United Bankers Plc
STOCK EXCHANGE RELEASE 21 August 2025 at 09:00 EEST
United Bankers Plc’s Half-Year Financial Report 1 January – 30 June 2025: Solid business development continued – assets under management reached a new record high
This stock exchange release is a summary of the United Bankers’ Half-Year Financial Report 1 January – 30 June 2025. 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 2025 in brief
- The Group’s revenue (income from operations) in the review period amounted to EUR 29.1 million (EUR 33.0 million in 1–6/2024), a decrease of 11.8%. The figures for the comparison period include a performance fee of EUR 10.6 million recorded from the sale of the UB Nordic Forest Fund II.
- The Group’s adjusted EBITDA amounted to EUR 10.4 million (EUR 15.0 million in 1–6/2024), a decrease of 30.9% and adjusted operating profit amounted to EUR 8.8 million (EUR 13.8 million in 1–6/2024), a decrease of 36.3%.
- The Group’s operating profit for the review period amounted to EUR 8.8 million (EUR 13.5 million in 1–6/2024), a decrease of 34.8% and the profit for the review period amounted to EUR 7.0 million (EUR 10.5 million in 1–6/2024), a decrease of 33.6%.
- The Group’s earnings per share were EUR 0.63 (EUR 0.96 in 1–6/2024).
- Net fee income from wealth management in the review period amounted to EUR 24.3 million (EUR 28.3 million in 1–6/2024).
- Net fee income from capital markets services amounted to EUR 0.6 million (EUR 0.6 million in 1–6/2024).
- Assets under management rose to a new record high of EUR 4.9 billion during the review period (EUR 4.8 billion on 31 December 2024).
- The cost-to-income ratio amounted to 0.69 (0.59).
- The company reiterates its guidance for 2025: The company estimates its adjusted operating profit to be significantly below the level of 2024, as performance fees are expected to be lower than in the exceptionally strong comparison period.
Review period in brief
United Bankers' result for the first half of the year was clearly lower than in the comparison period. The weakening of the result is mainly explained by the funds' performance fees, which fell short of the record-high level of the previous year. In the comparison period, the funds' fees included a performance fee of EUR 10.6 million recorded from the sale of the forest fund UB Nordic Forest Fund II LP, which was generated when the fund's partnership interests and forest properties were sold to MEAG, the asset management company of the German Munich Re Group. In other respects, the wealth management segment's fee income developed positively in terms of fund management fees, income from asset management and income from structured products. The positive development of the funds' performance fees also continued, when the performance fees recorded from the sale of the UB Nordic Forest Fund II are eliminated from the comparison figures.
United Bankers' assets under management increased from EUR 4.8 billion to EUR 4.9 billion during the review period. The uncertainty prevailing in the investment markets weighed on the demand for asset management products and services throughout the first half of the year. In addition, the transfer of the management of the Asilo Argo fund away from UB Fund Management Company decreased assets under management by approximately EUR 104 million compared to the situation at the turn of the year.
The net subscriptions of the funds remained at a clearly lower level than in previous years, at EUR 31.8 million, including the investment commitments of funds in the form of a limited liability company. Of the funds, real estate funds in particular continued to be affected by redemption pressure, even though there have already been the first signs of a turn for the better in the real estate market. In the difficult market situation that has lasted for a long time, United Bankers has succeeded – unlike many other market players – in keeping its real estate funds open continuously. United Bankers has also sought to take advantage of the favourable situation in the real estate market to the benefit of its clients. Founded in 2024 and aimed at professional investors, housing fund UB Asuntorahasto I Ky launched its investment activities during the first half of the year. During the first half of the year, the fund raised approximately EUR 26 million in capital and also acquired its first investment targets.
The sales of discretionary asset management services remained at a good level during the review period, reaching approximately EUR 105 million. The volatility experienced in the market provided good opportunities for the issuance of structured investment products. Their sales almost doubled to EUR 44.5 million.
