eQ Plc interim report 1 January - 31 March 2026

eQ Plc interim report
28 April 2026 at 8:00 a.m.

January to March 2026 in brief

• The Group's net revenue for the reporting period was EUR 14.2 million (EUR 14.0 million 1 January - 31 March 2025). The Group’s net fee and commission income was EUR 13.9 million (EUR 14.5 million).

• The Group’s operating profit fell by 4 per cent to EUR 5.6 million (EUR 5.8 million).
• Earnings per share were EUR 0.11 (EUR 0.11).
• Net revenue in the Asset Management segment decreased by 4 per cent to 13.8 million euros (EUR 14.4 million) and operating profit by 11 per cent to EUR 7.0 million (EUR 7.9 million). The management fees of the Asset Management segment fell by 5 per cent to EUR 12.9 million (EUR 13.5 million), and the performance fees fell by 3 per cent to EUR 1.1 million (EUR 1.1 million). At the end of the review period, assets managed by eQ amounted to EUR 14.1 billion (EUR 13.8 billion on 31 December 2025).
• Corporate Finance segment's net revenue was EUR 0.2 million (EUR 0.1 million) and operating profit was EUR -0.6 million (EUR -0.8 million). It is typical of corporate finance business that success fees have a considerable impact on invoicing, which is why the segment's results may vary considerably.
• 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. In addition, eQ renewed the composition of its Management Team to support the implementation of the strategy and the management of the Group.
• eQ switched to reporting on two business segments from 2026 onwards: Asset Management and Corporate Finance. eQ Group's equity and real estate fund investments made from its own balance sheet will be reported in other functions together with the group administration functions.

Key ratios	1-3/26	1-3/25	Change	1-12/25
Net revenue, Group, MEUR	14.2	14.0	1 %	58.2
Net revenue, Asset Management, MEUR	13.8	14.4	-4 %	56.9
Net revenue, Corporate Finance, MEUR	0.2	0.1	130 %	1.7
Group administration and eliminations
Net revenue, MEUR	0.3	-0.5		-0.4
Operating profit, Group, MEUR	5.6	5.8	-4 %	27.4
Operating profit, Asset Management, MEUR	7.0	7.9	-11 %	32.0
Operating profit, Corporate Finance, MEUR	-0.6	-0.8	29%	-1.4
Operating profit, Group administration, MEUR	-0.9	-1.2		-3.2
Profit for the period, MEUR	4.4	4.6	-4 %	21.6
Key ratios	1-3/26	1-3/25	Change	1-12/25
Earnings per share, EUR	0.11	0.11	0 %	0.52
Equity per share, EUR	1.26	1.23	2 %	1.67
Cost/income ratio, Group, %	60.6	58.3	4 %	52.9
Return on equity, ROE % p.a.	29.0	29.4	-1 %	30.3
Liquid assets, MEUR	20.4	26.5	-23%	15.1
Private equity and real estate fund investments, MEUR	16.5	17.2	-4 %	16.7
Interest-bearing liabilities, MEUR	0.0	0.0	0 %	0.0
Assets under management excluding reporting services, EUR billion	10.1	10.2	-1 %	10.2
Assets under management, EUR billion	14.1	13.6	4 %	13.8

CEO's review 

eQ's updated strategy 2030 aims to return to strong growth and doubling of operating profit by the end of 2030. To accelerate the implementation of the strategy, the Management Team was strengthened, and the necessary recruitments of key personnel were made. The implementation of the strategy got off to a flying start. During the first quarter, eQ Asset Management raised over EUR 205 million for its private equity and venture capital funds and made significant secondary market sales of private equity funds. In the real estate business, we continued to improve the reporting and transparency of the funds, and eQ Social Infrastructure fund (formerly eQ Community Properties) 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.

The net revenue of the eQ Group during the review period was EUR 14.2 million and the operating profit was EUR 5.6 million. Net revenue increased by one per cent and operating profit decreased by 4 per cent compared to the previous year. The Group's cost/income ratio was 60.6 per cent.

eQ Asset Management raised over EUR 205 million for private equity and venture capital funds

The new eQ PE XVIII North fund raised EUR 117 million, and the eQ PE SF VI secondary market fund raised EUR 40 million during the review period. eQ PE Direct I is eQ's first co-investment fund, investing in around 20 Northern European SMEs. EUR 28 million was raised for the eQ PE Direct I fund. eQ launched its third venture capital fund, eQ VC III US, which raised USD 27 million.

Returns of the Private Equity funds managed by eQ remained at a good level during the review period. Although transaction volumes in the private equity market are lower than the long-term average, eQ's Private Equity funds' combined net cash flow was clearly positive during the period.

On 31 March 2026, eQ completed a significant Private Equity secondary market sale of 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 broad settlement achieved by the transaction will bring forward capital returns and provide cash flow to fund investors in the second quarter of the year.

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 increased from the previous year. Moody's Ratings assigned eQ Social Infrastructure fund IG (investment grade) rating Baa3 with a stable outlook. This is the first time that an international credit rating agency has awarded a credit rating to a Nordic real estate fund.

Net revenue in the Asset management segment decreased by 4 per cent to EUR 13.8 million. The fall in net revenue is explained by lower real estate management fees than in the previous year. Asset Management segment’s operating profit fell by 11 per cent to EUR 7.0 million. The cost/income ratio of Asset Management segment remained at an excellent level of 48.9 per cent.

Advium's business was burdened by challenging market conditions

The number of mergers and acquisitions in Finland accelerated compared to a year ago, although global economic concerns and the weak development of the Finnish economy had a negative impact on the conditions for mergers and acquisitions. No transactions were completed for Advium during the review period.

The Corporate Finance segment's net revenue for the period was EUR 0.2 million (EUR 0.1 million) and operating profit EUR -0.6 million (EUR -0.8 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.

eQ's 2030 strategy – returning to strong growth

At the beginning of February, eQ published an update of its strategy and long-term objectives. The aim of the updated strategy 2030 is returning to strong growth. The goal is to further strengthen the client and employee experience, expand the business both internationally and to private customers, and to double the operating profit by the end of 2030.

Growth also requires investing in people and technology. During the first quarter of the year, the number of personnel increased by seven full-time equivalents, and development projects for the website and customer portal were launched, to name some examples. 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.

As part of the strategy work, eQ renewed the composition of its Management Team to support the implementation of the strategy and the management of the Group. In addition, Pertti Vanhanen was appointed as eQ's Director of International Business and a member of the Group’s Management Team as of 2 March 2026.

In line with its strategy, eQ will seek strong growth by expanding its business into international markets and institutional clients, particularly when it comes to private equity and real estate investments. Moody's Ratings assigned eQ Social Infrastructure fund IG (investment grade) rating Baa3 with a stable outlook. This rating is an indicator of quality and credibility, and thus an important factor in building international recognition, growing eQ Social Infrastructure fund, and arranging financing. The restructuring of the financing for the eQ Social Infrastructure and eQ Commercial Properties funds is currently underway, and the financing is expected to be finalised by the end of June.

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. Our assessment is that market activity will increase and yield requirements will decrease 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 during the period under review. 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 managed by eQ transitioned to a performance fee phase in terms of cash flow. In addition, three other fund structures are expected to move to a performance fee phase in 2026.

In terms of equity and fixed income asset management, fee trends are largely dependent on market developments.

Briefing on the Q1 2026 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 28 April 2026 at 11:00 a.m.

The press conference will 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 interim report 1 January to 31 March 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 approximately EUR 14.1 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.

Attachment

• eQ Plc Interim report Q1 2026