eQ (EQV1V) Q1 2025 earnings summary

Executive summary

• Net revenue for Q1 2025 was EUR 14.0 million, down 15% year-over-year; operating profit fell 34% to EUR 5.8 million and profit for the period dropped 35% to EUR 4.6 million.

• Earnings per share decreased 36% to EUR 0.11 compared to Q1 2024.

• Asset Management segment saw a 5% decline in net revenue and 11% drop in operating profit; assets under management grew to EUR 13.6 billion.

• Corporate Finance segment revenue dropped 91% to EUR 0.1 million; operating profit was EUR -0.8 million.

• Investments segment posted an operating loss of EUR -0.6 million, mainly due to negative value changes in residential property funds.

Financial highlights

• Net revenue (Q1 2025): EUR 14.0m (-15% y/y); operating profit: EUR 5.8m (-34% y/y); profit for the period: EUR 4.6m (-35% y/y).

• Cost/income ratio: 58.3% (up from 46.6% y/y).

• Liquid assets decreased 24% year-over-year to EUR 26.5 million.

• Market capitalization at March 31, 2025: EUR 443.1m (down from EUR 536.2m at end-2024).

• Return on equity (ROE) was 29.4% (44.0% in Q1 2024); return on investment (ROI) was 27.9%.

Outlook and guidance

• Real estate market remains challenging with low liquidity and delayed redemptions; management fees from real estate funds expected to decrease in 2025.

• Private Equity product sales remain strong; PE fees expected to increase in 2025, with performance fees likely to rise from 2026.

• Traditional asset management fees will depend on market development; overall, 2025 expected to be better for real estate if interest rates fall and economic recovery continues.