ANNUAL REPORT
eQ in 2025 3
Key Figures 4
eQ in Brief 5
CEO’s Review 6
Business Segments 9
Asset Management 10
Corporate Finance 13
Investments 14
Strategy 15
Sustainability 18
Report by the Board of Directors 37
Consolidated Key Ratios 46
Contents
Financial Statements 2025 49
Auditor’s Report 80
Auditor’s report on the ESEF financial statements 83
Corporate Governance 84
Corporate Governance Statement 85
Remuneration Report 92
Board of Directors 95
The CEO and Management team 97
Performace Fees of Private Equity Funds 99
Information about Capital Adequancy 102
To the Shareholders 105
2
eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
Key Figures
DIVIDEND
PER SHARE
.
EUR
. EUR
MARKET
CAP
.
MEUR
. MEUR
NUMBER OF
SHAREHOLDERS
,
,
NUMBER
OF PERSONNEL
ASSETS UNDER
MANAGEMENT WITHOUT
REPORTING SERVICES
.
BN EUR
. BN EUR
AND IN TOTAL
.
BN EUR
. BN EUR
NET REVENUE
.
MEUR
: . MEUR
EARNINGS PER SHARE
.
EUR
. EUR
COST/INCOME RATIO
.%
.%
OPERATING PROFIT
.
MEUR
. MEUR
4
eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
eQ in Brief
eQ is a Finnish group of companies that
concentrates on asset management and corporate
finance operations. The share of the parent
company eQ Plc is listed on Nasdaq Helsinki.
The Group offers its clients services related to
mutual-, real estate- and private equity funds,
discretionary asset management, investment
insurance policies, and a large range of mutual
funds offered by international partners. The asset
management clients are institutional investors and
private individuals. In addition, Advium Corporate
Finance Ltd, which is part of the Group, offers
services related to mergers and acquisitions, real
estate transactions and equity capital markets.
80
70
60
50
40
30
20
10
0
2025202420232022202120202019201820172016
NET REVENUE DEVELOPMENT,
MEUR
Asset Management Corporate Finance
Investments Group Administration Group
35.4
40.7
45.4
50.6
56.7
78.9
77.8
70.9
65.6
58.2
55
50
45
40
35
30
25
20
15
10
5
0
-5
2025202420232022202120202019201820172016
OPERATING PROFIT DEVELOPMENT,
MEUR
Asset Management Corporate Finance
Investments Group Administration Group
16.2
20.1
22.4
26.3
30.8
47.7
45.7
39.7
34.5
27.4
5eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
CEO’S REVIEW
2025 was a volatile but profitable year for investors across
almost all asset classes. Market developments were marked by
the trade war that followed President Trump’s tariff policy and
strong optimism related to the theme of artificial intelligence.
The continuing war in Ukraine, the Middle East crisis and pressure
on the status of Venezuela and Greenland kept geopolitical
uncertainty high.
Share prices rose in 2025, supported by strong corporate earnings
and the development of artificial intelligence. Rising interest rates
eroded government bond yields, while corporate bonds performed
better as interest rate gap narrowed, supported by strong
corporate balance sheets. In alternative investments, raw materials
were the most profitable. In the Private Equity market, the gap
between buyers’ and sellers’ price expectations narrowed as the
outlook for earnings improved, and signs of a stronger transaction
market were seen towards the end of the year. The real estate
market continued to recover and transaction volumes increased
in Europe and Finland, although they were still a far cry from the
levels of the peak years.
eQ’s result for the financial period fell in the challenging operating
environment. The net revenue of the Group during the financial
period was EUR 58.2 million and the operating profit was EUR 27.4
million. Operating profit fell by 21 per cent from the previous year.
Both Corporate Finance and Investments segments had negative
results, which had a significant impact on the decline in earnings.
Profit for the financial period was EUR 21.6 million and earnings
per share 0.52 cents. The Group’s cost/income ratio remained at
a good level of 52.9%.
During the period, net revenue in the Asset Management segment
decreased by 3 per cent to EUR 56.9 million. The fall in net revenue
is explained in particular by lower real estate asset management
fees. Private Equity management and performance fees increased
compared to the previous year. The weakening of the US dollar had
a negative impact on Private Equity asset management fees for
USD-denominated funds. Asset Management segment’s operating
profit fell by 5 per cent to EUR 32.0 million. The cost/income ratio
of Asset Management segment was at an excellent level of 43.8%.
Challenges in the operating
environment were reflected
in eQ Group’s result
6eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
In the Corporate Finance segment, Advium’s net revenue decreased by 67 per
cent from the previous year to EUR 1.7 million. The operating profit was EUR
-1.4 million compared to EUR 1.5 million in the previous year. It is typical of
corporate finance business that success fees have a considerable impact on
invoicing, which is why the segment’s results may vary considerably.
The business operations of the Investments segment consist of Private Equity
and real estate fund investments made from eQ Group’s own balance sheet.
The operating profit of the Investments segment fell from last year and
was EUR -0.7 million. The negative result was due to changes in the value
of investments. The change in value was negatively affected by changes
in the value of residential funds and exchange rate fluctuations in USD-
denominated investments.
eQ Asset Management is by far the most used institutional
asset manager for alternative investments in Finland
According to the survey conducted by SFR, eQ is the second most used
institutional asset manager in Finland. 68 per cent of survey respondents
say that they use eQ’s services. In alternative investments, in eQ’s case
real estate and Private Equity investments, eQ is by far the most used
asset manager. Every year, SFR interviews around 100 of the largest Finnish
institutional investors.
2025 was a good year for Private Equity asset management in terms of sales.
The eQ PE XVII US fund raised USD 190 million during 2025. We also raised
EUR 21 million in new capital for the eQ PE SF V secondary market fund, which
was established in 2024. The general lack of exits and equity repayments in
Private Equity funds continues to hamper sales, but our strong track record of
returns continues to make good sales possible.
The returns of Private Equity funds managed by eQ were at a good level in
2025. Although the transaction volume in the private equity market remained
below the long-term average, the combined net cash flow of eQ’s Private
Equity funds was at a neutral level during the financial period. At the end of
2025, one of the Private Equity programme funds managed by eQ transitioned
to a performance fee structure in terms of cash flow. The related cash flow
from previously amortised performance fees in the income statement amounted
to EUR 0.7 million.
eQ’s Private Equity asset management fundraises for funds that invest in US
and Europe on alternating years. In 2026, the North XVIII fund, which invests
in Europe, and the SF VI secondary market fund will be back. In early 2026, we
also launched eQ PE Direct I, eQ’s first co-investment fund. In addition, we are
fundraising for eQ’s third venture capital fund eQ VC III in 2026.
During the financial period 2025, we established the eQ Residential III fund, to
which two of our previous residential funds were transferred. We raised EUR
49 million in subscriptions for the fund. The market situation for open-ended
real estate funds has not yet changed significantly. The fall in interest rates
is improving the operating conditions in the real estate market, but market
activity is still at historically low levels and yield requirements have not yet
seen downward pressure. The challenging market conditions in real estate asset
management contributed to a decline in assets under management for real
estate funds in 2025. The redemptions of both the eQ Commercial Properties
and eQ Community Properties funds have been postponed.
For equity and fixed income funds, assets under management increased by
around EUR 170 million in 2025. 54% of the equity and fixed income funds
managed by eQ itself outperformed the benchmark index in 2025.
In terms of sales, 2025 was
a good year for Private Equity
asset management.
7eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
Sustainability is part of all our business operations
Sustainability has long been one of the foundation pillars of our operations and
it is part of all our business operations. At the eQ Group we act in a responsible
and sustainable manner and integrate this work systematically and in practice
to eQ Asset Management’s investment operations and Advium’s Corporate
Finance operations.
In 2025, eQ Asset Management achieved its best results ever in the latest
PRI (UN Principles for Responsible Investment) assessment. In the 2025
assessment, eQ performed well above the median in all six of the areas it
reports, and received the highest star rating of five stars for listed equities,
corporate bonds, real estate investments, and Private Pquity. In particular,
eQ’s corporate bonds performed strongly and scored a full 100 points.
In 2025, eQ’s real estate funds participated in the GRESB sustainability
assessment already for the seventh time and the results continued to develop
positively. For the first time, the eQ Commercial Properties and eQ Community
Properties funds achieved the highest five-star rating, exceeding both
the GRESB and eQ peer group averages.
We are committed to continuously improving our responsibility in cooperation
with our clients. We want to offer our clients concrete solutions that support
their needs also from a sustainability perspective, now and in the future.
Advium’s business was burdened by
challenging market conditions
The number of mergers and acquisitions and real estate transactions in Finland
remained below the long-term average in 2025. In the Corporate Finance
segment, during the review period Advium acted as advisor, for example,
in a M&A transaction in which Advium’s role is not public. In real estate
transactions, Advium acted as an advisor to Ylva on the sale of a property in the
centre of Helsinki.
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.
eQ’s 2030 strategy – returning to strong growth
Over the past year, eQ has been working on its strategy and identifying
future growth opportunities. The strategy and targets were confirmed in
early February. The aim of eQ’s updated strategy 2030 is returning to strong
growth. This growth is based on eQ’s unique strengths, extensive experience,
and the top-notch expertise of our specialists as trusted asset manager for
institutions. Our goal is to further strengthen the customer and employee
experience, expand our business both internationally and to private customers,
and to double our operating profit by the end of 2030. It is inspiring to start
building sustainable prosperity and growth on eQ’s unique strengths, extensive
experience, and the top-notch expertise of our specialists.
I would like to extend my warm thanks to all our clients for the trust they
have placed in us. At the same time, I would like to thank our personnel and
partners for their excellent work during the year. We have a strong foundation,
outstanding expertise and clear objectives, which provide an inspiring basis for
building sustainable prosperity and growth for our clients and for society as
a whole.
Jouko Pölönen
CEO
Our goal is to further strengthen
the customer and employee
experience, expand our business
both internationally and to private
customers, and to double our
operating profit by the end of 2030.
8
eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
eQ aims to provide its clients with competitive investment returns and the
smoothest customer service. With its own organisation and international
partners, eQ is able to offer its clients a very broad and international range of
investment solutions.
eQ has a wide range of actively managed and successful investment funds.
Mutual funds offer diversified investments with different strategies. The range
includes 25 equity, fixed income, and balanced funds registered in Finland,
Private Equity and Venture Capital funds, real estate funds, as well as funds
from our international partners.
In Private Equity (PE) funds, eQ sets up funds that invest in Northern Europe
and North America on alternating years. The funds invest in private equity
funds that invest in unlisted, small and medium-sized companies. In Venture
Capital (VC) funds, eQ invests in leading North American venture capital funds.
In early 2026, eQ also launched its first co-investment fund. The eQ PE Direct
I fund invests in around 20 Northern European SMEs, typically led by an eQ
target fund manager. Over the past decade or so, eQ has raised a total of EUR
2 billion for its European PE funds. The total capital raised by eQ, including eQ’s
Asset Management
The Asset Management segment consists of eQ Plc’s subsidiary, the investment
services firm eQ Asset Management Ltd, and other Group companies engaged in asset
management, the most important of which is eQ Fund Management Company Ltd.
North American PE funds and VC funds, amounts to more than EUR 3 billion.
The funds are intended for professional investors only.
In real estate funds, eQ invests in community, commercial, and residential
real estate. The properties are located in the capital region and other growth
centres. Future potential for value growth lies in locations that are located in
areas of population growth and also attract international investors. eQ’s funds
investing in real estate had real estate property worth approximately EUR 2.9
billion at the end of 2025, and eQ has become one of the largest Finnish real
estate investors.
At the end of the 2025 financial period, eQ’s assets under management,
excluding assets under Private Equity reporting services, amounted to EUR 10.2
billion and totalled EUR 13.8 billion.
Equity and fixed income mutual funds
Asset management portfolios and funds of partners
Open real estate funds
Closed real estate funds
Private Equity-, Venture Capital- and Private Credit -funds
Private Equity programme funds
eQ’S ASSETS UNDER MANAGEMENT
Without private equity reporting services EUR 10.2 bn
and in total EUR 13.8 bn
Private equity
41%
Real estate
18%
Equity and fixed
income
41%
31 DEC. 2025
EUR 10.2 BN
0.9
2.2
2.0
1.6
3.2
0.3
10eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
eQ is in a strong position as an institutional asset manager
eQ Asset Management is one of Finland’s leading institutional asset managers.
Every year, SFR interviews around 100 of the largest Finnish institutional
investors. According to a survey conducted by SFR in 2025, 68% of the
investors surveyed use eQ’s services. According to the survey, eQ is the second
most used institutional asset manager in Finland. In alternative investments, in
eQ’s case real estate and private equity investments, eQ is by far the most used
asset manager.
Sustainability in eQ Asset Management’s investment activities
In eQ Asset Management, the Principles for Responsible Investment cover
all of eQ’s investment areas. eQ Group’s sustainability and responsible
investment activities are described in more detail in a separate section as part
of the Annual Report.
eQ Asset Management raised over EUR 230 million
for Private Equity and Residential funds
As for sales, the year 2025 was good in Private Equity asset management.
The eQ PE XVII US fund raised USD 190 million during 2025. We also raised
EUR 21 million in new capital for the eQ PE SF V secondary market fund, which
was established in 2024. We also signed new Private Equity programme fund
agreements during the period. The general lack of exits and equity repayments
in private equity funds continues to hamper sales, but our strong track record of
returns continues to make good sales possible.
0 10 20 30 40 50 60 70 80
SFR RESEARCH: MOST USED
INSTITUTIONAL ASSET MANAGERS
Source: SFR research 2025
1
eQ
3
4
5
6
7
8
9
10
11
12
13
14
15
68%
59%
59%
38%
52%
32%
44%
32%
29%
29%
23%
14%
12%
12%
75%
eQ
2
3
4
5
6
7
8
9
SFR RESEARCH: PRIVATE EQUITY – MOST USED
ASSETMANAGERS
Source: SFR research 2025
60%
21%
30%
16%
16%
10%
16%
7%
10%
10%0% 30% 70%60%20% 50%40%
eQ
2
3
4
5
6
7
8
9
SFR RESEARCH: REAL ESTATE – MOST USED
ASSET MANAGERS
Source: SFR research 2025
10%0% 30% 60%20% 50%40%
57%
22%
25%
21%
19%
10%
18%
10%
15%
11eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
During 2025, we established the eQ Residential III fund, to which two of
our previous residential funds were transferred. We raised EUR 49 million in
subscriptions for the fund. The market situation for open-ended real estate
funds has not yet changed significantly. The fall in interest rates is improving
the operating conditions in the real estate market, but market activity is still
at historically low levels and yield requirements have not yet seen downward
pressure. However, trading activity in the real estate market clearly started
to recover in 2025. The challenging market conditions in real estate asset
management contributed to a decline in assets under management for real
estate funds in 2025. The redemptions of both the eQ Commercial Properties
and eQ Community Properties funds have been postponed.
Result of the Asset Management segment
During the period under review, the net revenue of the Asset Management
segment fell by 3 per cent to EUR 56.9 million. The fall in net revenue is
explained in particular by lower real estate asset management fees. Private
Equity management and performance fees increased compared to the previous
year. Asset Management segment’s operating profit fell by 5 per cent to
EUR 32.0 million.
Key figures
Asset Management 1–12/2025 1–12/2024 Change
Net revenue, MEUR 56.9 58.5 -3%
Operating profit, MEUR 32.0 33.7 -5%
Cost/income ratio, % 43.8 42.3 4%
Number of personnel as full-time
resources, average 95 82 16%
Fee and commission income,
Asset
Management, MEUR 1–12/2025 1–12/2024 Change
Management fees
Equity and Fixed Income
8.9 9.4 -5%
Properties 25.0 27.3 -9%
Private Equity 19.2 18.9 1%
Management fees, total 53.1 55.6 -5%
Performance fees
Equity and Fixed Income
0.0 0.0 4%
Properties - - -
Private Equity 4.4 3.5 24%
Performance fees, total 4.4 3.6 24%
Other fee and commission income 0.1 0.1 26%
Fee and commission income, total 57.6 59.3 -3%
12
eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
Corporate Finance
eQ’s Corporate Finance services are provided by Advium Corporate Finance Oy, a subsidiary
of eQ Plc. Services cover mergers and acquisitions, large real estate transactions, capital
arrangements, and general advice. The clients are mainly Finnish companies involved
in corporate or real estate transactions in Finland and abroad. Clients also include
international companies making corporate or real estate transactions in Finland.
Advium is one of Finland’s most respected and experienced advisors. Since its
establishment in 2000, the company has completed more than 240 corporate
and real estate transactions, many of which have involved at least one foreign
party. The total value of the arrangements has been around EUR 23 billion.
The number of mergers and acquisitions and real estate transactions in Finland
remained below the long-term average in 2025. During the year, Advium acted
as advisor on, among others, a M&A transaction in which Advium’s role is not
public. In real estate transactions, Advium acted as an advisor to Ylva on the
sale of a property in the centre of Helsinki.
Key figures
Corporate Finance 1–12/2025 1–12/2024 Change
Net revenue, MEUR 1.7 5.3 -67%
Operating profit, MEUR -1.4 1.5 -191%
Cost/income ratio, % 178.5 71.6 149%
Number of personnel as full-time
resources, average 17 17 0%
The Corporate Finance segment’s net revenue for the period was EUR 1.7
million and operating profit EUR -1.4 million. It is typical of Corporate
Finance that clients pay a success fee when a deal is completed. Therefore,
the timing of transactions has a significant impact on invoicing and revenue
can vary significantly.
Advium is one of Finland’s
most respected and
experienced advisors.
13eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
Investments
The business operations of the Investments segment consist of private equity
and real estate fund investments made from eQ Group’s own balance sheet.
During the financial period 2025, the Investment segment’s operating profit
was EUR -0.7 million. The negative result was due to changes in the value of
investments. The change in value was negatively affected by changes in the
value of residential funds and exchange rate fluctuations in USD-denominated
investments.
At the end of the period, the fair value of the investments was EUR 16.7 million,
and the amount of outstanding investment commitments was EUR 5.2 million.
During 2025, eQ Plc made an investment commitment of USD 1 million to
the eQ PE XVII US fund and EUR 1 million to the Residential III fund. Net cash
flow of investments was EUR -0.3 million.
Key figures
Investments 1–12/2025 1–12/2024 Change
Operating profit, MEUR -0.7 1.1 -166%
Fair value of investments, MEUR 16.7 17.0 -2%
Investment commitments, MEUR 5.2 6.0 -13%
Net cash flow of investments, MEUR -0.3 0.8 -133%
eQ PE North -funds
eQ PE US -funds
eQ VC -funds
eQ PE Amanda East -funds
eQ Residential -funds
Funds managed by others
DISTRIBUTION OF INVESTMENTS
TOTAL VALUE
OF INVESTMENTS
16.7 MEUR
13%
32%
31%
7%
11%
6%
eQ will report on two business segments from 2026 onwards: Asset
Management and Corporate Finance. eQ Group’s equity and real estate
fund investments made from its own balance sheet will be reported in other
functions together with the Group’s corporate functions.
14eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
eQ’s strategy 2030: Returning to strong growth
The aim of eQ’s updated strategy 2030 is returning to strong growth. This growth is based on eQ’s unique strengths, extensive experience,
and the top-notch expertise of our specialists as trusted asset managers for institutions. Our goal is to further strengthen the customer and
employee experience, expand our business both internationally and to private customers, and to double our operating profit by the end of 2030.
eQ has a strong position in long-term active asset management and corporate
finance for professionals in Finland. The company’s strengths include long-
standing experience and excellence in the private equity market, real estate
investments, equity, and fixed income products, and advising on mergers and
acquisitions and real estate transactions.
Our core mission is to build sustainable prosperity and growth for our clients
and society as a whole. When our customers grow and prosper, we at eQ
prosper with them. Our goal is to be the most attractive and trusted asset
management partner for clients, partners, and professionals alike.
eQ aims for strong growth and doubling of operating profit
eQ’s strong position in long-term active asset management and corporate
finance for professionals in Finland will remain at the heart of the strategy and
will be further strengthened.
Strong growth will be sought in the private equity market that invests in small
and medium-sized enterprises and by strengthening our position as Finland’s
leading real estate asset manager and advisor. eQ develops products and
services together with its clients and partners, offering clients a wide range of
services for sustainable wealth creation and growth. The first co-investment
fund, eQ PE Direct I, has just been launched as a new product.
The company will also seek growth from new client groups by expanding its
business into international institutional clients, particularly in private equity
and real estate, and domestic private clients by offering them investment
solutions that are also used by institutional investors. There is also knowledge-
based synergy between asset management and corporate finance that
supports growth.
The strategy of strong growth is mainly implemented through organic growth.
Through partnerships, we seek wider international and domestic distribution
for our services and complement the services we offer to our clients. Potential
mergers and acquisitions are also being explored.
Achieving these goals will require larger but moderate investments in
personnel, skills development, client experience, technology, and digital
services in the early part of the strategy period. eQ’s businesses tie up little
capital, which allows the profit for the financial period to be distributed to
shareholders as dividends.
eQ Plc’s strategic objectives are:
• Competitive returns and the smoothest customer service
• The most attractive and engaging work community in the field
• Strong profitable growth and doubling of operating profit by the end of 2030
• Efficient quality: cost/income ratio below 50%
• Strong dividend: the profit for the financial period is distributed as dividends,
safeguarding capital adequacy, liquidity, and investments.
“It is inspiring to start building sustainable prosperity and growth on eQ’s
unique strengths, extensive experience, and the top-notch expertise of our
specialists. By being client-oriented, innovative, and agile, and by continuously
developing our operations together with clients, staff, and partners, we will
succeed in our goal to build eQ into the most preferred and trusted asset
management partner there is,” CEO Jouko Pölönen sums up.
16
eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
eQ’s strategy 2030:
Returning to strong growth
The growth strategy builds on eQ’s unique strengths, extensive experience and the excellence of our experts.
STRONG
FOUNDATION
STRATEGIC
OBJECTIVES
STRATEGIC
PROJECTS
VALUES
An honest, open, competent and
efficient partner.
Competitive returns and
the smoothest customer service
The most attractive and engaging
work community in the field
Strong and profitable growth
Double the operating profit
Fast and high-quality service
Cost/income ratio under 50%
Strong dividend
WE STRENGTHEN
Growth from the
Private Equity market
Number one inthe real
estate investment market
WE EXPAND
International expansion
Expansion of
private customers
MISSION
Building sustainable
prosperity and
growth.
VISION
The most preferred
and trusted asset
management
partner.
17
eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
Sustainability
Sustainability as part of eQ’s strategy and everyday life 19
Sustainability Report 2025 20
Sustainability and its reporting in eQ Group 20
Responsible and sustainable investment at eQ Asset Management 22
Realisation of environmental responsibility at eQ Group 29
Realisation of social responsibility at eQ Group 31
Good governance at eQ Group 34
18
eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
Sustainability as
part of eQ’s strategy
and everyday life
It is also especially important to us that eQ’s sustainability knowledge is up-to-
date and of a high standard. In 2025, all personnel completed the Sustainable
Investing at eQ online training, which covered eQ’s responsible investment
principles, key regulations (SFDR, EU taxonomy and MiFID II sustainability
preferences) and sustainability risks, including greenwashing.
eQ’s high level of sustainability is also reflected in external assessments.
eQ Plc was awarded the international ISS Corporate Prime sustainability
rating, and in SFR Research’s 2025 Institutional Investment Services study,
eQ received excellent ratings for integrating ESG into investment practices
across all asset classes. In addition, eQ Asset Management achieved its best
ever PRI scores at the end of the year: all reported investment areas were
awarded the five-star rating, and scores were well above the international
median. Corporate bond investments scored a full 100 points.
In this Sustainability Report, we present the key ESG news of the year across
different asset classes. More detailed ESG information is available in our
fund-specific ESG reports, and for our portfolio clients we report the ESG
performance of the entire portfolio in aggregated form.
In 2025, engagement efforts in fixed income and equity investments focused
on the integration of biodiversity into portfolio companies’ business activities.
The biodiversity survey sparked internal discussions in several companies and
led to a review of practices. A new survey is planned for spring 2026, focusing
on cybersecurity or governance practices of investees.
In real estate investments, ESG work was promoted through concrete actions
such as new Energy Efficiency Agreements (TETS), the launch of an energy
efficiency programme, and GHG Protocol emissions calculation (Scope 1–3).
In addition, the emissions, energy, water, and waste volumes of the real
estate funds were verified by an external party. In 2026, the focus will be on
developing a sustainability strategy and biodiversity plan for the real estate
business, updating the carbon neutrality map, and extending the goals to
include Scope 3 emissions.
eQ has a long history of systematic ESG work in Private Equity investments.
In 2025, the focus was on ESG measurement and data monitoring. PAI
indicators have been reported for Northern European Private Equity funds since
2022, and reporting coverage has increased to 68 per cent for the underlying
funds. The new eQ PE North funds already exceed the coverage of European
listed small caps. In 2024, eQ joined the ESG Data Convergence Initiative
(EDCI) to harmonise measurement. In 2025, we began collecting EDCI
indicators also from managers, but so far reporting is mixed and no data has yet
been published for the North American underlying funds. The ESG investment
policy for eQ’s first Article 8 co-investment fund, eQ PE Direct I, was also
developed at the end of the year. In 2026, the focus will be on making better
use of ESG data to support sustainable value creation and client benefits.
ESG thinking is changing. As regulation becomes lighter, the responsibility
for sustainability will shift more clearly to companies and investors.
While climate change mitigation and biodiversity remain key themes, safety,
geopolitical stability, and societal resilience have emerged as new ones. For us,
sustainability is a strategic competitive factor: less regulation does not mean
less sustainability, but more effective and efficient operations. We look to 2026
with confidence and will continue to work systematically on sustainability in
all our investment areas, taking concrete actions.
Finally, we would like to thank our clients and partners. Discussions with
you challenge us to identify current sustainability matters and to improve
our operations — this is a challenge we look forward to rising up to also in
the future.
We hope you enjoy reading the 2025 Sustainability Report.
Sanna Pietiläinen
Director, Responsible Investment
We are now publishing our ninth Sustainability Report as part of the Annual
Report. It is important for us to report transparently on the implementation
of sustainability in our business. We have long encouraged our investees to
improve their corporate responsibility reporting, as well as the content and
quality of their reports.
Our values — honest, open, competent and efficient — guide the work of every
eQ employee and constitute the foundation for daily co-operation with clients,
partners, and other key stakeholders.
19eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
Sustainability and its
reporting in eQ Group
eQ Group is a Finnish group of companies that concentrates on asset
management and corporate finance business. The parent company eQ Plc’s
shares are listed on Nasdaq Helsinki Main Market.
Sustainability reporting describes eQ Group’s activities as a responsible actor
in relation to its stakeholders and society at large. The aim of reporting is
to ensure transparency and openness and to provide an up-to-date and
comprehensive picture of the implementation and development of the
responsibility work.
Since 2017, it has been eQ Plc’s Board of Directors’ policy that the company
regularly reports on its corporate sustainability to shareholders, clients, and
other key stakeholders. The 2025 eQ Group Sustainability Report has been
approved by the Board of Directors of eQ Plc and will be published as part of
the 2025 Annual Report.
Sustainability Report 2025
eQ Group and responsible operations
eQ is not covered by the EU’s Corporate Sustainability Reporting Directive
(CSRD). However, the Group actively monitors sustainability reporting
regulations and market practices and uses them, where appropriate, in the
development of its sustainability work.
eQ Group’s values
Responsible operations are a key part of eQ’s entire business. We act in
a responsible and sustainable manner as eQ Group and integrate this work
systematically and in practice to eQ Asset Management’s investment
operations and Advium’s corporate finance operations.
eQ’s values form the foundation of the Group’s working culture. They guide
the work of each eQ employee and constitute the foundation for daily
co-operation with clients, partners, and other key stakeholders.
eQ encourages the companies in which it invests to communicate
openly and transparently with their stakeholders and to develop
sustainability practices and reporting, regardless of company size or
regulatory requirements. More information on eQ’s sustainability and
responsibility policies and practices is available on the company’s website
(https://www.eq.fi/en/about-eq-group/sijoittajat/vastuullisuus).
eQ Group’s values
HONEST
We are honest and reliable,
true to our word. We act
correctly and responsibly. We
comply with the regulation
of the financial industry and
eQ’s joint rules.
