Interim report
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Q3 eQ Plc’s interim report Q3 2026
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Q3 2026 2 eQ Plc’s interim report Q3 2026: Private Equity is performing strongly, implementation of the strategy is progressing January to September 2026 in brief • The Group's net revenue for the reporting period was EUR 44.5 million (EUR 42.9 million 1 January - 30 September 2025). The Group’s net fee and commission income was EUR 43.3 million (EUR 43.7 million). • The operating profit was EUR 18.8 million (EUR 19.4 million). • Earnings per share were EUR 0.36 (EUR 0.37). • The net revenue of the Asset Management segment was EUR 42.3 million (EUR 42.7 million), and the operating profit was EUR 21.3 million (EUR 23.6 million). The management fees of the Asset Management segment fell by 2 per cent to EUR 39.0 million (EUR 39.9 million) and the performance fees increased by 15 per cent to EUR 3.8 million (EUR 3.3 million). Cash flow from Private Equity performance fees totalled EUR 6.8 million • At the end of the review period, assets managed by eQ amounted to EUR 13.9 billion (EUR 13.8 billion on 31 December 2025). • The Corporate Finance segment's net revenue was EUR 1.2 million (EUR 1.0 million) and operating profit EUR -0.9 million (EUR -1.3 million). • eQ raised 312 million euros for Private Equity and Venture Capital funds and returned 275 million euros to investors during the review period. • 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 before. • eQ published an update of its strategy and long-term objectives on 3 February 2026. The aim of the updated 2030 strategy is to return 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. • On 23 October 2026, eQ Plc signed a share purchase agreement to acquire the entire share capital of Genesta Property Nordic AB, a Nordic real estate asset management company. The transaction is expected to strengthen eQ’s international growth platform and expand its real estate asset management business into a Nordic operation. July to September 2026 in brief • The Group's net revenue in the third quarter was EUR 14.9 million (EUR 14.5 million 1 July - 30 September 2025). Group’s net fee and commission income were EUR 14.2 million (EUR 14.3 million). • The operating profit was EUR 7.2 million (EUR 7.6 million). • Earnings per share were EUR 0.14 (EUR 0.15).
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Q3 2026 3 Key ratios 1-9/26 1-9/25 Change 7-9/26 7-9/25 Change 1-12/25 Net revenue, Group, MEUR 44.5 42.9 4 % 14.9 14.5 3 % 58.2 Net revenue, Asset Management, MEUR 42.3 42.7 -1 % 13.9 14.1 -1 % 56.9 Net revenue, Corporate Finance, MEUR 1.2 1.0 23 % 0.3 0.1 108 % 1.7 Group administration and eliminations Net revenue, MEUR 1.0 -0.9 0.7 0.3 -0.4 Operating profit, Group, MEUR 18.8 19.4 -3 % 7.2 7.6 -6 % 27.4 Operating profit, Asset Management, MEUR 21.3 23.6 -10 % 7.5 8.4 -10 % 32.0 Operating profit, Corporate Finance, MEUR -0.9 -1.3 31 % -0.3 -0.4 36 % -1.4 Operating profit, Group administration, MEUR -1.6 -2.8 -0.1 -0.3 -3.2 Profit for the period, MEUR 14.8 15.3 -3 % 5.7 6.0 -6 % 21.6 1-9/26 1-9/25 Change 7-9/26 7-9/25 Change 1-12/25 Earnings per share, EUR 0.36 0.37 -3 % 0.14 0.15 -6 % 0.52 Equity per share, EUR 1.53 1.51 1 % 1.53 1.51 1 % 1.67 Cost/income ratio, Group, % 57.8 54.6 -6 % 51.9 47.5 -9 % 52.9 Return on equity, ROE % p.a. 29.8 30.1 -1 % 37.4 40.1 -7 % 30.3 Liquid assets, MEUR 21.4 22.0 -3 % 21.4 22.0 -3 % 15.1 Private equity and real estate fund investments, MEUR 16.6 16.4 1 % 16.6 16.4 1 % 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 9.8 10.2 -3 % 9.8 10.2 -3 % 10.2 Assets under management, EUR billion 13.9 13.7 2 % 13.9 13.7 2 % 13.8
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Q3 2026 4 CEO's review Private Equity performed strongly, and profit for the review period was close to the previous year’s level. The implementation of eQ’s strategy is progressing as planned, and the acquisition of Genesta will accelerate eQ’s international expansion. The aim of eQ’s updated 2030 strategy, published in February, is to return to strong growth and to double operating profit by the end of 2030 compared with the 2025 level. The goal is to further strengthen the client and employee experience, and to expand the business internationally and into the private client segment. T o accelerate the implementation of the strategy, the necessary recruitment and growth investments were made during the review period. On 23 October 2026, eQ Plc signed an agreement to acquire Genesta, a Nordic real estate asset management company. The acquisition of Genesta represents the first step in building an international private markets platform and expanding eQ’s real estate asset management business into a Nordic operation. Genesta’s institutional client relationships and networks, highly skilled personnel and Luxembourg fund platform will support the execution of eQ’s strategy and its international expansion. Genesta manages three real estate funds with approximately EUR 1 billion in assets under management. The company has 30 employees and offices in Stockholm, Helsinki, Copenhagen and Luxembourg. In 2025, the net revenue of its asset management business was approximately EUR 9.6 million and operating profit approximately EUR 2.7 million. The maximum debt-free value of the transaction before purchase price adjustments is EUR 15.5 million, comprising a base purchase price of EUR 11.5 million and an earn-out of up to EUR 4.0 million. The transaction is expected to close at the latest during the first quarter of 2027. Result for the review period close to the comparative period The net revenue of the eQ Group during the review period was EUR 44.5 million and the operating profit was EUR 18.8 million. Net revenue increased by 4 per cent and operating profit decreased by 3 per cent compared to the previous year. The Group's cost/income ratio was 57.8 per cent. eQ Asset Management raised EUR 312 million for Private Equity and Venture Capital funds During the review period, eQ Asset Management raised EUR 312 million for its Private Equity and Venture Capital funds. The new eQ PE XVIII North fund raised EUR 166 million, and the eQ PE SF VI secondary market fund raised EUR 68 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 43 million. During the third quarter, eQ made 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 on the Private Equity funds managed by eQ were at a good level during the reporting period and in line with the funds’ return targets. eQ’s Venture Capital funds delivered excellent returns, underpinned by significant increases in the value of the underlying funds, particularly in the artificial intelligence and technology sectors. 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. During the review period, eQ’s Private Equity funds have returned EUR 275 million to investors. 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 6.8 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,
