eQ (EQV1V) Q4 2025 earnings summary

Executive summary

• Net revenue for 2025 was €58.2M, down 11% year-over-year; Q4 net revenue rose 4% to €15.3M.

• Operating profit for 2025 was €27.4M, a 21% decrease year-over-year; Q4 operating profit increased 15% to €8.0M.

• Earnings per share for 2025 was €0.52, down 21% year-over-year; Q4 EPS rose 14% to €0.15.

• Dividend proposal of €0.52 per share, down from €0.66, to be paid in two instalments.

• Assets under management at year-end were €10.2B, a 2% decrease from the previous year; another source reports AUM grew 3% to €13.8B.

• Jouko Pölönen appointed CEO as of September 2025; new 2030 strategy targets doubling operating profit.

Financial highlights

• Cost/income ratio increased to 52.9% from 47.4% year-over-year.

• Asset Management net revenue for 2025 was €56.9M, down 3%; operating profit was €32.0M, down 5%.

• Corporate Finance net revenue fell 67% to €1.7M; operating profit dropped to -€1.4M from €1.5M.

• Investments segment profit was -€0.7M, down from €1.1M, impacted by negative value changes and FX fluctuations.

• Profit for the period: €21.6M, down 21% year-over-year.

Outlook and guidance

• Real estate market recovery remains slow; management fees for real estate funds expected to decrease in 2026.

• Private Equity fees are expected to increase in 2026 as investor allocations rise and more funds enter performance fee phases.

• Equity and fixed income fee trends will depend on market developments.

• Market activity in real estate expected to improve as foreign capital flows into Finland.

• Three private equity fund structures expected to enter performance fee phase in 2026.