Evli Oyj: Evli Plc's Interim Report 1-9/2026

EVLI PLC INTERIM REPORT, OCTOBER 28, 2026 AT 2:00 PM. (EET/EEST)

Evli Plc's Interim Report 1-9/2026

RECURRING REVENUE GREW - PERFORMANCE-BASED FEES DECREASED

Highlights of the period

• Client assets under management reached a new record of EUR 22.9 billion. Client assets under management excluding associated companies exceeded EUR 20 billion for the first time.
• Recurring revenue grew positively during the period. The ratio of recurring revenues to operating costs was at an excellent level, 142%.
• Evli expanded its Nordic footprint by opening an office in Norway.

Financial performance January-September 2026 (comparison period 1-9/2025)

• Net revenue was EUR 93.0 million (EUR 90.4 million).
• Operating profit was EUR 42.0 million (EUR 40.5 million).
• Operating result of the Wealth Management and Investor Clients segment increased to EUR 44.2 million (EUR 39.2 million).
• Operating result of the Advisory and Corporate Clients segment decreased to EUR -1.6 million (EUR 0.1 million).
• At the end of September, net assets under management amounted to EUR 22.9 billion (EUR 20.8 billion), including assets managed by associated companies. Assets under management excluding the associated companies amounted to EUR 20.2 billion (EUR 18.1 billion).
• Return on equity was 28.1 percent (28.3%).
• The ratio of recurring revenue to operating costs was 142 percent (128%).
• Earnings per share, fully diluted, were EUR 1.07 (EUR 0.97).

Financial performance July-September 2026 (comparison period 7-9/2025)

• Net revenue was EUR 27.8 million (EUR 35.2 million).
• Operating profit was EUR 12.1 million (EUR 18.0 million).
• Earnings per share, fully diluted, were EUR 0.32 (EUR 0.38).

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€	7-9/2026	7-9/2025	1-9/2026	1-9/2025	1-12/2025
Income statement key figures
Net revenue, M€	27.8	35.2	93.0	90.4	128.5
Operating profit/loss, M€	12.1	18.0	42.0	40.5	56.1
Operating profit margin, %	43.6	51.1	45.2	44.8	43.7
Profit/loss for the financial period, M€	9.7	14.6	33.1	32.0	44.5
Profitability key figures
Return on equity (ROE), %	-	-	28.1	28.3	28.4
Return on assets (ROA), %	-	-	10.5	10.3	12.2
Balance sheet key figures
Equity-to-assets ratio, %	-	-	32.7	31.8	43.6
Key figures per share
Earnings per Share (EPS), fully diluted, €	0.32	0.38	1.07	0.97	1.33
Dividend per share, €	-	-	-	-	1.23*
Equity per share, €	-	-	5.66	5.44	5.83
Share price at the end of the period, €	-	-	23.6	19.55	23.30
Personnel figures
Number of permanent employees	-	-	294	284	286
Number of temporary employees	-	-	30	33	31
Share of personnel worked in Finland, %	-	-	92	91	91
Other key figures
Expense ratio (operating costs to net revenue)	0.57	0.48	0.55	0.55	0.55
Recurring revenue ratio, %	-	-	142	128	128
Market value, M€	-	-	625.0	517.8	598.6

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

CEO Maunu Lehtimäki

The third quarter of 2026 developed in line with expectations for Evli, and our client assets under management grew to nearly EUR 23 billion by the end of September. Supported by positive fund sales and strong market performance, recurring revenue grew clearly year-on-year, strengthening our result for the first nine months of the year.

Global economic growth remained strong despite the conflict in Iran and the war in Ukraine. As a result of the overheated US economy and the rapid rise in prices, the US Federal Reserve (Fed) began a new cycle of policy rate increases in September. The European Central Bank (ECB) also raised its policy rate for the second time this year, bringing the deposit rate to 2.5 percent. The acceleration in inflation expectations has largely resulted from higher energy and fuel prices. At the same time, substantial investments in AI infrastructure and computing capacity have driven semiconductor prices sharply higher.