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Q3 2026 5 growing the fund, and arranging financing for real estate funds. eQ Social Infrastructure and eQ Commercial Properties funds carried out refinancing totalling EUR 915 million on more favourable terms than before. 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 trading activity has increased from the previous year. The majority of domestic open-ended real estate funds have been forced to postpone the payment of redemptions. In July, eQ paid out part of the previously deferred redemptions from both the eQ Social Infrastructure and eQ Commercial Properties funds. eQ’s property funds performed exceptionally well in the 2026 international Global Real Estate Sustainability Benchmark (GRESB). Both the eQ Social Infrastructure and the eQ Commercial Properties funds achieved the highest five-star rating. Net revenue in the Asset Management segment decreased by one per cent to EUR 42.3 million. The decrease in net revenue is explained by lower real estate asset management fees compared to the previous year. Asset Management segment’s operating profit fell by 10 per cent to EUR 21.3 million. The cost/income ratio of the Asset Management segment was 49.6 per cent. Advium acted as adviser in three M&A transactions and two real estate transactions The mergers and acquisitions market in Finland remained active during the review period, although talk of high valuations in the artificial intelligence sector and rising interest rates has, to some extent, dampened companies’ appetite for transactions. During the review period, there were a few major property transactions in the Finnish property market, as a result of which transaction volumes increased compared with the previous year. However, the rise in interest rates has been a factor in reducing activity in the property transaction market. During the first nine months of 2026, Advium acted as an adviser on a total of five transactions. The success fees relating to two of these assignments had not yet been recognised as revenue during the reporting period. The Corporate Finance segment's net revenue during the review period was EUR 1.2 million (EUR 1.0 million) and operating profit was EUR -0.9 million (EUR -1.3 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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Q3 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 investment markets saw sharp fluctuations during the first three quarters of 2026. The US and Israeli strikes against Iran, which began during the first quarter, and the disruption to traffic through the Strait of Hormuz caused energy prices to rise sharply and increased inflation risks. The provisional peace agreement in June brought temporary relief, but in the third quarter the resurgence of tensions pushed energy prices up again and kept inflation risks high. In the United States in particular, price pressures were also exacerbated by substantial investments in artificial intelligence, which remained one of the key drivers of the market. Despite renewed geopolitical uncertainty, corporate earnings remained strong and economic growth proved more resilient than feared. The rise in the share market, which began in the second quarter, continued at a more moderate pace in the third quarter, as rising interest rates increased market volatility. In the United States, strong earnings growth boosted share prices. Investments in data centres by major technology companies bolstered the earnings forecasts of artificial intelligence infrastructure providers. European stock markets underperformed the US in the third quarter. The strong rise in emerging markets at the start of the year levelled off as share prices of semiconductor companies fluctuated sharply. From January to September, the MSCI World Index returned 11.6 per cent in US dollars and 15.5 per cent in euros. The S&P 500 returned 16.4 per cent in euros, the STOXX Europe 600 9.5 per cent, the Finnish stock market 13.3 per cent, and the emerging markets equity index 25.4 per cent. Pricing in the fixed income markets was driven, particularly in the third quarter, by short-term inflation expectations fuelled by rising energy prices and the tightening of monetary policy. Both the ECB and the Fed raised their key interest rates by 0.25 percentage points in September. The ECB’s deposit rate rose to 2.50 per cent and the Fed’s target range for the key interest rate to 3.75–4.00 per cent. The rise in long-term interest rates weighed on returns from fixed- income investments. In addition to energy prices, upward pressure on interest rates was caused by a large supply of government bonds and concerns regarding fiscal policy. Risk premiums on corporate bonds widened moderately but remained narrow by historical standards. Between January and September, European government bonds returned - 3.2 per cent, investment-grade bonds -1.2 per cent and High Yield bonds 0.2 per cent. The government bonds of emerging markets returned 0.5 per cent in euro terms and corporate bonds 2.1 per cent. The European private equity transaction market picked up, whilst the North American transaction market declined slightly in early 2026. Especially transactions involving smaller companies continued to grow, whilst the number of larger mergers and acquisitions slowed due to higher financing costs and concerns about redemptions in the private credit market. The IPO market was also active in the early part of the year.
