eQ Plc interim report 1 January - 30 September 2025
eQ Plc interim report
21 October 2025 at 8:00 a.m.
January to September 2025 in brief
- The Group's net revenue for the reporting period was EUR 42.9 million (EUR 50.9 MEUR 1 Jan. - 30 Sept. 2024). The Group’s net fee and commission income was EUR 43.7 million (EUR 49.8 million).
- The Group’s operating profit fell by 30% to EUR 19.4 million (EUR 27.6 million).
- Earnings per share were EUR 0.37 (EUR 0.53).
- Net revenue in the Asset Management segment decreased by 6 percent to 42.7 million euros (45.5 MEUR) and operating profit by 12 percent to 23.6 million euros (26.9 MEUR). The management fees of the Asset Management segment fell by 5% to EUR 39.9 million (EUR 42.0 million), and the performance fees fell by 18% to EUR 3.3 million (EUR 4.0 million). At the end of the review period, assets under managed amounted to EUR 13.7 billion (EUR 13.4 billion on 31 December 2024).
- Corporate Finance segment's net revenue was EUR 1.0 million (MEUR 4.3) and operating profit was EUR -1.3 million (EUR 1.5 million). It is typical of corporate finance business that success fees have a considerable impact on invoicing, which is why the segment's results may vary considerably.
- The operating profit of the Investments segment was EUR -1.1 million (EUR 0.5 million). Operating profit was negatively affected by changes in the value of residential funds and exchange rate fluctuations in USD-denominated investments. The net cash flow from the Group’s own private equity and real estate fund investment operations was EUR -0.4 million (EUR 0.7 million).
- The Board of Directors of eQ Plc appointed Jouko Pölönen as the new Chief Executive Officer of eQ Plc. Pölönen took up his post on 1 September 2025.
July to September 2025 in brief
- The Group's net revenue in the third quarter was EUR 14.5 million (EUR 16.7 MEUR 1 July - 30 Sept. 2024). The Group’s net fee and commission income was EUR 14.3 million (EUR 16.6 million).
- The Group’s operating profit fell by 20% to EUR 7.6 million (EUR 9.6 million).
- Earnings per share were EUR 0.15 (EUR 0.18).
| Key ratios | 1-9/25 | 1-9/24 | Change | 7-9/25 | 7-9/24 | Change | 1-12/24 |
| Net revenue, Group, MEUR | 42.9 | 50.9 | -16% | 14.5 | 16.7 | -13% | 65.6 |
| Net revenue, Asset Management, MEUR | 42.7 | 45.5 | -6% | 14.1 | 15.2 | -7 % | 58.5 |
| Net revenue, Corporate Finance, MEUR | 1.0 | 4.3 | -77% | 0.1 | 1.3 | -89% | 5.3 |
| Net revenue, Investments, MEUR | -1.1 | 0.5 | -335 % | 0.2 | -0.1 | -331% | 1.1 |
| Net revenue, Group administration and eliminations, MEUR | 0.3 | 0.7 | 0.1 | 0.2 | 0.8 | ||
| Operating profit, Group, MEUR | 19.4 | 27.6 | -30% | 7.6 | 9.6 | -20% | 34.5 |
| Operating profit, Asset Management, MEUR | 23.6 | 26.9 | -12% | 8.4 | 9.4 | -11% | 33.7 |
| Operating profit, Corporate Finance, MEUR | -1.3 | 1.5 | -190% | -0.4 | 0.5 | -186% | 1.5 |
| Operating profit, Investments, MEUR | -1.1 | 0.5 | -335% | 0.2 | -0.1 | 331% | 1.1 |
| Operating profit, Group administration, MEUR | -1.8 | -1.1 | -0.5 | -0.3 | -1.8 | ||
| Profit for the period, MEUR | 15.3 | 21.9 | -30% | 6.0 | 7.6 | -20% | 27.4 |
| | |||||||
| Key ratios | 1-9/25 | 1-9/24 | Change | 7-9/25 | 7-9/24 | Change | 1-12/24 |
| Earnings per share, EUR | 0.37 | 0.53 | -30% | 0.15 | 0.18 | -20% | 0.66 |
| Equity per share, EUR | 1.51 | 1.64 | -8% | 1.51 | 1.64 | -8% | 1.77 |
| Cost/income ratio, Group, % | 54.6 | 45.7 | 19% | 47.5 | 42.8 | 11% | 47.4 |
| Liquid assets, MEUR | 22.0 | 29.0 | -24% | 22.0 | 29.0 | -24% | 17.0 |
| Private equity and real estate fund investments, MEUR | 16.4 | 16.5 | -1% | 16.4 | 16.5 | -1% | 17.0 |
| Interest-bearing loans, MEUR | 0.0 | 0.0 | 0% | 0.0 | 0.0 | 0% | 0.0 |
| Assets under management excluding reporting services, EUR billion | 10.2 | 10.4 | -2% | 10.2 | 10.4 | -2% | 10.4 |
| Assets under management, EUR billion | 13.7 | 13.3 | 2% | 13.7 | 13.3 | 2% | 13.4 |
CEO's review
