u2014
(468)
Audit services: Subsidiary financial statements
\u2014
(1,191)
Other assurance related services
\u2014
(532)
Other services
\u2014
\u2014
Total audit and related services
\u2014
(2,191)
In addition, within Technical reports are M&A related expenses included for both completed and ongoing activities as well as
data management provision services.
29.\u00a0 Other Income
2025
2024
EUR (\u2018000s)
EUR (\u2018000s)
Other income
49,560
11,882
Other expenses
(6,880)
(4,612)
Net income on financial assets and liabilities at FVTPL
5,376
16,657
Net exchange differences
(2,185)
(506)
Total
45,871
23,421
As was disclosed in the 2024 Annual Report, negotiations commenced regarding compensation for the breach of exclusivity
distribution agreements. A settlement was subsequently reached for EUR 35,000 thousand, which was fully collected as of 31
December 2025, and was included in Other Income.
Also included in the other income category is the income from capitalisation of internal staff costs of EU R 9,890 thousand (31
December 2024: EUR 10,475 thousand) in relation to intangible assets in accordance with banking regulations as well as the
proceeds related to operational incidents which were favourably resolved.
Other expenses relate mainly to expenses from operational incidents which were not resolved favourably and from contributions
to the Single Resolution Board, the Central Resolution Authority within the banking union.
Net income on financial assets and liabilities at fair value of EUR 1,169 thousand (31 December 2024: EUR 16,657 thousand)
relating to the reduction in the MainStreet Partners liability.
Net exchange differences of EUR (2,468) thousand (31 December 2024: EUR (506) thousand).
31.\u00a0 Impairment Losses
2025
2024
EUR ('000s)
EUR ('000s)
Impairment loss on non-financial assets
(33,562)
(259,719)
Impairment loss on financial assets held at amortised cost
(3,589)
(4,332)
Total
(37,151)
(264,051)
Impairment losses on non-financial assets for the year ended 31 December 2025 were EUR (33,698) thousand which included
EUR 33,562 related to impairment on MainStreet Capital Partners (31 December 2024 : EUR (259,719) thousand) which included
the impairments of goodwill and intangible assets of Allfunds InvestLab of EUR (246,642) thousand and MainStreet Capital
Partners of EUR (13,077) thousand", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-383": { "value": "
8.7 Tax Expenses
The tax expense recognised by the Group for the year is as follows:
2025
2024
EUR ('000s)
EUR ('000s)
Allfunds Bank
(22,300)
(49,126)
Allfunds Bank Milan branch
(53,064)
(51,662)
Allfunds Bank Luxembourg branch
(10,010)
(9,299)
Allfunds Bank Paris branch
(2)
(6,146)
Allfunds Bank London branch
(3,974)
(4,077)
Allfunds Bank Stockholm branch, Sweden
\u2014
(68)
Allfunds Bank Zurich branch
(97)
(68)
Allfunds Blockchain, S.L.U.
\u2014
\u2014
Liberty Partners , S.L.U.
(1,044)
(5,357)
Allfunds Group plc
2,828
2,508
Allfunds Digital Group
(257)
456
Others
960
(276)
less:
Deferred tax on tax losses Allfunds Bank Zurich branch
5,593
9,233
Deferred tax on intangible assets Allfunds Bank Group
44
44
Deferred tax on intangible assets Liberty Partners Group
15,574
15,616
Deferred tax on intangible assets Allfunds Digital Group
1,813
466
Others\u00b9
(1,242)
\u2014
Tax expense
(65,178)
(97,756)
1. CIT adjustments for Allfunds Bank EUR (1,322) thousand and Allfunds Data Analytics of EUR 80 thousand.
Current tax expense/
(income)
Adjustment in
respect of current
income tax of prior
years
Deferred tax relating
to origination and
reversal of temporary
differences
Total Tax
(credit)/expense
2025
EUR ('000s)
EUR ('000s)
EUR ('000s)
EUR ('000s)
Allfunds Bank
(23,232)
665
267
(22,300)
Allfunds Bank Milan branch
(38,565)
143
(14,642)
(53,064)
Allfunds Bank Luxembourg branch
(10,012)
2
\u2014
(10,010)
Allfunds Bank Paris branch
\u2014
(2)
\u2014
(2)
Allfunds Bank London branch
(3,096)
(839)
(39)
(3,974)
Allfunds Bank Zurich branch
(97)
\u2014
\u2014
(97)
Liberty Partners, S.L.U.
(1,044)
\u2014
\u2014
(1,044)
Allfunds Group plc
\u2014
2,828
\u2014
2,828
Allfunds Digital Group
(257)
\u2014
\u2014
(257)
Others
960
\u2014
\u2014
960
less:
Deferred tax on tax losses Allfunds Bank Zurich branch
\u2014
\u2014
5,593
5,593
Deferred tax on intangible assets Allfunds Bank Group
\u2014
\u2014
44
44
Deferred tax on intangible assets Liberty Partners Group
\u2014
\u2014
15,574
15,574
Deferred tax on intangible assets Allfunds Digital Group
\u2014
(222)
2,035
1,813
Others
\u2014
(1,242)
\u2014
(1,242)
Tax expense
(75,343)
1,333
8,832
(65,178)
Current tax expense/
(income)
Adjustment in
respect of current
income tax of prior
years
Deferred tax relating
to origination and
reversal of temporary
differences
Total Tax
(credit)/expense
2024
EUR ('000s)
EUR ('000s)
EUR ('000s)
EUR ('000s)
Allfunds Bank
(28,989)
(1,041)
(19,096)
(49,126)
Allfunds Bank Milan branch
(36,055)
(91)
(15,516)
(51,662)
Allfunds Bank Luxembourg branch
(9,301)
2
\u2014
(9,299)
Allfunds Bank Paris branch
(6,162)
16
\u2014
(6,146)
Allfunds Bank London branch
(3,429)
(749)
101
(4,077)
Allfunds Bank Zurich branch
(68)
\u2014
\u2014
(68)
Liberty Partners, S.L.U.
(1,462)
(3,895)
\u2014
(5,357)
Allfunds Group plc
1,741
767
\u2014
2,508
Allfunds Digital Group
(2)
458
\u2014
456
Other
(247)
(97)
\u2014
(344)
less:
Deferred tax on tax losses Allfunds Bank Zurich branch
\u2014
\u2014
9,233
9,233
Deferred tax on intangible assets Allfunds Bank Group
\u2014
\u2014
44
44
Deferred tax on intangible assets Liberty Partners Group
\u2014
\u2014
15,616
15,616
Deferred tax on intangible assets Allfunds Digital Group
\u2014
\u2014
466
466
Tax expense
(83,974)
(4,630)
(9,152)
(97,756)
8.8 Reconciliation of tax expense
2025
2024
EUR ('000s)
EUR ('000s)
Profit / (loss) before tax
67,523
(70,758)
Income tax at UK tax rate 25%
(16,881)
17,690
Lower/higher effective tax rate from foreign entities
(20,299)
(18,129)
Non-deductible losses due to impairment losses in CGU and Group companies held for sale
(37,288)
(84,026)
Prior year adjustments
2,797
(4,630)
Taxable Intercompany dividends
(1,080)
(1,703)
Other
7,573
(6,958)
Tax expense
(65,178)
(97,756)
The effective tax rate is as follows:
2025
2024
EUR ('000s)
EUR ('000s)
Profit / (loss) before tax
67,523
(70,758)
Tax expense
(65,178)
(97,756)
Effective tax rate
96.53%
(138.16%)
27.\u00a0 Employee Compensation and Benefits
2025
2024
Average number of employees during the year:
Senior
41
46
Manager
383
303
Technical and general
726
696
Total
1,150
1,045
2025
2024
EUR ('000s)
EUR ('000s)
Employee compensation and benefits:
Wages and salaries
(107,786)
(109,920)
Social security costs
(18,241)
(18,634)
Expense for pension funds
(2,666)
(2,806)
Termination benefits
(15,767)
(2,771)
Employee share schemes
(6,823)
(8,926)
Training expenses
(290)
(318)
Other staff costs
(4,705)
(4,109)
Total
(156,278)
(147,484)
Wages and salaries of EUR (107,786) thousand for the year ended 31 December 2025 (31 December 2024 : EUR (109,920)
thousand) have decreased due to the reclassification to Assets held for sale.
Termination benefits of EUR 15,767 thousand (31 December 2024: 2,771 thousand) relate principally to the changes to the
Executive Committee during the year.\u00a0
28.\u00a0 General and Administrative Expenses
2025
2024
EUR (\u2018000s)
EUR (\u2018000s)
Information technology
(34,301)
(30,619)
Sub-contracted administrative services
(17,905)
(25,639)
Technical reports
(15,353)
(11,094)
Contributions to taxes
(4,303)
(10,318)
Communications
(8,404)
(10,111)
Legal and professional
(7,223)
(4,930)
Rental and office costs
(3,428)
(3,255)
Marketing and publicity
(3,106)
(2,306)
Insurance
(3,049)
(3,353)
Other
(5,171)
(5,185)
Total
(102,243)
(104,504)
Sub-contracted administrative expenses during the year to 31 December 2025 of EUR (17,387) (31 December 2024: (25,639)
thousand) have decreased mainly due to the reclassification to Assets held for sale
Included within contributions to taxes of EUR (4,303) thousand (31 December 2024: EUR 10,111 thousand) are EUR nil thousand
for the year ended 31 December 2025 (31 December 2024 : EUR (7,237) thousand) relating to the Spanish Bank tax levy which
was introduced in 2023, which was not applicable during 2025.
Included in Technical reports of EUR (15,353) thousand for the year ended 31 December 2025 (31 December 2024: EUR (11,094)
thousand) are the fees for audit and other services of which the breakdown is included below:
2025
2024
EUR ('000s)
EUR ('000s)
Audit services: Company financial statements
\u2014
(468)
Audit services: Subsidiary financial statements
\u2014
(1,191)
Other assurance related services
\u2014
(532)
Other services
\u2014
\u2014
Total audit and related services
\u2014
(2,191)
In addition, within Technical reports are M&A related expenses included for both completed and ongoing activities as well as
data management provision services.
29.\u00a0 Other Income
2025
2024
EUR (\u2018000s)
EUR (\u2018000s)
Other income
49,560
11,882
Other expenses
(6,880)
(4,612)
Net income on financial assets and liabilities at FVTPL
5,376
16,657
Net exchange differences
(2,185)
(506)
Total
45,871
23,421
As was disclosed in the 2024 Annual Report, negotiations commenced regarding compensation for the breach of exclusivity
distribution agreements. A settlement was subsequently reached for EUR 35,000 thousand, which was fully collected as of 31
December 2025, and was included in Other Income.
Also included in the other income category is the income from capitalisation of internal staff costs of EU R 9,890 thousand (31
December 2024: EUR 10,475 thousand) in relation to intangible assets in accordance with banking regulations as well as the
proceeds related to operational incidents which were favourably resolved.
Other expenses relate mainly to expenses from operational incidents which were not resolved favourably and from contributions
to the Single Resolution Board, the Central Resolution Authority within the banking union.
Net income on financial assets and liabilities at fair value of EUR 1,169 thousand (31 December 2024: EUR 16,657 thousand)
relating to the reduction in the MainStreet Partners liability.
Net exchange differences of EUR (2,468) thousand (31 December 2024: EUR (506) thousand).
31.\u00a0 Impairment Losses
2025
2024
EUR ('000s)
EUR ('000s)
Impairment loss on non-financial assets
(33,562)
(259,719)
Impairment loss on financial assets held at amortised cost
(3,589)
(4,332)
Total
(37,151)
(264,051)
Impairment losses on non-financial assets for the year ended 31 December 2025 were EUR (33,698) thousand which included
EUR 33,562 related to impairment on MainStreet Capital Partners (31 December 2024 : EUR (259,719) thousand) which included
the impairments of goodwill and intangible assets of Allfunds InvestLab of EUR (246,642) thousand and MainStreet Capital
Partners of EUR (13,077) thousand", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-386": { "value": "
9.\u00a0 Property, Plant and Equipment
31 Dec 2025
Furniture and
fixtures
Computer Hardware
Right-of-use Assets\u00b9
Total
EUR ('000s)
EUR ('000s)
EUR ('000s)
EUR ('000s)
Cost:
Brought forward 1 Jan 2025
13,598
4,122
35,299
53,019
Additions
273
550
7,003
7,826
Disposals
(1,474)
\u2014
(5,386)
(6,860)
Other
\u2014
\u2014
1
1
Carried forward 31 Dec 2025
12,397
4,672
36,917
53,986
Accumulated depreciation:
Brought forward 1 Jan 2025
(8,318)
(3,463)
(17,482)
(29,263)
Charge for the year
(1,657)
(1,199)
(6,489)
(9,345)
Disposals
950
\u2014
5,386
6,336
Other
\u2014
\u2014
\u2014
Carried forward 31 Dec 2025
(9,025)
(4,662)
(18,585)
(32,272)
Net Book Value
3,372
10
18,332
21,714
Fully depreciated assets
3,675
\u2014
\u2014
3,675
1. Right-of-use assets are further detailed in Note 34
31 Dec 2024
Furniture and
fixtures
Computer
Hardware
Right-of-use Assets\u00b9
Total
EUR ('000s)
EUR ('000s)
EUR ('000s)
EUR ('000s)
Cost:
Brought forward 1 Jan 2024
13,864
4,314
45,687
63,865
Additions
205
180
2,038
2,423
Disposals
(471)
(372)
(12,337)
(13,180)
Other
\u2014
\u2014
(89)
(89)
Carried forward 31 Dec 2024
13,598
4,122
35,299
53,019
Accumulated depreciation:
Brought forward 1 Jan 2024
(7,233)
(3,515)
(21,838)
(32,586)
Charge for the year
(1,621)
(504)
(7,623)
(9,748)
Disposals
536
556
11,979
13,071
Other
\u2014
\u2014
\u2014
\u2014
Carried forward 31 Dec 2024
(8,318)
(3,463)
(17,482)
(29,263)
Net Book Value
5,280
659
17,817
23,756
Fully depreciated assets
5,931
\u2014
\u2014
5,931
1. Right-of-use assets are further detailed in Note 38
Depreciation is calculated using the straight-line method to allocate the cost, net of the residual values, over the estimated
useful lives of the assets.\u00a0
34.\u00a0 Leases
The Group has lease contracts for buildings, vehicles and computer hardware. The Group has no obligation to acquire these
leased assets upon completion of the lease period as the lessor maintains the title.
The carrying amounts of right-of-use assets recognised as at 31 December 2025 comprised of office building EUR xx,xxx
thousand and vehicles EUR xxx thousand (31 December 2024: comprised office buildings EUR 17,357 thousand, vehicles EUR
709 thousand).
Set out below are the maturities of the lease liabilities:
31 Dec 2025
31 Dec 2024
EUR (\u2018000s)
EUR (\u2018000s)
6 months or less
3,568
3,456
6-12 months
3,157
2,965
Total current liabilities
6,725
6,421
1-5 years
10,399
11,071
Over 5 years
100
574
Total non-current liabilities
10,499
11,645
Total Liabilities
17,224
18,066
The following are the amounts recognised in the consolidated statement of comprehensive income:
2025
2024
EUR (\u2018000s)
EUR (\u2018000s)
Depreciation expense of right-of-use assets
(6,476)
(7,623)
Interest expense on lease liabilities
(447)
(591)
Expenses relating to short-term and low value leases
(612)
(734)
Total
(7,535)
(8,948)
The Group had cash outflows for leases of EUR (x,xxx) thousand for principal payments and EUR (xxx) thousand of interest
payments for the year ended 31 December 2025 (31 December 2024: principal payments of EUR (7,403) thousand and interest
payments of EUR (584) thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-385": { "value": "
9.\u00a0 Property, Plant and Equipment
31 Dec 2025
Furniture and
fixtures
Computer Hardware
Right-of-use Assets\u00b9
Total
EUR ('000s)
EUR ('000s)
EUR ('000s)
EUR ('000s)
Cost:
Brought forward 1 Jan 2025
13,598
4,122
35,299
53,019
Additions
273
550
7,003
7,826
Disposals
(1,474)
\u2014
(5,386)
(6,860)
Other
\u2014
\u2014
1
1
Carried forward 31 Dec 2025
12,397
4,672
36,917
53,986
Accumulated depreciation:
Brought forward 1 Jan 2025
(8,318)
(3,463)
(17,482)
(29,263)
Charge for the year
(1,657)
(1,199)
(6,489)
(9,345)
Disposals
950
\u2014
5,386
6,336
Other
\u2014
\u2014
\u2014
Carried forward 31 Dec 2025
(9,025)
(4,662)
(18,585)
(32,272)
Net Book Value
3,372
10
18,332
21,714
Fully depreciated assets
3,675
\u2014
\u2014
3,675
1. Right-of-use assets are further detailed in Note 34
31 Dec 2024
Furniture and
fixtures
Computer
Hardware
Right-of-use Assets\u00b9
Total
EUR ('000s)
EUR ('000s)
EUR ('000s)
EUR ('000s)
Cost:
Brought forward 1 Jan 2024
13,864
4,314
45,687
63,865
Additions
205
180
2,038
2,423
Disposals
(471)
(372)
(12,337)
(13,180)
Other
\u2014
\u2014
(89)
(89)
Carried forward 31 Dec 2024
13,598
4,122
35,299
53,019
Accumulated depreciation:
Brought forward 1 Jan 2024
(7,233)
(3,515)
(21,838)
(32,586)
Charge for the year
(1,621)
(504)
(7,623)
(9,748)
Disposals
536
556
11,979
13,071
Other
\u2014
\u2014
\u2014
\u2014
Carried forward 31 Dec 2024
(8,318)
(3,463)
(17,482)
(29,263)
Net Book Value
5,280
659
17,817
23,756
Fully depreciated assets
5,931
\u2014
\u2014
5,931
1. Right-of-use assets are further detailed in Note 38
Depreciation is calculated using the straight-line method to allocate the cost, net of the residual values, over the estimated
useful lives of the assets.\u00a0
31.\u00a0 Impairment Losses
2025
2024
EUR ('000s)
EUR ('000s)
Impairment loss on non-financial assets
(33,562)
(259,719)
Impairment loss on financial assets held at amortised cost
(3,589)
(4,332)
Total
(37,151)
(264,051)
Impairment losses on non-financial assets for the year ended 31 December 2025 were EUR (33,698) thousand which included
EUR 33,562 related to impairment on MainStreet Capital Partners (31 December 2024 : EUR (259,719) thousand) which included
the impairments of goodwill and intangible assets of Allfunds InvestLab of EUR (246,642) thousand and MainStreet Capital
Partners of EUR (13,077) thousand", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-388": { "value": "
10.\u00a0 Goodwill and Intangible Assets
The following acquisitions by the Group resulted in goodwill upon the purchase:
Business Acquired
Acquisition
Date
%
Holding
CGU
Goodwill on
purchase
Retirement\u00a0
& Impairment
Goodwill\u00a0 \u00a0 \u00a0
31 Dec
2024
Transfer to
Assets held
for resale
Goodwill
31 Dec 25
EUR ('000s)
EUR ('000s)
EUR
('000s)
EUR ('000s)
EUR
('000s)
Allfunds Bank, S.A.U.
21 Nov 2017
100%
Allfunds Bank
962,412
(362,000)
600,412
\u2014
600,412
Allfunds Digital Solutions
(formerly ATS - Digital\u00b9)
28 Nov 2025\u00a0
(17 Jan 2018)
100%
Allfunds Digital
Solutions
114,426
\u2014
114,748
(108,044)
6,704
CS - InvestLab AG\u00b2
26 Mar 2020
100%
Allfunds InvestLab
158,264
(179,393)
\u2014
\u2014
\u2014
Nordic Fund Market
31 Oct 2019
100%
Allfunds Sweden
18,155
\u2014
17,033
\u2014
18,036
BNPP LPA Business
2 Oct 2020
100%
BNPP LPA
Business
232,447
\u2014
218,570
\u2014
218,570
Instihub Analytics
Limited
4 May 2022
100%
Allfunds Data
Analytics Limited
6,616
\u2014
7,014
\u2014
6,564
MainStreet Capital
Partners\u00b3
17 Feb 2023
75%
MainStreet Capital
Partners
35,312
(36,551)
24,777
\u2014
\u2014
Iccrea Banca LPA
Business.
1 Dec 2023
100%
Iccrea Banca LPA
Business
100,000
\u2014
57,831
\u2014
57,831
Total
1,627,632
(577,944)
1,040,385
(108,044)
908,117
1. During the year to 31 December 2025 the ATS - Digital CGU was separated into two businesses with the former acquisition of Web Financial Group, which was
acquired on 31 May 2022, being transferred to Assets held for sale (Please see Note 12) and the remaining element for Fintech Partners, S.L.U.,acquired on 17
January 2018, being transferred to Allfunds Digital Solutions Limited.\u00a0
2. CS - InvestLab AG includes the retirement of Goodwill of EUR 179,393 thousand in the prior year ended 31 December 2024.
3. MainStreet Capital Partners includes the impairment of EUR 23,474 thousand in the year ended 31 December 2025 (31 December 2024: EUR 13,077 thousand).
