EVLI PLC STOCK EXCHANGE RELEASE, JANUARY 27, 2026 AT 1:00 PM (EET/EEST)
Evli Plc: Financial Statements Bulletin January–December 2025
EXCELLENT YEAR – COMPARABLE OPERATING PROFIT INCREASED 30 PERCENT
Highlights of the period
- International sales had an excellent year. Net subscriptions from international clients in mutual funds amounted to nearly EUR 1 billion since the beginning of the year.
- Despite a challenging market environment, fundraising for alternative investment funds was successful. Net new capital raised during the year totaled over EUR 330 million.
- Evli received significant recognition for its expertise. Institutional investors ranked Evli as the best asset manager in Finland in Kantar Prospera's "External Asset Management 2025 Finland" survey and as the second-best asset manager in SFR Research’s institutional asset management client survey.
Financial performance January-December 2025 (comparison period 1–12/2024)
- Net revenue was EUR 128.5 million (1–12/2024 net revenue, after eliminating the impact from the corporate transaction, was EUR 109.7 million and unadjusted net revenue EUR 126.8 million).
- Operating profit was EUR 56.1 million (1–12/2024 operating profit, after eliminating the impact from the corporate transaction, was EUR 43.3 million and unadjusted operating profit EUR 58.2 million).
- Operating result of the Wealth Management and Investor Clients segment increased to EUR 54.0 million (EUR 39.8 million).
- Operating result of the Advisory and Corporate Clients segment decreased to EUR 0.5 million (EUR 3.3 million).
- At the end of December, net assets under management amounted to EUR 21.4 billion (EUR 18.9 billion), including assets managed by associated companies. Assets under management excluding the associated companies amounted to EUR 19.0 billion (EUR 16.6 billion).
- Return on equity was 28.4 percent (34.4%).
- The ratio of recurring revenue to operating costs was 128 percent (132%).
- Earnings per share, fully diluted, were EUR 1.33 (EUR 1.63).
- The Board of Directors proposes that a dividend of EUR 1.23/share (EUR 1.18/share) be distributed for the financial year 2025.
Financial performance October-December 2025 (comparison period 10-12/2024)
- Net revenue was EUR 38.1 million (EUR 30.1 million).
- Operating profit was EUR 15.7 million (EUR 10.5 million).
- Diluted earnings per share amounted to EUR 0.35 (EUR 0.25).
OUTLOOK FOR 2026
The past year was turbulent in the investment markets, and the operating environment is expected to remain uncertain and difficult to predict also in 2026. The expansion of geopolitical risks and concerns about the sustainability of economic growth are increasing uncertainty in the markets. If investor confidence weakens and market values decline, it will have a negative impact on Evli’s commission income and 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€ | 10–12/ 2025 |
10–12/ 2024 |
1–12/ 2025 |
1–12/ 2024 |
| Income statement key figures | ||||
| Net revenue, M€ | 38.1 | 30.1 | 128.5 | 126.8 |
| Net revenue excluding the impact of mergers and acquisitions, M€ | 38.1 | 30.1 | 128.5 | 109.7 |
| Operating profit/loss, M€ | 15.7 | 10.5 | 56.1 | 58.2 |
| Operating profit margin, % | 41.1 | 34.9 | 43.7 | 45.9 |
| Profit/loss excl. non-recurring items related to mergers and acquisitions, M€ | 15.7 | 10.6 | 56.1 | 43.3 |
| Profit/loss for the financial year, M€ | 12.5 | 8.6 | 44.5 | 49.9 |
| Profitability key figures | ||||
| Return on equity (ROE), % | - | - | 28.4 | 34.4 |
| Return on assets (ROA), % | - | - | 12.2 | 14.1 |
| Balance sheet key figures | ||||
| Equity-to-assets ratio, % | - | - | 43.6 | 42.4 |
| Key figures per share | ||||
| Earnings per Share (EPS), fully diluted, € | 0.35 | 0.25 | 1.33 | 1.63 |
| Dividend per share, € | - | 1.23** | 1.18* | |
| Equity per share, € | - | - | 5.83 | 5.64 |
| Share price at the end of the period, € | - | - | 23.30 | 17.50 |
| Personnel figures | ||||
| Number of permanent employees | - | - | 286 | 273 |
| Number of temporary employees | - | - | 31 | 32 |
| Share of personnel worked in Finland, % | - | - | 91 | 92 |
| Other key figures | ||||
| Expense ratio (operating costs to net revenue) | 0.55 | 0.62 | 0.55 | 0.53 |
| Recurring revenue ratio, % | - | - | 128 | 132 |
| Market value, M€ | - | - | 598.6 | 463.5 |
* Dividend approved by the Annual General Meeting 2025. The dividend has been paid on March 27, 2025.
** The Board of Directors proposal to the Annual General Meeting.
CEO MAUNU LEHTIMÄKI
In the fourth quarter of 2025, capital markets developed positively, as in the beginning of the year, with equities rising across the board in the US, Europe, and elsewhere in the world. During the year, global equity markets returned 21 percent as measured by MSCI World and 18 percent as measured by the S&P 500 index, which tracks US stock markets. In Europe, stock prices rose by 6.6 percent during the quarter and by 20.6 percent for the whole year as measured by the STOXX 600 index. Emerging markets also saw a brisk rise in share prices. However, the significant weakening of the dollar eroded the returns on dollar-denominated investments in euros.
