eQ Plc's half year report 2026: Strong fundraising and capital returns to investors in Private Equity funds
eQ Plc half year financial report
4 August 2026, at 8:00 a.m.
eQ Plc’s half year report 2026: Strong fundraising and capital returns to investors in Private Equity funds
January to June 2026 in brief
- The Group's net revenue for the reporting period was EUR 29.6 million (EUR 28.3 million 1 January - 30 June 2025). The Group’s net fee and commission income was EUR 29.1 million (EUR 29.4 million).
- The operating profit was EUR 11.6 million (EUR 11.8 million).
- Earnings per share were EUR 0.22 (EUR 0.22).
- The net revenue of the Asset Management segment was EUR 28.4 million (EUR 28.6 million), and the operating profit was EUR 13.8 million (EUR 15.2 million). The management fees of the Asset Management segment fell by 3 per cent to EUR 26.0 million (EUR 26.7 million) and the performance fees fell by 21 per cent to EUR 2.7 million (EUR 2.2 million). Cash flow from Private Equity performance fees totalled EUR 6.0 million (- EUR million).
- At the end of the review period, assets managed by eQ amounted to EUR 14.3 billion (EUR 13.8 billion on 31 December 2025).
- The Corporate Finance segment's net revenue was EUR 0.9 million (EUR 0.8 million) and operating profit EUR -0.6 million (EUR -0.9 million).
- eQ published an update of its strategy and long-term objectives on 3 February 2026. The aim of the updated strategy 2030 is returning to strong growth. eQ renewed the composition of its Management Team to support the implementation of the strategy and the management of the Group. In line with the strategy, growth investments were made in the personnel and the development of the brand, the website, and the customer portal.
- eQ raised nearly 300 million euros for Private Equity and Venture Capital funds and returned nearly 200 million euros to investors during the first half of the year.
- eQ Social Infrastructure was the first Nordic real estate fund to be awarded Moody’s Baa3 credit rating with a stable outlook.
- eQ Social Infrastructure and eQ Commercial Properties funds carried out refinancing totalling EUR 915 million on more favourable terms than previously.
- eQ switched to reporting on two business segments from 2026 onwards: Asset Management and Corporate Finance. eQ Group's private equity and real estate fund investments made from its own balance sheet will be reported in other functions together with the Group administration functions.
April to June 2026 in brief
- In the second quarter, the Group’s net revenue totalled EUR 15.4 million (EUR 14.3 million from 1 April to 30 June 2025). Group’s net fee and commission income were EUR 15.2 million (EUR 14.9 million).
- The operating profit was EUR 6.0 million (EUR 6.0 million).
- Earnings per share were EUR 0.11 (EUR 0.11).
Key ratios
| 1-6/26 | 1-6/25 | Change | 4-6/26 | 4-6/25 | Change | 1-12/25 | |
| Net revenue, Group, MEUR | 29.6 | 28.3 | 5 % | 15.4 | 14.3 | 8 % | 58.2 |
| Net revenue, Asset Management, MEUR | 28.4 | 28.6 | -1 % | 14.6 | 14.2 | 3 % | 56.9 |
| Net revenue, Corporate Finance, MEUR | 0.9 | 0.8 | 8 % | 0.7 | 0.8 | -4 % | 1.7 |
| Group administration and eliminations | |||||||
| Net revenue, MEUR | 0.3 | -1.1 | 0.1 | -0.6 | -0.4 | ||
| Operating profit, Group, MEUR | 11.6 | 11.8 | -1 % | 6.0 | 6.0 | 1 % | 27.4 |
| Operating profit, Asset Management, MEUR | 13.8 | 15.2 | -9 % | 6.8 | 7.3 | -8 % | 32.0 |
| Operating profit, Corporate Finance, MEUR | -0.6 | -0.9 | 28 % | -0.0 | -0.1 | 22 % | -1.4 |
| Operating profit, Group administration, MEUR | -1.5 | -2.5 | -0.7 | -1.3 | -3.2 | ||
| Profit for the period, MEUR | 9.2 | 9.3 | -1 % | 4.8 | 4.7 | 1 % | 21.6 |
| 1-6/26 | 1-6/25 | Change | 4-6/26 | 4-6/25 | Change | 1-12/25 | |
| Earnings per share, EUR | 0.22 | 0.22 | -1 % | 0.11 | 0.11 | 1 % | 0.52 |