Presented in the table below is an analysis of Goodwill and Other Intangible Assets as at 31 December 2025 and 31 December 2024 :
Goodwill
EUR ('000s)
IT
developments
EUR ('000s)
IT
technological
platforms
EUR ('000s)
Current
relations
with clients
EUR ('000s)
Current relations
with clients
through
cooperation
agreement
EUR ('000s)
Brand names
EUR ('000s)
Exclusivity
agreements
EUR ('000s)
Total
EUR ('000s)
Cost:
Brought forward 1.1.25
1,594,855
238,589
216,226
563,381
701,176
51,174
245,400
3,610,801
Additions
\u2014
58,839
\u2014
\u2014
\u2014
\u2014
65,806
124,645
Disposals
\u2014
(12,735)
\u2014
\u2014
\u2014
\u2014
\u2014
(12,735)
Translation differences and
others
(108,794)
(49,515)
(996)
(34,319)
\u2014
(17)
\u2014
(193,641)
Carried forward 31.12.25
1,486,061
235,178
215,230
529,062
701,176
51,157
311,206
3,529,070
Accumulated amortisation:
Brought forward 1.1.25
\u2014
(115,662)
(206,973)
(216,536)
(287,080)
(21,262)
(100,075)
(947,588)
Charge for the year
\u2014
(33,457)
(4,533)
(35,461)
(31,933)
(3,410)
(51,055)
(159,849)
Disposals
\u2014
12,421
\u2014
\u2014
\u2014
\u2014
\u2014
12,421
Translation differences and
others
\u2014
27,613
284
5,117
\u2014
\u2014
\u2014
33,014
Carried forward 31.12.25
\u2014
(109,085)
(211,222)
(246,880)
(319,013)
(24,672)
(151,130)
(1,062,002)
Impairment losses:
Brought forward 1.1.25
(554,470)
(7)
(1,301)
(2,655)
(107,971)
\u2014
\u2014
(666,404)
Charge for the year\u00b9
(23,474)
(314)
(2,365)
\u2014
\u2014
(2,296)
\u2014
(28,449)
Carried forward 31.12.25
(577,944)
(321)
(3,666)
(2,655)
(107,971)
(2,296)
\u2014
(694,853)
Net book value
908,117
125,772
342
279,527
274,192
24,189
160,076
1,772,215
Fully amortised
\u2014
45,273
\u2014
\u2014
\u2014
\u2014
\u2014
45,273
1. Included in the impairment losses in the Consolidated statement of comprehensive income are EUR 43,222 thousand for the foreign exchange on the accumulated
results from the date of acquisition of the InvestLab business.
Total Intangibles assets other than Goodwill as at 31 December 2025 was EUR 864,098 thousand (31 December 2024: EUR
956,424 thousand).
Included in Exclusivity agreements for the year to 31 December 2025 are additions of EUR 65,806 thousand relating to identifiable
intangible asset which are controlled by the Group to generate future benefits and will be amortised considering a useful economic
life of a minimum of 2 years up to a maximum of 7 years which coincides with the contractual terms of the asset.
Goodwill
EUR ('000s)
IT
developments
EUR ('000s)
IT
technological
platforms
EUR ('000s)
Current
relations
with clients
EUR ('000s)
Current relations
with clients
through
cooperation
agreement
EUR ('000s)
Brand names
EUR ('000s)
Exclusivity
agreement
EUR ('000s)
Total
EUR ('000s)
Cost:
Brought forward 1.1.24
1,638,468
182,319
216,358
527,686
700,508
50,935
191,000
3,507,274
Additions
\u2014
54,190
\u2014
\u2014
\u2014
\u2014
54,400
108,590
Finalised PPA
(41,497)
\u2014
\u2014
41,497
\u2014
\u2014
\u2014
\u2014
Disposals
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Translation differences and
others
(2,116)
2,080
(132)
(5,802)
668
239
\u2014
(5,063)
Carried forward 31.12.24
1,594,855
238,589
216,226
563,381
701,176
51,174
245,400
3,610,801
Accumulated amortisation:
\u00a0
Brought forward 1.1.24
\u2014
(82,957)
(200,507)
(177,174)
(244,621)
(18,633)
(54,351)
(778,243)
Charge for the year
\u2014
(33,614)
(6,163)
(36,579)
(45,819)
(3,302)
(45,264)
(170,741)
Disposals
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Translation differences and
others
\u2014
909
(303)
(2,783)
3,360
673
(460)
1,396
Carried forward 31.12.24
\u2014
(115,662)
(206,973)
(216,536)
(287,080)
(21,262)
(100,075)
(947,588)
Impairment losses:
Brought forward 1.1.24
(362,000)
(7)
(1,301)
\u2014
\u2014
\u2014
\u2014
(363,308)
Charge for the year\u00b9
(192,470)
\u2014
\u2014
(2,655)
(107,971)
\u2014
\u2014
(303,096)
Carried forward 31.12.24
(554,470)
(7)
(1,301)
(2,655)
(107,971)
\u2014
\u2014
(666,404)
Net book value
1,040,385
122,920
7,952
344,190
306,125
29,912
145,325
1,996,809
Fully amortised
\u2014
40,428
\u2014
\u2014
\u2014
\u2014
\u2014
40,428
1. Included in the impairment losses in the Consolidated Statement of Comprehensive Income for the year ended 31 December 2024 are EUR 43,222 thousand for the
foreign exchange on the accumulated results from the date of acquisition of the InvestLab business.
Impairment Testing
At least once per year, or whenever there is any indication of impairment, the Group reviews goodwill for impairment, that is, a
potential reduction in its recoverable amount to below its carrying amount (see Note 3c). The first step that must be taken in
order to perform this analysis is to identify each separate CGU, being the Group's smallest identifiable group of assets that
generate cash inflows that are largely independent of the cash inflows from other assets or other group of assets.
The carrying amount of each CGU is determined by taking into consideration the carrying amount,including any fair value
adjustment arising on the business combination of all the assets and liabilities of all the independent legal entities composing
the CGU, together with the related goodwill. The carrying amount of the CGU to be recovered is compared with its recoverable
amount in order to determine whether there is any impairment.
The carrying amount of goodwill acquired through business combinations has been allocated to each CGU below, which are all
included within the Platform Revenue and net Subscription Revenue, operating and reportable segments.
The Group's directors assess the existence of any indication that might be considered to be evidence of impairment of the CGU
by reviewing information including the following:
i. certain macroeconomic variables that might affect its investment being the political and economic situation, among others),
and
ii. various microeconomic variables comparing the Group's investment with the financial services industry of the country in
which the CGU conducts most of its business activities, for example off-balance-sheet intermediated funds, net fees and
commissions, earnings, among others.
Regardless of whether there is any indication of impairment, every year the Group calculates the recoverable amount of each
CGU to which goodwill has been allocated and, to this end, it uses internal estimates and appraisals performed by independent
experts. The\u00a0Group performed its annual impairment test as at 31 December 2025.\u00a0
The recoverable amount of an asset is the higher of the asset's or CGU's fair value less costs of disposal and its value in use.
The value in use has been calculated using discounted cash flow projections (\u201cDCF\u201d) or the dividend discount model (\u201cDDM\u201d),
depending upon the CGU. The purpose of impairment testing is to determine whether the recoverable amount is greater than
the carrying amount. If it is greater \u2013 based on either fair value less costs of disposal or value in use \u2013 then there is no
requirement to refine the determination of the recoverable amount to a single number. However, if it is not greater, then more
detailed work is required to determine the recoverable amount in order to calculate the impairment loss. Therefore, it is not
always necessary to determine both a CGU's fair value less costs of disposal and value in use.
The dividend discount model was determined to be best suited to valuing Allfunds Bank,\u00a0 Allfunds Sweden, BNPP LPA Business
and Iccrea Bank LPA CGUs, as this is best suited for financial institutions, while the discounted cash flow method was
determined to be the best valuation method for the remainder.\u00a0
In order to obtain the actual value of the business, the income is discounted to a present date at a discount rate based on the
cost of equity. The discounted cash flow method is accepted by valuation experts from both a theoretical and a practical
perspective, as it effectively incorporates all the factors that affect the value of a business into the result of the valuation. The
discounted cash flow method considers the operating results as well as the capital expenditures and working capital policies to
calculate a business capacity of generating free cash flow. In order to obtain the actual value of the business, free cash flows
are discounted to a present date at a weight average cost of capital (WACC).
In all cases, the valuation has been performed, following a mid-year discounting assumption as it is considered that there is no
special seasonality in the business. Furthermore, although limitations in comparability exist, value in use calculated is within the
range of comparable listed companies and comparable transactions analysed.
See below for further details on the impairment testing methodology performed for the most relevant CGU:
2025
CGU
Value in Use
Discount Rate
Ke / WACC
Growth Rate
Allfunds Bank
Dividend discount model (DDM)
Cost of equity (Ke)
10.1%
2.9%
Allfunds Sweden
Dividend discount model (DDM)
Cost of equity (Ke)
10.8%
2.9%
BNPP LPA Business
Dividend discount model (DDM)
Cost of equity (Ke)
10.6%
2.9%
Iccrea Bank LPA business
Dividend discount model (DDM)
Cost of equity (Ke)
12.2%
2.9%
MainStreet Capital Partners
Discounted cash flow method (DCF)
Cost of equity (Ke)
13,0%
3,0%
Allfunds Data Analytics
Discounted cash flow method (DCF)
Cost of equity (Ke)
13,0%
3,0%
Allfunds Digital Solutions
Discounted cash flow method (DCF)
Weighted average cost of capital (WACC)
13,0%
3,0%
2024
CGU
Value in Use
Discount Rate
Ke / WACC
Growth Rate
Allfunds Bank
Dividend discount model (DDM)
Cost of equity (Ke)
9.9%
3.1%
ATS - Digital
Discounted cash flow method (DCF)
Weighted average cost of capital (WACC)
12.3%
2.0%
Allfunds Sweden
Dividend discount model (DDM)
Cost of equity (Ke)
10.6%
3.1%
BNPP LPA Business
Dividend discount model (DDM)
Cost of equity (Ke)
10.8%
3.1%
MainStreet Capital Partners
Dividend discount model (DDM)
Cost of equity (Ke)
12.3%
3.1%
Iccrea Bank LPA business
Dividend discount model (DDM)
Cost of equity (Ke)
10.8%
3.1%
Sensitivity Analysis
The Directors note that the estimations regarding the discount rate (Ke or WACC) and perpetual growth rate (g) factors could
move and therefore have deemed it appropriate to consider the below sensitivity analysis for the following main CGUs:
Allfunds Bank
Increase in Ke
of 1.0%
Decrease in Ke
of 1.0%
Increase in g
of 0.3%
Decrease in g
of 0.3%
Revised factor
11.1%
9.1%
3.2%
2.6%
Recoverable amount (EUR (\u2018000s))
3,583,540
4,683,700
4,207,400
3,941,100
Impairment needed
No
No
No
No
Allfunds Sweden
Increase in Ke
of 1.0%
Decrease in Ke
of 1.0%
Increase in g
of 0.3%
Decrease in g
of 0.3%
Revised factor
11.8%
9.8%
3.2%
2.6%
Recoverable amount (EUR (\u2018000s))
78,400
100,900
90,530
85,600
Impairment needed
No
No
No
No
BNPP LPA Business
Increase in Ke
of 1.0%
Decrease in Ke
of 1.0%
Increase in g
of 0.3%
Decrease in g
of 0.3%
Revised factor
11.6%
9.6%
3.2%
2.6%
Recoverable amount (EUR (\u2018000s))
921,800
1,174,100
1,056,300
1,001,170
Impairment needed
No
No
No
No
Iccrea Bank LPA Business
Increase in Ke
of 1.0%
Decrease in Ke
of 1.0%
Increase in g
of 0.3%
Decrease in g
of 0.3%
Revised factor
13.2%
11.2%
3.2%
2.6%
Recoverable amount (EUR (\u2018000s))
144,800
168,000
156,530
154,200
Impairment needed
No
No
No
No
As referred to earlier, the Group\u2019s directors assess the existence of any indication that might be considered to be evidence of
impairment of the CGUs by reviewing various macroeconomic and microeconomic data. For the current financial statements, the
assessment was carried out as of 31 December 2025.
31 Dec 2025
EUR (\u2018000s)
CGU
Carrying value
Recoverable amount
Impairment required
to goodwill
Allfunds Bank
1,527,513
4,053,000
\u2014
Allfunds Sweden
28,638
87,339
\u2014
BNPP LPA Business
415,368
1,031,600
\u2014
MainStreet Capital Partners
33,921
5,648
28,273
Iccrea Bank LPA Business
117,376
155,400
\u2014
Allfunds Data Analytics Limited
7,957
9,025
\u2014
Allfunds Digital Solutions Limited
8,289
27,982
\u2014
During the year to 31 December 2025, an impairment was recognised in relation to goodwill for he MainStreet Capital Partners
CGU of EUR 28,273 thousand (31 December 2024: EUR 13,077 thousand impairment). In addition, no impairments were
recognised for the CS InvestLab CGU as this had already been fully impaired during the year ended 31 December 2024 for a
total amount of EUR 246,642 thousand, which comprised of EUR 179,393 thousand relating to Goodwill and EUR 67,249
thousand relating to Intangible Assets. Please see Note 31.
Where the recoverable amount exceeded the carrying amount of the investments for each CGU no impairment is required.\u00a0
The directors will continue to review and assess such indications and the potential effect in the carrying amount of goodwill and
intangible assets in future impairment assessments. In this sense, the Group\u2019s exclusivity agreements remain in place and are
enforceable until their expiration date, regardless of any potential changes in the ownership structure of the customers with
whom these agreements were signed.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-387": { "value": "
10.\u00a0 Goodwill and Intangible Assets
The following acquisitions by the Group resulted in goodwill upon the purchase:
Business Acquired
Acquisition
Date
%
Holding
CGU
Goodwill on
purchase
Retirement\u00a0
& Impairment
Goodwill\u00a0 \u00a0 \u00a0
31 Dec
2024
Transfer to
Assets held
for resale
Goodwill
31 Dec 25
EUR ('000s)
EUR ('000s)
EUR
('000s)
EUR ('000s)
EUR
('000s)
Allfunds Bank, S.A.U.
21 Nov 2017
100%
Allfunds Bank
962,412
(362,000)
600,412
\u2014
600,412
Allfunds Digital Solutions
(formerly ATS - Digital\u00b9)
28 Nov 2025\u00a0
(17 Jan 2018)
100%
Allfunds Digital
Solutions
114,426
\u2014
114,748
(108,044)
6,704
CS - InvestLab AG\u00b2
26 Mar 2020
100%
Allfunds InvestLab
158,264
(179,393)
\u2014
\u2014
\u2014
Nordic Fund Market
31 Oct 2019
100%
Allfunds Sweden
18,155
\u2014
17,033
\u2014
18,036
BNPP LPA Business
2 Oct 2020
100%
BNPP LPA
Business
232,447
\u2014
218,570
\u2014
218,570
Instihub Analytics
Limited
4 May 2022
100%
Allfunds Data
Analytics Limited
6,616
\u2014
7,014
\u2014
6,564
MainStreet Capital
Partners\u00b3
17 Feb 2023
75%
MainStreet Capital
Partners
35,312
(36,551)
24,777
\u2014
\u2014
Iccrea Banca LPA
Business.
1 Dec 2023
100%
Iccrea Banca LPA
Business
100,000
\u2014
57,831
\u2014
57,831
Total
1,627,632
(577,944)
1,040,385
(108,044)
908,117
1. During the year to 31 December 2025 the ATS - Digital CGU was separated into two businesses with the former acquisition of Web Financial Group, which was
acquired on 31 May 2022, being transferred to Assets held for sale (Please see Note 12) and the remaining element for Fintech Partners, S.L.U.,acquired on 17
January 2018, being transferred to Allfunds Digital Solutions Limited.\u00a0
2. CS - InvestLab AG includes the retirement of Goodwill of EUR 179,393 thousand in the prior year ended 31 December 2024.
3. MainStreet Capital Partners includes the impairment of EUR 23,474 thousand in the year ended 31 December 2025 (31 December 2024: EUR 13,077 thousand).
Presented in the table below is an analysis of Goodwill and Other Intangible Assets as at 31 December 2025 and 31 December 2024 :
Goodwill
EUR ('000s)
IT
developments
EUR ('000s)
IT
technological
platforms
EUR ('000s)
Current
relations
with clients
EUR ('000s)
Current relations
with clients
through
cooperation
agreement
EUR ('000s)
Brand names
EUR ('000s)
Exclusivity
agreements
EUR ('000s)
Total
EUR ('000s)
Cost:
Brought forward 1.1.25
1,594,855
238,589
216,226
563,381
701,176
51,174
245,400
3,610,801
Additions
\u2014
58,839
\u2014
\u2014
\u2014
\u2014
65,806
124,645
Disposals
\u2014
(12,735)
\u2014
\u2014
\u2014
\u2014
\u2014
(12,735)
Translation differences and
others
(108,794)
(49,515)
(996)
(34,319)
\u2014
(17)
\u2014
(193,641)
Carried forward 31.12.25
1,486,061
235,178
215,230
529,062
701,176
51,157
311,206
3,529,070
Accumulated amortisation:
Brought forward 1.1.25
\u2014
(115,662)
(206,973)
(216,536)
(287,080)
(21,262)
(100,075)
(947,588)
Charge for the year
\u2014
(33,457)
(4,533)
(35,461)
(31,933)
(3,410)
(51,055)
(159,849)
Disposals
\u2014
12,421
\u2014
\u2014
\u2014
\u2014
\u2014
12,421
Translation differences and
others
\u2014
27,613
284
5,117
\u2014
\u2014
\u2014
33,014
Carried forward 31.12.25
\u2014
(109,085)
(211,222)
(246,880)
(319,013)
(24,672)
(151,130)
(1,062,002)
Impairment losses:
Brought forward 1.1.25
(554,470)
(7)
(1,301)
(2,655)
(107,971)
\u2014
\u2014
(666,404)
Charge for the year\u00b9
(23,474)
(314)
(2,365)
\u2014
\u2014
(2,296)
\u2014
(28,449)
Carried forward 31.12.25
(577,944)
(321)
(3,666)
(2,655)
(107,971)
(2,296)
\u2014
(694,853)
Net book value
908,117
125,772
342
279,527
274,192
24,189
160,076
1,772,215
Fully amortised
\u2014
45,273
\u2014
\u2014
\u2014
\u2014
\u2014
45,273
1. Included in the impairment losses in the Consolidated statement of comprehensive income are EUR 43,222 thousand for the foreign exchange on the accumulated
results from the date of acquisition of the InvestLab business.
Total Intangibles assets other than Goodwill as at 31 December 2025 was EUR 864,098 thousand (31 December 2024: EUR
956,424 thousand).
Included in Exclusivity agreements for the year to 31 December 2025 are additions of EUR 65,806 thousand relating to identifiable
intangible asset which are controlled by the Group to generate future benefits and will be amortised considering a useful economic
life of a minimum of 2 years up to a maximum of 7 years which coincides with the contractual terms of the asset.
Goodwill
EUR ('000s)
IT
developments
EUR ('000s)
IT
technological
platforms
EUR ('000s)
Current
relations
with clients
EUR ('000s)
Current relations
with clients
through
cooperation
agreement
EUR ('000s)
Brand names
EUR ('000s)
Exclusivity
agreement
EUR ('000s)
Total
EUR ('000s)
Cost:
Brought forward 1.1.24
1,638,468
182,319
216,358
527,686
700,508
50,935
191,000
3,507,274
Additions
\u2014
54,190
\u2014
\u2014
\u2014
\u2014
54,400
108,590
Finalised PPA
(41,497)
\u2014
\u2014
41,497
\u2014
\u2014
\u2014
\u2014
Disposals
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Translation differences and
others
(2,116)
2,080
(132)
(5,802)
668
239
\u2014
(5,063)
Carried forward 31.12.24
1,594,855
238,589
216,226
563,381
701,176
51,174
245,400
3,610,801
Accumulated amortisation:
\u00a0
Brought forward 1.1.24
\u2014
(82,957)
(200,507)
(177,174)
(244,621)
(18,633)
(54,351)
(778,243)
Charge for the year
\u2014
(33,614)
(6,163)
(36,579)
(45,819)
(3,302)
(45,264)
(170,741)
Disposals
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Translation differences and
others
\u2014
909
(303)
(2,783)
3,360
673
(460)
1,396
Carried forward 31.12.24
\u2014
(115,662)
(206,973)
(216,536)
(287,080)
(21,262)
(100,075)
(947,588)
Impairment losses:
Brought forward 1.1.24
(362,000)
(7)
(1,301)
\u2014
\u2014
\u2014
\u2014
(363,308)
Charge for the year\u00b9
(192,470)
\u2014
\u2014
(2,655)
(107,971)
\u2014
\u2014
(303,096)
Carried forward 31.12.24
(554,470)
(7)
(1,301)
(2,655)
(107,971)
\u2014
\u2014
(666,404)
Net book value
1,040,385
122,920
7,952
344,190
306,125
29,912
145,325
1,996,809
Fully amortised
\u2014
40,428
\u2014
\u2014
\u2014
\u2014
\u2014
40,428
1. Included in the impairment losses in the Consolidated Statement of Comprehensive Income for the year ended 31 December 2024 are EUR 43,222 thousand for the
foreign exchange on the accumulated results from the date of acquisition of the InvestLab business.
