Evli (EVLI) Q2 2025 earnings summary

Executive summary

• Comparable operating profit remained at the previous year's level, with assets under management reaching a record €19.7 billion at the end of June 2025, up from €18.7 billion year-over-year.

• Net revenue for January–June 2025 was €55.2 million, nearly unchanged from the adjusted €55.0 million in the prior year; unadjusted net revenue was €72.2 million in 2024 due to a one-time corporate transaction.

• Operating profit for H1/2025 was €22.5 million, slightly above the adjusted €22.2 million in the previous year, but below the unadjusted €37.2 million.

• Strong demand for fixed income and alternative funds supported growth, with positive fund sales in both Finland and international markets.

• Recognized as Finland's top institutional asset manager in Kantar Prospera's survey for the 13th consecutive year.

Financial highlights

• Net revenue for H1/2025 was €55.2 million, with Q2 net revenue at €27.5 million, down 6% year-over-year.

• Operating profit for H1/2025 was €22.5 million; Q2 operating profit was €11.1 million, both slightly lower year-over-year.

• Earnings per share (fully diluted) for H1/2025 were €0.60, compared to €1.10 in H1/2024; Q2 EPS was €0.33, up from €0.31.

• Return on equity for H1/2025 was 24.2%, down from 37.9% in the prior year.

• Recurring revenue to operating costs ratio improved to 132% from 125% year-over-year.

Outlook and guidance

• The operating environment is expected to remain uncertain and difficult to predict for the rest of 2025 due to geopolitical risks and economic growth concerns.

• If investor confidence weakens and market values decline, fee income and investment returns may be negatively impacted.

• Despite challenges, the operating result for 2025 is estimated to remain clearly positive, supported by a strong market position and growth outlook.

• Long-term targets include AUM of €30 billion, EBIT margin of 30%, ROE of 25%, and recurring revenue ratio above 130%.