eQ (EQV1V) Q3 2025 earnings summary

Executive summary

• Net revenue for Jan–Sept 2025 was €42.9M, down 16% year-over-year; Q3 net revenue was €14.5M, down 13% year-over-year.

• Operating profit for Jan–Sept 2025 was €19.4M, a 30% decrease year-over-year; Q3 operating profit was €7.6M, down 20%.

• EPS for Jan–Sept 2025 was €0.37, down from €0.53 year-over-year.

• Cost/income ratio increased to 54.6% from 45.7% year-over-year.

• Jouko Pölönen appointed CEO as of September 2025.

Financial highlights

• Group net fee and commission income for Jan–Sept 2025 was €43.7M, down from €49.8M year-over-year.

• Profit for the period was €15.3M, a 30% decrease year-over-year.

• Liquid assets at period end were €17.9M, down from €20.1M at end 2024.

• No interest-bearing loans at period end.

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

Outlook and guidance

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

• Private Equity fees projected to increase in 2025; performance fees expected to rise in 2026.

• Market activity in Finnish real estate expected to rise as foreign capital flows in; yield requirements anticipated to decrease.

• Equity and fixed income fee trends will depend on market developments.

• Real estate market recovery hinges on Finnish economy and foreign capital inflows.