Impairment Testing
At least once per year, or whenever there is any indication of impairment, the Group reviews goodwill for impairment, that is, a
potential reduction in its recoverable amount to below its carrying amount (see Note 3c). The first step that must be taken in
order to perform this analysis is to identify each separate CGU, being the Group's smallest identifiable group of assets that
generate cash inflows that are largely independent of the cash inflows from other assets or other group of assets.
The carrying amount of each CGU is determined by taking into consideration the carrying amount,including any fair value
adjustment arising on the business combination of all the assets and liabilities of all the independent legal entities composing
the CGU, together with the related goodwill. The carrying amount of the CGU to be recovered is compared with its recoverable
amount in order to determine whether there is any impairment.
The carrying amount of goodwill acquired through business combinations has been allocated to each CGU below, which are all
included within the Platform Revenue and net Subscription Revenue, operating and reportable segments.
The Group's directors assess the existence of any indication that might be considered to be evidence of impairment of the CGU
by reviewing information including the following:
i. certain macroeconomic variables that might affect its investment being the political and economic situation, among others),
and
ii. various microeconomic variables comparing the Group's investment with the financial services industry of the country in
which the CGU conducts most of its business activities, for example off-balance-sheet intermediated funds, net fees and
commissions, earnings, among others.
Regardless of whether there is any indication of impairment, every year the Group calculates the recoverable amount of each
CGU to which goodwill has been allocated and, to this end, it uses internal estimates and appraisals performed by independent
experts. The\u00a0Group performed its annual impairment test as at 31 December 2025.\u00a0
The recoverable amount of an asset is the higher of the asset's or CGU's fair value less costs of disposal and its value in use.
The value in use has been calculated using discounted cash flow projections (\u201cDCF\u201d) or the dividend discount model (\u201cDDM\u201d),
depending upon the CGU. The purpose of impairment testing is to determine whether the recoverable amount is greater than
the carrying amount. If it is greater \u2013 based on either fair value less costs of disposal or value in use \u2013 then there is no
requirement to refine the determination of the recoverable amount to a single number. However, if it is not greater, then more
detailed work is required to determine the recoverable amount in order to calculate the impairment loss. Therefore, it is not
always necessary to determine both a CGU's fair value less costs of disposal and value in use.
The dividend discount model was determined to be best suited to valuing Allfunds Bank,\u00a0 Allfunds Sweden, BNPP LPA Business
and Iccrea Bank LPA CGUs, as this is best suited for financial institutions, while the discounted cash flow method was
determined to be the best valuation method for the remainder.\u00a0
In order to obtain the actual value of the business, the income is discounted to a present date at a discount rate based on the
cost of equity. The discounted cash flow method is accepted by valuation experts from both a theoretical and a practical
perspective, as it effectively incorporates all the factors that affect the value of a business into the result of the valuation. The
discounted cash flow method considers the operating results as well as the capital expenditures and working capital policies to
calculate a business capacity of generating free cash flow. In order to obtain the actual value of the business, free cash flows
are discounted to a present date at a weight average cost of capital (WACC).
In all cases, the valuation has been performed, following a mid-year discounting assumption as it is considered that there is no
special seasonality in the business. Furthermore, although limitations in comparability exist, value in use calculated is within the
range of comparable listed companies and comparable transactions analysed.
See below for further details on the impairment testing methodology performed for the most relevant CGU:
2025
CGU
Value in Use
Discount Rate
Ke / WACC
Growth Rate
Allfunds Bank
Dividend discount model (DDM)
Cost of equity (Ke)
10.1%
2.9%
Allfunds Sweden
Dividend discount model (DDM)
Cost of equity (Ke)
10.8%
2.9%
BNPP LPA Business
Dividend discount model (DDM)
Cost of equity (Ke)
10.6%
2.9%
Iccrea Bank LPA business
Dividend discount model (DDM)
Cost of equity (Ke)
12.2%
2.9%
MainStreet Capital Partners
Discounted cash flow method (DCF)
Cost of equity (Ke)
13,0%
3,0%
Allfunds Data Analytics
Discounted cash flow method (DCF)
Cost of equity (Ke)
13,0%
3,0%
Allfunds Digital Solutions
Discounted cash flow method (DCF)
Weighted average cost of capital (WACC)
13,0%
3,0%
2024
CGU
Value in Use
Discount Rate
Ke / WACC
Growth Rate
Allfunds Bank
Dividend discount model (DDM)
Cost of equity (Ke)
9.9%
3.1%
ATS - Digital
Discounted cash flow method (DCF)
Weighted average cost of capital (WACC)
12.3%
2.0%
Allfunds Sweden
Dividend discount model (DDM)
Cost of equity (Ke)
10.6%
3.1%
BNPP LPA Business
Dividend discount model (DDM)
Cost of equity (Ke)
10.8%
3.1%
MainStreet Capital Partners
Dividend discount model (DDM)
Cost of equity (Ke)
12.3%
3.1%
Iccrea Bank LPA business
Dividend discount model (DDM)
Cost of equity (Ke)
10.8%
3.1%
Assumptions
Discount Rate
The present value of the future distributable dividends has been calculated using a discount rate for the cost of capital of the
business (Ke). Such rate reflects the yield demanded by investors for investments with a similar risk to the business being
valued. For its determination the Capital Asset Pricing Model (\u201cCAPM\u201d) has been used. When discounting future distributable
dividends, only a post-tax discount rate could be used.
In determining value in use, projected future cash flows are discounted using a pre-tax discount rate that reflects current market
assessments of the time value of money and the risks specific to the asset or CGU. The WACC shown above and applied to the
DCF model has been determined specific to projected future cash flows to be generated by the relevant CGU and it has been
considered that this discount rate is one that a market participant would\u00a0use.
Perpetual Growth Rate
The determination of the perpetual growth rate for the calculation of the terminal value in the DDM and DCF has been prepared
based on market data. Management\u2019s experts have reviewed broker reports of listed comparable companies belonging to the
asset management industry, which have been issued close to the valuation date, in order to obtain a market consensus of the
perpetuity growth rates assumed by analysts on their valuations.
Other Business Assumptions
Business plans
Annually business plans are prepared, normally for a duration of four-year periods, and which are approved by management.
These business plans are used to calculate both future profitability and projected cash flow movements for each separate CGU.
AuA evolution
The volume flows have been estimated by the Company according to its best estimate of its capacity to capture assets under
management, both from migrations of other clients and from organic growth of current clients. The market effect has been
estimated by the Company in line with the rest of AFB\u2019s branches, based on their best understanding of the overall expected
performance evolution of the equities and fixed income.
Fee and commission income
The fee evolution has been forecast by the Group based on their best estimate of the margin and remunerated AuA. In addition,
this takes into account the movement in some CGUs from a revenue model based on set-up fees toward a new model based on
recurring revenue.
Expenses
Expenses have been projected by the Group considering the current cost structure of the Group and are expected to evolve
considering the Group's needs, improved efficiency driven by the digitisation of services offered and forecast inflationary
scenarios.
The Company's capital requirements are only applicable to the CGU where the DDM model has been applied.
Allfunds Bank CGU \u2013 The Company's capital necessities and the target Common Equity Tier (\u201cCET\u201d) ratio has been projected to
be 17.8% plus the required counter cyclical buffer applicable as at the date of these financial statements, which is in line with the
Company's commitment and the consensual agreement with the Bank of Spain.
Recoverable Amount
The carrying amount of a CGU should be determined in a way that is consistent with the way that the recoverable amount of the
CGU is determined. For Allfunds Bank, Allfunds Sweden, BNPP LPA Business and Iccrea Bank LPA Business, the recoverable
amount of the CGU has been determined using the DDM, based on income statement projections, and the carrying amount of all
the assets and liabilities allocated to the cash-generating unit should be used in determining the cash-generating unit's carrying
amount. For the remainder of the CGUs, the DCF projections include outflows and inflows in respect of tangible assets,
intangible assets and working capital. Therefore, the carrying amount of the CGU that is used to determine the recoverable
amount includes the related assets and liabilities.
Sensitivity Analysis
The Directors note that the estimations regarding the discount rate (Ke or WACC) and perpetual growth rate (g) factors could
move and therefore have deemed it appropriate to consider the below sensitivity analysis for the following main CGUs:
Allfunds Bank
Increase in Ke
of 1.0%
Decrease in Ke
of 1.0%
Increase in g
of 0.3%
Decrease in g
of 0.3%
Revised factor
11.1%
9.1%
3.2%
2.6%
Recoverable amount (EUR (\u2018000s))
3,583,540
4,683,700
4,207,400
3,941,100
Impairment needed
No
No
No
No
Allfunds Sweden
Increase in Ke
of 1.0%
Decrease in Ke
of 1.0%
Increase in g
of 0.3%
Decrease in g
of 0.3%
Revised factor
11.8%
9.8%
3.2%
2.6%
Recoverable amount (EUR (\u2018000s))
78,400
100,900
90,530
85,600
Impairment needed
No
No
No
No
BNPP LPA Business
Increase in Ke
of 1.0%
Decrease in Ke
of 1.0%
Increase in g
of 0.3%
Decrease in g
of 0.3%
Revised factor
11.6%
9.6%
3.2%
2.6%
Recoverable amount (EUR (\u2018000s))
921,800
1,174,100
1,056,300
1,001,170
Impairment needed
No
No
No
No
Iccrea Bank LPA Business
Increase in Ke
of 1.0%
Decrease in Ke
of 1.0%
Increase in g
of 0.3%
Decrease in g
of 0.3%
Revised factor
13.2%
11.2%
3.2%
2.6%
Recoverable amount (EUR (\u2018000s))
144,800
168,000
156,530
154,200
Impairment needed
No
No
No
No
As referred to earlier, the Group\u2019s directors assess the existence of any indication that might be considered to be evidence of
impairment of the CGUs by reviewing various macroeconomic and microeconomic data. For the current financial statements, the
assessment was carried out as of 31 December 2025.
31 Dec 2025
EUR (\u2018000s)
CGU
Carrying value
Recoverable amount
Impairment required
to goodwill
Allfunds Bank
1,527,513
4,053,000
\u2014
Allfunds Sweden
28,638
87,339
\u2014
BNPP LPA Business
415,368
1,031,600
\u2014
MainStreet Capital Partners
33,921
5,648
28,273
Iccrea Bank LPA Business
117,376
155,400
\u2014
Allfunds Data Analytics Limited
7,957
9,025
\u2014
Allfunds Digital Solutions Limited
8,289
27,982
\u2014
During the year to 31 December 2025, an impairment was recognised in relation to goodwill for he MainStreet Capital Partners
CGU of EUR 28,273 thousand (31 December 2024: EUR 13,077 thousand impairment). In addition, no impairments were
recognised for the CS InvestLab CGU as this had already been fully impaired during the year ended 31 December 2024 for a
total amount of EUR 246,642 thousand, which comprised of EUR 179,393 thousand relating to Goodwill and EUR 67,249
thousand relating to Intangible Assets. Please see Note 31.
Where the recoverable amount exceeded the carrying amount of the investments for each CGU no impairment is required.\u00a0
The directors will continue to review and assess such indications and the potential effect in the carrying amount of goodwill and
intangible assets in future impairment assessments. In this sense, the Group\u2019s exclusivity agreements remain in place and are
enforceable until their expiration date, regardless of any potential changes in the ownership structure of the customers with
whom these agreements were signed.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-389": { "value": "
Goodwill
EUR ('000s)
IT
developments
EUR ('000s)
IT
technological
platforms
EUR ('000s)
Current
relations
with clients
EUR ('000s)
Current relations
with clients
through
cooperation
agreement
EUR ('000s)
Brand names
EUR ('000s)
Exclusivity
agreements
EUR ('000s)
Total
EUR ('000s)
Cost:
Brought forward 1.1.25
1,594,855
238,589
216,226
563,381
701,176
51,174
245,400
3,610,801
Additions
\u2014
58,839
\u2014
\u2014
\u2014
\u2014
65,806
124,645
Disposals
\u2014
(12,735)
\u2014
\u2014
\u2014
\u2014
\u2014
(12,735)
Translation differences and
others
(108,794)
(49,515)
(996)
(34,319)
\u2014
(17)
\u2014
(193,641)
Carried forward 31.12.25
1,486,061
235,178
215,230
529,062
701,176
51,157
311,206
3,529,070
Accumulated amortisation:
Brought forward 1.1.25
\u2014
(115,662)
(206,973)
(216,536)
(287,080)
(21,262)
(100,075)
(947,588)
Charge for the year
\u2014
(33,457)
(4,533)
(35,461)
(31,933)
(3,410)
(51,055)
(159,849)
Disposals
\u2014
12,421
\u2014
\u2014
\u2014
\u2014
\u2014
12,421
Translation differences and
others
\u2014
27,613
284
5,117
\u2014
\u2014
\u2014
33,014
Carried forward 31.12.25
\u2014
(109,085)
(211,222)
(246,880)
(319,013)
(24,672)
(151,130)
(1,062,002)
Impairment losses:
Brought forward 1.1.25
(554,470)
(7)
(1,301)
(2,655)
(107,971)
\u2014
\u2014
(666,404)
Charge for the year\u00b9
(23,474)
(314)
(2,365)
\u2014
\u2014
(2,296)
\u2014
(28,449)
Carried forward 31.12.25
(577,944)
(321)
(3,666)
(2,655)
(107,971)
(2,296)
\u2014
(694,853)
Net book value
908,117
125,772
342
279,527
274,192
24,189
160,076
1,772,215
Fully amortised
\u2014
45,273
\u2014
\u2014
\u2014
\u2014
\u2014
45,273
1. Included in the impairment losses in the Consolidated statement of comprehensive income are EUR 43,222 thousand for the foreign exchange on the accumulated
results from the date of acquisition of the InvestLab business.
Total Intangibles assets other than Goodwill as at 31 December 2025 was EUR 864,098 thousand (31 December 2024: EUR
956,424 thousand).
Included in Exclusivity agreements for the year to 31 December 2025 are additions of EUR 65,806 thousand relating to identifiable
intangible asset which are controlled by the Group to generate future benefits and will be amortised considering a useful economic
life of a minimum of 2 years up to a maximum of 7 years which coincides with the contractual terms of the asset.
Goodwill
EUR ('000s)
IT
developments
EUR ('000s)
IT
technological
platforms
EUR ('000s)
Current
relations
with clients
EUR ('000s)
Current relations
with clients
through
cooperation
agreement
EUR ('000s)
Brand names
EUR ('000s)
Exclusivity
agreement
EUR ('000s)
Total
EUR ('000s)
Cost:
Brought forward 1.1.24
1,638,468
182,319
216,358
527,686
700,508
50,935
191,000
3,507,274
Additions
\u2014
54,190
\u2014
\u2014
\u2014
\u2014
54,400
108,590
Finalised PPA
(41,497)
\u2014
\u2014
41,497
\u2014
\u2014
\u2014
\u2014
Disposals
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Translation differences and
others
(2,116)
2,080
(132)
(5,802)
668
239
\u2014
(5,063)
Carried forward 31.12.24
1,594,855
238,589
216,226
563,381
701,176
51,174
245,400
3,610,801
Accumulated amortisation:
\u00a0
Brought forward 1.1.24
\u2014
(82,957)
(200,507)
(177,174)
(244,621)
(18,633)
(54,351)
(778,243)
Charge for the year
\u2014
(33,614)
(6,163)
(36,579)
(45,819)
(3,302)
(45,264)
(170,741)
Disposals
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Translation differences and
others
\u2014
909
(303)
(2,783)
3,360
673
(460)
1,396
Carried forward 31.12.24
\u2014
(115,662)
(206,973)
(216,536)
(287,080)
(21,262)
(100,075)
(947,588)
Impairment losses:
Brought forward 1.1.24
(362,000)
(7)
(1,301)
\u2014
\u2014
\u2014
\u2014
(363,308)
Charge for the year\u00b9
(192,470)
\u2014
\u2014
(2,655)
(107,971)
\u2014
\u2014
(303,096)
Carried forward 31.12.24
(554,470)
(7)
(1,301)
(2,655)
(107,971)
\u2014
\u2014
(666,404)
Net book value
1,040,385
122,920
7,952
344,190
306,125
29,912
145,325
1,996,809
Fully amortised
\u2014
40,428
\u2014
\u2014
\u2014
\u2014
\u2014
40,428
1. Included in the impairment losses in the Consolidated Statement of Comprehensive Income for the year ended 31 December 2024 are EUR 43,222 thousand for the
foreign exchange on the accumulated results from the date of acquisition of the InvestLab business.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-390": { "value": "
Impairment Testing
At least once per year, or whenever there is any indication of impairment, the Group reviews goodwill for impairment, that is, a
potential reduction in its recoverable amount to below its carrying amount (see Note 3c). The first step that must be taken in
order to perform this analysis is to identify each separate CGU, being the Group's smallest identifiable group of assets that
generate cash inflows that are largely independent of the cash inflows from other assets or other group of assets.
The carrying amount of each CGU is determined by taking into consideration the carrying amount,including any fair value
adjustment arising on the business combination of all the assets and liabilities of all the independent legal entities composing
the CGU, together with the related goodwill. The carrying amount of the CGU to be recovered is compared with its recoverable
amount in order to determine whether there is any impairment.
The carrying amount of goodwill acquired through business combinations has been allocated to each CGU below, which are all
included within the Platform Revenue and net Subscription Revenue, operating and reportable segments.
The Group's directors assess the existence of any indication that might be considered to be evidence of impairment of the CGU
by reviewing information including the following:
i. certain macroeconomic variables that might affect its investment being the political and economic situation, among others),
and
ii. various microeconomic variables comparing the Group's investment with the financial services industry of the country in
which the CGU conducts most of its business activities, for example off-balance-sheet intermediated funds, net fees and
commissions, earnings, among others.
Regardless of whether there is any indication of impairment, every year the Group calculates the recoverable amount of each
CGU to which goodwill has been allocated and, to this end, it uses internal estimates and appraisals performed by independent
experts. The\u00a0Group performed its annual impairment test as at 31 December 2025.\u00a0
The recoverable amount of an asset is the higher of the asset's or CGU's fair value less costs of disposal and its value in use.
The value in use has been calculated using discounted cash flow projections (\u201cDCF\u201d) or the dividend discount model (\u201cDDM\u201d),
depending upon the CGU. The purpose of impairment testing is to determine whether the recoverable amount is greater than
the carrying amount. If it is greater \u2013 based on either fair value less costs of disposal or value in use \u2013 then there is no
requirement to refine the determination of the recoverable amount to a single number. However, if it is not greater, then more
detailed work is required to determine the recoverable amount in order to calculate the impairment loss. Therefore, it is not
always necessary to determine both a CGU's fair value less costs of disposal and value in use.
The dividend discount model was determined to be best suited to valuing Allfunds Bank,\u00a0 Allfunds Sweden, BNPP LPA Business
and Iccrea Bank LPA CGUs, as this is best suited for financial institutions, while the discounted cash flow method was
determined to be the best valuation method for the remainder.\u00a0
In order to obtain the actual value of the business, the income is discounted to a present date at a discount rate based on the
cost of equity. The discounted cash flow method is accepted by valuation experts from both a theoretical and a practical
perspective, as it effectively incorporates all the factors that affect the value of a business into the result of the valuation. The
discounted cash flow method considers the operating results as well as the capital expenditures and working capital policies to
calculate a business capacity of generating free cash flow. In order to obtain the actual value of the business, free cash flows
are discounted to a present date at a weight average cost of capital (WACC).
In all cases, the valuation has been performed, following a mid-year discounting assumption as it is considered that there is no
special seasonality in the business. Furthermore, although limitations in comparability exist, value in use calculated is within the
range of comparable listed companies and comparable transactions analysed.
See below for further details on the impairment testing methodology performed for the most relevant CGU:
2025
CGU
Value in Use
Discount Rate
Ke / WACC
Growth Rate
Allfunds Bank
Dividend discount model (DDM)
Cost of equity (Ke)
10.1%
2.9%
Allfunds Sweden
Dividend discount model (DDM)
Cost of equity (Ke)
10.8%
2.9%
BNPP LPA Business
Dividend discount model (DDM)
Cost of equity (Ke)
10.6%
2.9%
Iccrea Bank LPA business
Dividend discount model (DDM)
Cost of equity (Ke)
12.2%
2.9%
MainStreet Capital Partners
Discounted cash flow method (DCF)
Cost of equity (Ke)
13,0%
3,0%
Allfunds Data Analytics
Discounted cash flow method (DCF)
Cost of equity (Ke)
13,0%
3,0%
Allfunds Digital Solutions
Discounted cash flow method (DCF)
Weighted average cost of capital (WACC)
13,0%
3,0%
2024
CGU
Value in Use
Discount Rate
Ke / WACC
Growth Rate
Allfunds Bank
Dividend discount model (DDM)
Cost of equity (Ke)
9.9%
3.1%
ATS - Digital
Discounted cash flow method (DCF)
Weighted average cost of capital (WACC)
12.3%
2.0%
Allfunds Sweden
Dividend discount model (DDM)
Cost of equity (Ke)
10.6%
3.1%
BNPP LPA Business
Dividend discount model (DDM)
Cost of equity (Ke)
10.8%
3.1%
MainStreet Capital Partners
Dividend discount model (DDM)
Cost of equity (Ke)
12.3%
3.1%
Iccrea Bank LPA business
Dividend discount model (DDM)
Cost of equity (Ke)
10.8%
3.1%
Assumptions
Discount Rate
The present value of the future distributable dividends has been calculated using a discount rate for the cost of capital of the
business (Ke). Such rate reflects the yield demanded by investors for investments with a similar risk to the business being
valued. For its determination the Capital Asset Pricing Model (\u201cCAPM\u201d) has been used. When discounting future distributable
dividends, only a post-tax discount rate could be used.