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Q3 2026 7 The transaction volume in the Finnish real estate investment market was higher than in recent years, particularly in the first half of the year, but redemption pressure on Special Investment funds investing in real estate continued. 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 2030 strategy is to return 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 internationally and into the private client segment, and to double operating profit by the end of 2030 compared with the 2025 level. 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/income 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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Q3 2026 8 In the third quarter, eQ Plc announced the composition of its Shareholders’ Nomination Committee. eQ Plc’s Shareholders’ Nomination Committee comprises four members, and each of the four largest shareholders is entitled to nominate one member based on the shareholding structure on 30 June. The representatives of the four largest shareholders in the Shareholders’ Nomination Committee are: • Alexandre Labignette, CEO, Fennogens Investments S.A. • Roger Lönnberg, Managing Director, Portfolio Management, Rettig Oy Ab • Janne Larma, Member of the Board, Chilla Capital Oy and • Antti Koskimies, Member of the Board, T eamet Oy Group net revenue and result development The Group's net revenue for the reporting period was EUR 44.5 million (EUR 42.9 million 1 January - 30 September 2025). The Group’s net fee and commission income was EUR 43.3 million (EUR 43.7 million). The Group’s net investment income from own investment operations was EUR 1.2 million (EUR -0.8 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 25.7 million (EUR 23.4 million). Personnel expenses were EUR 18.9 million (EUR 17.9 million), other administrative expenses EUR 3.7 million (EUR 2.3 million) and the other operating expenses were EUR 2.3 million (EUR 2.3 million). Depreciation was EUR 0.8 million (EUR 0.8 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, development projects for the website and the customer portal are currently underway. In addition, the eQ brand has been revamped. The Group's operating profit was EUR 18.8 million (EUR 19.4 million) and the profit for the period was EUR 14.8 million (EUR 15.3 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 an integral part of the eQ Group’s business operations, working practices and decision-making. At eQ Asset Management, responsibility is systematically integrated into investment activities and their processes. This long-term work is also reflected in international assessments. In the 2025 PRI (United Nations Principles for Responsible Investment) assessment, eQ achieved its best-ever results, outperforming the median by a clear margin in all six areas and receiving the highest five-star rating in all reported asset classes. eQ provides its clients with regular and comprehensive reports on the implementation and results of responsible investment.
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Q3 2026 9 Private Equity eQ Asset Management raised EUR 312 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 September closing the fund grew to a size of EUR 166 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 September closing of EUR 68 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 at the September closing the size of fund was 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 September closing the fund grew to a size of USD 43 million. Fundraising for all new funds will continue until the end of 2026. During the third quarter, eQ made 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 on the Private Equity funds managed by eQ were at a good level during the reporting period and in line with the funds’ return targets. eQ’s Venture Capital funds delivered excellent returns, underpinned by significant increases in the value of the underlying funds, particularly in the artificial intelligence and technology sectors. 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 equity repayments 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 5.6 million and the performance fees recognised in the income statement after the catch up stage were EUR 1.2 million, totalling EUR 6.8 million. eQ Private Equity investments achieved the highest five-star rating in the 2025 PRI assessment. In eQ’s own ESG assessment, too, the results for all private equity strategies (North, US, and SF) improved, reaching their highest level since assessing began. At the end of the period, the assets in Private Equity, Venture Capital and Private Credit funds managed by eQ totalled EUR 3,589 million (EUR 3,239 million 31 st December 2025) and the assets managed under Private Equity programme funds were EUR 673 million (EUR 903 million 31st December 2025). Real Estate Net subscriptions in eQ Social Infrastructure fund in the review period were EUR -27 million. At the end of the period, the size of the fund was EUR 1,018 million, and real estate property around EUR 1.7 billion. The return of the fund during the period was 1.0 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
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Q3 2026 10 (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. During the review period, eQ Social Infrastructure reached an agreement on 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 million during the period under review. At the end of the period, the size of the fund was EUR 473 million, and real estate property around EUR 0.8 billion. The return of the fund during the period was -4.5 per cent and since establishment 2.6 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 by agreeing to a new secured loan facility of EUR 315 million, which was used to refinance the fund’s existing debt. 60 per cent of the eQ Commercial Properties 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 31 December 2024, 30 June 2025, 31 December 2025, and 30 June 2026 redemptions in accordance with the Rules of the fund. eQ’s property funds performed exceptionally well in the 2026 international Global Real Estate Sustainability Benchmark (GRESB), in which they took part for the eighth time. Both eQ Social Infrastructure and eQ Commercial Properties improved their scores and achieved the highest five-star rating for the second year running. The funds ranked at the top of their respective peer groups: eQ Social Infrastructure came first, and eQ Commercial Properties came second. In the 2025 PRI assessment, too, eQ’s real estate investments achieved the highest rating. 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. 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 -358 million. During the review period, the best performing equity funds managed by eQ were the eQ Emerging Dividend and eQ Frontier Markets funds. The best performing equity funds relative to the benchmark index were the eQ Frontier Markets and eQ Europe Dividend funds. eQ's best performing fixed income funds were the eQ Emerging Markets Corporate Bond Local Currency and eQ Euro Floating Rate funds. Of the funds managed by eQ itself, 57 per cent outperformed the benchmark index during the review period. With one exception, all fixed-income funds outperformed their benchmark indices during the review period. Over the last three and five years, 36 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. The ESG ratings of eQ’s equity and fixed income funds are, on average, good or very good (A/ AA), and the coverage of ESG data for the investment holdings is high. In the 2025 PRI assessment, both listed shares and corporate bonds achieved the highest five-star rating, with corporate bonds scoring a perfect 100 points. eQ has been carrying out systematic ESG engagement work with its investees since 2019. In 2026, the focus of our engagement work will be on cyber security and its management as part of companies’ business operations. The assets under management of the equity, fixed income and balanced funds managed by eQ amounted to EUR 2,069 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 1,721 million (EUR 1,981 million).
