eQ (EQV1V) Q3 2026 earnings summary

Executive summary

• 9M 2026 net revenue rose 5% YoY to €44.5m; operating profit fell 3% to €18.8m and EPS was €0.36 vs. €0.37.

• Strategy 2030 targets doubled operating profit vs. 2025, a cost-to-income ratio below 50%, and international expansion.

• Genesta acquisition is intended to expand Nordic real estate management and establish an international private markets growth platform.

Financial highlights

• Q3 net revenue was €14.9m, up 3% YoY; operating profit was €7.2m, down 6%, and EPS was €0.14 vs. €0.15.

• 9M net fee and commission income was €43.3m vs. €43.7m; net investment income was €1.2m vs. a €0.8m loss.

• 9M expenses and depreciation totaled €25.7m vs. €23.4m, reflecting recruitment and strategy-related growth investments.

• 9M asset management revenue was €42.3m, down 1%, and operating profit fell 10% to €21.3m as costs increased.

• Corporate Finance 9M revenue was €1.2m vs. €1.0m; operating loss narrowed to €0.9m from €1.3m.

Outlook and guidance

• 2026 real estate management fees are expected to decline YoY; Private Equity fees are expected to increase, with another fund structure entering the performance-fee cash-flow phase late in 2026.

• Strategy 2030 targets operating profit growth ahead of the market, doubled operating profit vs. 2025, a cost-to-income ratio below 50%, and strong dividends.

• Equity and fixed-income fees depend largely on market performance; real estate activity is expected to increase and yields to fall as foreign capital enters Finland.

• The Genesta transaction is not expected to affect the 2026 outlook; closing is expected by Q1 2027 at the latest, subject to approvals and customary conditions.