In determining value in use, projected future cash flows are discounted using a pre-tax discount rate that reflects current market
assessments of the time value of money and the risks specific to the asset or CGU. The WACC shown above and applied to the
DCF model has been determined specific to projected future cash flows to be generated by the relevant CGU and it has been
considered that this discount rate is one that a market participant would\u00a0use.
Perpetual Growth Rate
The determination of the perpetual growth rate for the calculation of the terminal value in the DDM and DCF has been prepared
based on market data. Management\u2019s experts have reviewed broker reports of listed comparable companies belonging to the
asset management industry, which have been issued close to the valuation date, in order to obtain a market consensus of the
perpetuity growth rates assumed by analysts on their valuations.
Other Business Assumptions
Business plans
Annually business plans are prepared, normally for a duration of four-year periods, and which are approved by management.
These business plans are used to calculate both future profitability and projected cash flow movements for each separate CGU.
AuA evolution
The volume flows have been estimated by the Company according to its best estimate of its capacity to capture assets under
management, both from migrations of other clients and from organic growth of current clients. The market effect has been
estimated by the Company in line with the rest of AFB\u2019s branches, based on their best understanding of the overall expected
performance evolution of the equities and fixed income.
Fee and commission income
The fee evolution has been forecast by the Group based on their best estimate of the margin and remunerated AuA. In addition,
this takes into account the movement in some CGUs from a revenue model based on set-up fees toward a new model based on
recurring revenue.
Expenses
Expenses have been projected by the Group considering the current cost structure of the Group and are expected to evolve
considering the Group's needs, improved efficiency driven by the digitisation of services offered and forecast inflationary
scenarios.
The Company's capital requirements are only applicable to the CGU where the DDM model has been applied.
Allfunds Bank CGU \u2013 The Company's capital necessities and the target Common Equity Tier (\u201cCET\u201d) ratio has been projected to
be 17.8% plus the required counter cyclical buffer applicable as at the date of these financial statements, which is in line with the
Company's commitment and the consensual agreement with the Bank of Spain.
Recoverable Amount
The carrying amount of a CGU should be determined in a way that is consistent with the way that the recoverable amount of the
CGU is determined. For Allfunds Bank, Allfunds Sweden, BNPP LPA Business and Iccrea Bank LPA Business, the recoverable
amount of the CGU has been determined using the DDM, based on income statement projections, and the carrying amount of all
the assets and liabilities allocated to the cash-generating unit should be used in determining the cash-generating unit's carrying
amount. For the remainder of the CGUs, the DCF projections include outflows and inflows in respect of tangible assets,
intangible assets and working capital. Therefore, the carrying amount of the CGU that is used to determine the recoverable
amount includes the related assets and liabilities.
Sensitivity Analysis
The Directors note that the estimations regarding the discount rate (Ke or WACC) and perpetual growth rate (g) factors could
move and therefore have deemed it appropriate to consider the below sensitivity analysis for the following main CGUs:
Allfunds Bank
Increase in Ke
of 1.0%
Decrease in Ke
of 1.0%
Increase in g
of 0.3%
Decrease in g
of 0.3%
Revised factor
11.1%
9.1%
3.2%
2.6%
Recoverable amount (EUR (\u2018000s))
3,583,540
4,683,700
4,207,400
3,941,100
Impairment needed
No
No
No
No
Allfunds Sweden
Increase in Ke
of 1.0%
Decrease in Ke
of 1.0%
Increase in g
of 0.3%
Decrease in g
of 0.3%
Revised factor
11.8%
9.8%
3.2%
2.6%
Recoverable amount (EUR (\u2018000s))
78,400
100,900
90,530
85,600
Impairment needed
No
No
No
No
BNPP LPA Business
Increase in Ke
of 1.0%
Decrease in Ke
of 1.0%
Increase in g
of 0.3%
Decrease in g
of 0.3%
Revised factor
11.6%
9.6%
3.2%
2.6%
Recoverable amount (EUR (\u2018000s))
921,800
1,174,100
1,056,300
1,001,170
Impairment needed
No
No
No
No
Iccrea Bank LPA Business
Increase in Ke
of 1.0%
Decrease in Ke
of 1.0%
Increase in g
of 0.3%
Decrease in g
of 0.3%
Revised factor
13.2%
11.2%
3.2%
2.6%
Recoverable amount (EUR (\u2018000s))
144,800
168,000
156,530
154,200
Impairment needed
No
No
No
No
As referred to earlier, the Group\u2019s directors assess the existence of any indication that might be considered to be evidence of
impairment of the CGUs by reviewing various macroeconomic and microeconomic data. For the current financial statements, the
assessment was carried out as of 31 December 2025.
31 Dec 2025
EUR (\u2018000s)
CGU
Carrying value
Recoverable amount
Impairment required
to goodwill
Allfunds Bank
1,527,513
4,053,000
\u2014
Allfunds Sweden
28,638
87,339
\u2014
BNPP LPA Business
415,368
1,031,600
\u2014
MainStreet Capital Partners
33,921
5,648
28,273
Iccrea Bank LPA Business
117,376
155,400
\u2014
Allfunds Data Analytics Limited
7,957
9,025
\u2014
Allfunds Digital Solutions Limited
8,289
27,982
\u2014
During the year to 31 December 2025, an impairment was recognised in relation to goodwill for he MainStreet Capital Partners
CGU of EUR 28,273 thousand (31 December 2024: EUR 13,077 thousand impairment). In addition, no impairments were
recognised for the CS InvestLab CGU as this had already been fully impaired during the year ended 31 December 2024 for a
total amount of EUR 246,642 thousand, which comprised of EUR 179,393 thousand relating to Goodwill and EUR 67,249
thousand relating to Intangible Assets. Please see Note 31.
Where the recoverable amount exceeded the carrying amount of the investments for each CGU no impairment is required.\u00a0
The directors will continue to review and assess such indications and the potential effect in the carrying amount of goodwill and
intangible assets in future impairment assessments. In this sense, the Group\u2019s exclusivity agreements remain in place and are
enforceable until their expiration date, regardless of any potential changes in the ownership structure of the customers with
whom these agreements were signed.
31.\u00a0 Impairment Losses
2025
2024
EUR ('000s)
EUR ('000s)
Impairment loss on non-financial assets
(33,562)
(259,719)
Impairment loss on financial assets held at amortised cost
(3,589)
(4,332)
Total
(37,151)
(264,051)
Impairment losses on non-financial assets for the year ended 31 December 2025 were EUR (33,698) thousand which included
EUR 33,562 related to impairment on MainStreet Capital Partners (31 December 2024 : EUR (259,719) thousand) which included
the impairments of goodwill and intangible assets of Allfunds InvestLab of EUR (246,642) thousand and MainStreet Capital
Partners of EUR (13,077) thousand", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-391": { "value": "
11.\u00a0 Business Combinations
Acquisitions in 2025
There were no acquisitions made during the years ended 31 December 2025 or 31 December 2024.\u00a0
However, during 2024 the Group did complete the process of assigning the purchase price of the LPA business of the Iccrea
Banca Group which had been acquired on 1 December 2023. This was based on a report commissioned from an independent
expert. Consequently, as of 31 December 2024, the following assets and liabilities have been recognised at the acquisition date:
1 December 2023
EUR ('000s)
Assets
Financial assets at amortised cost
2,124
Other assets
779
Total Assets
2,903
Liabilities
Other liabilities
(867)
Total Liabilities
(867)
Net Assets
2,036
Assets arising from the business acquisition
1 December 2023
EUR ('000s)
Consideration transferred
101,364
Less: Fair value of the net assets acquired
(2,036)
Potential goodwill arising in this business combination
99,328
Current relations with clients
(41,497)
Goodwill
57,831
LPA Business of the Iccrea Banca Group
Description of the transaction
On 1 December 2023, the Group, through its fully owned indirect subsidiary, Allfunds Bank, S. A.U., entered into an agreement to
acquire the local paying agent business from the Iccrea Banca Group. This transaction was completed through the Milan branch
of Allfunds Bank, S.A.U. and included a long-term exclusivity agreement. The consideration transferred of acquiring the carve-
out local paying agent business (LPA) was EUR 100,000 thousand, plus the value of the net assets acquired.
With this transaction the Group has built upon and further strengthened its position in the LPA Business book in Italy.
The assets and liabilities of the LPA business of the Iccrea Banca Group recognised at acquisition date were as follows:
1 December 2023
EUR ('000s)
Assets
Financial assets at amortised cost
2,124
Total Assets
2,124
Liabilities
Financial liabilities at amortised cost
(736)
Other liabilities
(88)
Total Liabilities
(824)
Net Assets
1,300
Assets arising from the business acquisition
1 December 2023
EUR ('000s)
Consideration transferred
101,300
Less: Fair value of the net assets acquired
(1,300)
Provisional goodwill arising in this business combination
100,000
Acquisition related costs are expensed as incurred and included in other expenses. During the year to 31 December 2024 EUR
2,810 thousand was expensed.
The results of the acquired business contributed from the date of acquisition to 31 December 2024 were not significant.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-392": { "value": "
12.\u00a0 Assets Held for Sale
During the last quarter of fiscal year 2025, as a result of the strategic review and reorganization process launched in mid-2025,
Group Management has decided to exit both the Allfunds Digital Group (formerly known as \"Web FG\") and Allfunds Investment
Solutions businesses through sales.
The conditions required for their classification as non\u2011current assets under the heading of \"Assets held for resale and disposal
groups\u201d under IFRS 5, have therefore been met as of 31 December 2025 (available for immediate sales and highly probable), and
they have been measured at the lower of their carrying amount and fair value less costs to sell.
The Group has recognised losses amounting to EUR 115,586 thousand in the statement of comprehensive income, of which EUR
101,500 thousand including costs to sell, relate to impairment losses driven by, among other factors, the challenges in
generating recurring revenues and by regulatory changes. This adjustment to the carrying amount will not result in any cash
outflow, nor will it reduce regulatory capital ratios or imply any cut to the dividend distribution capacity.
31 Dec 25
Carrying Amount
Impairment
Fair Value less costs to
sell
EUR (\u2018000s)
EUR (\u2018000s)
EUR (\u2018000s)
Allfunds Digital, S.L.U. (formerly WebFG)
142,300
101,500
40,800
Allfunds Investment Solutions Limited
3,263
\u2014
3,263
Total
145,563
101,500
44,063
31 Dec 25
EUR (\u2018000s)
Assets held for resale
Goodwill and Intangible assets
52,902
Other financial assets
11,203
Cash and cash equivalents
13,022
Total assets held for resale
77,127
Liabilities directly associated with the assets held for resale
Other financial liabilities
11,204
Deferred taxes
7,089
Other liabilities
14,771
Total liabilities directly associated with assets held for resale
33,064
Net Assets held for resale
44,063
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-394": { "value": "
13.\u00a0 Financial Assets at Amortised Cost
31 Dec 2025
31 Dec 2024
EUR (\u2018000s)
EUR (\u2018000s)\u00a0 \u00a0 \u00a0 \u00a0
Non-current assets
Debt securities
72,737
\u2014
Other receivables
2,542
2,290
Total non-current
75,279
2,290
Current assets
Time deposits from credit institutions
398,303
97,047
Receivables from customers
249,930
130,019
Debt securities
170
6,268
Total current
648,403
233,334
Total
723,682
235,624
Non-current assets include debt securities which as at 31 December 2025 totalled EUR 72,737 thousand and represents two
separate bond deposits of EUR 25,066 thousand with the Spanish Government of 2.23% which matures in August 2027 and EUR
47,841 thousand with the Italian Government of 2.15% which matures in January 2028 (31 December 2024: debt securities of
EUR 6,268 thousand for a United Kingdom bond which matured on 31 January 2025). The other non-current assets relate to
other receivable balances for both employee loans and office building deposits.
Time deposits from credit institutions as at 31 December 2025 are EUR 398,303 thousand (31 December 2024: 97,047
thousand) which include EUR 382,000 thousand which were placed on overnight deposits. The remainder is primarily derived
from the intermediation business of which all of a short-term nature with the majority due in a period of three months or less.
Financial assets classified as financial assets at amortised cost and collectively estimated to be impaired due to credit risk on 31
December 2025 amounted to EUR 13,311 thousand (31 December 2024: EUR 17,351 thousand), relating mainly to the receivable
commissions of shares from UCIs pending collection at that date, all of which had maturities of more than 90 day s.
On 31 December 2025 and 31 December 2024, the Group did not hold any financial assets classified as loans and receivables
and considered to be written-off assets.
The carrying values of trade and other assets are considered to be the same as their fair values, due to their short-term nature.
16.\u00a0 Cash and Cash Equivalents
31 Dec 2025
31 Dec 2024
EUR ('000s)
EUR (\u2018000s)
Cash at bank and in hand
4
6
Cash balances at Central Banks
1,683,164
1,606,377
Other demand deposits
867,360
1,021,717
Total
2,550,528
2,628,100
Cash and cash equivalents comprise cash that is all available on demand. There are no restricted cash amounts and the carrying
amounts of these assets is approximately equal to their fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-393": { "value": "
13.\u00a0 Financial Assets at Amortised Cost
31 Dec 2025
31 Dec 2024
EUR (\u2018000s)
EUR (\u2018000s)\u00a0 \u00a0 \u00a0 \u00a0
Non-current assets
Debt securities
72,737
\u2014
Other receivables
2,542
2,290
Total non-current
75,279
2,290
Current assets
Time deposits from credit institutions
398,303
97,047
Receivables from customers
249,930
130,019
Debt securities
170
6,268
Total current
648,403
233,334
Total
723,682
235,624
Non-current assets include debt securities which as at 31 December 2025 totalled EUR 72,737 thousand and represents two
separate bond deposits of EUR 25,066 thousand with the Spanish Government of 2.23% which matures in August 2027 and EUR
47,841 thousand with the Italian Government of 2.15% which matures in January 2028 (31 December 2024: debt securities of
EUR 6,268 thousand for a United Kingdom bond which matured on 31 January 2025). The other non-current assets relate to
other receivable balances for both employee loans and office building deposits.
Time deposits from credit institutions as at 31 December 2025 are EUR 398,303 thousand (31 December 2024: 97,047
thousand) which include EUR 382,000 thousand which were placed on overnight deposits. The remainder is primarily derived
from the intermediation business of which all of a short-term nature with the majority due in a period of three months or less.
Financial assets classified as financial assets at amortised cost and collectively estimated to be impaired due to credit risk on 31
December 2025 amounted to EUR 13,311 thousand (31 December 2024: EUR 17,351 thousand), relating mainly to the receivable
commissions of shares from UCIs pending collection at that date, all of which had maturities of more than 90 day s.
On 31 December 2025 and 31 December 2024, the Group did not hold any financial assets classified as loans and receivables
and considered to be written-off assets.
The carrying values of trade and other assets are considered to be the same as their fair values, due to their short-term nature.
15.\u00a0 Other Assets
31 Dec 2025
31 Dec 2024
EUR ('000s)
EUR ('000s)
Sundry accounts
25,419
3,627
Prepaid expenses
2,225
3,399
Total
27,644
7,026
The carrying values of sundry accounts are considered to be the same as their fair values, due to their short-term nature.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-395": { "value": "
Financial assets classified as financial assets at amortised cost and collectively estimated to be impaired due to credit risk on 31
December 2025 amounted to EUR 13,311 thousand (31 December 2024: EUR 17,351 thousand), relating mainly to the receivable
commissions of shares from UCIs pending collection at that date, all of which had maturities of more than 90 day s.
On 31 December 2025 and 31 December 2024, the Group did not hold any financial assets classified as loans and receivables
and considered to be written-off assets.
The carrying values of trade and other assets are considered to be the same as their fair values, due to their short-term nature.
31.\u00a0 Impairment Losses
2025
2024
EUR ('000s)
EUR ('000s)
Impairment loss on non-financial assets
(33,562)
(259,719)
Impairment loss on financial assets held at amortised cost
(3,589)
(4,332)
Total
(37,151)
(264,051)
Impairment losses on non-financial assets for the year ended 31 December 2025 were EUR (33,698) thousand which included
EUR 33,562 related to impairment on MainStreet Capital Partners (31 December 2024 : EUR (259,719) thousand) which included
the impairments of goodwill and intangible assets of Allfunds InvestLab of EUR (246,642) thousand and MainStreet Capital
Partners of EUR (13,077) thousand", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-398": { "value": "
15.\u00a0 Other Assets
31 Dec 2025
31 Dec 2024
EUR ('000s)
EUR ('000s)
Sundry accounts
25,419
3,627
Prepaid expenses
2,225
3,399
Total
27,644
7,026
The carrying values of sundry accounts are considered to be the same as their fair values, due to their short-term nature.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-397": { "value": "
15.\u00a0 Other Assets
31 Dec 2025
31 Dec 2024
EUR ('000s)
EUR ('000s)
Sundry accounts
25,419
3,627
Prepaid expenses
2,225
3,399
Total
27,644
7,026
The carrying values of sundry accounts are considered to be the same as their fair values, due to their short-term nature.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-396": { "value": "
15.\u00a0 Other Assets
31 Dec 2025
31 Dec 2024
EUR ('000s)
EUR ('000s)
Sundry accounts
25,419
3,627
Prepaid expenses
2,225
3,399
Total
27,644
7,026
The carrying values of sundry accounts are considered to be the same as their fair values, due to their short-term nature.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-400": { "value": "
16.\u00a0 Cash and Cash Equivalents
31 Dec 2025
31 Dec 2024
EUR ('000s)
EUR (\u2018000s)
Cash at bank and in hand
4
6
Cash balances at Central Banks
1,683,164
1,606,377
Other demand deposits
867,360
1,021,717
Total
2,550,528
2,628,100
Cash and cash equivalents comprise cash that is all available on demand. There are no restricted cash amounts and the carrying
amounts of these assets is approximately equal to their fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-399": { "value": "
16.\u00a0 Cash and Cash Equivalents
31 Dec 2025
31 Dec 2024
EUR ('000s)
EUR (\u2018000s)
Cash at bank and in hand
4
6
Cash balances at Central Banks
1,683,164
1,606,377
Other demand deposits
867,360
1,021,717
Total
2,550,528
2,628,100
Cash and cash equivalents comprise cash that is all available on demand. There are no restricted cash amounts and the carrying
amounts of these assets is approximately equal to their fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-401": { "value": "
17.\u00a0 Financial Liabilities at Amortised Cost
31 Dec 2025
31 Dec 2024
EUR (\u2018000s)
EUR (\u2018000s)
Non-current liabilities
Revolving credit facility
410,732
392,000
Other Financial liabilities
\u2014
5,935
Total non-current
410,732
397,935
Current liabilities
Demand accounts from credit institutions
719,825
576,770
Demand accounts from non-credit instiutions
1,429,380
1,221,335
Other financial liabilities
645,349
575,029
Total current
2,794,554
2,373,134
Total
3,205,286
2,771,069
Included in non-current liabilities is the Revolving Credit Facility (\"RCF\") which was entered into by the Company during 2021
with a total capacity of EUR 550,000 thousand and was initially valid until April 2025. During the year 2025 an extension for a
further two-year period was finalised and the RCF is now valid until April 2027.
As at 31 December 2025 , the total amount drawn on the RCF was EUR 412,000 thousand ( 31 December 2024: EUR 412,000
thousand). The RCF amounts pending repayment have been reduced in both years 2025 and 2024 by the prepaid finance costs.
As at 31 December 2025 all the RCF repayable balance is shown as non-current liabilities, whereas as at 31 December 2024,
EUR 17,794 thousand was shown as current liabilities amounts due to credit institutions due to a leaving Lender. Interest
expense pending due on the RCF as at 31 December 2025 was EUR 3,291 thousand (31 December 2024: EUR 2,485 thousand).", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-403": { "value": "
31 Dec 2025
31 Dec 2024
EUR (\u2018000s)
EUR (\u2018000s)
Non-current liabilities
Revolving credit facility
410,732
392,000
Other Financial liabilities
\u2014
5,935
Total non-current
410,732
397,935
Current liabilities
Demand accounts from credit institutions
719,825
576,770
Demand accounts from non-credit instiutions
1,429,380
1,221,335
Other financial liabilities
645,349
575,029
Total current
2,794,554
2,373,134
Total
3,205,286
2,771,069
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-402": { "value": "
31 Dec 2025
31 Dec 2024
EUR (\u2018000s)
EUR (\u2018000s)
Non-current liabilities
Revolving credit facility
410,732
392,000
Other Financial liabilities
\u2014
5,935
Total non-current
410,732
397,935
Current liabilities
Demand accounts from credit institutions
719,825
576,770
Demand accounts from non-credit instiutions
1,429,380
1,221,335
Other financial liabilities
645,349
575,029
Total current
2,794,554
2,373,134
Total
3,205,286
2,771,069
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-406": { "value": "
18.\u00a0 Provisions
The breakdown of the provisions recognised in the consolidated statement of financial position at year-end and the main
changes during the year:
2025
Provisions
Opening
balance
Charge for
the year
Change in value
recognised in
Equity
Contributions
and
Payments
Exchange
differences
and other
Closing
balance
EUR ('000s)
EUR ('000s)
EUR ('000s)
EUR ('000s)
EUR ('000s)
EUR ('000s)
Pension and other post-employment defined benefit
obligations
4,842
969
(173)
(935)
54
4,757
Other long-term employee remuneration
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Outstanding tax court proceedings and lawsuits
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Commitments and guarantees given
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other provisions
1,072
2,553
\u2014
\u2014
\u2014
3,625
Total
5,914
3,522
(173)
(935)
54
8,382
2024
Provisions
Opening
balance
Charge for
the year
Change in
value
recognised in
Equity
Contributions
and Payments
Exchange
differences
and other
Closing
balance
EUR ('000s)
EUR ('000s)
EUR ('000s)
EUR ('000s)
EUR ('000s)
EUR ('000s)
Pension and other post-employment defined benefit
obligations
3,437
769
492
185
(41)
4,842
Other long-term employee remuneration
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Outstanding tax court proceedings and lawsuits
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Commitments and guarantees given
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other provisions
200
872
\u2014
\u2014
\u2014
1,072
Total
3,637
1,641
492
185
(41)
5,914
Long-term defined benefit remuneration
Allfunds' Swiss pension benefits are contribution based with the level varying according to the category of employment. Local
law requires that certain guarantees are provided on such pension benefits. Allfunds finances its Swiss pension benefits through
the Profond Collective Foundation, a pension fund administrator.\u00a0
The Swiss and Italian plans typically expose Allfunds to actuarial risks such as investment risk, interest rate risk, longevity risk
and salary risk.