Price movements in global equity markets were small in the third quarter, although performance varied. The S&P 500 Index rose by 2.3 percent, Europe's STOXX 600 Index fell by 0.6 percent, and emerging markets declined by 0.2 percent. The OMX Helsinki Cap Index rose by approximately 4 percent. US small-cap equities fell by 7.2 percent. Value stocks outperformed growth stocks. In September, rising interest rates and uncertainty in the technology sector weakened sentiment. Gold rose by 6 percent from its end-June level to approximately USD 4,300 per ounce. The euro remained at around 1.14 against the US dollar. The yield on Germany's 10-year government bond rose from 2.9 percent to approximately 3.55 percent. Corporate bond credit spreads remained relatively narrow.

Evli Group's net revenue decreased by 21 percent year-on-year in the third quarter to EUR 27.8 million (EUR 35.2 million). The decline in net revenue was attributable to the nearly EUR 12 million in performance-based fees recognized in the comparison period. Fee income from traditional funds developed most favorably, increasing by 17 percent year-on-year, while fee income from private equity funds grew by 21 percent. Advisory fees and returns from the Group's own balance sheet items were at the previous year's level, while brokerage income was lower than a year earlier. For the first nine months as a whole, net revenue increased by 3 percent to EUR 93 million.

The Group's operating profit decreased by 33 percent in the third quarter to EUR 12.1 million (EUR 18.0 million). The decrease in operating profit was due to the exceptionally high performance-based fees recognized in the comparison period. On the other hand, investments in streamlining processes were reflected in lower costs compared with the corresponding period of the previous year. For the first nine months as a whole, operating profit increased by 4 percent to EUR 42 million.

Evli's return on equity was 28.1 percent (28.3%) year-to-date, and the ratio of recurring revenue to operating costs was as high as 142 percent (128%). The Group's capital adequacy and liquidity were at an excellent level.

The areas central to Evli's strategy, international sales and alternative investment products, developed reasonably well during the review period, taking into account the challenging operating environment. Net subscriptions from international clients totaled just over EUR 90 million in the third quarter, and international clients accounted for 25 percent (24%) of Evli's total fund capital, including alternative investment products. Net subscriptions and investment commitments in alternative investment products totaled EUR 3 million (EUR 15 million) during the quarter. Assets under management in alternative investments stood at EUR 3.4 billion (EUR 3.2 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, which support international sales, are progressing, although the launch of the first fund was postponed to the beginning of next year. In addition, we expanded our Nordic footprint by opening an office in Norway. To improve efficiency and productivity, we have advanced several AI-related initiatives. Our aim is to embed AI into our everyday work and thereby improve the quality and productivity of our operations.

Net revenue for the Wealth Management and Investor Clients segment decreased by 23 percent in the quarter to EUR 26.7 million (EUR 34.6 million). Client assets under management increased by EUR 1.4 billion from the level at the end of last year and amounted to EUR 22.9 billion (EUR 20.8 billion).

Evli Fund Management Company's fund capital, including alternative investment products, amounted to EUR 17.3 billion (EUR 15.3 billion). Net subscriptions in traditional mutual funds totaled approximately EUR 44 million during the quarter. The largest net subscriptions were directed to the Evli Euro Liquidity and Evli Atlas USA Enhanced Index funds. Year-to-date, the top-performing funds by return were the Evli UK Value Fund (31.9%) and Evli Japan (25.4%).

Net revenue for the Advisory and Corporate Clients segment amounted to EUR 0.3 million (EUR 0.2 million) in the third quarter. Revenue may fluctuate significantly from quarter to quarter and from year to year.

Overall, Evli's performance in the first nine months was strong and 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. We continue to execute our strategy with determination: our aim is to grow client assets under management, strengthen international distribution, develop our range of alternative investment products and improve operational efficiency. As a result of these factors, we estimate that Evli's full-year operating result will be clearly positive. Comparability in the latter part of the year will, however, be affected by the exceptionally high performance-based 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 22.9 billion in client assets (net as of 9/2026). Evli's B shares are listed on Nasdaq Helsinki.

For more information, visit evli.com.

Distribution: Nasdaq Helsinki, main media, evli.com