eQ (EQV1V) Q4 2024 earnings summary

Executive summary

• Net revenue for 2024 was EUR 65.6 million, down 7% year-over-year; operating profit fell 13% to EUR 34.5 million; profit for the period was EUR 27.4 million, down 13%.

• Earnings per share declined 14% to EUR 0.66; proposed dividend is EUR 0.66 per share, down 18% from last year.

• Assets under management reached a record EUR 13.4 billion, up 4% from 2023; private equity AUM grew, while real estate AUM faced headwinds.

• Asset Management segment's net revenue decreased 13% to EUR 58.5 million; operating profit declined 19% to EUR 33.7 million.

• Corporate Finance net revenue rose 34% to EUR 5.3 million; operating profit more than doubled to EUR 1.5 million.

Financial highlights

• Q4 2024 net revenue was EUR 14.8 million, down 20% from Q4 2023; operating profit for Q4 was EUR 6.9 million, down 29%.

• Cost/income ratio increased to 47.4% for the year (from 43.8%); liquid assets halved to EUR 17.0 million.

• Fee income fell 12% to EUR 59.3 million, with management fees making up 94% of total fee income.

• Assets under management grew 4% to EUR 13.4 billion.

• Group net fee and commission income was EUR 63.8 million, down from EUR 70.8 million in 2023.

Outlook and guidance

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

• Private equity product sales remain strong; private equity fees expected to increase in 2025, with performance fees likely rising from 2026.

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