Evli Oyj: Evli Plc's Half Year Financial Report 1-6/2026

EVLI PLC HALF YEAR FINANCIAL REPORT, JULY 14, 2026 AT 11:00 AM (EET/EEST)

Evli Plc's Half Year Financial Report 1-6/2026

STABLE GROWTH IN THE FIRST HALF OF THE YEAR

Highlights of the period

• Growth in net revenue and operating profit continued, driven by increased fund management fees and exceptionally high performance-based fees in the early part of the year.
• Assets under management reached a new record of EUR 22.6 billion.
• Evli received significant recognition for its expertise. Private investors ranked Evli as Finland's best wealth manager in the SFR Private Wealth 2026 survey. In addition, institutional investors once again selected Evli as Finland's best institutional asset manager in Kantar Prospera's annual client survey.

Financial performance January-June 2026 (comparison period 1-6/2025)

• Net revenue was EUR 65.2 million (EUR 55.2 million).
• Operating profit was EUR 29.9 million (EUR 22.5 million).
• Operating result of the Wealth Management and Investor Clients segment increased to EUR 30.9 million (EUR 20.0 million).
• Operating result of the Advisory and Corporate Clients segment decreased to EUR -0.5 million (EUR 1.3 million).
• At the end of June, net assets under management amounted to EUR 22.6 billion (EUR 19.7 billion), including assets managed by associated companies. Assets under management excluding the associated companies amounted to EUR 19.9 billion (EUR 17.2 billion).
• Return on equity was 30.7 percent (24.2%).
• The ratio of recurring revenue to operating costs was 134 percent (132%).
• Earnings per share, fully diluted, were EUR 0.75 (EUR 0.60).

Financial performance April-June 2026 (comparison period 4-6/2025)

• Net revenue was EUR 30.4 million (EUR 27.5 million).
• Operating profit was EUR 13.8 million (EUR 11.1 million).
• Earnings per share, fully diluted, were EUR 0.36 (EUR 0.33).

Outlook unchanged for 2026

The beginning of the year has been turbulent on the investment markets, and the operating environment is expected to remain uncertain and difficult to predict. The expansion of geopolitical risks and concerns about the sustainability of economic growth are increasing uncertainty in the markets. The weakening of investor confidence and the decline in market values could have a negative impact on Evli's commission income as well as the return on its own investment portfolio.

Despite the challenging operating environment, Evli has succeeded in strengthening its market position. Growth has been supported by a wide range of products and a broad client base. With a strong market position and positive growth prospects, we estimate the operating profit to be clearly positive.

Key figures describing the Group's financial performance

M€	4-6/2026	4-6/2025	1-6/2026	1-6/2025	1-12/2025
Income statement key figures
Net revenue, M€	30.4	27.5	65.2	55.2	128.5
Operating profit/loss, M€	13.8	11.1	29.9	22.5	56.1
Operating profit margin, %	45.4	40.3	45.9	40.7	43.7
Profit/loss for the financial period, M€	10.9	8.5	23.3	17.4	44.5
Profitability key figures
Return on equity (ROE), %	-	-	30.7	24.2	28.4
Return on assets (ROA), %	-	-	10.2	8.7	12.2
Balance sheet key figures
Equity-to-assets ratio, %	-	-	26.4	30.7	43.6
Key figures per share
Earnings per Share (EPS), fully diluted, €	0.36	0.33	0.75	0.60	1.33
Dividend per share, €	-	-	-	-	1.23*
Equity per share, €	-	-	5.34	5.01	5.83
Share price at the end of the period, €	-	-	24.6	18.2	23.30
Personnel figures
Number of permanent employees	-	-	297	279	286
Number of temporary employees	-	-	32	35	31
Share of personnel worked in Finland, %	-	-	92.4	91.7	91
Other key figures
Expense ratio (operating costs to net revenue)	0.54	0.60	0.53	0.60	0.55
Recurring revenue ratio, %	-	-	134	132	128
Market value, M€	-	-	651.5	482.0	598.6

* Dividend approved by the Annual General Meeting 2026. The dividend has been paid on March 26, 2026.

CEO Maunu Lehtimäki

The second quarter of 2026 progressed favorably for Evli, although the operating environment remained uncertain in many respects. Following market volatility earlier in the year, equity markets recovered strongly, with technology and AI-related stocks in particular supporting market performance. At the same time, geopolitical tensions, interest rate developments and uncertainty over economic growth prospects kept investors cautious. Despite this, Evli's business continued to develop steadily.

