United Bankers (HLSE) H1 2025 earnings summary

Executive summary

• Achieved the second strongest half-year revenue in company history at €29.1 million, though profit and EPS declined due to lower performance fees after a record 2024 period.

• Assets under management (AUM) reached a record €4.9 billion, up from €4.8 billion at year-end 2024, despite some redemption pressures in real estate funds.

• Growth in discretionary asset management and structured product fee income offset lower performance fees.

• Sustainability and impact investing initiatives advanced, with new climate targets, international commitments, and the company becoming the first Finnish asset manager to sign the OPIM principles for impact management.

• Transfer of Asilo Argo fund management reduced AUM by €104 million.

Financial highlights

• Revenue for H1 2025 was €29.1 million, down 11.8% year-over-year.

• Adjusted operating profit was €8.8 million, a 36.3% decrease compared to H1 2024.

• Adjusted EBITDA was €10.4 million, down 30.9% year-over-year.

• Profit for the period was €7.0 million, a 33.6% decrease from the previous year.

• Earnings per share fell to €0.60–0.63.

Outlook and guidance

• Adjusted operating profit for 2025 is expected to be significantly below 2024 due to lower performance fees.

• Recovery in the real estate market is anticipated, supported by lower interest rates and improved financing.

• International growth will focus on real asset investment solutions and forestry expertise.

• Fundraising for the housing fund UB Asuntorahasto is a key growth initiative for the remainder of the year.

• Long-term goal to increase AUM to over €10 billion and adjusted operating profit margin to over 40% by 2028.