Consolidated key figures (The figures are presented in more detail in the appendix of the Half-Year Financial Report)
| 1-6/2025 | 1-6/2024 | change-%* | 1-12/2024 | |
| Key Income Statement Figures | ||||
| Revenue, MEUR | 29.1 | 33.0 | -11.8 | 62.1 |
| Adjusted EBITDA, MEUR | 10.4 | 15.0 | -30.9 | 26.4 |
| Adjusted operating profit, MEUR | 8.8 | 13.8 | -36.3 | 23.7 |
| Adjusted operating profit, % of revenue | 30.2 | 41.9 | 38.2 | |
| Operating profit, MEUR | 8.8 | 13.5 | -34.8 | 23.4 |
| Profit for the period, MEUR | 7.0 | 10.5 | -33.6 | 18.4 |
| Profitability | ||||
| Return on Equity (ROE), % | 25.3 | 35.9 | -29.4 | 32.6 |
| Return on Assets (ROA), % | 16.3 | 23.7 | -31.4 | 22.4 |
| Key Balance Sheet Figures | ||||
| Equity ratio, % | 59.3 | 64.6 | 69.5 | |
| Capital adequacy ratio, % | 35.3 | 27.6 | 28.4 | |
| Key Figures Per Share | ||||
| Earnings per share, EUR | 0.63 | 0.96 | -34.6 | 1.66 |
| Earnings per share, EUR (diluted) | 0.62 | 0.94 | -33.6 | 1.64 |
| Equity per share, EUR | 5.12 | 4.90 | 5.60 | |
| Distribution of dividend per share** | 1.10 | |||
| Other Key Figures | ||||
| Cost-to-income ratio | 0.69 | 0.59 | 0.62 | |
|
Assets under management at the end of the period, bn EUR |
4.9 | 4.8 | 4.8 | |
| Personnel at the end of the period (FTE)*** | 166 | 163 | 161 |
* The percentage change has been calculated using the actual figures, the figures shown in the table have been rounded
** Distribution of dividend for the 2024 financial period confirmed by the Annual General Meeting of Shareholders on 21 March 2025: a dividend total of EUR 1.10 per share. The dividend is paid in two instalments (EUR 0.55 and EUR 0.55).
*** 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 2025
(comparison figures 1 January – 30 June 2024)
In terms of revenue, the first half of the year was the second strongest six-month period in United Bankers' history. However, revenue and profit fell short of the record-breaking comparison period. United Bankers’ revenue (income from operations) declined during the review period by 11.8 per cent to EUR 29.1 million (EUR 33.0 million). The Group’s adjusted operating profit decreased to EUR 8.8 million (EUR 13.8 million) and the adjusted operating profit margin decreased to 30.2 per cent (41.9 per cent). Earnings per share decreased to EUR 0.63 (EUR 0.96). Return on equity amounted to 25.3 per cent (35.9 per cent) and the cost-to-income ratio to 0.69 (0.59).
The weakening of revenue and profit during the review period was primarily due to the funds' clearly lower performance fees than in the comparison period. Overall, United Bankers' wealth management business developed positively during the first half of the year. With the exception of the above-mentioned performance fees, the wealth management segment's fee income was growing across the board. Fund management fees increased slightly, and the performance fees of existing funds also developed positively. The continued growth in the capital under discretionary asset management services, in turn, supported a clear increase in fee income from asset management. The uncertainty and volatility prevailing in the markets, on their part, provided opportunities for the issuance of structured investment products, with sales almost doubling. As a result, fee income from structured investment products increased significantly. The Group's largest segment recorded revenue of EUR 27.8 million (EUR 32.2 million) during the review period, while EBITDA settled at EUR 10.4 million (EUR 15.3 million).
The Group's capital markets services business also developed favourably in the first half of the year, although the situation in the M&A and IPO markets continued to be clearly quieter than usual. The slight increase in the level of activity was reflected in the positive development of UB Corporate Finance's fee and commission income compared to the comparison period. During the first half of the year, the company acted as a financial advisor in various financing and cooperation arrangements. Revenue from capital markets services were EUR 0.7 million (EUR 0.6 million). EBITDA increased by more than 50 per cent to EUR 0.1 million (EUR 0.1 million).
