Slide 1: eQ Plc – Result 2025
eQ Plc – Result 2025 Result presentation 3 February 2026 1
Slide 2: Key figures and highlights of the period
Key figures and highlights of the period Net revenue 1-12/2025 Operating profit 1-12/2025 Earnings per share 1-12/2025 Cost/income-ratio 58.2 MEUR 27.4 MEUR 0.52 EUR 52.9 % -11 % (65.6 MEUR) -21 % (34.5 MEUR) -21 % (0.66 EUR) (47.4 %) Net revenue 10-12/2025 Operating profit 10-12/2025 Earnings per s
Slide 3: Change in the Group's operating profit
Change in the Group's operating profit Group's operating profit – total change -7.1 MEUR / -21 % Asset management Corporate Finance Investments Group administration -1,8 MEUR / -5 % -2,9 MEUR / -191 % -1,8 MEUR -0,7 MEUR 3/2/2026 eQ Plc - 2025 result presentation 3
Slide 4: eQ Group – Rolling 12 months
10,0 20,0 30,0 40,0 50,0 60,0 70,0 80,0 90,0 0,0 -10,0 100,0 3/2/2026 Q4/14 Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Asset Management Q4/17 Group Administration Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 rolling 12 months, MEUR eQ Plc - 2025 result presentation Q2/19 Q3/19 Net revenue de
Slide 5: eQ Group – Balance sheet
eQ Group – Balance sheet Liquid assets ASSETS (MEUR) LIABILITIES AND EQUITY (MEUR) 12/2025 12/2024 12/2025 12/2024 15.1 MEUR Liquid assets - 0.1 Other liabilities 6.7 6.8 Claims on credit institutions 10.9 7.9 Accruals and deferred income 8.8 10.9 Private equity and real Lease liabilities 2.9 4.0 es
Slide 6: Asset Management
Asset Management 3/2/2026 eQ Plc - 2025 result presentation 6
Slide 7: Asset Management – Income statement
Asset Management – Income statement MEUR 1-12/2025 1-12/2024 Change 10-12/2025 10-12/2024 Change NET REVENUE 56.9 58.5 -3 % 14.1 13.0 8% Personnel expenses -19.1 -19.9 -4 % -4.3 -4.8 -10 % Other administrative expenses -2.5 -2.2 16 % -0.7 -0.6 8% Depreciation -0.9 -0.9 -4 % -0.2 -0.2 -5 % Other oper
Slide 8: Asset Management – Fee income change
Asset Management – Fee income change Asset Management fee income – total change -1.7 MEUR / -3 % Equity and Fixed Income Real Estate Private Equity -0.5 MEUR / -5 % -2.3 MEUR / -9 % 1.1 MEUR / 5 % 3/2/2026 eQ Plc - 2025 result presentation 8
Slide 9: Asset Management – Fee income
Asset Management – Fee income MEUR 1-12/2025 1-12/2024 Change 10-12/2025 10-12/2024 Change Management fees Equity and Fixed Income 8.9 9.4 -5 % 2.3 2.3 -4 % Real Estate 25.0 27.3 -9 % 6.2 6.5 -5 % Private Equity 19.2 18.9 1% 4.7 4.8 -2 % Management fees total 53.1 55.6 -5 % 13.2 13.7 -4 % Performanc
Slide 10: Asset Management – Rolling 12 months
10 20 30 40 60 70 80 50 0 Q4/14 3/2/2026 Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 Q2/19 rolling 12 months, MEUR eQ Plc - 2025 result presentation Q3/19 Q4/19 Net revenue development, Q1/20 Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Q2
Slide 11: Fee income development annually
Fee income development annually Real Estate fees have declined in the challenging environment, Private Equity management fees have grown steadily 80,0 70,0 4,3 5,4 60,0 50,0 4,0 35,1 35,6 29,1 27,3 25,0 4,1 40,0 2,6 25,6 30,0 21,9 3,1 6,5 6,1 3,5 4,4 16,8 20,0 13,9 18,9 12,5 16,9 17,6 19,2 8,7 10,1
Slide 12: Assets under management
Assets under management Assets under management development, bn. EUR Assets under management split 12/2025 12 1-12/2025 change -174 MEUR / -2 % Private Equity and Fixed Equity and Fixed Income funds Private Equity programme funds Equity: Income: 41 % 10 1,0 41 % 0,9 0,9 Equity and Fixed Income portf
Slide 13: Equity and Fixed Income funds
