eQ (EQV1V) Q2 2025 earnings summary

Executive summary

• Net revenue for H1 2025 was €28.3M, down 17% year-over-year; Q2 revenue was €14.3M, down 19% year-over-year.

• Operating profit for H1 2025 was €11.8M, a 35% decrease year-over-year; Q2 operating profit was €6.0M, down 36%.

• EPS for H1 2025 was €0.22, down 36% year-over-year; Q2 EPS was €0.11, also down 36%.

• Asset Management segment saw a 5% decrease in net revenue and a 13% drop in operating profit; assets under management at €10.0B at June 2025, down 4% from December 2024.

• New CEO Jouko Pölönen appointed, starting September 2025; major shareholders sold 1M shares to his investment company.

Financial highlights

• Cost/income ratio increased to 58.3% from 47.1% year-over-year.

• Shareholders’ equity decreased to €56.1M from €73.3M at year-end 2024.

• Total capital and capital requirement ratio at 311.3%.

• Liquid assets at €14.3M; no interest-bearing loans.

• Dividend of €0.66 per share approved, paid in two instalments.

Outlook and guidance

• Real estate fund management fees expected to decrease in 2025 compared to 2024.

• Private equity fees projected to increase in 2025; performance fees expected to rise in 2026.

• Equity and fixed income fees will depend on market developments.

• Finnish real estate market remains challenging, but activity is expected to increase as foreign capital returns.