OPEN
We are easily approachable
and discuss all matters
openly. We do not cover up
mistakes or problems, we
learn from them. We rejoice
successes together. We also
respect dissimilarity.
COMPETENT
We want to understand our
clients’ needs. We constantly
develop our professional
skills and procedures. We
dare to question matters.
We share information,
provide assistance, and
give feedback.
EFFICIENT
We do what we promise
briskly and carefully. We do
the work, we do not simply
talk and plan. We work
diligently and with an
uncompromising attitude
together with our clients,
colleagues, and partners.
20eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
Sustainability themes
eQ has identified in its own business four material areas that create the basis
for the Group’s sustainability work. The themes, which guide sustainability
goals, actions and monitoring across the Group, have been approved by eQ Plc’s
Board of Directors.
Starting in Chapter 4 of the report, the key indicators and measures taken for
each of the relevant sustainability themes are presented.
At Group level, the Management Team is responsible for sustainability, and
the work is conducted in close co-operation with eQ’s Director for Responsible
Investment. eQ Plc’s Board of Directors receives annual reports on how
sustainability has been carried out within the company as well as on future
development plans.
Training related to sustainability
eQ ensures the competence of its personnel in sustainability matters through
regular training. In 2025, all personnel completed the Sustainable Investing
at eQ online training. The training covered eQ’s Principles for Responsible
Investment, key concepts, and related requirements, such as SFDR regulation,
EU taxonomy, and MiFID II sustainability preferences, and how these
are reflected in eQ’s policies. The training also covered themes related to
greenwashing and other sustainability risks.
The eQ induction programme is a key tool for the implementation of
sustainability work. The induction will support new employees’ understanding
of eQ’s responsible investment principles, policies, and expectations. During
2025, sustainability and responsibility aspects were covered in three induction
training sessions for new employees. In addition, as part of their induction,
new employees complete the Sustainable Investing at eQ online training and
the Code of Conduct online training.
Sustainability within the Group is at an excellent level
As an indication of the implementation of Group-level sustainability and
responsibility work, eQ Plc has been awarded the international ISS-Corporate
Prime sustainability rating. ISS assesses how sustainability matters are carried
out by a company with regard to environmental, social responsibility, and
governance aspects. The ISS-Corporate Prime rating is awarded to companies
that meet/exceed the criteria defined by ISS-Corporate for best ESG practices.
To promote openness and transparency, eQ has also been reporting its key
ESG indicators for seven years in the ESG database maintained by Nasdaq.
In recognition of this, Nasdaq has awarded eQ Plc with the “Nasdaq ESG
Transparency Partner” certificate.
In the 2025 Institutional Investment Services survey conducted by SFR
Research, eQ received excellent ratings for integrating ESG into investment
practices across all asset classes. The survey is conducted every year, and its
participants are the 100 largest institutional investors in Finland.
GOOD GOVERNANCE
• Adherence to the law, internal
instructions, policies (such as
the policy on conflicts of interest)
and Code of Conduct
• Transparent reporting, including
on costs
• Proactive activities against
corruption, bribery, and
money laundering, as well as
promoting these activities in
the entire sector
• eQ Group’s sustainability reporting
CLIENTS
• An honest, open, competent, and
efficient partner to eQ’s clients
• Understanding and responding to
clients’ needs
• Monitoring client satisfaction
THE ENVIRONMENT
• Use of renewable electricity in
our own premises
• Environmentally friendly
guidelines to personnel
• Location of the premises,
employer-subsidised commuter
tickets, and bicycle storage
• Support for the Baltic Sea
Action Group (BSAG) since 2019,
averaging EUR 100,000 per year
PERSONNEL
• Well-being at work and monitoring
of job satisfaction
• Promoting equality and diversity
• Early support programme,
programme on substance abuse
and gaming addiction
• Personnel training in sustainability
and responsibility matters
21eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
eQ Fund Management Company Ltd has outsourced the portfolio management
and investment activities of the funds it manages to eQ Asset Management
Ltd. eQ Asset Management has been an active pioneer in responsible
investment for many years. eQ signed the United Nations’ Principles for
Responsible Investment (PRI) in 2010 and has accordingly committed to
considering ESG factors (the environment, social responsibility, and governance)
as part of the investment processes, to be an active owner and to promote
the development of responsible investing practices in the industry. eQ is also
an active member of Finsif (Finland’s Sustainable Investment Forum), and
Finance Finland.
eQ promotes responsibility in Private Equity funds by actively participating
in the activities of the Finnish Venture Capital Association, where eQ chairs
the ESG Committee and the Sustainable Finance Committee. In addition,
eQ is involved in Invest Europe’s activities and the ESG Data Convergence
Initiative. In real estate investments, eQ is involved in Finnish Property Owners
Rakli, the Green Building Council Finland (FIGBC) and the GRESB (Global Real
Estate Sustainability Benchmark) sustainability assessment. In fixed income
and equity investments eQ has signed CDP’s Climate Change programme and
encourages investees to specify emission reduction targets, based on science,
through the Science Based Target Initiative (SBTi) organised by the CDP.
Responsibility and sustainability are a key part of eQ Asset Management’s
investment activities and processes. eQ Asset Management’s Principles
for Responsible Investment provide a framework for all of eQ’s investment
activities and cover all asset classes. The application of the principles varies
depending on the asset class and the type of investment. The principles
have been approved by the Boards of Directors of eQ Asset Management and
eQ Fund Management Company and are based on the policies defined by
Responsible and sustainable investment at eQ Asset Management
the Boards. The principles for Responsible Investment are available on the
eQ website.
Sustainability risks and opportunities (ESG, environmental, societal and
governance sustainability factors) are taken into account in the selection,
monitoring, and reporting of investments in all of eQ’s investment areas.
The goal of responsible and sustainable investing is to identify investments that
benefit from sustainable operation and their potential for return, and to reduce
the risk in investments. The development of the ESG approach has been driven
in recent years by the EU Sustainable Finance Disclosure Regulation (SFDR),
which entered into force in March 2021.
The Director for Responsible Investment is responsible for coordination of
the implementation and development of responsible investing at eQ Asset
Management for all of eQ’s funds and their investment activities. Supervisors of
investment teams (fixed income, equities, real estate investments, and private
equity investments) are responsible for the implementation and monitoring
of ESG in their own investment teams. Every portfolio manager and analyst
working on investment decisions and client portfolios at eQ systematically
considers sustainability factors pertaining to investments in their own work.
Risk management and compliance and the CFO of eQ’s Group Administration
take part in the SFDR and ESG reporting of investment products, monitoring of
regulation amendments, and sustainability reporting at Group level. In addition,
eQ Fund Management Company’s risk management monitors compliance with
sustainability risk threshold values across all eQ’s asset classes.
ESG training of eQ’s investment teams in 2025
In 2025, ESG practices were developed and updated across all investment
teams. The fixed income and equity team conducted a biodiversity survey
of actively managed funds’ investment targets, and the private equity team
worked on ESG investment policies for eQ’s first co-investment eQ PE Direct I,
an Article 8 classified specialised investment fund. The real estate investment
team carried out GHG protocol emissions calculations for all real estate assets
for the second year in a row, and the energy, emissions, water, and waste
figures for the real estate funds were also externally verified for the second
time in spring 2025.
In addition, all investment teams defined thresholds for sustainability
indicators for Article 8 and Article 9 funds. At the same time, the sustainability
indicators, their thresholds, and monitoring processes were updated to the risk
management principles of eQ Fund Management Company Ltd.’s funds.
Clients
Dialogue with clients and, where appropriate, training on sustainability and
responsibility issues are a key part of eQ’s client work. We listen to our clients
and learn from them.
In 2025, ESG considerations were present in almost all client meetings and
separate ESG discussions were also held with several clients. Key themes
included defence-related issues, human rights, biodiversity, and updates on
ESG principles.
In addition, eQ organised an ESG event for its clients to discuss the ESG data
from eQ’s investment areas, changes in the data, and actions taken on the basis
of the data in the investment areas.
During the year, eQ actively participated in national and international forums
and ESG studies, contributing to the sharing of best practices and knowledge
on responsibility.
22eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
Reporting on sustainable investing
The implementation and development of responsible investment is regularly
monitored at eQ at Board level. eQ Plc’s Board of Directors receives an annual
report on the status of responsible investment and key future development
measures in all investment areas. In addition, the Board of Directors of eQ
Fund Management Company regularly discusses the SFDR reports for each
investment area and the engagement carried out in the investment areas.
eQ also reports on responsible investment practices and engagement activities
annually to the PRI. In the latest PRI assessment, eQ Asset Management
achieved its best results ever. The assessment is based on 2024 data.
In the 2025 assessment, eQ performed well above the assessment median
in all six of its reported areas and received the highest five-star rating in
listed equities, corporate bonds, real estate investments, and private equity
investments. eQ’s corporate bonds scored particularly strongly, reaching a full
100 points in the assessment.
The following chapters briefly present the most important events concerning
ESG matters in 2025 in the various asset classes. The implementation of
responsible investment and the ESG matters monitored in the investments are
reported in more detail in the asset-specific ESG reports.
Fixed income and equity investments
Biodiversity as part of companies’ business – the theme for 2025 engagement
As sustainability regulation is relaxed, the responsibility of companies and
investors in sustainability work will become more pronounced. Sustainability
is no longer just about regulatory compliance, but a key part of strategic
competitiveness and long-term value creation. In this environment, active
lobbying and support for investment is even more important. In 2024, the focus
of eQ’s engagement was on human rights, and in 2025 the focus was on taking
biodiversity into account in business operations.
Biodiversity survey for eQ’s actively managed fund investments
In 2025, eQ carried out a biodiversity survey of actively managed funds.
The survey covered the integration of biodiversity into business operations,
measures taken to mitigate biodiversity loss, reporting of biodiversity impacts,
risks and dependencies, and targets and indicators set or planned.
The survey was sent to over 550 companies, of which 165 responded. The
responses provided valuable additional information on the current status of
businesses and plans to improve biodiversity consideration and monitoring.
Key observations: of the biodiversity survey:
165 small, medium, and large companies from different sectors and markets
responded to the survey, providing a comprehensive picture of the biodiversity
practices of the investees.
Top scores in PRI Assessment
Reported areas 2025
Score
(max. 100%) Star rating* Peer Group median %
Peer Group
median star rating
Policy Governance and Strategy 86% 71%
Direct – Listed equity – Active fundamental 95% 77%
Direct – Fixed income – Corporate 100% 72%
Direct – Real estate
96% 75%
Indirect – Private equity 99% 77%
Confidential building measures 100% 80%
*PRI’s grading system is based on a classification of stars (1 star means “poor” -> 5 stars means “best”).
The 2025 star classification range: 0 ≤ 25% (1 star), > 25 ≤ 40% (2 stars), > 40 ≤ 65% (3 stars), > 65 ≤ 90% (4 stars) and > 90 ≤ 100% (5 stars).
• 72% of respondents take biodiversity into account in their activities, mainly
in their own operations and at strategic level, and partly in their supply
chains. The most common reason for not taking biodiversity into account is
that it is not recognised as relevant to the business.
• Mitigation of biodiversity loss is focused on practical measures: more than
70% mentioned reducing or reusing waste and surplus materials, using
recycled materials, and reducing water consumption. Around half also
develop innovative solutions (e.g. biotechnology), while participation in
biodiversity initiatives is less common.
• Reporting is becoming more widespread: almost 60% already report on
biodiversity impacts, risks, and dependencies and of these, more than 40%
have set targets for the indicators reported.
23eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
HOW BIODIVERSITY IS ADDRESSED AMONG RESPONDING PORTFOLIO COMPANIES
PORTFOLIO COMPANIES’ ACTIONS TO PREVENT BIODIVERSITY LOSS
%
Reduction of reuse of waste
and surplus materials
%
Reducing water consumption
in operations
%
Reducing natural
resource use
%
Utilisation of
recycled materials
%
Green logistics (e.g. transport
modes, energy-efficient
production processes)
%
Sourcing certified or
sustainably produced
raw materials
%
Developing innovative
solutions (e.g. biotechnology,
regenerative agriculture)
%
Enhancing internal
biodiversity awereness
and training
%
Participation in biodiversity-
supporting initiatives (e.g. TNFD)*
%
Other: biodiversity financing, deforestation and land use in credit risk assessment,
and support for community projects (e.g. reforestation)
%
Efficient and
minimised land use
DOES YOUR COMPANY CONSIDER
BIODIVERSITY IN ITS OPERATIONS?
BIODIVERSITY IS CONSIDERED
Biodiversity has not been identified as significant to the company’s business
Lack of resources
Biodiversity will be considered within the next two years
Other
WHY IS BIODIVERSITY NOT CONSIDERED?
%
%
%
%
%
%
%
%
%
%
%
AREAS WHERE BIODIVERSITY IS CONSIDERED
%
YES
%
NO
Own operations
Supply chain
Customers’ operations
Other business areas
Overall strategy
Operating principles
Other guidelines
*TNFD, Taskforce on Nature-related Financial Disclosures = a framework for science-based nature targets
Respondents perceived the survey as useful and timely, and as a clear signal
of growing investor interest in biodiversity. In several companies, the survey
triggered internal discussions and led to a review of practices and policies.
In addition to the survey, eQ has been monitoring the impact of portfolio
companies on nature since 2022 using the PAI indicator (PAI 7).
Measurable climate outcomes through engaging
eQ’s actively managed fixed income and equity funds have emission reduction
targets that are based on the science-based SBTi or Net Zero targets of the
investments. The funds aim to increase the number of companies committed
to emission reduction targets each year. In its investments, eQ has been
promoting and monitoring the development of science-based SBT targets in
particular for several years now.
eQ also monitors the uptake of SBT targets through the CDP-coordinated
collective impact initiative. The number of approved SBT targets increased
sharply from around 7,000 to 10,000 in 2025. According to the SBTi Trend
Tracker data (August 2025), SBTi targets already cover more than 40% of global
market value and around 25% of global revenue. eQ reports the SBTI distribution
of investments by fund in the asset class specific ESG reports.
A new engagement survey is tentatively planned for spring 2026, focusing on
cybersecurity or governance practices at investment targets.
24
eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
Real estate investments
Sustainability work progressing on many fronts –
Scope 3 counting for the second year in a row
eQ’s real estate and residential funds are classified as Article 9 sustainable
financial products. eQ acts as a responsible property owner and aims to ensure
that its responsibility measures lead to measurable and tangible improvements
in the energy efficiency and other environmental and social responsibility issues
of its properties.
eQ has set an ambitious but realistic target to achieve carbon neutrality in
in-use energy consumption by 2030. The aim is to reduce carbon emissions
from properties in line with the Paris Agreement. By the end of 2025, real
estate funds were already close to the carbon neutrality target, and the
residential fund had already reached the target. Progress towards this target
will be monitored and reported in fund-specific ESG reports.
Article 9 funds also monitor and report on the proportion of properties
in the funds that meet the EU taxonomy compliance criteria. All of eQ’s
residential fund’s properties meet the taxonomy and the real estate funds’
properties exceed the minimum targets set.
Key sustainability actions and achievements in 2025
In 2025, sustainability in real estate investments was systematically promoted.
Key achievements included:
• For the first time, Special Investment Funds eQ Commercial Properties
and eQ Community Properties achieved the highest five-star rating
(91/100 points) in the GRESB assessment.
• The real estate funds signed new Energy Efficiency Agreements (TETS)
for the 2026–2035 period, with the target of 10% energy savings over
the agreement period.
• An energy efficiency programme was launched, with the goal of reducing
energy consumption by 2 per cent per year between 2024 and 2027.
• The Greenhouse Gas Protocol Standard (GHG) emissions calculation
was carried out for all properties for the second year in a row.
• The energy, emissions, water, and waste figures for the real estate funds
were externally verified for the second time in spring 2025.
• During the year, 15 new energy efficiency projects were launched,
such as heat pump and ventilation solutions, lighting and building
automation upgrades.
Comprehensive emissions calculation – Scope 3 emissions as part of the whole
The Greenhouse Gas Protocol Standard (GHG) emissions calculation, including
Scope 3 emissions, was carried out for all properties for the second time.
The calculation was based primarily on measured data and unit emission
factors, supplemented where necessary by calculated estimates and
averaged data.
In 2025, a new section, Scope 3 C13 (leased out property), was included in the
calculation. The following emission sources were considered in the calculation:
• Scope 1: heat and electricity produced in properties
• Scope 2: purchased electricity, district heating, and cooling
• Scope 3
• products and services (e.g. fund management costs, maintenance and
cleaning costs, insurance, marketing)
• fixed assets (investment and maintenance projects and energy use on
construction sites)
• energy upstream (indirect emissions resulting from the production of
purchased energy and transmission losses of purchased energy)
• leased out property (emissions from leased sites not included in
Scope 1–2 emissions)
GHG EMISSION CALCULATION
RESULTS FOR 2024
eQ COMMERCIAL PROPERTIES FUND
Total: 13,250 tCO
2
e
(2023: 23,423 tCO
2
e)
Scope 1: 0 tCO
2
e
Scope 2: 188 tCO
2
e
Scope 3: 13,062 tCO
2
e
eQ COMMUNITY PROPERTIES FUND
Total: 10,148 tCO
2
e
(2023: 28,277 tCO
2
e)
Scope 1: 0 tCO
2
e
Scope 2: 0 tCO
2
e
Scope 3: 10,148 tCO
2
e
eQ RESIDENTIAL III FUND
Total: 1,307 tCO
2
e
(2023: 29,424 tCO
2
e)
Scope 1: 0 tCO
2
e
Scope 2: 0 tCO
2
e
Scope 3: 1,307 tCO
2
e
Emission categories:
S2 Purchased district heating
S3–C1 Products and services
S3–C2 Fixed assets
S3–C3 Energy upstream
S3–C13 Leased Assets
25
eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
Excellent ratings in ESG assessments
For the fourth consecutive year, eQ’s real estate investments achieved the
highest five-star rating in the 2025 PRI assessment (score 96% / 100%). In
addition, eQ’s real estate funds participated in the global GRESB sustainability
assessment of the real estate sector for the seventh time. In the 2025
assessment, eQ Commercial Properties and eQ Community Properties rose to
the highest five-star rating for the first time, with both funds increasing their
scores from 87 to 91 points. The funds also received Green Star designation,
and their scores exceeded the averages of both the GRESB respondents and
the eQ peer group.
The most significant improvement was seen in the coverage of consumption
monitoring. Monitoring and reporting practices for energy and water
consumption and waste have been systematically developed, as reflected
in the evaluation results and improved resource efficiency. Better quality
monitoring has made it possible to steer the use of real estate in a more
responsible direction.
GRESB results are actively used in the sustainability work of the funds. eQ will
continue to improve energy efficiency and reduce environmental impacts in
cooperation with stakeholders. Tenants play a key role in this work, and through
the digital house guide they can monitor their property’s consumption data and
get practical tips on how to live sustainably.
The Building Research Establishment’s Environmental Assessment Method
(BREEAM) In Use certification is used to assess the operability of an individual
property and related maintenance functions, identify any shortcomings and
select areas of development. eQ’s real estate and residential funds plan to apply
for BREEAM In Use certification for all their properties, with a minimum target
of “Very Good” certification.
*% of certified properties per market values as of 31 December 2025.
eQ Commercial Properties
BREEAM -certificate progress*
eQ Community Properties
BREEAM -certificate progress*
The continuous improvement in the results of the sustainability assessments
shows that eQ is making consistent progress in improving the sustainability
of real estate. The goal is to improve energy efficiency and reduce the
environmental impact of the properties owned by the Funds in partnership
with tenants.
In 2026, the focus of development work will be the preparation of a biodiversity
plan and a sustainability strategy for the real estate business. The strategy
defines fund-specific sustainability targets, including targets related to
property certification and reducing energy consumption.
In addition, the carbon neutrality map for real estate and housing funds will
continue to be updated in early 2026, and the target setting will be extended
to cover emissions in the value chain more systematically (Scope 3).
Private equity investments
ESG work continued and deepened in 2025
eQ has been doing systematic ESG work for a long time. During 2025, work on
sustainability was continued and deepened in several areas.
ESG highlights 2025
eQ’s Private Equity investments received five stars and a high score in the PRI’s
2025 assessment.
In early 2026, eQ will launch its first Special Investment Fund, eQ PE Direct I
Feeder, which will make co-investments in unlisted small and medium-sized
companies in Northern Europe together with other private equity managers.
The fund is classified as an Article 8 fund, and its investment practices apply
a methodology based on eQ’s own ESG assessment framework.
% %
eQ Commercial Properties GRESB -assessment
eQ Community Properties GRESB -assessment
GRESB POINTS
GRESB respondents
avg. 79
GREEN STAR
Comparison group 81
GRESB POINTS
GRESB respondents
avg. 79
GREEN STAR
Comparison group 90
26
eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
100
80
60
40
20
0
2021 20242019 20232020 2022
DEVELOPMENT OF ESG SCORES OF
eQ’S NORTHERN EUROPEAN PRIVATE EQUITY UNDERLYING FUNDS, %
Leader (9–10) Good (6–8) Satisfactory (3–5) Laggard (0–2
32%
37%
21%
9%
39%
51%
7%
3%
38%
23%
28%
11%
44%
31%
24%
1%
41%
26%
21%
12%
36%
34%
27%
3%
Source: eQ
eQ PE ESG survey and key observations
eQ has monitored the development of sustainability at Private Equity funds it
invests in since 2017 by means of an annual ESG survey and has reported the
results to the fund investors. In 2025, the response rate to the survey was very
high at 97% (112 underlying fund managers).
Key observations:
• European managers’ ESG work is of high quality and in an upward trend. All
new funds to be collected are Article 8 rated and a clear increase in level was
seen especially in the new eQ funds (eQ PE North XVI and eQ PE SF V).
• The responsibility ratings of North American managers declined mainly due
to stricter assessment criteria and the changed political environment in the
United States.
• In Europe, climate change emerged as the main ESG issue, ahead of diversity.
The growing awareness of the environmental and economic impacts of
climate change has boosted the measuring and reduction of emissions.
• Good governance was included in the scoring for the first time. eQ’s high
expectation level encourages managers to improve governance practices.
• Biodiversity was included as a new theme: 26% of managers take biodiversity
into account in their investment activities, more than half of them measure
biodiversity, and 40% also recognise its economic value.
• Almost all managers in Europe and North America had developed ESG
development plans for 2025, focusing on the development of ESG metrics,
emissions calculation and targets, and the systematic continuation of
ESG work.
Based on the results of the ESG survey, eQ updated the target fund-specific
sustainability scores and reported the fund-specific results and their
comparison with the peer group to the target fund managers. The results of
the survey were reviewed in more detail at the annual ESG-themed eQ GP
event, which was attended by 50 European small and medium-sized private
equity fund managers. The event also addressed cybersecurity as part of
due diligence assessments and portfolio company development, as well as
a portfolio company example of applying ESG perspectives in dual-use solutions
at the interface between the defence industry and civilian use. The event has
PRIVATE EQUITY MANAGERS’ ESG DEVELOPMENT PLANS
Source: eQ PE ESG Survey for eQ’s European and North American private equity underlying funds, spring 2025
Emission reduction
plans for portfolio
companies
Updating
ESG policy
Ongoing ESG
metrics data collection
across portfolio
companies with EDCI
and ESG consultant
support
Preparing portfolio
companies for PAI
reporting
Collection
of emissions data
Continuous
development of
reporting (TCFD, UN
Global Compact, PRI
and ad hoc reporting)
Improving
diversity in portfolio
companies
Scope 1, Scope 2
and Scope 3
emissions calculation
for portfolio
companies
ESG targets for
portfolio company
management
Develoment
of a cybersecurity
for portfolio
companies
Collaboration with
ESG consultants to
develop ESG work
Development
of a climate strategy
and a net zero target
for 2050
PRI reporting
for the first time
Recruiting new
expertise to portfolio
company boards to
drive business growth
Developing CSRD
readiness
Launch of the first
SFDR Article 8 fund
Reduction targets
for emissions and
energy consumption
Future Female Leaders
– a mentoring
programme for women
in porfolio companies
Compliance
with SFDR Article 8
requirements
Joining the EDCI
Initiative
Developing tools to
assess ESG risks and
opportunities, and
establishing an ESG due
diligence process
27
eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
eQ PE North XIV Ky fund’s PAI indicators 2022–2024
Nro. PAI-indicator 2024 % 2023 % 2022 %
1
Scope 1 greenhouse gas emissions (tCO
2
e/year) 2,696 67.4% 999 61.8% 298 21.3%
1
Scope 2 greenhouse gas emissions (tCO
2
e/year) 826 67.3% 411 61.8% 139 34.1%
1
Scope 3 greenhouse gas emissions (tCO
2
e/year) 48,474 64.7% 11,080 46.7% 3,093 13.6%
1
Total greenhouse gas emissions (Scope 1+2+3, tCO
2
e/year)* 50,993 64.9% 12,261 48.2% 5,625 29.7%
2
Carbon footprint (tCO
2
e/invested EUR million) 426 64.9% 141 39.4% 227 13.6%
3
Greenhouse gas intensity of investee companies (tCO
2
e/revenue EUR million) 548 59.5% 163 42.1% 150 13.6%
4
Exposure to companies active in the fossil fuel sector
0.0% 44.4% 0.0% 58.3% 0.0% 52.4%
5
Share of non-renewable energy consumption and production
57.7% 51.2% 63.1% 48.3% 61.4% 17.4%
6
Energy consumption intensity (GWh/revenue EUR million)
11.18 34.9% 59.06 31.2% 0.01 8.5%
7
Activities negatively affecting biodiversity-sensitive areas
0.0% 43.2% 0.0% 42.6% 0.0% 18.0%
8
Emissions to water (tonnes/invested EUR million)
0.01 38.2% 0.04 33.9% 0.00 21.3%
9
Hazardous waste and radioactive waste (tonnes/invested EUR million)
0.01 37.3% 0.74 34.0% 0.22 21.3%
10 Violations of the UN Global Compact principles and the OECD
Guidelines for Multinational Enterprises 0.0% 44.4% 0.0% 44.7% 0.0% 52.4%
11 Lack of processes and compliance mechanisms to monitor adherence to the UN Global
Compact principles or the OECD Guidelines for Multinational Enterprises 30.1% 41.7% 16.9% 38.2% 19.6% 31.5%
12
Unadjusted gender pay gap
14.6% 32.8% 11.1% 41.4% 23.6% 15.7%
13
Gender diversity on the board of directors
20.4% 63.4% 24.0% 58.2% 25.1% 52.4%
14 Exposure to controversial weapons (anti-personnel mines, cluster munitions, chemical
weapons and biological weapons) 0.0% 39.1% 0.0% 58.2% 0.0% 52.4%
*Due to partial reporting at the underlying fund level, the sum of Scope 1–3 emissions does not always fully correspond to the total line.
Carbon footprint and carbon intensity are not reported if none of the underlying funds have reported all emission scopes (Scope 1, 2 and 3).
Does not include eQ PE US or eQ VC investments.
Figures for 2024 (2023) are calculated based on data provided by private equity fund managers as of 5 June 2025 (27 June 2024).
The figures have not been verified by an external auditor.
Source: eQ, private equity fund managers
repeatedly received very positive feedback from participants and is seen as a
useful forum for sharing practical ESG experiences and best practices.