Investor optimism was supported by solid corporate earnings growth, falling interest rate expectations in the US, and widespread enthusiasm for artificial intelligence (AI) technology and its potential to increase corporate productivity. The returns on fixed-income investments, particularly on higher-risk high yield bonds, were also positive. The prices of gold and other precious metals rose to new highs. Over the past year, the rise in the price of gold has been accelerated by the sharp decline in the exchange rate of the US dollar, US tariff policy, increased demand for the precious metal by central banks, falling interest rate and inflation expectations, and, especially recently, increased concerns about the independence of the US Federal Reserve. The changed geopolitical policy of the US has also increased the popularity of gold as a safe haven for investors.
The situation in the real estate market in Finland remained difficult, and the majority of Finnish open-ended real estate funds were still forced to postpone the execution of their redemptions. This is also what we did in the Evli Rental Yield II fund to ensure equal treatment of all the fund’s unit holders.
The US economy grew in the fourth quarter, as it did at the beginning of the year, even though the labour market weakened and inflation was still above the Federal Reserve's target level. Investments in technology, in particular data center and other infrastructure projects supporting the use of AI, boosted growth.
Euro area growth was slightly positive in the quarter, as global trade concerns gradually eased and private consumption remained stable. The outlook for the euro area is supported by a strengthening labour market, a low inflation and interest rate environment, and investment in infrastructure and defense capabilities. However, geopolitical threats, especially the war in Ukraine, continued to weigh on consumer and business confidence and willingness to invest.
In the fourth quarter, Evli Group's net revenue increased by 26 percent from the previous year and was EUR 38.1. million (EUR 30.1 million). The best development was seen in fee income from traditional and private equity funds, performance-based fees and brokerage revenues, which increased from the previous year. Advisory fees decreased slightly from the previous year, while returns from the Group’s own balance sheet items were higher than in the previous year.
The Group's operating profit for the fourth quarter increased by 49 percent to EUR 15.7 million (EUR 10.5 million). The growth in operating profit was driven by higher commission income from funds and performance-based fees, which were higher than in the comparison period. The increase in operating profit was weighed down by the loss of EUR 1.6 million recorded by an associated company, which was higher than in the comparison period. Evli's return on equity from the beginning of the year was 28.4 percent (34.4%) and the ratio of recurring revenue to operational costs was 128 percent (132%). The Group's solvency and liquidity were at an excellent level.
The key areas of Evli's strategy, international sales and alternative investment products, developed positively during the quarter. Net subscriptions from international clients were approximately EUR 251 million, and international clients accounted for 25 percent (21%) of Evli's total fund capital, including alternative investment products. Net subscriptions and investment commitments for alternative investment products totaled approximately EUR 129 million (approximately EUR 115 million) during the final quarter of the year. Since the beginning of the year, more investment commitments were collected than during the previous year, totaling EUR 331 million. At the end of the quarter, the total assets of the alternative investment products amounted to EUR 3.2 billion.
The Wealth Management and Investor Clients segment’s net revenue increased by 28 percent during the quarter to EUR 34.0 million (EUR 26.6 million). Client assets under management increased by 13 percent to EUR 21.4 billion (EUR 18.9 billion) as a result of positive market development and net subscriptions, which is a new record for Evli.
Evli Fund Management Company's mutual fund capital, including alternative investment products, also rose to a new record of EUR 16.2 billion (EUR 13.4 billion). The net subscriptions of traditional investment funds were approximately EUR 571 million during the quarter. The largest net subscriptions were made to the Evli Short Corporate Bond and Evli Atlas USA Enhanced Index funds. From the beginning of the year, the best performers in terms of return were the Evli Silver and Gold fund (158%) and the Evli Hannibal fund (42%).
The Advisory and Corporate Clients segment's net revenue increased by approximately three percent during the final quarter of the year to EUR 2.1 million (EUR 2.0 million). From the beginning of the year, advisory fees decreased from the previous year’s level, amounting to EUR 6.8 million (EUR 9.9 million). The revenue may fluctuate significantly from one quarter to another and from year to year. The unit’s mandate base strengthened during the quarter and is good.
In 2025, we celebrated Evli's 40th anniversary. Over the years, we have grown into a leading Nordic asset manager and fund house, supporting our clients in building long-term success and directing capital to where it creates lasting value. We are committed to building a more prosperous tomorrow in the future as well.
EVLI PLC
Additional information:
Maunu Lehtimäki, CEO, Evli Plc, tel. +358 (0)50 553 3000, maunu.lehtimaki@evli.com
Juho Mikola, CFO, Evli Plc, tel. +358 (0)40 717 8888, juho.mikola@evli.com
Evli Plc
Evli is a Nordic wealth manager that helps institutions, companies, and individuals build 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 more than 300 professionals and manages EUR 21.4 billion in client assets (net as of 12/2025). Evli's B shares are listed on Nasdaq Helsinki. For more information, visit evli.com.
Distribution: Nasdaq Helsinki, main media, evli.com