RESULT-DRIVEN WEALTH YESTERDAY, AND | ||
ANNUAL | 2025 |
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Contents
Business Overview | 3 | |
Evli in Brief | 4 | |
CEO's review | 6 | |
Highlights of 2025 | 8 | |
Evli's business model | 10 | |
Megatrends and strategy | 11 | |
Responsibility at Evli | 17 | |
Board of Directors’ | 21 | |
Financial development | 22 | |
Board of Directors’ Report 2025 | 24 | |
Shares and shareholders | 31 | |
Information | 35 | |
Managing capital adequacy | 36 | |
Calculation | 37 | |
Board of Directors' proposal for profit | 38 | |
Corporate Governance Statement 2025 | 39 | |
Remuneration | 49 | |
Remuneration | 52 | |
Financial Statements | 56 | |
Group's financial | 57 | |
Parent company’s financial | 99 | |
Auditor's report | 115 | |
Independent Auditor’s Report on Evli Plc’s ESEF-Consolidated Financial Statements | 118 | |
Corporate Responsibility | 120 | |
Corporate Responsibility Report 2025 | 121 | |
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Evli in brief
On the way to become the leading wealth
manager in the Nordics
Our ambition is to be the leading independent wealth manager in
the Nordic region.
Evli is a Nordic wealth manager that helps institutions, companies, and individuals build a prosperous
tomorrow. With 40 years of experience, we offer award -winning and result-driven wealth management, along
with a broad range of investment solutions. Our services include mutual funds, asset management, and capital
markets services, alternative investment products, equity research as well as Corporate Finance services.
Evli employs around 300
professionals and manages EUR 21.4
billion in client assets (net as of 12/2025). Evli's
B shares are listed on Nasdaq Helsinki.
Read more at evli.com
1985 Founded in 1985 | 2015 Listed on the Nasdaq Helsinki main list since 2015 |
14 Sales in 14 countries through own offices | 21.4 bn. EUR 21.4 billion assets under management |
3rd Third largest fund management company in Finland | ~300 Approximately 300 employees |
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Evli’s competitive advantage in different
markets
Finland and Sweden | Internationally |
Comprehensive Wealth Management and Investment Banking services for private persons, corporations, | Nordic fund management boutique institutional |
Evli’s operations are divided into
two client segments
Wealth Management The Wealth Management and Investor Clients segment offers high net worth private individuals and institutions. selection partners, various capital market services and alternative |
Advisory and Corporate Clients The Advisory and Corporate Clients segment provides corporate and capital management services, including advisory services on acquisitions The segment also provides corporate analysis services for listed companies. |
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CEO’s review
Excellent performance in a volatile environment
Evli continues to deliver excellent results amid volatility and sudden turns.
After several turbulent years marked by anxiety over inflation and
rapidly rising interest rates, the global economy began to converge
towards more stable levels in 2025, even if regional differences
remained. The challenge of surviving short-term shocks was replaced
by longer-term concerns around trade tensions, regionally elevated
public debt and structurally low growth.
Global growth steadied in many ways but stayed uneven. The US
economy remained resilient while Europe only saw a modest recovery.
In the US, technology stocks were the growth drivers and especially the
stocks tied to artificial intelligence (AI) reached record valuations.
However, the expected broad productivity gains from AI did not fully
materialize, raising concerns about a possible stock market bubble.
Growth in the euro area continued to be subdued amid US 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 year 2025 was a period characterized by one geopolitical shock
after another and a persistently elevated tense in world politics.
Ukraine entered a potential negotiation phase and rivalry between the
US and China intensified over technology, trade and regional influence.
These developments created an economic landscape that was more
volatile, regional and fragmented than in previous years.
New records for assets under management
In this volatile environment, Evli performed remarkably well. Our
assets under management (AUM) were 21.4 billion euros (18.9), which
is the highest number during our 40-year history.
Our net revenue increased by 17 percent to MEUR 128.5 and operating
profit by 30 percent to MEUR 56.1 (after eliminating the impact from
the corporate transaction). Unadjusted net revenue was EUR 109.7
million and operating profit EUR 43.3 million. Our return on equity was
28.4 percent (34.4) and the ratio of recurring revenue to operating
costs was 128 percent (132%).
The Wealth Management and Investor Clients segment progressed
steadily to net revenue of EUR 115.2 million (96.4). Private Banking and
Institutional Clients' business developed steadily in Finland. Our
operations in Sweden also continued to develop in the right direction.
Still, in line with our strategy of becoming the leading independent
wealth manager in the Nordic region, there is further room for growth.