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Q3 2026 11 Assets under management The assets managed by eQ Asset Management totalled EUR 13,87 4 million at the end of the period. Growth during the period was EUR 94 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 3,789 million (EUR 4,229 million) at the end of the period. The assets managed by funds that invest in real estate totalled EUR 1,781 million (EUR 1,864 million). Assets managed by the Private Equity, Venture Capital and Private Credit funds and Private Equity programme funds totalled EUR 4,261 million (EUR 4,141 million). Assets under management, EUR million 9/2026 9/2025 Change 12/2025 Change eQ mutual funds 3 560 3 840 -7 % 3 823 -7 % of which equity, fixed income, and balanced funds 2 069 2 218 -7 % 2 248 -8 % of which real estate funds 1 491 1 621 -8 % 1 575 -5 % Closed-end real estate funds 289 279 4 % 289 0 % Asset Management portfolios and funds of partners 1 721 1 920 -10 % 1 981 -13 % Private Equity, Venture Capital, and Private Credit funds 3 589 3 231 11 % 3 239 11 % Private Equity programme funds 673 903 -25 % 903 -25 % Total excl. reporting services 9 832 10 173 -3 % 10 234 -4 % Private Equity reporting services 4 043 3 493 16 % 3 546 14 % Total 13 874 13 666 2 % 13 780 1 % Result of the Asset Management segment During the review period, net revenue in the Asset Management segment decreased by one per cent to EUR 42.3 million (EUR 42.7 million 1 January to 30 September 2025) and operating profit by 10 per cent to EUR 21.3 million (EUR 23.6 million). Management fees decreased by 2 per cent to EUR 39.0 million (EUR 39.9 million) and performance fees increased by 15 per cent to EUR 3.8 million (EUR 3.3 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 have become 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 5.6 million and the performance fees recognised in the income statement after the catch up stage were EUR 1.2 million, totalling EUR 6.8 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 49.6 per cent (44.8 per cent). At the end of the period, the segment had 102 full-time equivalents (95 on 31 December 2025).
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Q3 2026 12 Asset Management 1-9/26 1-9/25 Change 7-9/26 7-9/25 Change 1-12/25 Net revenue, MEUR 42.3 42.7 -1 % 13.9 14.1 -1 % 56.9 Operating profit, MEUR 21.3 23.6 -10 % 7.5 8.4 -10 % 32.0 Cost/income ratio, % 49.6 44.8 11 % 46.0 40.5 14 % 43.8 Personnel at the end of the period, FTE 102 91 12 % 102 91 12 % 95 Fee and commission income, Asset Management, MEUR 1-9/26 1-9/25 Change 7-9/26 7-9/25 Change 1-12/25 Management fees Private Equity 14.9 14.5 3 % 5.1 4.8 6 % 19.2 Real Estate 17.5 18.8 -7 % 5.7 6.2 -7 % 25.0 Equity and Fixed Income 6.6 6.7 0 % 2.2 2.2 -1 % 8.9 Management fees, total 39.0 39.9 -2 % 13.0 13.2 -1 % 53.1 Performance fees Private Equity 3.8 3.3 14 % 1.1 1.1 2 % 4.4 Real Estate - - n/a - - n/a - Equity and Fixed Income 0.0 0.0 n/a - 0.0 n/a - Performance fees, total 3.8 3.3 15 % 1.1 1.1 1 % 4.4 Other fee and commission income 0.0 0.1 -45 % 0.0 0.0 -81 % 0.1 Fee and commission income, total 42.8 43.3 -1 % 14.1 14.3 -1 % 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 mergers and acquisitions market in Finland remained active during the review period, although talk of high valuations in the artificial intelligence sector and rising interest rates has, to some extent, dampened companies’ appetite for transactions. During the review period, there were a few major property transactions in the Finnish property market, as a result of which transaction volumes increased compared with the previous year. However, the rise in interest rates has been a factor in reducing activity in the property transaction market. During the first nine months of 2026, Advium advised on three M&A transactions and two real estate transactions. The success fees relating to the two assignments mentioned below have not yet been recognised as revenue during the review period. 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 Studios to the South African firm Next Gen Learning (NGL); • adviser to the seller on the sale of a major retail property portfolio to Cibus Real Estate; • adviser to the sellers when Helmet Capital sold Ylijoki Metsäenergia to Corewood; • adviser to Purmo when the company sold two industrial properties in Poland to W.P. Carey;
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Q3 2026 13 • adviser to the sellers when the management team and a group of investors sold Signal Partners to Lexit. 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 1.2 million (EUR 1.0 million 1 Jan to 30 Sept 2025). Operating profit was EUR -0.9 million (EUR -1.3 million). The segment had 17 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 1-9/26 1-9/25 Change 7-9/26 7-9/25 Change 1-12/25 Net revenue, MEUR 1.2 1.0 23 % 0.3 0.1 108 % 1.7 Operating profit, MEUR -0.9 -1.3 31 % -0.3 -0.4 36 % -1.4 Cost/income ratio, % 176.1 234.7 -25 % 192.9 400.4 52 % 178.5 Personnel at the end of the period, FTE 17 18 -6 % 17 18 -6 % 17 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 1.3 million (EUR -0.9 million 1 Jan to 30 Sept 2025) and operating profit was EUR -1.6 million (EUR -2.8 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 1.2 million (EUR -0.4 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 1-9/26 1-9/25 Change 7-9/26 7-9/25 Change 1-12/25 Net revenue, MEUR 1.3 -0.9 247 % 0.7 0.3 182 % -0.3 Operating profit, MEUR -1.6 -2.8 44 % -0.1 -0.3 76 % -3.2 Personnel at the end of the period, FTE 7 4 75 % 7 4 75 % 4 Private Equity and real estate fund investments Fair value of investments, MEUR 16.6 16.4 1 % 16.6 16.4 1 % 16.7 Investment commitments, MEUR 6.7 5.4 24 % 6.7 5.4 24 % 5.2 Net cash flow of investments, MEUR 1.2 -0.4 405 % 0.6 0.3 119 % -0.3
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Q3 2026 14 Balance sheet and capital adequacy At the end of the period, the consolidated balance sheet total was EUR 91.4 million (EUR 87.7 million on 31 December 2025). Equity at the end of the period was EUR 63.4 million (EUR 69.1 million). During the period, the shareholders' equity was influenced by the profit for the period of EUR 14.8 million, the dividend distribution of EUR -21.5 million, and the accrued expense of EUR 1.1 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 17.1 million (EUR 10.9 million) and liquid investments in mutual funds EUR 4.3 million (EUR 4.2 million). The lease liability related to premises and entered in the balance sheet was EUR 2.0 million (EUR 2.9 million on 31 December 2025) at the end of the period, the share of short-term liabilities being EUR 1.3 million (EUR 1.2 million). Short-term interest-free debt was EUR 25.9 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 69.4 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 314.1 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 EUR 19.2 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 September 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 September 2026 was EUR 8.70 (EUR 11.05 on 31 December 2025). The market capitalisation of the company was thus EUR 360.2 million (EUR 457.5 million) at the end of the review period. During the review period, a total of 1,718,290 shares were traded on Nasdaq Helsinki (2,802,700 shares between 1 January to 30 September 2025) and in euro terms the volume of trading was EUR 16.3 million (EUR 32.7 million). Own shares On 30 September 2026, eQ Plc held no own shares.
