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United Bankers H1’25 preview: A sticky start to the year

UNITEDAnalyst Comment18.08.2025 klo 16.56

Sauli VilénAnalyst

Discuss

Translation: Original published in Finnish on 8/18/2025 at 7:53 am EEST.

Estimates	H1'24	H1'25	H1'25e	H1'25e	Consensus		2025
MEUR/EUR	Comparison	Actualized	Inderes	Consensus	High	Low	Inderes
Revenue	33		26				53.6
EBIT (adj.)	13.5		6.7				14.9
EPS (adj.)	0.94		0.45...

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United Bankers is a Finnish expert on wealth management and investment markets, established in 1986. It is one of the oldest non-bank asset managers in Finland. The Group's wealth management business includes funds, discretionary portfolio management, and structured investment products. In its funds, United Bankers specialises in real asset investment solutions, focusing on forest, real estate, infrastructure, and renewable energy. The company also provides capital markets services. United Bankers' headquarters is located in Helsinki.

Key Estimate Figures18.05.2025

	2024	25e	26e
Revenue	62.1	53.6	59.6
growth-%	19.2 %	-13.7 %	11.2 %
EBIT (adj.)	23.4	14.9	18.3
EBIT-% (adj.)	37.6 %	27.8 %	30.8 %
EPS (adj.)	1.65	1.02	1.24
Dividend	1.10	1.15	1.20
Dividend %	6.2 %	5.0 %	5.2 %
P/E (adj.)	10.8	22.5	18.5
EV/EBITDA	7.0	13.6	11.5

Forum discussions

United Bankers’ CEO John Ojanperä was there to talk about their company, United Bankers, as an investment.

9/7/2026, 11:44 AM

by Sijoittaja-alokas

Sale has published a new company report on United Bankers Despite missing estimates, the H1 report was largely in line with our expectations...

8/20/2026, 7:22 PM

by Sijoittaja-alokas

Salo had UB’s CEO John Ojanperä in the hot seat Topics: 00:00 Introduction 00:04 Current status/Check-in 01:22 Fondita 02:49 Integration 04:...

8/20/2026, 5:19 PM

by Sijoittaja-alokas

Sale I will be hosting the UB earnings live stream, which starts at 8:50 Inderes United Bankers H1'26 -tuloslive to 20.8 klo 8:50 - Inderes ...

8/20/2026, 4:52 AM

by Sijoittaja-alokas

Personally, I haven’t been able to come up with any rational reason for this stock price rally. The company’s H1 has been, at best, mediocre...

8/6/2026, 5:42 AM

by Sauli Vilen

Here is the pre-earnings report from Sale as UB prepares to release its results on Thursday, August 20th We are raising our target price for...

8/5/2026, 7:26 PM

by Sijoittaja-alokas

In my opinion, the UB share price is starting to show signs of a bubble Almost a 50 percent increase in a year + dividend. Based on Inderes’...

7/29/2026, 11:09 AM

by Big Lynx

United Bankers H1’25 preview: A sticky start to the year

UNITEDAnalyst Comment18.08.2025 klo 16.56

Sauli VilénAnalyst

Discuss

Translation: Original published in Finnish on 8/18/2025 at 7:53 am EEST.

Estimates	H1'24	H1'25	H1'25e	H1'25e	Consensus		2025
MEUR/EUR	Comparison	Actualized	Inderes	Consensus	High	Low	Inderes
Revenue	33		26				53.6
EBIT (adj.)	13.5		6.7				14.9
EPS (adj.)	0.94		0.45...

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This content is for our Premium customers only.

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Key Estimate Figures18.05.2025

	2024	25e	26e
Revenue	62.1	53.6	59.6
growth-%	19.2 %	-13.7 %	11.2 %
EBIT (adj.)	23.4	14.9	18.3
EBIT-% (adj.)	37.6 %	27.8 %	30.8 %
EPS (adj.)	1.65	1.02	1.24
Dividend	1.10	1.15	1.20
Dividend %	6.2 %	5.0 %	5.2 %
P/E (adj.)	10.8	22.5	18.5
EV/EBITDA	7.0	13.6	11.5