In addition to putting more effort into organic growth, we are
continuously scrutinizing the market for suitable acquisitions.).
Our traditional fund sales performed outstandingly. Of all the
registered fund net subscriptions in Finland of 5.6 billion euros, Evli’s
funds accounted for 1.6 billion euros, meaning that a third of all net
subscriptions in Finland were directed towards our funds. Our total
mutual fund capital amounted to EUR 13.0 (10.8) securing our place as
the third largest fund management company in Finland.
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Consistent marketing and sales activities in continental Europe started
bearing fruit as net subscriptions from international clients were at a
record MEUR 988 (MEUR 240). International clients share of Evli’s total
fund capital of 16.2 million, including alternative investment products,
was 25 percent (21%). Evli has cemented its position as a Nordic
boutique company with a special knack for high yield products. Indeed,
our Evli Nordic High Yield fund was a bestseller in our chosen markets
in Europe.
While alternative investments continue to offer attractive long-term
potential and are a vital part of well-diversified portfolio over time, the
market environment remained challenging for the sale of alternative
investments products. In the domestic real estate sector, transaction
volumes remained low throughout the year, which made it difficult for
real estate funds to operate. In addition, global private equity funds
refrained from paying out and returning profits, which made it more
difficult for customers to make new investments. Given these
challenging circumstances, the collected net subscriptions and
investment commitments of EUR 331 million (EUR 265 million) is on a
good level.
Despite the volatility in the market, customer activity remained high in
the Advisory & Corporate clients segment. Thus, advisory fees for
corporate finance clients decreased from last year’s levels to MEUR 6.8
(MEUR 9.9). It is worth noting that the revenues in this segment
typically vary significantly from one year to another. The segments
mandate base was at a good level, but the level of risk in terms of
order execution remained elevated throughout the year due to general
market uncertainty.
Responsibly investing in solutions
After a backlash towards ESG, the discussion has now matured towards
creating real impact. At Evli, risk analysis also includes risks that may
arise from neglecting global climate warming and nature loss. In fact,
we do not see responsible investing as a separate domain, but as a
natural step in our investing process.
While excluding fossil -based companies has been seen as one of the
main ways to manage climate risk, our view is that exclusion may have
limited effects on real-world decarbonization. We see that investors
can have a far greater impact – with corresponding better long-term
return potential – by supporting high-emitting companies’ transition
towards lower emissions. Instead of avoiding the problem altogether,
we seek to finance solutions and support companies in their transition .
A comprehensive approach to responsible investing also includes
human rights. During the year, we conducted a pilot project with the
Global Child Forum, utilizing our proprietary AI platform to assess
corporate human rights responsibility. We already employ the same
solution in the equity analysis of specific investment portfolios, and the
pilot confirmed its significant added value in evaluating children's
rights as well. We will continue to leverage and expand this technology
within our responsible investment analysis.
Younger generations are even more interested in
investing
In many ways, the world is at an inflection point where the future may
appear fraught with risks. Yet, every structural shift also opens space
for new business models and opportunities. This year, too, we have
seen the emergence of completely new businesses and companies that
have created entrepreneurial wealth and new job opportunities. These
new entrepreneurs along with the continuing transfer of generational
wealth are set to increase the need for a trusted advisor that can
navigate the increasingly complex world.
I am also pleased to see the growing interest among younger
generations in building wealth. Investing in a better tomorrow is not a
privilege for the few, but a way for even more people to strengthen
their financial resilience in the context of heavily indebted countries
and challenging demographics.
This year, we launched two new Enhanced Index Funds. These funds
combine the cost-efficiency and diversification of passive investing
with the return potential of active portfolio management, offering an
accessible entry point for first -time investors.
Guided by our values
In a world marked by sharper regional divergence, rapid technological
change and geopolitical shifts, the need for an active and responsible
asset manager that offers research-driven solutions and strong client
guidance will increase. As we celebrated our 40th anniversary in 2025,
I feel confident in saying that the values - entrepreneurial mindset,
valuable relationships, continuous learning and integrity - are more
relevant than ever and will continue to guide us for the next 40 years.
Evli’s record AUM as well as asset management surveys show that our
clients place a great deal of trust in us. In Kantar Prospera’s research
2025, institutional investors once again chose Evli the best asset
management firm in Finland.
With a strong balance sheet, a well-known brand, and a strong culture,
we are well-positioned to continue pursuing our ambition of becoming
the leading independent wealth manager in the Nordic region.
I want to thank our clients, shareholders and partners for the trust you
place in us. And to our employees, I want to extend my sincere
gratitude for always giving your very best.
