Company Overview - AlTi Global, Inc. (ALTI) is currently experiencing significant activity in the options market, particularly with the Sep 19, 2025 $2.50 Put option showing high implied volatility, indicating potential for a major price movement [1] - The company holds a Zacks Rank of 5 (Strong Sell) within the Financial - Miscellaneous Services industry, which is positioned in the top 20% of the Zacks Industry Rank [3] Analyst Sentiment - Over the past 60 days, no analysts have raised their earnings estimates for AlTi Global for the current quarter, while one analyst has lowered the estimate, resulting in a decrease in the Zacks Consensus Estimate from earnings of 4 cents per share to 3 cents [3] Options Market Insights - The high implied volatility surrounding AlTi Global shares suggests that options traders are anticipating a significant price movement, which could be indicative of an upcoming event that may lead to either a rally or a sell-off [2][4] - Seasoned options traders often seek out options with high implied volatility to sell premium, aiming to benefit from the decay of the option's value if the underlying stock does not move as much as expected by expiration [4]

Financial Data and Key Metrics Changes - In Q2 2025, AlTi generated consolidated revenues of $53 million, reflecting a 7% year-over-year increase [12] - Revenue in the core Wealth Management and Capital Solutions segment rose 8% to $52 million year-over-year, driven by an increase in AUM and strong market performance [12][25] - Adjusted EBITDA was $4 million on a consolidated basis and $14 million in the core segment, with a reported net loss of $30 million for the quarter [13][28] Business Line Data and Key Metrics Changes - The core Wealth Management and Capital Solutions segment saw a 14% increase in AUM, contributing to the revenue growth [25] - 99% of total revenue came from recurring management fees, highlighting the durability of the business model [13][25] - Operating expenses totaled $83 million, up from $64 million in the same period last year, primarily due to one-time professional fees related to transformation initiatives [26] Market Data and Key Metrics Changes - The international wealth business, including the recent acquisition of Kontoora, is showing strong momentum with new clients signed with over $500 million in projected billable assets [18] - In the U.S., new and expanded mandates totaled nearly $430 million in projected billable assets through June [19] - The Middle East is identified as a compelling opportunity, undergoing a generational wealth transition with a growing preference for independent advice [18] Company Strategy and Development Direction - AlTi aims to be the leading global wealth management and OCIO platform for the ultra-high-net-worth community, focusing on recurring revenue businesses [6][11] - The exit from the international real estate business marks a strategic shift to simplify operations and reallocate resources towards scalable growth areas [11][14] - The implementation of zero-based budgeting is expected to deliver approximately $20 million in recurring annual gross savings, enhancing operational efficiency [15][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business's ability to generate sustainable value, emphasizing the strength of the recurring revenue model and operational discipline [31] - The second half of 2025 is expected to progressively reflect the strength of the recurring revenue business and operational leverage from a leaner cost structure [20][30] - Management acknowledged timing mismatches in costs and benefits but remains optimistic about the positive trends emerging from recent initiatives [22][30] Other Important Information - AlTi's client retention rate stands at 96%, supported by senior advisors with over 20 years of industry experience [8] - The company has a strong cash position of $42 million and is effectively debt-free, providing a solid foundation for growth [29] Q&A Session Summary Question: Will the exit of the real estate business improve EBITDA? - Management confirmed that the exit should lead to much lower expenses and higher EBITDA going forward, estimating a significant positive impact [34][35] Question: Are the net flows margin accretive? - Management indicated that international inflows have a higher ROA compared to exiting flows, resulting in a positive net effect [36] Question: What is the outlook for the Kontoor acquisition? - The Kontoor business is expected to drive organic growth and focus on converting existing clients to discretionary mandates, which aligns with AlTi's overall strategy [39][40] Question: What are the opportunities for recruiting teams from banks? - Management noted that recruiting depends on cultural fit and the desire for a holistic service model, indicating a positive outlook for attracting talent [41][42]

Company Overview - AlTi Global manages or advises on approximately $97 billion in combined assets[4] - The company boasts a client retention rate of 96% since 2021[11] - Approximately 59% of Wealth Management AUM/AUA is from the U S, while 41% is from non-U S sources[11] Financial Performance (Q2 2025) - Total revenue reached $53 million, a 7% increase compared to Q2 2024's $49 5 million[71] - Wealth Management and Capital Solutions (WM & CS) revenue was $52 million, with management fees at $49 million, up 8% and 6% year-over-year, respectively[70] - AUM/AUA increased by 35% year-over-year to $97 2 billion[71] Strategic Initiatives - AlTi Global finalized an expense optimization plan using Zero-Based-Budgeting (ZBB), expecting $20 million in annual gross savings over the next two years[70] - The company completed the acquisition of Kontora, a Hamburg-based MFO with $16 billion in AUA/AUM, on April 30, 2025[70] - Strategic investments from Allianz X and CWC provide up to $450 million to fuel AlTi's M&A pipeline and accelerate international expansion[15]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission file number 001-40103 AlTi Global, Inc. (Exact name of registrant as specified in its charter) (State or ot ...

