United Bankers Plc
12 February 2026 at 9:00 EET
United Bankers Plc’s Financial Statements Bulletin 2025: Strong year – assets under management exceeded EUR 5 billion
This stock exchange release is a summary of the United Bankers’ Financial Statements Bulletin 1 January – 31 December 2025. The complete Financial Statements Bulletin 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–December 2025 in brief
- The Group’s revenue (income from operations) in the financial period amounted to EUR 57.1 million (EUR 62.1 million in 1–12/2024), a decrease of 8.0%.
- Regarding all key figures, it is important to note the sale of the UB Nordic Forest Fund II in 2024, which resulted in a significant performance fee of EUR 10.6 million recorded for the comparison period.
- The Group’s adjusted EBITDA amounted to EUR 19.8 million (EUR 26.4 million in 1–12/2024), a decrease of 25.0% and adjusted operating profit to EUR 16.7 million (EUR 23.7 million in 1–12/2024), a decrease of 29.4%.
- The Group’s operating profit for the financial period amounted to EUR 16.6 million (EUR 23.4 million in 1–12/2024), a decrease of 28.8% and the profit for the financial period amounted to EUR 13.1 million (EUR 18.4 million in 1–12/2024), a decrease of 28.8%.
- The Group’s earnings per share were EUR 1.18 (EUR 1.66 in 1–12/2024).
- Net fee income from asset and wealth management in the financial period amounted to EUR 47.6 million (EUR 52.7 million in 1–12/2024).
- Net fee income from capital markets services amounted to EUR 1.4 million (EUR 0.6 million in 1–12/2024).
- Assets under management at the end of the financial period amounted to EUR 5.2 billion (EUR 4.8 billion as at 31 December 2024).
- Cost-to-income ratio at the end of the financial period amounted to 0.70 (0.62).
- The Board of Directors proposes that a dividend of EUR 1.16 per share be distributed for the financial year. The dividend will be paid in two instalments (EUR 0.58 and EUR 0.58).
- Guidance for 2026: The company estimates its adjusted operating profit to be close or grow compared to 2025.
July–December 2025 in brief
- The Group’s revenue (income from operations) in the latter half of the year amounted to EUR 28.0 million (EUR 29.1 million in 7–12/2024).
- The Group’s adjusted EBITDA in the latter half of the year amounted to EUR 9.5 million (EUR 11.4 million in 7–12/2024) and adjusted operating profit to EUR 7.9 million (EUR 9.9 million in 7–12/2024).
- Earnings per share were EUR 0.56 (EUR 0.71 in 7–12/2024).
Key events of the year in brief
United Bankers' business performance developed positively during the financial year, although profit declined compared to the previous period. The weakening of the profit is mainly explained by performance fees from funds, which fell short of the record-high level of the previous year. Fee income in the asset and wealth management segment developed positively across other areas, including fund management fees, wealth management fees and fees from structured products. The positive development of the funds' performance fees also continued, as the performance fees recorded from the sale of the UB Nordic Forest Fund II are eliminated from the comparison figures.
United Bankers' transformation from product house to product and service house progressed well during the year, and the company's investments in the development of its services in recent years supported the growth of assets under management within discretionary wealth management. United Bankers also contributed to the launch of several new funds to support future growth and continued to develop its existing spearhead funds.
United Bankers' assets under management continued to grow during the financial year, reaching a level of EUR 5.2 billion (EUR 4.8 billion). Positive returns in almost all asset classes and markets supported the positive development of assets under management. Sales of wealth management products and services also increased, although the uncertainty of the market environment slowed down the general demand for investment services. The uncertainty was reflected especially in the net subscriptions of funds, which remained below the typical level of recent years, at EUR 110 million (EUR 128 million). 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 end of 2024.
The positive development of assets under management is primarily explained by growth in assets within discretionary wealth management services. Sales of wealth management services remained at a good level, reaching EUR 214 million, and all the wealth management strategies offered competitive returns. The Group's investments in wealth management service models and strengthening teams in recent years supported client acquisition and the deepening of existing client relationships. At the end of the year, United Bankers expanded its operations to include wealth management for professional athletes, when the Professional Sports Foundation (Ammattiurheilusäätiö sr) selected UB Asset Management Ltd as the new asset manager of its sports fund.
