Interim report
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Q2 Half year report 2026
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Q2 2026 2 eQ Plc’s half year report 2026: Strong fundraising and capital returns to investors in Private Equity funds January to June 2026 in brief • The Group's net revenue for the reporting period was EUR 29.6 million (EUR 28.3 million 1 January - 30 June 2025). The Group’s net fee and commission income was EUR 29.1 million (EUR 29.4 million). • The operating profit was EUR 11.6 million (EUR 11.8 million). • Earnings per share were EUR 0.22 (EUR 0.22). • The net revenue of the Asset Management segment was EUR 28.4 million (EUR 28.6 million), and the operating profit was EUR 13.8 million (EUR 15.2 million). The management fees of the Asset Management segment fell by 3 per cent to EUR 26.0 million (EUR 26.7 million) and the performance fees fell by 21 per cent to EUR 2.7 million (EUR 2.2 million). Cash flow from Private Equity performance fees totalled EUR 6.0 million (- EUR million). • At the end of the review period, assets managed by eQ amounted to EUR 14.3 billion (EUR 13.8 billion on 31 December 2025). • The Corporate Finance segment's net revenue was EUR 0.9 million (EUR 0.8 million) and operating profit EUR -0.6 million (EUR -0.9 million). • eQ published an update of its strategy and long-term objectives on 3 February 2026. The aim of the updated strategy 2030 is returning to strong growth. eQ renewed the composition of its Management T eam to support the implementation of the strategy and the management of the Group. In line with the strategy, growth investments were made in the personnel and the development of the brand, the website, and the customer portal. • eQ raised nearly 300 million euros for Private Equity and Venture Capital funds and returned nearly 200 million euros to investors during the first half of the year. • eQ Social Infrastructure was the first Nordic real estate fund to be awarded Moody’s Baa3 credit rating with a stable outlook. • eQ Social Infrastructure and eQ Commercial Properties funds carried out refinancing totalling EUR 915 million on more favourable terms than previously. • eQ switched to reporting on two business segments from 2026 onwards: Asset Management and Corporate Finance. eQ Group's private equity and real estate fund investments made from its own balance sheet will be reported in other functions together with the Group administration functions. April to June 2026 in brief • In the second quarter, the Group’s net revenue totalled EUR 15.4 million (EUR 14.3 million from 1 April to 30 June 2025). Group’s net fee and commission income were EUR 15.2 million (EUR 14.9 million). • The operating profit was EUR 6.0 million (EUR 6.0 million). • Earnings per share were EUR 0.11 (EUR 0.11).
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Q2 2026 3 Key ratios 1-6/26 1-6/25 Change 4-6/26 4-6/25 Change 1-12/25 Net revenue, Group, MEUR 29.6 28.3 5 % 15.4 14.3 8 % 58.2 Net revenue, Asset Management, MEUR 28.4 28.6 -1 % 14.6 14.2 3 % 56.9 Net revenue, Corporate Finance, MEUR 0.9 0.8 8 % 0.7 0.8 -4 % 1.7 Group administration and eliminations Net revenue, MEUR 0.3 -1.1 0.1 -0.6 -0.4 Operating profit, Group, MEUR 11.6 11.8 -1 % 6.0 6.0 1 % 27.4 Operating profit, Asset Management, MEUR 13.8 15.2 -9 % 6.8 7.3 -8 % 32.0 Operating profit, Corporate Finance, MEUR -0.6 -0.9 28 % -0.0 -0.1 22 % -1.4 Operating profit, Group administration, MEUR -1.5 -2.5 -0.7 -1.3 -3.2 Profit for the period, MEUR 9.2 9.3 -1 % 4.8 4.7 1 % 21.6 1-6/26 1-6/25 Change 4-6/26 4-6/25 Change 1-12/25 Earnings per share, EUR 0.22 0.22 -1 % 0.11 0.11 1 % 0.52 Equity per share, EUR 1.39 1.35 3 % 1.39 1.35 3 % 1.67 Cost/income ratio, Group, % 60.7 58.3 4 % 60.8 58.3 4 % 52.9 Return on equity, ROE % p.a. 27.9 28.2 -1 % 31.3 32.4 -3 % 30.3 Liquid assets, MEUR 16.5 14.3 16 % 16.5 14.3 16 % 15.1 Private equity and real estate fund investments, MEUR 16.2 16.5 -2 % 16.2 16.5 -2 % 16.7 Interest-bearing bank loans, MEUR 0.0 0.0 0 % 0.0 0.0 0 % 0.0 Assets under management excluding reporting services, EUR billion 10.3 10.0 3 % 10.3 10.0 3 % 10.2 Assets under management, EUR billion 14.3 13.5 6 % 14.3 13.5 6 % 13.8
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Q2 2026 4 CEO's review The implementation of eQ’s updated strategy is being executed at full speed, and investments are being made to drive growth. Private Equity had a strong start to the year, and the Group’s results were on a par with last year’s. The aim of eQ’s updated 2030 strategy, published in February, is to return to strong growth and to double the operating profit by the end of 2030. The goal is to further strengthen the client and employee experience, and to expand the business both internationally and to private customers. T o accelerate the implementation of the strategy during the reporting period, the Management T eam was strengthened, and the necessary recruitment and growth investments were made. Among other things, we have launched development projects for our website and customer portal, as well as a rebranding of the eQ brand. 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. eQ is also open to exploring potential mergers and acquisitions that create added value for clients and owners. The net revenue of the eQ Group during the review period was EUR 29.6 million and the operating profit was EUR 11.6 million. Net revenue increased by 5 per cent and operating profit decreased by one per cent compared to the previous year. The Group's cost/income ratio was 60.7 per cent. eQ Asset Management raised nearly EUR 300 million for Private Equity and Venture Capital funds During the first half of the year, eQ Asset Management raised almost EUR 300 million for its Private Equity and Venture Capital funds and made significant secondary market sales of Private Equity funds. The new eQ PE XVIII North fund raised EUR 162 million, and the eQ PE SF VI secondary fund raised EUR 62 million during the review period. eQ PE Direct I is eQ's first co-investment fund, investing in around 20 Northern European SMEs. EUR 40 million was raised for the eQ PE Direct I fund. In addition, eQ launched its third Venture Capital fund, eQ VC III US, which raised USD 38 million. During Q3/2026, eQ will make its new eQ PE Multi- Strategy fund available to its clients. The fund invests in European and North American private equity and venture capital. The returns of the Private Equity funds managed by eQ remained at a good level during the review period. The combined net cash flow of eQ’s Private Equity funds was clearly positive during the review period, even though transaction volumes in the private equity market remain below their long-term average. eQ’s Private Equity funds have returned nearly EUR 200 million to investors during the first half of the year. At the end of the first quarter, eQ completed a significant private equity secondary sale, comprising commitments from a total of five eQ PE funds. The aim was to liquidate the portfolios of the most mature funds in particular. The total purchase price was more than EUR 49 million. The transaction brought forward capital returns and boosted cash flow for fund 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, during the review period, two fund structures transitioned to a performance fee phase in terms of cash flow. During the review period, cash flow from Private Equity performance fees totalled EUR 6.0 million In real estate business, eQ Social Infrastructure was the first Nordic real estate fund to be awarded Moody’s Baa3 credit rating with a stable outlook. An investment grade rating is an indicator of quality and credibility, and an important factor in building international recognition, growing the fund, and arranging financing for real estate funds. At the end of the review period, the eQ Social Infrastructure and eQ Commercial Properties funds carried out refinancing totalling EUR 915 million on more favourable terms than previously. Long-term, stable funding strengthens the funds’ potential for returns and the implementation of their investment strategies. During the review period, eQ's real estate fund returns were negatively affected by changes in the value of properties. There has not yet been a fall in real estate yield requirements, although transaction activity has increased from the previous year. The majority of domestic open-ended real estate fund have been forced to postpone the payment of redemptions. In July, eQ paid out part of the previously postponed redemptions from both the eQ Social Infrastructure and eQ Commercial Properties funds. During the first half of