Maunu Lehtimäki
CEO
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Highlights for 2025
04/2025 Evli launched a new fund Nordic corporate bonds Evli introduced a new fund, Evli Nordic High Yield, which broadly focuses on Nordic corporate bonds, combining the region's stable economic environment with high yield opportunities. diversification an excellent option potential markets. | 05/2025 Evli launched new infrastructure Evli launched the new Evli Infrastructure Fund III, which invests globally in high-quality private equity funds targeting fund continues program, through which over EUR 280 million has been invested since 2020. | 06/2025 Evli pioneered co-investment Evli’s first Investment I unlocked access to world-class private equity. The fund makes direct minority investments in unlisted companies across Europe and the United States, in partnership with leading international equity firms. | 05-10/2025 Evli Private Capital invested in growth companies Evli Private Capital Fund I, focused on the green transition, specializes in capturing and recycling heat waste and ambient energy using industrial-scale heat pump technology. Comadev’s equipment can be used to develop mining potential sufficiency solutions |
04/2025 Evli funds succeeded in Awards 2025 Evli's funds once again achieved top rankings across Europe, the Nordic countries, and major European countries in the Lipper Fund Awards. The first awards were received by the funds Evli Emerging Frontier, Cap, and Evli Silver and Gold. | 07/2025 Evli ranked again the asset manager in Kantar Institutional best asset manager in Finland in Kantar Prospera's annual client survey. Evli was placed first as investment performance track record, portfolio management competence, sales personnel competence, and quality of client meetings. been leading Kantar Prospera's survey for 13 consecutive | 09/2025 Evli established new in the emerging markets Evli launched a new Evli GEM X fund, which offers easy way to invest in the shares of companies operating long-term investors can benefit potential diversification |
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09/2025 Evli launched two enhanced Evli launched two enhanced index funds, Evli Atlas Europe Enhanced Index and Evli Atlas USA Enhanced Index. The enhanced funds combine the efficiency traditional active cost-effective to an index return, provides the potential outperformance with controlled active | 11/2025 Top position institutional Evli was awarded the ”Gold Award” for excellence in investment services and placed second overall, in SFR Research’s Institutional 2025 survey in the large asset managers category. Evli was also again the most used institutional manager with the highest market share in Finland. | 12/2025 Electricity storage of Helen and renewable energy fund was The new electricity storage facility of Helen and Evli Renewable Energy Infrastructure Fund II was launched in November. With a capacity of over 40 MW and an energy capacity of over 80 MWh, the storage is one of the largest in Finland. The storage facility balances Finland's electricity production Nord Pool energy market and Fingrid's reserve market. | |
11/2025 Evli Short Corporate Bond Europe’s largest corporate Evli Short Corporate Bond Fund reached EUR 2.3 billion in assets under management. It is now Finland’s second-largest corporate bond fund investing Europe and ranks among the most significant corporate bond funds in all of Europe. | 11-12/2025 Evli published new climate principles and updated Biodiversity has become an increasingly important theme in investing. principles set a framework for Evli’s climate and nature work. Evli has updated its climate targets following a mid-term review conducted in 2025. The targets cover emissions arising both from Evli’s own operations from its investment activities. review was to ensure that the targets remain aligned with the objectives |
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Evli’s business model
Added value with stable earnings development
Our ambition is to be the leading independent wealth manager in the Nordic region.