Equity and Fixed Income funds Gross returns 31 Dec 2025 12 months 3 years p.a. 5 years p.a. Morning- Fund Aum total Fund Return Comp. Diff Return Comp. Diff Return Comp. Diff star Fixed Income Funds eQ Euro Short Term 2,36 % 3,25 % 1,90 % EUR 2.2 bn eQ Floating Rate 3,05 % 2,39 % 0,66 % 4,50 % 3,15
Slide 14: Real Estate funds
Real Estate funds eQ Community Properties eQ Commercial Properties eQ Residental III • Invests in modern care properties and social • Invests in commercial real estate • Closed-end fund only for professional investors – infrastructure properties invests in residential properties • Avg. lease maturit
Slide 15: Private Equity funds
Private Equity funds AUM total 3.2 bn, EUR Fundraising, MEUR Vintage Fund Size Stage 500 Fund of funds – Northern Europe 2026 eQ PE XVIII North 94 MEUR 1st close 2024 eQ PE XVI North 227 MEUR Investing 450 2022 eQ PE XIV North 288 MEUR Fully invested 2020 eQ PE XII North 205 MEUR Fully invested 2018
Slide 16: Estimated total performance fee
PE funds estimated performance fees Estimated performance fees total EUR 165 million, of which EUR 20 million had been recognised in p&l by 31 Dec 2025 Estimate on reaching the hurdle rate 30 2026 The fund is not yet subject to accrual 2027 25 2028 Programmes 198 MEUR 2029 Estimated total performanc
Slide 17: PE funds estimated performance fees
PE funds estimated performance fees Fund Fund size Vintage year Hurdle rate Performance eQ’s share of the Present TVPI Estimated TVPI Estimate on reaching Estimated catch up Estimated total Performance fees fees performance fee the hurdle rate (cash share, total MEUR amount of reserved presently in
Slide 18: SFR research 2025
SFR research 2025 eQ’s utilisation rate is at an excellent level Most used institutional asset managers Quality rating (1-5) Annual SFR research 0% 20% 40% 60% 80% SFR 2025: 3 3,5 4 4,5 • The second most used institutional asset manager, and by far the most 1 75% used asset manager in alternative in
Slide 19: SFR 2025 – Private Equity and Real Estate
SFR 2025 – Private Equity and Real Estate eQ is the leading asset manager in Private Equity and Real Estate Private Equity – Most used asset managers Real Estate – Most used asset managers 0% 10% 20% 30% 40% 50% 60% 70% 0% 10% 20% 30% 40% 50% 60% eQ 60% eQ 57% 2 30% 2 25% 3 21% 3 22% 4 16% 4 21% 5 1
Slide 20: Corporate Finance
Corporate Finance 3/2/2026 eQ Plc - 2025 result presentation 20
Slide 21: Corporate Finance – Latest transactions
Corporate Finance – Latest transactions M&A Transactions and Equity markets Real estate transactions 3/2/2026 eQ Plc - 2025 result presentation 21
Slide 22: Corporate Finance – Key figures
Corporate Finance – Key figures MEUR 1-12/2025 1-12/2024 Change 10-12/2025 10-12/2024 Change NET REVENUE 1.7 5.3 -67 % 0.8 1.0 -24 % Personnel expenses -2.5 -3.1 -21 % -0.7 -0.8 -15 % Other administrative expenses -0.3 -0.4 -12 % -0.1 -0.1 -24 % Depreciation -0.2 -0.2 -2 % -0.0 -0.0 0% Other operati
Slide 23: Investments
Investments 3/2/2026 eQ Plc - 2025 result presentation 23
Slide 24: Investments – Key figures
Investments – Key figures MEUR 1-12/2025 1-12/2024 10-12/2025 1-10/2024 • During the period under review eQ Returned capital (excl. profit) 1.0 1.2 0.2 0.2 Plc made a EUR 1.0 million Distribution of profits 1.0 1.3 0.2 0.6 investment commitment to the eQ Capital calls -2.3 -1.6 -0.3 -0.7 Residential
Slide 25: Outlook
Outlook 3/2/2026 eQ Plc - 2025 result presentation 25
Slide 26: Outlook
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.