eQ Plc interim report
23 October 2026 at 8:00 a.m.
eQ Plc's interim report Q3 2026: Private Equity is performing strongly, implementation of the strategy is progressing
January to September 2026 in brief
- The Group's net revenue for the reporting period was EUR 44.5 million (EUR 42.9 million 1 January - 30 September 2025). The Group's net fee and commission income was EUR 43.3 million (EUR 43.7 million).
- The operating profit was EUR 18.8 million (EUR 19.4 million).
- Earnings per share were EUR 0.36 (EUR 0.37).
- The net revenue of the Asset Management segment was EUR 42.3 million (EUR 42.7 million), and the operating profit was EUR 21.3 million (EUR 23.6 million). The management fees of the Asset Management segment fell by 2 per cent to EUR 39.0 million (EUR 39.9 million) and the performance fees increased by 15 per cent to EUR 3.8 million (EUR 3.3 million). Cash flow from Private Equity performance fees totalled EUR 6.8 million
- At the end of the review period, assets managed by eQ amounted to EUR 13.9 billion (EUR 13.8 billion on 31 December 2025).
- The Corporate Finance segment's net revenue was EUR 1.2 million (EUR 1.0 million) and operating profit EUR -0.9 million (EUR -1.3 million).
- eQ raised 312 million euros for Private Equity and Venture Capital funds and returned 275 million euros to investors during the review period.
- 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 before.
- eQ published an update of its strategy and long-term objectives on 3 February 2026. The aim of the updated 2030 strategy is to return 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.
- On 23 October 2026, eQ Plc signed a share purchase agreement to acquire the entire share capital of Genesta Property Nordic AB, a Nordic real estate asset management company. The transaction is expected to strengthen eQ's international growth platform and expand its real estate asset management business into a Nordic operation.
July to September 2026 in brief
- The Group's net revenue in the third quarter was EUR 14.9 million (EUR 14.5 million 1 July - 30 September 2025). Group's net fee and commission income were
EUR 14.2 million (EUR 14.3 million). - The operating profit was EUR 7.2 million (EUR 7.6 million).
- Earnings per share were EUR 0.14 (EUR 0.15).
Key ratios
| 1-9/26 | 1-9/25 | Change | 7-9/26 | 7-9/25 | Change | 1-12/25 | |
| Net revenue, Group, MEUR | 44.5 | 42.9 | 4 % | 14.9 | 14.5 | 3 % | 58.2 |
| Net revenue, Asset Management, MEUR | 42.3 | 42.7 | -1 % | 13.9 | 14.1 | -1 % | 56.9 |
| Net revenue, Corporate Finance, MEUR | 1.2 | 1.0 | 23 % | 0.3 | 0.1 | 108 % | 1.7 |
| Group administration and eliminations | |||||||
| Net revenue, MEUR | 1.0 | -0.9 | 0.7 | 0.3 | -0.4 | ||
| Operating profit, Group, MEUR | 18.8 | 19.4 | -3 % | 7.2 | 7.6 | -6 % | 27.4 |
| Operating profit, Asset Management, MEUR | 21.3 | 23.6 | -10 % | 7.5 | 8.4 | -10 % | 32.0 |
| Operating profit, Corporate Finance, MEUR | -0.9 | -1.3 | 31 % | -0.3 | -0.4 | 36 % | -1.4 |
| Operating profit, Group administration, MEUR | -1.6 | -2.8 | -0.1 | -0.3 | -3.2 | ||
| Profit for the period, MEUR | 14.8 | 15.3 | -3 % | 5.7 | 6.0 | -6 % | 21.6 |
| 1-9/26 | 1-9/25 | Change | 7-9/26 | 7-9/25 | Change | 1-12/25 | |
| Earnings per share, EUR | 0.36 | 0.37 | -3 % | 0.14 | 0.15 | -6 % | 0.52 |
| Equity per share, EUR | 1.53 | 1.51 | 1 % | 1.53 | 1.51 | 1 % | 1.67 |
| Cost/income ratio, Group, % | 57.8 | 54.6 | -6 % | 51.9 | 47.5 | -9 % | 52.9 |
| Return on equity, ROE % p.a. | 29.8 | 30.1 | -1 % | 37.4 | 40.1 | -7 % | 30.3 |
| Liquid assets, MEUR | 21.4 | 22.0 | -3 % | 21.4 | 22.0 | -3 % | 15.1 |
| Private equity and real estate fund investments, MEUR | 16.6 | 16.4 | 1 % | 16.6 | 16.4 | 1 % | 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 | 9.8 | 10.2 | -3 % | 9.8 | 10.2 | -3 % | 10.2 |
| Assets under management, EUR billion | 13.9 | 13.7 | 2 % | 13.9 | 13.7 | 2 % | 13.8 |
CEO's review
Private Equity performed strongly, and profit for the review period was close to the previous year's level. The implementation of eQ's strategy is progressing as planned, and the acquisition of Genesta will accelerate eQ's international expansion.
