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- **Restructuring Complete**: $107M Q3 loss cleansed balance sheet
- **$20M Annual Savings**: ZBB delivers 20%+ margin expansion
- **$1.2B Pipeline**: Middle East and U.S. city expansion
- **Kontora Integration**: Germany platform go-live Q4
- **$6M EBITDA Runrate**: Normalized for 2026 growth
- **No Buybacks**: Share buy program suspended
- **2027 U.K. Exit**: No further P&L impact

**【CEO Summary Section】**
- Restructured international real estate business, eliminating recurring costs and distractions. 
- Achieved $20M annual gross savings through zero-based budgeting (ZBB) by Q4 2026.
- Secured $1.2B in new mandates globally, including $240M Miami-Singapore collaboration.
- 96% client retention with average 10-year tenure and $50M+ AUM per client.

**【CFO Financial Commentary】**
- Q3 2025: $57M revenue (+10% YoY), $6M adjusted EBITDA vs. $12M prior year.
- Normalized operating expenses down 12% YoY to $51M, excluding one-time charges.
- $35M noncash impairment of arbitrage intangible vs. $3M underperforming AUM.
- $107M net loss driven by U.K. real estate liquidation and tax reserves.

**【Q&A Highlights】**
- Q: Buyback plans? A: Share repurchases under Board review, 
- Q: Growth pipeline? A: Middle East, U.S. city expansion and Kontora Germany integration
- Q: Restructuring complete? A: U.K. real estate winding down through 2027
- Q: EBITDA normalization? A: $6M Q3 run rate with ZBB savings materializing

AlTi Global, Inc. (ALTI) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

ALTI

ALTI fundamentals

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