Stock and interest rate markets performed well over the review period, as AI-fuelled growth expectations boosted investor confidence. Although market sentiment remained positive, geopolitical and trade policy tensions remained key concerns for investors. The economic impact of the tariffs imposed early this year by the US President Trump has so far remained rather limited. In the US, stock markets were boosted in particular by technology companies. At the same time, in Europe, the share price rise was supported not only by technology companies but also by the financial and industrial sectors.
Central banks around the world continued to cut interest rates. The measures lowered short-term government bond yields and steepened yield curves. In Europe, long-term government bond yields were on an upward trend as already deficit-ridden countries took on more debt as a result of increased defence spending. In the corporate bond market, risk premia narrowed and interest spreads on all but the lowest-rated High Yield bonds shrunk to historically narrow levels, supporting the appreciation of corporate bonds. During the period. the US dollar weakened by around 14% compared to the euro.
eQ’s operating profit for the review period was EUR 19.4 million
The net revenue of the eQ group during January-September was EUR 42.9 million and the operating profit was EUR 19.4 million. Net revenue fell by 16 per cent and operating profit by 30 per cent from the previous year. Both Corporate Finance and Investments segments had negative results, which had a significant impact on the decline in earnings. The weakening of the US dollar had a negative impact on the Investment segment's results and on Private Equity asset management fees for USD-denominated funds.
eQ Asset Management raised over EUR 225 million for Private equity and Residential funds
Our newest private equity fund, eQ PE XVII US, raised USD 182 million during the review period. We also raised EUR 21 million in new capital for the eQ PE SF V secondary market fund, which was established in 2024. eQ PE SF V fund’s final closing was carried out in September. We also signed new Private Equity programme fund agreements during the period. The general lack of exits and capital returns in private equity funds continues to hamper sales, but our strong track record of returns continues to make good sales possible.
During the review period, we established the eQ Residential III fund, to which two of our previous housing funds were transferred. We raised EUR 49 million in subscriptions for the fund. We will continue fundraising for the eQ PE XVII US and eQ Residential III funds.
The market situation for open-ended real estate funds has not yet changed significantly. The fall in interest rates is improving the operating conditions in the real estate market, but market activity is still at historically low levels and yield requirements have not yet seen downward pressure. However, trading activity in the real estate market has clearly started to recover during the current year. The eQ Community Properties fund’s redemptions from the end of last year have been paid. eQ Commercial Properties Fund does not yet have the liquidity to pay the redemptions. In 2025, eQ’s real estate funds participated in the GRESB sustainability assessment already for the seventh time. Both the eQ Commercial Properties and the eQ Community Properties funds achieved the highest five-star rating for the first time.
During the period, net revenue in the Asset Management segment decreased by 6% to EUR 42.7 million. The decrease in net revenue, EUR 2.7 million in total, is attributable to lower real estate asset management fees and Private Equity performance fees. Private Equity management fees increased compared to the previous year. Asset Management segment’s operating profit fell by 12 per cent to EUR 23.6 million. The result includes EUR 0.5 million in non-recurring expenses related to strategic planning and market research in the asset management business.