The aim of eQ's updated 2030 strategy, published in February, is to return to strong growth and to double operating profit by the end of 2030 compared with the 2025 level. The goal is to further strengthen the client and employee experience, and to expand the business internationally and into the private client segment. To accelerate the implementation of the strategy, the necessary recruitment and growth investments were made during the review period.
On 23 October 2026, eQ Plc signed an agreement to acquire Genesta, a Nordic real estate asset management company. The acquisition of Genesta represents the first step in building an international private markets platform and expanding eQ's real estate asset management business into a Nordic operation. Genesta's institutional client relationships and networks, highly skilled personnel and Luxembourg fund platform will support the execution of eQ's strategy and its international expansion. Genesta manages three real estate funds with approximately EUR 1 billion in assets under management. The company has 30 employees and offices in Stockholm, Helsinki, Copenhagen and Luxembourg. In 2025, the net revenue of its asset management business was approximately EUR 9.6 million and operating profit approximately EUR 2.7 million. The maximum debt-free value of the transaction before purchase price adjustments is EUR 15.5 million, comprising a base purchase price of EUR 11.5 million and an earn-out of up to EUR 4.0 million. The transaction is expected to close at the latest during the first quarter of 2027.
Result for the review period close to the comparative period
The net revenue of the eQ Group during the review period was EUR 44.5 million and the operating profit was EUR 18.8 million. Net revenue increased by 4 per cent and operating profit decreased by 3 per cent compared to the previous year. The Group's cost/income ratio was 57.8 per cent.
eQ Asset Management raised EUR 312 million for Private Equity and Venture Capital funds
During the review period, eQ Asset Management raised EUR 312 million for its Private Equity and Venture Capital funds. The new eQ PE XVIII North fund raised EUR 166 million, and the eQ PE SF VI secondary market fund raised EUR 68 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 43 million. During the third quarter, eQ made 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 on the Private Equity funds managed by eQ were at a good level during the reporting period and in line with the funds' return targets. eQ's Venture Capital funds delivered excellent returns, underpinned by significant increases in the value of the underlying funds, particularly in the artificial intelligence and technology sectors. 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. During the review period, eQ's Private Equity funds have returned EUR 275 million to investors.
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 equity repayments 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 6.8 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. eQ Social Infrastructure and eQ Commercial Properties funds carried out refinancing totalling EUR 915 million on more favourable terms than before. 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 trading activity has increased from the previous year. The majority of domestic open-ended real estate funds have been forced to postpone the payment of redemptions. In July, eQ paid out part of the previously deferred redemptions from both the eQ Social Infrastructure and eQ Commercial Properties funds.
eQ's property funds performed exceptionally well in the 2026 international Global Real Estate Sustainability Benchmark (GRESB). Both the eQ Social Infrastructure and the eQ Commercial Properties funds achieved the highest five-star rating.
Net revenue in the Asset Management segment decreased by one per cent to EUR 42.3 million. The decrease in net revenue is explained by lower real estate asset management fees compared to the previous year. Asset Management segment's operating profit fell by 10 per cent to EUR 21.3 million. The cost/income ratio of the Asset Management segment was 49.6 per cent.
Advium acted as adviser in three M&A transactions and two real estate transactions
The mergers and acquisitions market in Finland remained active during the review period, although talk of high valuations in the artificial intelligence sector and rising interest rates has, to some extent, dampened companies' appetite for transactions. During the review period, there were a few major property transactions in the Finnish property market, as a result of which transaction volumes increased compared with the previous year. However, the rise in interest rates has been a factor in reducing activity in the property transaction market.
During the first nine months of 2026, Advium acted as an adviser on a total of five transactions. The success fees relating to two of these assignments had not yet been recognised as revenue during the reporting period.
The Corporate Finance segment's net revenue during the review period was EUR 1.2 million (EUR 1.0 million) and operating profit was EUR -0.9 million (EUR -1.3 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 Q3 2026 interim report
eQ's CEO Jouko Pölönen and CFO Antti Lyytikäinen will present the financial result to press, investors and analysts in a press conference to be held on 23 October 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 linda.holm@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 13.9 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.
