Slide 1: eQ Plc – Result Q1 2026
eQ Plc – Result Q1 2026 Result presentation 28 April 2026 1
Slide 2: eQ's strategy 2030: Returning to strong growth
eQ's strategy 2030: Returning to strong growth STRONG STRATEGIC STRATEGIC FOUNDATION OBJECTIVES PROJECTS Values Competitive returns WE STRENGTHEN An honest, open, competent and and the smoothest customer service Growth from the Private efficient partner Equity market VISION The most attractive and e
Slide 3: Returning to strong growth: we aim to double our operating profit by the end of 2030
Returning to strong growth: we aim to double our operating profit by the end of 2030 EUR million Operating profit development 2012-2025 and strategic target 2030 (EUR million) 3
Slide 4: What does it take for us to succeed?
What does it take for us to succeed? PERSONNEL TECHNOLOGY PARTNERS AND AI • We invest in developing the • We are looking for cooperation, • We improve client reporting and skills of our work community sales, and distribution partners, utilisation of and our experts + in order to + data and analytics
Slide 5: CEO and management team
CEO and management team eQ Group’s management team Jouko Pölönen Tero Estovirta Jacob af Forselles Kirsi Hokka Pertti Vanhanen Taina Kyllönen Chairman M.Sc. (Econ.), (born 1971) is the M.Sc. (Econ.), LL.M, (born 1973) M.Sc. (Econ.), (born 1965) is the EMBA, (b.1962) is the Director of M.Sc. (Econ.)
Slide 6: Q1/2026
Q1/2026 6
Slide 7: Key figures and highlights of the period
Key figures and highlights of the period Net revenue 1-3/2026 Operating profit 1-3/2026 Earnings per share 1-3/2026 Cost/income-ratio 14.2 MEUR 5.6 MEUR 0.11 EUR 60.6 % 1 % (14.0 MEUR) -4 % (5.8 MEUR) 0 % (0.11 EUR) (58.3 %) Assets under management Over EUR 205 million Moody’s assigns a Baa3 Strateg
Slide 8: Change in the Group's operating profit
Change in the Group's operating profit Group's operating profit – total change -0.2 MEUR / -4 % Group admin. Asset Management Corporate Finance 0.4 MEUR / 29 % -0.8 MEUR / -11 % 0.2 MEUR / 29 % 8
Slide 9: eQ Group – Rolling 12 months
eQ Group – Rolling 12 months Net revenue development, Operating profit development, rolling 12 months, MEUR rolling 12 months, MEUR 58.4 27.1 100,0 60,0 45,7 90,0 50,0 80,0 70,0 40,0 60,0 50,0 30,0 40,0 20,0 30,0 20,0 10,0 10,0 0,0 0,0 Q4/14 Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/1
Slide 10: eQ Group – Balance sheet
eQ Group – Balance sheet Liquid assets ASSETS (MEUR) LIABILITIES AND EQUITY (MEUR) 03/2026 12/2025 03/2026 12/2025 20.4 MEUR Claims on credit institutions 16.2 10.9 Other liabilities 29.8 6.7 Accruals and deferred income 6.9 8.8 Private equity and real Financial assets Lease liabilities 2.6 2.9 esta
Slide 11: Asset Management
Asset Management 11
Slide 12: Asset Management – Income statement
Asset Management – Income statement MEUR 1-3/2026 1-3/2025 Change 1-12/2025 NET REVENUE 13.8 14.6 -4 % 56.9 Personnel expenses -5.0 -5.2 -4 % -19.1 Other administrative expenses -0.9 -0.6 58 % -2.5 Depreciation -0.2 -0.2 1% -0.9 Other operating expenses -0.6 -0.5 37 % -2.4 OPERATING PROFIT 7.0 7.9 -
Slide 13: Asset Management – Fee income change
Asset Management – Fee income change Asset Management fee income – total change -0.6 MEUR / -4 % Equity and Fixed Income Real Estate Private Equity -0.1 MEUR / -4 % -0.5 MEUR / -8 % 0.0 MEUR / 0 % 13
Slide 14: Asset Management – Fee income
