ANNUAL REPORT
eQ in 2025 3
Key Figures 4
eQ in Brief 5
CEO’s Review 6
Business Segments 9
Asset Management 10
Corporate Finance 13
Investments 14
Strategy 15
Sustainability 18
Report by the Board of Directors 37
Consolidated Key Ratios 46
Contents
Financial Statements 2025 49
Auditor’s Report 80
Auditor’s report on the ESEF financial statements 83
Corporate Governance 84
Corporate Governance Statement 85
Remuneration Report 92
Board of Directors 95
The CEO and Management team 97
Performace Fees of Private Equity Funds 99
Information about Capital Adequancy 102
To the Shareholders 105
2
eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
Key Figures
DIVIDEND
PER SHARE
.
EUR
. EUR
MARKET
CAP
.
MEUR
. MEUR
NUMBER OF
SHAREHOLDERS
,
,
NUMBER
OF PERSONNEL
ASSETS UNDER
MANAGEMENT WITHOUT
REPORTING SERVICES
.
BN EUR
. BN EUR
AND IN TOTAL
.
BN EUR
. BN EUR
NET REVENUE
.
MEUR
: . MEUR
EARNINGS PER SHARE
.
EUR
. EUR
COST/INCOME RATIO
.%
.%
OPERATING PROFIT
.
MEUR
. MEUR
4
eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
eQ in Brief
eQ is a Finnish group of companies that
concentrates on asset management and corporate
finance operations. The share of the parent
company eQ Plc is listed on Nasdaq Helsinki.
The Group offers its clients services related to
mutual-, real estate- and private equity funds,
discretionary asset management, investment
insurance policies, and a large range of mutual
funds offered by international partners. The asset
management clients are institutional investors and
private individuals. In addition, Advium Corporate
Finance Ltd, which is part of the Group, offers
services related to mergers and acquisitions, real
estate transactions and equity capital markets.
80
70
60
50
40
30
20
10
0
2025202420232022202120202019201820172016
NET REVENUE DEVELOPMENT,
MEUR
Asset Management Corporate Finance
Investments Group Administration Group
35.4
40.7
45.4
50.6
56.7
78.9
77.8
70.9
65.6
58.2
55
50
45
40
35
30
25
20
15
10
5
0
-5
2025202420232022202120202019201820172016
OPERATING PROFIT DEVELOPMENT,
MEUR
Asset Management Corporate Finance
Investments Group Administration Group
16.2
20.1
22.4
26.3
30.8
47.7
45.7
39.7
34.5
27.4
5eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
CEO’S REVIEW
2025 was a volatile but profitable year for investors across
almost all asset classes. Market developments were marked by
the trade war that followed President Trump’s tariff policy and
strong optimism related to the theme of artificial intelligence.
The continuing war in Ukraine, the Middle East crisis and pressure
on the status of Venezuela and Greenland kept geopolitical
uncertainty high.
Share prices rose in 2025, supported by strong corporate earnings
and the development of artificial intelligence. Rising interest rates
eroded government bond yields, while corporate bonds performed
better as interest rate gap narrowed, supported by strong
corporate balance sheets. In alternative investments, raw materials
were the most profitable. In the Private Equity market, the gap
between buyers’ and sellers’ price expectations narrowed as the
outlook for earnings improved, and signs of a stronger transaction
market were seen towards the end of the year. The real estate
market continued to recover and transaction volumes increased
in Europe and Finland, although they were still a far cry from the
levels of the peak years.
eQ’s result for the financial period fell in the challenging operating
environment. The net revenue of the Group during the financial
period was EUR 58.2 million and the operating profit was EUR 27.4
million. Operating profit fell by 21 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.
Profit for the financial period was EUR 21.6 million and earnings
per share 0.52 cents. The Group’s cost/income ratio remained at
a good level of 52.9%.
During the period, net revenue in the Asset Management segment
decreased by 3 per cent to EUR 56.9 million. The fall in net revenue
is explained in particular by lower real estate asset management
fees. Private Equity management and performance fees increased
compared to the previous year. The weakening of the US dollar had
a negative impact on Private Equity asset management fees for
USD-denominated funds. Asset Management segment’s operating
profit fell by 5 per cent to EUR 32.0 million. The cost/income ratio
of Asset Management segment was at an excellent level of 43.8%.
Challenges in the operating
environment were reflected
in eQ Group’s result
6eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
In the Corporate Finance segment, Advium’s net revenue decreased by 67 per
cent from the previous year to EUR 1.7 million. The operating profit was EUR
-1.4 million compared to EUR 1.5 million in the previous year. 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 business operations of the Investments segment consist of Private Equity
and real estate fund investments made from eQ Group’s own balance sheet.