Strengthening ESG measurement and monitoring
eQ has been reporting on the PAI indicators for its Northern European Private
Equity funds since 2022 and has supported target fund managers in their
implementation. Although the ESG data available on SMEs is still limited,
the coverage and quality of reporting has clearly improved: PAI indicators are
already collected in 68% of eQ’s underlying funds in Northern Europe, and
the new eQ PE North funds already exceed the coverage of European listed
small caps.
In spring 2024, eQ joined the ESG Data Convergence Initiative (EDCI),
a practical and widely applicable set of metrics to support PAI reporting that
is rapidly gaining ground, particularly in North America. In 2025, eQ also asked
managers for EDCI indicators, but reporting is still mixed and no data has yet
been published for the North American underlying funds.
Looking ahead to 2026
In 2026, eQ’s sustainability work will continue to focus on systematising,
deepening, and making better use of ESG data so that it can deliver sustainable
value creation in investment activities and create value for clients.
Moderate updates will be made to the upcoming ESG survey. The good
governance section will be expanded to include the existence of cybersecurity-
related processes and operating models, as well as the implementation of
diversity in the composition of the boards of underlying fund managers and
portfolio companies. In addition, a new theme will assess how the defence
industry is considered in managers’ investment policies and investment
decisions.
28
eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
Realisation of environmental
responsibility at eQ Group
Climate change mitigation is a central theme in the eQ Group’s operations
and in eQ Asset Management’s investment activities. The Group’s own
business activities have only a minor direct environmental impact, and energy
consumption is mainly related to the use of premises. For this reason, the eQ
Group has not set a separate emission reduction target for its own operations.
The most significant opportunity to mitigate climate change relates to eQ Asset
Management’s investment activities. Emission reduction targets have been
set for real estate investments and actively managed fixed income and equity
funds, which are reported in more detail in the investment areas sections of
this report. In addition, eQ’s Private Equity investments regularly monitor how
climate change mitigation is implemented in the activities of the underlying
fund managers.
Alongside climate, biodiversity is a key driver of eQ Asset Management’s
investment activities. Biodiversity-related measures are reported in the sections
on the investment areas.
Although eQ does not operate in emission-intensive sectors, the Group also
systematically develops the environmental responsibility of its own operations.
eQ’s environmental policy covers five themes: recycling and sorting, mobility,
food and catering, procurement, and energy and water. The related indicators
and guidelines are monitored and developed as part of the Group’s ongoing
sustainability work.
eQ Group uses exclusively renewable energy for its own electricity
consumption. The company’s premises are rented, and the consumption
of heat, water, and district cooling is included in the rent. More detailed
consumption data has not been available from the landlord.
RECYCLING, SORTING AND CLEANING
Improving recycling and guidance as well as using
environmentally friendly cleaning products
MANAGEMENT
Improving continuously environmental
matters. Internal working group
COMMUNICATION AND ENGAGEMENT
Communicating sustainable practices in the work
community and training in key environmental matters as
well as monitoring and reporting the development of these
themes with the eQ Group’s sustainability report
MOVEMENT
Location of the premises,
employee travel ticket
and bicycle storage
FOOD/CATERING
Salads, organic packaging
as well as favouring other
local food products
ENERGY AND WATER
Reducing electricity consumption
and using renewable energy
sources (hydropower)
PROCUREMENT
Giving up plastic bottled mineral
water, favouring environmentally
friendly and durable products
(including Fair Trade products,
bubble water tap) and reducing
paper consumption
The five themes
of eQ Group’s
environmental
policy
29
eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
eQ promotes low emission modes of transport by encouraging personnel to
use public transport and other alternative modes of transport, and by offering
the possibility of an employer-subsidised commuter tickets as part of their
overall salary. For business travel, direct flight routes are preferred, and remote
negotiation solutions are used wherever appropriate. Carbon dioxide emissions
related to air travel are monitored and reported both in total and per person.
The sorting and recycling of office waste generated on the premises is
carried out in cooperation with the landlord and is an established part of eQ’s
operations. Waste management has been improved through concrete everyday
measures, such as the introduction of environmentally friendly policies, the
removal of personal mixed waste bins from workstations, and by ceasing to use
plastic bottled mineral water.
Environmentally friendly policies are also included in the induction of new
employees. In addition, eQ monitors and reports on paper consumption at its
premises, and double-sided printing is the norm. eQ has not been involved in
any litigation or claims related to environmental damage.
Organisation’s own energy consumption
2025 2024 2023 2022 2021
Electricity consumption, kWh* 119,573 151,318 131,630 103,960 106,369
Origin of electricity:
Share of renewable energy, %
100% 100% 100% 100% 100%
Share of nuclear power, % 0% 0% 0% 0% 0%
Share of fossil fuels, % 0% 0% 0% 0% 0%
Specific carbon dioxide emissions of electricity, g/kWh
0 0 0 0 0
Nuclear fuel used in electricity, mg/kWh 0.0 0.0 0.0 0.0 0.0
Carbon dioxide emissions of electricity, total, kg
0 0 0 0 0
Carbon dioxide emissions of electricity per net revenue, g/EUR 0.00 0.00 0.00 0.00 0.00
Electricity consumption per rented office square metre, kWh
55 70 61 55 64
Electricity consumption per person, kWh 1,031 1,455 1,303 1,106 1,108
Other environmental responsibilities**
2025 2024 2023 2022 2021
Other indirect greenhouse gas emissions
Travelling by air, CO
2
emissions, kg 76,418 48,760 43,235 51,879 4,669
Travelling by air, CO
2
emissions, kg per person 659 469 428 552 49
Use of material
Paper consumption, total, kg
805 1,347 1,124 631 715
Paper consumption, kg per person 7 13 11 7 7
*In 2024–2023 electricity consumption increased due to an extension of eQ’s premises.
** The table shows an estimate of carbon dioxide emissions of air travel and paper consumption. Paper consumption is reported based on paper purchased.
30
eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
The eQ Group is a responsible
employer and personnel is its
most important resource.
Realisation of social responsibility at eQ Group
eQ as an employer
The eQ Group is a responsible employer and personnel is its most important
resource. Job satisfaction, commitment, and the needs of the work community
are regularly monitored through a biannual personnel survey. The results of
the 2025 Well-being at Work survey were again excellent, and the positive
trend is also visible in the long term.
The survey monitors the personnel’s commitment, well-being at work,
satisfaction with the work community and managerial work. On a scale from
1 to 5, job satisfaction and well-being at work received the score 4.3 (2024:
4.3). The results show that employees are happy to recommend the eQ Group
as a place to work. The eNPS score for this was very high at 33 (on a scale
of -100 to +100, with 0 to +20 being good, over 20 being excellent and over
40 being top), well above the benchmark. The response rate to the survey was
exceptionally high at 95.4% (2024: 92%).
The personnel survey is a key tool for developing internal practices and
managerial work. The results are discussed on a team-by-team basis and used
to agree on possible development measures and targets to be monitored.
Personnel well-being is supported through comprehensive occupational health
services, sports benefits, and other well-being services.
Development discussions are held with all personnel at least once a year in
all eQ Group companies. The discussions assess performance, set targets, and
identify areas for improvement. From autumn 2023 onwards, compliance and
sustainability have also been included in the development discussions as part of
the job description, and related targets are set and monitored systematically.
eQ supports the development of personnel skills by providing opportunities to
participate in internal and external training and by encouraging self-learning.
Calculated as full-time resources, eQ Group had 116 employees at the end of
2025 (2024: 104). When calculating full-time resources, part-time employees
and those on parental and study leave have been included. Altogether 119
persons had an employment relationship with eQ (2024: 112), and 6 of them
worked part-time (2024: 9). Part-time employees are used in seasonal tasks
or projects.
Of the personnel, 39% were women (2024: 38%) and 61% men (2024: 62%).
The average age of the personnel was 43 years (2024: 42.4), and the employee
turnover in 2025 was 13,2% (2024: 5.8%). In 2025, the average sick leave
of the personnel was 4.7 days per person (2024: 5.9) and there were 3 work
accidents in 2025 (2024: 2).
31
eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
Equal pay between genders
eQ Group pays the same salary to employees for the same or similar
work regardless of gender. Similar in this respect means that the central
requirements, expertise, responsibility, and workload are on the same level. The
job title is not decisive.
Equality
Equality, justice, and non-discrimination are important principles for eQ Group.
eQ has drawn up an equality plan, which comprises the measures for promoting
equality and the agreed follow-up measures. The plan is assessed and updated
on a regular basis and covers all Group companies. The plan is available to all
employees of eQ Group on the Group’s internal website.
Health and Safety Policy
eQ Group has drawn up a policy for promoting health and safety at work and
for maintaining the working capacity of the employees. It covers the needs to
develop working conditions as well as the impacts and development needs of
factors related to the work environment. The policy is available to all employees
of eQ Group on the Group’s internal website. eQ Group also uses the early
support method and eQ Group’s substance abuse programme that was prepared
in 2023. All eQ employees were provided internal training on the substance
abuse programme.
Principles related to human rights violations and child labour
eQ Group has not drawn up separate principles related to human rights
violations or child labour. All operations of the Group are located in Finland,
at one single office. Therefore, the Group can monitor practices related to the
employees in a reliable manner. The implementation of human rights in the
operations of the investment areas is monitored in all eQ investment areas.
Personnel
2025 2024 2023 2022 2021
Personnel as full-time resources 116 104 101 94 96
Permanent employment relationship
113 103 101 94 91
Temporary employment relationship 6 9 6 4 11
Employment relationship, total 119 112 107 98 102
Share of temporary employees, %
5.3 8.0 5.6 4.1 10.8%
Full-time, total
113 103 101 94 93
Part-time, total 6 9 6 4 9
Age and gender distribution, no.
18–30 years total, (F/M)
19 (3/16) 24 (5/9) 23 (6/17) 22 (8/14) 25 (10/15)
31–40 years total, (F/M) 37 (16/21) 27 (10/17) 24 (10/14) 22 (8/14) 28 (13/15)
41–50 years total, (F/M) 28 (13/15) 30 (14/16) 28 (12/16) 26 (10/16) 22 (8/14)
51–60 years total, (F/M) 26 (9/17) 26 (9/17) 30 (12/18) 26 (9/17) 26 (8/18)
61– years total, (F/M) 9 (5/4) 5 (4/1) 2 (2/0) 2 (0/0) 1 (1/0)
Total 119 (46/73) 112 (42/70) 107 (42/65) 98 (37/61) 102 (40/62)
Average age of employees, years 43.0 42.4 42.5 42.4 41.2
Employment relationships based on gender,
no. and %
Female
46 (39%) 42 (38%) 42 (39%) 37 (38%) 40 (39%)
Male 73 (61%) 70 (62%) 65 (61%) 61 (62%) 62 (61%)
Employee turnover (%) 13.2% 5.8% 3.0% 11.7% 8.7%
Sick leaves during the year, day per person 4.7 5.9 4.7 4.6 1.7
Registered accidents* 3 2 0 4 0
Accident frequency** 2.8 1.9 0 4.2 0
Lost Day Rate %** 0 0 0 0.14 0
Well-being at work
Job satisfaction and well-being at work***
4.3 4.3 4.4 4.3 4.3
eNPS value**** 33 36 41 48 44
*A work accident is an accident that occurs at the workplace, on the way from home to work or vice versa, or during a business or other trip ordered by the employer.
**Accident frequency: Accidents at work / total number of personnel. Lost Day Rate = Total number of sick days taken due to accidents at work / total number of
working days of all personnel during the year.
***Rating scale: “poor” (1–2.4), “adequate” (2.5–2.9), “satisfactory” (3–3.4), “good” (3.5–3.9) and “excellent” (4–5).
****Scale from -100 to +100: “Good” (0 to +20), “Excellent” (over 20) and “Top score” (over 40). eQ has monitored and reported the eNPS score since 2019.
SATISFACTION
AND WELLBEING
AT WORK
.
SCALE
NUMBER OF
PERSONNEL
32eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
Board diversity
eQ Plc’s Board of Directors aims to promote the diversity of the Board’s
composition for its part. When assessing diversity, the Board takes into
consideration, for instance, the age and gender of the directors, their education
and professional experience, individual characteristics and experience that
is essential with regard to the task and the company operations. eQ Plc has
defined as goal regarding the equal representation of genders on the Board
that there should always be representatives of both genders on eQ Plc’s Board
of Directors.
During the 2025 financial period, eQ Plc’s Board met the preconditions set for
the company diversity, including the goal of having equal representation of
both genders on the Board. The following persons were on eQ Plc’s Board of
Directors during the 2025 financial period from the Annual General Meeting:
Janne Larma (Chair from 8 Sept 2025), Georg Ehrnrooth (Chair until 8 Sept
2025), Päivi Arminen, Nicolas Berner, Caroline Bertlin, and Tomas von Rettig.
The directors have versatile experience from sectors that are of importance to
the company, such as the investment and finance sector and the real estate
sectors, and collectively sufficient knowledge of sustainability issues. In
addition, the diverse work experience and education of the directors as well as
their international experience complement each other. eQ Plc’s Annual General
Meeting elects the directors.
The company’s Board of Directors monitored diversity issues during the 2025
financial period.
Diversity of the Board of Directors on 31 December 2025:
Directors, total 6 100%
Female 2 33%
Male 4 67%
Board members who are independent of the company 4 67%
Board members who are independent of the major
shareholders 3 50%
33eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
Good governance at eQ Group
Board – separation of powers and transparent practices
In addition to acts and regulations applicable to listed companies, in 2025 eQ
Plc complied with the Finnish Corporate Governance Code 2025 published
by the Securities Market Association on 1 January 2025. The entire Code
is publicly available on the website of the Securities Market Association at
(www.cgfinland.fi/en). eQ Plc draws up annually a Corporate Governance
Statement required by the Corporate Governance Code. The Corporate
Governance Statement, the Remuneration Report for Governing Bodies, and
other information that shall be disclosed in accordance with the Corporate
Governance Code as well as the company’s financial statements, report by
the Board of Directors and auditors’ report are available on eQ Plc’s website
(https://www.eq.fi/en/about-eq-group).
The Annual General Meeting has established a Shareholders’ Nomination
Committee, the task of which is to prepare proposals to the Annual General
Meeting each year concerning the number, election, and remuneration of
the members of the Board of Directors. eQ Plc’s Annual General Meeting is
ultimately responsible for the election of Board members and preparations for
the election. The company’s Articles of Association do not include a provision
on appointment of Board members in any specific order.
Each person elected as a member of the Board must have the competence
required by the task and enough time to handle it. The company contributes to
the work of the Board by providing Board members with sufficient information
about the company’s operation. Five to seven members can be elected to eQ
Plc’s Board of Directors, and the members of the Board select a chair from
among their number. Board members are elected for one year at a time. In
the Corporate Governance Report, the company states the number of Board
meetings held during the financial period and the members’ average attendance
at Board meetings.
The company discloses the following personal and ownership information on
Board members: name, gender, year of birth, education, main occupation, key
work experience, international experience, start date of Board membership,
key positions of trust, and shareholdings in the company. The statement
also includes any dependency of the company or the company’s significant
shareholders, and any grounds why the Board member is not deemed to
be independent. Members of eQ Plc’s Board of Directors must provide the
Board and the company with adequate information so their competence and
independence can be evaluated and report any changes in this information.
The Board’s charter, the minutes of meetings and other documents on Board
operations are not publicly available. The main tasks included in the charter
are listed in the Corporate Governance Statement. The company discloses
information about events that concern the Group in accordance with valid
legislation and the company’s disclosure policy. The company’s disclosure policy
is available on eQ’s website (https://www.eq.fi/fi/about-eq-group).
Remuneration
eQ’s remuneration system is based on the strategy and long-term goals
defined by the Board, and it is one of the major tools used for reaching the
Group’s long-term and short-term strategic goals. The remuneration system
contributes to good, efficient, and comprehensive risk management within eQ
Group. The remuneration systems must also take into account sustainability
risks related to eQ Group and its business operations. Comprehensive risk
management is aimed at taking into account the goals, values, and interests of
group companies, the funds managed, and the investors, among other parties.
In addition to eQ Group’s Remuneration Principles, eQ Plc has a Remuneration
Policy for Governing Bodies required by the Corporate Governance Code,
which accounts for the remuneration of the Board and the CEO. The
Remuneration Policy for Governing Bodies is presented to the Annual General
Meeting for consideration at least every four years and always when major
changes have been made in it. eQ Group’s Remuneration Principles and
the Remuneration Policy for Governing Bodies can be found on eQ’s website
(https://www.eq.fi/en/about-eq-group/hallinnointi/palkitseminen).
34eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
eQ Plc publishes an annual Remuneration Report for Governing Bodies at
the same time as the Annual Report. The 2025 Remuneration Report for
Governing Bodies was drawn up in accordance with the 2025 Corporate
Governance Code for listed companies, and eQ Plc’s Board of Directors
reviewed it on 2 February 2026.
The Remuneration Report for Governing Bodies accounts for the remuneration
paid to the Board of Directors and CEO during the previous financial period,
how the Remuneration Policy for Governing Bodies has been applied during
the previous financial period and how remuneration promotes the company’s
financial success on a longer term. The Remuneration Report also compares
the development of the Board’s and CEO’s remuneration with the development
of the average remuneration of company employees and the company’s
financial development during the five previous financial periods. eQ Plc’s
Remuneration Report for Governing Bodies is available on eQ’s website
(https://www.eq.fi/en/about-eq-group/hallinnointi/palkitseminen).
In addition to the Remuneration Policy and Report for Governing Bodies,
eQ presents in the remuneration section of its website information
about the remuneration principles for the Board, CEO, and the rest of the
Management Team. Information about the remuneration of the Board,
CEO and the rest of the Management Team is available on eQ’s website
(https://www.eq.fi/en/about-eq-group/hallinnointi/palkitseminen).
Application of collective labour market agreements
No collective agreements are applicable to eQ Group’s employees, nor are they
covered by the universally applicable collective agreement in Finland.
Code of Conduct
The eQ Group’s Code of Conduct defines the common operating principles
based on eQ’s values and the operating principles that guide behaviour,
decision-making and business operations. The Code applies to the whole Group
and all eQ employees are expected to comply with it.
Tax transparency
As part of this Sustainability Report, eQ reports its financial impact on society
in form of taxes and charges of tax-like nature. Transparent reporting is part
of responsible operations and good governance. eQ Group does not have
a separate tax strategy approved by the Board. The Group pays its taxes
to Finland.
eQ Group is a major taxpayer. In 2025, the income tax for eQ’s taxable profit
paid in Finland totalled EUR 5.8 million (2024: EUR 7.1 million). The Group’s
effective tax rate was 21.2% (2024: 20.6%).
As employer, eQ pays charges related to pension, unemployment and social
security and remits the withholding from the salaries to tax authorities.
The charges of tax-like nature related to the personnel that eQ Group paid in
2025 totalled EUR 3.7 million (2024: EUR 3.9 million).The withholdings that eQ
made from the salaries amounted to EUR 7.9 million (2024: EUR 8.8 million)
and the other tax-like charges totalled EUR 1.7 million (2024: EUR 1.8 million).
The Code of Conduct serves as a high-level framework for the Group’s internal
guidelines and guides the application of other, more detailed internal guidelines
in different areas. As it is not possible to anticipate all possible situations in the
guidelines, eQ stresses the importance of open discussion and asking for advice
in unclear or new situations.
By honest, open, competent, and efficient action, eQ aims to strengthen the
trust and respect of clients, other stakeholders, the surrounding society, and
the financial markets.
eQ also requires responsible behaviour from its partners. In real estate
investment contracts, such as piecework agreements and service contracts,
eQ’s Suppliers’ Code of Conduct is incorporated into the contract terms. A Code
of Conduct for separate subcontractors has not been considered necessary,
as the number of direct subcontractors is low and their importance for the
business is limited.
The key themes of the eQ Group’s Code of Conduct are:
• Complying with regulation and acting correctly
• Clients’ interests, eQ’s interests, and management of conflicts of interest
• Information security and data protection
• Preventing abuses and addressing faults
• Trust and confidentiality
• Sustainability and responsible investment activities
• Equality, diversity, and respect
• Cooperation with stakeholders
• Reputation management
• Cooperation and development of competence
• Occupational safety and well-being at work
• Prevention of financial crimes
• Offering and accepting gifts and hospitality
• Sponsorship, donations, and partnerships
The Code of Conduct is available on eQ’s website
(https://www.eq.fi/en/about-eq-group/hallinnointi/code-of-conduct).
35eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
The value-added tax remitted by eQ Group in 2025 totalled EUR 0.3 million
(2024: EUR 0.4 million). In addition, part of the value-added tax included in
purchases is paid by eQ, as the operations are partly exempted from VAT.
The taxes withdrawn from the dividend and equity repayment that eQ Plc
paid in 2025 totalled EUR 1.1 million (2024: EUR 1.3 million).
eQ has not received any public subsidies for its operations.
External validation of the report
This report has not been validated by an external party.
Taxes, EUR 1,000 2025 2024 2023 2022 2021
Taxes paid
Income tax, Finland 5,773 7,120 8,308 9,437 9,560
Effective tax rate 21.2% 20.6% 20.9% 20.6% 20.1%
Charges of tax-like nature payable by the employer (employee pension,
social security, and unemployment charges)
3,719 3,882 4,435 4,420 3,317
Taxes remitted
Withdrawal from salaries, Finland
7,918 8,780 8,770 9,018 7,102
Charges of tax-like nature payable by the employee
(employee pension, unemployment charges) 1,714 1,801 2,032 2,163 1,529
Value-added tax paid, Finland
283 427 453 536 658
Tax withdrawn from dividend and equity repayment, Finland
1,084 1,339 2,588 1,762 1,246
36
eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
Operating environment
2025 was a volatile but profitable year for investors across almost all asset classes.
Market developments were marked by the trade war that followed President Trump’s
tariff policy and strong optimism related to the theme of artificial intelligence.
The continuing war in Ukraine, the Middle East crisis and pressure on the status
of Venezuela and Greenland kept geopolitical uncertainty high. Economic growth
remained stable and inflation close to target levels, as the economic impact of the
trade war was more moderate than expected.
Share prices rose in 2025, supported by strong corporate earnings and the
development of artificial intelligence. In the United States, technology giants
delivered on their high growth expectations, although the market was concerned early
in the year about the Chinese players potentially challenging the sector’s US market
leaders. In emerging markets, equity returns were high, particularly in South Korea and
Taiwan, driven by the information sector. In China, economic growth was supported by
fiscal policy, while in Latin America it was supported by close trade relations with the
US and central bank interest rate cuts.
Yield curves steepened in 2025, as central banks cut their key interest rates across
the world as price pressures eased. The increase in defence spending increased
expectations of fiscal deficits and supported the rise in long-term interest rates,
especially in Europe. In the US, long-term interest rates rose due to the political
pressure Trump put on the US Federal Reserve, which was reflected in increased
market uncertainty. Rising interest rates eroded government bond yields, while
Report by the Board of Directors
1 January to 31 December 2025
corporate bonds performed better as interest rate gap narrowed, supported by strong
corporate balance sheets.
In alternative investments, raw materials were the most profitable. Gold prices rose
to an all-time high as central banks increased their gold purchases, and the price of
other metals strengthened as demand for chip technology increased. In the private
equity market, the gap between buyers’ and sellers’ price expectations narrowed as
the outlook for earnings improved, and signs of a stronger transaction market were
seen towards the end of the year. The real estate market continued to recover, and
transaction volumes increased in Europe and Finland, although they were still a far cry
from the levels of the peak years.
In 2025, the US S&P 500 stock price index returned 17.4% in dollar terms. Due to the
weakening of the dollar, the return in euros was only 3.5%. During the financial period
the US dollar weakened by around 12% compared to the euro. MSCI Europe returned
19.4% and the Finnish stock market 35.3%. The emerging markets index, which
includes large regional differences in returns, returned 17.8% in euros.
In interest rate markets, yields for 2025 were positive despite the steepening yield
curve. The euro government bond index returned 0.6%, while Investment Grade
bonds returned 3.0% and High Yield bonds 5.3%. At the same time, emerging market
corporate bonds returned 6.4% and emerging market government bonds yielded up
to 9.4%.
Major events during the financial period
On 3 February 2025, eQ Plc’s Board decided on a new option scheme to key persons of
eQ Group. The total number of stock options in the 2025 Option Scheme is 1,360,000
and each stock option entitles the holder to subscribe for one new share in eQ Plc.
Based on the option scheme 2025, on 3 February 2025 the Board of Directors of eQ
Plc decided to issue 1,180,000 option rights to key persons employed by the eQ Group
nominated by the Board. The option scheme 2025 covers approximately one fourth of
eQ Group’s personnel.
eQ Plc’s Annual General Meeting was held on 25 March 2025. Päivi Arminen, Nicolas
Berner, Georg Ehrnrooth, Janne Larma and Tomas von Rettig were re-elected to the
Board. They are joined by a new member, Caroline Bertlin. At its constituent meeting
immediately after the Annual General Meeting, the Board elected George Ehrnrooth
Chair of the Board. The AGM decided to establish a Shareholders’ Nomination
Committee. The Shareholders’ Nomination Committee is responsible for preparing
proposals to the Annual General Meeting concerning the number, election and
remuneration of Board members.
On 4 May 2025, the Board of Directors of eQ Plc appointed M.Sc. (Econ & Bus. Adm.),
eMBA Jouko Pölönen as the company’s new Chief Executive Officer. Pölönen took
up his post on 1 September 2025. Janne Larma continued as Acting CEO until 31
August 2025 and after that, as a member of the Board of Directors. Pölönen, 55, has
made a distinguished career in the financial sector. Most recently, he has served for
seven years as CEO of Ilmarinen Mutual Pension Insurance Company. Prior to that,
38eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
he held roles such as Head of Banking at OP Financial Group and CEO positions at OP
Corporate Bank Plc, Helsinki Area Cooperative Bank, and Pohjola Insurance Ltd.
The three largest shareholders of eQ plc decided to sell a total of 1,000,000 shares
in eQ Plc to Jouko Pölönen’s investment company. The amount corresponds to
approximately 2.4 per cent of the total share capital, and with the share transaction,
Pölönen became one of eQ’s ten largest shareholders. The share transactions
were carried out during the second quarter of the year. In addition, eQ Plc’s
Board of Directors decided to grant Pölönen 100,000 option rights from the 2025
Option Scheme.
eQ Plc announced the composition of its Shareholders’ Nomination Committee on 1
July 2025. The Shareholders’ Nomination Committee consists of four members, and
the company’s four largest shareholders as of 30 June are each entitled to appoint
one member. The representatives of the four largest shareholders in the Shareholders’
Nomination Committee are:
• Alexandre Labignette, CEO, Fennogens Investments S.A.
• Roger Lönnberg, Director, Head of Family Office, Rettig Oy Ab
• Janne Larma, Member of the Board, Chilla Capital S.A.
• Antti Koskimies, Member of the Board, Teamet Oy
On 8 September 2025, the Board of Directors of eQ Plc elected Janne Larma as Chair
and Georg Ehrnrooth as Vice Chair of the Board of Directors.
On 19 November 2025, Taina Kyllönen was appointed as the eQ Group’s Chief People
and Communications Officer and a member of the Management Team. Kyllönen took
up her post on 19 January 2026.
Group net revenue and result development
The Group’s net revenue for the reporting period was EUR 58.2 million (EUR 65.6
million 1 January to 31 December 2024). The Group’s net fee and commission
income was EUR 58.5 million (EUR 63.8 million). The Group’s net investment income
from own investment operations was EUR -0.4 million (EUR 1.7 million), including
the return from private equity and real estate fund investments and liquid fixed
income funds.
The Group’s expenses and depreciation totalled EUR 30.8 million (EUR 31.1 million).
Personnel expenses were EUR 23.5 million (EUR 24.8 million), other administrative
expenses EUR 3.2 million (EUR 2.9 million) and the other operating expenses were
EUR 3.0 million (EUR 2.3 million). The salary expenses fell from the year before due
to result-related remuneration. Other operating expenses include EUR 0.5 million in
non-recurring expenses related to strategic planning and market research for the asset
management business. Depreciation was EUR 1.1 million (EUR 1.2 million).
