Alpha Trust Holdings S.a. · ATHEX:ATRUST
Alpha Trust — Investor Presentation (May 2025)
34 slides from Alpha Trust's investor presentation, May 29, 2025
Slide 1: Annual Analysts Presentation
Annual Analysts Presentation May 29, 2025 alphatrust Ac ALPHA TRUST HOLDINGS S.A. Tax Identification Number: 094317734 Athens Tax Office, General Commercial Registry: 882401000
Slide 2: Disclaimer
DISCLAIMER This presentation is for informational purposes only and may not be reproduced or published in any way, in whole or in part, without the prior written consent of ALPHA TRUST HOLDINGS. Part of the information and data contained herein have been collected from reliable sources, without any
Slide 3: 2024 Review
2024 Review |
Slide 4: Markets
Markets Cumulative Year Year Year Performance 2024 2023 2022 2022-2024 MSCI World ($) 17,00% 21,77% -19,31% 14,73% EQUITIES Greek Equities (€) 13,65% 39,08% 4,08% 64,51% Government Bonds (€) 188% 713% -18,54% -11,01% BONDS Greek Government Bonds (€) 3,19% 13,438% -19,98% -6,33% High Yield Corporate
Slide 5: Collective Investments Worldwide
Collective Investments Worldwide —_———————e Evolution of Assets Under Management (AUM) ‘00 @ Open-End Funds =ETFs = Alternative Investments 80 75 71,6 +4,5x 60 443 472 465 813 583 55.6 40 30,1 90.9 247 26.0 278 18,0 20 48, ANS, ORS 2,21ES 6S 2,4 0) 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2
Slide 6: Collective Investments in Europe & Greece
Collective Investments in Europe & Greece — Evolution of Assets Under Management (AUM) Europe €tn mUCITS AUM 25 20 +283% 15 10 a ome) ome} NN 2010 2011 2012 2013 2014 2015 2016 2017 = AIFs AUM 6,1 al 0) 2018 2019 1 2020 21,8 19,1 202 2022 23,4 20, 2023 2024 €bn = 5 10,4 10 1 0) 2 ome} ome} ANN Greec
Slide 7: Collective Investments in Europe & Greece – AUM comparative data
Collective Investments in Europe & Greece — AUM comparative data —_——e AUM € per capita 2024 2023 2024 vs. GREECE Switzerland 101.600 11.199 47,2x Sweden 55.847 62.305 26.4x Denmark 47.211 51.673 21,9x Netherlands 47.050 49.862 21,2x Malta 37.617 44,660 19,0x Norway 35.283 37.659 16,0x France 32.034
Slide 8: Assets in Greece
Assets in Greece —E——E @REAL Estate* = Deposits = Market Cap. BUCITS / AIFs / REITS 800 761 769 772 621 625 629 644 95 04 200 34 A3 89 88 04 100 52 i; I: I: [- 9 11 11 15 16 21 ge 3 a? a a as ax i: = 2018 2019 2020 2021 2022 2023 2024 Source: Independent Authority for Public Revenue (IAPR) -Unified
Slide 9: The Group
The Group
Slide 10: At a glance
At a glance ————_-e Y Leading independent asset manager with a presence in Greece and Luxemburg Servicing Institutional Clients, Corporations, Individual Clients Successful track record throughout market cycles Strong financial base and positive prospects FY 2024 AUM © 1,94bn = Mcap € 9,2 mn € 2,8 m
Slide 11: At a glance
At a glance ——--e FY 2024 |~2 +15,7% |" +8,5% [7 +18,4% AUM Revenue EBITDA margin ®, +20,5% @, +6,95% EPS Dividend Yield* *Calculated on the share price of 21/5/2025 alphatrusthe W
Slide 12: MFMC
MFMC Mandates UCITS AIFs AIFs
Slide 13: Ownership
Ownership 58,52% 57.77% Employees & Directors 31/12/2024 30,17% 30,51% Retail = 31/12/2023 10,24% 859% Institutional ey 1,07% 318% Treasury Stock alphatrusthe 13
Slide 14: Evolution of continuing operations
ions t inuing opera Evolution of cont €mn ma AUM = =®=Turnover alphatrusthe Note: AUM evolution of continuing operations, 2025* data as of 30/4/2025 4
Slide 15: Group Summary
Group Summary (in €) 31/12/2024 31/12/2023 % Revenue 9.199.865 8.476.712 853% EBITDA 2.769.749 2.155.615 28,49% EBT 2.381.003 1.798.415 32,39% Earnings after tax 1.646.870 1.347.962 22,17% Earnings per share 0,53 0,44 20,45% Dividend per share 0,58 0,56 3,57% alphatrusthe 15
Slide 16: Key Indicators
Key Indicators ———— (in €) 31/12/2024 31/12/2023 Gross Profit Margin 66,89% 64,83% EBITDA Margin 30,11% 25,43% PBT margin 25,88% 21,22% Net Profit Margin 17,20% 15,90% Return on Equity 21,90% 18,65% Return on Assets 14,18% 12,47% alphatrusthe 16