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Q2 2026 5 the year, eQ has paid out a total of 88 million euros in redemptions from its property funds. Net revenue in the Asset Management segment decreased by one per cent to EUR 28.4 million. The decrease in net revenue is explained by lower real estate asset management fees than in the previous year. Asset Management segment’s operating profit fell by 9 per cent to EUR 13.8 million. The cost/income ratio of Asset Management segment was 51.4 per cent. Advium acted as an adviser on two completed assignments The M&A market in Finland was active during the review period, even though global economic concerns hampered the conditions for completing mergers and acquisitions. During the first half of the year, the Finnish real estate market saw a number of major transactions, which led to an increase in transaction volumes. During the review period, Advium completed two assignments: one corporate acquisition and one real estate transaction. The Corporate Finance segment's net revenue for the period was EUR 0.9 million (EUR 0.8 million) and operating profit EUR -0.6 million (EUR -0.9 million). 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. Jouko Pölönen CEO, eQ Plc
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Q2 2026 6 Outlook In Finland, the real estate transaction market has become more active. However, we have not yet seen a fall in real estate yield requirements. The recovery of the real estate market depends on the development of the Finnish economy and foreign capital. We expect market activity to increase and yield requirements to fall 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 have continued at a good level. 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. At the end of 2025, one of the Private Equity programme funds, and during the review period 2026, two fund structures managed by eQ transitioned to a performance fee phase in terms of cash flow. In addition, one fund structure is expected to move into the cash flow phase of performance fees during the remainder of the year. In terms of equity and fixed income asset management, fee trends are largely dependent on market developments. Operating environment The first half of 2026 was a mixed period for the investment markets. The US and Israeli strikes against Iran, which began at the end of February, and the disruption to traffic through the Strait of Hormuz caused energy prices to rise sharply, increased inflation risks, and dampened risk appetite. The preliminary peace agreement reached in June paved the way for a ceasefire and the resumption of commercial traffic through the Strait of Hormuz. News of the deal caused oil prices to fall rapidly, but the situation remained fragile. Despite the uncertainty, economic growth and corporate earnings proved to be more resilient than expected. Investment in artificial intelligence once again emerged as one of the key market drivers in the second quarter. The fall in the stock market in the first quarter gave way to a rise in the second quarter. In the United States, the growing demand for AI computing and investments in data centres by major technology companies bolstered earnings growth expectations, particularly for AI infrastructure providers. At the same time, returns on the stock market were increasingly concentrated in a handful of companies benefiting from the artificial intelligence theme. Differences in returns between regions and sectors remained significant. In the first half of the year, the MSCI World Index returned 9.7 per cent in US dollars and 12.7 per cent in euros. The S&P 500 returned 13.1 per cent in euros, the STOXX Europe 600 10.3 per cent and the Finnish stock market 8.8 per cent. The emerging markets stock price index returned 27.2 per cent, driven in particular by strong performance in the technology sectors of South Korea and T aiwan. Pricing in the interest rate markets was driven by short-term inflation expectations fuelled by the energy shock and central banks’ more taut monetary policy messaging. In June, the ECB raised its deposit rate to 2.25 per cent, whilst the Fed left its policy rate unchanged. Long-term government bond yields rose, which led to a fall in government bond returns. The corporate bond market was supported at the end of the first quarter by a narrowing of the risk premiums, which had widened earlier, and by strong investor demand despite the high volume of issuances. In the first half of the year, European government bonds yielded 1.3 per cent, Investment Grade bonds 1.4 per cent and High Yield bonds 2.1 per cent. The government bonds of emerging markets returned 4.4 per cent-0.2% in euro terms and corporate bonds 4.2 per cent. T ransaction volumes in the Finnish real estate investment market rose in the early part of the year, driven in particular by a few large residential portfolio deals, even though house prices and overall activity in the housing market remained weak. In the Private Equity market, transaction and exit activity remained subdued, as buyers’ and sellers’ views on valuation diverged. In the Private Credit market, redemption pressures continued in the second quarter. Pressure was concentrated on US funds with periodic redemption dates, some of which were forced to restrict redemptions.
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Q2 2026 7 Major events during the period under review eQ published an update of its strategy and long-term objectives on 3 February 2026. 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. The goal is to further strengthen the client and employee experience, expand the business both internationally and to private customers, and to double the operating profit by the end of 2030. eQ Plc's strategic objectives are: • Competitive returns and the smoothest customer service • A work community that attracts and retains employees better than any other in the industry • Strong profitable growth and doubling of operating profit by the end of 2030 • Efficient quality: cost/benefit ratio below 50 per cent • Strong dividend: the profit for the financial period is distributed as dividends, safeguarding capital adequacy, liquidity, and investments. eQ Plc's Board of Directors decided on changes to the composition of the Group’s Management T eam. eQ renewed the composition of its Management T eam to support the implementation of the strategy and the management of the Group. The composition of the Management T eam on 3 February 2026 was as follows: • Jouko Pölönen, CEO of eQ Plc, M.Sc. (Econ.) (born 1970) • T ero Estovirta, Managing Director of eQ Asset Management Ltd, M.Sc. (T ech.) (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) • T aina Kyllönen, People and Communications, M.Sc. (Econ.) (born 1967) • Arimo Leppä, T echnology and Development, LL.M. (born 1984) • Antti Lyytikäinen, Finance, M.Sc. (Econ.) (born 1981) • Juha Surve, Legal, LL.M., M. Sc. (Econ) (born 1980) Pertti Vanhanen, EMBA, was appointed as eQ's Director of International Business and a member of the Group’s Management T eam as of 2 March 2026. In line with its strategy, eQ will seek strong growth by expanding its business into international markets and institutional clients, particularly when it comes to Private Equity and real estate investments. Vanhanen is an experienced real estate investment professional and director with a distinguished international career working for major real estate investors. eQ Plc’s Annual General Meeting was held on 24 March 2026. Päivi Arminen, Nicolas Berner, Caroline Bertlin, Georg Ehrnrooth, Janne Larma and T omas von Rettig were re-elected to the Board of Directors for a term of office ending at the close of the next Annual General Meeting. At its meeting immediately after the AGM, the Board elected Janne Larma as Chair of the Board and Georg Ehrnrooth as Vice Chair. All decisions by the Annual General Meeting have been presented in a separate chapter below. On 24 March 2026, the Board of Directors of eQ Plc decided to extend the 2025 Option Scheme by a total of 300,000 option rights, bringing the total number of option rights under the Scheme to 1,660,000. In addition, the Board of Directors decided during the review period to grant a total of 110,000 option rights to key employees of the eQ Group designated by the Board of Directors under the Option Scheme 2025.