The Group’s operating profit was EUR 27.4 million (EUR 34.5 million) and the profit for
the period was EUR 21.6 million (EUR 27.4 million).
Business segments
Asset Management
eQ Asset Management offers versatile asset management services to both institutions
and individuals. The Asset Management segment consists of the investment firm eQ
Asset Management Ltd and other Group companies engaged in asset management
operations, the most important of which is eQ Fund Management Company Ltd.
eQ Asset Management usage remained at an excellent level in the 2025 SFR survey.
eQ is the second most used asset manager in the market and 68% of the 100 or so
largest institutional investors in Finland use eQ’s services. In alternative investments,
in eQ’s case real estate and private equity investments, eQ is by far the most used
asset manager.
Responsibility and sustainability are a key part of eQ Asset Management’s investment
activities and processes. eQ Asset Management achieved its best results ever in
the latest PRI (UN Principles for Responsible Investment) assessment. In the 2025
assessment, eQ performed well above the median in all six of the areas it reports and
received the highest star rating of five stars for listed equities, corporate bonds, real
estate investments, and private equity. eQ provides its clients with comprehensive
reports on the implementation of sustainability.
Equity and fixed income
At the end of the period, eQ had 25 equity, fixed income and balanced funds registered
in Finland. Net subscriptions in funds in the review period were EUR -60 million.
During the review period, the best performing equity funds managed by eQ were the
eQ Europe Dividend and eQ Finland funds. Exchange rate changes weighed on the
returns of funds that had invested in North America. The best performing equity funds
relative to their benchmark index were eQ Europe Dividend and eQ Nordic Small Cap
funds. eQ’s best performing fixed income funds were eQ Emerging Markets Corporate
Bond and eQ Euro Investment Grade funds. The eQ Finland fund was named the best
fund in the Finnish equities category for the 10-year and 5-year periods at the 2025
LSGE Lipper Fund Awards.
Of the funds managed by eQ itself, 54 per cent outperformed the benchmark index
during 2025. Over the last three and five years, the figure was also 54 per cent. The
average Morningstar rating for eQ’s self-managed funds at the end of the period was
3.1 stars. eQ’s funds have average ESG ratings of good to very good. In the latest PRI
assessment, eQ’s listed shares and corporate bonds scored the highest. In particular,
eQ’s corporate bonds performed strongly and scored a full 100 points.
Real Estate
Net subscriptions in eQ Community Properties in the review period were EUR -58
million. At the end of the period, the size of the fund was EUR 1,060 million, and
real estate property around EUR 1.7 billion. The return of the fund in 2025 period was
1.0 per cent and since establishment 5.8 per cent p.a. The fund has approximately
3,900 unitholders. 75% of the eQ Community Properties redemptions postponed on
31 December 2024 were paid at the unit value calculated on 31 March 2025, and the
remaining 25 per cent were paid at the unit value calculated on 30 June 2025. Of
the redemptions postponed on 30 June 2025, 40% were paid in January 2026 at the
unit value calculated on 31 December 2025 and the remainder has been postponed.
In addition, eQ Fund Management Company Ltd postponed the payment of eQ
Community Properties 31 December 2025 redemptions in accordance with the Rules
of the fund.
Net subscriptions in the eQ Commercial Properties fund were EUR 6 million during
the review period. At the end of the period, the size of the fund was EUR 516 million,
and real estate property around EUR 0.9 billion. The return of the fund during the
period was -6.8 per cent and since establishment 3.2 per cent p.a. The fund has
approximately 2,000 unitholders. eQ Fund Management Company Ltd postponed
the payment of eQ Commercial Properties 30 June 2024, 30 December 2024, 30 June
2025, and 31 December 2025 redemptions in accordance with the Rules of the fund.
39eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
eQ Residential and eQ Residential II funds have made residential property investments
in the Helsinki metropolitan area, Tampere, and Turku. To strengthen the capital
structure of the residential funds, fundraising was launched for the eQ Residential III
fund, to which the investments of the eQ Residential and eQ Residential II funds were
transferred during the review period. Additional capital of EUR 49 million was raised
for the eQ Residential III fund. Unlike eQ Community Properties and eQ Commercial
Properties, eQ Residential funds are intended for professional investors only, and they
have a closed-end fund structure.
In 2025, eQ’s real estate funds participated in the GRESB sustainability assessment
already for the seventh time and the results continued to develop positively. For
the first time, the eQ Commercial Properties and eQ Community Properties funds
achieved the highest five-star rating, exceeding both the GRESB and eQ peer group
averages. In addition, eQ’s real estate investments also received the highest rating in
the 2025 PRI assessment.
In 2025, eQ reformed the financial reporting of real estate funds and started to report
on funds in a more comprehensive and transparent way. The revised reports are
available on the Funds’ website at www.eQ.fi/en.
Overall, eQ’s funds investing in real estate had real estate property worth
approximately EUR 2.9 billion at the end of the period, and eQ has become one of the
largest Finnish real estate investors.
Private Equity
The first closing of the new eQ PE XVII US fund was USD 115 million in January 2025.
In the December closing, the capital of the fund had grown to USD 190 million. The
eQ PE XVII US fund invests in private equity funds that invest in unlisted, small and
medium-sized companies in North America. eQ PE XVII US is already eQ’s sixth fund
to invest in North American private equity funds and in total we have already raised
USD 1.2 billion in investment commitments to these funds.
In 2024, we established our fifth secondary market fund, eQ PE SF V, which began
fundraising again in 2025. During the review period, EUR 21 million of new capital was
raised and the fund made a final closing of EUR 106 million in September.
The returns of private equity funds managed by eQ were at a good level in 2025.
Although the transaction volume in the private equity market remained below the
long-term average, the combined net cash flow of eQ’s Private Equity funds was at a
neutral level during the financial period.
eQ’s Private Equity investments achieved excellent PRI results in 2025 and received
the highest rating.
At the end of the period, the assets in Private Equity, Venture Capital and Private
Credit funds managed by eQ totalled EUR 3,239 million (EUR 3,295 million) and the
assets managed under Private Equity programme funds were EUR 903 million (EUR
1,019 million).
Assets under management
The assets managed by eQ Asset Management totalled EUR 13,780 million at the end
of the period. Growth during the period was EUR 381 million (EUR 13,399 million on
31 Dec 2024). The total assets under management of domestically registered equity,
fixed income and balanced funds, as well as asset management portfolios and partner
funds, amounted to EUR 4,229 million (EUR 4,058 million) at the end of the period.
The assets managed by funds that invest in real estate totalled EUR 1,864 million
(EUR 2,036 million). Assets managed by the Private Equity, Venture Capital and
Private Credit funds and Private Equity programme funds totalled EUR 4,141 million
(EUR 4,314 million).
Assets under management, EUR million 12/2025 12/2024 Change
eQ mutual funds 3,823 3,848 -1%
of which eQ equity, fixed income and
balanced funds 2,248 2,155 4%
of which eQ real estate funds 1,575 1,693 -7%
Closed-end real estate funds 289 344 -16%
Asset management portfolios and funds
of partners 1,981 1,903 4%
Private Equity, Venture Capital and
Private Credit funds 3,239 3,295 -2%
Private Equity programme funds 903 1,019 -11%
Total excl. reporting services 10,234 10,408 -2%
Private Equity reporting services 3,546 2,990 19%
Total 13,780 13,399 3%
As for eQ Residential funds, which are included in closed-end funds, the total amount
of uncalled commitments and gross asset value (GAV) is reported as assets under
management.
Result of the Asset Management segment
During the review period, net revenue in the Asset Management segment decreased
by 3 per cent to 56.9 million euros (EUR 58.5 million 1 January to 31 December 2024)
and operating profit by 5 per cent to EUR 32.0 million (EUR 33.7 million). Management
fees decreased by 5 per cent to EUR 53.1 million (EUR 55.6 million) and performance
fees increased by 24 per cent to EUR 4.4 million (EUR 3.6 million). Performance fees
typically fluctuate strongly per quarter and financial period.
eQ accrues the catch up share of private equity funds’ performance fee in the income
statement. The accrual recognised in the financial year 2025 was EUR 4.4 million.
The total amount of the catch up share accrued cumulatively by the end of 2025 was
EUR 19.8 million. The estimated total amount of performance fees for Private Equity
funds at the end of 2025 was approximately EUR 165 million (EUR 165 million on 31
December 2024), including the already accrued portion. In the final quarter of 2025,
one of the PE programme funds managed by eQ switched to a performance fee in
terms of cash flow. More information about the estimated returns and performance
fees is available in the annual report.
The cost/income ratio of Asset Management segment was 43.8 per cent (42.3%).
Calculated as full-time resources, the segment had 95 employees at the end of
the period.
40eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
Asset Management 1–12/2025 1–12/2024 Change
Net revenue, MEUR 56.9 58.5 -3%
Operating profit, MEUR 32.0 33.7 -5%
Cost/income ratio, % 43.8 42.3 4%
Number of personnel as full-time
resources, average 95 82 16%
Fee and commission income, Asset
Management, MEUR 1–12/2025 1–12/2024 Change
Management fees
Equity and Fixed Income
8.9 9.4 -5%
Real Estate 25.0 27.3 -9%
Private Equity 19.2 18.9 1%
Management fees, total 53.1 55.6 -5%
Performance fees
Equity and Fixed Income 0.0 0.0 4%
Real Estate - - -
Private Equity 4.4 3.5 24%
Performance fees, total 4.4 3.6 24%
Other fee and commission income 0.1 0.1 26%
Fee and commission income, total 57.6 59.3 -3%
Corporate Finance
In the Corporate Finance segment, Advium Corporate Finance acts as advisor in
mergers and acquisitions, large real estate transactions and equity capital markets.
The number of mergers and acquisitions remained at a lower level throughout 2025
compared to the longer-term average. Volumes in the real estate transaction market
also remained below the long-term average, but a pick-up in the real estate market
was seen towards the end of the year. During the final quarter of the year, Advium
acted as advisor in two real estate transactions.
During the review period Advium acted as advisor in a M&A transaction where
Advium’s role is not public. Advium also advised on strategic studies related to
mergers and acquisitions.
In January 2025, a real estate transaction was finalised in which Advium advised AMF
Tjänstepension AB on the sale of its 33.3% stake in Mercada Oy to Kesko. The success
fee related to the transaction in question was booked in 2024.
Advium, together with Reagle, advised Logicor on the sale of its warehouse and small
industrial real estate portfolio to Ethos Capital. The transaction was completed in
November 2025.
Advium advised Ylva on the sale of a property in the centre of Helsinki to a joint
venture between Keva, Mrec IM and HGR Property Partners. The transaction was
completed in December 2025.
Result of the Corporate Finance segment
The Corporate Finance segment’s net revenue for the reporting period was EUR 1.7
million (EUR 5.3 million 1 January to 31 December 2024). Operating profit was
EUR -1.4 million (EUR 1.5 million). The segment had 17 employees at the end of
the period.
It is typical of corporate finance business that success fees have a considerable
impact on invoicing, due to which the result of the segment varies considerably from
quarter to quarter.
Corporate Finance 1–12/2025 1–12/2024 Change
Net revenue, MEUR 1.7 5.3 -67%
Operating profit, MEUR -1.4 1.5 -191%
Cost/income ratio, % 178.5 71.6 149%
Number of personnel as full-time
resources, average 17 17 0%
Investments
The business operations of the Investments segment consist of private equity and real
estate fund investments made from eQ Group’s own balance sheet.
During the period, the operating profit of the Investments segment was EUR -0.7 million
(EUR 1.1 million from 1 Jan to 31 Dec 2024). At the end of the period, the fair value of
the investments was EUR 16.7 million (EUR 17.0 million on 31 December 2024) and the
amount of outstanding investment commitments was EUR 5.2 million (EUR 6.0 million).
During the period, eQ Plc made an investment commitment of EUR 1.0 million to the eQ
Residential III fund and an investment commitment of USD 1.0 million to the eQ PE XVII
US fund.
Capital repayments of investments during the period amounted to EUR 1.0 million
(EUR 1.2 million from 1 January to 31 December 2024), profit distributions EUR 1.0
million (EUR 1.3 million) and capital calls on reserves EUR 2.3 million (EUR 1.6 million).
The net cash flow from investments during the period was EUR -0.3 million (EUR 0.8
million). The value changes of investments recognised through profit or loss were EUR
-1.6 million during the period (EUR -0.0 million). The change in value was negatively
affected by changes in the value of residential funds and exchange rate fluctuations in
USD-denominated investments.
The income of eQ’s Investments segment is recognised due to factors independent of the
company. Due to this, the segment’s result may vary considerably.
Investments 1–12/2025 1–12/2024 Change
Operating profit, MEUR -0.7 1.1 -166%
Fair value of investments, MEUR 16.7 17.0 -2%
Investment commitments, MEUR 5.2 6.0 -13%
Net cash flow of investments, MEUR -0.3 0.8 -133%
Balance sheet, financial position and capital adequacy
At the end of the period, the consolidated balance sheet total was EUR 87.7 million
(EUR 95.1 million on 31 December 2024). Equity at the end of the period was EUR 69.1
million (EUR 73.3 million). During the period, the shareholders’ equity was influenced
by the profit for the period of EUR 21.6 million, the dividend distribution of EUR -27.3
million, and the accrued expense of EUR 1.5 million related to an Option Scheme and
entered in shareholders’ equity.
At the end of the period, liquid assets totalled EUR 10.9 million (EUR 8.0 million) and
liquid investments in mutual funds EUR 4.2 million (EUR 9.0 million).
The lease liability related to premises and entered in the balance sheet was EUR 2.9
million (EUR 4.0 million) at the end of the period, the share of short-term liabilities
being EUR 1.2 million (EUR 1.3 million).
41eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
Short-term interest-free debt was EUR 15.8 million (EUR 17.8 million). The Group had
no interest-bearing loans at the end of the period (EUR - million). eQ’s equity to assets
ratio was 78.7 per cent (77.1 per cent).
The ratio between total capital and the capital requirement according to eQ Group’s
capital adequacy calculations was 298.6 per cent (295.6 per cent on 31 Dec 2024).
eQ Asset Management Ltd as the investment firm and eQ Plc as the holding company
apply the IFD/IFR regime. The most restrictive capital requirement for eQ is defined
on the basis of fixed overheads at the end of the review period. The minimum capital
requirement based on fixed overheads was EUR 6.1 million. At the end of the period,
the Group’s total capital based on capital adequacy calculations totalled EUR
18.3 million (EUR 16.7 million). Detailed information on capital adequacy is part of
the annual report.
Capital adequacy
EUR 1,000
IFR
31 December
2025 eQ Group
IFR
31 December
2024 eQ Group
Equity 69,058 73,330
Common equity tier 1 (CET 1) before deductions 69,058 73,330
Deductions from CET 1
Intangible assets
-29,212 -29,218
Unconfirmed profit for the period -21,595 -27,405
Dividend proposal by the Board* 0 0
Common equity tier 1 (CET 1) 18,251 16,707
Additional tier 1 (AT1) 0 0
Tier 1 (T1 = CET1 + AT1) 18,251 16,707
Tier 2 (T2) 0 0
Total capital (TC = T1 + T2) 18,251 16,707
Own funds requirement according to the most
restrictive requirement (IFR) 6,113 5,652
Fixed overhead requirement 6,113 5,652
K-factor requirement 428 398
Absolute minimum requirement 150 150
Risk-weighted items total (Total risk exposure) 76,413 70,655
Common equity tier (CET1) / own funds
requirement, % 298.6% 295.6%
Tier 1 (T1) / own funds requirement, % 298.6% 295.6%
Total capital (TC) / own funds requirement, % 298.6% 295.6%
Common equity tier 1 (CET1) / risk weights, % 23.9% 23.6%
Tier 1 (T1) / risk weights, % 23.9% 23.6%
Total capital (TC) / risk weights, % 23.9% 23.6%
Excess of total capital compared with the
minimum level 12,138 11,055
Total capital compared with the target level (incl.
a 25% risk buffer for the requirement) 10,609 9,642
*The dividend and equity repayment proposed by the Board exceeding the profit for the period.
Major risks and uncertainties related to the operations
The Group’s major single risk is the dependence of the result on changes in the
external operating environment. The result of the Asset Management segment
depends on the development of the assets under management, which is dependent
of the development of the capital market, for instance. On the other hand, the
management fees of private equity funds are based on long-term agreements that
produce a stable cash flow. The realisation of the performance fee income that
is dependent on the success of the investment operations also influences result
development. The performance fees of the asset management operations may consist
of performance fees paid by mutual funds and real estate funds, profit shares that
private equity funds pay to the management company, and performance fees from
asset management portfolios. Performance fees may vary considerably by quarter and
financial period.
Success fees, which depend on the number of mergers and acquisitions and real
estate transactions, have a considerable impact on the result of the Corporate
Finance segment. These vary considerably within one year and are dependent on
economic trends.
The risks associated with eQ Group’ own investment operations are the market risk
and currency risk, for instance. Of said risks, the market risk has the greater impact on
investments. The company’s own investments are well diversified, which means that
the impact of one investment made by one individual fund in one single investment
object on the return of investments is often small. The income from eQ Group’s own
investment operations is recognised in different quarters due to factors independent
of the company, depending on the exits and value changes of the funds. The income
from investment operations and changes in value may vary considerably by quarter
and financial period.
The Group’s liquidity is monitored continuously, and good liquidity is maintained by
only investing the surplus liquidity in objects with a low risk, which can be turned into
cash rapidly and at a clear market price. The liquidity is influenced by the capital calls
and returns of the own private equity and real estate fund investments.
Board of Directors, Management Team, CEO, and auditor
At the Annual General Meeting of eQ Plc on 25 March 2025, Päivi Arminen, Nicolas
Berner, Georg Ehrnrooth, Janne Larma and Tomas von Rettig were re-elected as
members and Caroline Bertlin as a new member for a term of office expiring at the end
of the next Annual General Meeting. At its constituent meeting immediately after the
Annual General Meeting, the Board elected George Ehrnrooth Chair of the Board. On 8
September 2025, the Board of Directors of eQ Plc elected Janne Larma as Chair of the
Board and Georg Ehrnrooth as Vice Chair of the Board.
eQ Plc’s Board of Directors had 11 meetings during the financial period 2025,
the average attendance being 100%.
42eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
On 31 December 2024, eQ Group’s Management Team has consisted of the
following persons:
• Jouko Pölönen, eQ Plc, CEO
• Tero Estovirta, eQ Asset Management Ltd, CEO
• Jacob af Forselles, Advium Corporate Finance Oy, CEO
• Staffan Jåfs, eQ Asset Management Ltd, Director, Head of Private Equity
• Antti Lyytikäinen, eQ Plc, CFO
• Juha Surve, eQ Asset Management Ltd, Director, Group General Counsel
Jouko Pölönen has been the CEO since 1 September 2025. Janne Larma was acting
CEO of the company until 31 August 2025.
The company auditor was KPMG Oy Ab, a firm of authorized public accountants, with
Tuomas Ilveskoski, APA (KHT), as auditor with main responsibility.
Personnel
The Group had 116 employees at the end of the period (104 employees on 31 Dec
2024), calculated as full-time resources. Calculated as full-time resources, the Asset
Management segment had 95 (82) employees and the Corporate Finance segment 17
(17) employees. Group administration had 4 (5) employees.
The overall salaries paid to the employees of eQ Group during the period totalled
EUR 23.5 million (EUR 24.8 million from 1 January to 31 December 2024). The salary
expenses fell from the year before due to result-related remuneration.
Loans to related parties
eQ Plc’s receivables from related parties have been described in further detail in Note
32 to the Financial Statements.
eQ Plc’s share
Authorisations
The AGM authorised the Board of Directors to decide on a share issue and/or the
issuance of special rights entitling to shares referred to in Chapter 10 Section 1 of the
Limited Liability Companies Act, in one or several transactions, comprising a maximum
total of 3,500,000 new shares. The amount of the authorisation corresponded to
approximately 8.45 per cent of all shares in the company on the date of the notice of
the AGM.
The authorisation can be used in order to finance or carry out potential acquisitions
or other business transactions, to strengthen the balance sheet and the financial
position of the company, to carry out the company’s incentive schemes or for any
other purposes decided by the Board. Of the shares or special rights entitling to shares
issued on the basis of the authorisation, 50% may be used for the implementation of
incentive programmes or other remuneration. Based on the authorisation, the Board
shall decide on all matters related to the issuance of shares and special rights entitling
to shares referred to in Chapter 10 Section 1 of the Limited Liability Companies Act,
including the recipients of the shares or the special rights entitling to shares and
the amount of the consideration to be paid. Therefore, based on the authorisation,
shares or special rights entitling to shares may also be issued to certain persons, i.e.
in deviation of the shareholders’ pre-emptive rights as described in said Act. A share
issue may also be executed without payment in accordance with the preconditions
set out in the Limited Liability Companies Act. The authorisation cancels all previous
corresponding authorisations and is effective until the next AGM, no longer than
18 months, however.
Shares and share capital
At the end of the period on 31 December 2025, the number of eQ Plc’s shares was
41,407,198 and the share capital was EUR 11,383,873.00. There were no changes in
the number of shares in the company during the review period.
The closing price of eQ Plc’s share on 31 December 2025 was EUR 11.05 (EUR 12.95
on 31 December 2024). The market capitalisation of the company was thus EUR 457.5
million (EUR 536.2 million) at the end of the review period. During the review period,
3,167,981 shares were traded on Nasdaq Helsinki (929,522 shares from 1 Jan to 31 Dec
2024). In euros, the turnover was EUR 35.6 million (EUR 12.8 million).
Option Schemes
At the end of the period, eQ Plc had two valid option schemes. The option schemes
are intended as part of the commitment system of the Group’s key personnel.
Option Scheme 2022:
At the end of the period, altogether 830,000 options had been allocated from Option
Scheme 2022. The subscription period of shares with option rights 2022 began on 1
April 2025 and will end on 30 April 2027. The subscription price of a share with 2022
option right was EUR 20.79 at the end of the review period.
The terms and conditions of the Option Scheme have been published in a stock
exchange release of 4 February 2022, and they can be found in their entirety on
the company website at www.eQ.fi/en.
Option Scheme 2025:
Based on the authorisation given by the Annual General Meeting on 21 March 2024,
the Board of Directors of eQ Plc decided on 3 February 2025 on a new option scheme
for key employees of eQ Group. The Option Scheme 2025 consists of 1,360,000 option
rights and each option right entitles to the subscription of one new share in eQ Plc.
Based on the option scheme 2025, on 3 February 2025 the Board of Directors of eQ
Plc decided to issue 1,180,000 option rights to key persons employed by the eQ Group
nominated by the Board. The option scheme 2025 covers approximately one fourth of
eQ Group’s personnel.
On 4 May 2025, eQ Plc’s Board of Directors decided to grant 100,000 option rights to
Jouko Pölönen, the new CEO of eQ Plc, based on the 2025 Option Scheme.
On 8 December 2025, eQ Plc’s Board of Directors decided to grant 40,000 option
rights to Taina Kyllönen, who has been appointed as the eQ Group’s Chief HR and
Communications Officer, on the basis of the Option Scheme 2025. Kyllönen received
the options on 19 January 2026 when she took up her post.
At the end of the period, altogether 1,320,000 options had been allocated from Option
Scheme 2025. The subscription period of shares with option rights 2025 will begin on 1
March 2028 and end on 31 May 2030. The terms and conditions of the Option Scheme
have been published in a stock exchange release of 4 February 2025, and they can be
found in their entirety on the company website at www.eQ.fi/en.
43eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
Own shares
At the end of the financial period, on 31 December 2025, eQ Plc held no own shares.
Shareholders
On 30 May 2025, eQ Plc published a flagging announcement in which Rettig Oy
Ab announced that its holding in the company had fallen below the 15% flagging
threshold. In addition, on June 24, 2025, eQ Plc published a flagging announcement
in which Chilla Capital S.A. (now Chilla Capital Oy), controlled by Janne Larma,
announced that its ownership had fallen below the 15 per cent flagging threshold. The
changes in ownership were due to the three largest shareholders of eQ plc deciding
to sell a total of 1,000,000 shares in eQ Plc to the investment company of Jouko
Pölönen, the new CEO of eQ Plc.
Osakkeiden omistus
Major shareholders Number of shares
% of votes
and shares
Fennogens Investments S.A. 7,744,445 18.70%
Rettig Oy Ab 6,024,866 14.55%
Chilla Capital Oy 5,915,904 14.29%
Teamet Oy 4,250,000 10.26%
Oy Cevante Ab 1,419,063 3.43%
Fazer Jan Peter 1,314,185 3.17%
Privestment Oy 1,000,000 2.42%
Procurator Oy 793,892 1.92%
Lavventura Oy 700,000 1.69%
Ilmarinen Mutual Pension Insurance Company 697,500 1.68%
Linnalex Ab 631,652 1.53%
Pinomonte Ab 529,981 1.28%
Elo Mutual Pension Insurance Company 478,564 1.16%
Umo Invest Oy 414,240 1.00%
Leppä Jukka-Pekka 400,000 0.97%
Pohjolan Kiinteistökehitys Oy 387,000 0.93%
Svenska Litteratursällskapet i Finland 299,806 0.72%
Sever Match Oy 290,000 0.70%
Mononen Matti 180,000 0.43%
Nacawi Ab 150,000 0.36%
Other 7,786,100 18.80%
Total 41,407,198 100.00%
The information is based on the situation in the share register maintained by Euroclear
Finland Ltd on 31 December 2025.
Ownership structure by sector on 31 December 2025:
Number of shares
% of votes
and shares
Corporations 17,775,560 42.93%
Financial and insurance institutions 559,692 1.35%
Public sector entities 1,200,456 2.90%
Households 7,495,343 18.10%
Foreign 13,739,835 33.18%
Other
1)
636,312 1.54%
Total 41,407,198 100.00%
1)
The item Others comprises non-profit organisations.
Ownership structure according to number of shares held:
Number of shares per shareholder
Number of
shareholders
% of
shareholders
1–100 3,712 46.35%
101–500 2,572 32.11%
501–1,000 784 9.79%
1,001–5,000 734 9.16%
5,001–10,000 94 1.17%
10,001–50,000 67 0.84%
50,001–100,000 15 0.19%
100,001–500,000 19 0.24%
500,001– 12 0.15%
Total 8,009 100.00%
Number of shares per shareholder Number of shares % of shares
1–100 154,453 0.37%
101–500 670,748 1.62%
501–1,000 612,664 1.48%
1,001–5,000 1,597,001 3.86%
5,001–10,000 680,543 1.64%
10,001–50,000 1,516,359 3.66%
50,001–100,000 1,086,603 2.62%
100,001–500,000 4,067,339 9.82%
500,001– 31,021,488 74.92%
Total 41,407,198 100.00%
Nominee registered shares:
Of the company shares, 241,385 were nominee-registered, representing 0.58% of the
votes and shares.
Other information on the share
The following information on the company share is found in the Notes to the Financial
Statements: holdings of the company management and directors and the number of
company shares and share types.
Corporate governance
In addition to acts and regulations applicable to listed companies, in 2025 eQ Plc
complied with the Finnish Corporate Governance Code 2025 published by the
Securities Market Association on 1 January 2025. The entire Code is available on
the website of the Securities Market Association at www.cgfinland.fi/en.
The Board of Directors of eQ Plc has discussed the Corporate Governance Statement
on 2 February 2026. The Corporate Governance Statement has been published on
the company’s website and as part of the Annual Report.
Proposal for the distribution of profit
The distributable means of the parent company on 31 December 2025 totalled
EUR 52,808,156.41.
The sum consisted of retained earnings of EUR 27,383,586.67 and the means in
the reserve of invested unrestricted equity of EUR 25,424,569.74.
