EQT (EQT) H2 2025 earnings summary

Executive summary

• Achieved record funds under management, administration, and supervision (FUMAS) of $254 billion, up 28% year-over-year, with strong topline growth.

• Net profit after tax (NPAT) increased by 60% to $33.2 million, driven by business growth and completion of a three-year strategic project agenda.

• Successfully integrated AET, exited UK and Ireland business, and delivered new technology platforms.

• Realized synergies from AET integration above plan, with significant margin improvement in 2H25.

• Maintained high employee engagement and client satisfaction despite significant organizational change.

Financial highlights

• Revenue grew 7% to $182.5 million year-over-year, with a three-year CAGR of 18.9%.

• Underlying net profit before tax rose 4% to $53.7 million.

• Earnings per share increased 60% to 124.26 cents; underlying EPS at 140.01 cents.

• Total dividend for the year was 111 cents, up 7% from the prior year, with a payout ratio of 89%.

• Total shareholder return to June 30 was 9.7%; three-year TSR at 42.9%.

Outlook and guidance

• Positive outlook for FY 2026, especially in Corporate Trustee Services (CTS/CSTS), with a strong business pipeline.

• Moderate growth expected in Trustee and Wealth Services (TWS); technology investments to focus on efficiency and service.

• Statutory profit will be the primary performance measure going forward.

• Technology spend expected to normalize at $2 million per annum.

• Heightened regulatory activity and market risk expected to persist.