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Q2 2026 8 Group net revenue and result development The Group's net revenue for the reporting period was EUR 29.6 million (EUR 28.3 million 1 January - 30 June 2025). The Group’s net fee and commission income was EUR 29.1 million (EUR 29.4 million). The Group’s net investment income from own investment operations was EUR 0.5 million (EUR -1.1 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 18.0 million (EUR 16.5 million). Personnel expenses were EUR 13.3 million (EUR 12.7 million), other administrative expenses EUR 2.6 million (EUR 1.6 million) and the other operating expenses were EUR 1.6 million (EUR 1.7 million). Depreciation was EUR 0.5 million (EUR 0.5 million). T o accelerate the implementation of the revised strategy, the necessary recruitment and growth investments were made during the review period, which led to an increase in costs. Among other things, we launched development projects for our website and customer portal and renewed the eQ brand. The Group's operating profit was EUR 11.6 million (EUR 11.8 million) and the profit for the period was EUR 9.2 million (EUR 9.3 million). Business segments eQ switched to reporting 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. Asset Management segment eQ Asset Management offers a wide range of 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 has a strong position in institutional asset management in Finland. In the latest 2025 SFR survey, eQ was the second most used institutional asset manager in the market and 68 per cent 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 key parts 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 succeeded much better than the median in all six sections the company reported and obtained the highest star rating, five stars, for listed shares, corporate bonds, real estate investments, and private equity investments. eQ provides its clients with comprehensive reports on the implementation of sustainability. Equity and Fixed Income At the end of the review period, eQ had 27 equity, fixed income and balanced funds registered in Finland. Net subscriptions in funds in the review period were EUR -133 million. During the review period, the best performing equity funds managed by eQ were the eQ Emerging Dividend, eQ Emerging Markets Small Cap and eQ Frontier Markets funds. The best performing equity funds relative to the benchmark index were the eQ Finland and eQ Frontier Markets funds. eQ's best performing fixed income funds were the eQ Emerging Markets Corporate Bond Local Currency and eQ High Yield funds. Of the funds managed by eQ itself, 50 per cent outperformed the benchmark index during the review period. All fixed income funds outperformed their benchmark indices during the review period. Over the last three and five years, 36
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Q2 2026 9 per cent of the funds outperformed their benchmark indices. The average Morningstar rating for eQ's self-managed funds at the end of the period was 3.0 stars. During the review period, the Lipper Fund Awards recognised the eQ Euro Investment Grade fund as the best corporate bond fund in the Nordic region, based on its three-year risk-adjusted return. On average, the ESG ratings of eQ’s funds are at a ‘good’ or ‘very good’ level. 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. The assets under management of the equity, fixed income and balanced funds managed by eQ amounted to EUR 2,353 million (EUR 2,248 million) at the end of the period. Assets under management in the Asset Management portfolios and partner funds amounted to EUR 1,924 million (EUR 1,981 million). Real Estate Net subscriptions to the eQ Social Infrastructure fund amounted to EUR -27.3 million during the review period. At the end of the period, the size of the fund was EUR 1,012 million, and real estate property around EUR 1.7 billion. The fund has approximately 3,700 unit holders. The return of the fund during the period was 0.5 per cent and since establishment 5.6 per cent p.a. The fund's return during the review period was positive, although the overall performance of the fund was still weighed down by negative changes in the value of some of the owned properties. On 31 March 2026, Moody's Ratings assigned eQ Social Infrastructure fund IG (investment grade) rating Baa3 with a stable outlook. This is the first time that an international credit rating agency has awarded a credit rating to a Nordic real estate fund. At the end of the review period, eQ Social Infrastructure reached an agreement on the terms of a new secured loan facility worth EUR 600 million. The loan facility will strengthen the fund’s financial position, and the credit will be used to refinance existing debt and for the fund’s general business purposes. Of the eQ Social Infrastructure fund’s 30 June 2025 redemptions, 40 per cent were paid in January at the fund unit value calculated on 31 December 2025, and the remainder were paid in July at the fund unit value calculated on 30 June 2026. eQ Fund Management Company Ltd postponed the payment of eQ Social Infrastructure 31 December 2025 and 30 June 2026 redemptions in accordance with the Rules of the fund. Net subscriptions in the eQ Commercial Properties fund were EUR -19.5 million during the period under review. At the end of the period, the size of the fund was EUR 474 million, and real estate property around EUR 0.8 billion. The fund has approximately 2,000 unit holders. The return of the fund during the period was -4.3 per cent and since establishment 2.7 per cent p.a. The fund’s return for the review period was negative, mainly due to a fall in the value of office properties, although its operational performance continued to show a positive trend. During the review period, the fund strengthened its financial position by repaying debt and, at the end of the review period, reached an agreement on a new secured loan facility of EUR 315 million to refinance the fund’s existing debts. 60 per cent of the eQ Social Infrastructure fund’s 30 June 2024 redemptions were paid in July at the unit value calculated on 30 June 2026 and the remainder have been postponed. In addition, eQ Fund Management Company Ltd postponed the payment of eQ Commercial Properties 30 December 2024, 30 June 2025, 31 December 2025, and 30 June 2026 redemptions in accordance with the Rules of the fund. The eQ Residential III fund has invested in residential properties in the Helsinki metropolitan area, T ampere and T urku. Unlike eQ Social Infrastructure and eQ Commercial Properties, eQ Residential fund is intended for professional investors only, and it has 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 Social Infrastructure 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. Overall, eQ’s funds investing in real estate had real estate property worth approximately EUR 2.8 billion at the end of the period. At the end of 2025, eQ was the seventh largest real estate investor in Finland.
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Q2 2026 10 Private Equity eQ Asset Management raised nearly EUR 300 million for new Private Equity and Venture Capital funds during the review period. The first closing of the new eQ PE XVIII North fund took place at the end of January with a size of EUR 94 million and at the June closing the fund grew to a size of EUR 162 million. The eQ PE XVIII North fund invests in private equity funds that invest in unlisted, small, and medium-sized growth companies in Northern Europe. In the same context, we created a sixth secondary market fund, eQ PE SF VI, with a first closing of EUR 28 million and a June closing of EUR 62 million. The secondary market investment component of the eQ PE XVIII North fund is carried out through the eQ PE SF VI fund. eQ PE SF VI fund has the same investment focus as eQ PE XVIII North fund. eQ PE Direct I is eQ's first co-investment fund, investing in around 20 Northern European SMEs, in which the majority shareholder is typically eQ’s target fund manager. The first closing of the eQ PE Direct I fund took place at the end of January with a size of EUR 13 million and the second closing at the end of March with a size of EUR 40 million. The co- investment component of the eQ PE XVIII North fund will be implemented through the eQ PE Direct I fund. In addition, eQ established a third Venture Capital fund, eQ VC III US. The fund invests in leading North American venture capital funds. T rueBridge Capital Partners, one of the world’s leading companies specialising exclusively in venture capital investments, serves as eQ’s investment advisor. The first closing of the eQ VC III US fund took place at the end of January with a size of USD 26 million and the June closing the fund grew to a size of USD 38 million. Fundraising for all new funds will continue until the end of 2026. During Q3/2026, eQ will make its new eQ PE Multi-Strategy fund available to its clients. The fund invests in European and North American private equity and venture capital. Aimed at professional investors, this fund offers a diversified portfolio of alternative investments through a single investment, providing broad exposure to various strategies and target markets. The returns of the Private Equity funds managed by eQ remained at a good level during the review period. The combined net cash flow of eQ’s Private Equity funds was clearly positive during the review period, even though transaction volumes in the private equity market remain below their long-term average. At the end of the first quarter, eQ completed a significant secondary sale, comprising commitments from a total of five eQ PE funds. The aim was to liquidate the portfolios of the most mature funds in particular. In a large-scale auction, 28 fund commitments were sold for a total price of more than EUR 49 million. The transaction brought forward capital returns and boosted cash flow for fund 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, during the review period, two fund structures transitioned to a performance fee phase in terms of cash flow. During the review period, the related cash flow from previously accrued performance fees in the income statement amounted to EUR 5.1 million and the performance fees recognised in the income statement after the catch up stage were EUR 0.9 million , totalling EUR 6.0 million. 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 3,566 million (EUR 3,239 million) and the assets managed under Private Equity programme funds were EUR 673 million (EUR 903 million). Assets under management The assets managed by eQ Asset Management totalled EUR 14,301 million at the end of the period. Growth during the period was EUR 521 million (EUR 13,780 million on 31 December 2025). 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 4,276 million (EUR 4,229 million) at the end of the period. The assets managed by funds that invest in real estate totalled EUR 1,774 million (EUR 1,864 million). Assets managed by the Private Equity, Venture Capital and Private Credit funds and Private Equity programme funds totalled EUR 4,238 million (EUR 4,141 million).