| Equity per share, EUR | 1.39 | 1.35 | 3 % | 1.39 | 1.35 | 3 % | 1.67 |
| Cost/income ratio, Group, % | 60.7 | 58.3 | 4 % | 60.8 | 58.3 | 4 % | 52.9 |
| Return on equity, ROE % p.a. | 27.9 | 28.2 | -1 % | 31.3 | 32.4 | -3 % | 30.3 |
| Liquid assets, MEUR | 16.5 | 14.3 | 16 % | 16.5 | 14.3 | 16 % | 15.1 |
| Private equity and real estate fund investments, MEUR | 16.2 | 16.5 | -2 % | 16.2 | 16.5 | -2 % | 16.7 |
| Interest-bearing bank loans, MEUR | 0.0 | 0.0 | 0 % | 0.0 | 0.0 | 0 % | 0.0 |
| Assets under management excluding reporting services, EUR billion | 10.3 | 10.0 | 3 % | 10.3 | 10.0 | 3 % | 10.2 |
| Assets under management, EUR billion | 14.3 | 13.5 | 6 % | 14.3 | 13.5 | 6 % | 13.8 |
CEO's review
The implementation of eQ’s updated strategy is being executed at full speed, and investments are being made to drive growth. Private Equity had a strong start to the year, and the Group’s results were on a par with last year’s.
The aim of eQ’s updated 2030 strategy, published in February, is to return to strong growth and to double the operating profit by the end of 2030. The goal is to further strengthen the client and employee experience, and to expand the business both internationally and to private customers. To accelerate the implementation of the strategy during the reporting period, the Management Team was strengthened, and the necessary recruitment and growth investments were made. Among other things, we have launched development projects for our website and customer portal, as well as a rebranding of the eQ brand.
The strategy of strong growth is mainly implemented through organic growth. Through partnerships, we seek wider international and domestic distribution for our services and complement the services we offer to our clients. eQ is also open to exploring potential mergers and acquisitions that create added value for clients and owners.
The net revenue of the eQ Group during the review period was EUR 29.6 million and the operating profit was EUR 11.6 million. Net revenue increased by 5 per cent and operating profit decreased by one per cent compared to the previous year. The Group's cost/income ratio was 60.7 per cent.
eQ Asset Management raised nearly EUR 300 million for Private Equity and Venture Capital funds
During the first half of the year, eQ Asset Management raised almost EUR 300 million for its Private Equity and Venture Capital funds and made significant secondary market sales of Private Equity funds.
The new eQ PE XVIII North fund raised EUR 162 million, and the eQ PE SF VI secondary fund raised EUR 62 million during the review period. eQ PE Direct I is eQ's first co-investment fund, investing in around 20 Northern European SMEs. EUR 40 million was raised for the eQ PE Direct I fund. In addition, eQ launched its third Venture Capital fund, eQ VC III US, which raised USD 38 million. During Q3/2026, eQ will make its new eQ PE Multi-Strategy fund available to its clients. The fund invests in European and North American private equity and venture capital.
The returns of the Private Equity funds managed by eQ remained at a good level during the review period. The combined net cash flow of eQ’s Private Equity funds was clearly positive during the review period, even though transaction volumes in the private equity market remain below their long-term average. eQ’s Private Equity funds have returned nearly EUR 200 million to investors during the first half of the year.
At the end of the first quarter, eQ completed a significant private equity secondary sale, comprising commitments from a total of five eQ PE funds. The aim was to liquidate the portfolios of the most mature funds in particular. The total purchase price was more than EUR 49 million. The transaction brought forward capital returns and boosted cash flow for fund investors.