Group 1 - ALTI Global Inc (ALTI) is a financial company providing merchant banking, corporate advisory, brokerage, and placement agency services. The Zacks Consensus Estimate for its current year earnings has been revised 81.4% downward over the last 60 days [1] - J & J Snack Foods (JJSF) is a manufacturer, marketer, and distributor of branded niche snack foods and frozen beverages for the food service and retail supermarket industries. The Zacks Consensus Estimate for its current year earnings has been revised 15.6% downward over the last 60 days [2] - Guess (GES) designs, markets, distributes, and licenses casual apparel and accessories for men, women, and children, reflecting American lifestyle and European fashion sensibilities. The Zacks Consensus Estimate for its current year earnings has been revised almost 12.5% downward over the last 60 days [3]

Group 1: Earnings Performance - AlTi Global, Inc. reported quarterly earnings of $0.05 per share, exceeding the Zacks Consensus Estimate of a loss of $0.02 per share, representing an earnings surprise of 350% [1] - The company posted revenues of $57.96 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 7.54%, compared to year-ago revenues of $50.81 million [2] - Over the last four quarters, AlTi Global has surpassed consensus EPS estimates three times [2] Group 2: Stock Performance and Outlook - AlTi Global shares have declined approximately 22% since the beginning of the year, while the S&P 500 has decreased by 3.8% [3] - The company's future stock performance will largely depend on management's commentary during the earnings call and the earnings outlook [3][4] - The current consensus EPS estimate for the upcoming quarter is breakeven on $55.2 million in revenues, and $0.08 on $253.3 million in revenues for the current fiscal year [7] Group 3: Industry Context - The Financial - Miscellaneous Services industry, to which AlTi Global belongs, is currently ranked in the top 39% of over 250 Zacks industries, indicating a favorable industry outlook [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact AlTi Global's stock performance [5][6]

Financial Data and Key Metrics Changes - The company generated $58 million in consolidated revenue for Q1 2025, representing a 14% year-over-year increase [8][25] - Adjusted EBITDA for the quarter was $9 million, up from $7 million in the same period last year, reflecting a 38% increase [8][26] - The company reported a net loss of $3 million on a GAAP basis, while adjusted net income was $3 million [26] Business Line Data and Key Metrics Changes - Revenue in the core Wealth Management and Capital Solutions segment rose 23% year-over-year, driven by a 10% increase in assets under management and advisement [8][25] - The Wealth and Capital Solutions segment generated $57 million in revenue, contributing significantly to overall growth [25] - Adjusted EBITDA for the Wealth and Capital Solutions segment was $19 million, reflecting a 34% margin [27] Market Data and Key Metrics Changes - The company closed the acquisition of Kontoora, marking its entry into Germany, the world's third-largest ultra-high-net-worth market [6][11] - Total assets in the Wealth and Capital Solutions segments reached approximately $82 billion, including around $32 billion managed through the international platform [12] Company Strategy and Development Direction - The company aims to become the leading independent global multifamily office and OCIO platform, focusing on strategic acquisitions and organic growth [6][18] - A zero-based budgeting approach is being implemented to align costs with strategic priorities and enhance operational efficiency [7][20] - The company is exiting non-core businesses to streamline operations and focus on high-conviction opportunities [7][22] Management's Comments on Operating Environment and Future Outlook - Management noted that despite market volatility, portfolios remained resilient due to broad diversification across asset classes [17][18] - The company is optimistic about growth opportunities in Germany and the strong organic pipeline in the U.S. [39][40] - Management emphasized the importance of aligning investments with clients' values, highlighted by the launch of the Alti Global Social Progress Index [19][20] Other Important Information - The company ended the quarter with $52 million in cash and no debt, evaluating financing alternatives for future growth [29][30] - The company is advancing its marketing strategy with a focus on segmentation to better resonate with client needs [15][16] Q&A Session Summary Question: Can you discuss the zero-based budgeting efforts and provide a timeline for expected reductions? - Management indicated that the zero-based budgeting process is a line-by-line review across all segments, with implementation already underway [34][35] - More detailed quantification of cost savings is expected to be provided in August [36] Question: What are the expectations for growth in Germany and the M&A pipeline? - Management expressed optimism about the German market, highlighting the successful acquisition of Kontoora and ongoing client engagements [38][39] - The M&A pipeline includes both individual team lift-outs and organizations in various markets, with a strong organic growth pipeline as well [40] Question: Can you provide details on the real estate business and its near-term direction? - The company is divesting from its international real estate segment, focusing on core wealth management operations, with a definitive plan expected by the next call in August [44] Question: How is the company navigating market volatility and its impact on AUM? - Management remains relatively sanguine about market volatility, emphasizing a balanced asset approach and the ability to adapt to changing conditions [46][47]

