The year 2025 was an excellent for Evli. International sales performed well, with international clients' net subscriptions to investment funds amounting to nearly EUR 1 billion. Despite the challenging market environment, fundraising for alternative investment funds was successful, and net new capital raised during the year totaled over EUR 330 million.
During the year, Evli received significant recognition for its expertise. Institutional investors ranked Evli as the best asset manager in Finland in Kantar Prospera's "External Asset Management 2025 Finland" survey and as the second-best asset manager in SFR Research’s institutional asset management client survey.
Financial performance January-December 2025 (comparison period 1–12/2024)
- Net revenue was EUR 128.5 million (1–12/2024 net revenue, after eliminating the impact from the corporate transaction, was EUR 109.7 million and unadjusted net revenue EUR 126.8 million).
- Operating profit was EUR 56.1 million (1–12/2024 operating profit, after eliminating the impact from the corporate transaction, was EUR 43.3 million and unadjusted operating profit EUR 58.2 million).
- Operating result of the Wealth Management and Investor Clients segment increased to EUR 54.0 million (EUR 39.8 million).
- Operating result of the Advisory and Corporate Clients segment decreased to EUR 0.5 million (EUR 3.3 million).
- At the end of December, net assets under management amounted to EUR 21.4 billion (EUR 18.9 billion), including assets managed by associated companies. Assets under management excluding the associated companies amounted to EUR 19.0 billion (EUR 16.6 billion).
- Return on equity was 28.4 percent (34.4%).
- The ratio of recurring revenue to operating costs was 128 percent (132%).
- Earnings per share, fully diluted, were EUR 1.33 (EUR 1.63).
- The Board of Directors proposes that a dividend of EUR 1.23/share (EUR 1.18/share) be distributed for the financial year 2025.
Financial performance October-December 2025 (comparison period 10-12/2024)
- Net revenue was EUR 38.1 million (EUR 30.1 million).
- Operating profit was EUR 15.7 million (EUR 10.5 million).
- Diluted earnings per share amounted to EUR 0.35 (EUR 0.25).
Capital markets developed positively, as in the beginning of the year
In the fourth quarter of 2025, capital markets developed positively, as in the beginning of the year, with equities rising across the board in the US, Europe, and elsewhere in the world. However, the significant weakening of the dollar eroded the returns on dollar-denominated investments in euros.
“Investor optimism was supported by solid corporate earnings growth, falling interest rate expectations in the US, and widespread enthusiasm for artificial intelligence (AI) technology and its potential to increase corporate productivity. The returns on fixed-income investments, particularly on higher-risk high yield bonds, were also positive. The prices of gold and other precious metals rose to new highs,” says CEO Maunu Lehtimäki.
The US economy grew in the fourth quarter, as it did at the beginning of the year, even though the labour market weakened and inflation was still above the Federal Reserve's target level. Investments in technology, in particular data center and other infrastructure projects supporting the use of AI, boosted growth.
Euro area growth was slightly positive in the quarter, as global trade concerns gradually eased and private consumption remained stable. The outlook for the euro area is supported by a strengthening labour market, a low inflation and interest rate environment, and investment in infrastructure and defense capabilities. However, geopolitical threats, especially the war in Ukraine, continued to weigh on consumer and business confidence and willingness to invest.
Net revenue increased by 26 percent and operating profit by 49 percent
In the fourth quarter, Evli Group's net revenue increased by 26 percent from the previous year and was EUR 38.1 million (EUR 30.1 million).
“The best development was seen in fee income from traditional and private equity funds, performance-based fees and brokerage revenues, which increased from the previous year. Advisory fees decreased slightly from the previous year, while returns from the Group’s own balance sheet items were higher than in the previous year,” Lehtimäki explains.
The Group's operating profit for the fourth quarter increased by 49 percent to EUR 15.7 million (EUR 10.5 million). The growth in operating profit was driven by higher commission income from funds and performance-based fees, which were higher than in the comparison period. The increase in operating profit was weighed down by the loss of EUR 1.6 million recorded by an associated company, which was higher than in the comparison period. Evli's return on equity from the beginning of the year was 28.4 percent (34.4%) and the ratio of recurring revenue to operational costs was 128 percent (132%). The Group's solvency and liquidity were at an excellent level.
International sales and alternative investment products developed favorably
“Client assets under management increased by 13 percent to EUR 21.4 billion (EUR 18.9 billion) as a result of positive market development and net subscriptions, which is a new record for Evli. Evli Fund Management Company's mutual fund capital, including alternative investment products, also rose to a new record of EUR 16.2 billion (EUR 13.4 billion). The net subscriptions of traditional investment funds were approximately EUR 571 million during the quarter,” Lehtimäki says.
The key areas of Evli's strategy, international sales and alternative investment products, developed positively during the quarter. Net subscriptions from international clients were approximately EUR 251 million, and international clients accounted for 25 percent (21%) of Evli's total fund capital, including alternative investment products. Net subscriptions and investment commitments for alternative investment products totaled approximately EUR 129 million (approximately EUR 115 million) during the final quarter of the year. Since the beginning of the year, more investment commitments were collected than during the previous year, totaling EUR 331 million.
“In 2025, we celebrated Evli's 40th anniversary. Over the years, we have grown into a leading Nordic asset manager and fund house, supporting our clients in building long-term success and directing capital to where it creates lasting value. We are committed to building a more prosperous tomorrow in the future as well,” Lehtimäki says.
Outlook for 2026
The past year was turbulent in the investment markets, and the operating environment is expected to remain uncertain and difficult to predict also in 2026. The expansion of geopolitical risks and concerns about the sustainability of economic growth are increasing uncertainty in the markets. If investor confidence weakens and market values decline, it will have a negative impact on Evli’s commission income and the return on its own investment portfolio.
Despite the challenging operating environment, Evli has succeeded in strengthening its market position. Growth has been supported by a wide range of products and a broad client base. With a strong market position and positive growth prospects, we estimate the operating profit to be clearly positive.