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Q2 2026 11 Assets under management, EUR million 6/2026 6/2025 Change 12/2025 Change eQ mutual funds 3 838 3 761 2 % 3 823 0 % of which eQ equity, fixed income, and balanced funds 2 353 2 151 9 % 2 248 5 % of which eQ real estate funds 1 485 1 611 -8 % 1 575 -6 % Closed-end real estate funds 288 280 3 % 289 0 % Asset Management portfolios and funds of partners 1 924 1 866 3 % 1 981 -3 % Private Equity, Venture Capital, and Private Credit funds 3 566 3 226 11 % 3 239 10 % Private Equity programme funds 673 903 -25 % 903 -25 % Total excl. reporting services 10 288 10 036 3 % 10 234 1 % Private Equity reporting services 4 012 3 476 15 % 3 546 13 % Total 14 301 13 512 6 % 13 780 4 % Result of the Asset Management segment During the review period, net revenue in the Asset Management segment decreased by one per cent to EUR 28.4 million (EUR 28.6 million 1 January to 30 June 2025) and operating profit by 9 per cent to EUR 13.8 million (EUR 15.2 million). Management fees decreased by 3 per cent to EUR 26.0 million (EUR 26.7 million) and performance fees increased by 21 per cent to EUR 2.7 million (EUR 2.2 million). eQ accrues the catch up share of private equity funds’ performance fee in the income statement. The amount of the catch up share accrued cumulatively by the end of 2025 was EUR 19.8 million. The accrual in the 2026 financial year is estimated at EUR 3.4 million. In 2026, no new funds became subject to accrual. 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. 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, during the review period, two fund structures transitioned to a performance fee phase in terms of cash flow. During the review period, the related cash flow from previously accrued performance fees in the income statement amounted to EUR 5.1 million and the performance fees recognised in the income statement after the catch up stage were EUR 0.9 million , totalling EUR 6.0 million. More information about the estimated returns and performance fees of Private Equity funds is available in the tables of the 2025 financial statements release on page 31 and as part of the Annual Report. The cost/income ratio of Asset Management segment was 51.4 per cent (46.9 per cent). At the end of the period, the segment had 102 full-time equivalents (95 on 31 December 2025). Asset Management 1-6/26 1-6/25 Change 4-6/26 4-6/25 Change 1-12/25 Net revenue, MEUR 28.4 28.6 -1 % 14.6 14.2 3 % 56.9 Operating profit, MEUR 13.8 15.2 -9 % 6.8 7.3 -8 % 32.0 Cost/income ratio, % 51.4 46.9 10 % 53.7 48.5 11 % 43.8 Personnel as full-time resources 100 83 20 % 100 83 20 % 95
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Q2 2026 12 Fee and commission income, Asset Management, MEUR 1-6/26 1-6/25 Change 4-6/26 4-6/25 Change 1-12/25 Management fees Equity and Fixed Income 4.4 4.4 0 % 2.2 2.1 5 % 8.9 Real Estate 11.8 12.6 -7 % 5.9 6.2 -5 % 25.0 Private Equity 9.8 9.7 1 % 5.1 5.0 2 % 19.2 Management fees, total 26.0 26.7 -3 % 13.1 13.3 -1 % 53.1 Performance fees Equity and Fixed Income 0.0 - n/a 0.0 - n/a - Real Estate - - n/a - - n/a - Private Equity 2.7 2.2 21 % 1.6 1.1 45 % 4.4 Performance fees, total 2.7 2.2 21 % 1.6 1.1 46 % 4.4 Other fee and commission income 0.0 0.0 -24 % 0.0 0.0 -47 % 0.1 Fee and commission income, total 28.7 29.0 -1 % 14.8 14.4 3 % 57.6 Corporate Finance segment In the Corporate Finance segment, Advium Corporate Finance acts as advisor in mergers and acquisitions, large real estate transactions, and equity capital markets. The M&A market in Finland was active during the review period, even though global economic concerns hampered the conditions for completing mergers and acquisitions. During the first half of the year, the Finnish real estate market saw a number of major transactions, which led to an increase in transaction volumes. During the review period, Advium completed two assignments: one acquisition and one real estate transaction. Advium acted as financial adviser to the owners when the German company Körber Digital sold its 50 per cent stake in the Finnish company DAIN Studio to the South African firm Next Gen Learning (NGL). DAIN Studios is an AI consultancy firm headquartered in Helsinki, with offices in Berlin and Munich. Advium acted as the seller’s adviser on the sale of a major retail property portfolio to Cibus Real Estate. The portfolio comprises several retail properties in Finland. 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. Result of the Corporate Finance segment The Corporate Finance segment's net revenue for the reporting period was EUR 0.9 million (EUR 0.8 million 1 Jan to 30 June 2025). Operating profit was EUR -0.6 million (EUR -0.9 million). The segment had 15 employees at the end of the period (17 employees on 31 December 2025). 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 1-6/26 1-6/25 Change 4-6/26 4-6/25 Change 1-12/25 Net revenue, MEUR 0.9 0.8 8 % 0.7 0.8 -4 % 1.7 Operating profit, MEUR -0.6 -0.9 28 % -0.0 -0.1 22 % -1.4 Cost/income ratio, % 170.6 206.7 -17 % 105.9 107.3 -1 % 178.5 Personnel as full-time resources 15 17 -12 % 15 17 -12 % 17
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Q2 2026 13 Other activities - Group administration In other activities, eQ reports on the Group's own investment activities and Group management activities. The Group's own investments consist of equity and real estate fund investments from its own balance sheet and liquid fixed income fund investments. During the review period, the Group's net revenue was EUR 0.5 million (EUR -1.0 million 1 Jan to 30 June 2025) and operating profit was EUR -1.5 million (EUR -2.5 million). The increase in net revenue was driven by higher changes in the value of investments than in the comparison period. The net cash flow from equity and real estate fund investments during the review period was EUR 1.0 million (EUR -0.7 million). During the period, eQ Plc made an investment commitment of EUR 1.0 million to the eQ PE XVIII North fund and an investment commitment of USD 1.0 million to the eQ VC III US fund. Group administration 1-6/26 1-6/25 Change 4-6/26 4-6/25 Change 1-12/25 Net revenue, MEUR 0.5 -1.0 -150 % 0.2 -0.6 -130 % -0.3 Operating profit, MEUR -1.5 -2.5 -39 % -0.7 -1.3 -48 % -3.2 Personnel as full-time resources 6 4 50 % 6 4 50 % 4 Private Equity and real estate fund investments Fair value of investments, MEUR 16.2 16.5 -2 % 16.2 16.5 -2 % 16.7 Investment commitments, MEUR 6.8 5.6 21 % 6.8 5.6 21 % 5.2 Net cash flow of investments, MEUR 1.0 -0.7 237 % 0.5 0.1 439 % -0.3 Balance sheet and capital adequacy At the end of the period, the consolidated balance sheet total was EUR 85.3 million (EUR 87.7 million on 31 December 2025). Equity at the end of the period was EUR 57.4 million (EUR 69.1 million). During the period, the shareholders' equity was influenced by the profit for the period of EUR 9.2 million, the dividend distribution of EUR -21.5 million, and the accrued expense of EUR 0.7 million related to an option scheme and entered in shareholders’ equity. The changes are specified in detail in the tables attached to this release. At the end of the period, liquid assets totalled EUR 12.3 million (EUR 10.9 million) and liquid investments in mutual funds EUR 4.2 million (EUR 4.2 million). The lease liability related to premises and entered in the balance sheet was EUR 2.3 million (EUR 2.9 million on 31 December 2025) at the end of the period, the share of short-term liabilities being EUR 1.2 million (EUR 1.2 million). Short-term interest-free debt was EUR 25.6 million (EUR 15.8 million), including debt relating to the second instalment of the dividend payment amounting to EUR 10.8 million (EUR - million on 31 December 2025) the Annual General Meeting decided upon. The Group had no interest-bearing loans at the end of the period (EUR - million). eQ's equity ratio was 67.3 per cent (78.7 per cent on 31 December 2025). The ratio between total capital and the capital requirement according to eQ Group’s capital adequacy calculations was 310.6 per cent (298.6 per cent on 31 December 2025). eQ Asset Management Ltd as the investment firm and eQ Plc as the holding company apply the IFD/IFR framework. The most restrictive capital requirement for eQ is defined on the basis of fixed overheads at the end of the 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
