United Bankers (HLSE) H2 2025 earnings summary

Executive summary

• Achieved second-highest revenue in company history for 2025, with assets under management (AUM) reaching a record €5.2 billion, up from €4.8 billion at the end of 2024.

• Revenue for 2025 was €57.1 million, down 8.0% year-over-year, mainly due to a one-time performance fee in 2024.

• Adjusted operating profit was €16.7 million, a 29.4% decrease from the previous year; profit for the period was €13.1 million, and EPS was €1.18.

• Strategic focus on full-service wealth management and high-quality funds strengthened, supporting client acquisition and deeper relationships.

• Recognized for client service quality and workplace excellence, and expanded international advisory capabilities.

Financial highlights

• Net fee income from asset and wealth management was €47.6 million, down 9.7% year-over-year.

• Net fee income from capital markets services more than doubled to €1.4 million, with EBITDA turning positive.

• Cost-to-income ratio increased to 0.70 from 0.62 year-over-year.

• Return on equity (ROE) was 21.3% and return on assets (ROA) was 14.0% in 2025.

• Equity ratio at year-end was 62.6%; capital adequacy ratio was 36.2%.

Outlook and guidance

• Expects broad-based global economic growth in 2026, with stable interest rates and controlled inflation.

• Adjusted operating profit for 2026 estimated to be close to or higher than 2025.

• Long-term targets include AUM over €10 billion and adjusted operating profit above 40% of revenue by 2028.

• Focus remains on growing capital in key funds and discretionary wealth management, with real asset funds as a core strength.

• Market environment is expected to remain positive but with ongoing geopolitical and trade policy risks.