AlTi Global, Inc. Q4 FY2025 earnings call

• ALTI entered the public markets in early 2023 with the ambition to build a premier global wealth management platform for the ultra - high net worth segment. Since listing, AUM and the wealth platform have grown by 70%, with client retention rates above 95%. - Michael Tiedemann will step down as CEO, and Nancy Curtin will become interim CEO. The company has a world - class team serving sophisticated clients. - Focused on core wealth and institutional management business, exited non - core international real estate business in 2025. Adopted zero - based budgeting, identifying approximately $20 million of recurring annual gross savings. Investments in alternative strategies strengthened capital and liquidity position. - Strategic review committee formed to evaluate strategic options to maximize long - term value for shareholders.

In 2025, ALTI generated total revenues of $255 million, representing a 29% growth compared to 2024. The total revenues benefited from contributions from alternative interests while the core revenue base was anchored in nearly $200 million of predictable recurring management fees. The institutional investment management (ENF) business had assets under management of over $8 billion at year - end 2025. Management fees totaled nearly $200 million in the year, up 9% year - over - year, and $53 million in the fourth quarter, up 14% compared to the same period in 2024. Adjusted EBITDA increased 45% to approximately $35 million for the full year, and was $11 million for the quarter, nearly doubling sequentially.

• 2026 is expected to mark a turning point for the business. As initiatives take hold, normalized results should become increasingly evident. - Benefits from optimizing office occupancy and completing the wind - down of legacy technology and vendor contracts. As revenues grow and the platform scales, the impact of zero - based budgeting and platform efficiency will become clearer, positioning the business for sustained growth and increased profitability.

• Forward - looking statements involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed. - Refer to ALTI's filings with the Securities and Exchange Commission, including most recent annual report on Form 10 - K and subsequent quarterly reports on Form 10 - Q for discussion of risks and uncertainties. ALTI assumes no obligation to update forward - looking statements.

Q: Could you provide a little bit more color on the decision to transition CEOs and just talk about what the search process looks like from here?

A: It was a thoughtful discussion between the board and management. The right time was decided to appoint a new leader for ALTI's next chapter in growth. Continuity of strategy remains, with Kevin commenting on the cohesive management team continuing to execute the go - forward strategy.

Q: Maybe give us a little bit more color on the merger arbitrage performance in the quarter?

A: The merger arbitrage strategy had a strong year in 2025. M&A activity is broadly picking up, which represents an opportunity for the arbitrage strategy, though 2026 performance is unknown.

Q: Can you just give us a quick reminder of where you stand with capital and potential to grow, acquire new advisors or new platforms?

A: Organic growth is the priority. On organic side, no immediate need for funding, but capital is readily available if inorganic opportunities arise.

Q: Could you give us a little bit more detail on ZBB, where you stand with that, what's to come, what else you're doing there?

A: Zero - based budgeting is a budgeting approach. Identified $20 million of recurring annual gross savings, with most expected to be realized by year - end 2026. Continued cost reductions around technology and occupancy in 2026 as contracts are not renewed.