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Q2 2026 14 EUR 19.0 million (EUR 18.3 million on 31 December 2025). Detailed information on the Group's capital adequacy can be found in the tables section. Shares and share capital At the end of the period on 30 June 2026, 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 30 June 2026 was EUR 9.90 (EUR 11.05 on 31 December 2025). The market capitalisation of the company was thus EUR 409.9 million (EUR 457.5 million) at the end of the review period. During the review period, a total of 645,966 shares were traded on Nasdaq Helsinki (2,313,445 shares between 1 January to 30 June 2025) and in euro terms the volume of trading was EUR 6.6 million (EUR 26.5 million). Own shares On 30 June 2026, eQ Plc held no own shares. Shareholders T en major shareholders on 30 June 2026 Shares Share, % 1 Fennogens Investments S.A. 7 744 445 18.70 2 Rettig Oy Ab 6 024 866 14.55 3 Chilla Capital S.A. 5 915 904 14.29 4 Teamet Oy 4 250 000 10.26 5 Oy Cevante Ab 1 419 063 3.43 6 Fazer Jan Peter 1 314 185 3.17 7 Privestment Oy 1 000 000 2.42 8 Procurator Oy 793 892 1.92 9 Lavventura Oy 700 000 1.69 10 Ilmarinen Mutual Pension Insurance Company 697 500 1.68 10 major shareholders, total 29 859 855 72.11 Nominee registered 217 462 0.53 Other shares 11 329 881 27.36 Total 41 407 198 100.00 On 30 June 2026, eQ Plc had 7,840 shareholders (8,009 shareholders on 31 December 2025).
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Q2 2026 15 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 2022 Option Scheme. 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 the share with 2022 option right was EUR 20.53 at the end of the review period. The terms and conditions of the option scheme have been published in a stock exchange release on 4 February 2022, and they can be found in their entirety on the company website at www.eq.fi. Option Scheme 2025 On 3 February 2025, the Board of Directors of eQ Plc decided on a new Option Scheme for key employees of eQ Group. The number of option rights for this Scheme is 1,360,000. During the review period on 24 March 2026, the Board of Directors of eQ Plc decided to extend the 2025 Option Scheme by a total of 300,000 option rights, bringing the total number of option rights under the Scheme to 1,660,000. Under the terms of the 2025 Scheme, each option right entitles the holder to subscribe for one new share in eQ Plc. During the review period, the Board of Directors decided to grant a total of 110,000 option rights to key employees of the eQ Group designated by the Board of Directors under the Option Scheme 2025. At the end of the period, altogether 1,430,000 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 subscription price of the share with 2025 option was EUR 11.38 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 2025, and they can be found in their entirety on the company website at www.eq.fi. Decisions by the Annual General Meeting eQ Plc’s Annual General Meeting was held on 24 March 2026 in Helsinki. The meeting made the following decisions. Confirmation of the financial statements eQ Plc’s AGM confirmed the financial statements of the company, which included the consolidated financial statements, the report by the Board of Directors, and the auditors’ report for the financial year 2025. Disposal of the profit shown on the balance sheet and decision on the distribution of dividend The AGM confirmed the Board of Directors' proposal that a dividend of EUR 0.52 per share be paid. The proposed dividend, calculated on the basis of the number of shares at the end of the financial period, totals EUR 21,531,7 42.96. The dividend is paid in two instalments. The first instalment, EUR 0.26 per share, has been paid to the shareholders who were entered in the shareholders' register of the company maintained by Euroclear Finland Oy on the dividend payment’s record date 26 March 2026. The first instalment of the dividend was paid 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.
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Q2 2026 16 Discharge from liability to the Board of Directors and the CEO The AGM decided to grant discharge from liability to the Board of Directors and the CEOs for the financial period 1 January to 31 December 2025. Remuneration Report for Governing Bodies and Remuneration Policy The AGM confirmed the Remuneration Report for Governing Bodies and the Renumeration Policy. Number of directors, appointment of directors, and the remuneration of directors The AGM decided that the remuneration of the Board members will remain unchanged: Chair of the Board will receive EUR 5,000, Vice Chair EUR 4,000 and the other members EUR 3,000 per month. The Directors will also be paid EUR 750 for each Board meeting that they attend. T ravel and lodging costs will be compensated in accordance with the company’s expense policy. According to the decision of the Annual General Meeting, six members were elected to the Board of Directors of eQ Plc. Päivi Arminen, Nicolas Berner, Caroline Bertlin, Georg Ehrnrooth, Janne Larma and T omas von Rettig were re- elected as members for a term of office ending at the close of the next Annual General Meeting. At its meeting immediately after the AGM, the Board elected Janne Larma as Chair of the Board of Directors. Election of the Auditor The AGM decided to elect the corporation of authorised public accountants KPMG Oy Ab auditor of the company. The auditor with main responsibility appointed by the company is T uomas Ilveskoski, APA. It was decided to pay the auditor on the basis of invoices approved by the company. Amendment of the Rules of Procedure of the Shareholders' Nomination Committee The Annual General Meeting decided to confirm the rules of procedure for the Shareholders' Nomination Committee. Authorising the Board of Directors to decide on the issuance of shares as well as the issuance of special rights entitling to shares 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 Board of Directors proposed that the authorisation be used 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 per cent 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, but no longer than 18 months, however.
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Q2 2026 17 Personnel The Group had 121 employees at the end of the period (116 employees on 31 December 2025), calculated as full-time resources. Calculated as full-time resources, the Asset Management segment had 100 (95) employees and the Corporate Finance segment 15 (17) employees. Group administration had 6 (4) employees. The overall salaries paid to the employees of eQ Group during the period totalled EUR 13.3 million (EUR 12.7 million from 1 Jan to 30 June 2025). Major risks and short-term uncertainties The Group's most significant single risk is the dependence of business income 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 and the execution of transactions, have a considerable impact on the result of the Corporate Finance segment. These vary considerably throughout the 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 the risks mentioned, market risk has a greater impact on investments. The Group's own investments are quite well diversified, meaning that an investment by a single fund in a single investment target often has little impact on returns. The income from eQ Group’s own private equity fund investments 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. Events after the period under review There have not been any significant events after the period under review. eQ Plc Board of Directors
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Q2 2026 18 T ables Principles for drawing up the report The interim report has been prepared in accordance with IFRS standards and the IAS 34 Interim Reports standard, approved by the EU. eQ switched to reporting on two business segments from 2026 onwards: Asset Management and Corporate Finance. The 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. The report has not been audited.