Financial Data and Key Metrics Changes - AlTi generated $58 million in consolidated revenue for Q1 2025, representing a 14% year-over-year increase [8][23] - Adjusted EBITDA for the quarter was $9 million, up from $7 million in the same period last year, reflecting a 38% increase [8][25] - The company reported a net loss of $3 million on a GAAP basis, while adjusted net income was $3 million [25] Business Line Data and Key Metrics Changes - Revenue in the core Wealth Management and Capital Solutions segment rose 23% year-over-year, driven by a 10% increase in assets under management and advisement [8][23] - The Wealth and Capital Solutions segment generated $57 million in revenue, contributing significantly to overall growth [23][24] - Adjusted EBITDA for the Wealth and Capital Solutions segment was $19 million, reflecting a 34% margin [26] Market Data and Key Metrics Changes - The acquisition of Kontoora marks AlTi's entry into Germany, the world's third-largest ultra-high-net-worth market, with total assets in the Wealth and Capital Solutions segments reaching approximately $82 billion [11][12] - The company secured approximately $240 million in commitments from international wealth clients through its new private credit program [10] Company Strategy and Development Direction - AlTi aims to become the leading independent global multifamily office and OCIO platform, focusing on strategic acquisitions and organic growth [6][30] - The company is advancing a resource optimization program through a zero-based budgeting approach to align costs with strategic priorities [7][19] - AlTi is exiting non-core businesses to streamline operations and focus on high-conviction opportunities [7][21] Management's Comments on Operating Environment and Future Outlook - Management noted that despite significant market volatility, portfolios remained resilient due to broad diversification across asset classes [16] - The company is focused on maintaining stable allocations and using market volatility to deploy capital as attractive opportunities arise [17] - Management expressed confidence in the long-term growth potential driven by strategic partnerships and a strong organic growth pipeline [22][39] Other Important Information - The company has launched the 2025 Alti Global Social Progress Index to help clients align investments with social impact [18] - AlTi ended the quarter with $52 million in cash and no debt, evaluating financing alternatives for future growth [28][29] Q&A Session Summary Question: Can you discuss the zero-based budgeting efforts and provide a timeline for expected reductions? - Management indicated that the zero-based budgeting process is a line-by-line review across all segments, with implementation already underway and more details to be provided later in the year [33][35] Question: What are the expectations for growth in Germany and the M&A pipeline? - Management highlighted the importance of the German market and the successful integration of Kontoora, noting a strong pipeline for both organic growth and potential acquisitions [36][38] Question: What is the status of the real estate business? - Management confirmed that they are divesting from non-core real estate operations and expect to provide a definitive plan by the next call [42][43] Question: How is the company navigating market volatility and its impact on AUM? - Management expressed a relatively calm outlook, emphasizing a focus on high-quality risk assets and the ability to adapt to changing market conditions [44][46]

First Quarter 2025 Earnings | May 12, 2025 AlTi Global 1 Notes and Important Disclosures This Presentation (together with oral statements made in connection herewith, the "Presentation") is for informational purposes only to assist interested parties in evaluating AlTi Global, Inc. (along with its consolidated subsidiaries, "AlTi Global" or the "Company"). About AlTi Global AlTi Global is a leading independent global wealth manager providing entrepreneurs, multi-generational families, institutions, and emer ...