United Bankers' customer orientation and continuous development of the quality of services were recognised by clients. The company performed excellently in the annual SFR Institutional Investment Services Programme for institutional investors, achieving the SFR Platinum Award in the Challengers category. United Bankers' long-term work as an asset manager focusing on real assets, in particular, made the company the best service provider in its category based on nine quality criteria.
United Bankers signed the Operating Principles for Impact Management (OPIM), becoming the first Finnish asset manager to do so. This highlights the company's commitment to measurable impact in its investment activities, with a particular focus on forest investments.
In October, UB Corporate Finance Ltd, a subsidiary of United Bankers, joined Clairfield International, a global corporate finance network, as a partner. The partnership promotes opportunities for international growth and supports the expansion of corporate finance and M&A advisory services.
United Bankers once again received the Most Inspiring Workplaces in Finland recognition. In a survey conducted by Eezy Flow, United Bankers' PeoplePower® rating remained at AA (good) level. The result clearly exceeds the Finnish expert benchmark. In the survey, 95 per cent of the respondents consider United Bankers to be an excellent place to work overall.
Consolidated key figures (The figures are presented in more detail in the appendix of the Financial Statements Bulletin)
| 7–12/2025 | 7–12/2024 | change %* | 1–12/2025 | 1–12/2024 | change %* | |
| Key income statement figures | ||||||
| Revenue, MEUR | 28.0 | 29.1 | -3.7 | 57.1 | 62.1 | -8.0 |
| Adjusted EBITDA, MEUR | 9.5 | 11.4 | -17.2 | 19.8 | 26.4 | -25.0 |
| Adjusted operating profit, MEUR | 7.9 | 9.9 | -19.6 | 16.7 | 23.7 | -29.4 |
| Adjusted operating profit, % of revenue | 28.3 | 33.9 | 29.3 | 38.2 | ||
| Operating profit, MEUR | 7.8 | 9.9 | -20.6 | 16.6 | 23.4 | -28.8 |
| Profit for the period, MEUR | 6.1 | 7.9 | -22.5 | 13.1 | 18.4 | -28.8 |
| Profitability | ||||||
| Return on equity (ROE), % | 22.3 | 31.9 | 21.3 | 32.6 | ||
| Return on assets (ROA), % | 13.6 | 21.4 | 14.0 | 22.4 | ||
| Key balance sheet figures | ||||||
| Equity ratio, % | 62.6 | 69.5 | ||||
| Capital adequacy ratio, % | 36.2 | 28.4 | ||||
| Key figures per share | ||||||
| Earnings per share, EUR | 0.56 | 0.71 | -20.9 | 1.18 | 1.66 | -28.7 |
| Earnings per share, EUR (diluted) | 0.56 | 0.70 | -21.0 | 1.18 | 1.64 | -28.2 |
| Equity per share, EUR | 5.64 | 5.60 | ||||
| Dividend distribution per share | 1.16** | 1.10*** | ||||
| Other key figures | ||||||
| Cost-to-income ratio | 0.71 | 0.65 | 0.70 | 0.62 | ||
| Assets under management at period end, EUR bn | 5.2 | 4.8 | 6.6 | |||
| Personnel at period end (FTE)**** | 165 | 161 |
* The figures in the table are rounded. The percentage change is calculated based on the actual figures.
** The Board of Directors proposes a dividend of EUR 1.16 per share for the financial year. The dividend will be paid in two instalments (EUR 0.58 and EUR 0.58).
*** Dividend distribution for the financial year 2024 confirmed by the Annual General Meeting on 21 March 2025: EUR 1.10 per share (EUR 0.55 and EUR 0.55).
****The number of personnel stated has been converted to full-time equivalent.
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 Financial Statements Bulletin.