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Q2 2026 19 Consolidated income statement, EUR 1 000 1-6/26 1-6/25 4-6/26 4-6/25 1-12/25 Fee and commission income 29 391 29 715 15 384 15 092 59 170 Interest income 52 91 15 17 146 Net income from financial assets 516 -1 094 185 -597 -407 Operating income, total 29 958 28 712 15 585 14 513 58 909 Fee and commission expenses -308 -308 -153 -148 -620 Interest expenses -40 -71 -20 -32 -128 NET REVENUE 29 611 28 332 15 412 14 333 58 161 Administrative expenses Personnel expenses -13 293 -12 681 -6 811 -6 258 -23 454 Other administrative expenses -2 563 -1 618 -1 348 -769 -3 217 Depreciation on tangible and intangible assets -548 -547 -275 -276 -1 117 Other operating expenses -1 568 -1 677 -931 -1 058 -2 980 OPERA TING PROFIT (-LOSS) 11 640 11 809 6 047 5 971 27 391 PROFIT BEFORE T AXES 11 640 11 809 6 047 5 971 27 391 Income taxes -2 489 -2 533 -1 294 -1 260 -5 796 PROFIT (LOSS) FOR THE FINANCIAL PERIOD 9 150 9 276 4 753 4 711 21 595
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Q2 2026 20 Consolidated statement of comprehensive income, EUR 1 000 1-6/26 1-6/25 4-6/26 4-6/25 1-12/25 Other comprehensive income: - - - - - TOT AL COMPREHENSIVE INCOME FOR THE PERIOD 9 150 9 276 4 753 4 711 21 595 Profit for the period attributable to: Equity holders of the parent company 9 150 9 276 4 753 4 711 21 595 Non-controlling interests - - - - - Comprehensive income for the period attributable to: Equity holders of the parent company 9 150 9 276 4 753 4 711 21 595 Non-controlling interests - - - - - Earnings per share calculated from the profit of equity holders of the parent company: Earnings per average share, EUR 0.22 0.22 0.11 0.11 0.52 Diluted earnings per average share, EUR 0.22 0.21 0.11 0.11 0.52
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Q2 2026 21 Consolidated balance sheet, EUR 1 000 30 June 2026 30 June 2025 31 Dec 2025 ASSETS Liquid assets 0 2 0 Claims on credit institutions 12 279 10 210 10 944 Financial assets Financial securities 4 239 4 132 4 190 Private Equity and real estate fund investments 16 183 16 466 16 671 Intangible assets Goodwill and brands 29 212 29 212 29 212 Other intangible assets 52 1 0 Tangible assets Right-of-use assets 1 761 2 759 2 265 Tangible assets 480 372 466 Other assets 19 839 21 776 23 323 Accruals and prepaid expenditure 687 772 528 Income tax receivables 384 245 13 Deferred tax assets 231 301 120 TOTAL ASSETS 85 347 86 248 87 733 LIABILITIES AND EQUITY LIABILITIES Other liabilities 18 029 20 252 6 669 Accruals and deferred income 7 539 6 490 8 845 Lease liabilities 2 308 3 398 2 864 Income tax liabilities 70 21 296 TOTAL LIABILITIES 27 946 30 161 18 675 EQUITY Attributable to equity holders of the parent company: Share capital 11 384 11 384 11 384 Reserve for invested unrestricted equity 27 279 27 279 27 279 Retained earnings 9 587 8 148 8 800 Profit (loss) for the period 9 150 9 276 21 595 TOTAL EQUITY 57 400 56 087 69 058 TOTAL LIABILITIES AND EQUITY 85 347 86 248 87 733
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Q2 2026 22 Consolidated cash flow statement, EUR 1 000 1-6/2026 1-6/2025 1-12/2025 CASH FLOW FROM OPERATIONS Operating profit 11 640 11 809 27 391 Depreciation and write-downs 548 547 1 117 Interest income and expenses -12 -20 -18 Transactions with no related payment transactions 824 2 596 3 229 Financial assets’ cash flow – private equity and real estate fund investments 338 -1 048 -1 290 Change in working capital Business receivables, increase (-) / decrease (+) 3 327 5 537 4 238 Interest-free debt, increase (+) / decrease (-) -1 008 -4 701 -2 265 Total change in working capital 2 320 836 1 974 Cash flow from operations before financial items and taxes 15 657 14 721 32 404 Interests received 52 91 146 Interests paid -40 -71 -128 Taxes -2 903 -2 909 -5 488 CASH FLOW FROM OPERATIONS 12 766 11 832 26 934 CASH FLOW FROM INVESTMENTS Investments in tangible and intangible assets -133 -35 -202 Investments/redemptions in other investments – liquid mutual funds 0 4 661 4 660 CASH FLOW FROM INVESTMENTS -133 4 626 4 458 CASH FLOW FROM FINANCING Dividends/equity repayments paid -10 766 -13 664 -27 329 Deduction of lease liability capital -533 -565 -1 101 CASH FLOW FROM FINANCING -11 299 -14 229 -28 430 INCREASE/DECREASE IN LIQUID ASSETS 1 335 2 229 2 962 Liquid assets on 1 Jan 10 944 7 982 7 982 Liquid assets on 30 June/31 Dec 12 279 10 212 10 944
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Q2 2026 23 Change in consolidated shareholders’ equity, EUR 1 000 Equity attributable to equity holders of the parent company Share capital Reserve for invested unrestricted equity Retained earnings T otal T otal equity Shareholders’ equity on 1 Jan 2025 11 384 27 279 34 667 73 330 73 330 Profit (loss) for the period 9 276 9 276 9 276 Other comprehensive income items - - T otal comprehensive income 9 276 9 276 9 276 Dividend/equity repayment -27 329 -27 329 -27 329 Options granted, cost accrual 810 810 810 Shareholders’ equity on 30 June 2025 11 384 27 279 17 424 56 087 56 087 Shareholders’ equity on 1 Jan 2026 11 384 27 279 30 395 69 058 69 058 Profit (loss) for the period 9 150 9 150 9 150 Other comprehensive income items - - T otal comprehensive income 9 150 9 150 9 150 Dividend/equity repayment -21 532 -21 532 -21 532 Options granted, cost accrual 723 723 723 Shareholders’ equity on 30 June 2026 11 384 27 279 18 737 57 400 57 400
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Q2 2026 24 Fee and commission income, group, EUR 1 000 1-6/26 1-6/25 4-6/26 4-6/25 1-12/25 Asset management fees Management fees Equity and Fixed Income 4 415 4 409 2 210 2 105 8 913 Real Estate 11 769 12 619 5 865 6 183 24 984 Private Equity 9 732 9 627 5 022 4 941 19 033 Management fees, total 25 916 26 654 13 097 13 229 52 929 Performance fees Equity and Fixed Income 17 - 17 - 8 Real Estate - - 0 - - Private Equity 2 652 2 198 1 591 1 099 4 396 Performance fees, total 2 669 2 198 1 608 1 099 4 404 Other fee and commission income 37 49 16 30 100 Asset management fees, total 28 623 28 901 14 721 14 358 57 433 Corporate Finance fees 769 814 663 734 1 737 Fee and commission income, total 29 391 29 715 15 384 15 092 59 170 1-6/26 1-6/25 4-6/26 4-6/25 1-12/25 Private Equity asset management performance fees in the income statement Paid non-accrued fees 906 - 726 - - Catch up share accrual 1 746 2 198 865 1 099 4 396 Write-downs - - - - - Total 2 652 2 198 1 591 1 099 4 396 Private Equity asset management performance fees - Catch up share receivables Balance sheet’s catch up share receivables at the beginning of the period 19 135 15 389 18 399 16 488 15 389 Accrual of catch up share receivables during the period 1 746 2 198 865 1 099 4 396 Accrued receivables paid during the period -5 054 - -3 436 - -650 Write-downs of previously recognised entitlements - - - - - Balance sheet’s catch up share receivables at the end of the period 15 828 17 587 15 828 17 587 19 135 Private Equity asset management performance fees - cash flow 5 960 - 4 162 - 650
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Q2 2026 25 Net income from financial assets, group, EUR 1 000 1-6/26 1-6/25 4-6/26 4-6/25 1-12/25 Private equity and real estate fund investments Profit distribution from funds 616 353 393 185 1 021 Changes in fair value and losses -150 -1 553 -240 -812 -1 591 Total 466 -1 200 152 -628 -569 Other investment operations Changes in fair value 49 -233 33 31 -176 Sales profits/-losses 0 339 - - 339 Total 49 106 33 31 163 Net income from financial assets, total 516 -1 094 186 -597 -407 Fair values of financial assets and liabilities, EUR 1 000 30 June 2026 30 June 2025 31 Dec 2025 Fair Book Fair Book Fair Book value value value value value value Financial assets Investments Private Equity and real estate fund investments 16 183 16 183 16 466 16 466 16 671 16 671 Financial securities 4 239 4 239 4 132 4 132 4 190 4 190 Accounts receivable and other receivables 324 324 716 716 221 221 Liquid assets 12 279 12 279 10 212 10 212 10 944 10 944 Total 33 025 33 025 31 525 31 525 32 026 32 026 Financial liabilities Liabilities to credit institutions - - - - - - Accounts payable and other liabilities 1 019 1 019 490 490 372 372 Lease liabilities 2 308 2 308 3 398 3 398 2 864 2 864 Total 3 327 3 327 3 889 3 889 3 236 3 236 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. The original book value of sales receivables and accounts payable corresponds to their fair value, as the effect of discounting is not material considering their maturity.