The Board of Directors proposes to the Annual General Meeting that a dividend of
EUR 0.52 per share be paid out. The proposed dividend, calculated on the basis of
the number of shares at the end of the financial period, totals EUR 21,531,742.96.
The dividend is paid in two instalments.
44
eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
The first instalment, EUR 0.26 per share, is paid to those who are registered as
shareholders in the company’s shareholder register maintained by Euroclear Finland
Ltd on the record date 26 March 2026. The Board proposes that the first instalment of
the dividend be paid out on 2 April 2026.
The second instalment, EUR 0.26 per share, is to be paid in October 2026. The second
instalment is paid to those who are registered as shareholders in the company’s
shareholder register maintained by Euroclear Finland Ltd on the record date. The Board
of Directors will decide the record date and payment date of the second instalment of
the dividend payment at its meeting in September 2026. The planned record date is
7 October 2026 and the dividend payment date 14 October 2026.
After the end of the financial period, no essential changes have taken place in
the financial position of the company. The Board of Directors feel that the proposed
distribution of dividend does not endanger the liquidity of the company.
Events after the end of the financial period
eQ has published an update of its strategy and long-term objectives in a separate
release in conjunction with the publication of the financial statements. The aim of
eQ’s updated strategy 2030 is returning to strong growth. This growth is based on
eQ’s unique strengths, extensive experience, and the top-notch expertise of our
specialists as trusted asset managers for institutions. Our goal is to further strengthen
the customer and employee experience, expand our business both internationally and
to private customers, and to double our operating profit by the end of 2030.
eQ Plc’s strategic objectives are:
• Competitive returns and the smoothest customer service
• The most attractive and engaging work community in the field
• Strong profitable growth and doubling of operating profit by the end of 2030
• Efficient quality: cost/income ratio below 50%
• Strong dividend: the profit for the financial period is distributed as dividends,
safeguarding capital adequacy, liquidity, and investments.
In connection with the change in strategy, eQ will report on two business segments
from 2026 onwards: Asset Management and Corporate Finance. eQ Group’s equity
and real estate fund investments made from its own balance sheet will be reported in
other functions together with the Group’s corporate functions.
In addition, eQ Plc’s Board of Directors has decided on changes to the Group’s
Management Team. eQ is renewing the composition of its Management Team to
support the implementation of the strategy and the management of the Group.
The composition of the Management Team as of 3 February 2026 is as follows:
• Jouko Pölönen, CEO of eQ Plc, M.Sc. (Econ.) (born 1970)
• Tero Estovirta, Managing director of eQ Asset Management Ltd, M.Sc. (Tech.)
(born 1971)
• Jacob af Forselles, Managing director of Advium Corporate Finance Oy, M.Sc.
(Econ.), LL.B (born 1973)
• Kirsi Hokka, Customer Relations, M.Sc. (Econ) (born 1965)
• Taina Kyllönen, Human Resources and Communications, M.Sc. (Econ.) (born 1967)
• Arimo Leppä, Technology and Development, LL.M. (born 1984)
• Antti Lyytikäinen, Finance, M.Sc. (Econ.) (born 1981)
• Juha Surve, Legal, LL.M., M.Sc. (Econ) (born 1980)
At the end of January 2026, eQ completed the first closings of four new private equity
and venture capital funds. The eQ PE XVIII North, eQ PE SF VI, eQ PE Direct I and eQ
VC III US funds raised over EUR 150 million in the first closing. eQ PE Direct I is eQ’s
first co-investment fund. Fundraising for all funds will continue until 2026.
On 27 January 2026, eQ announced the proposals of the Shareholders’ Nomination
Committee for the 2026 Annual General Meeting of eQ Plc. The Shareholders’
Nomination Committee proposes that Päivi Arminen, Nicolas Berner, Caroline Bertlin,
Georg Ehrnrooth, Janne Larma and Tomas von Rettig be re-elected to the Board for
a term of office ending at the close of the next Annual General Meeting.
Outlook
General economic uncertainty and customs disputes also delayed the recovery of the
real estate market during 2025. However, the Finnish real estate transaction market
grew significantly during the year compared to the previous year. Trading accelerated
especially towards the end of the year. Despite the upturn in activity, market liquidity
remains low by historical standards, and the real estate market situation remains
challenging overall. Yield requirements have not fallen, even though interest rates
have fallen significantly in Europe. In several Finnish open-ended real estate funds,
redemptions have not been completed on time and investors have had to wait for their
funds. The recovery of the real estate market now depends on the development of
the Finnish economy and foreign capital. Our assessment is that market activity will
increase and yield requirements will decrease 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 were at a good level in 2025. 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. It has been quiet at the exit market for Private Equity funds during the 2025
financial period, but despite this, our funds have returned capital to 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, three other fund
structures are expected to move to a performance fee phase in 2026.
In terms of equity and fixed income asset management, fee trends are largely
dependent on market developments.
Helsinki, 2 February 2026
eQ Plc
Board of Directors
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eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
Consolidated key ratios
EUR 1,000 2025 2024 2023 2022 2021
INCOME STATEMENT
Fee and commission income, net
58,550 63,831 70,815 77,129 71,578
Net income from financial assets -407 1,708 -52 709 7,314
Net revenue 58,161 65,649 70,853 77,781 78,880
Operating profit (loss) 27,391 34,535 39,749 45,735 47,660
% of net revenue 47,1 52,6 56,1 58,8 60,4
Profit (loss) for the period 21,595 27,405 31,524 36,322 38,078
BALANCE SHEET
Claims on credit institutions and liquid assets
10,944 7,982 22,911 23,688 35,141
Financial assets 20,861 25,998 27,111 36,956 39,760
Intangible and tangible assets 29,678 32,856 33,891 35,186 30,819
Other assets and receivables 26,249 28,235 16,357 15,027 5,123
Total assets 87,733 95,071 100,270 110,858 110,842
Equity 69,058 73,330 75,436 81,779 79,955
Liabilities 18,675 21,742 24,834 29,079 30,887
Total liabilities and equity 87,733 95,071 100,270 110,858 110,842
EUR 1,000 2025 2024 2023 2022 2021
PROFITABILITY AND OTHER KEY RATIOS
Return on investment, ROI % p.a.
29.1 35.0 37.8 43.2 50.6
Return on equity, ROE % p.a. 30.3 36.8 40.1 44.9 51.6
Equity to assets ratio, % 78.7 77.1 75.2 73.8 72.1
Gearing, % -17.8 -17.8 -37.8 -46.7 -68.7
Cost/income ratio, %
Group 52.9 47.4 43.8 41.1 39.5
Asset Management 43.8 42.3 37.9 36.0 37.7
Corporate Finance 178.5 71.6 83.0 67.7 60.0
Number of personnel as full-time resources
at the end of the period 116 104 101 94 96
Number of personnel as full-time resources, average 109 103 101 96 95
46eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
EUR 1,000 2025 2024 2023 2022 2021
SHARE-RELATED KEY RATIOS
Earnings per average share, EUR
0.52 0.66 0.78 0.91 0.97
Diluted earnings per average share, EUR 0.52 0.65 0.75 0.87 0.93
Equity per share, EUR 1.67 1.77 1.85 2.02 2.02
Equity per share, EUR
1)
1.67 1.78 1.86 2.04 2.03
Dividend, EUR 1,0002) 21,532 27,329 32,597 36,791 38,443
Dividend per share
2)
Dividend per earnings, %
2)
100.0 100.0 102.6 100.0 100.0
Repayment of equity, EUR 1,000
3)
0 0 0 3,639 1,189
Repayment of equity per share
3)
0.00 0.00 0.00 0.09 0.03
Dividend and repayment of equity, total, EUR 1,000 21,532 27,329 32,597 40,430 39,632
Dividend and repayment of equity, total per share 0.52 0.66 0.80 1.00 1.00
Effective dividend and equity repayment yield, % 4.7 5.1 5.1 3.9 3.9
Price/earnings ratio, P/E 21.3 19.6 20.0 28.0 26.5
Adjusted share price development, EUR
Average price
11.47 13.81 19.02 23.54 23.26
Highest price 13.70 15.98 25.70 27.95 30.65
Lowest price 9.50 12.05 13.90 20.10 16.50
Closing price at the end of year 11.05 12.95 15.58 25.45 25.75
Market capitalisation, EUR 1,000 457,550 536,223 634,818 1,028,936 1,020,529
Share turnover, 1,000 shares 3,168 930 1,114 1,948 2,090
% of total number of shares 7.7 2.3 2.7 4.9 5.3
Share turnover, EUR 1,000 35,582 12,836 21,184 45,853 48,909
Adjusted number of shares, 1,000 shares
Average during the year
41,407 41,245 40,592 40,082 39,353
At the end of the year 41,407 41,407 40,746 40,430 39,632
1)
Weighted average number of shares outstanding during the period
2)
The Board’s dividend proposal
3)
The Board’s proposal for repayment of equity from the reserve for invested unrestricted equity
47eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
RETURN ON INVESTMENT, ROI (%)
profit or loss + interest expenses
x 100
equity + interest-bearing financial liabilities (average)
RETURN ON EQUITY, ROE (%)
profit or loss
x 100
equity (average)
EQUITY TO ASSETS RATIO (%)
equity
x 100
balance sheet total - advances received
GEARING (%)
interest-bearing liabilities - financial assets - cash in hand and at bank
x 100
equity
COST/INCOME RATIO (%)
administrative expenses + other operating expenses
+ depreciation (excl. agreement depreciation)
x 100
net revenue
EARNINGS PER SHARE, EPS
profit or loss for the period attributable to equity
holders of the parent company
adjusted average number of shares during the period
EQUITY PER SHARE
equity
adjusted number of shares at the balance sheet date
DIVIDEND PER SHARE
dividend
adjusted number of shares at the balance sheet date
DIVIDEND PER EARNINGS (%)
dividend per share
x 100
earnings per share
REPAYMENT OF EQUITY PER SHARE
repayment of equity from the reserve for invested unrestricted equity
adjusted number of shares at the balance sheet date
EFFECTIVE DIVIDEND AND EQUITY REPAYMENT YIELD (%)
dividend and equity repayment per share
x 100
adjusted share price at the balance sheet date
PRICE/EARNINGS RATIO, P/E
adjusted share price at the balance sheet date
earnings per share
MARKET CAPITALISATION
number of shares on 31 Dec x closing price on 31 Dec
SHARE TURNOVER (%)
number of shares traded during the period
x 100
average number of shares during the period
Calculation of Key Ratios
48eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
VastuullisuusFinancial Statements 2025
Consolidated Income Statement 50
Consolidated Balance Sheet 51
Consolidated Cash Flow Statement 52
Change in Consolidated Shareholders’ Equity 52
Notes to the Consolidated Financial Statements 53
Parent Company Income Statement 71
Parent Company Balance sheet 71
Parent Company Cash Flow Statement 72
Notes to the Parent Company
Financial Statements 73
Proposal for the Distribution of Profits 78
Signatures and Auditors’ Note 79
In line with the ESEF requirements, the consolidated financial statements have been labelled with XBRL tags in the XHTML-file. Non-official version, translation.
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Consolidated Income Statement
EUR 1,000 Note no. 2025 2024
Fee and commission income 5 59,170 64,449
Interest income 6 146 337
Net income from financial assets 7 -407 1,708
Operating income, total 58,909 66,494
Fee and commission expenses 8 -620 -618
Interest expenses 9 -128 -227
NET REVENUE 58,161 65,649
Administrative expenses 10
Personnel expenses
-23,454 -24,762
Other administrative expenses -3,217 -2,863
Depreciation on tangible and intangible assets 11 -1,117 -1,153
Other operating expenses 12 -2,980 -2,336
OPERATING PROFIT (LOSS) 27,391 34,535
PROFIT BEFORE TAXES 27,391 34,535
Income taxes 13 -5,796 -7,131
PROFIT (LOSS) FOR THE FINANCIAL PERIOD 21,595 27,405
Consolidated statement of comprehensive income
EUR 1,000 Note no. 2025 2024
Other comprehensive income: - -
Other comprehensive income after taxes - -
TOTAL COMPREHENSIVE INCOME FOR THE FINANCIAL PERIOD 21,595 27,405
Profit for the period attributable to:
Equity holders of the parent company
Non-controlling interests - -
Comprehensive income for the period attributable to:
Equity holders of the parent company
Non-controlling interests - -
Earnings per share calculated from the profit of
equity holders of the parent company: 14
Earnings per average share, EUR
Diluted earnings per average share, EUR 0.52 0.65
50eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
Consolidated Balance Sheet
EUR 1,000 Note no. 31 Dec 2025 31 Dec 2024
ASSETS
Liquid assets
Claims on credit institutions 15 10,944 7,874
Financial assets 16, 26-29
Financial securities
Private equity and real estate fund investments 16,671 16,971
Intangible assets 17
Goodwill and brands
Other intangible assets - 5
Tangible assets 18
Right-of-use assets
Other tangible assets 466 389
Other assets 19 23,323 27,537
Accruals and prepaid expenditure 20 528 549
Income tax receivables 13 7
Deferred tax assets 21 120 143
TOTAL ASSETS 87,733 95,071
EUR 1,000 Note no. 31 Dec 2025 31 Dec 2024
LIABILITIES AND EQUITY
LIABILITIES
Other liabilities 22
Accruals and deferred income 23 8,845 10,923
Lease liabilities 24 2,864 3,963
Income tax liabilities 296 30
TOTAL LIABILITIES 18,675 21,742
EQUITY 30
Attributable to equity holders of the parent company:
Share capital
Reserve for invested unrestricted equity 27,279 27,279
Retained earnings 8,800 7,262
Profit (loss) for the period 21,595 27,405
TOTAL EQUITY 69,058 73,330
TOTAL LIABILITIES AND EQUITY 87,733 95,071
51eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
Consolidated Cash Flow Statement
EUR 1,000 2025 2024
Cash flow from operations
Operating profit 27,391 34,535
Depreciation and write-downs 1,117 1,153
Interest income and expenses -18 -110
Transactions with no related payment transactions 3,229 637
Financial assets - Private Equity and real estate funds -1,290 -444
Change in working capital
Business receivables, increase (-) decrease (+) 4,238 -11,882
Interest-free debt, increase (+) decrease (-) -2,265 -2,105
Total change in working capital 1,974 -13,987
Cash flow from operations before financial items and taxes 32,404 21,784
Interests received 146 337
Interests paid -128 -227
Income taxes -5,488 -7,097
Cash flow from operations 26,934 14,797
Cash flow from investments
Investments in tangible and intangible assets -202 -110
Investments in other investments - liquid mutual funds 4,660 1,876
Cash flow from investments 4,458 1,765
Cash flow from financing
Dividends/equity repayments paid
-27,329 -33,052
Subscription of new shares - 2,586
Deduction of lease liability capital -1,101 -1,025
Cash flow from financing -28,430 -31,491
Increase/decrease in liquid assets 2,962 -14,929
Liquid assets on 1 Jan 7,982 22,911
Liquid assets on 31 Dec 10,944 7,982
Change in consolidated shareholders’ equity
EUR 1,000 Equity attributable to equity holders of the parent company
Share
equity
Reserve
for invested
unrestricted
fund
Retained
earnings Total
Total
equity
Shareholders’ equity on 1 Jan 2025 11,384 27,279 34,667 73,330 73,330
Comprehensive income
Profit (loss) for the period
Other comprehensive income items - - -
Total comprehensive income 21,595 21,595 21,595
Dividend/equity repayment -27,329 -27,329 -27,329
Options granted 1,462 1,462 1,462
Shareholders’ equity on 31 Dec 2025 11,384 27,279 30,395 69,058 69,058
Shareholders’ equity on 1 Jan 2024 11,384 24,693 39,359 75,436 75,436
Comprehensive income
Profit (loss) for the period
Other comprehensive income items - - -
Total comprehensive income 27,405 27,405 27,405
Dividend/equity repayment -33,053 -33,053 -33,053
Subscription of new shares 2,586 2,586 2,586
Options granted 956 956 956
Shareholders’ equity on 31 Dec 2024 11,384 27,279 34,667 73,330 73,330
52eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
1. Principles for preparing the Consolidated Financial Statements
Notes to the Consolidated Financial Statements
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Notes to the Income Statement
62eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
Notes to the Consolidated
Balance Sheet
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Parent Company Income Statement (FAS)
EUR Note no. 2025 2024
Fee and commission income 2 76,800.00 76,800.00
Net gains from financial instruments entered at
fair value through profit or loss 3 -1,427,971.13 442,727.58
Income from equity investments 4
From other companies
1,021,448.11 1,265,633.00
Interest income 5 146,788.15 330,366.72
INVESTMENT FIRM INCOME -182,934.87 2,115,527.30
Fee and commission expenses 6 -150,000.00 -150,000.00
Interest expenses 7 -175,476.29 -282,135.43
Personnel and administrative expenses
Personnel expenses 8
Salaries and remuneration
-1,518,070.96 -1,474,434.05
Indirect employee costs
Pension costs
-239,754.84 -205,667.58
Other indirect employee costs -42,339.73 -22,620.40
Other administrative expenses 9 -463,488.19 -405,024.92
Depreciation and impairment on tangible and
intangible assets as well as shares and participations 10 -4,613.67 -4,266.63
Other operating expenses 11 -477,218.88 -439,428.62
OPERATING PROFIT (LOSS) -3,253,897.43 -868,050.33
Appropriations 12 31,670,000.00 36,058,684.47
Income taxes 13 -5,688,338.50 -7,047,368.42
PROFIT (LOSS) FOR THE FINANCIAL PERIOD 22,727,764.07 28,143,265.72
Parent Company Balance sheet (FAS)
EUR Note no. 31 Dec 2025 31 Dec 2024
ASSETS
Liquid assets
- 4,110.00
Claims on credit institutions
Repayable on demand 14
2,679,068.62 1,277,614.14
Shares and participations 15, 23 20,858,299.57 25,995,302.27
Shares and participations in Group undertakings 15 29,154,321.94 29,154,321.94
Tangible assets 16
Other tangible assets
10,419.64 15,033.31
Other assets 17 13,514,348.12 13,785,639.51
Accruals and prepaid expenditure 18 148,821.07 57,446.92
TOTAL ASSETS 66,365,278.96 70,289,468.09
LIABILITIES AND EQUITY
LIABILITIES
Liabilities to the public and public sector entities
Other
- 1,000,000.00
Other liabilities 19
Other liabilities
1,782,361.22 123,306.57
Accruals and deferred income 20 390,888.33 373,145.50
TOTAL LIABILITIES 2,173,249.55 1,496,452.07
EQUITY 24
Share capital
11,383,873.00 11,383,873.00
Unrestricted equity
Reserve for invested unrestricted equity
25,424,569.74 25,424,569.74
Retained earnings (loss) 4,655,822.60 3,841,307.56
Profit (loss) for the period 22,727,764.07 28,143,265.72
TOTAL EQUITY 64,192,029.41 68,793,016.02
TOTAL LIABILITIES AND EQUITY 66,365,278.96 70,289,468.09
71eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
Parent Company Cash Flow Statement (FAS)
EUR 1,000 2025 2024
Cash flow from operations
Operating profit
28,416 35,191
Adjustments:
Depreciation and write-downs
5 4
Interests received -147 -330
Interests paid 175 282
Transactions with no related payment transactions 1,767 -318
Financial assets – Private Equity and real estate funds -1,290 -444
Change in working capital
Business receivables, increase (-) decrease (+)
180 -4,986
Interest-free debt, increase (+) decrease (-) 1,390 -414
Total change in working capital 1,570 -5,400
Cash flow from operations before financial items and taxes 30,496 28,984
Interests received 147 330
Interests paid -175 -282
Taxes -5,401 -7,045
Cash flow from operations 25,066 21,988
EUR 1,000 2025 2024
Cash flow from investments
Investments in other investments – liquid mutual funds
4,660 1,876
Cash flow from investments 4,660 1,876
Cash flow from financing
Dividends paid
-27,329 -33,053
Subscription of new shares - 2,586
Loan repayments -1,000 -
Cash flow from financing -28,329 -30,467
Increase/decrease in liquid assets 1,397 -6,603
Liquid assets on 1 Jan 1,282 7,885
Liquid assets on 31 Dec 2,679 1,282
72eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
1 Principles for preparing the Financial Statements
General
When preparing the financial statements, the company has followed the Ministry
of Finance Decree on financial statements and consolidated financial statements
of credit institutions and investment firms (76/2018) and the Financial Supervision
Authority’s regulations and guidelines on accounting, financial statements, and report
by the Board of Directors for the financial sector (2/2016).
Valuation principles and methods as well as
periodization principles and methods
Fee and commission income is recorded when the income can be defined in a reliable
manner and it is likely that the company benefits from the financial advantage
related to the transaction. Dividend income is recorded when the right to the dividend
has arisen.
Interest income and expenses are recorded based on time by using the effective
interest method and taking into account all contractual terms of the financial
instrument. Interests that have not been received on the closing date are recorded
as interest income and receivable and the unpaid interests as interest expenses
and liabilities.
The profit shares from the private equity and real estate fund investments made from
eQ Plc’s own balance sheet are entered as income from equity investments. The value
changes of private equity fund and real estate fund investments recorded through
profit or loss are entered among the net gains from financial instruments entered at
fair value through profit or loss. The value changes through profit or loss as well as
sales profits and losses of investments in mutual funds are also entered among the
net gains from financial instruments entered at fair value through profit or loss.
Notes to the Parent Company Financial Statements
Financial assets are classified into the following groups in accordance with the IFRS 9
standard Financial Instruments:
a) valued at amortised acquisition cost,
b) entered at fair value through profit or loss
c) valued at fair value with other items of comprehensive income.
eQ Plc’s private equity and real estate fund investments and investments in mutual
funds are classified among financial assets at fair value through profit or loss.
Financial liabilities as classified as follows:
a) valued at amortised acquisition cost
b) valued at fair value through profit or loss.
eQ Plc had no financial liabilities valued at fair value through profit or loss at the
reporting moment.
Depreciation principles
Tangible and intangible assets are entered in the balance sheet at acquisition cost
less depreciation according to plan and impairment. The depreciation according to
plan is calculated as straight-line depreciation based on the useful life of tangible and
intangible assets. Depreciation has been calculated from the month the assets were
taken into use. The depreciation period of intangible assets is 3 to 5 years and that of
machinery and equipment 3 to 10 years.
Foreign currency items
The receivables and debts in foreign currencies have been translated to euros
according to the rate prevailing on the balance sheet day.
2 Fee and commission income
EUR 1,000 2025 2024
From other operations 77 77
3 Net gains from financial instruments entered
at fair value through profit or loss
EUR 1,000 2025 2024
From shares and participations
Changes in fair value
743 1,147
Sales profits/losses -2,171 -704
Total -1,428 443
4 Income from equity investments
EUR 1,000 2025 2024
Dividend income from financial assets
valued at fair value 1,021 1,266
Total 1,021 1,266
5 Interest income
EUR 1,000 2025 2024
From Group companies 3 0
From credit institutions 141 329
Other interest income 2 1
Total 147 330
73eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
6 Fee and commission expenses
EUR 1,000 2025 2024
Other fees – management of investments
eQ Asset Management -150 -150
Total -150 -150
7 Interest expenses
EUR 1,000 2025 2024
To Group undertakings -175 -282
Other interest expenses 0 0
Total -175 -282
8 Personnel expenses
EUR 1,000 2025 2024
Salaries and remuneration -1,518 -1,474
Pension costs -240 -206
Other indirect employee costs -42 -23
Total -1,800 -1,703
Average number of personnel during
the period – permanent 4 5
Change during the financial period -1 -
9 Other administrative expenses
EUR 1,000 2025 2024
Other personnel expenses -28 -27
IT and connection expenses -112 -109
Other administrative expenses -323 -269
Total -463 -405
10 Depreciation and impairment on tangible and
intangible assets as well as shares and participations
EUR 1,000 2025 2024
Depreciation on intangible and tangible assets -5 -4
A depreciation specification per balance sheet item is presented under intangible and
tangible assets.
11 Other operating expenses
EUR 1,000 2025 2024
Expert fees -72 -14
Fees to the auditor
Audit fees
-29 -33
Other services -5 -9
Total -34 -41
Leases on premises and other rental expenses -105 -107
Other expenses -266 -278
Total -477 -439
12 Appropriations
EUR 1,000 2025 2024
Group subsidies received 33,000 36,060
Group subsidies issued -1,330 -1
Total 31,670 36,059
13 Income taxes
EUR 1,000 2025 2024
Income tax for the period
Income taxes for operations
-5,401 -7,045
Deferred taxes -287 -3
Total -5,688 -7,047
14 Claims on credit institutions
EUR 1,000 2025 2024
Repayable on demand
From domestic credit institutions
2 679 1 278
15 Shares and participations
EUR 1,000 2025 2024
Shares and participations
Financial assets: Private equity and
real estate fund investments
16,671 16,971
Financial assets: Units in investment funds 4,168 9,004
Other participations 20 20
Shares and participations in Group undertakings 29,154 29,154
Total 50,013 55,150
– of which at acquisition cost 29,174 29,174
74eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
16 Intangible and tangible assets
EUR 1,000 2025 2024
Other tangible assets
Acquisition cost on 1 Jan
246 246
Increases - -
Acquisition cost on 31 Dec 246 246
Accumulated depreciation on 1 Jan -231 -228
Depreciation for the period -5 -4
Accumulated depreciation on 31 Dec -236 -231
Book value on 31 Dec 10 15
17 Other assets
EUR 1,000 2025 2024
Receivables from Group undertakings 13,513 13,560
Other receivables 1 226
Total 13,514 13,786
18 Accruals and prepaid expenditure
EUR 1,000 2025 2024
Other accruals 149 57
Total 149 57
19 Other liabilities
EUR 1,000 2025 2024
Accounts payable 20 27
Liabilities to Group undertakings 1,371 49
Other liabilities 392 47
Total 1,782 123
20 Accruals
EUR 1,000 2025 2024
Other accruals 391 373
21 Items denominated in domestic and
foreign currencies and Group items
31 Dec 2025
EUR 1,000 EUR
Other
than EUR Total
Part of
group
same
Balance sheet items
Claims on credit institutions
2,679 - 2,679 -
Other assets 56,122 7,564 63,686 13,513
Total 58,801 7,564 66,365 13,513
Liabilities to the public and
public sector entities - - - -
Other liabilities 2,173 - 2,173 1,371
Total 2,173 - 2,173 1,371
31 Dec 2024
EUR 1,000 EUR
Other
than EUR Total
Part of
group
same
Balance sheet items
Claims on credit institutions
1,278 - 1,278 -
Other assets 61,355 7,657 69,012 13,560
Total 62,633 7,657 70,289 13,560
Liabilities to the public and
public sector entities 1,000 - 1,000 1,000
Other liabilities 496 - 496 49
Total 1,496 - 1,496 1,049
22 Fair values of financial assets and liabilities
2025 2024
EUR 1,000
Fair
value
Book
value
Fair
value
Book
value
Financial assets
Claims on credit institutions
2,679 2,679 1,278 1,278
Shares and participations 20,858 20,858 25,995 25,995
Shares and participations in
Group undertakings 29,154 29,154 29,154 29,154
Total 52,692 52,692 56,427 56,427
Financial liabilities - - 1,000 1,000
Liabilities to the public and
public sector entities 0 0 1,000 1,000
Total 1,000 1,000 1,000 1,000
The table shows the fair values and book values of financial assets and liabilities per
balance sheet item. The assessment principles of fair values are presented in principles
for preparing the financial statements.
75eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
23 Value of financial assets across the three
levels of the fair value hierarchy
31 Dec 2025
EUR 1,000 Level 1 Level 3
Financial assets at fair value through profit or loss
Private equity and real estate fund investments
- 16,671
Financial securities 4,188 -
Total 4,188 16,671
Level 3 reconciliation – Financial assets
at fair value through profit or loss
Private Equity and
real estate funds
Opening balance 16,971
Calls and returns 1,290
Impairment loss 919
Sales profits/losses -2,510
Closing balance 16,671
31 Dec 2024
EUR 1,000 Level 1 Level 3
Financial assets at fair value through profit or loss
Private equity and real estate fund investments
- 16,971
Financial securities 9,024 -
Total 9,024 16,971
Level 3 reconciliation – Financial assets
at fair value through profit or loss
Private Equity and
real estate funds
Opening balance 16,556
Calls and returns 444
Impairment loss 799
Sales profits/losses -828
Closing balance 16,971
Level 1 comprises financial assets the value of which is based on quotes in the liquid
market. A market where the price is easily available on a regular basis is regarded as a
liquid market.
The fair values of level 3 private equity funds are based on the value of the fund
according to the management company of the private equity fund and their use
in widely used valuation models. Private Equity fund investments are valued in
accordance with a practice widely used in the sector — the International Private
Equity and Venture Capital Guidelines. The fair values of level 3 real estate fund
investments are based on the value of the fund according to the management
company. For each property, a price estimate is obtained from an independent and
external property valuer.
24 Equity
EUR 1,000 2025 2024
Share capital on 1 Jan 11,384 11,384
Share capital on 31 Dec 11,384 11,384
Restricted equity, total 11,384 11,384
Reserve for invested unrestricted equity on 1 Jan 25,425 22,838
Increases/decreases - 2,586
Reserve for invested unrestricted equity on 31 Dec 25,425 25,425
Retained earnings
Retained earnings on 1 Jan
31,985 36,894
Dividend -27,329 -33,053
Retained earnings on 31 Dec 4,656 3,841
Profit (loss) for the period 22,728 28,143
Non-restricted equity, total 52,808 57,409
Equity on 31 Dec 64,192 68,793
Calculation of distributable assets on 31 Dec
Retained earnings
4,656 3,841
Profit for the financial period 22,728 28,143
Reserve for invested unrestricted equity 25,425 25,425
Distributable assets 52,808 57,409
The share capital of the company consists of 41,407,198 shares. All shares carry
one vote.
76eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
Other notes
25 Pledges, mortgages and obligations
EUR 1,000 2025 2024
eQ Plc’s investment commitments in private equity
funds, remaining commitment 5,211 6,033
Leasing agreements and leases less than one year 2,310 1,242
Leasing agreements and leases exceeding one year
but less than five years 5,610 3,017
Total 13,131 10,292
77eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
Proposal for the distribution of profit
The distributable means of the parent company on 31 December 2025
totalled EUR 52,808,156.41. The sum consisted of retained earnings of
EUR 27,383,586.67 and the means in the reserve of invested unrestricted equity
of EUR 25,424,569.74.
The Board of Directors proposes to the Annual General Meeting that a dividend
of EUR 0.52 per share be paid out. The proposed dividend, calculated on
the basis of the number of shares at the end of the financial period, totals
EUR 21,531,742.96. The dividend is paid in two instalments.
The first instalment, EUR 0.26 per share, is paid to those who are registered
as shareholders in the company’s shareholder register maintained by Euroclear
Finland Ltd on the record date 26 March 2026. The Board proposes that the first
instalment of the dividend be paid out on 2 April 2026.
The second instalment, EUR 0.26 per share, is to be paid in October 2026.
The second instalment is paid to those who on the record date are registered
as shareholders in the company’s shareholder register maintained by Euroclear
Finland Ltd. The Board of Directors will decide the record date and payment date
of the second instalment of the dividend payment at its meeting in September
2026. The planned record date is 7 October 2026 and the dividend payment date
14 October 2026.
After the end of the financial period, no essential changes have taken place
in the financial position of the company. The Board of Directors feel that
the proposed distribution of dividend does not endanger the liquidity of
the company.
78eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
Signatures to the Report by the Board
of Directors and Financial Statements
Helsinki, 2 February 2026
Auditor’s note
The auditors’ report over the audit has been issued today.
Helsinki, 2 February 2026
KPMG Oy Ab
Firm of Authorised Public Accountants
Tuomas Ilveskoski
APA (KHT)Nicolas Berner
Member of the Board
Caroline Bertlin
Member of the Board
Tomas von Rettig
Member of the Board
Jouko Pölönen
CEO
Janne Larma
Chair of the Board
Georg Ehrnrooth
Vice Chair of the Board
Päivi Arminen
Member of the Board
79eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
Auditor’s Report
To the Annual General Meeting of eQ Plc
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of eQ Plc (business identity code 1625441-9) for the year ended 31 December, 2025. The
financial statements comprise the consolidated balance sheet, income statement, statement of comprehensive income, statement
of changes in equity, statement of cash flows and notes, including material accounting policy information, as well as the parent
company’s balance sheet, income statement, statement of cash flows and notes.
In our opinion
— the consolidated financial statements give a true and fair view of the group’s financial position, financial performance and cash
flows in accordance with IFRS Accounting Standards as adopted by the EU
— the financial statements give a true and fair view of the parent company’s financial performance and financial position in
accordance with the laws and regulations governing the preparation of financial statements in Finland and comply with statutory
requirements.
Our opinion is consistent with the additional report submitted to the Board of Directors.
Basis for Opinion
We conducted our audit in accordance with good auditing practice in Finland. Our responsibilities under good auditing practice are
further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report.
We are independent of the parent company and of the group companies in accordance with the ethical requirements that are
applicable in Finland and are relevant to our audit, and we have fulfilled our other ethical responsibilities in accordance with these
requirements.
In our best knowledge and understanding, the non-audit services that we have provided to the parent company and group companies
are in compliance with laws and regulations applicable in Finland regarding these services, and we have not provided any prohibited
non-audit services referred to in Article 5(1) of regulation (EU) 537/2014. The non-audit services that we have provided have been
disclosed in note 12 to the consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Materiality
The scope of our audit was influenced by our application of materiality. The materiality is determined based on our professional
judgement and is used to determine the nature, timing and extent of our audit procedures and to evaluate the effect of identified
misstatements on the financial statements as a whole. The level of materiality we set is based on our assessment of the magnitude
of misstatements that, individually or in aggregate, could reasonably be expected to have influence on the economic decisions of the
users of the financial statements. We have also taken into account misstatements and/or possible misstatements that in our opinion
are material for qualitative reasons for the users of the financial statements.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial
statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole,
and in forming our opinion thereon, and we do not provide a separate opinion on these matters. The significant risks of material
misstatement referred to in the EU Regulation No 537/2014 point (c) of Article 10(2) are included in the description of key audit
matters below.
We have also addressed the risk of management override of internal controls. This includes consideration of whether there was
evidence of management bias that represented a risk of material misstatement due to fraud.
This document is an English translation of the Finnish auditor’s report. Only the Finnish version of the report is legally binding.
80eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
THE KEY AUDIT MATTER HOW THE MATTER WAS ADDRESSED IN THE AUDIT
Recognition of fee and commission income (Principles for preparing the consolidated financial statements and Note 5)
— The assets managed by eQ Group entitle to management fees
on the grounds of agreements with customers. Management
fees make up a significant item in the Group’s income
statement.
— Performance fees and fees from the corporate finance segment
also make up a substantial part in the formation of the Group’s
result and may vary considerably from year to year.
— Calculation of fee and commission income relying on fee
agreements and other source data.
— Appropriate timing of the recognition of fee and commission
income at correct amount is relevant in respect to the accuracy
of the financial statements.
— We evaluated the business processes related to fee and
commission income. Our audit procedures also included
comparing the accounting data kept in subledgers to that in the
general ledger, and substantive procedures performed in respect
of fee income. In addition, we have evaluated the accuracy of
the timing and the amount of revenue recognition.
— Regarding corporate finance fees, we assessed the monitoring
procedures used as the well as timing and the amount of
revenue recognition under projects by reference to the terms of
customer contracts.
— We inspected the calculation model of performance fees and
compared the parameters used to individual fund agreements
and the rules of investment funds.
— We inspected the accounting treatment of fees and
commissions and the appropriateness of the notes in relation to
the requirements of the IFRS 15 standard.
Valuation of private equity fund investments (Principles for preparing the consolidated financial statements and Notes 16, 26–29)
— The determination of fair values for investments is based
on the valuation principles as described in the principles for
preparing the consolidated financial statements of eQ Group.
With respect to illiquid assets in eQ’s investment portfolio, fair
values are provided by fund managers. In accordance with the
IFRS 9 standard, changes in the value of equity investments are
recognized in profit or loss.
— Private equity fund investments is a significant item in eQ
Group’s financial statements, and therefore the valuation of said
assets is considered a key audit matter.
— We assessed eQ Group’s valuation process as well as the
compliance with the principles for preparing the consolidated
financial statements. In addition, we inspected the consistency
of the accounting treatment in relation to the requirements of
the IFRS 9 standard.
— As part of our year-end audit procedures, we compared the fair
values used in the financial statements with the valuations
provided by fund managers. In addition, we reconciled the
balance sheet values of private equity funds with separate
monitoring of the funds.
— We also assessed the appropriateness of the disclosures made in
relation to investment assets.
Responsibilities of the Board of Directors and the Managing Director for the Financial Statements
The Board of Directors and the Managing Director are responsible for the preparation of consolidated financial statements that give a
true and fair view in accordance with IFRS Accounting Standards as adopted by the EU, and of financial statements that give a true
and fair view in accordance with the laws and regulations governing the preparation of financial statements in Finland and comply
with statutory requirements. The Board of Directors and the Managing Director are also responsible for such internal control as they
determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to
fraud or error.
In preparing the financial statements, the Board of Directors and the Managing Director are responsible for assessing the parent
company’s and the group’s ability to continue as a going concern, disclosing, as applicable, matters relating to going concern and using
the going concern basis of accounting. The financial statements are prepared using the going concern basis of accounting unless there
is an intention to liquidate the parent company or the group or cease operations, or there is no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a
high level of assurance, but is not a guarantee that an audit conducted in accordance with good auditing practice will always detect
a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in
the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial
statements.
As part of an audit in accordance with good auditing practice, we exercise professional judgment and maintain professional skepticism
throughout the audit. We also:
— Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and
perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis
for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
— Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the parent company’s or the group’s
internal control.
— Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures
made by management.
— Conclude on the appropriateness of the Board of Directors’ and the Managing Director’s use of the going concern basis of
accounting and based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that
may cast significant doubt on the parent company’s or the group’s ability to continue as a going concern. If we conclude that a
material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial
statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained
81eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
up to the date of our auditor’s report. However, future events or conditions may cause the parent company or the group to cease
to continue as a going concern.
— Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the
financial statements represent the underlying transactions and events so that the financial statements give a true and fair view.
— Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities
or business units within the group as a basis for forming an opinion on the group financial statements. We are responsible for the
direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our
audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and
significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding
independence, and communicate with them all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in
the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our
auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we
determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be
expected to outweigh the public interest benefits of such communication.
Other Reporting Requirements
Information on our audit engagement
We were first appointed as auditors by the Annual General Meeting on 1.1.2014, and our appointment represents a total period of
uninterrupted engagement of 12 years.
Other Information
The Board of Directors and the Managing Director are responsible for the other information. The other information comprises the
report of the Board of Directors and the information included in the Annual Report, but does not include the financial statements or
our auditor’s report thereon. We have obtained the report of the Board of Directors prior to the date of this auditor’s report, and the
Annual Report is expected to be made available to us after that date. Our opinion on the financial statements does not cover the other
information.
In connection with our audit of the financial statements, our responsibility is to read the other information identified above and, in
doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in
the audit, or otherwise appears to be materially misstated. With respect to the report of the Board of Directors, our responsibility also
includes considering whether the report of the Board of Directors has been prepared in compliance with the applicable provisions.
In our opinion, the information in the report of the Board of Directors is consistent with the information in the financial statements
and the report of the Board of Directors has been prepared in compliance with the applicable provisions.
If, based on the work we have performed on the other information that we obtained prior to the date of this auditor’s report, we
conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to
report in this regard.
Other opinions
We support that the financial statements should be adopted. The proposal by the Board of Directors regarding the use of the result and
other free equity shown in the balance sheet is in compliance with the Limited Liability Companies Act. We support that the Members
of the Board of Directors of the parent company and the Managing Director should be discharged from liability for the financial period
audited by us.
Helsinki, 2 February 2026
KPMG OY AB
Audit Firm
Tuomas Ilveskoski
Authorised Public Accountant, KHT
82eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
Independent Auditor’s Report on the ESEF
Consolidated Financial Statements of eQ Plc
To the Board of Directors of eQ Plc
We have performed a reasonable assurance engagement on the financial statements
743700R4FA6AVH5J3D68-2025-12-31-1-fi.zip of eQ Plc (Business ID 1625441-9)
that have been prepared in accordance with the Commission’s regulatory technical
standard for the financial year ended 31.12.2025.
Responsibilities of the Board of Directors and the Managing Director
The Board of Directors and the Managing Director are responsible for the preparation
of the company’s report of the Board of Directors and financial statements (the ESEF
financial statements) in such a way that they comply with the requirements of the
Commission’s regulatory technical standard. This responsibility includes:
— preparing the ESEF financial statements in XHTML format in accordance with
Article 3 of the Commission’s regulatory technical standard
— tagging the primary financial statements, notes and company’s identification data
in the consolidated financial statements that are included in the ESEF financial
statements with iXBRL tags in accordance with Article 4 of the Commission’s
regulatory technical standard and
— ensuring the consistency between the ESEF financial statements and the audited
financial statements.
The Board of Directors and the Managing Director are also responsible for such internal
control as they determine is necessary to enable the preparation of ESEF financial
statements in accordance with the requirements of the Commission’s regulatory
technical standard.
Auditor’s independence and quality management
We are independent of the company in accordance with the ethical requirements
that are applicable in Finland and are relevant to the engagement we have
performed, and we have fulfilled our other ethical responsibilities in accordance
with these requirements.
The auditor applies International Standard on Quality Management (ISQM) 1, which
requires the firm to design, implement and operate a system of quality management
including policies or procedures regarding compliance with ethical requirements,
professional standards and applicable legal and regulatory requirements.
Auditor’s responsibilities
Our responsibility is to, in accordance with Chapter 7, Section 8 of the Securities
Markets Act, provide assurance on the financial statements that have been prepared
in accordance with the Commission’s regulatory technical standard. We express an
opinion on whether the consolidated financial statements that are included in the
ESEF financial statements have been tagged, in all material respects, in accordance
with the requirements of Article 4 of the Commission’s regulatory technical standard.
Our responsibility is to indicate in our opinion to what extent the assurance has been
provided. We conducted a reasonable assurance engagement in accordance with
International Standard on Assurance Engagements (ISAE) 3000.
The engagement includes procedures to obtain evidence on:
— whether the primary financial statements in the consolidated financial statements
that are included in the ESEF financial statements have been tagged, in all
material respects, with iXBRL tags in accordance with the requirements of Article
4 of the Commission’s regulatory technical standard and
— whether the notes and company’s identification data in the consolidated financial
statements that are included in the ESEF financial statements have been tagged,
in all material respects, with iXBRL tags in accordance with the requirements of
Article 4 of the Commission’s regulatory technical standard and
— whether there is consistency between the ESEF financial statements and the
audited financial statements.
The nature, timing and extent of the selected procedures depend on the auditor’s
judgment. This includes an assessment of the risk of a material deviation due to fraud
or error from the requirements of the Commission’s regulatory technical standard.
We believe that the evidence we have obtained is sufficient and appropriate to provide
a basis for our opinion.
Opinion
Our opinion pursuant to Chapter 7, Section 8 of the Securities Markets Act is
that the primary financial statements, notes and company’s identification data
in the consolidated financial statements that are included in the ESEF financial
statements of eQ Plc 743700R4FA6AVH5J3D68-2025-12-31-1-fi.zip for the financial
year ended 31.12.2025 have been tagged, in all material respects, in accordance with
the requirements of the Commission’s regulatory technical standard.
Our opinion on the audit of the consolidated financial statements of eQ Plc for
the financial year ended 31.12.2025 has been expressed in our auditor’s report
dated 2.2.2026. With this report we do not express an opinion on the audit of
the consolidated financial statements nor express another assurance conclusion.
Helsinki 27 February 2026
KPMG OY AB
Audit Firm
Tuomas Ilveskoski
Authorised Public Accountant, KHT
(Translation of the Finnish original)
83eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
Corporate Governance
Corporate Governance Statement 2025 85
Remuneration Report for Governing Bodies 2025 92
Board of Directors 95
The CEO and Management team 97
Performance based fees of private equity funds managed by eQ 99
Information about capital adequacy 102
84
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Corporate Governance Statement 2025
Introduction
eQ Plc (the company) is a Finnish public limited liability company the shares of which
are listed on Nasdaq Helsinki Ltd (Helsinki Stock Exchange).
This Corporate Governance Statement has been drawn up separately from the report
by the Board of Directors. eQ Plc’s Board of Directors has reviewed this Corporate
Governance Statement on 2 February 2026. This statement and other information
that shall be provided in accordance with the Corporate Governance Code as well as
the company’s financial statements, report by the Board of Directors and auditors’
report are available on eQ Plc’s website (www.eQ.fi/en). The statement is not part of
the official financial statements.
In addition to acts and regulations applicable to listed companies, in 2025 eQ
Plc complied with the Finnish Corporate Governance Code 2025 published by
the Securities Market Association that entered into force on 1 January 2025.
The entire Code is available on the website of the Securities Market Association at
www.cgfinland.fi/en.
In 2025, eQ Plc complied with the Finnish Corporate Governance Code without
any departures.
Descriptions Concerning Corporate Governance
General Meeting of Shareholders
The General Meeting is eQ Plc’s highest decision-making body, at which
the shareholders participate in the supervision and control of the company.
eQ Plc convenes one Annual General Meeting (AGM) during each financial period.
Extraordinary General Meetings may be convened when necessary. Shareholders
exercise their right to vote and voice their views at the General Meeting.
eQ Plc provides shareholders with sufficient information about the agenda of the
General Meeting in advance. The advance information is provided in the notice of the
General Meeting, other releases and on the company website. The General Meeting
is organised in such a way that shareholders can effectively exercise their ownership
rights. The goal is that the CEO, Chair of the Board, and a sufficient number of
directors attend the General Meeting. A person proposed as director for the first time
shall participate in the General Meeting that decides on his or her election, unless
there are well-founded reasons for the absence.
eQ Plc’s Annual General Meeting was held on 25 March 2025.
Board of Directors
Composition of the Board
The General Meeting elects the members of the Board of Directors. The candidates put
forward to the Board shall be mentioned in the notice of the General Meeting if the
candidate is supported by shareholders holding at least 10 per cent of the total votes
carried by all the shares of the company, provided that the candidate has given their
consent to the election. The candidates proposed after the delivery of the notice of
the meeting will be disclosed separately. In its Corporate Governance Statement, the
company states the number of Board meetings held during the financial period as well
as the average attendance of the directors. The Board members are elected for one
year at a time.
The company’s Articles of Association do not contain any provisions on the manner
of proposing prospective Board members. The Shareholders’ Nomination Committee
prepares and presents to the Annual General Meeting proposals on the number of
Board members, the election of Board members and their remuneration.
A person elected as a Board member must have the qualifications required by the work
of a director and sufficient time for taking care of the duties. The company facilitates
the work of the Board by providing the Board members with sufficient information
on the company’s operations. eQ Plc’s Board of Directors consists of 5 to 7 members.
The Board elects a Chair from among its members. The election of the members of
the Board of Directors is ultimately the sole responsibility of the General Meeting of
eQ Plc.
The company reports the following biographical details and holdings of the Board
members: name, gender, year of birth, education, main occupation, primary work
experience, international experience, date of inception of Board membership, key
positions of trust, and shareholdings in the company. In addition, eQ reports the
directors’ independence of the company or its major shareholders together with the
reasoning for determining that a Board member is not independent.
85eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
The Annual General Meeting held on 25 March 2025 elected the following persons to
the Board:
Janne Larma, born 1965, man, member of the Board since 2021, Chair of the Board
from 8 September 2025, M. Sc. (Econ.)
Key positions of trust: Notalar Oy, Chair of the Board of Directors, 1995–; Inkoo
Shipping Oy, Member of the Board, 2014–; Rettig Oy Ab, member of the Board,
2020–; Meripuolustussäätiö SR, Member of the Board 2017–.
Primary work experience: eQ Plc, Acting CEO 27 October 2024–31 August 2025
and CEO, 2011–2021; Advium Corporate Finance Oy, Managing Director, 2000–;
eQ Pankki Oy, member of Management Team, 2004–2009; Enskilda Securities,
management position in investment banking, 1998–2000; Alfred Berg, investment
banking, 1993–1998; Kansallis-Osake-Pankki, investment banking, 1988–1992.
Janne Larma is not independent of the Company, as he has had a working relationship with
the Company. He served as the Company’s full-time Chair of the Board in an employment
relationship until 27 October 2024 and as the Company’s interim CEO from 27 October 2024 to
31 August 2025. He is also involved in the same stock option program as the company’s current
management. He has also previously served as the company’s acting CEO from 2011 to 2021.
Janne Larma is not independent of the company’s major shareholder Chilla Capital Oy, where he
is a significant shareholder.
Georg Ehrnrooth, born 1966, man, member of the Board since 2011, Chair of the
Board until 8 September 2025, Vice Chair of the Board starting from 8 September
2025, studies in agriculture and forestry
Key positions of trust: Byggmästare Anders J Ahlström Holding AB (publ), member of
the Board, 2023–; Louise and Göran Ehrnrooth Foundation, Chair of the Board, 2012–;
Fennogens Investments S. A, Member of the Board 2009–; Anders Wall Foundation,
member of the Board, 2008–; Paavo Nurmi Foundation, member of the Board, 2009–;
Topsin Investments S.A., Member of the board, 1998–.
Primary work experience: Management positions in family-owned companies
with responsibility for finance and investments, 2008–; eQ Plc and eQ Bank Ltd,
CEO, 2005.
Georg Ehrnrooth is not independent of the company on the basis that he has served for more
than ten consecutive years on the Board of the company, including seven years as Chair and
three years as the Vice Chair. In addition, Georg Ehrnrooth is not independent of the company’s
major shareholder Fennogens Investments S.A, where he is a significant shareholder.
Päivi Arminen, born 1978, woman, member of the Board since 2023, M. Sc. (Econ)
Key positions of trust: Tesi (Finnish Industry Investment Ltd), Member of the Board,
2025–; Interogo Holding AG, Infrastructure investments, Investment Committee
Member, 2023–.
Primary work experience: EQT Partners AB, Infrastructure investment, Managing
Director, Director, Associate 2008–2021; Danske Bank A/S / Sampo Bank Plc, Debt
Capital Markets, Vice President, Assistant Vice President 2005–2008; Evli Plc, Equity
Analyst, 2004–2005.
Independent of the company and significant shareholders.
Nicolas Berner, born 1972, man, member of the Board since 2013, Master of Laws
Key positions of trust: Berner Ltd, Chair of the Board of Directors, 2006–.
Primary work experience: Berner Ltd, CFO, 2011–; Hannes Snellman Attorneys Ltd,
partner, 1998–2011.
Independent of the company and significant shareholders. Nicolas Berner has been a member of
the Board continuously for over ten years. Based on the Board’s overall assessment, the Board
member’s independence is not considered to have been compromised due to his long board
membership, and no other such circumstances have been found that would weaken the Board
member’s independence.
Caroline Bertlin, born 1978, woman, Board member since 2025, M.Sc. (Econ.)
No other key positions of trust.
Primary work experience: Nordion Energi AB, Chief Financial Officer and Head
of Hydrogen Business, 1 July 2025–; strategy and energy infrastructure financing,
2024–2025; Nordisk Renting AB, Chief Executive Officer, 2016–2023; NatWest
Structured Finance, Managing Director, 2018–2020; NatWest Group, Head of
Restructuring, Turnaround CEO and Project Lead for strategic projects, 2009–2015.
Independent of the Company and the Company’s significant shareholders.
Tomas von Rettig, born 1980, man, member of the Board since 2019, BBA,
CEFA certificate
Key positions of trust: Rettig Capital Oy Ab, Chair of the Board, 2014–.
Primary work experience: Rettig Oy Ab, CEO, 2016–2019; Rettig Oy Ab, vice
president business development, vice president corporate finance and development,
2011–2015; Rettig Asset Management Oy Ab, portfolio manager, senior portfolio
manager, 2008–2011; Skandinaviska Enskilda Banken, Middle Office, 2006–2008.
Independent of the company, but not independent of its significant shareholders. Tomas
von Rettig is a shareholder and Chair of the Board of Rettig Capital Oy Ab, an indirect parent
company of Rettig Oy Ab, which is a significant shareholder of eQ Plc.
Independence of Board Members
The members of eQ’s Board of Directors shall provide the Board and the company
with sufficient information for the evaluation of their qualifications and independence
and notify of any changes in such information. The majority of the members of the
Board must be independent from the company, and at least two Board members who
are independent from the company must also be independent from the company’s
significant shareholders. The Board of Directors assesses the independence of the
directors. When evaluating independence, the circumstances of private individuals
or legal entities regarded as related parties will be taken into consideration in all
situations. Companies belonging to the same group as a company are comparable with
that company.
Of the company’s six Board members, four (Päivi Arminen, Nicolas Berner, Caroline
Bertlin and Tomas von Rettig) are independent from the company and three Board
members (Päivi Arminen, Nicolas Berner and Caroline Bertlin) who are independent
from the company are also independent from the company’s significant shareholders.
An assessment of the independence of each Board member and the reasons why the
Board member is not considered independent can be found in the information on each
Board member above and from the company’s website.
86eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
Board Members’ holdings in the company
Shares and share-related rights of the Board members and entities that they control in
the company at the end of the financial period on 31 December 2025:
Member of the Board Security Holding
Päivi Arminen Share
3,550
Nicolas Berner Share
90,000
Caroline Bertlin Share
4,000
Georg Ehrnrooth Share
75,000
Janne Larma 2022 Option right
Share
50,000
5,915,904
Tomas von Rettig Share
5,000
Operations of the Board of Directors
eQ Plc’s Board of Directors has drawn up a written charter covering its operations.
Below is a list of the most important principles and duties presented in the charter. In
order to carry out its duties, the Board of Directors:
• confirms the company values and manners of operating and monitors their
implementation
• confirms the company’s basic strategy and continuously monitors that it is
up-to-date
• based on the strategy, approves the annual plan of operation and budget and
supervises their outcome
• reviews and approves the interim reports, report by the Board of Directors and
financial statements
• defines the company’s dividend policy and makes a proposal on dividend distribution
to the AGM
• convenes General Meetings
• makes proposals to the General Meeting, when necessary
• decides on major investments, corporate acquisitions and divestments and on
investments that exceed two million euros
• confirms the organisation structure
• appoints and dismisses the CEO
• sets personal targets for the CEO annually and assesses their outcome
• appoints and dismisses the members of the Management Team, defines their areas
of responsibility and decides on the terms of their employment
• decides on so called unconventional related party transactions that are not
conducted in the ordinary course of eQ’s operation and which are not made on
ordinary commercial terms
• monitors and assesses related party transactions at least once a year
• reviews the Remuneration Policy for Governing Bodies of eQ at least once a year
and presents the policy to the General Meeting of the company for consideration at
least every four years
• reviews eQ Group’s remuneration principles at least once a year
• decides on the incentive schemes and annual bonuses of the CEO and the personnel
• regularly processes and reports on the eQ Group’s sustainability data as required
by regulation, and ensures that it is appropriately reflected in the eQ Group’s
remuneration policy.