Slide 17: Results Development
Results Development €mn mam \Vianagement fees mmm Performance fees =—®EBITDA 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 alphatrusthe 7
Slide 18: Personnel Cost
Personnel Cost ————_-e 2022 2023 2024 2025 Total Average Raise* 819% 3,89% 0,47% 9,78% 23,9% *Total compensation excluding variable pay Total personnel cost increase 2022 — 2025 13,4% alphatrusthe 18
Slide 19: Subsidiaries
Subsidiaries |
Slide 20: Subsidiaries – MFMC
Subsidiaries ——e alphatrust MFMC (in €) 31/12/2024 31/12/2023 AUM 1.860.713.185 1.608.395.902 Revenue 8.888.828 8.069.481 EBT 2.382.994 1.472.620* EBITDA 2.931.143 1.609.889* Profit Margin on AUM 0,138% 0,09%* Revenue Margin on AUM 0,48% 0,50% Personnel 48 53 * Period: 4/9/2023 — 31/12/2023 alphatru
Slide 21: Greece – Flows By Category
Greece — Flows By Category ————_-e alphatrust MFMC Money. [Category 2024 2023 Total Market 4.937,16 3.183,72 Target Maturity funds (TMFs) 3.959,90 3.071,65 Market ex TMFs 977,26 112,07 Money Market Funds 313,74 365,23 Market ex TMFs, ex Money Market Funds 663,52 -253,15 en. / Category 2024 = %of flo
Slide 22: Subsidiaries – alphatrustlux
Subsidiaries ——e alphatrustlux (in €) 31/12/2024 31/12/2023 % AUM 120.495.853 86.269.503 +39,67% Revenue 147.273 121.770 +20,94% EBT 110.240 60.277 +43,57% alphatrusthe 22
Slide 23: Subsidiaries – alphatrustlux performance
Subsidiaries alphatrustlux —— Outstanding performance in the category Balanced Global KESTREL INVESTMENT SUB-FUND FALCON REX INVESTMENT SUB-FUND lyear 5year lyear 5year Cumulative Performance 9,70% 49,28% Cumulative Performance 7,65% 47,67% Annualized Performance 8.34% Annualized Performance 813% Ra
Slide 24: The stock
The stock |
Slide 25: Share performance since IPO
Share performance since IPO —— 1/8/2008 — 12/5/2025 150% = ALPHA TRUST (without reinvestment) «=== ALPHA TRUST TR (with reinvestment of dividends and capital returns) 100% 96,64% —ATHEX COMPOSITE TOTAL RETURN INDEX (with dividend reinvestment) 64% 50% 12,45% 0% -21,21% -50% -100% @ 2 5 x 2 9 © ~ 9 Q
Slide 26: Share Transactions Volume
Share Transactions Volume Turnover Ratio 5 1/8/2008 - 31/12/2024 20% 18.57% 18% 16,16% , fo 16% 15,55% 14% 12% 10% _ 846% 8% 258% 6.91% 6% A% 2.61% 3,24% 5 1,05% 1,94% 182% 2,07% 177% 2% 053%" my ore 0,66% a o O77 Oo 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 202
Slide 27: Dividends & Capital Returns since IPO 01/08/2008
Dividends & Capital Returns since IPO 01/08/2008 0,00 0,01 0 0 0,0 — 2009 2010 201 in € thousands 6.000 4.500 3.000 1.500 0 3H fe) ssi 150 1,50 @ Dividends 4.665 4.640 1.568 961 464 495 899 B17 Leal 405 willy elie Distribution per share 1,58 0,64 i 72 0,32 2012 2013 2014 2015 2016 2017 2018 2019 202
Slide 28: Distributions to Shareholders
Distributions to Shareholders —— 2009 — 2025* € 21.904.150 Distributions to Shareholders * Including the proposed dividend of FY 2024 alphatrust he 28
Slide 29: 2024 in retrospect, 2025 outlook
2024 in retrospect 2025 outlook |
Slide 30: 2024 goals review
2024 v Enhance our presence in Retail Achieved v Enter Private Equity Launch of CATAPULT GROWTH PARTNERS A.K.E.S. v Further improvement of profit margin ex. performance fees Achieved > New activities in the field of property Postponed, market too hot alphatrusthe 30
Slide 31: Goals for 2025
Goals for 2025 —— » Expand reach » Automate » Enter new areas of asset management alphatrusthe 31
Slide 32: Trading update Q1 2025
Trading update Qi 2025 —_———e A Q1 2025 — Q1 2024 AUM +14,05% Turnover +14,16% EBITDA +49,54% alphatrusthe 32
Slide 33: Q&A
Q&A
Slide 34: Thank you
Thank you | alphatrust Ac ALPHA TRUST HOLDINGS S.A. Tax Identification Number: 094317734 Athens Tax Office, General Commercial Registry: 882401000
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