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Q2 2026 26 Value of financial assets across the three levels of the fair value hierarchy 30 June 2026 30 June 2025 31 Dec 2025 Level 1 Level 3 Level 1 Level 3 Level 1 Level 3 Financial assets Private Equity and real estate fund investments - 16 183 - 16 466 - 16 671 Financial securities 4 239 - 4 132 - 4 190 - T otal 4 239 16 183 4 132 16 466 4 190 16 671 Level 3 reconciliation: Private Equity and real estate fund investments 1-6/2026 Opening balance on 1 Jan 2026 16 671 Calls 633 Returns -971 Value change and loss through profit or loss -150 Closing balance on 30 June 2026 16 183 1-6/2025 Opening balance on 1 Jan 2025 16 971 Calls 1 755 Returns -708 Value change and loss through profit or loss -1 553 Closing balance on 31 March 2025 16 466 1-12/2025 Opening balance on 1 Jan 2025 16 971 Calls 2 319 Returns -1 029 Value change and loss through profit or loss -1 591 Closing balance on 31 Dec 2025 16 671 Level 1 comprises liquid 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, 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. During the period under review, no transfers took place between the levels of the fair value hierarchy.
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Q2 2026 27 Private Equity and real estate fund investments, EUR 1 000 Market value 30 June 2026 30 June 2025 31 Dec 2025 Funds managed by eQ: Private equity funds of funds: eQ VC III US 86 - - eQ PE XVII US 93 - 84 eQ PE XVI North 441 196 375 eQ VC II 597 176 301 eQ PE XV US 330 193 289 eQ PE XIV North 899 672 774 eQ VC 1 077 639 823 eQ PE XIII US 874 734 770 eQ PE XII North 883 848 880 eQ PE XI US 933 893 932 eQ PE X North 880 1 002 986 eQ PE IX US 850 1 019 1 024 eQ PE VIII North 1 177 1 502 1 459 eQ PE VII US 1 836 2 330 2 046 eQ PE VI North 457 1 099 876 Amanda V East 837 1 066 1 049 T otal 12 250 12 371 12 666 Real estate funds: eQ Residential III 1 856 1 722 1 855 Funds managed by others: Large buyout funds 744 1 075 852 Midmarket funds 2 2 1 Venture funds 1 331 1 297 1 296 T otal 16 183 16 466 16 671
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Q2 2026 28 Remaining investment commitments of private equity and real estate fund investments, EUR 1 000 Investment commitment 30 June 2026 30 June 2025 31 Dec 2025 Funds managed by eQ: Private equity funds of funds: eQ PE XVIII North 1 000 - - eQ VC III US 787 - - eQ PE XVII US 787 852 766 eQ PE XVI North 580 800 650 eQ VC II 332 682 575 eQ PE XV US 525 639 553 eQ PE XIV North 270 400 350 eQ VC 114 239 153 eQ PE XIII US 219 196 213 eQ PE XII North 228 200 228 eQ PE XI US 73 3 71 eQ PE X North 110 49 70 eQ PE IX US 128 125 125 eQ PE VIII North 211 151 151 eQ PE VII US 399 272 272 eQ PE VI North 371 371 371 Amanda V East 663 663 663 T otal 6 797 5 640 5 211
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Q2 2026 29 Segment information, EUR 1 000 1-6/2026 Asset Corporate Other Elimin- Group Man. Finance ations total Fee and commission income 28 623 769 - 29 391 From other segments 75 140 - -215 - Interest income - - 52 52 Net income from financial assets - - 516 516 Other operating income - - - - From other segments - - 38 -38 - Operating income, total 28 698 909 606 -253 29 958 Fee and commission expenses -308 - - -308 To other segments - - -75 75 - Interest expenses -31 -6 -3 -40 NET REVENUE 28 359 903 528 -178 29 611 Administrative expenses Personnel expenses -10 568 -1 199 -1 527 -13 293 Other administrative expenses -2 121 -182 -297 38 -2 563 Depreciation on tangible and intangible assets -441 -77 -30 -548 Other operating expenses -1 434 -82 -192 140 -1 568 OPERATING PROFIT (-LOSS) 13 795 -637 -1 518 0 11 639 Income taxes -2 489 -2 489 PROFIT (LOSS) FOR THE FINANCIAL PERIOD -4 007 9 150
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Q2 2026 30 1-6/2025 Asset Corporate Other Elimin- Group Man. Finance ations total Fee and commission income 28 901 814 - 29 715 From other segments 75 30 - -105 - Interest income - - 91 91 Net income from financial assets - - -1 094 -1 094 Other operating income - - - - From other segments - - 38 -38 - Operating income, total 28 976 844 -965 -143 28 712 Fee and commission expenses -308 - -308 To other segments - - -75 75 - Interest expenses -55 -10 -5 5 -71 NET REVENUE 28 612 834 -1 045 -68 28 332 Administrative expenses Personnel expenses -10 341 -1 362 -978 -12 681 Other administrative expenses -1 183 -191 -282 38 -1 618 Depreciation on tangible and intangible assets -436 -81 -30 -547 Other operating expenses -1 454 -90 -163 30 -1 677 OPERATING PROFIT (-LOSS) 15 197 -890 -2 498 0 11 809 Income taxes -2 533 -2 533 PROFIT (LOSS) FOR THE FINANCIAL PERIOD -5 031 9 276
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Q2 2026 31 4-6/2026 Asset Corporate Other Elimin- Group Man. Finance ations total Fee and commission income 14 721 664 - 15 384 From other segments 38 70 - -108 - Interest income - - 15 15 Net income from financial assets - - 185 185 Other operating income - - - - From other segments - - 19 -19 - Operating income, total 14 758 734 220 -127 15 585 Fee and commission expenses -153 - - -153 To other segments - - -38 38 - Interest expenses -15 -3 -1 -20 NET REVENUE 14 590 731 181 -89 15 412 Administrative expenses Personnel expenses -5 552 -586 -673 -6 811 Other administrative expenses -1 194 -106 -66 19 -1 348 Depreciation on tangible and intangible assets -222 -39 -15 -275 Other operating expenses -864 -44 -94 70 -931 OPERATING PROFIT (-LOSS) 6 758 -43 -668 0 6 047 Income taxes -1 294 -1 294 PROFIT (LOSS) FOR THE FINANCIAL PERIOD -1 961 4 753
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Q2 2026 32 4-6/2025 Asset Corporate Other Elimin- Group Man. Finance ations total Fee and commission income 14 358 734 - 15 092 From other segments 38 30 - -68 - Interest income - - 17 17 Net income from financial assets - - -597 -597 Other operating income - - - - From other segments - - 19 -19 - Operating income, total 14 395 764 -560 -87 14 513 Fee and commission expenses -148 - - -148 To other segments - - -38 38 - Interest expenses -25 -5 -2 -32 NET REVENUE 14 222 759 -600 -49 14 333 Administrative expenses Personnel expenses -5 116 -669 -473 -6 258 Other administrative expenses -596 -61 -131 19 -769 Depreciation on tangible and intangible assets -220 -41 -15 -276 Other operating expenses -969 -45 -75 30 -1 058 OPERATING PROFIT (-LOSS) 7 320 -56 -1 293 0 5 971 Income taxes -1 260 -1 260 PROFIT (LOSS) FOR THE FINANCIAL PERIOD -2 553 4 711