At the end of 2025, one of the Private Equity programme funds managed by eQ transitioned to a performance fee phase in terms of cash flow. In addition, during the review period, two fund structures transitioned to a performance fee phase in terms of cash flow. During the review period, cash flow from Private Equity performance fees totalled EUR 6.0 million
In real estate business, eQ Social Infrastructure was the first Nordic real estate fund to be awarded Moody’s Baa3 credit rating with a stable outlook. An investment grade rating is an indicator of quality and credibility, and an important factor in building international recognition, growing the fund, and arranging financing for real estate funds. At the end of the review period, the eQ Social Infrastructure and eQ Commercial Properties funds carried out refinancing totalling EUR 915 million on more favourable terms than previously. Long-term, stable funding strengthens the funds’ potential for returns and the implementation of their investment strategies.
During the review period, eQ's real estate fund returns were negatively affected by changes in the value of properties. There has not yet been a fall in real estate yield requirements, although transaction activity has increased from the previous year. The majority of domestic open-ended real estate fund have been forced to postpone the payment of redemptions. In July, eQ paid out part of the previously postponed redemptions from both the eQ Social Infrastructure and eQ Commercial Properties funds. During the first half of the year, eQ has paid out a total of 88 million euros in redemptions from its property funds.
Net revenue in the Asset Management segment decreased by one per cent to EUR 28.4 million. The decrease in net revenue is explained by lower real estate asset management fees than in the previous year. Asset Management segment’s operating profit fell by 9 per cent to EUR 13.8 million. The cost/income ratio of Asset Management segment was 51.4 per cent.
Advium acted as an adviser on two completed assignments
The M&A market in Finland was active during the review period, even though global economic concerns hampered the conditions for completing mergers and acquisitions. During the first half of the year, the Finnish real estate market saw a number of major transactions, which led to an increase in transaction volumes.
During the review period, Advium completed two assignments: one corporate acquisition and one real estate transaction.
The Corporate Finance segment's net revenue for the period was EUR 0.9 million (EUR 0.8 million) and operating profit EUR -0.6 million (EUR -0.9 million).
Given the market situation, Advium's order book is at a good level. However, the completion of transactions is largely dependent on the overall capital market situation and its development.
Jouko Pölönen
CEO, eQ Plc
Outlook
In Finland, the real estate transaction market has become more active. However, we have not yet seen a fall in real estate yield requirements. The recovery of the real estate market depends on the development of the Finnish economy and foreign capital. We expect market activity to increase and yield requirements to fall as more foreign capital begins to flow into Finland. Management fees for eQ's real estate funds are expected to decrease in 2026 compared to the previous year.
Sales of eQ's Private Equity products have continued at a good level. We believe that investors will increase their Private Equity allocations in their portfolios in the coming years. We estimate that eQ's Private Equity fees will increase in 2026 compared to last year. At the end of 2025, one of the Private Equity programme funds, and during the review period 2026, two fund structures managed by eQ transitioned to a performance fee phase in terms of cash flow. In addition, one fund structure is expected to move into the cash flow phase of performance fees during the remainder of the year.
In terms of equity and fixed income asset management, fee trends are largely dependent on market developments.
Briefing on the 2026 half year results
eQ’s CEO Jouko Pölönen and CFO Antti Lyytikäinen will present the result to press, investors and analysts in a press conference to be held on 4 August 2026 at 11:00 a.m.
The press conference will be held at eQ's head office in Helsinki, address Aleksanterinkatu 19, 5th floor, 00100 Helsinki and it is also possible to participate via webcast. The webcast participation requires a registration.
The press conference will be held in Finnish. The presentation material can be viewed at eQ's website after the press conference. To join the press conference, please register with Kira.Johansson@eq.fi.
eQ’s half year financial report 1 January to 30 June 2026 is enclosed to this release and it is also available on the company website at www.eq.fi.
eQ Plc
Additional information:
Jouko Pölönen, CEO, tel. +358 50 1282
Antti Lyytikäinen, CFO, tel. +358 40 709 2847
Distribution: Nasdaq Helsinki, www.eq.fi, media
eQ is a Finnish group of companies specialising in asset management and corporate finance business. eQ Asset Management offers a wide range of asset management services for institutions and individuals. The assets managed by the group total EUR 14.3 billion. Advium Corporate Finance, which is part of the group, offers services related to mergers and acquisitions, real estate transactions and equity capital markets. The share of the group’s parent company eQ Plc is listed on Nasdaq Helsinki. More information about the group is available on our website at www.eq.fi.
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