eQ Plc Financial Statements Release 1 January - 31 December 2025
eQ Plc financial statements release
3 February 2026 at 8:00 a.m.
January to December 2025 in brief
- The Group's net revenue for the reporting period was EUR 58.2 million (EUR 65.6 million 1 January - 31 December 2024). The Group’s net fee and commission income was EUR 58.5 million (EUR 63.8 million).
- The Group’s operating profit fell by 21% to EUR 27.4 million (EUR 34.5 million).
- Earnings per share were EUR 0.52 (EUR 0.66).
- Net revenue in the Asset Management segment decreased by 3 per cent to 56.9 million euros (EUR 58.5 million) and operating profit by 5 per cent to EUR 32.0 million (EUR 33.7 million). The management fees of the Asset Management segment fell by 5 per cent to EUR 53.1 million (EUR 55.6 million) and the performance fees increased by 24 per cent to EUR 4.4 million (EUR 3.6 million). At the end of the review period, assets managed by eQ amounted to EUR 13.8 billion (EUR 13.4 billion on 31 December 2024).
- Corporate Finance segment's net revenue was EUR 1.7 million (EUR 5.3 million) and operating profit was EUR -1.4 million (EUR 1.5 million). It is typical of corporate finance business that success fees have a considerable impact on invoicing, which is why the segment's results may vary considerably.
- The operating profit of the Investments segment was EUR -0.7 million (EUR 1.1 million). Operating profit was negatively affected by changes in the value of residential funds and exchange rate fluctuations in USD-denominated investments. The net cash flow from the Group’s own private equity and real estate fund investment operations was EUR -0.3 million (EUR 0.8 million).
- The Board of Directors of eQ Plc appointed Jouko Pölönen as the new Chief Executive Officer of eQ Plc. Pölönen took up his post on 1 September 2025.
- The proposed dividend is EUR 0.52 (EUR 0.66) per share.
October to December 2025 in brief
- In the last quarter, the Group’s net revenue totalled EUR 15.3 million (EUR 14.8 million from 1 October to 31 December 2024). The Group’s net fee and commission income was EUR 14.9 million (EUR 14.0 million).
- The Group’s operating profit rose by 15% to EUR 8.0 million (EUR 6.9 million).
- Earnings per share were EUR 0.15 (EUR 0.13).
| Key ratios | 1-12/25 | 1-12/24 | Change | 10-12/25 | 10-12/24 | Change |
| Net revenue, Group, MEUR | 58.2 | 65.6 | -11 % | 15.3 | 14.8 | 4 % |
| Net revenue, Asset Management, MEUR | 56.9 | 58.5 | -3 % | 14.1 | 13.0 | 8 % |
| Net revenue, Corporate Finance, MEUR | 1.7 | 5.3 | -67 % | 0.8 | 1.0 | -24 % |
| Net revenue, Investments, MEUR | -0.7 | 1.1 | -166 % | 0.4 | 0.6 | -42 % |
| Group administration and eliminations | ||||||
| Net revenue, MEUR | 0.3 | 0.8 | 0.0 | 0.1 | ||
| Operating profit, Group, MEUR | 27.4 | 34.5 | -21% | 8.0 | 6.9 | 15 % |
| Operating profit, Asset Management, MEUR | 32.0 | 33.7 | -5 % | 8.4 | 6.9 | 22 % |
| Operating profit, Corporate Finance, MEUR | -1.4 | 1.5 | -191 % | -0.1 | 0.0 | -246 % |
| Operating profit, Investments, MEUR | -0.7 | 1.1 | -166 % | 0.4 | 0.6 | -42 % |
| Operating profit, Group administration, MEUR | -2.5 | -1.8 | -0.7 | -0.6 | ||
| Profit for the period, MEUR | 21.6 | 27.4 | -21% | 6.3 | 5.5 | 14 % |
| Key ratios | 1-12/25 | 1-12/24 | Change | 10-12/25 | 10-12/24 | Change |
| Earnings per share, EUR | 0.52 | 0.66 | -21% | 0.15 | 0.13 | 14 % |
| Proposed dividend per share, EUR | 0.52 | 0.66 | -21% | |||
| Equity per share, EUR | 1.67 | 1.77 | -6 % | 1.67 | 1.77 | -6 % |
| Cost/income ratio, Group, % | 52.9 | 47.4 | 12 % | 48.0 | 53.3 | -10 % |
| Return on equity, ROE % p.a. | 30.3 | 36.8 | -18 % | 38.2 | 31.1 | 23 % |
| Liquid assets, MEUR | 15.1 | 17.0 | -11 % | 15.1 | 17.0 | -11 % |
| Private equity and real estate fund investments, MEUR | 16.7 | 17.0 | -2 % | 16.7 | 17.0 | -2 % |
| Interest-bearing loans, MEUR | 0.0 | 0.0 | 0 % | 0.0 | 0.0 | 0 % |
| Assets under management excluding reporting services, EUR billion | 10.2 | 10.4 | -2 % | 10.2 | 10.4 | -2 % |
| Assets under management, EUR billion | 13.8 | 13.4 | 3 % | 13.8 | 13.4 | 3 % |
CEO's review
The year 2025 was eventful for investors, but profitable in almost all asset classes. Market developments were marked by the trade war that followed President Trump's tariff policy and strong optimism related to theme of artificial intelligence. The continuing war in Ukraine, the Middle East crisis and pressure on the status of Venezuela and Greenland kept geopolitical uncertainty high. Economic growth remained stable and inflation close to target levels, as the economic impact of the trade war was more moderate than expected.