The operating profit of the Investments segment fell from last year and
was EUR -0.7 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.
eQ Asset Management is by far the most used institutional
asset manager for alternative investments in Finland
According to the survey conducted by SFR, eQ is the second most used
institutional asset manager in Finland. 68 per cent of survey respondents
say that they use eQ’s services. In alternative investments, in eQ’s case
real estate and Private Equity investments, eQ is by far the most used
asset manager. Every year, SFR interviews around 100 of the largest Finnish
institutional investors.
2025 was a good year for Private Equity asset management in terms of sales.
The eQ PE XVII US fund raised USD 190 million during 2025. We also raised
EUR 21 million in new capital for the eQ PE SF V secondary market fund, which
was established in 2024. The general lack of exits and equity repayments in
Private Equity funds continues to hamper sales, but our strong track record of
returns continues to make good sales possible.
The returns of Private Equity funds managed by eQ were at a good level in
2025. Although the transaction volume in the private equity market remained
below the long-term average, the combined net cash flow of eQ’s Private
Equity funds was at a neutral level during the financial period. At the end of
2025, one of the Private Equity programme funds managed by eQ transitioned
to a performance fee structure in terms of cash flow. The related cash flow
from previously amortised performance fees in the income statement amounted
to EUR 0.7 million.
eQ’s Private Equity asset management fundraises for funds that invest in US
and Europe on alternating years. In 2026, the North XVIII fund, which invests
in Europe, and the SF VI secondary market fund will be back. In early 2026, we
also launched eQ PE Direct I, eQ’s first co-investment fund. In addition, we are
fundraising for eQ’s third venture capital fund eQ VC III in 2026.
During the financial period 2025, we established the eQ Residential III fund, to
which two of our previous residential funds were transferred. We raised EUR
49 million in subscriptions for the fund. 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. The challenging market conditions in real estate asset
management contributed to a decline in assets under management for real
estate funds in 2025. The redemptions of both the eQ Commercial Properties
and eQ Community Properties funds have been postponed.
For equity and fixed income funds, assets under management increased by
around EUR 170 million in 2025. 54% of the equity and fixed income funds
managed by eQ itself outperformed the benchmark index in 2025.
In terms of sales, 2025 was
a good year for Private Equity
asset management.
7eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
Sustainability is part of all our business operations
Sustainability has long been one of the foundation pillars of our operations and
it is part of all our business operations. At the eQ Group we act in a responsible
and sustainable manner and integrate this work systematically and in practice
to eQ Asset Management’s investment operations and Advium’s Corporate
Finance operations.
In 2025, eQ Asset Management achieved its best results ever in the latest
PRI (UN Principles for Responsible Investment) assessment. In the 2025
assessment, eQ performed well above the median in all six of the areas it
reports, and received the highest star rating of five stars for listed equities,
corporate bonds, real estate investments, and Private Pquity. In particular,
eQ’s corporate bonds performed strongly and scored a full 100 points.
In 2025, eQ’s real estate funds participated in the GRESB sustainability
assessment already for the seventh time and the results continued to develop
positively. For the first time, the eQ Commercial Properties and eQ Community
Properties funds achieved the highest five-star rating, exceeding both
the GRESB and eQ peer group averages.
We are committed to continuously improving our responsibility in cooperation
with our clients. We want to offer our clients concrete solutions that support
their needs also from a sustainability perspective, now and in the future.
Advium’s business was burdened by
challenging market conditions
The number of mergers and acquisitions and real estate transactions in Finland
remained below the long-term average in 2025. In the Corporate Finance
segment, during the review period Advium acted as advisor, for example,
in a M&A transaction in which Advium’s role is not public. In real estate
transactions, Advium acted as an advisor to Ylva on the sale of a property in the
centre of Helsinki.
Given the market situation, Advium’s order book is at a good level. However,
the completion of transactions is largely dependent on the overall capital
market situation and its development.
eQ’s 2030 strategy – returning to strong growth
Over the past year, eQ has been working on its strategy and identifying
future growth opportunities. The strategy and targets were confirmed in
early February. The aim of eQ’s updated strategy 2030 is returning to strong
growth. This growth is based on eQ’s unique strengths, extensive experience,
and the top-notch expertise of our specialists as trusted asset manager for
institutions. Our goal is to further strengthen the customer and employee
experience, expand our business both internationally and to private customers,
and to double our operating profit by the end of 2030. It is inspiring to start
building sustainable prosperity and growth on eQ’s unique strengths, extensive
experience, and the top-notch expertise of our specialists.
I would like to extend my warm thanks to all our clients for the trust they
have placed in us. At the same time, I would like to thank our personnel and
partners for their excellent work during the year. We have a strong foundation,
outstanding expertise and clear objectives, which provide an inspiring basis for
building sustainable prosperity and growth for our clients and for society as
a whole.
Jouko Pölönen
CEO
Our goal is to further strengthen
the customer and employee
experience, expand our business
both internationally and to private
customers, and to double our
operating profit by the end of 2030.
8
eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders