United Bankers Plc's Half-Year Financial Report 1 January - 30 June 2026: Accelerating growth with two acquisitions - pushing AUM to record levels
United Bankers Plc
STOCK EXCHANGE RELEASE 20 August 2026 at 09:00 EEST
United Bankers Plc’s Half-Year Financial Report 1 January – 30 June 2026: Accelerating growth with two acquisitions – pushing AUM to record levels
This stock exchange release is a summary of the United Bankers’ Half-Year Financial Report 1 January – 30 June 2026. The complete Half-Year Financial Report with tables is attached to this release and is also available on the company’s website at www.unitedbankers.fi.
The figures in this release are unaudited.
January–June 2026 in brief
- The Group’s revenue (income from operations) in the review period amounted to EUR 30.4 million (EUR 29.1 million in 1–6/2025), an increase of 4.4%.
- The Group’s adjusted EBITDA amounted to EUR 9.6 million (EUR 10.4 million in 1–6/2025), a decrease of 7.8% and adjusted operating profit amounted to EUR 8.1 million (EUR 8.8 million in 1–6/2025), a decrease of 8.4%.
- The Group’s operating profit amounted to EUR 7.7 million (EUR 8.8 million in 1–6/2025), a decrease of 12.8% and the profit for the review period amounted to EUR 5.9 million (EUR 7.0 million in 1–6/2025), a decrease of 15.9%.
- The Group’s earnings per share were EUR 0.54 (EUR 0.63 in 1–6/2025).
- Net fee income from asset and wealth management in the review period amounted to EUR 26.5 million (EUR 24.3 million in 1–6/2025).
- Net fee income from capital markets services amounted to EUR 0.5 million (EUR 0.6 million in 1–6/2025).
- Assets under management rose to EUR 5.8 billion (EUR 5.2 billion on 31 December 2025). The figure includes the assets of the funds acquired through United Bankers’ acquisition of Fourton Ltd and Fondita Fund Management Company Ltd during the spring.
- The cost-to-income ratio amounted to 0.74 (0.69).
- The company reiterates its guidance for 2026 published on 12 February 2026: The company estimates its adjusted operating profit to be close or grow compared to 2025.
Review period in brief
The first half of the year was United Bankers’ second-strongest half-year period in the company's history in terms of revenue, with revenue increasing by 4.4 per cent to EUR 30.4 million (EUR 29.6 million). However, the result fell short of the comparison period, as although the fee income from the Group's most significant business, asset and wealth management, increased, profitability was weighed down by the growth-oriented strategy. The low number of assignments in the capital markets services segment, along with the weak performance of the Group’s own investments, also weighed on earnings. Adjusted operating profit settled at EUR 8.1 million (EUR 8.8 million).
United Bankers took several strategically important steps forward in the first half of the year. Inorganic growth, which is a key part of the growth strategy, was accelerated by acquiring the entire share capital of Fourton Ltd and Fondita Fund Management Company Ltd. The acquisition of Fourton was confirmed on 23 April 2026 and Fondita Fund Management Company on 26 June 2026. Operations related to the management of Fourton's investment funds, including valuation, were outsourced to UB Fund Management Company as of 15 June 2026.
The acquisitions made in the spring will contribute to the growth of United Bankers' business operations and assets under management. As a result of the acquisitions, United Bankers' fund selection expanded with four funds managed by Fourton and eight by Fondita Fund Management Company. At the end of the review period, their assets under management totalled more than EUR 450 million. The acquisitions bring United Bankers complementary expertise and a total of approximately 1,500 new clients, creating positive expectations for the future. Sales synergies, in particular, are expected to strengthen earnings growth already during the latter part of the year.
A key part of United Bankers' growth strategy is also the continuous development of the product and service portfolio. During the first half of the year, the fund selection was supplemented with two new funds. UB Private Equity (AIF) invests in unlisted companies internationally through various alternative investment funds and aims to take advantage of the long-term value creation associated with private equity investments and the significant growth potential of the private market. The UB Megatrends (AIF) fund, on the other hand, invests in companies that benefit from global, long-term megatrends and operate in growing industries.
Growth investments were reflected in assets under management, which rose from EUR 5.2 billion to over EUR 5.8 billion during the review period. Sales of asset and wealth management products and services grew even though the uncertainty caused by the conflict in the Middle East weighed on the demand for investment services, especially in the early spring. Despite the challenges in the operating environment, new sales of United Bankers' investment products and services rose to EUR 355 million. In particular, the interest in discretionary asset management services remained stable. On the other hand, the level of net subscriptions of funds during the review period was clearly lower than the average in recent years, at EUR 30.0 million (including the investment commitments of LP funds). This development was slowed down by the continued weak demand for alternative investments, especially illiquid funds. In addition, upward pressure on interest rates postponed the expected turnaround in the real estate market, as a result of which real estate and real estate equity funds in particular continued to lose capital. On the other hand, the market turmoil in the spring also offered opportunities. This was reflected especially in the sales of structured investment products, which strengthened significantly from the comparison period.
In 2026, it will be 40 years since United Bankers was founded. Four decades of operating history highlights United Bankers' long-term strategy and the company's ability to act as a reliable and stable partner for its clients in changing economic and market conditions. In honour of the anniversary, the company's brand was given a new, stylish and fresh look, which is also reflected on the Group's renewed website. The visual identity update was a continuation of the clarification of the brand strategy and identity, which was completed at the end of 2025.
Consolidated key figures (The figures are presented in more detail in the appendix of the Half-Year Financial Report)
| 1–6/2026 | 1–6/2025 | change-%* | 1–12/2025 | |
| Key income statement figures | ||||
| Revenue, MEUR | 30.4 | 29.1 | 4.4 | 57.1 |
| Adjusted EBITDA, MEUR | 9.6 | 10.4 | -7.8 | 19.8 |
| Adjusted operating profit, MEUR | 8.1 | 8.8 | -8,4 | 16.7 |
| Adjusted operating profit, % of revenue | 26,5 | 30.2 | 29.3 | |
| Operating profit, MEUR | 7.7 | 8.8 | -12.8 | 16.6 |
| Profit for the period, MEUR | 5.9 | 7.0 | -15.9 | 13.1 |
| Profitability | ||||
| Return on equity (ROE), % | 19.9 | 25.3 | -21.5 | 21.3 |
| Return on assets (ROA), % | 12.2 | 16.3 | -30.0 | 14.0 |
| Key balance sheet figures | ||||
| Equity ratio, % | 52.6 | 59.3 | 62.6 | |
| Capital adequacy ratio, % | 18.1 | 35.3 | 36.2 | |
| Key figures per share | ||||
| Earnings per share, EUR | 0.54 | 0.63 | -14.1 | 1.18 |
| Earnings per share, EUR (diluted) | 0.53 | 0.62 | -15.6 | 1.18 |
| Equity per share, EUR | 5.30 | 5.12 | 3.4 | 5.64 |
| Dividend distribution per share** | 1.16** | |||
| Other key figures | ||||
| Cost-to-income ratio | 0.74 | 0.69 | 0.70 | |
| Assets under management at period-end, EUR bn | 5.8 | 4.9 | 12.5 | 5.2 |
| Personnel at period-end (FTE)*** | 178 | 166 | 165 |
* The figures in the table are rounded. The percentage change is calculated based on the actual figures.
** Dividend distribution for the financial year 2025 confirmed by the Annual General Meeting on 20 March 2026: a dividend total of EUR 1.16 per share. The dividend is paid in two instalments (EUR 0.58 and EUR 0.58).
*** The number of personnel stated has been converted to full-time personnel
As its key financial figures, United Bankers presents adjusted EBITDA and adjusted operating profit, which the company uses to illustrate the profitability and result of the Group’s business operations as a going concern. Adjusted key figures are used to improve comparability between reporting periods. The adjusted key figures are adjusted for the impacts of corporate transactions influencing comparability, as well as certain material non-operating items. More information on the calculation of the key figures is available in the tables section of the Half-Year Financial Report.
Group revenue and profit performance January-June 2026
(comparison figures 1 January – 30 June 2025)
In the first half of the year, United Bankers focused on measures aimed at the growth of its asset and wealth management business. In terms of revenue, the Group's business developed positively. However, the implementation of a growth-oriented strategy, modest activity in capital markets services and the negative return on the Group's own investments weakened the financial performance.
United Bankers' revenue (income from operations) increased by 4.4 per cent to EUR 30.4 million (EUR 29.1 million) during the review period. The Group's operative EBITDA decreased by 7.8 per cent to EUR 9.6 million (EUR 10.4 million) and adjusted operating profit by 8.4 per cent to EUR 8.1 million (EUR 8.8 million). The adjusted operating profit margin, which describes profitability, decreased to 26.5 per cent (30.2 per cent). Earnings per share decreased to EUR 0.54 (0.63). Return on equity was 19.9 per cent (25.3 per cent) and the cost-to-income ratio was 0.74 (0.69). Fourton has been consolidated into the Group’s income statement as of 1 May 2026, while Fondita Fund Management Company will be consolidated as of 1 July 2026.
United Bankers' asset and wealth management business developed steadily during the first half of the year, and the segment's fee income as a whole was growing. The positive development was mainly due to organic growth, as the acquisitions completed in the spring did not yet have time to have a significant impact on fee income. Fee income from funds settled close to the level of the comparison period, as management fees increased, but the performance fees of the funds remained at a lower level than in the previous year. Fee income from wealth management, on the other hand, increased clearly as a result of increased capital and portfolio management successes. Fee income from structured investment products also increased significantly as the uncertain market situation created favourable opportunities for their issuance. Revenue of the Group's largest segment increased to EUR 30.2 million (EUR 27.8 million) and EBITDA to EUR 11.0 million (EUR 10.5 million) during the review period.
The activity level of the Group's capital markets services business remained modest, although the general situation in the M&A and IPO markets showed signs of recovery. Revenue from capital markets services was EUR 0.6 million (EUR 0.7 million) while EBITDA was EUR 0.1 million negative (EUR 0.1 million).
The weak performance of the Group’s own investments reported under the Other segment also weighed on the result, with returns approximately EUR 1 million below the comparison period. A significant part of the change resulted from the negative valuation development of a long-term private equity investment.
Several projects promoting future growth increased the Group's expenses compared to the comparison period. Administrative expenses, including personnel and other administrative expenses, increased by a total of 15.2 per cent to EUR 17.4 million (EUR 15.1 million). Personnel expenses increased by 9.5 per cent to EUR 11.9 million (EUR 10.9 million). Other administrative expenses, in turn, increased by 29.6 per cent to EUR 5.5 million (EUR 4.2 million).
Other administrative expenses include, among other things, several advisory and consulting costs related to acquisitions, other growth projects and new services. Legal advisory costs and transfer taxes related to acquisitions have been adjusted from operational key figures. The increase in administrative expenses was also affected by increased IT and system costs, as well as marketing costs relating to the brand renewal and the visibility of the anniversary year. In addition to promoting new products and sales, United Bankers also invested in the development of its organisation's AI capabilities.
Personnel expenses increased as a result of the increased number of personnel, key personnel recruitments in portfolio management and sales, and increased bonus provisions, among other things. The provision related to the additional purchase price of the acquisition of Fourton, which was included in personnel expenses, has been adjusted from the operational key figures.
The number of full-time employees increased by 7.2 per cent compared to the situation at the turn of the year and was 178 at the end of June (165 persons on 31 December 2025). Of these, a total of 14 (9 people) were fixed-term employees. The increase in the number of employees is explained by several growth-promoting initiatives, such as new funds and acquisitions, the effects of which on the number of personnel and operating costs were partly visible already during the review period. The increase in the number of fixed-term employees was due to the Group's normal increase in the number of seasonal employees related to summertime.
Depreciation, amortisation and impairment decreased slightly to EUR 1.5 million (EUR 1.6 million) for the first half of the year. No significant depreciation was recorded from the acquisitions completed in the spring during the reporting period, but they will increase depreciation going forward.
CEO’s review
John Ojanperä
Our assets under management reached a record level in the first half of 2026, while our growth-oriented strategy drove revenue growth during the reporting period. We delivered a strong result in an operating environment that continued to be marked by geopolitical uncertainty and a slow recovery in the fundraising market for real asset investments.
At the start of the year, the real asset investment market was expected to gradually pick up, but the prolonged war in Ukraine, the conflict in the Middle East, and broader geopolitical uncertainty kept investors cautious. As a result, fundraising, particularly for real estate and other real asset investments, remained challenging, although there were already signs of a gradual recovery in the market.
In the end, the stock market performed strongly in the first half of the year, even though the war in Iran and the closure of the Strait of Hormuz caused strong turbulence in the early spring. The rise in share prices supported investor sentiment and strengthened confidence in the capital markets as we headed towards the summer. In real assets, however, the recovery progressed more slowly than expected. Nevertheless, the fundamentals of the market have strengthened, and we see good conditions for a gradual pick-up in demand. The operating environment for forest investments remained stable, and the demand for wood and the long-term return outlook supported the attractiveness of the asset class even in the uncertain market situation.
In terms of revenue, the first half of 2026 was the company's second strongest half-year period ever. The record-high assets under management increased fund management fees to an all-time high, and the wealth management business also developed strongly. In addition, the structured products business grew clearly during the review period, supported by market uncertainty and increased volatility.
