AlTi Global — Third Quarter 2026 Earnings Summary

Financial Performance:

• Consolidated revenue was $58 million for the quarter, a 1% increase year-over-year.
• Management and advisory fees were $55 million, up 7% year-over-year.
• Total operating expenses were $64 million, a 25% decrease year-over-year and 7% decrease sequentially, driven by reductions in compensation, non-compensation expenses, and a 37% drop in professional fees.
• GAAP operating loss was $6 million, a 79% improvement year-over-year.
• Net loss from continuing operations was $11.4 million, an 87% improvement year-over-year.
• Adjusted EBITDA was $6 million, a 1% increase year-over-year, with an Adjusted EBITDA margin of 10.8%.
• On a normalized basis, excluding non-recurring and non-cash items, operating expenses were $52 million.
• Other expense was less than $5 million, primarily due to an unrealized loss on an external manager investment stake, compared to $28 million in the prior-year period.
• Cash and cash equivalents were $34.96 million as of September 30, 2026.
• Debt, net of unamortized deferred financing costs, was $10.9 million as of September 30, 2026.
• Total assets were $1.10 billion as of September 30, 2026.

Guidance and Future Outlook:

• Management is prioritizing accelerating organic revenue growth and evaluating selective inorganic opportunities in core markets.
• The company is simplifying its cost structure and executing initiatives to reduce the cost basis using a zero-based budgeting approach.
• AlTi is transforming its technology platform to enhance efficiency, productivity, and scalability.
• The firm aims to achieve economies of scale by leveraging its global platform, including the Lisbon "Center of Excellence."
• A strong pipeline of strategic and accretive M&A opportunities exists globally.
• The company expects a well-defined path with a clear trajectory for long-term growth.

Business Segments and Product Lines:

• Assets under advisement (AUA) and assets under management (AUM) were $95 billion and $52 billion, respectively, at period end.
• AUM grew 5% year-over-year, reflecting market appreciation.
• Average AUM was $49.7 billion, up 6.3% year-over-year.
• Average AUA was $88.1 billion, up 8.1% year-over-year.
• The Alternatives Platform reported total AUM/AUA of $7.2 billion as of September 30, 2026.
• The Event-Driven strategy had an average AUM/AUA of $1.85 billion.
• The European Long Short Equities strategy had an average AUM/AUA of $2.53 billion.
• The Asian Credit and Special Situations strategy had an average AUM/AUA of $1.04 billion.
• The Real Estate Bridge Lending strategy had an average AUM/AUA of $1.78 billion.
• The firm has completed 10+ acquisitions since 2023, including Kontora (2025), Envoi (2024), and East End Advisors (2024).
• In July 2025, the international real estate business was placed under administration and classified as discontinued operations.
• The firm has consolidated financial reporting into a single operating segment.

Market and Competitive Landscape:

• The firm manages approximately $95 billion in combined assets with a network of 450 professionals globally.
• Client retention rate since 2021 is 95%.
• The firm serves approximately 830 UHNW/HNW individuals and families, with an average AUM per client of approximately $60 million.
• 99.8% of revenues for Q3 2026 were recurring.
• The firm operates in 19 offices across 9 countries, including London, Zurich, New York, and Singapore.
• The UHNW segment is estimated at $102 trillion in investible financial wealth, expected to grow at a ~7% CAGR to 2028.
• Approximately 80% of family offices work with external advisors.
• 68% of HNWIs and 45% of UHNW investors view ESG factors as essential or request ESG scores.
• The global alternatives market is estimated to exceed $30 trillion by 2030.

Risks and Challenges:

• Forward-looking statements are subject to risks including global and domestic market conditions, execution of business strategies, and regulatory factors.
• Actual results may differ materially from forward-looking estimates due to assumptions regarding operations, financial results, and liquidity.
• The international real estate business was placed under administration in July 2025.
• Subsequent to September 30, 2026, the manager of the European Long Short Equities strategy received significant redemption requests.
• Financial data in the presentation is unaudited and does not conform to Regulation S-X.

Management Commentary and Tone:

• Management emphasized the stability and recurring nature of the business model, noting that management fees represent the majority of the revenue base.
• Reported expenses are increasingly reflecting progress with underlying trends improving and better alignment with long-term earnings power.
• The firm highlighted a focus on organizational streamlining and cost-saving initiatives, evidenced by the 25% year-over-year decline in operating expenses.
• Management noted a strong pipeline of strategic and accretive M&A opportunities globally.

Other Key Points:

• AlTi received a strategic investment of up to $450 million from Allianz X and CWC in 2024.
• The strategic investment includes a $300 million investment option ($250M funded July 2024, $19M funded May 2025) with an additional $31M option.
• The investment included $150 million in common stock and $290 million in convertible preferred stock (Series A and Series C).
• Dividend rates on preferred stock are 9.75% PIK, with potential reductions if the AlTi stock price exceeds $12.50.
• The firm has 25 years of operating history focused on UHNW clients.
• The firm has 10+ years of average tenure for Wealth Management advisors.
• Committed to impact strategies with $6 billion in assets.
• The firm has 99.8% recurring revenues for Q3 2026.