eQ (EQV1V) Q4 2025 earnings summary

Executive summary

• Net revenue for 2025 was €58.2M, down 11% year-over-year; Q4 net revenue rose 4% to €15.3M compared to Q4 2024.

• Operating profit for 2025 was €27.4M, a 21% decrease year-over-year; Q4 operating profit increased 15% to €8.0M.

• EPS for 2025 was €0.52, down 21% year-over-year; Q4 EPS rose 14% to €0.15.

• Assets under management at year-end were €10.2B, a 2% decrease from the previous year; another report notes AUM grew 3% to €13.8B.

• New CEO appointed in September 2025; strategy updated to target doubled operating profit by 2030.

Financial highlights

• Cost/income ratio increased to 52.9% from 47.4% year-over-year.

• Dividend proposal of €0.52 per share, down from €0.66.

• Total capital and capital requirement ratio at 298.6%.

• Return on equity (ROE) was 30.3%, down from 36.8%.

• Equity per share was €1.67, down from €1.77.

Outlook and guidance

• Real estate market recovery delayed by economic uncertainty and customs disputes, though transaction volume grew year-over-year.

• Real estate fund management fees expected to decrease in 2026; private equity fees expected to increase.

• Market activity in real estate expected to rise as foreign capital returns; equity and fixed income fee trends to follow market developments.

• Three private equity fund structures expected to enter performance fee phase in 2026.