Financial Performance - Total income for the three months ended March 31, 2025, was $57,963 thousand, an increase of 14% compared to $50,812 thousand for the same period in 2024[20] - Net income attributable to AlTi Global, Inc. for the three months ended March 31, 2025, was $1,910 thousand, a decrease of 93.6% from $29,689 thousand in the same period of 2024[20] - The company reported a net loss of $2,882 thousand for the three months ended March 31, 2025, compared to a net income of $22,085 thousand for the same period in 2024[23] - The company reported a total comprehensive income of $343 thousand for the three months ended March 31, 2025, compared to $18,008 thousand for the same period in 2024[23] - For the three months ended March 31, 2025, the net income was a loss of $2.882 million compared to a net income of $22.085 million for the same period in 2024[28] - The Company recorded total revenue of $57,444,000 and net income of $30,124,000 for the three months ended March 31, 2024[187] - For the three months ended March 31, 2025, total income increased to $57,963,000 compared to $50,812,000 for the same period in 2024, reflecting a growth of approximately 4.5%[193] Operating Expenses - Total operating expenses increased to $71,452 thousand for the three months ended March 31, 2025, up from $65,480 thousand in the same period of 2024, marking an increase of approximately 9.0%[20] - The Company recognized equity-based compensation expenses totaling $7,435,000 for the three months ended March 31, 2025, compared to $6,314,000 for the same period in 2024[200] - The Company has an unrecognized equity-based compensation expense of $23.1 million expected to be recognized over a weighted average period of 2.09 years[197] Cash and Assets - Total assets decreased from $1,255,833 thousand as of December 31, 2024, to $1,212,807 thousand as of March 31, 2025, representing a decline of approximately 3.4%[18] - Cash and cash equivalents decreased from $65,494 thousand as of December 31, 2024, to $52,841 thousand as of March 31, 2025, a decline of approximately 19.4%[18] - The cash and cash equivalents at the end of the period on March 31, 2025, were $52.841 million, down from $137.627 million at the end of March 31, 2024[30] - As of March 31, 2025, restricted cash and cash equivalents amounted to $6.9 million, down from $9.9 million as of December 31, 2024, reflecting liquidity requirements for regulatory compliance[102] Liabilities - Total liabilities decreased from $285,638 thousand as of December 31, 2024, to $240,105 thousand as of March 31, 2025, a reduction of approximately 16.0%[18] - The Company’s debt obligations are recorded at amortized cost, net of any debt issuance costs, and are amortized to interest expense over the life of the related debt instrument[128] Investments and Acquisitions - The company experienced a loss on investments of $6,195 thousand for the three months ended March 31, 2025, compared to a loss of $3,661 thousand in the same period of 2024[20] - The Company acquired East End Advisors, LLC for a total purchase consideration of $93.1 million, which includes contingent consideration of $23.3 million based on future EBITDA performance targets[156] - The fair value of the assets acquired from East End Advisors includes intangible assets valued at $62.7 million and goodwill of $30.1 million[160] - The Company acquired the remaining 50% of Pointwise Partners Limited for a total purchase consideration of $8.0 million, which includes cash and equity considerations[167] - The fair value of the assets acquired from Pointwise Partners includes intangible assets valued at $9.7 million and goodwill of $6.7 million[171] - The Company purchased substantially all assets of Envoi, LLC for a total purchase consideration of $34.3 million, including cash consideration of $25.3 million and estimated contingent consideration of $9.0 million[179] - The fair value of the assets acquired from Envoi includes intangible assets valued at $23.3 million and goodwill of $10.8 million[180] Stock and Equity - The weighted average shares of Class A common stock outstanding increased from 66,718,427 in March 31, 2024, to 94,883,803 in March 31, 2025[20] - The Company’s Class A Common Stock outstanding increased from 93,686,980 shares as of December 31, 2024, to 97,128,692 shares as of March 31, 2025[48] - AlTi Global's Class A Common Stock represents 63.2% of the total voting power of all shares of Common Stock as of March 31, 2025[36] Strategic Developments - The Company has combined the results of its Real Estate Businesses into a standalone operating segment, indicating a strategic shift away from these businesses[50] - The Company’s strategic review of the Real Estate Businesses is ongoing, with several options under consideration pending regulatory approval[50] - The Company expects the impact of newly issued accounting guidance to be minimal on its condensed consolidated financial statements[150][151][152] Regulatory and Compliance - The Company accounts for income taxes under the asset and liability method, establishing valuation allowances for deferred tax assets when realization is deemed less than 50% likely[109] - The effective tax rate and provision require significant estimates and may vary materially throughout the year due to changes in operating income and tax laws[215]