The breakdown of the present value of the commitments assumed by the Group with respect to post-employment and other
long-term remuneration, of the plan assets held to cover those obligations and of unrecognised past service cost at year-end
31 December 2025 is provided in the table below:
31 Dec 2025
31 Dec 2024
EUR ('000s)
EUR ('000s)
Present value of obligations
18,789
16,715
Less: Fair value of plan assets
(14,032)
(11,873)
Less: Unrecognised prior service cost
\u2014
\u2014
Non-current provisions \u2013 Non-current employee benefit obligations (asset)
4,757
4,842
The present value of the commitments was determined by qualified independent actuaries, who used the following criteria for
valuation purposes:
\u2022 Calculation method: the \u201cprojected credit unit\u201d method, which contemplates each year of service as generating an additional
unit of right to the benefits and values each unit separately.
\u2022 Actuarial assumptions made: unbiased and mutually compatible.
The most significant actuarial assumptions used in the experts' calculations were the following:
2025
Actuarial assumptions\u00a0
Switzerland\u00a0
Italy
Discount rate\u00b9
1.25%
3.96%
Mortality and life expectancy tables
BVG 2020
RG48
Rate of growth in social security tax limit
2.00%
3.00%
1. Discount rate based on the yield curve on a pool of corporate bonds denominated in Euros carrying AA ratings from the three main ratings agencies (Standard &
Poor\u2019s, Moody\u2019s and Fitch) with maturities as of the valuation date equal to or longer than the duration of the commitments assumed.
The rates used to discount the future cash flows were determined using high-quality corporate bonds denominated in each
currency. The expected return on the plan assets is in line with the chosen discount rates. The retirement ages for the various
commitments are set at the earliest date to which employees become entitled to retire, the contractually stipulated date in the
case of early retirements or using retirement tables. Duration of the liabilities is for a period of 18 years.
Changes in the key assumptions could affect the measurement of the Group\u2019s obligations. The table below provides an analysis
of how sensitive the measurement is to changes in the key inputs:
Sensitivity analysis (thousands of Euros)
Change in
basis points
2025
Increase
Decrease
Discount rate
0,25%
(738)
790
Wage growth rate
0,25%
295
(338)
Increase in obligation per year of effective service
1 year
297
(293)
The sensitivity analysis was performed as of the date of the consolidated financial statements and provides the individual
impact of changes in each of the assumptions, keeping all other variables constant, such that it excludes potential combined
effects.
Below is a summary of the movements in the commitments that affected the amounts recognised on the consolidated
statement of financial position in respect of the post-employment commitments assumed with current and former employees
and other long-term remuneration obligations in 2025:
Post-employment commitments
2025
Defined benefit
obligations
Plan assets
Net obligation/
(asset)
Balance at 1 January 2025
16,715
(11,873)
4,842
Amounts recognised with a balancing entry in profit or loss
Staff costs - Ordinary expense for the year
939
\u2014
939
Finance costs
147
(117)
30
Change in value recognised in equity
364
(537)
(173)
Exchange differences and other
164
(110)
54
Contributions
345
(1,243)
(898)
Payments made
115
(152)
(37)
Balance at 31 December 2025
18,789
(14,032)
4,757
Post-employment commitments
2024
Defined benefit
obligations
Plan assets
Net obligation/
(asset)
Balance at 1 January 2024
14,827
(11,389)
3,438
Amounts recognised with a balancing entry in profit or loss
Staff costs - Ordinary expense for the year
733
\u2014
733
Finance costs
190
(154)
36
Change in value recognised in equity
1,159
(667)
492
Exchange differences and other
(235)
194
(41)
Contributions
296
(1,060)
(764)
Payments made
(255)
1,203
948
Balance at 31 December 2024
16,715
(11,873)
4,842
The Switzerland pension fund has invested into equity instruments 52%, real estate 24%, debt instruments 12%, cash 2% and
others 9%.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-405": { "value": "
18.\u00a0 Provisions
The breakdown of the provisions recognised in the consolidated statement of financial position at year-end and the main
changes during the year:
2025
Provisions
Opening
balance
Charge for
the year
Change in value
recognised in
Equity
Contributions
and
Payments
Exchange
differences
and other
Closing
balance
EUR ('000s)
EUR ('000s)
EUR ('000s)
EUR ('000s)
EUR ('000s)
EUR ('000s)
Pension and other post-employment defined benefit
obligations
4,842
969
(173)
(935)
54
4,757
Other long-term employee remuneration
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Outstanding tax court proceedings and lawsuits
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Commitments and guarantees given
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other provisions
1,072
2,553
\u2014
\u2014
\u2014
3,625
Total
5,914
3,522
(173)
(935)
54
8,382
2024
Provisions
Opening
balance
Charge for
the year
Change in
value
recognised in
Equity
Contributions
and Payments
Exchange
differences
and other
Closing
balance
EUR ('000s)
EUR ('000s)
EUR ('000s)
EUR ('000s)
EUR ('000s)
EUR ('000s)
Pension and other post-employment defined benefit
obligations
3,437
769
492
185
(41)
4,842
Other long-term employee remuneration
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Outstanding tax court proceedings and lawsuits
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Commitments and guarantees given
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other provisions
200
872
\u2014
\u2014
\u2014
1,072
Total
3,637
1,641
492
185
(41)
5,914
Long-term defined benefit remuneration
Allfunds' Swiss pension benefits are contribution based with the level varying according to the category of employment. Local
law requires that certain guarantees are provided on such pension benefits. Allfunds finances its Swiss pension benefits through
the Profond Collective Foundation, a pension fund administrator.\u00a0
The Swiss and Italian plans typically expose Allfunds to actuarial risks such as investment risk, interest rate risk, longevity risk
and salary risk.
The breakdown of the present value of the commitments assumed by the Group with respect to post-employment and other
long-term remuneration, of the plan assets held to cover those obligations and of unrecognised past service cost at year-end
31 December 2025 is provided in the table below:
31 Dec 2025
31 Dec 2024
EUR ('000s)
EUR ('000s)
Present value of obligations
18,789
16,715
Less: Fair value of plan assets
(14,032)
(11,873)
Less: Unrecognised prior service cost
\u2014
\u2014
Non-current provisions \u2013 Non-current employee benefit obligations (asset)
4,757
4,842
The present value of the commitments was determined by qualified independent actuaries, who used the following criteria for
valuation purposes:
\u2022 Calculation method: the \u201cprojected credit unit\u201d method, which contemplates each year of service as generating an additional
unit of right to the benefits and values each unit separately.
\u2022 Actuarial assumptions made: unbiased and mutually compatible.
The most significant actuarial assumptions used in the experts' calculations were the following:
2025
Actuarial assumptions\u00a0
Switzerland\u00a0
Italy
Discount rate\u00b9
1.25%
3.96%
Mortality and life expectancy tables
BVG 2020
RG48
Rate of growth in social security tax limit
2.00%
3.00%
1. Discount rate based on the yield curve on a pool of corporate bonds denominated in Euros carrying AA ratings from the three main ratings agencies (Standard &
Poor\u2019s, Moody\u2019s and Fitch) with maturities as of the valuation date equal to or longer than the duration of the commitments assumed.
The rates used to discount the future cash flows were determined using high-quality corporate bonds denominated in each
currency. The expected return on the plan assets is in line with the chosen discount rates. The retirement ages for the various
commitments are set at the earliest date to which employees become entitled to retire, the contractually stipulated date in the
case of early retirements or using retirement tables. Duration of the liabilities is for a period of 18 years.
Changes in the key assumptions could affect the measurement of the Group\u2019s obligations. The table below provides an analysis
of how sensitive the measurement is to changes in the key inputs:
Sensitivity analysis (thousands of Euros)
Change in
basis points
2025
Increase
Decrease
Discount rate
0,25%
(738)
790
Wage growth rate
0,25%
295
(338)
Increase in obligation per year of effective service
1 year
297
(293)
The sensitivity analysis was performed as of the date of the consolidated financial statements and provides the individual
impact of changes in each of the assumptions, keeping all other variables constant, such that it excludes potential combined
effects.
Below is a summary of the movements in the commitments that affected the amounts recognised on the consolidated
statement of financial position in respect of the post-employment commitments assumed with current and former employees
and other long-term remuneration obligations in 2025:
Post-employment commitments
2025
Defined benefit
obligations
Plan assets
Net obligation/
(asset)
Balance at 1 January 2025
16,715
(11,873)
4,842
Amounts recognised with a balancing entry in profit or loss
Staff costs - Ordinary expense for the year
939
\u2014
939
Finance costs
147
(117)
30
Change in value recognised in equity
364
(537)
(173)
Exchange differences and other
164
(110)
54
Contributions
345
(1,243)
(898)
Payments made
115
(152)
(37)
Balance at 31 December 2025
18,789
(14,032)
4,757
Post-employment commitments
2024
Defined benefit
obligations
Plan assets
Net obligation/
(asset)
Balance at 1 January 2024
14,827
(11,389)
3,438
Amounts recognised with a balancing entry in profit or loss
Staff costs - Ordinary expense for the year
733
\u2014
733
Finance costs
190
(154)
36
Change in value recognised in equity
1,159
(667)
492
Exchange differences and other
(235)
194
(41)
Contributions
296
(1,060)
(764)
Payments made
(255)
1,203
948
Balance at 31 December 2024
16,715
(11,873)
4,842
The Switzerland pension fund has invested into equity instruments 52%, real estate 24%, debt instruments 12%, cash 2% and
others 9%.
36.\u00a0 Commitments and Contingencies
Commitments
As at 31 December 2025 the Group and its subsidiaries had the following commitments:
\u2022 Iccrea Banca LPA Business TSA (Transitional Services Agreements) with a cost of EUR xxx th ousand pending as at
31 December 2025 (31 December 2024: EUR 420 thousand); and
\u2022 PAM sub distribution agreement with a pending amount of EUR 400 thousand as at 31 December 2025 (31 December 2024:
EUR 500 thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-404": { "value": "
18.\u00a0 Provisions
The breakdown of the provisions recognised in the consolidated statement of financial position at year-end and the main
changes during the year:
2025
Provisions
Opening
balance
Charge for
the year
Change in value
recognised in
Equity
Contributions
and
Payments
Exchange
differences
and other
Closing
balance
EUR ('000s)
EUR ('000s)
EUR ('000s)
EUR ('000s)
EUR ('000s)
EUR ('000s)
Pension and other post-employment defined benefit
obligations
4,842
969
(173)
(935)
54
4,757
Other long-term employee remuneration
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Outstanding tax court proceedings and lawsuits
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Commitments and guarantees given
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other provisions
1,072
2,553
\u2014
\u2014
\u2014
3,625
Total
5,914
3,522
(173)
(935)
54
8,382
2024
Provisions
Opening
balance
Charge for
the year
Change in
value
recognised in
Equity
Contributions
and Payments
Exchange
differences
and other
Closing
balance
EUR ('000s)
EUR ('000s)
EUR ('000s)
EUR ('000s)
EUR ('000s)
EUR ('000s)
Pension and other post-employment defined benefit
obligations
3,437
769
492
185
(41)
4,842
Other long-term employee remuneration
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Outstanding tax court proceedings and lawsuits
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Commitments and guarantees given
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other provisions
200
872
\u2014
\u2014
\u2014
1,072
Total
3,637
1,641
492
185
(41)
5,914
Long-term defined benefit remuneration
Allfunds' Swiss pension benefits are contribution based with the level varying according to the category of employment. Local
law requires that certain guarantees are provided on such pension benefits. Allfunds finances its Swiss pension benefits through
the Profond Collective Foundation, a pension fund administrator.\u00a0
The Swiss and Italian plans typically expose Allfunds to actuarial risks such as investment risk, interest rate risk, longevity risk
and salary risk.
The breakdown of the present value of the commitments assumed by the Group with respect to post-employment and other
long-term remuneration, of the plan assets held to cover those obligations and of unrecognised past service cost at year-end
31 December 2025 is provided in the table below:
31 Dec 2025
31 Dec 2024
EUR ('000s)
EUR ('000s)
Present value of obligations
18,789
16,715
Less: Fair value of plan assets
(14,032)
(11,873)
Less: Unrecognised prior service cost
\u2014
\u2014
Non-current provisions \u2013 Non-current employee benefit obligations (asset)
4,757
4,842
The present value of the commitments was determined by qualified independent actuaries, who used the following criteria for
valuation purposes:
\u2022 Calculation method: the \u201cprojected credit unit\u201d method, which contemplates each year of service as generating an additional
unit of right to the benefits and values each unit separately.
\u2022 Actuarial assumptions made: unbiased and mutually compatible.
The most significant actuarial assumptions used in the experts' calculations were the following:
2025
Actuarial assumptions\u00a0
Switzerland\u00a0
Italy
Discount rate\u00b9
1.25%
3.96%
Mortality and life expectancy tables
BVG 2020
RG48
Rate of growth in social security tax limit
2.00%
3.00%
1. Discount rate based on the yield curve on a pool of corporate bonds denominated in Euros carrying AA ratings from the three main ratings agencies (Standard &
Poor\u2019s, Moody\u2019s and Fitch) with maturities as of the valuation date equal to or longer than the duration of the commitments assumed.
The rates used to discount the future cash flows were determined using high-quality corporate bonds denominated in each
currency. The expected return on the plan assets is in line with the chosen discount rates. The retirement ages for the various
commitments are set at the earliest date to which employees become entitled to retire, the contractually stipulated date in the
case of early retirements or using retirement tables. Duration of the liabilities is for a period of 18 years.
Changes in the key assumptions could affect the measurement of the Group\u2019s obligations. The table below provides an analysis
of how sensitive the measurement is to changes in the key inputs:
Sensitivity analysis (thousands of Euros)
Change in
basis points
2025
Increase
Decrease
Discount rate
0,25%
(738)
790
Wage growth rate
0,25%
295
(338)
Increase in obligation per year of effective service
1 year
297
(293)
The sensitivity analysis was performed as of the date of the consolidated financial statements and provides the individual
impact of changes in each of the assumptions, keeping all other variables constant, such that it excludes potential combined
effects.
Below is a summary of the movements in the commitments that affected the amounts recognised on the consolidated
statement of financial position in respect of the post-employment commitments assumed with current and former employees
and other long-term remuneration obligations in 2025:
Post-employment commitments
2025
Defined benefit
obligations
Plan assets
Net obligation/
(asset)
Balance at 1 January 2025
16,715
(11,873)
4,842
Amounts recognised with a balancing entry in profit or loss
Staff costs - Ordinary expense for the year
939
\u2014
939
Finance costs
147
(117)
30
Change in value recognised in equity
364
(537)
(173)
Exchange differences and other
164
(110)
54
Contributions
345
(1,243)
(898)
Payments made
115
(152)
(37)
Balance at 31 December 2025
18,789
(14,032)
4,757
Post-employment commitments
2024
Defined benefit
obligations
Plan assets
Net obligation/
(asset)
Balance at 1 January 2024
14,827
(11,389)
3,438
Amounts recognised with a balancing entry in profit or loss
Staff costs - Ordinary expense for the year
733
\u2014
733
Finance costs
190
(154)
36
Change in value recognised in equity
1,159
(667)
492
Exchange differences and other
(235)
194
(41)
Contributions
296
(1,060)
(764)
Payments made
(255)
1,203
948
Balance at 31 December 2024
16,715
(11,873)
4,842
The Switzerland pension fund has invested into equity instruments 52%, real estate 24%, debt instruments 12%, cash 2% and
others 9%.
27.\u00a0 Employee Compensation and Benefits
2025
2024
Average number of employees during the year:
Senior
41
46
Manager
383
303
Technical and general
726
696
Total
1,150
1,045
2025
2024
EUR ('000s)
EUR ('000s)
Employee compensation and benefits:
Wages and salaries
(107,786)
(109,920)
Social security costs
(18,241)
(18,634)
Expense for pension funds
(2,666)
(2,806)
Termination benefits
(15,767)
(2,771)
Employee share schemes
(6,823)
(8,926)
Training expenses
(290)
(318)
Other staff costs
(4,705)
(4,109)
Total
(156,278)
(147,484)
Wages and salaries of EUR (107,786) thousand for the year ended 31 December 2025 (31 December 2024 : EUR (109,920)
thousand) have decreased due to the reclassification to Assets held for sale.
Termination benefits of EUR 15,767 thousand (31 December 2024: 2,771 thousand) relate principally to the changes to the
Executive Committee during the year.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-410": { "value": "
19.\u00a0 Other Liabilities
31 Dec 2025
31 Dec 2024
EUR ('000s)
EUR ('000s)
Accrued variable remuneration costs
34,477
30,797
Trade payables
21,153
17,158
Other payables
2,930
6,029
Total
58,560
53,984
Accrued variable remuneration costs as at 31 December 2025 were EUR 35,154 thousand (31 December 2024: EUR 30,797
thousand) which reflects the significantly improved Group performance during the period.
Trade payables are unsecured and are usually paid within 30 days of recognition. The carrying values of both trade payables
and other payables are considered to be the same as their fair values, due to their short-term nature.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-409": { "value": "
19.\u00a0 Other Liabilities
31 Dec 2025
31 Dec 2024
EUR ('000s)
EUR ('000s)
Accrued variable remuneration costs
34,477
30,797
Trade payables
21,153
17,158
Other payables
2,930
6,029
Total
58,560
53,984
Accrued variable remuneration costs as at 31 December 2025 were EUR 35,154 thousand (31 December 2024: EUR 30,797
thousand) which reflects the significantly improved Group performance during the period.
Trade payables are unsecured and are usually paid within 30 days of recognition. The carrying values of both trade payables
and other payables are considered to be the same as their fair values, due to their short-term nature.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-408": { "value": "
19.\u00a0 Other Liabilities
31 Dec 2025
31 Dec 2024
EUR ('000s)
EUR ('000s)
Accrued variable remuneration costs
34,477
30,797
Trade payables
21,153
17,158
Other payables
2,930
6,029
Total
58,560
53,984
Accrued variable remuneration costs as at 31 December 2025 were EUR 35,154 thousand (31 December 2024: EUR 30,797
thousand) which reflects the significantly improved Group performance during the period.
Trade payables are unsecured and are usually paid within 30 days of recognition. The carrying values of both trade payables
and other payables are considered to be the same as their fair values, due to their short-term nature.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-407": { "value": "
19.\u00a0 Other Liabilities
31 Dec 2025
31 Dec 2024
EUR ('000s)
EUR ('000s)
Accrued variable remuneration costs
34,477
30,797
Trade payables
21,153
17,158
Other payables
2,930
6,029
Total
58,560
53,984
Accrued variable remuneration costs as at 31 December 2025 were EUR 35,154 thousand (31 December 2024: EUR 30,797
thousand) which reflects the significantly improved Group performance during the period.
Trade payables are unsecured and are usually paid within 30 days of recognition. The carrying values of both trade payables
and other payables are considered to be the same as their fair values, due to their short-term nature.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-412": { "value": "
20.\u00a0 Share Capital
20.a. Share capital and share premium
31 Dec 2025
31 Dec 2024
EUR ('000s)
EUR ('000s)
Share Capital
At 1 January
1,527
1,550
Issued during the year
\u2014
\u2014
Cancelled during the year
(23)
(23)
At 31 December
1,504
1,527
Share Premium
At 1 January
1,960,203
2,010,180
Premium arising on equity share issuance
\u2014
\u2014
Cancelled Premium
(57,605)
(49,977)
Reclassification
22,903
\u2014
At 31 December
1,925,501
1,960,203
The Company's total share capital was EUR 1,504 thousand as at 31 December 2025 ( 31 December 2024 : EUR 1,527 thousand)
comprising 601,548,734 ordinary shares of EUR 0.0025 per share (31 December 2024: comprised 610,622,256 ordinary shares of
EUR 0.0025 per share). The reduction was due to the cancellation of 9,433,446 shares which had been acquired by the Company
in the Share Buyback programme during 2025. (31 December 2024: 9,370,646 shares were cancelled from the Share Buyback of
2024). Pleas e see Note 20.b. Each share has identical voting rights and all of the Company's allotted shares are fully paid up.