Advium's business was burdened by challenging market conditions
The number of mergers and acquisitions and real estate transactions in Finland remained clearly below the long-term average during the review period. In the Corporate Finance segment, during the review period Advium acted as advisor in a transaction where Advium's role is not public. The Corporate Finance segment's net revenue for the period was EUR 1.0 million (EUR 4.3 MEUR) and operating profit EUR -1.3 million (EUR 1.5 MEUR).
Given the market situation, Advium's order book is at a good level. However, the closing of transactions is largely dependent on the overall capital market situation and its development.
Profit of investments fell
The operating profit of the Investments segment fell from last year and was EUR -1.1 million (EUR 0.5 million). The negative result was due to changes in the value of investments. The change in value was negatively affected by changes in the value of residential funds and exchange rate fluctuations in USD-denominated investments. The balance sheet value of equity and real estate fund investments at the end of the period was EUR 16.4 million (EUR 17.0 million on 31 December 2024). During the review period, eQ Plc made an investment commitment of USD 1 million to the eQ PE XVII US fund and EUR 1 million to the Residential III fund. Net cash flow from investments was EUR -0.4 million (MEUR 0.7).
Together towards the future
At the beginning of September, I took up my position as CEO of eQ. It's great to join eQ's entrepreneurial, competent, and committed team. According to a recent staff survey, job satisfaction is at an excellent level. Competent, motivated and well-being personnel create a strong foundation for business development and value creation for clients and owners. eQ is one of the leading asset managers in Finland and we have a very strong position in private equity and real estate asset management in particular. The professional asset management market is expected to grow and the number of individuals saving and investing is continuously increasing. Over the past year, we have been working on strategy and identifying future growth opportunities. We will continue to clarify our strategy during the end of the year and will report the results of our strategy work in early February, when we publish our financial statements release.
Jouko Pölönen
CEO, eQ Plc
Outlook
General economic uncertainty and customs disputes have also delayed the recovery of the real estate market over the past year. However, the real estate transaction market in Finland has grown significantly during the current year compared to the previous year. Despite the increase in activity, market liquidity remains low and the situation at the real estate market in general remains challenging. Yield requirements have remained largely unchanged from the end of last year. Yield requirements have not fallen, even though interest rates have fallen significantly in Europe. The recovery of the real estate market now depends on the development of the Finnish economy and foreign capital. Our assessment is that market activity will increase, and yield requirements will decrease as more foreign capital begins to flow into Finland.
eQ's real estate fund management fees are expected to decrease in 2025 compared to the previous year.
Sales of eQ’s Private Equity products has continued to be strong, and we believe that Finnish asset management clients will increase the Private Equity allocations in their portfolios in the coming years. We estimate that eQ's Private Equity fees will increase in 2025 compared to last year. It has been quiet at the exit market for Private equity funds during the period, but despite that our funds have returned capital to investors. A number of private equity products are expected to move into the performance fee phase in 2026.
In terms of equity and fixed income asset management, fee trends are largely dependent on market developments.
Press conference
eQ’s CEO Jouko Pölönen and CFO Antti Lyytikäinen will present the result to press, investors and analysts in a press conference to be held on 21 October 2025 at 11:00 a.m. The press conference will held at eQ's head office in Helsinki, address Aleksanterinkatu 19, 5th floor, 00100 Helsinki and it is also possible to participate via webcast. The webcast participation requires a registration. The press conference will be held in Finnish. The presentation material can be viewed at eQ's website after the press conference. To join the press conference, please register with .
eQ’s interim report 1 January to 30 September 2025 is enclosed to this release and it is also available on the company website at
eQ Plc
Additional information:
Jouko Pölönen, CEO, tel.
Antti Lyytikäinen, CFO, tel. 7
Distribution: Nasdaq Helsinki, , media
eQ is a Finnish group of companies specialising in asset management and corporate finance business. eQ Asset Management offers a wide range of asset management services (including private equity funds and real estate asset management) for institutions and individuals. The assets managed by the group total approximately EUR 13.7 billion. Advium Corporate Finance, which is part of the group, offers services related to mergers and acquisitions, real estate transactions and equity capital markets. The share of the group’s parent company eQ Plc is listed on Nasdaq Helsinki. More information about the group is available on our website at
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