Evli’s Half Year Financial Report 1–6/2026 shows stable growth in the first half of the year. Growth in net revenue and operating profit continued, and assets under management reached a new record. In addition, Evli received significant recognition for its expertise in surveys among private and institutional clients.
Highlights of the period
- Growth in net revenue and operating profit continued, driven by increased fund management fees and exceptionally high performance-based fees in the early part of the year.
- Assets under management reached a new record of EUR 22.6 billion.
- Evli received significant recognition for its expertise. Private investors ranked Evli as Finland’s best wealth manager in the SFR Private Wealth 2026 survey. In addition, institutional investors once again selected Evli as Finland’s best institutional asset manager in Kantar Prospera’s annual client survey.
Financial performance January-June 2026 (comparison period 1–6/2025)
- Net revenue was EUR 65.2 million (EUR 55.2 million).
- Operating profit was EUR 29.9 million (EUR 22.5 million).
- Operating result of the Wealth Management and Investor Clients segment increased to EUR 30.9 million (EUR 20.0 million).
- Operating result of the Advisory and Corporate Clients segment decreased to EUR -0.5 million (EUR 1.3 million).
- At the end of June, net assets under management amounted to EUR 22.6 billion (EUR 19.7 billion), including assets managed by associated companies. Assets under management excluding the associated companies amounted to EUR 19.9 billion (EUR 17.2 billion).
- Return on equity was 30.7 percent (24.2%).
- The ratio of recurring revenue to operating costs was 134 percent (132%).
- Earnings per share, fully diluted, were EUR 0.75 (EUR 0.60).
Financial performance April-June 2026 (comparison period 4–6/2025)
- Net revenue was EUR 30.4 million (EUR 27.5 million).
- Operating profit was EUR 13.8 million (EUR 11.1 million).
- Earnings per share, fully diluted, were EUR 0.36 (EUR 0.33).
Geopolitical tensions and uncertainty about economic growth kept investors cautious
The second quarter of 2026 progressed favorably for Evli, although the operating environment remained uncertain in many respects.
“Following market volatility earlier in the year, equity markets recovered strongly, with technology and AI-related stocks in particular supporting market performance. At the same time, geopolitical tensions, interest rate developments and uncertainty over economic growth prospects kept investors cautious. Despite this, Evli's business continued to develop steadily,” says CEO Maunu Lehtimäki.
Global equity markets rose by 16.3 percent in the second quarter as measured by the MSCI World Index, while the S&P 500 Index, tracking the US equity market, rose by 16.5 percent. In Europe, equity prices rose by 12.2 percent as measured by the STOXX 600 Index. Emerging market equity prices rose by 25.1 percent. The US dollar weakened against the euro by 1.1 percent, while the price of gold fell by 14.1 percent. The yield on the German 10-year government bond remained at 3.0 percent. Corporate bond credit spreads narrowed by 12 basis points in the investment grade segment and by 1 basis points in the high yield segment.
Conditions in the Finnish real estate market remained challenging, and most domestic open-ended real estate funds continued to defer redemptions.
“Evli did the same in the Evli Rental Yield II fund, to ensure equal treatment of all unitholders in the fund. During the second quarter, some of the outstanding redemptions were, however, paid out,” Lehtimäki says.
Evli's net revenue rose by 11 percent and operating profit by 25 percent
Evli Group's net revenue rose by 11 percent year-on-year in the second quarter to EUR 30.4 million (EUR 27.5 million). Fee income from traditional funds and private equity funds, together with brokerage income, developed most favorably and grew from the previous year. Advisory fees and income from Evli's own balance sheet were in line with the previous year.
The Group's operating profit rose by 25 percent in the second quarter to EUR 13.8 million (EUR 11.1 million). The positive development of Evli’s operating income was due to increase in net revenue, while expenses remained at the level of comparison period. Evli's return on equity was 31 percent (24%) year-to-date, and the ratio of recurring revenue to operating expenses was 134 percent (132%). The Group's capital adequacy and liquidity remained at an excellent level.
Evli once again performed exceptionally well in client surveys. Evli was ranked Finland's best wealth manager in both SFR Research’s survey among high-net-worth private individuals and Kantar Prospera’s survey among institutional clients.
International sales and alternative investment products developed reasonably well
Assets under management rose by approximately EUR 1 billion from the level at the end of last year, to EUR 22.6 billion (EUR 21.5 billion). Evli Fund Management Company's mutual fund capital, including alternative investment products, was EUR 17.1 billion (EUR 13.8 billion).
The areas central to Evli's strategy, international sales and alternative investment products, developed reasonably well during the period, given the challenging operating environment. Net subscriptions from international clients totaled approximately EUR 77 million. Net subscriptions and investment commitments in alternative investment products totaled EUR 29 million (EUR 99 million). Net subscriptions in traditional mutual funds totaled approximately EUR 76 million.
“Evli has several key initiatives under way to support growth and efficiency. Preparations for fund structures to be registered in Luxembourg, supporting international sales, are progressing, with the launch of the first fund targeted for autumn. In addition, Evli is exploring the possibility of expanding its Nordic footprint by opening an office in Norway. To improve efficiency and productivity, Evli has advanced several AI-related initiatives. The aim is to embed artificial intelligence (AI) into everyday operations and thereby improve quality and productivity,” Lehtimäki explains.
Business model supports profitability
Overall, the first half of 2026 demonstrated the strength of Evli's business model. A broad product range, a diverse client base, a strong market position and a scalable cost structure supported profitability even in an uncertain market environment.
“Evli continues to execute its strategy with determination: the aim is to grow assets under management, strengthen international distribution, develop the range of alternative investment products, and improve operational efficiency. As a result of these factors, Evli estimates that its full-year operating result will be clearly positive. Comparability in the latter part of the year will, however, be affected by the exceptionally large performance fees earned in the second half of last year,” Lehtimäki says.
Outlook unchanged for 2026
The beginning of the year has been turbulent on the investment markets, and the operating environment is expected to remain uncertain and difficult to predict. The expansion of geopolitical risks and concerns about the sustainability of economic growth are increasing uncertainty in the markets. The weakening of investor confidence and the decline in market values could have a negative impact on Evli's commission income as well as 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.