The return on the Group's own investments, reported under the Other segment, had a positive impact on the result for the review period.
In recent years, United Bankers has invested significantly in promoting growth. These measures have included, among other things, the renewal of IT systems and digital services, which support the efficiency of operations and the development of the customer experience. The company has also determinedly developed its products and services and strengthened their sales power both in Finland and in the international market. The costs of these investments will partly be visible in advance before the realisation of future growth.
The Group's expenses increased moderately in the first half of the year compared to the comparison period. Administrative expenses, including personnel and other administrative expenses, increased by 3.8 per cent to EUR 15.1 million (EUR 14.5 million). Personnel expenses increased by 2.3 per cent to EUR 10.9 million (EUR 10.6 million). Other administrative expenses, on the other hand, increased by 8.1 per cent to EUR 4.2 million (EUR 3.9 million). Cost pressure was exerted on, among other things, IT and system costs, a significant part of which, however, were project costs related to the implementation of the new information system. Investments in promoting international sales were reflected in the increase in travel costs, among others. The increase in personnel-related expenses was also partly recorded in other administrative expenses, for example through costs related to training.
In recent years, United Bankers has also made significant investments in the development of sustainability work and its communications. During the first half of the year, the Group continued to prepare for the reporting requirements of the Sustainability Reporting Directive (CSRD) before the European Commission proposed easing the reporting regulations. The Stop the Clock directive will at least postpone the entry into force of sustainability reporting, but the intention is also to simplify the reporting requirements. This may ease the cost pressure related to sustainability reporting in the future.
Depreciation, amortisation and impairment increased to EUR 1.6 million (EUR 1.2 million) for the first half of the year, mainly as a result of the implementation of a comprehensive IT system reform in early summer 2024. The renovation of the premises of United Bankers' Helsinki headquarters a couple of years ago is also still reflected in the amount of depreciation.
The number of full-time employees increased slightly compared to the situation at the turn of the year and was 166 at the end of June (161 people on 31 December 2024). Of these, a total of 12 (9 people) were fixed-term employees. The increase in the number of fixed-term employees is partly explained by the Group's normal seasonal increase in the number of temporary employees during the summer.
CEO’s review
John Ojanperä
In early 2025, our operating environment was twofold. Thanks to the decline in inflation and interest rates, market sentiment was positive at the beginning of the first half of the year. However, as the review period progressed, unclear tariff decisions by US President Donald Trump, the escalation of the Middle East conflict and increased geopolitical tensions increased market volatility. Traditionally, uncertainty in the market leads investors to be cautious, which in turn makes fundraising more difficult. This was also the case in the first half of 2025.
The equity markets developed positively in the first half of the year: measured by total return indices, the increase was 12.3% in Finland, 10.4% in Europe and 6.0% in the United States. However, the significant weakening of the US dollar weighed on euro-denominated returns, and the S&P 500 index fell by 6.5% in euro terms. This also led to a 2.9% decline in the global equity index in euro terms.
The Finnish real estate market continued to be characterised by low transaction volumes and subdued price developments. In the forest market, on the other hand, the development continued to be positive, thanks to record-high wood stumpage prices.
In terms of revenue, the first half of 2025 was the company's second strongest half-year period ever. In the light of the key figures in the income statement, the first half of the year was a very strong six-month period, and its main driver was the favourable development of the forest market. In comparison with the previous year's figures, it should be remembered that in early 2024, the UB Nordic Forest Fund II was sold and a significant performance fee of EUR 10.6 million was recorded in the result for the first half of 2024. The company's revenue for the first half of the year were EUR 29.1 million (EUR 33.0 million 1–6/2024). Adjusted operating profit was EUR 8.8 million (EUR 13.5 million) and earnings per share were EUR 0.63 (EUR 0.96). The cost-to-income ratio was 0.69 (0.59). The wealth management segment's revenue was EUR 27.8 million (EUR 32.2 million) and EBITDA was EUR 10.4 million (EUR 15.3 million). The capital markets services segment's revenue was EUR 0.7 million (EUR 0.6 million) and EBITDA was EUR 0.1 million (EUR 0.1 million).