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Q3 2026 15 Shareholders T en major shareholders on 30 Sept 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 Oy 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 191 019 0.46 Other shares 11 356 324 27.43 Total 41 407 198 100.00 On 30 September 2026, eQ Plc had 7,995 shareholders (8,009 shareholders on 31 December 2025). Option schemes At the end of the period, eQ Plc had two valid option schemes. The option schemes are intended as part of the incentive and retention scheme for the Group’s key employees. 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.
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Q3 2026 16 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, was 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, was 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 7 October 2026. The second instalment of the dividend was paid on 14 October 2026. 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 Remuneration 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.
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Q3 2026 17 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. Personnel At the end of the period, the Group had 126 full-time equivalents (116 on 31 December 2025). Calculated as full-time resources, the Asset Management segment had 102 (95) employees and the Corporate Finance segment 17 (17) employees. Group administration had 7 (4) employees. The overall salaries paid to the employees of eQ Group during the period totalled EUR 18.9 million (EUR 17.9 million from 1 Jan to 30 Sept 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 on 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.
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Q3 2026 18 The risks associated with eQ Group’s 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 On 23 October 2026, eQ Plc signed a share purchase agreement to acquire the entire share capital of Genesta Property Nordic AB, a Nordic real estate asset management company. The transaction is expected to strengthen eQ’s international growth platform and expand its real estate asset management business into a Nordic operation. If completed, the transaction would provide eQ with an international institutional client base and network, local operations in Sweden and Denmark, as well as a Luxembourg-based fund management company authorised as an alternative investment fund manager (AIFM). Genesta manages three real estate funds with approximately EUR 1 billion in assets under management. The company has 30 employees and offices in Stockholm, Helsinki, Copenhagen and Luxembourg. In 2025, the net revenue of its asset management business was approximately EUR 9.6 million and its operating profit was approximately EUR 2.7 million. The maximum debt-free value of the transaction before purchase price adjustments is EUR 15.5 million, comprising a base purchase price of EUR 11.5 million and an earn-out of up to EUR 4.0 million. The transaction is expected to close at the latest during the first quarter of 2027. eQ Plc Board of Directors
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Q3 2026 19 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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Q3 2026 20 Consolidated income statement, EUR 1 000 1-9/26 1-9/25 7-9/26 7-9/25 1-12/25 Fee and commission income 43 739 44 133 14 348 14 418 59 170 Interest income 97 128 45 37 146 Net income from financial assets 1 222 -832 706 262 -407 Operating income, total 45 058 43 429 15 099 14 717 58 909 Fee and commission expenses -461 -465 -154 -156 -620 Interest expenses -60 -100 -20 -29 -128 NET REVENUE 44 537 42 864 14 926 14 532 58 161 Administrative expenses Personnel expenses -18 923 -17 936 -5 630 -5 255 -23 454 Other administrative expenses -3 716 -2 335 -1 154 -717 -3 217 Depreciation on tangible and intangible assets -828 -827 -280 -280 -1 117 Other operating expenses -2 258 -2 327 -690 -649 -2 980 OPERATING PROFIT (-LOSS) 18 812 19 440 7 172 7 631 27 391 PROFIT BEFORE TAXES 18 812 19 440 7 172 7 631 27 391 Income taxes -4 005 -4 128 -1 516 -1 595 -5 796 PROFIT (LOSS) FOR THE FINANCIAL PERIOD 14 807 15 312 5 656 6 036 21 595
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Q3 2026 21 Consolidated statement of comprehensive income, EUR 1 000 1-9/26 1-9/25 7-9/26 7-9/25 1-12/25 Other comprehensive income: - - - - - TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 14 807 15 312 5 656 6 036 21 595 Profit for the period attributable to: Equity holders of the parent company 14 807 15 312 5 656 6 036 21 595 Non-controlling interests - - - - - Comprehensive income for the period attributable to: Equity holders of the parent company 14 807 15 312 5 656 6 036 21 595 Non-controlling interests - - - - - Earnings per share calculated from the profit of equity holders of the parent company: Earnings per average share, EUR 0.36 0.37 0.14 0.15 0.52 Diluted earnings per average share, EUR 0.36 0.36 0.14 0.14 0.52