20.b. Treasury shares
During the year to 31 December 2025, 13,142,278 ordinary shares were acquired by the Company at a total cost of EUR 80,000
thousand (31 December 2024: 9,433,446 ordinary shares acquired at a total cost of EUR 50,000 thousand). These shares are
classified in the consolidated statement of financial position as Treasury Shares.
Of these 13,142,278 ordinary shares acquired, 9,459,004 ordinary shares were subsequently cancelled to reduce the share
capital of the Company (31 December 2024: 9,433,446 shares cancelled). Please see Note 20.a.
In addition, during 2025 the Company approved a new LTIP award applicable to Executive Directors, Senior Management and
other employees of the Group. The grant date was 6 May 2025. This award will vest in early 2028.
Treasury shares were also disposed of during the year ended 31 December 2025 to the value of EUR 5,554 thousand
(31 December 2024 : EUR 2,845 thousand) to members of the share based payment schemes.
As at 31 December 2025 the Group held 3,748,138 ordinary shares at a cost of EUR 22,833 thousand (31 December 2024:
830,441 ordinary shares held at a cost of EUR 6,015 thousand).
20.c. Other reserves
As at 31 December 2025 other reserves had a balance of EUR 4,629 thousand (31 December 2024: EUR 23,389 thousand) and
were mainly comprised of:
\u2022 exchange differences on translation of foreign entities EUR 1,343 thousand (31 December 2024: EUR 3,425 thousand);
\u2022 reclassification to share premium account of EUR 22,903 thousand in the year (31 December 2024:nil). Please see note 20.a.
\u2022 share based payments of EUR 34,845 thousand (31 December 2024: 25,696 thousand);
\u2022 the written put option for MainStreet Capital Partners of EUR 9,020 thousand (31 December 2024: EUR 9,020 thousand); and.
\u2022 Other reserves movements of EUR (3,151) thousand (31 December 2024: EUR 8,185 thousand) are comprised mainly of share
based payments for the senior management group and valuation adjustments related to the pension commitments.
20.d. Employee Share Based Payment Schemes
Included in these consolidated financial statements for the year ending 31 December 2025 is an accrued expense of EUR x,xxx
thousand (31 December 2024: EUR 8,926 thousand) for the estimated costs of the share-based payment schemes in acquiring
the required shares at a future date. This calculation has been made assuming that 100% of the performance targets will
be met, for both the TSR and the Adjusted EBITDA, and in addition to reflect any leavers of the Group during the period from
grant dates to 31 December 2025. The estimated cost will be reviewed in subsequent reporting periods.
During the year to 31 December 2025 the Company delivered 757,090 ordinary shares to the beneficiaries of the 2022
Employee share scheme. (31 December 2024: 392,497 shares were delivered). These shares were delivered at no cost for the
receiving beneficiaries (see Statement of Consolidated cash flows non cash transactions).
In January 2026, the Company delivered 910,291 ordinary shares to the beneficiaries of the 2023 Employee share scheme that
had vested on 1 January 2026 (341,150 ordinary shares in January 2025 that had vested on 1 January 2025). These shares were
also delivered at no cost for the receiving beneficiaries.
Set out below is a summary of the employee share based schemes which were active as at 31 December 2025:
2023
2023
2024
2025
Concept
Grant date
14 Apr 2023
7 July 2023
26 Apr 2024
6 May 2025
Vesting date
31 Dec 2025
31 Dec 2025
31 Dec 2026
31 Dec 2027
Quoted value on grant date EUR
6.23\u20ac
5.32\u20ac
6.04\u20ac
5.03\u20ac
Value TSR (\"Total Shareholder Return\") EUR
7.48\u20ac
7.48\u20ac
\u2014\u20ac
\u2014\u20ac
Number of shares granted
Time based
1,009,249
56,888
1,065,676
1,459,186
EBITDA based
202,029
329,797
46,712
34,920
TSR based
202,029
329,797
46,712
34,920
1,413,307
716,482
1,159,100
1,529,026
Number of shares outstanding
Time based
948,851
56,888
947,893
1,438,552
EBITDA based
198,258
324,774
39,470
34,920
TSR based
198,258
324,774
39,470
34,920
1,345,367
706,436
1,026,833
1,508,392
2023
2023
2024
2025
EUR ('000s)
EUR ('000s)
EUR ('000s)
EUR ('000s)
Full Incentive Amount
Time based
5,683
265
5,475
7,229
EBITDA based
1,125
1,728
238
175
TSR based
1,352
2,429
238
175
8,160
4,422
5,951
7,579
Amount charged to SOCI 2025
Time based
1,950
84
1,979
1,783
EBITDA based\u00b9
345
695
89
43
TSR based
415
977
89
43
2,710
1,756
2,157
1,869
Total charged to SOCI during 2025
8,492
Undelivered shares (LTIP granted in 2022- 2nd tranche - TSR based)
(1,667)
1. Adjusted depending on the actual performance metrics obtained
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-411": { "value": "
20.\u00a0 Share Capital
20.a. Share capital and share premium
31 Dec 2025
31 Dec 2024
EUR ('000s)
EUR ('000s)
Share Capital
At 1 January
1,527
1,550
Issued during the year
\u2014
\u2014
Cancelled during the year
(23)
(23)
At 31 December
1,504
1,527
Share Premium
At 1 January
1,960,203
2,010,180
Premium arising on equity share issuance
\u2014
\u2014
Cancelled Premium
(57,605)
(49,977)
Reclassification
22,903
\u2014
At 31 December
1,925,501
1,960,203
The Company's total share capital was EUR 1,504 thousand as at 31 December 2025 ( 31 December 2024 : EUR 1,527 thousand)
comprising 601,548,734 ordinary shares of EUR 0.0025 per share (31 December 2024: comprised 610,622,256 ordinary shares of
EUR 0.0025 per share). The reduction was due to the cancellation of 9,433,446 shares which had been acquired by the Company
in the Share Buyback programme during 2025. (31 December 2024: 9,370,646 shares were cancelled from the Share Buyback of
2024). Pleas e see Note 20.b. Each share has identical voting rights and all of the Company's allotted shares are fully paid up.
20.b. Treasury shares
During the year to 31 December 2025, 13,142,278 ordinary shares were acquired by the Company at a total cost of EUR 80,000
thousand (31 December 2024: 9,433,446 ordinary shares acquired at a total cost of EUR 50,000 thousand). These shares are
classified in the consolidated statement of financial position as Treasury Shares.
Of these 13,142,278 ordinary shares acquired, 9,459,004 ordinary shares were subsequently cancelled to reduce the share
capital of the Company (31 December 2024: 9,433,446 shares cancelled). Please see Note 20.a.
In addition, during 2025 the Company approved a new LTIP award applicable to Executive Directors, Senior Management and
other employees of the Group. The grant date was 6 May 2025. This award will vest in early 2028.
Treasury shares were also disposed of during the year ended 31 December 2025 to the value of EUR 5,554 thousand
(31 December 2024 : EUR 2,845 thousand) to members of the share based payment schemes.
As at 31 December 2025 the Group held 3,748,138 ordinary shares at a cost of EUR 22,833 thousand (31 December 2024:
830,441 ordinary shares held at a cost of EUR 6,015 thousand).
20.c. Other reserves
As at 31 December 2025 other reserves had a balance of EUR 4,629 thousand (31 December 2024: EUR 23,389 thousand) and
were mainly comprised of:
\u2022 exchange differences on translation of foreign entities EUR 1,343 thousand (31 December 2024: EUR 3,425 thousand);
\u2022 reclassification to share premium account of EUR 22,903 thousand in the year (31 December 2024:nil). Please see note 20.a.
\u2022 share based payments of EUR 34,845 thousand (31 December 2024: 25,696 thousand);
\u2022 the written put option for MainStreet Capital Partners of EUR 9,020 thousand (31 December 2024: EUR 9,020 thousand); and.
\u2022 Other reserves movements of EUR (3,151) thousand (31 December 2024: EUR 8,185 thousand) are comprised mainly of share
based payments for the senior management group and valuation adjustments related to the pension commitments.
20.d. Employee Share Based Payment Schemes
Included in these consolidated financial statements for the year ending 31 December 2025 is an accrued expense of EUR x,xxx
thousand (31 December 2024: EUR 8,926 thousand) for the estimated costs of the share-based payment schemes in acquiring
the required shares at a future date. This calculation has been made assuming that 100% of the performance targets will
be met, for both the TSR and the Adjusted EBITDA, and in addition to reflect any leavers of the Group during the period from
grant dates to 31 December 2025. The estimated cost will be reviewed in subsequent reporting periods.
During the year to 31 December 2025 the Company delivered 757,090 ordinary shares to the beneficiaries of the 2022
Employee share scheme. (31 December 2024: 392,497 shares were delivered). These shares were delivered at no cost for the
receiving beneficiaries (see Statement of Consolidated cash flows non cash transactions).
In January 2026, the Company delivered 910,291 ordinary shares to the beneficiaries of the 2023 Employee share scheme that
had vested on 1 January 2026 (341,150 ordinary shares in January 2025 that had vested on 1 January 2025). These shares were
also delivered at no cost for the receiving beneficiaries.
Set out below is a summary of the employee share based schemes which were active as at 31 December 2025:
2023
2023
2024
2025
Concept
Grant date
14 Apr 2023
7 July 2023
26 Apr 2024
6 May 2025
Vesting date
31 Dec 2025
31 Dec 2025
31 Dec 2026
31 Dec 2027
Quoted value on grant date EUR
6.23\u20ac
5.32\u20ac
6.04\u20ac
5.03\u20ac
Value TSR (\"Total Shareholder Return\") EUR
7.48\u20ac
7.48\u20ac
\u2014\u20ac
\u2014\u20ac
Number of shares granted
Time based
1,009,249
56,888
1,065,676
1,459,186
EBITDA based
202,029
329,797
46,712
34,920
TSR based
202,029
329,797
46,712
34,920
1,413,307
716,482
1,159,100
1,529,026
Number of shares outstanding
Time based
948,851
56,888
947,893
1,438,552
EBITDA based
198,258
324,774
39,470
34,920
TSR based
198,258
324,774
39,470
34,920
1,345,367
706,436
1,026,833
1,508,392
2023
2023
2024
2025
EUR ('000s)
EUR ('000s)
EUR ('000s)
EUR ('000s)
Full Incentive Amount
Time based
5,683
265
5,475
7,229
EBITDA based
1,125
1,728
238
175
TSR based
1,352
2,429
238
175
8,160
4,422
5,951
7,579
Amount charged to SOCI 2025
Time based
1,950
84
1,979
1,783
EBITDA based\u00b9
345
695
89
43
TSR based
415
977
89
43
2,710
1,756
2,157
1,869
Total charged to SOCI during 2025
8,492
Undelivered shares (LTIP granted in 2022- 2nd tranche - TSR based)
(1,667)
1. Adjusted depending on the actual performance metrics obtained
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-413": { "value": "
20.a. Share capital and share premium
31 Dec 2025
31 Dec 2024
EUR ('000s)
EUR ('000s)
Share Capital
At 1 January
1,527
1,550
Issued during the year
\u2014
\u2014
Cancelled during the year
(23)
(23)
At 31 December
1,504
1,527
Share Premium
At 1 January
1,960,203
2,010,180
Premium arising on equity share issuance
\u2014
\u2014
Cancelled Premium
(57,605)
(49,977)
Reclassification
22,903
\u2014
At 31 December
1,925,501
1,960,203
The Company's total share capital was EUR 1,504 thousand as at 31 December 2025 ( 31 December 2024 : EUR 1,527 thousand)
comprising 601,548,734 ordinary shares of EUR 0.0025 per share (31 December 2024: comprised 610,622,256 ordinary shares of
EUR 0.0025 per share). The reduction was due to the cancellation of 9,433,446 shares which had been acquired by the Company
in the Share Buyback programme during 2025. (31 December 2024: 9,370,646 shares were cancelled from the Share Buyback of
2024). Pleas e see Note 20.b. Each share has identical voting rights and all of the Company's allotted shares are fully paid up.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-414": { "value": "
20.b. Treasury shares
During the year to 31 December 2025, 13,142,278 ordinary shares were acquired by the Company at a total cost of EUR 80,000
thousand (31 December 2024: 9,433,446 ordinary shares acquired at a total cost of EUR 50,000 thousand). These shares are
classified in the consolidated statement of financial position as Treasury Shares.
Of these 13,142,278 ordinary shares acquired, 9,459,004 ordinary shares were subsequently cancelled to reduce the share
capital of the Company (31 December 2024: 9,433,446 shares cancelled). Please see Note 20.a.
In addition, during 2025 the Company approved a new LTIP award applicable to Executive Directors, Senior Management and
other employees of the Group. The grant date was 6 May 2025. This award will vest in early 2028.
Treasury shares were also disposed of during the year ended 31 December 2025 to the value of EUR 5,554 thousand
(31 December 2024 : EUR 2,845 thousand) to members of the share based payment schemes.
As at 31 December 2025 the Group held 3,748,138 ordinary shares at a cost of EUR 22,833 thousand (31 December 2024:
830,441 ordinary shares held at a cost of EUR 6,015 thousand).", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-415": { "value": "
21.\u00a0 Dividends
31 Dec 2025
31 Dec 2024
EUR ('000s)
EUR ('000s)
Final dividend paid during 2025
80,034
\u2014
Final dividend paid during 2024
\u2014
57,898
During the year to 31 December 2025 the Company paid a final dividend of EUR 80,034 thousand at EUR 0.1310 per share ( 31
December 2024: EUR 57,898 thousand at EUR 0.0935 per share).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-416": { "value": "0.131", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-417": { "value": "0.0935", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-418": { "value": "
22.\u00a0 Off-Balance Sheet Items
31 Dec 2025
31 Dec 2024
EUR ('000s)
EUR ('000s)
Credit lines available to third parties:
Credit Institutions
96,617
94,657
Other resident sectors
2,693
3,016
Other non-resident sectors
27,227
24,651
Total
126,537
122,324
Off-balance sheet items as at 31 December 2025 and 31 December 2024 relate to balances representing rights, obligations and
other legal situations that in the future may have an impact on net assets or any other balances needed to reflect all
transactions performed by the Allfunds Group, although they may not impinge its net assets.
Contingent obligations held by the Allfunds Group which may result in the future recognition of financial assets refer in their
entirety to potentially available credit lines to third parties which could be drawn up to a value of EUR 126,537 thousand as at 31
December 2025 (31 December 2024: EUR 122,324 thousand).
Also, at 31 December 2025 the Allfunds Group held off-balance sheet funds under management relating to units/shares in UCIs
amounting to EUR 1,760,350,629 thousand (31 December 2024: EUR 1,558,296,879 thousand).
36.\u00a0 Commitments and Contingencies
Commitments
As at 31 December 2025 the Group and its subsidiaries had the following commitments:
\u2022 Iccrea Banca LPA Business TSA (Transitional Services Agreements) with a cost of EUR xxx th ousand pending as at
31 December 2025 (31 December 2024: EUR 420 thousand); and
\u2022 PAM sub distribution agreement with a pending amount of EUR 400 thousand as at 31 December 2025 (31 December 2024:
EUR 500 thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-419": { "value": "
23.\u00a0 Fee, Commission and Service Income
Fee, commission and service revenue has been generated by the following segments and recorded by the Group in accordance
with IFRS 15:
2025
2024
EUR ('000s)
EUR (\u2018000s)\u00a0 \u00a0 \u00a0
Platform revenue: asset based
401,981
378,727
Platform revenue: transaction based
120,251
110,215
Subscription and other revenues
49,355
66,602
Total fee, commission and service revenue
571,587
555,544
Platform revenue includes fees and commissions related with the fund intermediation services, primarily from:
\u2022 the marketing of units in collective investments undertakings to asset management houses;
\u2022 intermediation services to customers where the fees are calculated applying a percentage to the daily assets under
administration or distribution held for the account of the Group\u2019s customers
\u2022 correspondent bank services
\u2022 transaction fees on subscriptions and redemption orders in units of collective investments undertakings
\u2022 foreign currency exchange services;
\u2022 ETFs intermediation activity; and
\u2022 sub-custody services.
Subscription and other revenues is revenue that is not driven by fund intermediation activity, and includes:
\u2022 digital add-on services
\u2022 information and research services;
\u2022 administration and legal services;
\u2022 use of technological financial tools; and
\u2022 Sustainability reporting previously referred to as Environmental, Social and Government Reporting (ESG).
24.\u00a0 Fee, Commission and Service Expense
Fee, commission and service expense has been incurred and recorded by the Group as follows:
2025
2024
EUR ('000s)
EUR (\u2018000s)\u00a0 \u00a0
Total fee, commission and service expense
(27,475)
(25,485)
Fee, commission and service expenses for the year ended 31 December 2025 were EUR 27,475 thousand (31 December 2024:
EUR 25,485 thousand) and relate to the distribution of units in collective investment undertakings.\u00a0
25.\u00a0 Interest Income
2025
2024
EUR ('000s)
EUR ('000s)
Deposits in central banks
46,266
67,906
Loans and advances to credit institutions
31,666
33,595
Loans and advances to customers
1,054
694
Other
156
746
Total
79,142
102,941
The average interest earned on deposits in the year ended 31 December 2025 ranged from 2.2% to 2.4% ( 31 December 2024:
3.7% to 4.3%).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-423": { "value": "
25.\u00a0 Interest Income
2025
2024
EUR ('000s)
EUR ('000s)
Deposits in central banks
46,266
67,906
Loans and advances to credit institutions
31,666
33,595
Loans and advances to customers
1,054
694
Other
156
746
Total
79,142
102,941
The average interest earned on deposits in the year ended 31 December 2025 ranged from 2.2% to 2.4% ( 31 December 2024:
3.7% to 4.3%).
26.\u00a0 Interest Expense
2025
2024
EUR ('000s)
EUR ('000s)
Deposits and loans from credit institutions
(1,324)
(921)
Total
(1,324)
(921)
30.\u00a0 Finance Costs
2025
2024
EUR ('000s)
EUR ('000s)
RCF finance expenses
(19,186)
(24,914)
Lease liabilities
(599)
(591)
Other
(94)
(2,025)
Total
(19,879)
(27,530)
The cost of the RCF is directly associated to the EURIBOR rates. As such, a sensitivity analysis has shown that for an increase/
decrease by 1% in the average EURIBOR rate on the RCF drawdowns utilised for the year ended 31 December 2025 would result
in an increase/decrease in costs of EUR (4,189) thousand (31 December 2024: EUR (4,791) thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-422": { "value": "
25.\u00a0 Interest Income
2025
2024
EUR ('000s)
EUR ('000s)
Deposits in central banks
46,266
67,906
Loans and advances to credit institutions
31,666
33,595
Loans and advances to customers
1,054
694
Other
156
746
Total
79,142
102,941
The average interest earned on deposits in the year ended 31 December 2025 ranged from 2.2% to 2.4% ( 31 December 2024:
3.7% to 4.3%).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-421": { "value": "
25.\u00a0 Interest Income
2025
2024
EUR ('000s)
EUR ('000s)
Deposits in central banks
46,266
67,906
Loans and advances to credit institutions
31,666
33,595
Loans and advances to customers
1,054
694
Other
156
746
Total
79,142
102,941
The average interest earned on deposits in the year ended 31 December 2025 ranged from 2.2% to 2.4% ( 31 December 2024:
3.7% to 4.3%).