Group revenue and profit performance 2025
(comparison figures 1 January – 31 December 2024)
United Bankers’ revenue and profit declined during the financial year from the record levels of the comparison period. The Group’s revenue (income from operations) for the financial year was EUR 57.1 million (EUR 62.1 million), decreasing by 8.0 per cent. The Group's adjusted EBITDA decreased by 25.0 per cent to EUR 19.8 million (EUR 26.4 million) and adjusted operating profit by 29.4 per cent to EUR 16.7 million (EUR 23.7 million). Profitability weakened as the adjusted operating profit margin declined to 29.3 per cent (38.2 per cent). Earnings per share was EUR 1.18 (EUR 1.66). Return on equity amounted to 21.3 per cent (32.6 per cent), and the cost-to-income ratio weakened to 0.70 (0.62).
Overall, the company’s asset and wealth management business continued to develop positively during the financial year, as fee income in the asset and wealth management segment increased across the board, excluding performance fees. Measured by revenue, the financial year was the second strongest in the company's history. Fund management fees grew slightly, and performance fees from existing funds also rose. The favourable growth of assets within discretionary wealth management supported an increase in wealth management fee income. Sales of structured products returned to strong growth, with related fee income increasing significantly. Recent key personnel recruitments and the development of future growth initiatives increased expenses, which impacted profitability, particularly in the asset and wealth management segment. The revenue of the Group’s largest segment was EUR 54.6 million for the financial year (EUR 60.6 million), and EBITDA was EUR 20.2 million (EUR 27.2 million).
The market environment for capital market transactions improved slightly compared to the previous year, although the number of various corporate arrangements remained below the usual level. Demand for the Group’s capital markets services showed a slight recovery during the financial year, and UB Corporate Finance acted as a financial advisor in various financing and partnership arrangements. The increase in activity supported the positive development of fee income in the capital markets services segment compared with the previous period, although the absolute level of fees remained below peak years. The segment’s revenue increased to EUR 1.4 million from the comparison period (EUR 0.7 million), and EBITDA turned positive at EUR 0.1 million (EUR -0.4 million).
The Group’s expenses increased from the previous financial year. Several growth initiatives, along with the costs associated with advancing them, occurred particularly in the second half of the year. Administrative expenses, including personnel and other administrative costs, increased by 7.4 per cent overall to EUR 30.6 million during the financial year (EUR 28.5 million). Personnel expenses grew by 5.8 per cent to EUR 22.2 million (EUR 21.0 million), and other administrative expenses by 11.9 per cent to EUR 8.4 million (EUR 7.5 million). The increase in personnel expenses was driven by growth in the number of personnel and key personnel recruitments, as well as bonus accruals related to strategically important business objectives. General cost inflation continued to be reflected in other administrative expenses. Cost pressure was also directed at IT and systems expenses, a significant portion of which consisted of project costs related to the implementation of a new information system. In addition, several growth investments contributed to higher expenses, particularly in new products, marketing, and customer acquisition. Depreciation and impairment increased by 12.8 per cent to EUR 3.1 million (EUR 2.7 million). The increase is primarily explained by the extensive information system renewal carried out in the Group, which was introduced 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 equivalent employees increased slightly compared to the end of the previous year, totalling 165 employees at year-end (161 employees). Of this total, 9 employees were on fixed-term contracts (9). New key personnel recruitments focused, among other areas, at portfolio management for new funds as well as sales and specialist roles in wealth management.
CEO’s review
John Ojanperä
My first full year as CEO has been a year of building growth. We have progressed in line with our long-term strategy and as a result, we achieved a new record in assets under management. The market environment did not offer a tailwind, but I strongly believe that the determined work we did during the past financial year will be fully reflected in the coming years.
We have focused above all on the things we can influence ourselves: quality, new products and continuing our transformation. I believe that we have succeeded in all these areas. In our business, this is reflected in the change from a product house towards a comprehensive asset manager with excellent and competitive products. We have strengthened our expertise through successful recruitments and carried out several quality-improving projects, for example, in IT and systems, as well as in digital services and reporting. This development is directly reflected in customer experience.
The growth projects we launched in 2025 are still in their early stages, but they are building a strong foundation for future development. We have progressed in line with our strategy and expanded our offering with several new initiatives, such as an equity fund investing in megatrends, a private equity fund and a sports wealth management business. These projects support long-term growth and strengthen our ability to serve our clients even more comprehensively in the future. UB Megatrends and UB Private Equity are our new flagship funds, which will play a key role in driving sales growth in 2026.