Share prices rose in 2025, supported by strong corporate earnings and the development of artificial intelligence. In the United States, technology giants delivered on their high growth expectations, although the market was concerned early in the year about the Chinese players potentially challenging the sector’s US market leaders. In emerging markets, equity returns were high, particularly in South Korea and Taiwan, driven by the information sector. Yield curves steepened in 2025, as central banks cut their key interest rates across the world as price pressures eased. The increase in defence spending increased expectations of fiscal deficits and supported the rise in long-term interest rates, especially in Europe. In the US, long-term interest rates were boosted by Trump's political pressure on the US Federal Reserve, which was reflected in increased market uncertainty. During the financial period, the US dollar weakened by around 12% compared to the euro.
eQ’s operating profit EUR 27.4 million
The net revenue of the eQ group in 2025 was EUR 58.2 million and the operating profit was EUR 27.4 million. Net revenue fell by 11 per cent and operating profit by 21 per cent from the previous year. Both Corporate Finance and Investments segments had negative results, which had a significant impact on the decline in earnings. The weakening of the US dollar had a negative impact on the Investment segment's results and on Private Equity asset management fees for USD-denominated funds.
eQ Asset Management raised over EUR 230 million for Private Equity and Residential funds
The eQ PE XVII US fund raised USD 190 million during 2025. We also raised EUR 21 million in new capital for the eQ PE SF V secondary market fund, which was established in 2024. We also signed new Private Equity programme fund agreements during the period. The general lack of exits and equity repayments in private equity funds continues to hamper sales, but our strong track record of returns continues to make good sales possible.
The returns of private equity funds managed by eQ were at a good level in 2025. Although the transaction volume in the private equity market remained below the long-term average, the combined net cash flow of eQ’s Private Equity funds was neutral during the financial period. At the end of 2025, one of the Private Equity program funds managed by eQ entered the cash flow phase in which a performance-based fee is payable. As a result, cash inflows amounting to EUR 0.7 million were generated from performance fees that had previously been accrued in the income statement.
During the financial period, we established the eQ Residential III fund, to which two of our previous residential funds were transferred. We raised EUR 49 million in subscriptions for the fund. The market situation for open-ended real estate funds has not yet changed significantly. The fall in interest rates is improving the operating conditions in the real estate market, but market activity is still at historically low levels and yield requirements have not yet seen downward pressure. However, trading activity in the real estate market has clearly started to recover in 2025. The challenging market conditions in real estate asset management contributed to a decline in assets under management for real estate funds in 2025. The redemptions of both the eQ Commercial Properties and eQ Community Properties funds have been postponed.
eQ Asset Management usage remained at an excellent level in the 2025 SFR survey. eQ is the second most used asset manager in the market and 68% of the 100 or so largest institutional investors in Finland use eQ's services. In alternative investments, in eQ's case real estate and private equity investments, eQ is by far the most used asset manager.
During the period, net revenue in the Asset Management segment decreased by 3% to EUR 56.9 million. The fall in net revenue is explained in particular by lower real estate asset management fees. Private Equity management and performance fees increased compared to the previous year. Asset Management segment’s operating profit fell by 5 per cent to EUR 32.0 million. The result includes EUR 0.5 million in non-recurring expenses related to strategic planning and market research in the asset management business.