26.\u00a0 Interest Expense
2025
2024
EUR ('000s)
EUR ('000s)
Deposits and loans from credit institutions
(1,324)
(921)
Total
(1,324)
(921)
30.\u00a0 Finance Costs
2025
2024
EUR ('000s)
EUR ('000s)
RCF finance expenses
(19,186)
(24,914)
Lease liabilities
(599)
(591)
Other
(94)
(2,025)
Total
(19,879)
(27,530)
The cost of the RCF is directly associated to the EURIBOR rates. As such, a sensitivity analysis has shown that for an increase/
decrease by 1% in the average EURIBOR rate on the RCF drawdowns utilised for the year ended 31 December 2025 would result
in an increase/decrease in costs of EUR (4,189) thousand (31 December 2024: EUR (4,791) thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-420": { "value": "
25.\u00a0 Interest Income
2025
2024
EUR ('000s)
EUR ('000s)
Deposits in central banks
46,266
67,906
Loans and advances to credit institutions
31,666
33,595
Loans and advances to customers
1,054
694
Other
156
746
Total
79,142
102,941
The average interest earned on deposits in the year ended 31 December 2025 ranged from 2.2% to 2.4% ( 31 December 2024:
3.7% to 4.3%).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-425": { "value": "
26.\u00a0 Interest Expense
2025
2024
EUR ('000s)
EUR ('000s)
Deposits and loans from credit institutions
(1,324)
(921)
Total
(1,324)
(921)
30.\u00a0 Finance Costs
2025
2024
EUR ('000s)
EUR ('000s)
RCF finance expenses
(19,186)
(24,914)
Lease liabilities
(599)
(591)
Other
(94)
(2,025)
Total
(19,879)
(27,530)
The cost of the RCF is directly associated to the EURIBOR rates. As such, a sensitivity analysis has shown that for an increase/
decrease by 1% in the average EURIBOR rate on the RCF drawdowns utilised for the year ended 31 December 2025 would result
in an increase/decrease in costs of EUR (4,189) thousand (31 December 2024: EUR (4,791) thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-424": { "value": "
26.\u00a0 Interest Expense
2025
2024
EUR ('000s)
EUR ('000s)
Deposits and loans from credit institutions
(1,324)
(921)
Total
(1,324)
(921)
30.\u00a0 Finance Costs
2025
2024
EUR ('000s)
EUR ('000s)
RCF finance expenses
(19,186)
(24,914)
Lease liabilities
(599)
(591)
Other
(94)
(2,025)
Total
(19,879)
(27,530)
The cost of the RCF is directly associated to the EURIBOR rates. As such, a sensitivity analysis has shown that for an increase/
decrease by 1% in the average EURIBOR rate on the RCF drawdowns utilised for the year ended 31 December 2025 would result
in an increase/decrease in costs of EUR (4,189) thousand (31 December 2024: EUR (4,791) thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-426": { "value": "
27.\u00a0 Employee Compensation and Benefits
2025
2024
Average number of employees during the year:
Senior
41
46
Manager
383
303
Technical and general
726
696
Total
1,150
1,045
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-427": { "value": "
2025
2024
EUR ('000s)
EUR ('000s)
Employee compensation and benefits:
Wages and salaries
(107,786)
(109,920)
Social security costs
(18,241)
(18,634)
Expense for pension funds
(2,666)
(2,806)
Termination benefits
(15,767)
(2,771)
Employee share schemes
(6,823)
(8,926)
Training expenses
(290)
(318)
Other staff costs
(4,705)
(4,109)
Total
(156,278)
(147,484)
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-430": { "value": "
28.\u00a0 General and Administrative Expenses
2025
2024
EUR (\u2018000s)
EUR (\u2018000s)
Information technology
(34,301)
(30,619)
Sub-contracted administrative services
(17,905)
(25,639)
Technical reports
(15,353)
(11,094)
Contributions to taxes
(4,303)
(10,318)
Communications
(8,404)
(10,111)
Legal and professional
(7,223)
(4,930)
Rental and office costs
(3,428)
(3,255)
Marketing and publicity
(3,106)
(2,306)
Insurance
(3,049)
(3,353)
Other
(5,171)
(5,185)
Total
(102,243)
(104,504)
Sub-contracted administrative expenses during the year to 31 December 2025 of EUR (17,387) (31 December 2024: (25,639)
thousand) have decreased mainly due to the reclassification to Assets held for sale
Included within contributions to taxes of EUR (4,303) thousand (31 December 2024: EUR 10,111 thousand) are EUR nil thousand
for the year ended 31 December 2025 (31 December 2024 : EUR (7,237) thousand) relating to the Spanish Bank tax levy which
was introduced in 2023, which was not applicable during 2025.
Included in Technical reports of EUR (15,353) thousand for the year ended 31 December 2025 (31 December 2024: EUR (11,094)
thousand) are the fees for audit and other services of which the breakdown is included below:
2025
2024
EUR ('000s)
EUR ('000s)
Audit services: Company financial statements
\u2014
(468)
Audit services: Subsidiary financial statements
\u2014
(1,191)
Other assurance related services
\u2014
(532)
Other services
\u2014
\u2014
Total audit and related services
\u2014
(2,191)
In addition, within Technical reports are M&A related expenses included for both completed and ongoing activities as well as
data management provision services.
29.\u00a0 Other Income
2025
2024
EUR (\u2018000s)
EUR (\u2018000s)
Other income
49,560
11,882
Other expenses
(6,880)
(4,612)
Net income on financial assets and liabilities at FVTPL
5,376
16,657
Net exchange differences
(2,185)
(506)
Total
45,871
23,421
As was disclosed in the 2024 Annual Report, negotiations commenced regarding compensation for the breach of exclusivity
distribution agreements. A settlement was subsequently reached for EUR 35,000 thousand, which was fully collected as of 31
December 2025, and was included in Other Income.
Also included in the other income category is the income from capitalisation of internal staff costs of EU R 9,890 thousand (31
December 2024: EUR 10,475 thousand) in relation to intangible assets in accordance with banking regulations as well as the
proceeds related to operational incidents which were favourably resolved.
Other expenses relate mainly to expenses from operational incidents which were not resolved favourably and from contributions
to the Single Resolution Board, the Central Resolution Authority within the banking union.
Net income on financial assets and liabilities at fair value of EUR 1,169 thousand (31 December 2024: EUR 16,657 thousand)
relating to the reduction in the MainStreet Partners liability.
Net exchange differences of EUR (2,468) thousand (31 December 2024: EUR (506) thousand).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-429": { "value": "
28.\u00a0 General and Administrative Expenses
2025
2024
EUR (\u2018000s)
EUR (\u2018000s)
Information technology
(34,301)
(30,619)
Sub-contracted administrative services
(17,905)
(25,639)
Technical reports
(15,353)
(11,094)
Contributions to taxes
(4,303)
(10,318)
Communications
(8,404)
(10,111)
Legal and professional
(7,223)
(4,930)
Rental and office costs
(3,428)
(3,255)
Marketing and publicity
(3,106)
(2,306)
Insurance
(3,049)
(3,353)
Other
(5,171)
(5,185)
Total
(102,243)
(104,504)
Sub-contracted administrative expenses during the year to 31 December 2025 of EUR (17,387) (31 December 2024: (25,639)
thousand) have decreased mainly due to the reclassification to Assets held for sale
Included within contributions to taxes of EUR (4,303) thousand (31 December 2024: EUR 10,111 thousand) are EUR nil thousand
for the year ended 31 December 2025 (31 December 2024 : EUR (7,237) thousand) relating to the Spanish Bank tax levy which
was introduced in 2023, which was not applicable during 2025.
Included in Technical reports of EUR (15,353) thousand for the year ended 31 December 2025 (31 December 2024: EUR (11,094)
thousand) are the fees for audit and other services of which the breakdown is included below:
2025
2024
EUR ('000s)
EUR ('000s)
Audit services: Company financial statements
\u2014
(468)
Audit services: Subsidiary financial statements
\u2014
(1,191)
Other assurance related services
\u2014
(532)
Other services
\u2014
\u2014
Total audit and related services
\u2014
(2,191)
In addition, within Technical reports are M&A related expenses included for both completed and ongoing activities as well as
data management provision services.
29.\u00a0 Other Income
2025
2024
EUR (\u2018000s)
EUR (\u2018000s)
Other income
49,560
11,882
Other expenses
(6,880)
(4,612)
Net income on financial assets and liabilities at FVTPL
5,376
16,657
Net exchange differences
(2,185)
(506)
Total
45,871
23,421
As was disclosed in the 2024 Annual Report, negotiations commenced regarding compensation for the breach of exclusivity
distribution agreements. A settlement was subsequently reached for EUR 35,000 thousand, which was fully collected as of 31
December 2025, and was included in Other Income.
Also included in the other income category is the income from capitalisation of internal staff costs of EU R 9,890 thousand (31
December 2024: EUR 10,475 thousand) in relation to intangible assets in accordance with banking regulations as well as the
proceeds related to operational incidents which were favourably resolved.
Other expenses relate mainly to expenses from operational incidents which were not resolved favourably and from contributions
to the Single Resolution Board, the Central Resolution Authority within the banking union.
Net income on financial assets and liabilities at fair value of EUR 1,169 thousand (31 December 2024: EUR 16,657 thousand)
relating to the reduction in the MainStreet Partners liability.
Net exchange differences of EUR (2,468) thousand (31 December 2024: EUR (506) thousand).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-428": { "value": "
28.\u00a0 General and Administrative Expenses
2025
2024
EUR (\u2018000s)
EUR (\u2018000s)
Information technology
(34,301)
(30,619)
Sub-contracted administrative services
(17,905)
(25,639)
Technical reports
(15,353)
(11,094)
Contributions to taxes
(4,303)
(10,318)
Communications
(8,404)
(10,111)
Legal and professional
(7,223)
(4,930)
Rental and office costs
(3,428)
(3,255)
Marketing and publicity
(3,106)
(2,306)
Insurance
(3,049)
(3,353)
Other
(5,171)
(5,185)
Total
(102,243)
(104,504)
Sub-contracted administrative expenses during the year to 31 December 2025 of EUR (17,387) (31 December 2024: (25,639)
thousand) have decreased mainly due to the reclassification to Assets held for sale
Included within contributions to taxes of EUR (4,303) thousand (31 December 2024: EUR 10,111 thousand) are EUR nil thousand
for the year ended 31 December 2025 (31 December 2024 : EUR (7,237) thousand) relating to the Spanish Bank tax levy which
was introduced in 2023, which was not applicable during 2025.
Included in Technical reports of EUR (15,353) thousand for the year ended 31 December 2025 (31 December 2024: EUR (11,094)
thousand) are the fees for audit and other services of which the breakdown is included below:
2025
2024
EUR ('000s)
EUR ('000s)
Audit services: Company financial statements
\u2014
(468)
Audit services: Subsidiary financial statements
\u2014
(1,191)
Other assurance related services
\u2014
(532)
Other services
\u2014
\u2014
Total audit and related services
\u2014
(2,191)
In addition, within Technical reports are M&A related expenses included for both completed and ongoing activities as well as
data management provision services.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-431": { "value": "
Included in Technical reports of EUR (15,353) thousand for the year ended 31 December 2025 (31 December 2024: EUR (11,094)
thousand) are the fees for audit and other services of which the breakdown is included below:
2025
2024
EUR ('000s)
EUR ('000s)
Audit services: Company financial statements
\u2014
(468)
Audit services: Subsidiary financial statements
\u2014
(1,191)
Other assurance related services
\u2014
(532)
Other services
\u2014
\u2014
Total audit and related services
\u2014
(2,191)
In addition, within Technical reports are M&A related expenses included for both completed and ongoing activities as well as
data management provision services.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-433": { "value": "
29.\u00a0 Other Income
2025
2024
EUR (\u2018000s)
EUR (\u2018000s)
Other income
49,560
11,882
Other expenses
(6,880)
(4,612)
Net income on financial assets and liabilities at FVTPL
5,376
16,657
Net exchange differences
(2,185)
(506)
Total
45,871
23,421
As was disclosed in the 2024 Annual Report, negotiations commenced regarding compensation for the breach of exclusivity
distribution agreements. A settlement was subsequently reached for EUR 35,000 thousand, which was fully collected as of 31
December 2025, and was included in Other Income.
Also included in the other income category is the income from capitalisation of internal staff costs of EU R 9,890 thousand (31
December 2024: EUR 10,475 thousand) in relation to intangible assets in accordance with banking regulations as well as the
proceeds related to operational incidents which were favourably resolved.
Other expenses relate mainly to expenses from operational incidents which were not resolved favourably and from contributions
to the Single Resolution Board, the Central Resolution Authority within the banking union.
Net income on financial assets and liabilities at fair value of EUR 1,169 thousand (31 December 2024: EUR 16,657 thousand)
relating to the reduction in the MainStreet Partners liability.
Net exchange differences of EUR (2,468) thousand (31 December 2024: EUR (506) thousand).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-432": { "value": "
29.\u00a0 Other Income
2025
2024
EUR (\u2018000s)
EUR (\u2018000s)
Other income
49,560
11,882
Other expenses
(6,880)
(4,612)
Net income on financial assets and liabilities at FVTPL
5,376
16,657
Net exchange differences
(2,185)
(506)
Total
45,871
23,421
As was disclosed in the 2024 Annual Report, negotiations commenced regarding compensation for the breach of exclusivity
distribution agreements. A settlement was subsequently reached for EUR 35,000 thousand, which was fully collected as of 31
December 2025, and was included in Other Income.
Also included in the other income category is the income from capitalisation of internal staff costs of EU R 9,890 thousand (31
December 2024: EUR 10,475 thousand) in relation to intangible assets in accordance with banking regulations as well as the
proceeds related to operational incidents which were favourably resolved.
Other expenses relate mainly to expenses from operational incidents which were not resolved favourably and from contributions
to the Single Resolution Board, the Central Resolution Authority within the banking union.
Net income on financial assets and liabilities at fair value of EUR 1,169 thousand (31 December 2024: EUR 16,657 thousand)
relating to the reduction in the MainStreet Partners liability.
Net exchange differences of EUR (2,468) thousand (31 December 2024: EUR (506) thousand).", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-434": { "value": "
32.\u00a0 Earnings per Share
2025
2024
EUR ('000s)
EUR ('000s)
Profit / (loss) attributable to ordinary equity holders
2,345
(168,514)
31 Dec 2025
31 Dec 2024
Thousands
Thousands
Number of ordinary shares at year end including treasury shares
601,549
601,163
Weighted average number of ordinary shares per IAS 33
600,087
600,266
EPS (EUR)
0.0039
(0.2807)
Basic EPS is calculated by dividing the profit for the year attributable to the ordinary equity holders of the Company by the
weighted average number of ordinary shares outstanding during the year, excluding the Treasury Shares acquired by the
Company. The EPS as per the Statement of Comprehensive Income for the comparative period has been calculated
retroactively, incorporating the reduction in the number of ordinary shares in the previous year end in accordance with IAS 33.
As the Company has mainly ordinary shares issued with no dilutive potential, diluted EPS equates to basic EPS.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-435": { "value": "
Basic EPS is calculated by dividing the profit for the year attributable to the ordinary equity holders of the Company by the
weighted average number of ordinary shares outstanding during the year, excluding the Treasury Shares acquired by the
Company. The EPS as per the Statement of Comprehensive Income for the comparative period has been calculated
retroactively, incorporating the reduction in the number of ordinary shares in the previous year end in accordance with IAS 33.
As the Company has mainly ordinary shares issued with no dilutive potential, diluted EPS equates to basic EPS.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-438": { "value": "
33.\u00a0 Financial assets at fair value through profit and loss
The methodology used to calculate fair value for each class of financial assets and liabilities is as follows:
\u2022 Cash, cash balances at central banks and other demand deposits: relate to financial assets convertible into cash on demand
and, accordingly, their fair value was considered to coincide with their carrying amount.
\u2022 Trading derivatives (assets and liabilities): the fair value of the trading derivatives was obtained by discounting estimated
cash flows based on the forward curves of the respective underlying, quoted in the market.
\u2022 Financial assets measured at fair value through profit or loss: the amount relates to equity instruments not listed on
organised markets and for which no other valid references for the estimation of fair value were available, mainly undertakings
for collective investments. The fair value is based on NAV (\"Net Asset Value\") and depending on the type of fund it is
categorised in Level 2 (monetary and fixed income funds) and Level 3 for the remainder.
\u2022 Financial assets at amortised cost: the fair value of financial assets at amortised cost was obtained using the present value
model, which discounts future cash flows to the present, using interest rates based on directly or indirectly observable market
data to calculate the discount rate.
\u2022 Financial liabilities at amortised cost: these include short-term demand accounts at a fixed interest rate and the revolving
credit facility, classed as a long-term financial liability at a variable EURIBOR interest rate. It was considered that their fair
value coincided with their carrying amount since there were no significant differences.
To provide an indication about the reliability of the inputs used in determining fair value, the Group has classified its financial
instruments into the three levels prescribed under IFRS. An explanation of each level is as follows:
\u2022 Level 1: The fair value of financial instruments traded in active markets (such as publicly traded derivatives, and trading held
at fair value through profit or loss securities) is based on quoted market prices at the end of the reporting period. The quoted
market price used for financial assets held by the Group is the current bid price. These instruments are included in Level 1.
\u2022 Level 2: The fair value of financial instruments that are not traded in an active market (for example, over-the-counter
derivatives) is determined using valuation techniques in which all the significant inputs are based on directly or indirectly
observable market data. If all significant inputs are observable, the instrument is included in Level 2.
\u2022 Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3.
This is the case for unlisted equity securities.
The following table summarises the valuation of the Group's financial instruments by the fair value hierarchy as detailed above:
31 Dec 2025
Level 1
Level 2
Level 3
Total
EUR ('000s)
EUR ('000s)
EUR ('000s)
EUR ('000s)
Financial assets at FVTPL
\u2014
8,186
1,582
9,768
Derivative financial assets
\u2014
1,347
\u2014
1,347
Sub-total
\u2014
9,533
1,582
11,115
Derivative financial liabilities
\u2014
(764)
\u2014
(764)
Total
\u2014
8,769
1,582
10,351
31 Dec 2024
Level 1
Level 2
Level 3
Total
EUR ('000s)
EUR ('000s)
EUR ('000s)
EUR ('000s)
Financial assets at FVTPL
\u2014
9,626
1,582
11,208
Derivative financial assets
\u2014
927
\u2014
927
Sub-total
\u2014
10,553
1,582
12,135
Derivate financial liabilities
\u2014
(1,896)
\u2014
(1,896)
Total
\u2014
8,657
1,582
10,239
During the years ended 31 December 2025 and 31 December 2024, the Group did not transfer any financial instruments
between Levels 1, 2 or 3. The variation in the Level 3 balance as at 31 December 2024 is due to an increase in the equity
investments based on their net asset values. Financial assets at fair value through profit and loss are comprised mainly of UCIs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-437": { "value": "
33.\u00a0 Financial assets at fair value through profit and loss
The methodology used to calculate fair value for each class of financial assets and liabilities is as follows:
\u2022 Cash, cash balances at central banks and other demand deposits: relate to financial assets convertible into cash on demand
and, accordingly, their fair value was considered to coincide with their carrying amount.
\u2022 Trading derivatives (assets and liabilities): the fair value of the trading derivatives was obtained by discounting estimated
cash flows based on the forward curves of the respective underlying, quoted in the market.
\u2022 Financial assets measured at fair value through profit or loss: the amount relates to equity instruments not listed on
organised markets and for which no other valid references for the estimation of fair value were available, mainly undertakings
for collective investments. The fair value is based on NAV (\"Net Asset Value\") and depending on the type of fund it is
categorised in Level 2 (monetary and fixed income funds) and Level 3 for the remainder.
\u2022 Financial assets at amortised cost: the fair value of financial assets at amortised cost was obtained using the present value
model, which discounts future cash flows to the present, using interest rates based on directly or indirectly observable market
data to calculate the discount rate.
\u2022 Financial liabilities at amortised cost: these include short-term demand accounts at a fixed interest rate and the revolving
credit facility, classed as a long-term financial liability at a variable EURIBOR interest rate. It was considered that their fair
value coincided with their carrying amount since there were no significant differences.
To provide an indication about the reliability of the inputs used in determining fair value, the Group has classified its financial
instruments into the three levels prescribed under IFRS. An explanation of each level is as follows:
\u2022 Level 1: The fair value of financial instruments traded in active markets (such as publicly traded derivatives, and trading held
at fair value through profit or loss securities) is based on quoted market prices at the end of the reporting period. The quoted
market price used for financial assets held by the Group is the current bid price. These instruments are included in Level 1.
\u2022 Level 2: The fair value of financial instruments that are not traded in an active market (for example, over-the-counter
derivatives) is determined using valuation techniques in which all the significant inputs are based on directly or indirectly
observable market data. If all significant inputs are observable, the instrument is included in Level 2.
\u2022 Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3.
This is the case for unlisted equity securities.
The following table summarises the valuation of the Group's financial instruments by the fair value hierarchy as detailed above:
31 Dec 2025
Level 1
Level 2
Level 3
Total
EUR ('000s)
EUR ('000s)
EUR ('000s)
EUR ('000s)
Financial assets at FVTPL
\u2014
8,186
1,582
9,768
Derivative financial assets
\u2014
1,347
\u2014
1,347
Sub-total
\u2014
9,533
1,582
11,115
Derivative financial liabilities
\u2014
(764)
\u2014
(764)
Total
\u2014
8,769
1,582
10,351
31 Dec 2024
Level 1
Level 2
Level 3
Total
EUR ('000s)
EUR ('000s)
EUR ('000s)
EUR ('000s)
Financial assets at FVTPL
\u2014
9,626
1,582
11,208
Derivative financial assets
\u2014
927
\u2014
927
Sub-total
\u2014
10,553
1,582
12,135
Derivate financial liabilities
\u2014
(1,896)
\u2014
(1,896)
Total
\u2014
8,657
1,582
10,239
During the years ended 31 December 2025 and 31 December 2024, the Group did not transfer any financial instruments
between Levels 1, 2 or 3. The variation in the Level 3 balance as at 31 December 2024 is due to an increase in the equity
investments based on their net asset values. Financial assets at fair value through profit and loss are comprised mainly of UCIs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-436": { "value": "
33.\u00a0 Financial assets at fair value through profit and loss
The methodology used to calculate fair value for each class of financial assets and liabilities is as follows:
\u2022 Cash, cash balances at central banks and other demand deposits: relate to financial assets convertible into cash on demand
and, accordingly, their fair value was considered to coincide with their carrying amount.
\u2022 Trading derivatives (assets and liabilities): the fair value of the trading derivatives was obtained by discounting estimated
cash flows based on the forward curves of the respective underlying, quoted in the market.
\u2022 Financial assets measured at fair value through profit or loss: the amount relates to equity instruments not listed on
organised markets and for which no other valid references for the estimation of fair value were available, mainly undertakings
for collective investments. The fair value is based on NAV (\"Net Asset Value\") and depending on the type of fund it is
categorised in Level 2 (monetary and fixed income funds) and Level 3 for the remainder.
\u2022 Financial assets at amortised cost: the fair value of financial assets at amortised cost was obtained using the present value
model, which discounts future cash flows to the present, using interest rates based on directly or indirectly observable market
data to calculate the discount rate.