• goes through the major risks related to the company’s operations and their
management at least once a year and gives instructions on them to the CEO, when
necessary
• meets the auditors at least once a year
• convenes at least once a year without the executive management
• assesses its own operations at least once a year
• assesses the independence of its members
• confirms its own charter, which is reviewed annually
• handles other matters that the Chair of the Board or the CEO has proposed to
the agenda of a Board meeting; the directors also have the right to put matters on
the Board agenda by informing the Chair of this.
eQ Plc’s Board had eleven (11) meetings in total during the financial period 2025,
average attendance being 100%. Attendance at the Board meetings 2025:
Board member
Päivi Arminen 11/11
Nicolas Berner 11/11
Caroline Bertlin 8/8
Georg Ehrnrooth 11/11
Timo Kokkila 3/3
Janne Larma 11/11
Tomas von Rettig 11/11
Principles on the diversity of the Board of Directors
The Board’s aim is to promote, for its part, the diversity of the Board’s composition.
When assessing diversity, the Board takes into consideration, inter alia, the age and
gender of the directors, their educational background and professional experience,
personal qualities and experience that is essential with regard to the task and the
company’s operations. With respect to the balanced representation of women and
men on the Board, eQ Plc’s objective is that there is balanced representation of
women and men on the Board. The Board aims to reach this objective and maintain it
primarily by actively communicating it to eQ Plc’s shareholders.
The company’s Board of Directors monitored the implementation of diversity during
the financial period 2025.
During the financial period 2025, eQ Plc’s Board met the principles of diversity set by
the company, including the goal concerning balanced representation of women and
men on the Board. At the end of 2025, 33% (2/6) of the Board were women and 67%
(4/6) were men. The Board members have versatile experience from sectors that are
of importance to the company, such as the investment and finance sector and the
real estate sector, and collectively sufficient knowledge of sustainability issues. In
addition, the Board members’ different professional and educational backgrounds,
their international experience and their experience in areas of specialisation important
to the company complement each other. The Board members are elected by eQ Plc’s
Annual General Meeting.
Shareholders’ Nomination Committee
Composition of the Shareholders’ Nomination Committee
The Annual General Meeting of eQ Plc has established a Shareholders’ Nomination
Committee. The Nomination Committee consists of four members, and each
of the Company’s four largest shareholders is entitled to appoint one member.
The shareholders entitled to appoint a member are determined based on which
shareholders, at the end of the last day of June preceding the next Annual General
Meeting, hold the largest share of the total voting rights attached to the Company’s
shares. The term of office of the members ends upon the election of the next
Nomination Committee. The Nomination Committee elects a Chair from among its
members. The Company reports, in its Corporate Governance Statement, the number
87eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
of Nomination Committee meetings held during the financial year and the members’
average attendance.
The Nomination Committee submits its proposals to the Board of Directors no later
than 31 January. The proposals are published through a company release and included
in the notice of the Annual General Meeting.
The Shareholders’ Nomination Committee for 2025 is based on the ownership
situation as of 30 June 2025 and consists of representatives of the following
shareholders: Fennogens Investments S.A., Rettig Oy Ab, Chilla Capital S.A. and
Teamet Oy.
In the financial year 2025, the composition of the Nomination Committee was
as follows:
Alexandre Labignette, man, member of the Nomination Committee since
2025, Chair.
Appointed by Fennogens Investments S.A.; Chief Executive Officer, Fennogens
Investments S.A.
Roger Lönnberg, man, member of the Nomination Committee since 2025.
Appointed by Rettig Oy Ab; Director, Head of Family Office, Rettig Oy Ab.
Janne Larma, man, member of the Nomination Committee since 2025.
Appointed by Chilla Capital Oy; Member of the Board, Chilla Capital Oy.
Antti Koskimies, man, member of the Nomination Committee since 2025.
Appointed by Teamet Oy; Member of the Board, Teamet Oy.
A member of the Nomination Committee, Janne Larma, served in 2025 as the
Company’s interim CEO until 31 August 2025 and as a member of the Board of
Directors until 8 September 2025 and thereafter as Chair of the Board of Directors.
Operations of the Shareholders’ Nomination Committee
The Annual General Meeting has approved the Charter of the Shareholders’
Nomination Committee. The Nomination Committee’s duties are annually to:
• prepare and present to the Annual General Meeting a proposal on the number of
Board members in accordance with the Articles of Association;
• prepare and present to the Annual General Meeting a proposal on the election of
Board members;
• prepare and present to the Annual General Meeting a proposal on the remuneration
of the Chair of the Board and the Board members in accordance with the Company’s
remuneration policy for governing bodies; and
• identify potential successor candidates for Board members.
The Charter of the Shareholders’ Nomination Committee, inter alia, defines
the Nomination Committee’s nomination procedure, composition, meeting
practices, preparation of proposals and reporting. The Charter of the Shareholders’
Nomination Committee is available in full on the Company’s website at:
https://www.eq.fi/en/about-eq-group/hallinnointi/
osakkeenomistajien-nimitystoimikunta.
In the financial year 2025, the Nomination Committee met three (3) times, and the
average attendance was 100%. Attendance in 2025:
Member of the Nomination Committee
Alexandre Labignette 3/3
Roger Lönnberg 3/3
Janne Larma 3/3
Antti Koskimies 3/3
CEO and their duties
The CEO oversees the day-to-day administration of the company in accordance with
the Finnish Limited Liability Companies Act and the instructions and orders issued
by the Board of Directors. The CEO may take measures which, considering the scope
and nature of the operations of the company, are unusual or extensive with the
authorisation of the Board. The CEO ensures that the accounting practices of the
company comply with the law and that finances are organised in a reliable manner.
eQ Plc’s Board of Directors appoints the CEO. The company discloses the same
biographical details and information on the holdings of the CEO as it does of the Board
members. eQ Plc does not have a deputy CEO.
eQ Plc’s CEO as of 31 December 2025:
Jouko Pölönen, born 1970, man, CEO as of 1 September 2025, M.Sc. (Econ.), eMBA
The Board of Directors of eQ Plc appointed Jouko Pölönen as CEO of the Company on
5 May 2025. Pölönen started in his position on 1 September 2025 and has served as
Chair of the Management Team since then.
Key positions of trust: Suomen Pörssisäätiö (Finnish Foundation for Share Promotion),
Chair of the Board, 2019–; Nokian Renkaat Plc, Board member, 2021–; Laatukeskus
Excellence Finland Oy / Suomen Laatuyhdistys ry, Board member, 2021–.
Primary work experience: Ilmarinen, CEO, 2018–2025; OP Cooperative, member of
the Executive Board and Business Line Executive (Banking, OP Group), 2014–2018;
OP Corporate Bank Plc (formerly Pohjola Bank Plc), CEO, 2013–2018; Helsingin
Seudun Osuuspankki (formerly Helsingin OP Pankki Oyj), CEO, 2014–2018; Pohjola
Insurance Ltd / A-Insurance Ltd / European Travel Insurance Ltd, CEO, 2011–2014;
Pohjola Bank Plc, CFO and Treasurer, 2009–2010, Chief Risk Officer, 2001–2008;
PricewaterhouseCoopers Oy, Authorized Public Accountant (KHT), 1999–2001,
Auditor, 1993–1998.
Shares and share-related rights of the CEO and entities that he controls in eQ Plc at
the end of the financial period on 31 December 2025:
Name Task in the organisation Security Holding
Jouko Pölönen CEO (1 September 2025–) 2025 Option right
Share
100,000
1,000,000
Prior to Pölönen’s start date, from 27 October 2024 to 31 August 2025, the Company’s
interim CEO and Chair of the Management Team was Board member Janne Larma. His
personal details are presented in the section concerning the Board of Directors.
Other Management Team members
eQ Group has a Management Team that convenes regularly. The Management Team
is not a statutory corporate body, but in practice it has a significant role in the
organisation of the Group’s management. The Management Team consists of the
88eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
persons heading the Group’s operative business, the CFO and Group General Counsel.
The main duty of the Management Team is to assist the CEO.
eQ Group’s Management Team on 31 December 2025:
Jouko Pölönen, born 1970, man, M.Sc. (Econ.), eMBA, Chair, eQ Plc, CEO
Tero Estovirta, born 1971, man, M.Sc. (Eng.), eQ Asset Management Ltd,
Managing Director
Jacob af Forselles, born 1973, man, M. Sc. (Econ.), Master of Laws, Advium Corporate
Finance Ltd, Managing Director
Staffan Jåfs, born 1974, man, M.Sc. (Econ.), eQ Asset Management Ltd, Head of
Private Equity
Antti Lyytikäinen, born 1981, man, M.Sc. (Econ.), eQ Plc, CFO
Juha Surve, born 1980, man, Master of Laws, M.Sc. (Econ.), eQ Asset Management
Ltd, Group General Counsel
Shares and share-related rights of the other Management Team members and entities
that they control in eQ Plc at the end of the financial period on 31 December 2025:
Name Task in the organisation Security Holding
Tero Estovirta Managing Director, eQ
Asset Management Ltd
2022 Option right
2025 Option right
Share
50,000
70,000
140,000
Jacob af
Forselles
Managing Director, Advium
Corporate Finance Ltd
2025 Option right
Share
40,000
0
Staffan Jåfs Director, Private Equity,
eQ Asset Management Ltd
2022 Option right
2025 Option right
Share
50,000
70,000
131,778
Antti
Lyytikäinen
CFO, eQ Plc 2022 Option right
2025 Option right
Share
30,000
70,000
45,000
Juha Surve Group General Counsel,
eQ Asset Management Ltd
2022 Option right
2025 Option right
Share
30,000
40,000
51,500
Descriptions of Internal Control Procedures and
the Main Features of Risk Management Systems
Control and risk management related to the financial reporting process
The objective of the financial reporting process is to produce timely financial
information and to ensure that decision-making is based on reliable information.
The aim is to ensure that the financial statements and interim reports are prepared
according to applicable laws, generally accepted accounting principles and other
requirements on listed companies.
The financial reporting process produces eQ Group’s monthly and quarterly reports.
The Management Team of the Group reviews eQ Group’s result and financial
performance monthly. The Group management presents the result and financial
position of the Group quarterly to the Board of Directors. The Board of Directors of
eQ Plc supervises that the financial reporting process produces high-quality financial
information. The CEO is responsible for eQ Group’s internal risk management.
The Group’s subsidiaries report their results monthly to the parent company. The
financial administration of the Group takes care of the bookkeeping of the subsidiaries.
At Group level, this will make it easier to ensure that the financial reporting of the
subsidiaries is reliable. The Group’s interim reports and financial statements are
prepared in accordance with the IFRS reporting standards. The financial administration
of the Group monitors the changes that take place in IFRS standards.
Based on risk assessments, the company has developed measures for controlling the
risks pertaining to financial reporting, which make sure that financial reporting is
reliable. The companies use various reconciliations, checks and analytical measures,
for instance. The financial administration of the Group prepares monthly analyses of
income statement and balance sheet items, both at company and segment level. In
addition, tasks related to risk-exposed work combinations are separated, and there
are appropriate approval procedures and internal guidelines. The reliability of financial
reporting is also supported by various system controls in the reporting systems. Other
basic principles of control are a clear division of responsibility and clear roles as well as
regular reporting routines.
Risk management overview
The purpose of the Group’s risk management is to make sure that the risks associated
with the company’s operations are identified, assessed and that measures are taken
regarding them. eQ Plc’s Board supervises that the CEO takes care of eQ Plc’s day-
to-day administration according to the instructions and orders issued by the Board.
The Board also supervises that risk management and control are organised in a proper
manner. The executive management is responsible for the practical implementation of
the risk management process and control.
eQ Group comprises a fully owned subsidiary of eQ Plc, eQ Asset Management Ltd,
which is an investment firm, and its wholly owned subsidiary eQ Fund Management
Company Ltd. A risk officer is responsible for risk management at eQ Asset
Management Ltd. At eQ Fund Management Company Ltd, the risk management
function, which is independent of the other operations, consists of risk experts
and is led by the Chief Risk Officer. A Risk Management Committee, chaired by
the Chief Risk Officer of eQ Fund Management Ltd, meets regularly in the Asset
Management segment.
General description of internal control
eQ Plc’s Board of Directors is responsible for arranging sufficient and well-functioning
internal control. Internal control covers all functions within eQ Group, which means
that eQ Plc steers and controls the operations of the subsidiaries in order to make sure
that the result of its operations is reliable. The business operations are steered by the
Group’s operating principles, decision-making powers and company values that cover
the entire Group. eQ Plc takes into account the Group structure and the nature and
extent of the operations when arranging internal control.
eQ Group’s internal control system covers financial and other control. Internal control
is carried out by the Board, CEO and other superior management as well as the
persons responsible for control functions and tasks and the entire personnel. The aim
of internal control is to make sure that the operations of the entire Group are efficient
and contribute to the achievement of the goals and targets, reporting is reliable and
that the Group follows laws and other regulations. In addition, the aim of internal
control is to ensure that information, eQ Plc’s assets and client assets are secured in a
sufficient manner and that internal procedures and information systems are arranged
properly and in order to support operations.
89eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
eQ Group has a notification channel through which an employee, clients and other
stakeholders can report misdemeanours or other misconduct within the eQ Group
anonymously and confidentially (eQ Whistleblower). Authorized persons process
notifications and only they have access to the information in the notifications.
The notification channel is entirely on a server outside the company and allows for
discussions with an anonymous notifier.
Internal control is above all based on financial reports, management reports, risk
reports and reports of internal control. The company’s central operations are steered
according to internal operating policies and practices.
Other Information to be Provided in the CG Statement
Internal audit
Internal audit is a support function of the Board and management that is independent
of eQ Group’s business operations. The internal auditor inspects on a risk-based
assessment the operations, internal control, risk management and management and
administration processes of especially such group companies that hold authorisations
by focusing on yearly set targets; in addition, the internal auditor inspects how the
companies comply with internal guidelines and the requirements and obligations
that arise from regulation concerning the companies. The internal auditor reports
to the management and the Board and the audit reports are discussed in the Board,
who decide on the corrective measures to be taken based on the audit report’s
recommendations and monitor their implementation. The internal audit function has
been outsourced to an external service provider, Oy Tuokko Ltd.
Principles concerning related party transactions
eQ’s Group Administration is responsible for managing related party matters at Group
level and for maintaining the related party register, in accordance with principles on
the management of related party matters approved by eQ Plc’s Board of Directors.
The management of each company that is a member of the Group is responsible for
ensuring that any related party transactions at the Group are made in accordance with
the approved principles. At eQ Group, all business transactions within the Group and
related party transactions are always made on arm’s-length terms and as part of the
company’s normal business operations. Group companies can offer their services to
related party individuals or organisations under their control or influence on market
terms, and ordinary assignments are implemented in the ordinary course of business of
the company. Related party transactions are allowed, provided that they promote the
purpose and interest of the company and are commercially justified.
The Board of Directors regularly monitors and evaluates transactions between
eQ Plc and the company’s related parties, and assesses how contracts and other
legal transactions made between the company and its related parties meet the
requirements on the ordinary course of business and arm’s-length terms. Primarily,
all related parties are personally responsible for ensuring that eQ is informed of any
related party transactions they make. eQ also monitors related party transactions on
a business segment basis, and eQ Plc’s CFO is responsible for reporting related party
transactions to the Board of Directors annually. Related party transactions that are
not conducted in the ordinary course of eQ’s operation and which are not made on
ordinary commercial terms are “unconventional business transactions”. Only eQ Plc’s
Board of Directors can make decisions on implementation of unconventional business
transactions. The Board of eQ Group’s parent company always decides on all related
party loans to related parties or entities outside the eQ Group.
eQ complies with the obligations of the Finnish Corporate Governance Code 2025
for listed companies and the IFRS standards (IAS 24) on related party disclosures. As
required by the standard, eQ Plc discloses, in the consolidated financial statements
or separate financial statements, the related party relationships and transactions
and outstanding balances of the parent company or an investor with joint control
or significant influence over the investment target with related parties, which are
presented in accordance with the IFRS. eQ also discloses in the company’s annual
report information to be presented on the basis of the Finnish Limited Liability
Companies Act, concerning loans, liabilities and commitments to related parties and
the main terms thereof, if the business transactions are material and implemented on
unconventional terms.
eQ Plc publishes, by a stock exchange release, related party transactions that are
significant for the company’s shareholders.
Central procedures of insider administration
In its insider administration, eQ Plc complies with the applicable Finnish and EU
legislation (including the Market Abuse Regulation 596/2014), rules and regulations
issued by the Finnish Financial Supervisory Authority as well as the Guidelines for
Insiders issued by the Helsinki Stock Exchange (insider regulations). eQ Plc has drawn
up guidelines on insider issues and trading. The company has informed the company
management, insiders and persons covered by the extended trading restriction of the
insider guidelines. The company has a designated person responsible for trading and
insider administration, who carries out tasks related to insider administration, training
in insider matters, maintenance of the insider lists and the supervision of trading. The
knowledge of other employees about insider matters is maintained and their need of
training assessed continuously.
Managers and persons closely associated with them are obliged to inform the
company and the Finnish Financial Supervisory Authority of their trading in the
company’s shares or other financial instruments. The company discloses the
information that it has received without delay with a stock exchange release. At eQ,
such managers (covered by the disclosure obligation) are the CEO and directors as
well as the members of the Group’s Management Team appointed by the Board. eQ
maintains a list of managers and persons closely associated with them. This list is not
an insider list.
The company maintains insider lists required by insider regulations of persons who
have access to inside information. These lists are not public. The information on eQ
Plc’s managers required by regulations and the insider lists are maintained by Euroclear
Finland Ltd. The information in the insider lists is available to the Finnish Financial
Supervisory Authority for the supervision of the securities market.
eQ Plc’s permanent insiders comprise only persons who, due to their tasks or position,
have permanent access to all inside information in the listed company and who
have the right to make decisions on the company’s future development and the
arrangement of business. eQ’s permanent insiders comprise the directors, CEO, CFO,
Group General Counsel, the person responsible for trading and insider administration,
and IT personnel, where applicable. In addition to insider lists, eQ maintains a list of
persons covered by the so-called extended trading restriction.
eQ Plc’s closed period commences 30 days prior to the disclosure of an interim report
(first and third quarter), half-yearly report or financial statements release and ends at
the end of the day of the disclosure.
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Audit
Election of the Auditors
The proposal for the election of an auditor prepared by the Board of Directors of the
company is disclosed in the notice of the General Meeting. If the Board has not arrived
at a decision on the prospective auditor by the time the notice is sent, the candidacy
will be disclosed separately.
In 2025, the company auditor was KPMG Oy Ab, a firm of authorized public
accountants, with Tuomas Ilveskoski, APA, as auditor with main responsibility.
KPMG Oy Ab has acted as eQ Plc’s auditor since 2014 and Tuomas Ilveskoski, APA, has
acted as auditor with main responsibility since the Annual General Meeting 2021. The
decision on continuing with the period of the auditor with main responsibility and the
auditing firm is made annually at the AGM, and the auditor with main responsibility
and the auditing firm are changed at least in accordance with the valid regulations.
The Board of eQ Plc organized a statutory audit firm appointment procedure in
accordance with the EU Audit Regulation (537/2014) for the audit of the financial year
2021 and the company’s Annual General Meeting elected KPMG Oy Ab as auditor in
accordance with the Board’s recommendation.
Auditors’ fees
The independent auditors have been paid the following fees in 2025: for the audit and
closely related services a total of EUR 168,678 (2024: EUR 119,643) and for other
services than audit a total of EUR 15,663 (2024: EUR 18,595).
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Introduction
This Remuneration Report for Governing Bodies has been prepared in accordance
with the remuneration reporting recommendations set out in the Finnish Corporate
Governance Code 2025 for Finnish listed companies. In 2025, the remuneration paid to
the Board of Directors and to the CEO (and the Acting CEO) of eQ Plc complied with
the Company’s Remuneration Policy for Governing Bodies.
The remuneration system applied within the eQ Group is based on the strategy
and long-term objectives defined by the Board and is one of the key tools for
achieving the Group’s short- and long-term strategic objectives. The purpose of
the remuneration system is to support the eQ Group’s effective and comprehensive
risk management, in particular by preventing unsound risk-taking. The remuneration
system also takes into account sustainability risks related to the eQ Group and its
business. Comprehensive risk management seeks to take into account, among other
things, the objectives and interests of the Group companies, the funds managed and
the investors.
The table below sets out the development of remuneration paid to the Board of
Directors and the CEO compared with the development of average remuneration of
the Group’s employees and the Group’s financial development over the previous five
financial years.
Salaries and remuneration
– EUR
1)
2025 2024 2023 2022 2021
CEO
2)
705,829 1,968,833 1,755,389 1,944,133 1,034,689
change, % -64% 12% -10% 88% 21%
Chair of the Board
3)
66,750 599,660 679,421 702,106 549,489
change, % -89% -12% -3% 28% 977%
Other Board members 218,227 238,000 218,750 212,000 199,500
change, % -8% 9% ,3% 6% 52%
Board of Directors in total 284,977 837,660 898,171 914,106 748,989
change, % -66% -7% -2% 22% 310%
Employees on average
4)
160,646 176,637 185,836 207,953 218,726
change, % -9% -5% -11% -5% 18%
Operating profit – MEUR
27.4 34.5 39.7 45.7 47.7
change, % -21% -13% -13% -4% 55%
1)
Paid salaries and remuneration. Due to changes in remuneration regulation, variable remuneration was no
longer deferred in the 2022 bonus payment. All figures include paid salary, fringe benefits and annual bonus
(excluding option expenses and social security/other payroll-related expenses).
2)
Year 2025 includes Acting CEO Janne Larma for 1 January–31 August 2025 and CEO Jouko Pölönen for
1 September–31 December 2025. Year 2024 includes CEO Mikko Koskimies for 1 January–27 October
2024 (including the one-off payment made in connection with the termination of the service contract)
and Acting CEO Janne Larma for 28 October–31 December 2024. Year 2021 includes CEO Janne Larma for
1 January–31 March 2021 and CEO Mikko Koskimies for 1 April–31 December 2021.
3)
The remuneration of the Chair of the Board includes the salary and fringe benefits paid under the
employment contract of the full-time Chair of the Board, Janne Larma, for the period 1 April 2021–
27 October 2024.
4)
The total amount of salaries, remuneration, fringe benefits and annual bonuses for the financial year
(excluding the CEO and the Acting CEO), divided by the average number of employees.
Remuneration of the Board of Directors
Compensation and remuneration of the Board
The Annual General Meeting decides on the remuneration of the Board of Directors.
In accordance with the resolution of the Annual General Meeting held in 2025,
the remuneration payable to the members of the Board of Directors is as follows:
EUR 5,000 per month for the Chair of the Board, EUR 4,000 per month for the Vice
Chair, and EUR 3,000 per month for other Board members. In addition, the Annual
General Meeting resolved that Board members shall be paid an attendance fee of
EUR 750 for each Board meeting attended. Travel and accommodation expenses
of Board members are reimbursed in accordance with the company’s expense
reimbursement practice. Remuneration is paid in cash.
In 2025, Georg Ehrnrooth served as Chair of the Board until 8 September 2025,
and Janne Larma served as Chair of the Board from 8 September 2025 onwards, after
which Georg Ehrnrooth served as Vice Chair of the Board. Janne Larma, who served as
Chair of the Board from 8 September 2025, was employed by the company as Acting
CEO from 1 January to 31 August 2025, and in addition to the remuneration payable
on the basis of Board membership he was paid a fixed salary in cash (monthly salary
and fringe benefits) based on his service contract. These payments are presented
separately below in section 3, Remuneration of the CEO. As Acting CEO under an
employment relationship, Janne Larma was not covered by eQ Group’s performance-
based annual bonus scheme.
Remuneration Report for Governing Bodies 2025
92eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
In 2025, the members of the Board of Directors were paid remuneration as follows:
Fees – EUR
Annual fee based
on membership
Meeting fees,
total Total
Päivi Arminen 36,000 6,750 42,750
Nicolas Berner 36,000 6,750 42,750
Caroline Bertlin
1)
27,000 6,000 33,000
Georg Ehnrooth 56,273 6,750 63,023
Timo Kokkila
2)
9,000 1,500 10,500
Janne Larma 43,455 6,750 50,205
Tomas von Rettig 36,000 6,750 42,750
Total 243,727 41,250 284,977
1)
Caroline Bertlin has served as a member of the Board of Directors since the Annual General Meeting in 2025.
2)
Timo Kokkila served as a member of the Board of Directors until the Annual General Meeting in 2025.
Participation of the Board members in the option programs
The Chair of the Board of Directors, Janne Larma, has previously been granted option
rights as part of the long-term commitment arrangement for the then full-time
Chair of the Board. The other members of eQ Plc’s Board of Directors have no share
derivatives or other share-based incentive schemes.
In 2025, eQ Group had two option programs: Option Program 2022 and Option
Program 2025, under which option rights and option subscription rights have been
granted to key persons for long-term commitment. In accordance with the terms
and conditions of the option programs for 2022 and 2025, the options have an
approximately three-year holding period, after which the options become exercisable.
The terms and conditions contain no other special terms related to ownership of
the options.
Option Program 2022
Under Option Program 2022, the Chair of the Board of Directors, Janne Larma, was
originally granted 50,000 option rights in 2022 as part of the long-term commitment
arrangement for the then full-time Chair of the Board. The share subscription price as
at 31 December 2025 was EUR 20.79 per share.
The share subscription period for the option rights 2022 began on 1 April 2025 and
ends on 30 April 2027.
Option Program 2025
No Board members have been granted option rights under Option Program 2025.
Remuneration of the CEO
The salary of the CEO and other benefits
The Board of Directors appoints the company’s CEO and decides on the CEO’s salary,
benefits and other key terms and conditions of the CEO’s service. It is important for
the company that the CEO’s salary is competitive, as the CEO’s commitment and
sufficient incentives are vital to the company’s success.
The CEO’s remuneration consists of a fixed salary in cash (monthly salary plus fringe
benefits) and a performance-based annual bonus. In addition to the achievement of
the personal targets set for the CEO for each year, the amount of the annual bonus
is determined based on the result of the Asset Management segment. Remuneration
is not determined mechanically based on specific metrics; instead, it is based on the
Board’s overall assessment. eQ Plc’s Board of Directors decides on the amount and
allocation of the annual bonuses, taking into account, inter alia, the remuneration
criteria described above.
In 2025, the following salary and remuneration were paid to the CEO:
Total fees paid in 2025 – EUR
Fixed remuneration Variable remuneration Total
Annual salary
(incl. fringe benefits) Share of total salary Yearly bonuses Share of total salary
Acting CEO Janne Larma 1 Jan–31 Aug 2025 465,637 100% 0 0% 465,637
CEO Jouko Pölönen 1 Sep–31 Dec 2025 240,192 100% 0 0% 240,192
Total 705,829 100% 0 0% 705,829
93eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
The matured variable remuneration earned by CEO Jouko Pölönen for the year 2025
that had not yet been paid as at the date of publication of this report amounted in
total to EUR 125,376. Janne Larma, as Acting CEO under a service contract, was not
covered by eQ Group’s performance-based annual bonus scheme.
If variable remuneration exceeds EUR 50,000, payment of the variable remuneration
is deferred. The deferred portion of the variable remuneration is 50 per cent, and the
deferred portion is paid in equal instalments over three (3) years. During the deferral
period, 50 per cent of the deferred amount is linked to the share price development
of eQ Plc.
The terms of the CEO’s service are defined in the CEO service contract. The CEO
service contract may be terminated by either party subject to a notice period of six
(6) months. If the company terminates the CEO service contract for any reason, or
if the contract is terminated by mutual agreement between the company and the
CEO, the CEO is entitled to severance compensation corresponding to the CEO’s total
remuneration for the twelve (12) months preceding the termination. The severance
compensation is paid on the termination date of the contract.
The CEO’s retirement age and pension benefits are determined in accordance
with TyEL (the Finnish Employees Pensions Act). The CEO has no supplementary
pension arrangement.
The CEO’s participation in the option programs
In 2025, eQ Group had two option programs: Option Program 2022 and Option
Program 2025, under which option rights and option subscription rights have been
granted for the long-term commitment of key persons. The CEO of eQ Plc, Jouko
Pölönen, and the current Chair of the Board and former Acting CEO, Janne Larma, have
been covered by these option programs. The options granted to Janne Larma are also
described above in the section concerning the remuneration of the Chair of the Board.