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Q2 2026 33 1-12/2025 Asset Corporate Other Elimin- Group Man. Finance ations total Fee and commission income 57 433 1 737 - 59 170 From other segments 150 30 - -180 - Interest income - - 146 146 Net income from financial assets - - -407 -407 Other operating income - - - - From other segments - - 77 -77 - Operating income, total 57 583 1 767 -184 -257 58 909 Fee and commission expenses -620 - -620 To other segments - - -150 150 - Interest expenses -100 -19 -9 -128 NET REVENUE 56 863 1 748 -343 -107 58 161 Administrative expenses Personnel expenses -19 071 -2 460 -1 923 -23 454 Other administrative expenses -2 515 -314 -465 77 -3 217 Depreciation on tangible and intangible assets -889 -165 -64 -1 117 Other operating expenses -2 425 -181 -404 30 -2 980 OPERATING PROFIT (-LOSS) 31 962 -1 372 -3 199 0 27 391 Income taxes -5 796 -5 796 PROFIT (LOSS) FOR THE FINANCIAL PERIOD -8 995 21 595 The fee and commission income of the Asset Management segment from other segments comprises the management fee income from eQ Group’s own investments in private equity funds. The corresponding expense is allocated to other activities in the Group's administration. Under the item Other, income from other segments comprises the administrative services provided by Group administration to other segments and the undivided interest income and expenses. The item Other also includes the undivided personnel, administration, and other expenses allocated to Group administration. The taxes not distributed to the segments are also presented under the item Other. The highest operative decision-making body does not follow assets and liabilities at segment level, due to which the Group’s assets and liabilities are not presented as divided between the segments.
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Q2 2026 34 Profit development of segments per quarter, EUR 1 000 Q2/26 Q1/26 Q4/25 Q3/25 Q2/25 Asset Management Net revenue 14 590 13 769 14 119 14 132 14 222 Operating profit 6 758 7 037 8 363 8 403 7 320 Corporate Finance Net revenue 731 172 773 141 759 Operating profit -43 -594 -59 -423 -56 Other segments and eliminations Net revenue 91 258 405 259 -649 Operating profit -668 -850 -352 -349 -1 293 Group total Net revenue 15 412 14 199 15 297 14 532 14 333 Operating profit 6 047 5 592 7 952 7 631 5 971 Profit for the period 4 753 4 397 6 283 6 036 4 711
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Q2 2026 35 Capital adequacy, EUR 1 000 IFR IFR 30 June 2026 31 Dec 2025 Group Group Equity 57 400 69 058 Common equity tier 1 (CET 1) before deductions 57 400 69 058 Deductions from CET 1 Intangible assets -29 264 -29 212 Unconfirmed profit for the period -9 150 -21 595 Dividend proposal by the Board* - - Common equity tier 1 (CET 1) 18 986 18 251 Additional tier 1 (AT1) 0 0 Tier 1 (T1 = CET1 + AT1) 18 986 18 251 Tier 2 (T2) 0 0 Fair Value Reserve 0 0 Total capital (TC = T1 + T2) 18 986 18 251 Own funds requirement according to the most restrictive requirement (IFR) 6 113 6 113 Fixed overhead requirement 6 113 6 113 K-factor requirement 435 428 Absolute minimum requirement 150 150 Risk-weighted items total – Total risk exposure 76 413 76 413 Common equity tier (CET1) / own funds requirement, % 310.6 % 298.6 % Tier 1 (T1) / own funds requirement, % 310.6 % 298.6 % Total capital (TC) / own funds requirement, % 310.6 % 298.6 % Common equity tier 1 (CET1) / risk weights, % 24.8 % 23.9 % Tier 1 (T1) / risk weights, % 24.8 % 23.9 % Total capital (TC) / risk weights, % 24.8 % 23.9 % Gearing ratio, % n/a n/a Excess of total capital compared with the minimum level 12 873 12 138 Excess of total capital compared with the minimum level (incl. 25% risk buffer) 11 344 10 609 *The dividend and equity repayment proposed by the Board exceeding the profit for the period.
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Q2 2026 36 Group key ratios 30 June 2026 30 June 2025 31 Dec 2025 Profit (loss) for the period to the equity holders of the parent company, EUR 1 000 9 150 9 276 21 595 Earnings per average share, EUR 0.22 0.22 0.52 Diluted earnings per average share, EUR 0.22 0.21 0.52 Equity per share, EUR 1.39 1.35 1.67 Equity per average share, EUR *) 1.39 1.35 1.67 Return on investment, ROI % p.a. 27.9 27.3 29.1 Return on equity, ROE % p.a. 28.9 28.7 30.3 Equity to assets ratio, % 67.3 65.0 78.7 Cost/income ratio, Group, % 60.7 58.3 52.9 Share price at the end of the period, EUR 9.90 10.80 11.05 Market value, EUR million 409.9 447.2 457.5 Personnel calculated as full-time resources at the end of the period 123 104 116 *) Weighted average number of shares outstanding. eQ applies the guidelines of the European Securities and Markets Authority, ESMA, on alternative performance measures. An alternative performance measure is a financial measure of historical or future financial performance, financial position, or cash flows, other than a financial measure defined or specified in the applicable financial reporting framework (IFRS). eQ presents alternative measures in order to describe the financial development of its operations. Capital adequacy performance measures are presented based on European legislation concerning companies in the finance sector. The calculation principles and formulae of the key ratios are presented in the company’s 2025 financial statements, which are available on the company website at www.eq.fi. The key ratios presented by eQ can be directly calculated with the calculation formulae based on the information in the income statement, balance sheet, and notes thereto. Remaining commitments On 30 June 2026, eQ’s remaining investment commitments in private equity funds totalled EUR 6.8 million (EUR 5.2 million 31 December 2025). Other commitments at the end of the period totalled EUR 0.0 million (EUR 0.0 million on 31 December 2025).
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eq.fi Aleksanterinkatu 19 A, 5th floor , 00100 Helsinki, Finland. +358 9 6817 8777