In recent years, we have invested significantly in discretionary wealth management, and the long-term focus is now starting to show in our operations. The investments have been in the right direction, and assets within discretionary wealth management recently exceeded one billion euros.
The operating environment in 2025 was dynamic and eventful, and at times there were strong movements in the market. Geopolitical tensions remained prominently present throughout the year, and the uncertainty they generated continued to make investors cautious in their decision-making.
At the same time, equity markets performed strongly both in Finland and internationally. Artificial intelligence was clearly one of the key topics of discussion during the year, in markets, businesses, and in public debate. In April, U.S. President Donald Trump imposed import tariffs, which caused uncertainty in the markets. However, the reactions eventually stabilised quite quickly. Russia's war of aggression in Ukraine continued, accelerating Europe’s defense investments. In addition, discussion around changes in international cooperation and various global risks was present throughout the year, contributing to uncertainty.
As a whole, the year turned out to be contradictory: geopolitical risks and uncertainty affected decision-making, but at the same time, innovations related to artificial intelligence in particular and the opportunities they opened up increased market confidence in the future.
Transaction volumes in the real estate market started to grow from low levels. In Finland, real estate transaction volumes nearly doubled, and in the other Nordic countries, the volumes also increased clearly, by almost a third. Price developments have not yet followed the increase in volumes, and Finnish properties attracted more buyers from abroad than before, supporting a rebound in the domestic market.
Overall, developments in Finland’s forest market were positive. Timber prices remained high, and both the number of forest property transactions and their prices reached record levels.
In terms of revenue, 2025 was the second strongest year ever for the company. 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 financial year was EUR 57.1 million (EUR 62.1 million). Adjusted operating profit was EUR 16.7 million (EUR 23.7 million) and earnings per share were EUR 1.18 (EUR 1.66). The cost-to-income ratio was 0.70 (0.62). The asset and wealth management segment's revenue was EUR 54.6 million (EUR 60.6 million) and EBITDA was EUR 20.2 million (EUR 27.2 million). The capital markets services segment's revenue was EUR 1.4 million (EUR 0.7 million) and EBITDA was EUR 0.1 million (EUR -0.4 million).
Assets under management rose to a new record during the financial year. At the end of the year, the company's assets under management totalled EUR 5.2 billion (EUR 4.8 billion on 31 December 2024). Growth continued to be slowed down by the challenging operating environment, especially in the alternative investment products market, as well as the transfer of the management of the Asilo Argo fund away from UB Fund Management Company. Fundraising was particularly successful in discretionary wealth management.
Net subscriptions to funds decreased to EUR 110 million (EUR 128 million), while total sales of wealth management products and services increased to EUR 576 million (EUR 524 million). Approximately 10 per cent growth in gross sales, despite a challenging market, indicates that our sales power has strengthened and that the growth investments we have made are gradually reflected in operational performance.
During 2025, we received several recognitions that demonstrate the strengths of our organisation in many areas. Of these, I would like to highlight two that describe the commitment of our employees and the high quality of the service we provide particularly well.
Our most important resource is our personnel. It is therefore especially gratifying that in 2025 we once again received the Most Inspiring Workplaces in Finland recognition – now for the fourth time in a row. The results of the annual personnel survey conducted by Eezy Flow show that people enjoy working with us and feel that their work is meaningful. I believe that positive employee experience has also contributed to the clear strengthening of our employer brand. In recruitment, we have noticed that an increasing number of experienced professionals are interested in joining our team, which indicates a positive development and that we are seen as a goal-oriented and attractive workplace. This commitment is also illustrated by the fact that more than 70 per cent of our employees own the company's shares. It reflects faith in the company's future and the desire to be involved in building its growth. We continue to develop the employee experience to ensure that we remain a desirable and valued workplace.