Despite the challenging environment, assets under management rose again to record levels. At the end of the review period, the company's assets under management totalled EUR 4.9 billion (EUR 4.8 billion on 31 December 2024). The absolute growth did not reach the level we had targeted, but considering the transfer of management of the Asilo Argo fund and the headwinds faced by alternative investments, especially real estate funds, the achieved result can be considered satisfactory given the circumstances.
Net subscriptions to funds in the first half of the year totalled EUR 31.8 million (EUR 93.1 million). The company's gross sales of asset management products and services amounted to EUR 292 million (EUR 273 million). The challenges in the real estate fund market led to a decline in net subscriptions of funds. However, the increased gross sales indicate that the company's investments in growth are starting to pay off, and sales power has strengthened.
The implementation of the strategy progressed well during the first half of the year. During the spring, we continued to develop our already high-quality products and services with our clients' needs and satisfaction in mind.
In recent years, we have continued to invest significantly in discretionary asset management services. Systems and processes are constantly being rationalised and made more efficient. During the review period, we also managed to make several key recruitments. The company's management team was strengthened when Perttu Purhonen was appointed as a member of the management team in April. Perttu has a strong background in asset management positions at executive level, among other things.
In terms of portfolio management, one of our key successes is that we have been able to keep our real estate funds open despite the challenging situation in the real estate fund market. In addition, we successfully launched a new housing fund, UB Asuntorahasto I Ky. I believe that the timing is now exceptionally favourable for real estate investments: yield requirements have risen, interest rates and inflation are falling, transaction volumes are recovering, and the low level of construction is increasing demand for existing properties.
Investments in sustainability have also continued. In the 2024 UN PRI assessment, published in spring 2025, we received the highest possible score (5/5) in all scored asset classes and the second best grade (4/5) in the sections related to responsible investment procedures, governance and strategy, and assurance procedures. In addition, we were the first Finnish asset manager to sign the Operating Principles for Impact Management (OPIM), which strengthens our commitment to measurable impact in investment activities, especially in the field of forest investments.
I look to the future with optimism. The market has been challenging in recent years, but I believe that at some point we can expect a tailwind from it. I am confident that the investments we have made in growth will be realised over time.
Thank you to our clients, the UB team and our other stakeholders. This is a good place to continue!
Financial guidance for 2025
The company reiterates its guidance for 2025, and estimates its adjusted operating profit to be significantly below the level of 2024, as performance fees are expected to be lower than in the exceptionally strong comparison period.
Schedule for dividend payment
In accordance with the decision of the Annual General Meeting of United Bankers Plc on 21 March 2025, the company will pay the second instalment of the dividend in the autumn as part of the dividend distribution for the financial year 2024. The amount of the dividend will be EUR 0.55 per share. The record date for the dividend payment is 26 September 2025 and the payment date is 3 October 2025.
Financial Statements Bulletin 2025
The Financial Statements Bulletin of the United Bankers Group for the financial period 2025 will be published on or about 12 February 2026 and will be available on the company’s website unitedbankers.fi.
Press conference
Result presentation to analysts and press will be held at the company headquarters, Aleksanterinkatu 21 A, 4th floor, Helsinki on Thursday 21 August 2025 at 11.30 am 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 166 employees (FTE) and 24 agents (30 June 2025). In 2024, the United Bankers Group’s revenue totalled EUR 62.1 million and its adjusted operating profit amounted to EUR 23.7 million. The Group’s assets under management amount to approximately EUR 4.9 billion (30 June 2025). United Bankers Plc’s shares are listed on 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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