In accordance with the terms and conditions of the 2022 and 2025 option programs,
the options have an approximately three-year vesting/holding period, after which the
options become exercisable. The terms and conditions contain no other special terms
related to ownership of the options.
Option Program 2022
Based on Option Program 2022, 50,000 option rights were originally granted in 2022
to Janne Larma, who acted as Acting CEO, as part of the then long-term commitment
arrangement for the full-time Chair of the Board. The subscription price of the options
as at 31 December 2025 was EUR 20.79 per share.
The share subscription period for the option rights 2022 began on 1 April 2025 and will
end on 30 April 2027.
Option Program 2025
Based on Option Program 2025, 100,000 option rights were granted to Jouko Pölönen
as part of a commitment arrangement. The subscription price of the options 2025 as
at 31 December 2025 was EUR 11.64 per share.
The share subscription period for the option rights 2025 begins on 1 March 2028 and
will end on 31 May 2030.
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Board of
Directors
Janne Larma
Chair of the Board
Member of the Board since 2021
Born: 1965
Education:
M.Sc. (Econ.), Hanken Svenska handelshögskolan
Primary working experience:
2024–2025 eQ Plc, Acting CEO
2011–2021 eQ Plc, CEO
2004–2009 eQ Bank, Member of Management Team
2000– Advium Corporate Finance Ltd, Managing Director
1998–2000 Enskilda Securities, management position in
investment banking
1993–1998 Alfred Berg, investment banking
1988–1992 Kansallis-Osake-Pankki, investment banking
Primary positions of trust:
Notalar Oy, Chair of the Board; Inkoo Shipping Oy,
Member of the Board; Rettig Oy Ab, Member of the Board;
Meripuolustussäätiö SR, Member of the Board
Not independent of the company and not independent of its
significant shareholders.
Georg Ehrnrooth
Vice Chair of the Board
Member of the Board since 2011
Born: 1966
Education:
Studies in agriculture and forestry, Högre Svenska Läroverket, Åbo
Primary working experience:
2008– Management positions in family-owned companies
responsible for finance and investments
2005 eQ Corporation and eQ Bank Ltd, Chief Executive Officer
Primary positions of trust:
Byggmästare Anders J Ahlström Holding AB (publ), Member of the
Board; Paavo Nurmi Foundation, Member of the Board; Anders Wall
Foundation, Member of the Board; Louise and Göran Ehrnrooth
Foundation, Chair of the Board; Topsin Investments S.A., Member
of the Board; Fennogens Investments S.A, Member of the Board.
Not independent of the company and not independent of its
significant shareholders.
Päivi Arminen
Member of the Board since 2023
Born: 1978
Education:
M.Sc. (Econ.), HSE
Primary working experience:
2008–2021 EQT Partners AB, Infrastructure investment,
Managing Director, Director, Associate
2005–2008 Danske Bank A/S / Sampo Bank Plc, Debt Capital
Markets, Vice President, Assistant Vice President
2004–2005 Evli Plc, Equity Analyst
Primary positions of trust:
Tesi (Finnish Industry Investment Ltd), Member of the Board;
Interogo Holding AG, Infrastructure investments, Investment
Committee Member
Independent of the company and significant shareholders.
eQ Plc Board of Directors 31 December 2025:
95eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
Nicolas Berner
Member of the Board since 2013
Born: 1972
Education:
LL.B, University of Helsinki
Primary working experience:
2011– Berner Ltd, Chief Financial Officer,
1998–2011 Hannes Snellman Attorneys Ltd, Partner
Primary positions of trust:
Berner Ltd, Chair of the Board
Independent of the company and significant shareholders.
Caroline Bertlin
Member of the Board since 2025
Born: 1978
Education:
M.Sc. (Econ.), Hanken Svenska handelshögskolan
Primary working experience:
2025– Nordion Energi AB, Chief Financial Officer and Head of
Hydrogen Business
2024–2025 Nordion Energi AB, strategy and funding of energy
infrastructure
2016–2023 Nordisk Renting AB, CEO
2018–2020 NatWest Structured Finance, Managing Director
2009–2016 NatWest Group, Head of Restructuring, Turnaround
CEO and Project Lead for Strategic projects
Primary positions of trust:
Nordisk Renting AB, Member of the Board
Independent of the company and significant shareholders.
Tomas von Rettig
Member of the Board since 2019
Born: 1980
Education:
BBA (Bachelor of Business Administration), Arcada University
of Applied Sciences
CEFA -degree, Hanken Svenska handelshögskolan
Primary working experience:
2016–2019 Rettig Oy Ab, CEO
2011–2015 Rettig Oy Ab, vice president business development,
vice president corporate finance and development
2008–2011 Rettig Asset Management Oy Ab, portfolio manager,
senior portfolio manager
2006–2008 Skandinaviska Enskilda Banken, Middle
Office function
Primary positions of trust:
Rettig Capital Oy Ab, Chair of the Board
Independent of the company, but not independent of its
significant shareholders.
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The CEO and Management team
On 4 May 2025, the Board of Directors of eQ Plc appointed Jouko Pölönen as CEO of eQ Plc.
Pölönen assumed his position on 1 September 2025.
eQ renewed the composition of its Management Team to support the implementation
of the strategy and the management of the Group. The Board of Directors of eQ Plc has
appointed the Group Management Team, and the new Management Team commenced its
work on 3 February 2026 under the leadership of CEO Jouko Pölönen.
Jouko Pölönen
Chair of the Management Team
Jouko Pölönen, M.Sc. (Econ), eMBA, (born 1970) is
CEO of eQ Plc and has worked with eQ since 2025.
Prior to this, he served for seven years as the CEO
of Ilmarinen Mutual Pension Insurance Company,
and before that at OP Financial Group from 2001 to
2018, where he held several leadership positions,
including Head of Banking, as well as CEO of OP
Corporate Bank Plc, Helsinki Area Cooperative Bank,
and Pohjola Insurance Ltd.
Tero Estovirta
Tero Estovirta, M.Sc. (Eng.), (born 1971) is Managing
Director of eQ Asset Management Ltd and has
worked with eQ since 2014. He has previously
almost 20 years of experience from various positions
in NCC. Most recently he acted as a Managing
Director of NCC Property Development Ltd and as a
country manager in Finland.
Jacob af Forselles
Jacob af Forselles, M.Sc. (Econ.), LL.M, (born 1973)
is Managing Director of Advium Corporate Finance
Ltd has worked with eQ since 2024. He previously
worked as a Chief Strategy Officer at Konecranes
Plc. Previously in 2008–2018 he worked as Chief
Investment Officer at Ahlström Capital and in
various roles at Mandatum Investment Bank during
1998–2005.
Composition of the Management Team from 3 February 2026:
97eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
Kirsi Hokka
Kirsi Hokka M.Sc. (Econ.), (born 1965) is the Chief
Customer Officer of eQ Group since February 2026.
She has worked as Director, Sales and Customer
Relations at eQ Asset Management Ltd since
2012 and will continue to do so alongside with the
Group position. Before eQ, she worked as Director,
Institutional clients at Pohjola Asset Management
Ltd. for eight years and at Alfred Berg ABM Amro Ltd
asset management in various management positions
also for eight years as well as chief economist or
economist of various institutions during a period of
ten years.
Taina Kyllönen
Taina Kyllönen M.Sc. (Econ.), (born 1967) is the
Chief HR and Communications Officer at eQ Group
since 2026. Previously she worked as a Director for
Communications and Community Relations at the
University of Helsinki for six years. In 2014–2019,
she worked as EVP, Communications, Investor
Relations and Corporate Identity at the international
steel company SSAB Group in Stockholm, Sweden
and in various similar management positions in
Rautaruukki Corporation since 2004.
Antti Lyytikäinen
Antti Lyytikäinen, M.Sc. (Econ.), (born 1981) is CFO
of eQ Group. Antti has worked among financial
sector since 2004 and with eQ Plc since 2011.
From 2008 to 2011 he worked at Aberdeen Asset
Management and was responsible for the financial
management of group’s property funds. Prior to that
he worked as an Auditor e.g in the Financial Services
-division of KPMG.
Arimo Leppä
Arimo Leppä LL.M (born 1984) is the Chief
Technology and Business Development Officer at
eQ Group since February 2026. Prior to that he has
worked in various management positions at eQ since
2016. Previously he worked as the COO of eQ Asset
management and its’ real estate business focusing
on ICT development projects. He will continue to
work as the COO of the eQ Asset management
alongside his group duties. During 2011–2016, he
worked at the law firm Castrén & Snellman in various
business law and M&A related engagements.
Juha Surve
Juha Surve, LL.M and M.Sc. (Econ.), (born 1980) is
Group General Counsel of eQ Plc, and he also acts as
a secretary of the Board of eQ Plc. Juha has worked
among financial sector and capital markets since
2003 and with eQ Plc since the beginning of year
2012. From 2008 to 2012 he worked at Castrén
& Snellman Attorneys Ltd expertising in M&A
transactions, capital markets and corporate law.
Prior to that he gained over five years’ experience in
various asset management related duties e.g. in OP-
Pohjola Group and Nordea Bank.
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Performance based fees of Private Equity
Funds managed by eQ
It is possible for eQ Group to obtain a performance-based fee (carried interest) based
on the return of the private equity fund or PE programme fund that eQ manages.
The performance-based fee, which is based on fund agreements and belongs to the
management company, is not paid until the internal rate of return (IRR) defined by the
hurdle rate has been achieved at cash flow level. Typically, performance fees are only
payable at the end of the fund’s life cycle. If the return from the fund remains below
the hurdle rate, the management company receives no performance fee. When the
hurdle rate has been reached, the management company will receive the coming cash
flow until the entire performance fee accumulated by that time has been obtained
(so-called catch up stage). After the catch up stage, the cash flows distributed by the
fund will be divided between the management company and investors according to
the fund agreement (e.g. 7.5% / 92.5%).
eQ Group accrues the catch up share of private equity funds’ performance fee in the
income statement. eQ Group will begin to accrue the catch up share of performance
fees when the Group has assessed that it will not be necessary to later make any
considerable cancellations in the accrued and recognised income. Accruals will be
recognised for the funds that fulfil the requirements and that are assessed, based
on cash flows, to pay carried interest no later than in the following five years, the
investment period of which has ended, and regarding which eQ has received return
assessments of the final returns from the targets funds’ management companies.
After the catch up stage, the performance fees will be booked in the income
statement according to the cash flow distributed by the fund and divided between the
management company and investors (e.g. 7.5% / 92.5%).
The estimated returns and performance fees for each separate fund have been
presented on the following. The catch up share to be recognised in the 2026 income
statement is estimated to be around EUR 3.4 million.
99eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
Funds – 31 December 2025
Fund Fund size Vintage year Hurdle rate Performance fees
eQ’s share of the
performance fee Present TVPI Estimated TVPI
Estimate on
reaching the hurdle
rate (cash flow)
Estimated catch up
share, total MEUR
(those in accrual)
1)
Estimated total
amount of
performance fees,
MEUR
2)
Performance fees
reserved presently
in the fund’s value,
MEUR
3)
Amanda V MEUR 50 2011 6.0% 10.0% 100% 1.3× 1.3× Will not reach n/a n/a n/a
eQ PE VI MEUR 100 2013 7.0% 7.5% 100% 1.5× 1.6× 2026 2,4 4.9 4.3
eQ PE VII MUSD 80 2015 7.0% 7.5% 45% 1.8× 2.0× 2027 0,9 2.7 2.2
eQ PE VIII MEUR 160 2016 7.0% 7.5% 100% 1.6× 1.7× 2026 3,2 10.5 8.0
eQ PE IX MUSD 105 2017 7.0% 7.5% 45% 1.9× 2.1× 2027 1,0 4.0 3.0
eQ PE X MEUR 175 2018 7.0% 7.5% 100% 1.4× 1.9× 2029 5,4 13.5 5.2
eQ PE XI MUSD 217 2019 7.0% 7.5% 45% 1.4× 2.0× 2029 2,5 7.7 2.4
eQ PE XII MEUR 205 2020 7.0% 7.5% 100% 1.4× 1.9× 2029 n/a 15.7 5.5
eQ PE XIII MUSD 318 2021 7.0% 7.5% 45% 1.2× 2.1× 2030 n/a 11.5 1.5
eQ PE XIV MEUR 288 2022 7.0% 7.5% 100% 1.2× 1.8× After 2030 n/a 19.3 2.9
eQ PE XV MUSD 283 2023 7.0% 7.5% 45% 1.0× 1.8× After 2030 n/a 7.5 n/a
eQ PE XVI MEUR 227 2024 7.0% 7.5% 100% 1.1× 1.7× After 2030 n/a 13.4 0.5
eQ PE XVII MUSD 190 2025 7.0% 7.5% 45% 1.0× 1.8× After 2030 n/a 5.2 n/a
eQ PE SF II MEUR 135
4)
2018 10.0% 10.0% 100% 1.3× 1.5× Will not reach n/a n/a n/a
eQ PE SF III MEUR 170
5)
2020 10.0% 10.0% 100% 1.6× 2.0× 2027 3,4 11.3 6.0
eQ PE SF IV MEUR 151
6)
2022 10.0% 10.0% 100% 1.3× 1.8× 2028 n/a 5.9 1.8
eQ PE SF V MEUR 106
7)
2024 10.0% 10.0% 100% 1.1× 1.7× After 2030 n/a 3.7 0.2
PE programme funds MEUR 198 2013–16 8.0%/12.0% 7.5%/12.0% 100% n/a n/a 2025–2028 10,8 23.3 15.1
eQ VC MUSD 77 2021 7.0% 7.5% 45% 1.2× 2.3× After 2030 n/a 3.0 0.3
eQ VC II MUSD 54 2023 7.0% 7.5% 45% 1.1× 2.3× After 2030 n/a 2.1 0.0
Total
29.6 165.3 58.9
(31.12.24: 28.2) (164.9) (47.6)
Of which covered by the catch up accrual 29.6 78.0 46.2
Catch up share accrued to profit cumulatively by 31 Dec 2025 19.8
Accrued catch up share receivables paid by 31 Dec 2025 0.7
Balance sheets catch up share receivables on 31 Dec 2025 19.1
Estimated accrual for 2026 3.4
The return estimates that eQ has presented are based on assessments obtained from the target funds’ management companies regarding the funds that are fully invested and where the investment periods of the target funds have ended. Otherwise, the estimates are based on eQ’s own assessment model.
1)
Catch up share’s estimated portion of the performance fee in funds that accrual applies to
2)
Total estimated performance fee including catch up share
3)
The total amount of the performance fee that eQ would receive if the funds’ investments were sold at current market value.
4)
Capital covered by the performance fee MEUR 75.
5)
Capital covered by the performance fee MEUR 104.
6)
Capital covered by the performance fee MEUR 71.
7)
Capital covered by the performance fee MEUR 52.
100eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
Estimated performance fees total EUR 165 million, of which EUR 20 million had been recognised in p&l by 31 Dec 2025
0
5
10
15
20
25
30
2012
2014
2016
2018
2020
2022
2024
2026
Estimated total performance fee
Vintage
XII North
205 MEUR
XIII US
318 MUSD
XIV North
288 MEUR
XV US
283 MUSD
XVI North
227 MEUR
XVII US
190 MUSD
SF IV
151 MEUR
SF V
106 MEUR
VC
77 MUSD
VC II
54 MUSD
The fund is not yet
subject to accrual
VI North
100 MEUR
VII US
80 MUSD
VIII North
160 MEUR
IX US
105 MUSD
X North
175 MEUR
XI US
217 MUSD
Programmes
198 MEUR
SF III
170 MEUR
After 2030
2026
2029
2027
2028
2030
Estimate on reaching
the hurdle rate
PE FUNDS ESTIMATED PERFORMANCE FEES
eQ’s estimated return forecasts are based on assessments received from the management companies of the underlying funds for those funds that are fully invested and whose investment periods have ended. In other cases, the forecasts are based on eQ’s own valuation model.
101
eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
Information about capital adequacy
Capital adequacy management
eQ Group comprises a fully owned subsidiary of eQ Plc, eQ Asset Management Ltd,
which is an investment firm. eQ Asset Management Ltd, as investment firm, and
eQ Plc as the holding company, apply the IFD/IFR regime for investments firms.
This section presents information about the capital adequacy management and
calculations of eQ Group (Pillar III).
Capital adequacy management is a central part of pillar 2 of the capital adequacy
regulations. According to them, investment firms are obliged to consider their capital
adequacy in relation to risks in a more extensive manner than just fulfilling the
calculated capital adequacy requirements set out in the first pillar. In the capital
adequacy management process, the company builds a motivated view of essential
risks and the risk-based capital need required by them, which is not the same as the
capital adequacy requirement of pillar 1 and may deviate from it. The capital adequacy
management process deals with risks that are not taken into consideration in pillar
1 capital adequacy requirements, including qualitative risks. The capital adequacy
management process also takes a stand on the sufficient level of risk management
and internal control regarding each separate risk. The capital adequacy management
process is carried out at least once a year and a capital plan describing the capital
need, the sufficiency of capital and capital adequacy is drawn up based on the process.
The goals and practises of risk management at eQ Group have been presented in
the Notes to the Financial Statements. Information about the corporate governance
and remuneration in eQ Group can be found as part of the Annual Report and on
eQ’s website.
Capital adequacy
According to the IFR-regulations, the most restrictive capital requirement for eQ
at the end of the financial period 2025 is defined on the basis of fixed overheads.
The minimum capital requirement based on fixed overheads was EUR 6.1 million.
At the end of the period, the Group’s own funds based on capital adequacy
calculations totalled EUR 18.3 million. Detailed information on the Group’s capital
adequacy can be found in the following section.
Capital adequacy
EUR 1,000
IFR
31 Dec 2025
eQ Group
IFR
31 Dec 2024
eQ Group
Equity
69,058 73,330
Common equity tier 1 (CET 1) before deductions
69,058 73,330
Deductions from CET 1
Intangible assets
-29,212 -29,218
Unconfirmed profit for the period
-21,595 -27,405
Dividend proposal by the Board*
0 0
Common equity tier 1 (CET1)
18,251 16,707
Additional tier 1 (AT1)
0 0
Tier 1 (T1 = CET1 + AT1)
18,251 16,707
Tier 2 (T2)
0 0
Total capital (TC = T1 + T2)
18,251 16,707
Own funds requirement according to the most
restrictive requirement (IFR) 6,113 5,652
Fixed overhead requirement
6,113 5,652
K-factor requirement
428 398
Absolute minimum requirement
150 150
EUR 1,000
IFR
31 Dec 2025
eQ Group
IFR
31 Dec 2024
eQ Group
Risk-weighted items total – Total risk exposure
76,413 70,655
Common equity tier (CET1) / own funds
requirement, % 298.6% 295.6%
Tier 1 (T1) / own funds requirement, %
298.6% 295.6%
Total capital (TC) / own funds requirement, %
298.6% 295.6%
Common equity tier 1 (CET1) / risk weights, %
23.9% 23.6%
Tier 1 (T1) / risk weights, %
23.9% 23.6%
Total capital (TC) / risk weights, %
23.9% 23.6%
Excess of total capital compared with the
minimum level 12,138 11,055
Total capital compared with the target level (incl.
a 25% risk buffer for the requirement) 10,609 9,642
*The dividend and equity repayment proposed by the Board exceeding the profit for the period.
102eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
Composition of regulatory own funds (EU IF CC1)
EUR 1,000
(a) (b)
Amounts
Source based on
reference numbers/
letters of the balance
sheet in the audited
financial statements
Common Equity Tier 1 (CET1) capital: instruments and reserves
1
Own funds
18,251
2
Tier 1 capital
18,251
3
Common equity tier 1 capital
47,463
4
Paid up capital instruments
11,384 Row 23, CC2
5
Share premium
27,279 Row 24, CC2
6
Retained earnings
8,800 Row 25, CC2
11
(-) Total deductions from common equity tier 1
-29,212
17
(-) Goodwill
-25,212 Row 7, CC2
18
(-) Other intangible assets
-4,000 Rows 7, 8 and 9, CC2
25
(-) Other deductions
0
Own funds: reconciliation of regulatory own funds to balance sheet in the audited financial statements (EU IF CC2)
(a) (b) (c)
Balance sheet as in
audited financial statements Under regulatory scope of consolidation Cross reference to EU IFCC 1
As at period end, EUR 1,000 As at period end, EUR 1,000
Assets – Breakdown by asset classes according to the balance sheet in the audited financial statements
1
Liquid assets
0
2
Claims on credit institutions
10,944
3
Financial assets
4
Financial securities
4,190
5
Private equity and real estate fund investments
16,671
6
Intangible assets
7
Fair value and brands
29,212 Row 17, CC1
8
Client agreements
0 Row 17 and 18, CC1
9
Other intangible assets
0 Row 17 and 18, CC1
10
Tangible assets
11
Right-of-use assets
2,265
12
Tangible assets
466
13
Other assets
23,323
14
Accruals and prepaid expenditure
528
15
Income tax receivables
13
16
Deferred tax assets
120
17
Total Assets
87,733
Liabilities – Breakdown by liability classes according to the balance sheet in the audited financial statements
18
Other liabilities
6,669
19
Accruals and deferred income
8,845
20
Lease liabilities
2,864
21
Income tax liabilities
296
22
Total Liabilities
18,675
Shareholders’ Equity
23
Share capital
11,384 Row 4, CC1
24
Reserve for invested unrestricted equity
27,279 Row 5, CC1
25
Retained earnings
8,800 Row 6, CC1
26
Profit (loss) for the period
21,595
27
Total Shareholders' equity
69,058
Audited consolidated balance sheet and regulatory own funds under regulatory scope of consolidation are equal.
103
eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
Own funds: main features of own instruments (EU IF CCA)
1 Issuer eQ Plc
2 Unique identifier ISIN: FI0009009617
3 Public or private placement Public
4 Governing law(s) of the instrument Finnish law, EU's IFR regulation 2019/2033, EU's CRR regulation
575/2013
5 Instrument type CET1
6 Amount recognised in regulatory capital (MEUR) 11,4
7 Nominal amount of instrument n/a
8 Issue price n/a
9 Redemption price n/a
10 Accounting classification Shareholders' equity
11 Original date of issuance 1 Nov 2000
12 Perpetual or dated Perpetual
13 Original maturity date No maturity
14 Issuer call subject to prior supervisory approval n/a
15 Optional call date, contingent call dates and redemption
amount
n/a
16 Subsequent call dates, if applicable n/a
Coupons/dividends
17 Fixed or floating dividend/coupon Floating
18 Coupon rate and any related index n/a
19 Existence of a dividend stopper No
20 Fully discretionary, partially discretionary or mandatory (in
terms of timing)
Fully discretionary
21 Fully discretionary, partially discretionary or mandatory (in
terms of amount)
Fully discretionary
22 Existence of step up or other incentive to redeem No
23 Noncumulative or cumulative Non-cumulative
24 Convertible or non-convertible Non-convertible
25 If convertible, conversion trigger(s) n/a
26 If convertible, fully or partially n/a
27 If convertible, conversion rate n/a
28 If convertible, mandatory or optional conversion n/a
29 If convertible, specify instrument type convertible into n/a
30 If convertible, specify issuer of instrument it converts into n/a
31 Write-down features n/a
32 If write-down, write-down trigger(s) n/a
33 If write-down, full or partial n/a
34 If write-down, permanent or temporary n/a
35 If temporary write-down, description of write-up mechanism n/a
36 Non-compliant transitioned features No
37 If yes, specify non-compliant features n/a
38 Link to the full term and conditions of the instrument
(signposting)
See equity note of the consolidated financial statement
104eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
Information to the shareholders
eQ Plc’s share
eQ Plc’s share is traded on Nasdaq Helsinki. At the end of 2025, the company had had
8,009 shareholders (8,073 shareholders on 31 Dec 2024). The largest shareholders
have been presented in the Report by the Board of Directors.
• Symbol: EQV1V
• Sector: Financial Services
• Market capitalisation classification: Mid Cap companies
Why to invest in eQ’s share
eQ has a strong position in long-term active asset management and corporate
finance for professionals in Finland. The company’s strengths include long-standing
experience and excellence in the private equity market, real estate investments,
equity and fixed income products, and advising on mergers and acquisitions and
real estate transactions.
The aim of eQ’s updated strategy 2030 is returning to strong growth. This growth is
based on eQ’s unique strengths, extensive experience, and the top-notch expertise
of our specialists as trusted asset managers for institutions. Our goal is to further
strengthen the customer and employee experience, expand our business both
internationally and to private customers, and to double our operating profit by the end
of 2030. Further information on the updated strategy and targets is provided as part
of the Annual Report.
20252024202320222021
NUMBER OF SHAREHOLDERS 2021 TO 2025
9,000
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
8,376
8,277
7,883
8,009
8,073
35
30
25
20
15
10
5
0
2024 202520232022202120202019201820172016
SHARE PRICE DEVELOPMENT 2016 TO 2025, EUR
eQ Plc
106eQ in 2025 Business Segments Strategy Sustainability Report by the Board of Directors Financial Statement Corporate Governance To the Shareholders
Annual General Meeting
eQ Plc’s Annual General Meeting (AGM) will be held on Tuesday 24 March 2026. Detailed
information and instructions for participation can be found on the company website at
www.eQ.fi/en.
Dividend distribution
The Board of Directors proposes to the Annual General Meeting that a dividend of EUR
0.52 per share be paid out. The dividend is paid in two instalments. The first instalment,
EUR 0.26 per share, is paid to those who are registered as shareholders in the company’s
shareholder register maintained by Euroclear Finland Ltd on the record date 26 March 2026.
The Board proposes that the first instalment of the dividend be paid out on 2 April 2026.
The second instalment, EUR 0.26 per share, is paid in October 2026. The second instalment
is paid to those who are registered as shareholders in the company’s shareholder register
maintained by Euroclear Finland Ltd on the record date. The Board of Directors will decide
the record date and payment date of the second instalment of the dividend payment at its
meeting in September 2026. The planned record date is 7 October 2026 and the dividend
payment date 14 October 2026.
Analysts following eQ Plc
The analysts mentioned below follow eQ Plc. eQ is not responsible for their comments
or assessments.
• Inderes Oy, Sauli Vilén, +358 44 025 8908, sauli.vilen@inderes.fi
• OP Corporate Bank Plc, Antti Saari, +358 10 252 4359, antti.saari@op.fi
Investor relations, contact information
Antti Lyytikäinen, CFO
+358 40 709 2847
antti.lyytikainen@eQ.fi
Taina Kyllönen, Chief HR and Communications Officer
+358 40 582 2175
taina.kyllonen@eQ.fi
ANNUAL REPORT:
WEEK
ANNUAL GENERAL
MEETING: MARCH
RECORD DATE OF
THE FIRST INSTALMENT
OF THE DIVIDEND:
MARCH
RECORD DATE OF
THE SECOND INSTALMENT OF
THE DIVIDEND PRELIMINARY:
OCTOBER
PAYMENT DATE OF
THE FIRST INSTALMENT OF
THE DIVIDEND: APRIL
PAYMENT DATE OF THE SECOND
INSTALMENT OF THE DIVIDEND
PRELIMINARY: OCTOBER
Q
INTERIM REPORT:
APRIL
HALF YEAR
FINANCIAL REPORT:
AUGUST
Q
INTERIM REPORT:
OCTOBER
Calendar in 2026
In connection with the publication
of the financial reports, eQ will
arrange a result presentation
for investors, analysts and
representatives of the media. The
interim reports will be available on
eQ’s website at www.eQ.fi/en.
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eQ Plc | Aleksanterinkatu 19, 5th fl | 00100 Helsinki, Finland | Tel. +358 9 6817 8777 | asiakaspalvelu@eQ.fi | www.eQ.fi/en