Asset Management – Fee income MEUR 1-3/2026 1-3/2025 Change 1-12/2025 Management fees Equity and Fixed Income 2.2 2.3 -4 % 8.9 Real Estate 5.9 6.4 -8 % 25.0 Private Equity 4.7 4.7 1% 19.2 Management fees total 12.9 13.4 -5 % 53.1 Performance based fees Equity and Fixed Income - - n/a 0.0 Real Estate
Slide 15: Asset Management – Rolling 12 months
10 20 30 40 60 70 80 50 0 Q4/14 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 Q3/19 Q4/19 Q1/20 Net revenue development, Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Q1/
Slide 16: Assets under management
Assets under management Assets under management development, bn. EUR Assets under management split 3/2026 12 1-3/2026 change -149 MEUR / -1 % Private Equity Private Equity and Fixed Equity and Fixed Income funds programme funds Equity: Income: 41 % 10 1,0 0,6 0,9 0,6 41 % 1,0 2,2 Equity and Fixed In
Slide 17: Equity and Fixed Income funds
Equity and Fixed Income funds Gross returs 31 March 2026 3 months 3 years p.a. 5 years p.a. Morning- Fund Fixed Income Funds Return Comp. Diff. Return Comp. Diff. Return Comp. Diff. star Fund Aum total eQ Euro Short Term eQ Floating Rate eQ Euro Government Bond 0,45 % 0,40 % -0,74 % 0,48 % -0,62 % -
Slide 18: Real Estate – Events
Real Estate – Events CREDIT RATING RETURNS FINANCING • During the review period, Moody’s • Returns of eQ’s real estate funds were • Refinancings of the eQ Social Ratings assigned the eQ Social negatively impacted during the review Infrastructure and eQ Commercial Infrastructure fund an investment gr
Slide 19: Real Estate funds
Real Estate funds eQ Social Infrastructure 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 in Helsinki region,
Slide 20: Private Equity – Events
Private Equity – Events FUNDRAISING RETURNS SECONDARY SALE PERFORMANCE FEES • Over EUR 205 million raised in • Fund returns at a good level. • Significant secondary market sale • At the end of 2025, one of eQ’s private equity and venture capital • The combined net cash flow of eQ’s from the PE funds
Slide 21: Private Equity funds
Private Equity funds AUM total 3.5 bn, EUR Fundraising, MEUR Vintage Fund Size Stage 500 Fund of funds – Northern Europe 2026 eQ PE XVIII North 117 MEUR 3/2026 close 2024 eQ PE XVI North 227 MEUR Fully invested 450 2022 eQ PE XIV North 288 MEUR Fully invested 2020 eQ PE XII North 205 MEUR Fully inve
Slide 22: Estimated total performance fee
PE funds estimated performance fees Estimated performance fees total EUR 165 million, of which EUR 21 million has been accrued in p&l. Of the accrued amounts, EUR 2 million had been realized as cash flow by 31 March 2026. Estimate on reaching the hurdle rate 30 2026 The fund is not yet subject to ac
Slide 23: Corporate Finance
Corporate Finance 23
Slide 24: Corporate Finance – Latest transactions
Corporate Finance – Latest transactions M&A Transactions and Equity markets Real estate transactions 24
Slide 25: Corporate Finance – Key figures
Corporate Finance – Key figures MEUR 1-3/2026 1-3/2025 Change 1-12/2025 NET REVENUE 0.2 0.1 130 % 1.7 Personnel expenses -0.6 -0.7 -12 % -2.5 Other administrative expenses -0.1 -0.1 -41 % -0.3 Depreciation -0.0 -0.0 -4 % -0.2 Other operating expenses -0.0 -0.0 -16 % -0.2 OPERATING PROFIT -0.6 -0.8 2
Slide 26: Outlook
Outlook 26
Slide 27: Outlook
Outlook In Finland, the real estate transaction market has become more active. However, we have not yet seen a fall in real estate yield requirements. The recovery of the real estate market depends on the development of the Finnish economy and foreign capital. Our assessment is that market activity