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Q3 2026 22 Consolidated balance sheet, EUR 1 000 30 Sept 2026 30 Sept 2025 31 Dec 2025 ASSETS Claims on credit institutions 17 112 17 874 10 944 Financial assets Financial securities 4 265 4 163 4 190 Private Equity and real estate fund investments 16 573 16 411 16 671 Intangible assets Goodwill and brands 29 212 29 212 29 212 Other intangible assets 214 0 0 Tangible assets Right-of-use assets 1 521 2 510 2 265 Tangible assets 567 364 466 Other assets 20 954 22 468 23 323 Accruals and prepaid expenditure 513 622 528 Income tax receivables 161 12 13 Deferred tax assets 272 376 120 TOTAL ASSETS 91 365 94 013 87 733 LIABILITIES AND EQUITY LIABILITIES Other liabilities 17 485 20 711 6 669 Accruals and deferred income 8 418 7 581 8 845 Lease liabilities 2 002 3 107 2 864 Income tax liabilities 28 172 296 TOTAL LIABILITIES 27 933 31 571 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 9 963 8 467 8 800 Profit (loss) for the period 14 807 15 312 21 595 TOTAL EQUITY 63 432 62 442 69 058 TOTAL LIABILITIES AND EQUITY 91 365 94 013 87 733
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Q3 2026 23 Consolidated cash flow statement, EUR 1 000 1-9/2026 1-9/2025 1-12/2025 CASH FLOW FROM OPERATIONS Operating profit 18 812 19 440 27 391 Depreciation and write-downs 828 827 1 117 Interest income and expenses -37 -28 -18 Transactions with no related payment transactions 786 3 076 3 229 Financial assets’ cash flow – private equity and real estate fund investments 335 -1 183 -1 290 Change in working capital Business receivables, increase (-) / decrease (+) 2 396 4 999 4 238 Interest-free debt, increase (+) / decrease (-) -674 -3 150 -2 265 Total change in working capital 1 722 1 849 1 974 Cash flow from operations before financial items and taxes 22 446 23 981 32 404 Interest received 97 128 146 Interest paid -60 -100 -128 Taxes -4 288 -4 199 -5 488 CASH FLOW FROM OPERATIONS 18 195 19 809 26 934 CASH FLOW FROM INVESTMENTS Investments in tangible and intangible assets -423 -57 -202 Investments/redemptions in other investments – liquid mutual funds 0 4 661 4 660 CASH FLOW FROM INVESTMENTS -423 4 604 4 458 CASH FLOW FROM FINANCING Dividends/equity repayments paid -10 766 -13 664 -27 329 Repayment of lease liabilities -839 -857 -1 101 CASH FLOW FROM FINANCING -11 605 -14 521 -28 430 INCREASE/DECREASE IN LIQUID ASSETS 6 167 9 892 2 962 Liquid assets on 1 Jan 10 944 7 982 7 982 Liquid assets on 30 Sept/31 Dec 17 112 17 874 10 944
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Q3 2026 24 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 Total Total equity Shareholders’ equity on 1 Jan 2025 11 384 27 279 34 667 73 330 73 330 Profit (loss) for the period 15 312 15 312 15 312 Other comprehensive income items - - - Total comprehensive income 15 312 15 312 15 312 Dividend/equity repayment -27 329 -27 329 -27 329 Options granted, cost accrual 1 129 1 129 1 129 Shareholders’ equity on 30 Sept 2025 11 384 27 279 23 779 62 442 62 442 Shareholders’ equity on 1 Jan 2026 11 384 27 279 30 395 69 058 69 058 Profit (loss) for the period 14 807 14 807 14 807 Other comprehensive income items - - - Total comprehensive income 14 807 14 807 14 807 Dividend/equity repayment -21 532 -21 532 -21 532 Options granted, cost accrual 1 099 1 099 1 099 Shareholders’ equity on 30 September 2026 11 384 27 279 24 769 63 432 63 432
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Q3 2026 25 Fee and commission income, group, EUR 1 000 1-9/26 1-9/25 7-9/26 7-9/25 1-12/25 Asset management fees Management fees Private Equity 14 752 14 359 5 019 4 732 19 033 Real Estate 17 481 18 780 5 712 6 162 24 984 Equity and Fixed Income 6 635 6 657 2 221 2 248 8 913 Management fees, total 38 868 39 796 12 952 13 142 52 929 Performance fees Private Equity 3 768 3 297 1 116 1 099 4 396 Real Estate - - - - - Equity and Fixed Income 17 2 - 2 8 Performance fees, total 3 785 3 300 1 116 1 101 4 404 Other fee and commission income 43 79 6 30 100 Asset management fees, total 42 695 43 174 14 073 14 273 57 433 Corporate Finance fees 1 044 959 275 145 1 737 Fee and commission income, total 43 739 44 133 14 348 14 418 59 170 1-9/26 1-9/25 7-9/26 7-9/25 1-12/25 Private Equity asset management performance fees in the income statement Paid non-accrued fees 1 170 - 264 - - Catch up share accrual 2 598 3 297 851 1 099 4 396 Write-downs - - - - - Total 3 768 3 297 1 116 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 15 828 17 587 15 389 Accrual of catch up share receivables during the period 2 598 3 297 851 1 099 4 396 Accrued receivables paid during the period -5 590 - -536 - -650 Write-downs of previously recognised entitlements - - - - - Balance sheet’s catch up share receivables at the end of the period 16 143 18 686 16 143 18 686 19 135 Private Equity asset management performance fees - cash flow 6 760 - 800 - 650
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Q3 2026 26 Net income from financial assets, group, EUR 1 000 1-9/26 1-9/25 7-9/26 7-9/25 1-12/25 Private Equity and real estate fund investments Profit distribution from funds 909 775 293 422 1 021 Changes in fair value and losses 238 -1 744 387 -191 -1 591 Total 1 147 -968 680 232 -569 Other investment operations Changes in fair value 75 -203 26 30 -176 Sales profits/-losses 0 339 - 0 339 Total 75 136 26 30 163 Net income from financial assets, total 1 222 -832 706 262 -407 Fair values of financial assets and liabilities, EUR 1 000 30 Sept 2026 30 Sept 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 16 573 16 573 16 411 16 411 16 671 16 671 Financial securities 4 265 4 265 4 163 4 163 4 190 4 190 Accounts receivable and other receivables 274 274 47 47 221 221 Liquid assets 17 112 17 112 17 874 17 874 10 944 10 944 Total 38 224 38 224 38 494 38 494 32 026 32 026 Financial liabilities Liabilities to credit institutions - - - - - - Accounts payable and other liabilities 855 855 724 724 372 372 Lease liabilities 2 002 2 002 3 107 3 107 2 864 2 864 Total 2 857 2 857 3 831 3 831 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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Q3 2026 27 Value of financial assets across the three levels of the fair value hierarchy 30 Sept 2026 30 Sept 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 - 16 573 - 16 411 - 16 671 Financial securities 4 265 - 4 163 - 4 190 - Total 4 265 16 573 4 163 16 411 4 190 16 671 Level 3 reconciliation: Private Equity and real estate fund investments 1-9/2026 Opening balance on 1 Jan 2026 16 671 Calls 805 Returns -1 140 Changes in fair value and losses recognised through profit or loss 238 Closing balance on 30 Sept 2026 16 573 1-9/2025 Opening balance on 1 Jan 2025 16 971 Calls 2 025 Returns -842 Changes in fair value and losses recognised through profit or loss -1 744 Closing balance on 30 Sept 2025 16 411 1-12/2025 Opening balance on 1 Jan 2025 16 971 Calls 2 319 Returns -1 029 Changes in fair value and losses recognised 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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Q3 2026 28 Private Equity and real estate fund investments, EUR 1 000 Market value 30 Sept 2026 30 Sept 2025 31 Dec 2025 Funds managed by eQ: Private Equity funds of funds: eQ VC III US 121 - - eQ PE XVII US 147 38 84 eQ PE XVI North 446 262 375 eQ VC II 725 215 301 eQ PE XV US 399 246 289 eQ PE XIV North 954 745 774 eQ VC 1 338 709 823 eQ PE XIII US 860 765 770 eQ PE XII North 927 882 880 eQ PE XI US 933 920 932 eQ PE X North 792 1 029 986 eQ PE IX US 799 1 025 1 024 eQ PE VIII North 1 151 1 553 1 459 eQ PE VII US 1 760 2 189 2 046 eQ PE VI North 566 956 876 Amanda V East 700 1 045 1 049 Total 12 618 12 580 12 666 Real estate funds: eQ Residential III 1 878 1 689 1 855 Funds managed by others: Large buyout funds 736 846 852 Midmarket funds 2 1 1 Venture funds 1 340 1 295 1 296 Total 16 573 16 411 16 671
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Q3 2026 29 Remaining investment commitments of private equity and real estate fund investments, EUR 1 000 Investment commitment 30 Sept 2026 30 Sept 2025 31 Dec 2025 Funds managed by eQ: Private equity funds of funds: eQ PE XVIII North 1 000 - - eQ VC III US 748 - - eQ PE XVII US 748 808 766 eQ PE XVI North 580 750 650 eQ VC II 291 638 575 eQ PE XV US 484 596 553 eQ PE XIV North 270 350 350 eQ VC 114 196 153 eQ PE XIII US 220 196 213 eQ PE XII North 228 200 228 eQ PE XI US 100 3 71 eQ PE X North 110 49 70 eQ PE IX US 129 124 125 eQ PE VIII North 211 151 151 eQ PE VII US 402 271 272 eQ PE VI North 371 371 371 Amanda V East 663 663 663 Total 6 670 5 366 5 211
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Q3 2026 30 Segment information, EUR 1 000 1-9/2026 Asset Corporate Other Elimin- Group Man. Finance ations total Fee and commission income 42 696 1 044 - 43 739 From other segments 113 160 - -273 - Interest income - - 97 97 Net income from financial assets - - 1 222 1 222 Other operating income - - - - From other segments - - 58 -58 - Operating income, total 42 808 1 204 1 376 -330 45 058 Fee and commission expenses -461 - - -461 To other segments - - -113 113 - Interest expenses -46 -9 -5 -60 NET REVENUE 42 300 1 195 1 259 -218 44 537 Administrative expenses Personnel expenses -15 227 -1 604 -2 091 -18 923 Other administrative expenses -3 097 -258 -419 58 -3 716 Depreciation on tangible and intangible assets -668 -116 -45 -828 Other operating expenses -1 984 -126 -308 160 -2 258 OPERATING PROFIT (-LOSS) 21 324 -909 -1 603 0 18 812 Income taxes -4 005 -4 005 PROFIT (LOSS) FOR THE FINANCIAL PERIOD -5 608 14 807
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Q3 2026 31 1-9/2025 Asset Corporate Other Elimin- Group Man. Finance ations total Fee and commission income 43 174 959 - 44 133 From other segments 113 30 - -143 - Interest income - - 128 128 Net income from financial assets - - -832 -832 Other operating income - - - - From other segments - - 58 -58 - Operating income, total 43 287 989 -647 -200 43 429 Fee and commission expenses -465 - -465 To other segments - - -113 113 - Interest expenses -78 -15 -7 0 -100 NET REVENUE 42 744 975 -767 -88 42 864 Administrative expenses Personnel expenses -14 767 -1 782 -1 387 -17 936 Other administrative expenses -1 818 -243 -332 58 -2 335 Depreciation on tangible and intangible assets -660 -122 -46 -827 Other operating expenses -1 901 -140 -316 30 -2 327 OPERATING PROFIT (LOSS) 23 599 -1 313 -2 847 0 19 440 Income taxes -4 128 -4 128 PROFIT (LOSS) FOR THE FINANCIAL PERIOD -6 975 15 312