In November, we received another significant recognition when we achieved first place in the Challenger category for smaller service providers in SFR Research’s annual institutional client survey. The survey is a qualitative assessment of our clients' experiences, and we received the best ratings for performance, real estate investments and forest investments. The recognition is a valuable indication that high-quality work and client-focused approach are clearly reflected in customer experience. The results also demonstrate that our long-term work in different investment areas – real estate, forests, and wealth management in general – is perceived as high-quality and reliable.
The year 2026 has started dynamically with new product launches. We continue to implement our growth strategy with determination, and I believe that growth will continue and accelerate throughout the year.
Uncertainties in the operating environment remain, particularly due to geopolitical tensions. At the same time, however, we are seeing positive signs of economic recovery. Several sectors show improvement, purchasing power is expected to strengthen, and overall sentiment is more positive than before.
A warm thank you to our clients and shareholders for their strong trust. I would also like to thank the UB team for their excellent and high-quality work during 2025. Our shared commitment provides us with strong direction toward success also in 2026, which celebrates the 40th anniversary of our operations.
Financial guidance for 2026
The company estimates its adjusted operating profit to be close or grow compared to 2025.
Board of Directors’ proposal on dividend distribution
United Bankers Plc’s result for the financial period 1 January – 31 December 2025 amounted to EUR 10,233, 622.88. The company’s distributable assets as at 31 December 2025 amounted to EUR 46.0 million, of which appropriations of retained earnings are EUR 25.1 million and distributable funds in the reserve for invested unrestricted equity are EUR 20.9 million.
The Board of Directors proposes to the Annual General Meeting of Shareholders that based on the balance sheet adopted for the financial period ended on 31 December 2025, a total dividend of EUR 1.16 per share be paid. The total dividend distribution in accordance with the proposal, calculated at the number of shares outstanding at the date of the financial statements, amounts to EUR 12,628,366.68. No dividend shall be payable on treasury shares held by the company.
The Board of Directors proposes that the dividend be distributed in two instalments, with payments made in March and October. The first instalment of the dividend will be paid to a shareholder who is registered in the company’s shareholders’ register maintained by Euroclear Finland Ltd on the record date for dividend payment, 24 March 2026. The dividend is proposed to be paid out on 31 March 2026. The second instalment of the dividend will be paid to a shareholder who is registered in the company’s shareholders’ register maintained by Euroclear Finland Ltd on the record date for dividend payment, 25 September 2026. The dividend is proposed to be paid out on 2 October 2026. The Board of Directors proposes that it be authorised, if necessary, to decide on a new record date and payment date for the second instalment of the dividend, if the rules of Euroclear Finland Ltd or the regulations concerning the Finnish book-entry system change or otherwise require it.
No material changes have taken place in the company’s financial position since the end of the financial year. The proposed dividend distribution does not, according to the Board of Directors, endanger the solvency of the company.
Publication of Financial Statements and the Annual General Meeting 2026
Financial statements, operating and financial review, remuneration report and the corporate governance statement of the United Bankers Group will be published as part of United Bankers’ 2025 Annual Report in week 9.
United Bankers Plc’s Annual General Meeting will be held on Friday 20 March 2026 at 13.00 EET in Helsinki. The company delivers a notice on the website unitedbankers.fi no later than three weeks prior to the Annual General Meeting. United Bankers Plc’s Half-Year Financial Report for the period of 1 January through 30 June 2026 will be published on or about 20 August 2026.
Press conference
United Bankers will present the result to analysts and the press at the company headquarters, Aleksanterinkatu 21 A, 4th floor, 00100 Helsinki today, on Thursday 12 February 2026 at 11.30 a.m. EET 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
Telephone: +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 asset management and investment markets, established in 1986. United Bankers Group’s business segments include asset and wealth management and capital markets services. In asset and wealth management, the Group specialises in real asset investments. United Bankers Plc is majority-owned by its key personnel, and the Group employs 165 employees (FTE) and 26 tied agents (31 December 2025). In 2025, the United Bankers Group’s revenue totalled EUR 57.1 million, and its adjusted operating profit amounted to EUR 16.7 million. The Group’s assets under management amount to approximately EUR 5.2 billion (31 December 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.
DISTRIBUTION:
Nasdaq Helsinki
Main media
unitedbankers.fi