CEO's review

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.

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.

”Evli Group's net revenue rose by 11 percent year-on-year and operating profit by 25 percent in the second quarter.”

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.

”Evli's strategically important areas, international sales and alternative investment products, developed reasonably well during the review period.”

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, and international clients accounted for 25 percent (21%) of Evli's total fund capital, including alternative investment products. Net subscriptions and investment commitments in alternative investment products totaled EUR 29 million (EUR 99 million) for the quarter. Assets under management in alternative investments stood at EUR 3.4 billion (EUR 3.1 billion) at the end of the quarter.

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.

Net revenue for the Wealth Management and Investor Clients segment rose by 15 percent in the quarter to EUR 27.5 million (EUR 23.8 million). 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). Net subscriptions in traditional mutual funds totaled approximately EUR 76 million in the quarter. The largest net subscriptions were directed to the Evli Nordic Corporate Bond and Evli North America funds. Year-to-date, Evli North America (16.1%) and Evli Equity Factor USA (15.2%) delivered the best returns.

Net revenue for the Advisory and Corporate Clients segment decreased by 27 percent in the second quarter to EUR 1.2 million (EUR 1.7 million). Revenue in this segment can vary significantly from quarter to quarter and year to year.

“Evli's first half of 2026 demonstrated the strength of our business model.”

Overall, Evli's first half of 2026 demonstrated the strength of our 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.
 

Maunu Lehtimäki
CEO, Evli Plc

Updated in connection with the publication of Evli Plc's Half Year Financial Report 1–6/2026 on July 14, 2026.