The company's revenue for the first half of the year were EUR 30.4 million (EUR 29.1 million in 1–6/2025). Adjusted operating profit was EUR 8.1 million (EUR 8.8 million) and earnings per share were EUR 0.54 (EUR 0.63). The asset and wealth management segment's revenue was EUR 30.2 million (EUR 27.8 million) and EBITDA was EUR 11.0 million (EUR 10.5 million). The capital markets services segment's net revenue was EUR 0.6 million (EUR 0.7 million) and EBITDA was EUR -0.1 million (EUR 0.1 million).
Assets under management increased strongly during the review period, exceeding the level of EUR 5.8 billion at the end of the review period (EUR 5.2 billion on 31 December 2025). Growth was boosted especially by the acquisitions of Fourton and Fondita Fund Management Company in the first half of the year. At the same time, we also managed to increase assets under management organically by almost EUR 200 million in a market where fundraising remained challenging in several asset classes.
Net subscriptions to funds totalled EUR 30.0 million (EUR 31.8 million) in the first half of the year. Total sales of asset and wealth management products and services rose to EUR 355 million (EUR 292 million).
During the review period, we continued to implement our growth strategy with determination. The most significant achievements in the first half of the year included the acquisitions of Fourton and Fondita Fund Management Company, which strengthen our position in Finnish asset management and create excellent conditions for future growth. The arrangements expanded our fund portfolio with 12 new funds, and we gained 1,500 completely new clients. I believe that with our even more diverse product and service offering, we can achieve significant sales synergies by deepening client relationships among both existing and new clients. Our key growth initiatives also included expanding our product portfolio with the new UB Megatrends and UB Private Equity funds.
We also continued to invest in technology, the development of our operating models and the improvement of the customer experience. This year is the 40th anniversary of our company's operations, and we have actively invested in strengthening our visibility and brand. In addition, we have promoted the use of artificial intelligence across the organisation with the aim of improving efficiency, supporting the work of our people, and further developing our services.
Although the uncertainty in the operating environment continues, we are seeing more and more positive signs in the market. Investor activity has gradually increased, the outlook for the capital markets has improved, and the real asset market is showing the first steps of a gradual recovery. We go into the second half of the year with confidence. Our focus is on the successful integration of the acquisitions and the determined execution of our growth strategy.
I would like to warmly thank our clients, shareholders and other stakeholders for the trust in us, as well as the entire UB team for their excellent work during the first half of the year. In 2026, we will celebrate our company's 40th anniversary, and it is great to notice that we are in a stronger position than ever before. Together, we have built a strong foundation for continued growth in the coming years.
Financial guidance for 2026
The company reiterates its guidance for 2026 published on 12 February 2026 and estimates its adjusted operating profit to be close or grow compared to 2025.
Schedule for dividend payment
In accordance with the decision of the Annual General Meeting of United Bankers Plc on 20 March 2026, the company will pay the second instalment of the dividend in the autumn as part of the dividend distribution for the financial year 2025. The amount of the dividend will be EUR 0.58 per share. The record date for the dividend payment is 25 September 2026, and the payment date is 2 October 2026.
Financial Statements Bulletin 2026
The Financial Statements Bulletin of the United Bankers Group for the financial period 2026 will be published on or about 18 February 2027 and will be available on the company’s website unitedbankers.fi.
Press conference
United Bankers will present the result to analysts and the press at the company headquarters, Aleksanterinkatu 21 A, 4th floor, 00100 Helsinki today, on Thursday 20 August 2026 at 11.30 a.m. EEST in Finnish. It is also possible to participate the press conference virtually. To participate in the event, please sign up in advance to ir@unitedbankers.fi.
For further information, please contact:
John Ojanperä, CEO, United Bankers Plc
Email: john.ojanpera@unitedbankers.fi
Telephone: +358 40 842 3472, +358 9 25 380 356
Katri Nieminen, CFO, United Bankers Plc
Email: katri.nieminen@unitedbankers.fi
Tel.: +358 50 564 4787, +358 9 25 380 349
Investor Relations: ir@unitedbankers.fi
United Bankers in brief:
United Bankers Plc is a Finnish expert on wealth management and investment markets, established in 1986. United Bankers Group’s business segments include wealth management and capital markets services. In asset management, the Group specialises in real asset investments. United Bankers Plc is majority-owned by its key personnel, and the Group employs 178 employees (FTE) and 26 agents (30 June 2026). In 2025, the United Bankers Group’s revenue totalled EUR 57.1 million, and its adjusted operating profit amounted to EUR 16.7 million. The Group’s assets under management amount to approximately EUR 5.8 billion (30 June 2026). United Bankers Plc’s shares are listed on the regulated market of Nasdaq Helsinki Ltd. The Group companies are subject to the Finnish Financial Supervisory Authority’s supervision. For further information on United Bankers Group, please visit unitedbankers.fi.
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