\u2022 Financial liabilities at amortised cost: these include short-term demand accounts at a fixed interest rate and the revolving
credit facility, classed as a long-term financial liability at a variable EURIBOR interest rate. It was considered that their fair
value coincided with their carrying amount since there were no significant differences.
To provide an indication about the reliability of the inputs used in determining fair value, the Group has classified its financial
instruments into the three levels prescribed under IFRS. An explanation of each level is as follows:
\u2022 Level 1: The fair value of financial instruments traded in active markets (such as publicly traded derivatives, and trading held
at fair value through profit or loss securities) is based on quoted market prices at the end of the reporting period. The quoted
market price used for financial assets held by the Group is the current bid price. These instruments are included in Level 1.
\u2022 Level 2: The fair value of financial instruments that are not traded in an active market (for example, over-the-counter
derivatives) is determined using valuation techniques in which all the significant inputs are based on directly or indirectly
observable market data. If all significant inputs are observable, the instrument is included in Level 2.
\u2022 Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3.
This is the case for unlisted equity securities.
The following table summarises the valuation of the Group's financial instruments by the fair value hierarchy as detailed above:
31 Dec 2025
Level 1
Level 2
Level 3
Total
EUR ('000s)
EUR ('000s)
EUR ('000s)
EUR ('000s)
Financial assets at FVTPL
\u2014
8,186
1,582
9,768
Derivative financial assets
\u2014
1,347
\u2014
1,347
Sub-total
\u2014
9,533
1,582
11,115
Derivative financial liabilities
\u2014
(764)
\u2014
(764)
Total
\u2014
8,769
1,582
10,351
31 Dec 2024
Level 1
Level 2
Level 3
Total
EUR ('000s)
EUR ('000s)
EUR ('000s)
EUR ('000s)
Financial assets at FVTPL
\u2014
9,626
1,582
11,208
Derivative financial assets
\u2014
927
\u2014
927
Sub-total
\u2014
10,553
1,582
12,135
Derivate financial liabilities
\u2014
(1,896)
\u2014
(1,896)
Total
\u2014
8,657
1,582
10,239
During the years ended 31 December 2025 and 31 December 2024, the Group did not transfer any financial instruments
between Levels 1, 2 or 3. The variation in the Level 3 balance as at 31 December 2024 is due to an increase in the equity
investments based on their net asset values. Financial assets at fair value through profit and loss are comprised mainly of UCIs", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-439": { "value": "Trading derivatives (assets and liabilities): the fair value of the trading derivatives was obtained by discounting estimated
cash flows based on the forward curves of the respective underlying, quoted in the market.
To provide an indication about the reliability of the inputs used in determining fair value, the Group has classified its financial
instruments into the three levels prescribed under IFRS. An explanation of each level is as follows:
\u2022 Level 1: The fair value of financial instruments traded in active markets (such as publicly traded derivatives, and trading held
at fair value through profit or loss securities) is based on quoted market prices at the end of the reporting period. The quoted
market price used for financial assets held by the Group is the current bid price. These instruments are included in Level 1.
\u2022 Level 2: The fair value of financial instruments that are not traded in an active market (for example, over-the-counter
derivatives) is determined using valuation techniques in which all the significant inputs are based on directly or indirectly
observable market data. If all significant inputs are observable, the instrument is included in Level 2.
\u2022 Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3.
This is the case for unlisted equity securities.
The following table summarises the valuation of the Group's financial instruments by the fair value hierarchy as detailed above:
31 Dec 2025
Level 1
Level 2
Level 3
Total
EUR ('000s)
EUR ('000s)
EUR ('000s)
EUR ('000s)
Financial assets at FVTPL
\u2014
8,186
1,582
9,768
Derivative financial assets
\u2014
1,347
\u2014
1,347
Sub-total
\u2014
9,533
1,582
11,115
Derivative financial liabilities
\u2014
(764)
\u2014
(764)
Total
\u2014
8,769
1,582
10,351
31 Dec 2024
Level 1
Level 2
Level 3
Total
EUR ('000s)
EUR ('000s)
EUR ('000s)
EUR ('000s)
Financial assets at FVTPL
\u2014
9,626
1,582
11,208
Derivative financial assets
\u2014
927
\u2014
927
Sub-total
\u2014
10,553
1,582
12,135
Derivate financial liabilities
\u2014
(1,896)
\u2014
(1,896)
Total
\u2014
8,657
1,582
10,239
During the years ended 31 December 2025 and 31 December 2024, the Group did not transfer any financial instruments
between Levels 1, 2 or 3. The variation in the Level 3 balance as at 31 December 2024 is due to an increase in the equity
investments based on their net asset values. Financial assets at fair value through profit and loss are comprised mainly of UCIs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-440": { "value": "
To provide an indication about the reliability of the inputs used in determining fair value, the Group has classified its financial
instruments into the three levels prescribed under IFRS. An explanation of each level is as follows:
\u2022 Level 1: The fair value of financial instruments traded in active markets (such as publicly traded derivatives, and trading held
at fair value through profit or loss securities) is based on quoted market prices at the end of the reporting period. The quoted
market price used for financial assets held by the Group is the current bid price. These instruments are included in Level 1.
\u2022 Level 2: The fair value of financial instruments that are not traded in an active market (for example, over-the-counter
derivatives) is determined using valuation techniques in which all the significant inputs are based on directly or indirectly
observable market data. If all significant inputs are observable, the instrument is included in Level 2.
\u2022 Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3.
This is the case for unlisted equity securities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-441": { "value": "
35.\u00a0 Related Party Transactions
Balances and transactions between the Company and other subsidiaries of the Allfunds Group, which are related parties, have
been eliminated on consolidation and are not disclosed in this Note. These can be located in Note 14 of the Company financial
statements.
Relationships
In addition to the public float, the shareholders of the Company are LHC3 Limited, BNP Paribas S.A. and BNP Paribas Asset
Management Holding S.A. (BNPP AM). The Company is 35.4% owned by LHC3 Limited as at 31 December 2025. The remaining
12.5% is owned between BNP Paribas SA and BNPP AM, and 0.1% by the Company in the form of Treasury shares, and and with
the remainder of free float of 52.0%.
Acquisition-related agreements
As described in the the audited annual consolidated financial statements for the year ended 31 December 2020, Allfunds Group
has entered into various cooperation and exclusivity agreements with its shareholders, BP2S and BNPP AM. As a result of the
agreements entered into, there are revenues, expenses, assets and liability balances generated between the Allfunds Group and
these parties. The shareholders BNP Paribas SA and BNPP AM are collectively referred to as \"BNP Paribas\" in the tables below:
As at
Assets
Liabilities
31 Dec 2025
31 Dec 2024
31 Dec 2025
31 Dec 2024
EUR (\u2018000s)
EUR (\u2018000s)
EUR (\u2018000s)
EUR (\u2018000s)
BNP Paribas\u00b9
418,434
370,943
81,301
59,503
1. Assets includes EUR nil\u00a0 thousand related to intangibles assets as at 31 December 2024 (31 December 2023: EUR 188,876 thousand).
12 months to
Commission / Other income
Commission / Other expenses
31 Dec 2025
31 Dec 2024
31 Dec 2025
31 Dec 2024
EUR (\u2018000s)
EUR (\u2018000s)
EUR (\u2018000s)
EUR (\u2018000s) restated
BNP Paribas
31,472
27,069
24,740
24,557
Management investment plan
Certain key individuals of the Allfunds Group, most notably current or former employees, have invested in the Management
Investment Plan of LHC Manco Limited. Together these individuals indirectly have interests as at 31 December 2025 of x.xxx%
of Allfunds Group plc. (31 December 2024: 0.284%).
Included within the x.xxx% are x.xxx% for Juan Alcaraz, the former Chief Executive Officer (CEO) (31 December 2024: 0.124%);\u00a0
x.xxx% for J.P. Rangaswami (Director) (31 December 2024: 0.001%) and x.xxx% for other key management, excluding the former
CEO (31 December 2024: 0.0.30%).
The individuals voluntarily bought into the shares at a fair market value. There are a number of conditions attached to the
ownership of these shares restricting the ability and price at which these shares can be disposed of.
As the shares have been issued and acquired at fair market value, there was no difference between the value received and the
value paid. Consequently, no expense has been accounted for in these financial statements.
Remuneration of key management personnel
The remuneration of the Allfunds Group\u2019s senior executives, who are key management personnel of the Allfunds Group, is set
out below:
12 months to
31 Dec 2025
31 Dec 2024
EUR (\u2018000s)
EUR (\u2018000s)
Non-executive directors
957
1,170
Senior management
Short-term employee benefits
\u2014
21,050
Long-term employee benefits
\u2014
\u2014
Post-employment benefits
\u2014
758
Termination benefits
\u2014
633
Total
\u2014
22,441
The Bank of Spain circular referred to above is applicable to Allfunds Bank and therefore to the CEO and the remaining identified
staff. This circular extends European CRD requirements generally applicable to large institutions to some small- and medium-
sized institutions, including Allfunds Bank. As a result, the remuneration of identified staff is now subject to the following rules: (i)
payment of 50% of each variable remuneration component (or 40% if the total amount exceeds EUR 1 million) shall be deferred
in equal tranches over at least four years following the vesting period; (ii) at least 60% of each deferred and non-deferred
instalment of variable remuneration shall be payable in instruments; and (iii) all the instruments delivered as payment of variable
remuneration shall be subject to a holding period of at least one year from the relevant delivery date. These rules are additional
to the remaining Spanish and EU banking regulations and the EBA Guidelines on Sound Remuneration Policies.
Included within short-term employee benefits are share based payment benefits which are settled by 50% cash and 50% shares.
In the year to 31 December 2025, senior executives actioned employee share schemes to the value of EUR xxxx thousand (31
December 2024: EUR 406 thousand).
There are 13 Directors of Allfunds Group plc as at 31 December 2025 (13 Directors as at 31 December 2024), and of these 13
Directors, 11 were also Directors of Allfunds Bank, S.A.U. (of the 13 Directors as at 31 December 2024, 11 were also Directors of
Allfunds Bank, S.A.U.).", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-442": { "value": "
Management investment plan
Certain key individuals of the Allfunds Group, most notably current or former employees, have invested in the Management
Investment Plan of LHC Manco Limited. Together these individuals indirectly have interests as at 31 December 2025 of x.xxx%
of Allfunds Group plc. (31 December 2024: 0.284%).
Included within the x.xxx% are x.xxx% for Juan Alcaraz, the former Chief Executive Officer (CEO) (31 December 2024: 0.124%);\u00a0
x.xxx% for J.P. Rangaswami (Director) (31 December 2024: 0.001%) and x.xxx% for other key management, excluding the former
CEO (31 December 2024: 0.0.30%).
The individuals voluntarily bought into the shares at a fair market value. There are a number of conditions attached to the
ownership of these shares restricting the ability and price at which these shares can be disposed of.
As the shares have been issued and acquired at fair market value, there was no difference between the value received and the
value paid. Consequently, no expense has been accounted for in these financial statements.
Remuneration of key management personnel
The remuneration of the Allfunds Group\u2019s senior executives, who are key management personnel of the Allfunds Group, is set
out below:
12 months to
31 Dec 2025
31 Dec 2024
EUR (\u2018000s)
EUR (\u2018000s)
Non-executive directors
957
1,170
Senior management
Short-term employee benefits
\u2014
21,050
Long-term employee benefits
\u2014
\u2014
Post-employment benefits
\u2014
758
Termination benefits
\u2014
633
Total
\u2014
22,441
The Bank of Spain circular referred to above is applicable to Allfunds Bank and therefore to the CEO and the remaining identified
staff. This circular extends European CRD requirements generally applicable to large institutions to some small- and medium-
sized institutions, including Allfunds Bank. As a result, the remuneration of identified staff is now subject to the following rules: (i)
payment of 50% of each variable remuneration component (or 40% if the total amount exceeds EUR 1 million) shall be deferred
in equal tranches over at least four years following the vesting period; (ii) at least 60% of each deferred and non-deferred
instalment of variable remuneration shall be payable in instruments; and (iii) all the instruments delivered as payment of variable
remuneration shall be subject to a holding period of at least one year from the relevant delivery date. These rules are additional
to the remaining Spanish and EU banking regulations and the EBA Guidelines on Sound Remuneration Policies.
Included within short-term employee benefits are share based payment benefits which are settled by 50% cash and 50% shares.
In the year to 31 December 2025, senior executives actioned employee share schemes to the value of EUR xxxx thousand (31
December 2024: EUR 406 thousand).
There are 13 Directors of Allfunds Group plc as at 31 December 2025 (13 Directors as at 31 December 2024), and of these 13
Directors, 11 were also Directors of Allfunds Bank, S.A.U. (of the 13 Directors as at 31 December 2024, 11 were also Directors of
Allfunds Bank, S.A.U.).", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-443": { "value": "
Commitments
As at 31 December 2025 the Group and its subsidiaries had the following commitments:
\u2022 Iccrea Banca LPA Business TSA (Transitional Services Agreements) with a cost of EUR xxx th ousand pending as at
31 December 2025 (31 December 2024: EUR 420 thousand); and
\u2022 PAM sub distribution agreement with a pending amount of EUR 400 thousand as at 31 December 2025 (31 December 2024:
EUR 500 thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-444": { "value": "
38.\u00a0 Subsequent Events
Apart from the items referred to in the Notes to these consolidated financial statements, there were no other significant
subsequent events that have occurred since 31 December 2025 up to the date of issuance of these consolidated financial
statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-446": { "value": "
39.\u00a0 Subsidiaries
Name of the entity and its registered address
Place of business/
country of
incorporation
Ownership
Direct /
Indirect
Subsidiary
Share type
Principal activities
Liberty Partners, S.L.U.
Calle de los Padres Dominicos 28050, Madrid, Spain
Spain
100%
Direct
Ordinary
shares
Asset ownership holding
Allfunds Bank, S.A.U.
Calle de los Padres Dominicos 28050, Madrid, Spain
Spain
100%
Indirect
Ordinary
shares
Banking and investment
services
Allfunds Nominee Limited
2 Fitzroy Place, 8 Mortimer Street, London
W1T 3JJ, United Kingdom
United Kingdom
100%
Indirect
Ordinary
shares
Asset ownership holding
Allfunds Bank Brazil Representacoes Ltda.
Rua Tabapu\u00e2, 1227, Itaim Bibi, S\u00e2o Paulo, Brazil
Brazil
100%
Indirect
Ordinary
shares
Representation services
Allfunds Digital, S.L.U.\u00b2
Calle Xativa, 21, 46002, Valencia, Spain
Spain
100%
Indirect
Ordinary
shares
Software engineering
Allfunds Blockchain, S.L.U.
C/ de los Padres Dominicos 28050, Madrid, Spain
Spain
100%
Indirect
Ordinary
shares
Software engineering
activities and technology
development
Allfunds Hong Kong Limited
Suite 3612-13 36F, Two International Finance Centre,\u00a0
8 Finance Street, Central, Hong Kong
Hong Kong
100%
Indirect
Ordinary
shares
Investment Services
Allfunds Data Analytics Limited\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2 Fitzroy Place, 8 Mortimer Street, London,\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
W1T 3JJ, United Kingdom
United Kingdom
100%
Indirect
Ordinary
shares
Software engineering
and data solutions
provider
Allfunds Tech Solutions France\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
75 Boulevard Haussman, 75008, Paris, France
France
100%
Indirect
Ordinary
shares
Software engineering
Allfunds Tech Solutions Germany GmbH
c/o Mazars GmbH, 1 Theodor Stern Kai, 60596,\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Frankfurt am Main, Germany
Sweden
100%
Indirect
Ordinary
shares
Software engineering
Allfunds Tech Solutions Sweden\u00a0 AB
c/o Mazars, PO Box 1317, 11183 Stockholm, Sweden
Sweden
100%
Indirect
Ordinary
shares
Software engineering
Allfunds Tech Solutions Switzerland AG
15 Joahnn Aberli Strasse, 2503, Biel, Swizerland
Switzerland
100%
Indirect
Ordinary
shares
Software engineering
Allfunds Tech Solutions UK Limited
2 Fitzroy Place, 8 Mortimer Street, London
W1T 3JJ, United Kingdom
United Kingdom
100%
Indirect
Ordinary
shares
Software engineering
Allfunds Investment Solutions Limited,\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
30 Boulevard Royal, L-2249, Luxembourg
Luxembourg
100%
Indirect
Ordinary
shares
Investment services
Allfunds Information & Technology Services\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
(Shanghai) Co. Ltd, Pudong New District, Shanghai, China
China
100%
Indirect
Ordinary
shares
Software engineering
Allfunds (Middle East) Limited\u00b9\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
The Gate Building, 4th Floor, West Wing, Unit 401, DIFC,
Dubai, PO Box 506601, United Arab Emirates
UAE
100%
Indirect
Ordinary
shares
Investment services
MainStreet Capital Partners Limited\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
51 Holland Street, London, W8 7JB, United Kingdom
United Kingdom
75%
Indirect
Ordinary
shares
ESG consulting services
MainStreet Analytics Limited\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
51 Holland Street, London, W8 7JB, United Kingdom
United Kingdom
75%
Indirect
Ordinary
shares
ESG consulting services
Allfunds Digital Solutions, S.L.U.\u00b2
Calle Xativa, 21, 46002, Valencia, Spain
Spain
100%
Indirect
Ordinary
shares
Software engineering
1. Created during 2024.
2. Created during 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-445": { "value": "
39.\u00a0 Subsidiaries
Name of the entity and its registered address
Place of business/
country of
incorporation
Ownership
Direct /
Indirect
Subsidiary
Share type
Principal activities
Liberty Partners, S.L.U.
Calle de los Padres Dominicos 28050, Madrid, Spain
Spain
100%
Direct
Ordinary
shares
Asset ownership holding
Allfunds Bank, S.A.U.
Calle de los Padres Dominicos 28050, Madrid, Spain
Spain
100%
Indirect
Ordinary
shares
Banking and investment
services
Allfunds Nominee Limited
2 Fitzroy Place, 8 Mortimer Street, London
W1T 3JJ, United Kingdom
United Kingdom
100%
Indirect
Ordinary
shares
Asset ownership holding
Allfunds Bank Brazil Representacoes Ltda.
Rua Tabapu\u00e2, 1227, Itaim Bibi, S\u00e2o Paulo, Brazil
Brazil
100%
Indirect
Ordinary
shares
Representation services
Allfunds Digital, S.L.U.\u00b2
Calle Xativa, 21, 46002, Valencia, Spain
Spain
100%
Indirect
Ordinary
shares
Software engineering
Allfunds Blockchain, S.L.U.
C/ de los Padres Dominicos 28050, Madrid, Spain
Spain
100%
Indirect
Ordinary
shares
Software engineering
activities and technology
development
Allfunds Hong Kong Limited
Suite 3612-13 36F, Two International Finance Centre,\u00a0
8 Finance Street, Central, Hong Kong
Hong Kong
100%
Indirect
Ordinary
shares
Investment Services
Allfunds Data Analytics Limited\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2 Fitzroy Place, 8 Mortimer Street, London,\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
W1T 3JJ, United Kingdom
United Kingdom
100%
Indirect
Ordinary
shares
Software engineering
and data solutions
provider
Allfunds Tech Solutions France\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
75 Boulevard Haussman, 75008, Paris, France
France
100%
Indirect
Ordinary
shares
Software engineering
Allfunds Tech Solutions Germany GmbH
c/o Mazars GmbH, 1 Theodor Stern Kai, 60596,\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Frankfurt am Main, Germany
Sweden
100%
Indirect
Ordinary
shares
Software engineering
Allfunds Tech Solutions Sweden\u00a0 AB
c/o Mazars, PO Box 1317, 11183 Stockholm, Sweden
Sweden
100%
Indirect
Ordinary
shares
Software engineering
Allfunds Tech Solutions Switzerland AG
15 Joahnn Aberli Strasse, 2503, Biel, Swizerland
Switzerland
100%
Indirect
Ordinary
shares
Software engineering
Allfunds Tech Solutions UK Limited
2 Fitzroy Place, 8 Mortimer Street, London
W1T 3JJ, United Kingdom
United Kingdom
100%
Indirect
Ordinary
shares
Software engineering
Allfunds Investment Solutions Limited,\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
30 Boulevard Royal, L-2249, Luxembourg
Luxembourg
100%
Indirect
Ordinary
shares
Investment services
Allfunds Information & Technology Services\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
(Shanghai) Co. Ltd, Pudong New District, Shanghai, China
China
100%
Indirect
Ordinary
shares
Software engineering
Allfunds (Middle East) Limited\u00b9\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
The Gate Building, 4th Floor, West Wing, Unit 401, DIFC,
Dubai, PO Box 506601, United Arab Emirates
UAE
100%
Indirect
Ordinary
shares
Investment services
MainStreet Capital Partners Limited\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
51 Holland Street, London, W8 7JB, United Kingdom
United Kingdom
75%
Indirect
Ordinary
shares
ESG consulting services
MainStreet Analytics Limited\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
51 Holland Street, London, W8 7JB, United Kingdom
United Kingdom
75%
Indirect
Ordinary
shares
ESG consulting services
Allfunds Digital Solutions, S.L.U.\u00b2
Calle Xativa, 21, 46002, Valencia, Spain
Spain
100%
Indirect
Ordinary
shares
Software engineering
1. Created during 2024.
2. Created during 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }