In the third quarter of 2025, Evli’s client assets under management reached a new milestone and amounted to EUR 20.8 billion. International sales boosted the sales of traditional mutual funds, and net subscriptions from international clients into traditional mutual funds totaled EUR 737 million year-to-date. Performance-based fees amounted to EUR 12.7 million during the period, with a record EUR 12 million reported in the third quarter.
Financial performance January-September 2025 (comparison period 1–9/2024)
- Net revenue was EUR 90.4 million (1–9/2024 net revenue, after eliminating the impact from the corporate transaction, was EUR 79.6 million and unadjusted net revenue EUR 96.7 million).
- Operating profit was EUR 40.5 million (1–9/2024 operating profit, after eliminating the impact from the corporate transaction, was EUR 32.7 million and unadjusted operating profit EUR 47.7 million).
- Operating result of the Wealth Management and Investor Clients segment increased to EUR 39.2 million (EUR 29.5 million).
- Operating result of the Advisory and Corporate Clients segment decreased to EUR 0.1 million (EUR 2.5 million).
- At the end of September, net assets under management amounted to EUR 20.8 billion (EUR 18.7 billion), including assets managed by associated companies. Assets under management excluding the associated companies amounted to EUR 18.1 billion (EUR 16.3 billion).
- Return on equity was 28.3 percent (35.8%).
- The ratio of recurring revenue to operating costs was 128 percent (136%).
- Earnings per share, fully diluted, were EUR 0.97 (EUR 1.38).
Financial performance July-September 2025 (comparison period 7–9/2024)
- Net revenue was EUR 35.2 million (EUR 24.5 million).
- Operating profit was EUR 18.0 million (EUR 10.5 million).
- Diluted earnings per share amounted to EUR 0.38 (EUR 0.27).
Capital markets developed positively in the third quarter
In the third quarter of 2025, capital markets developed positively, driven by strong demand for technology, better-than-expected corporate earnings and lower interest rates in the U.S. In particular, the growth in demand for artificial intelligence applications and semiconductors, as well as the extensive data center investments in the next few years, accelerated the rise in technology stock prices. The returns on fixed-income investments were also positive, and the price of gold rose to a new record.
“The strong development of the U.S. economy in the first half of the year showed signs of slowing down in the third quarter. Uncertainty about the economic and price outlook was increased by the import tariffs imposed by the U.S. The threat of a trade war between China and the U.S. also remains. However, the economy was supported by stable consumer demand, good employment and a gradual slowdown in inflationary pressures,” says CEO Maunu Lehtimäki.
Growth in the euro area continued to be subdued amid U.S. trade policy and geopolitical uncertainties. Consumers are cautious, savings rates are high, and the balance sheets of companies and banks are healthy. The conditions for accelerating growth are therefore in place, as long as confidence improves. The ability of European countries to stimulate growth is limited, with the exception of Germany, which announced a major infrastructure and defense investment program at the beginning of the year.
In the third quarter, stock prices rose across all major markets. In the U.S., stock prices rose by 8.1 percent as measured by the S&P 500 index and as much as 11.4 percent as measured by the Nasdaq Composite index. In Europe, stock prices rose by approximately three percent based on the STOXX 600 index. Emerging markets also saw a strong upward trend. In the fixed income markets, the best returns were from high-yield bonds with higher credit risk. The challenges in the Finnish real estate market continued in the third quarter, with transaction activity remaining low.
Evli's net revenue increased by 44 percent
In the third quarter, Evli Group's net revenue increased by 44 percent year-on-year to EUR 35.2 million (EUR 24.5 million).
“The best development was seen in performance-based fees, fee income from traditional and private equity funds, and asset management and brokerage revenues, all of which improved compared to the previous year. Advisory fees, on the other hand, decreased and returns from the Group’s own balance sheet items were below the previous year’s level,” Lehtimäki explains.
The Group's operating profit for the third quarter increased by 70 percent to EUR 18.0 million (EUR 10.5 million). The growth in operating profit was primarily driven by performance-based fees which were significantly higher than in the comparison period. Evli's return on equity from the beginning of the year was 28.3 percent (35.8%) and the ratio of recurring revenue to operational costs was 128 percent (136%). The Group's solvency and liquidity were at an excellent level.
Assets under management rose to a new record high
“Evli’s client assets under management exceeded EUR 20 billion and rose to a new record high of EUR 20.8 billion (EUR 18.7 billion) as a result of positive market development and net subscriptions. Evli Fund Management Company's mutual fund capital, including alternative investment products, also rose to a new record of EUR 15.3 billion (EUR 13.4 billion). Net subscriptions in traditional mutual funds totaled approximately EUR 662 million in the third 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 totaled approximately EUR 571 million, and international clients share of Evli’s total fund capital, including alternative investment products, was 24 percent (19%). In alternative investments, net subscriptions and investment commitments amounted to approximately EUR 15 million during the quarter (EUR 22 million), including EUR 8 million in capital returns. Since the beginning of the year, investment commitments have exceeded the previous year’s level, totaling EUR 235 million. At the end of the quarter, assets under management in alternative investments stood at EUR 3.1 billion.
“In 2025, we are celebrating 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 2025 revised
The review period was turbulent in the investment markets, and the operating environment is expected to remain uncertain and difficult to predict for the rest of the year. The expansion of geopolitical risks and concerns about the sustainability of economic growth are increasing uncertainty in the markets. If investor confidence erodes further 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, favorable profit development in the early part of the year, and growth prospects, we estimate the operating profit to be clearly positive and exceed the comparable level of the previous year (EUR 43.3 million).
Previously we estimated the operating result to be clearly positive.
