eQ (EQV1V) Q2 2025 earnings summary

Executive summary

• Net revenue for H1 2025 was €28.3M, down 17% year-over-year; Q2 revenue was €14.3M, down 19% year-over-year.

• Operating profit for H1 2025 was €11.8M, a 35% decrease year-over-year; Q2 operating profit was €6.0M, down 36%.

• EPS for H1 2025 was €0.22, down 36% year-over-year; profit for the period was €9.3M.

• Asset Management segment saw a 5% decrease in net revenue and a 13% drop in operating profit; AUM at end-June 2025 was €13.5B.

• Jouko Pölönen appointed as new CEO, effective September 1, 2025.

Financial highlights

• Cost/income ratio increased to 58.3% from 47.1% year-over-year.

• Asset Management net revenue for H1 2025 was €28.6M, down 5% year-over-year; operating profit was €15.2M, down 13%.

• Corporate Finance net revenue for H1 2025 was €0.8M, down 72% year-over-year; operating profit was -€0.9M.

• Investments segment reported a loss of €1.3M for H1 2025, impacted by residential fund value changes and FX fluctuations.

• Dividend of €0.66 per share approved, paid in two instalments.

Outlook and guidance

• Real estate fund management fees expected to decrease in 2025 compared to 2024.

• Private Equity product sales remain strong; Private Equity fees expected to increase in 2025.

• Market activity in Finnish real estate expected to rise as foreign capital returns, but current liquidity remains low.

• Performance fees for Private Equity products anticipated to increase in 2026.