Advium's business was burdened by challenging market conditions
The number of mergers and acquisitions and real estate transactions in Finland remained below the long-term average during the review period. In the Corporate Finance segment, during the review period Advium acted as advisor, for example, in a M&A transaction in which Advium's role is not public. In real estate transactions, Advium acted as an advisor to Ylva on the sale of a property in the centre of Helsinki.
The Corporate Finance segment's net revenue for the period was EUR 1.7 million (EUR 5.3 million) and operating profit EUR -1.4 million (EUR 1.5 million).
Given the market situation, Advium's order book is at a good level. However, the completion of transactions is largely dependent on the overall capital market situation and its development.
Profit of investments fell
The operating profit of the Investments segment fell from last year and was EUR -0.7 million (EUR 1.1 million). The negative result was due to changes in the value of investments. The change in value was negatively affected by changes in the value of residential funds and exchange rate fluctuations in USD-denominated investments. The balance sheet value of equity and real estate fund investments at the end of the financial period was EUR 16.7 million (EUR 17.0 million on 31 December 2024). During the review period, eQ Plc made an investment commitment of USD 1 million to the eQ PE XVII US fund and EUR 1 million to the Residential III fund. Net cash flow from investments was EUR -0.3 million (EUR 0.8 million).
eQ's 2030 strategy – returning to strong growth
Over the past year, eQ has been working on its strategy and identifying future growth opportunities. The aim of eQ's updated strategy 2030 is returning to strong growth. This growth is based on eQ's unique strengths, extensive experience, and the top-notch expertise of our specialists as trusted asset manager for institutions. Our goal is to further strengthen the customer and employee experience, expand our business both internationally and to private customers, and to double our operating profit by the end of 2030. It is inspiring to start building sustainable prosperity and growth on eQ's unique strengths, extensive experience, and the top-notch expertise of our specialists.
Jouko Pölönen
CEO, eQ Plc
Outlook
General economic uncertainty and customs disputes also delayed the recovery of the real estate market during 2025. However, the Finnish real estate transaction market grew significantly during the year compared to the previous year. Trading accelerated especially towards the end of the year. Despite the upturn in activity, market liquidity remains low by historical standards, and the real estate market situation remains challenging overall. Yield requirements have not fallen, even though interest rates have fallen significantly in Europe. In several Finnish open-ended real estate funds, redemptions have not been completed on time and investors have had to wait for their funds. The recovery of the real estate market now depends on the development of the Finnish economy and foreign capital. Our assessment is that market activity will increase and yield requirements will decrease as more foreign capital begins to flow into Finland.
Management fees for eQ's real estate funds are expected to decrease in 2026 compared to the previous year.
Sales of eQ's private equity products were at a good level in 2025. We believe that investors will increase their Private Equity allocations in their portfolios in the coming years. We estimate that eQ's Private Equity fees will increase in 2026 compared to last year. It has been quiet at the exit market for Private Equity funds during the 2025 financial period, but despite this, our funds have returned capital to investors. At the end of 2025, one of the Private Equity programme funds managed by eQ transitioned to a performance fee phase in terms of cash flow. In addition, three other fund structures are expected to move to a performance fee phase in 2026.
In terms of equity and fixed income asset management, fee trends are largely dependent on market developments.
Briefing on the 2025 results and the updated strategy
eQ’s CEO Jouko Pölönen and CFO Antti Lyytikäinen will present the 2025 result and the updated strategy to press, investors and analysts in a press conference to be held on 3 February 2026 at 11:00 a.m. The press conference will held at eQ's head office in Helsinki, address Aleksanterinkatu 19, 5th floor, 00100 Helsinki and it is also possible to participate via webcast. The webcast participation requires a registration. The press conference will be held in Finnish. The presentation material can be viewed at eQ's website after the press conference. To join the press conference, please register with kira.johansson@eq.fi.
eQ’s financial statements release 1 January to 31 December 2025 is enclosed to this release and it is also available on the company website at www.eQ.fi.
eQ Plc
Additional information:
Jouko Pölönen, CEO, tel. +358 50 1282
Antti Lyytikäinen, CFO, tel. +358 40 709 2847
Distribution: Nasdaq Helsinki, www.eQ.fi, media
eQ is a Finnish group of companies specialising in asset management and corporate finance business. eQ Asset Management offers a wide range of asset management services for institutions and individuals. The assets managed by the group total approximately EUR 13.8 billion. Advium Corporate Finance, which is part of the group, offers services related to mergers and acquisitions, real estate transactions and equity capital markets. The share of the group’s parent company eQ Plc is listed on Nasdaq Helsinki. More information about the group is available on our website at www.eQ.fi.
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