Global equity markets rose by 16.3 percent in the second quarter as measured by the MSCI World Index, while the S&P 500 Index, tracking the US equity market, rose by 16.5 percent. In Europe, equity prices rose by 12.2 percent as measured by the STOXX 600 Index. Emerging market equity prices rose by 25.1 percent. The US dollar weakened against the euro by 1.1 percent, while the price of gold fell by 14.1 percent. The yield on the German 10-year government bond remained at 3.0 percent. Corporate bond credit spreads narrowed by 12 basis points in the investment grade segment and by 1 basis points in the high yield segment.

Conditions in the Finnish real estate market remained challenging, and most domestic open-ended real estate funds continued to defer redemptions. Evli did the same in the Evli Rental Yield II fund, to ensure equal treatment of all unitholders in the fund. During the second quarter, some of the outstanding redemptions were, however, paid out.

Evli Group's net revenue rose by 11 percent year-on-year in the second quarter to EUR 30.4 million (EUR 27.5 million). Fee income from traditional funds and private equity funds, together with brokerage income, developed most favorably and grew from the previous year. Advisory fees and income from Evli's own balance sheet were in line with the previous year.

The Group's operating profit rose by 25 percent in the second quarter to EUR 13.8 million (EUR 11.1 million). The positive development of Evli's operating income was due to increase in net revenue, while expenses remained at the level of comparison period.

Evli's return on equity was 31 percent (24%) year-to-date, and the ratio of recurring revenue to operating expenses was 134 percent (132%). The Group's capital adequacy and liquidity remained at an excellent level.

Evli once again performed exceptionally well in client surveys. Evli was ranked Finland's best wealth manager in both SFR Research's survey among high-net-worth private individuals and Kantar Prospera's survey among institutional clients.

The areas central to Evli's strategy, international sales and alternative investment products, developed reasonably well during the period, given the challenging operating environment. Net subscriptions from international clients totaled approximately EUR 77 million, and international clients accounted for 25 percent (21%) of Evli's total fund capital, including alternative investment products. Net subscriptions and investment commitments in alternative investment products totaled EUR 29 million (EUR 99 million) for the quarter. Assets under management in alternative investments stood at EUR 3.4 billion (EUR 3.1 billion) at the end of the quarter.

Evli has several key initiatives under way to support growth and efficiency. Preparations for fund structures to be registered in Luxembourg, supporting international sales, are progressing, with the launch of the first fund targeted for autumn. In addition, Evli is exploring the possibility of expanding its Nordic footprint by opening an office in Norway. To improve efficiency and productivity, Evli has advanced several AI-related initiatives. The aim is to embed artificial intelligence (AI) into everyday operations and thereby improve quality and productivity.

Net revenue for the Wealth Management and Investor Clients segment rose by 15 percent in the quarter to EUR 27.5 million (EUR 23.8 million). Assets under management rose by approximately EUR 1 billion from the level at the end of last year, to EUR 22.6 billion (EUR 21.5 billion).

Evli Fund Management Company's mutual fund capital, including alternative investment products, was EUR 17.1 billion (EUR 13.8 billion). Net subscriptions in traditional mutual funds totaled approximately EUR 76 million in the quarter. The largest net subscriptions were directed to the Evli Nordic Corporate Bond and Evli North America funds. Year-to-date, Evli North America (16.1%) and Evli Equity Factor USA (15.2%) delivered the best returns.

Net revenue for the Advisory and Corporate Clients segment decreased by 27 percent in the second quarter to EUR 1.2 million (EUR 1.7 million). Revenue in this segment can vary significantly from quarter to quarter and year to year.

Overall, Evli's first half of 2026 demonstrated the strength of our business model. A broad product range, a diverse client base, a strong market position and a scalable cost structure supported profitability even in an uncertain market environment. Evli continues to execute its strategy with determination: the aim is to grow assets under management, strengthen international distribution, develop the range of alternative investment products, and improve operational efficiency. As a result of these factors, Evli estimates that its full-year operating result will be clearly positive. Comparability in the latter part of the year will, however, be affected by the exceptionally large performance fees earned in the second half of last year.

EVLI PLC

Additional information:
Maunu Lehtimäki, CEO, Evli Plc, tel. [phone], [e-mail]
Juho Mikola, CFO, Evli Plc, tel. [phone], [e-mail]

Investor Relations: [e-mail]

Evli Plc

Evli is a Nordic wealth manager that guides institutions, companies, and individuals in building a prosperous tomorrow. With 40 years of experience, we offer award-winning and result-driven wealth management, along with a broad range of investment solutions. Evli employs around 300 professionals and manages EUR 22.6 billion in client assets (net as of 6/2026). Evli's B shares are listed on Nasdaq Helsinki.

For more information, visit evli.com.

Distribution: Nasdaq Helsinki, main media, evli.com