Result presentation 3 February 2026
1
Key figures and highlights of the period
Net revenue 1-12/2025
58.2 MEUR-11 % (65.6 MEUR)
Net revenue 10-12/2025
15.3 MEUR4 % (14.8 MEUR)
Operating profit 1-12/2025
27.4 MEUR-21 % (34.5 MEUR)
Operating profit 10-12/2025
8.0 MEUR15 % (6.9 MEUR)
Earnings per share 1-12/2025
0.52 EUR-21 % (0.66 EUR)
Earnings per share 10-12/2025
0.15 EUR14 % (0.13 EUR)
Cost/income-ratio
52.9 %(47.4 %)
Dividend proposal
0,52 EUR(0,66 EUR)
Assets under management (excluding reporting services)
10.2 bn EUR-2 % (10.4 bn EUR
31 Dec 2024)
eQ Asset Management raised over EUR 230 million
for private equity and residential funds.
Advium and group's own investments suffered from difficult market conditions.
eQ has updated its strategy. The objective is to double operating profit by the end of 2030.
Change in the Group's operating profitGroup'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
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 Q3/19 Q4/19 Q1/20 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 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25
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 Q3/19 Q4/19 Q1/20 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 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25
eQ Group - Rolling 12 months
Net revenue development,
rolling 12 months, MEUR
Operating profit development,
rolling 12 months, MEUR
58.2
27.4
100,0
60,0
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
-10,0
-10,0
Asset Management
Group Administration
Corporate Finance
Consolidated
Investments
Asset Management
Group Administration
Corporate Finance
Consolidated
Investments
4
3/2/2026
eQ Plc - 2025 result presentation
eQ Group - Balance sheetASSETS (MEUR) | LIABILITIES AND EQUITY (MEUR) | |||
12/2025 | 12/2024 | 12/2025 | 12/2024 | |
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 |
Lease liabilities | 2.9 | 4.0 | ||
Financial assets | Income tax liabilities | 0.3 | 0.0 | |
Financial securities | 4.2 | 9.0 | ||
PE and real estate fund investments | 16.7 | 17.0 TOTAL LIABILITIES | 18.7 | 21.7 |
Intangible assets | 29.2 | 29.2 | ||
Tangible assets | 2.7 | 3.6 Share capital | 11.4 | 11.4 |
Reserve for invested unrestricted equity | 27.3 | 27.3 | ||
Other assets | 23.3 | 27.5 Retained earnings | 8.8 | 7.3 |
Accruals and prepaid expenditure | 0.5 | 0.5 Profit (loss) for the period | 21.6 | 27.4 |
Income tax receivables | 0.0 | 0.0 | ||
Deferred tax assets | 0.1 | 0.1 TOTAL SHAREHOLDERS' EQUITY | 69.1 | 73.3 |
TOTAL ASSETS | 87.7 | 95.1 TOTAL LIABILITIES AND EQUITY | 87.7 | 95.1 |
Liquid assets
15.1MEUR
Private equity and real estate fund investments
16.7MEUR
Interest-bearing loans
0.0MEUR
Total capital and the capital
requirement ratio
298.6 % Asset Management3/2/2026 eQ Plc - 2025 result presentation 6
Asset Management - Income s tatementMEUR | 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 operating expenses | -2.4 | -1.8 | 33 % | -0.5 | -0.5 13 % |
OPERATING PROFIT | 32.0 | 33.7 | -5 % | 8.4 | 6.9 22 % |
Cost/income-ratio, % | 43.8 | 42.3 | 4 % | 40.8 | 47.3 -14 % |
Other operating expenses include EUR 0.5 million in non-recurring expenses related to strategic planning and market research for the asset management business.
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 %
Asset Management - Fee incomeMEUR | 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 % |
Performance based fees | ||||||
Equity and Fixed Income | 0.0 | 0.0 | n/a | 0.0 | - | n/a |
Real Estate | - | - | n/a | - | - | n/a |
Private Equity | 4.4 | 3.5 | 24 % | 1.1 | -0.5 | 324 % |
Performance based fees total | 4.4 | 3.6 | 24 % | 1.1 | -0.5 | 325 % |
Other fees | 0.1 | 0.1 | 26 % | 0.0 | 0.0 | 5 % |
Fee income total | 57.6 | 59.3 | -3 % | 14.3 | 13.2 | 8 % |
Fee income by investment area 1-12/2025
Equity and Fixed income - Management
Fee income by type 1-12/2025
Private Equity: 41 %
57.6
MEUR
Equity and Fixed
income: 15 %
Real Estate: 43 %
fees
Equity and Fixed income - Performance based feesRE - Management fees
RE - Performance based fees
PE - Management fees
PE - Performance based fees
Other fees
Performance fees: 8 %
57.6
MEUR
Management fees: 92 %
Management feesPerformance based fees
Other fees
Asset Management - Rolling 12 months
Net revenue development,
rolling 12 months, MEUR
56.9
80
70
60
50
40
30
20
10
0
3/2/2026
eQ Plc - 2025 result presentation
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 Q3/19 Q4/19 Q1/20 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 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25
Operating profit development,
rolling 12 months, MEUR
32.0
60
50
40
30
20
10
0
10
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 Q3/19 Q4/19 Q1/20 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 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25