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Q3 2026 32 7-9/2026 Asset Corporate Other Elimin- Group Man. Finance ations total Fee and commission income 14 073 275 - 14 348 From other segments 38 20 - -58 - Interest income - - 45 45 Net income from financial assets - - 706 706 Other operating income - - - - From other segments - - 19 -19 - Operating income, total 14 111 295 771 -77 15 099 Fee and commission expenses -154 - - -154 To other segments - - -38 38 - Interest expenses -15 -3 -2 -20 NET REVENUE 13 941 292 731 -39 14 926 Administrative expenses Personnel expenses -4 660 -406 -564 -5 630 Other administrative expenses -976 -75 -122 19 -1 154 Depreciation on tangible and intangible assets -227 -39 -15 -280 Other operating expenses -550 -44 -116 20 -690 OPERATING PROFIT (-LOSS) 7 529 -271 -85 0 7 172 Income taxes -1 516 -1 516 PROFIT (LOSS) FOR THE FINANCIAL PERIOD -1 601 5 656
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Q3 2026 33 7-9/2025 Asset Corporate Other Elimin- Group Man. Finance ations total Fee and commission income 14 273 145 - 14 418 From other segments 38 - - -38 - Interest income - - 37 37 Net income from financial assets - - 262 262 Other operating income - - - - From other segments - - 19 -19 - Operating income, total 14 311 145 318 -57 14 717 Fee and commission expenses -156 - - -156 To other segments - - -38 38 - Interest expenses -23 -4 -2 -29 NET REVENUE 14 132 141 278 -19 14 532 Administrative expenses Personnel expenses -4 426 -419 -410 -5 255 Other administrative expenses -634 -53 -50 19 -717 Depreciation on tangible and intangible assets -223 -41 -15 -280 Other operating expenses -446 -50 -153 -649 OPERATING PROFIT (LOSS) 8 403 -423 -349 0 7 631 Income taxes -1 595 -1 595 PROFIT (LOSS) FOR THE FINANCIAL PERIOD -1 944 6 036
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Q3 2026 34 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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Q3 2026 35 Profit development of segments per quarter, EUR 1 000 Q3/26 Q2/26 Q1/26 Q4/25 Q3/25 Asset Management Net revenue 13 941 14 590 13 769 14 119 14 132 Operating profit 7 529 6 758 7 037 8 363 8 403 Corporate Finance Net revenue 292 731 172 773 141 Operating profit -271 -43 -594 -59 -423 Other segments and eliminations Net revenue 692 91 258 405 259 Operating profit -85 -668 -850 -352 -349 Group total Net revenue 14 926 15 412 14 199 15 297 14 532 Operating profit 7 172 6 047 5 592 7 952 7 631 Profit for the period 5 656 4 753 4 397 6 283 6 036
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Q3 2026 36 Capital adequacy, EUR 1 000 IFR IFR 30 Sept 2026 31 Dec 2025 Group Group Equity 63 432 69 058 Common equity tier 1 (CET 1) before deductions 63 432 69 058 Deductions from CET 1 Intangible assets -29 427 -29 212 Unconfirmed profit for the period -14 807 -21 595 Dividend proposal by the Board* - - Common equity tier 1 (CET 1) 19 199 18 251 Additional tier 1 (AT1) 0 0 Tier 1 (T1 = CET1 + AT1) 19 199 18 251 Tier 2 (T2) 0 0 Fair Value Reserve 0 0 Total capital (TC = T1 + T2) 19 199 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 448 428 Absolute minimum requirement 150 150 Risk-weighted items total – Total risk exposure 76 413 76 413 Common equity tier (CET1) / own funds requirement, % 314.1 % 298.6 % Tier 1 (T1) / own funds requirement, % 314.1 % 298.6 % Total capital (TC) / own funds requirement, % 314.1 % 298.6 % Common equity tier 1 (CET1) / risk weights, % 25.1 % 23.9 % Tier 1 (T1) / risk weights, % 25.1 % 23.9 % Total capital (TC) / risk weights, % 25.1 % 23.9 % Excess of total capital compared with the minimum level 13 086 12 138 Excess of total capital compared with the minimum level (incl. 25% risk buffer) 11 557 10 609 *The dividend and equity repayment proposed by the Board exceeding the profit for the period.
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Q3 2026 37 Group key ratios 30 Sept 2026 30 Sept 2025 31 Dec 2025 Profit (loss) for the period to the equity holders of the parent company, EUR 1 000 14 807 15 312 21 595 Earnings per average share, EUR 0.36 0.37 0.52 Diluted earnings per average share, EUR 0.36 0.36 0.52 Equity per share, EUR 1.53 1.51 1.67 Equity per average share, EUR *) 1.53 1.51 1.67 Return on investment, ROI % p.a. 28.9 28.8 29.1 Return on equity, ROE % p.a. 29.8 30.1 30.3 Equity ratio, % 69.4 66.4 78.7 Cost/income ratio, Group, % 57.8 54.6 52.9 Share price at the end of the period, EUR 8.70 12.00 11.05 Market value, EUR million 360.2 496.9 457.5 Personnel calculated as full-time resources at the end of the period 126 113 116 *) 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 September 2026, eQ’s remaining investment commitments in private equity and real estate funds totalled EUR 6.7 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).