VALUES Entrepreneurship, valuable relationships, constant learning, and integrity | RESOURCES PERSONNEL ‒ Around 300 investment specialists OFFICES AND DISTRIBUTION NETWORK ‒ 6 offices: and Tukholma ‒ Distribution 14 countries INTANGIBLE ASSETS ‒ Awarded products and services ‒ Trustworthy and respected brand ‒ Long-term client relationships ‒ Social network: partners, distribution and community relations FINANCIAL RESOURCES ‒ Balance sheet EUR 366.2 million ‒ Equity EUR 159.7 million ‒ Assets under Management EUR 21.4 billion ‒ Net revenue EUR 128.5 million PROCESSES ‒ Product development ‒ Sales processes ‒ Utilization and robotization ‒ Personnel management | BUSINESS AREAS WEALTH MANAGEMENT AND INVESTOR CLIENTS ‒ Wealth management services, mutual funds, various capital market services, and investment products to private persons, corporations, ADVISORY AND CORPORATE CLIENTS ‒ Corporate advisory services and investment research for companies of different Business areas are supported by support and control functions Administration, Compliance, and Marketing, Investor Relations. BUSINESS PROCESSES ‒ Products and services developed ‒ Individual service combining traditional digital service models and channels ‒ Perseverance and goal orientation ‒ Stewardship thinking and responsible | ADDED VALUE AND IMPACTS CLIENTS ‒ Products and services that correspond needs and goals ‒ Opportunity to tailor service solutions ‒ Professional and competent service ‒ Responsible investments PERSONNEL ‒ Around 300 investment specialists ‒ Salary and bonuses EUR 38.0 million ‒ Pension expenses EUR 5.2 million OWNERS AND INVESTORS ‒ Dividend proposal EUR 1.23/ ‒ Equity/share EUR 5.83 ‒ Stable development ‒ Responsible investment SOCIETY AND ENVIRONMENT ‒ Investments EUR 0.2 million ‒ Paid taxes EUR 11.7 million ‒ Collaboration, universities environment | ||||||||
STRATEGY Evli's long-term goal is to be a growing and profitable unique customer base and broader international Our ambition independent wealth manager in the Nordic region. |
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Megatrend s and strateg y
Megatrends | ||
Geopolitical | Climate change | |
The Russian invasion of Ukraine and the unrest in the Middle East as well as increased confrontation powers are increasing uncertainty in the markets | Climate change has forced the world to grapple with perhaps the greatest global challenge in history. It requires cooperation on an unprecedented scale. | |
SHORT-TERM | LONG-TERM | |
Macroeconomic turmoil | Generation | |
Rising protectionism in the markets and slowing down economic prospects. | A new generation and leaders demand concrete action the world on a sustainable path, both environmentally and societally. |
We are living through a period of profound transformation
Our operating environment is undergoing significant change. Multiple structural forces are reshaping the
world simultaneously, intersecting in ways that are increasingly difficult to predict. Technological disruption,
demographic shifts and the reconfiguration of global power dynamics are altering markets and redefining
client needs.
Rising geopolitical uncertainty and atypical behavior in financial markets underscore the importance of
long-term investing. Radical uncertainties have increased, and decisions must be made in circumstances
where the implications extend far into the future. The need for long-term perspective has never been greater.
Client expectations are also evolving. A new generation of investors values transparency, flexibility and
genuine partnership. They look for an asset manager who understands their broader life context and can
provide solutions aligned with long-term goals.
In this environment, asset managers who combine deep expertise with strong client centricity will be best
positioned to succeed. Differentiation requires the ability to see further and with broader perspective. We
need to think broader to get further.
Growing client wealth over the long term
We help institutions, companies, and private individuals grow their wealth over the long term, drawing on our
experience, specialized expertise and Nordic values. Our ambition is to be the leading independent wealth
manager in the Nordic region.
Our offering includes mutual funds, wealth management and capital markets services, alternative investment
products, equity research and Corporate Finance services. We have particular strengths in fixed income and
alternative investment products, and we continuously develop our product range to meet clients’ evolving
needs.
Client’s interest always comes first
Evli is committed to building long-term client relationships. Our clients include institutional investors, other
professional investors, as well as high-net-worth individuals and families.
Serving a demanding client base requires continuous development. We actively seek and design new
investment solutions that meet clients’ changing needs. Our strong capabilities in fixed income and alternative
investment products provide a solid foundation for offering distinctive, value-adding solutions.
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Our guiding principle is to manage our clients’ assets with the same care as our own. In an uncertain and
hard-to-predict environment, we strive to stay one step ahead so we can guide clients with long-term
conviction. We aim to be a trusted partner who scans wide in order to see far.
Long-term growth and development
Evli’s long-term ambition is to be the leading independent asset manager in the Nordic region. Over the
medium term, we aim to reach EUR 30 billion in assets under management. Our growth is driven by four
strategic pillars: serving wealthy private clients in Finland, growing our Finnish institutional client base
particularly through fund distribution, expanding internationally in Sweden and Central Europe, and
continuously developing our product offering.
Our Finnish institutional clients form a stable foundation for the business and enable ambitious growth targets
in other markets. Our strong expertise and established position in fixed income provide a strong basis for
international expansion, particularly in Sweden and across Europe.
We continuously enhance the efficiency and scalability of our operations. We invest in digital services and data
management to improve both the client experience and the productivity of our portfolio managers. Our aim is
for personal service and digital solutions to complement each other seamlessly.
“In a rapidly changing world, accumulating term investment strategy. The wealth manager of the future must be even more innovative, focused.” |
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Responsibility is part of business operations
Responsibility has already long been a part of Evli’s investment activities. In asset management, Evli’s most
important area of operation, factors related to sustainability are systematically integrated into investment
activities and portfolio management. We view responsibility as an essential part of high-quality asset
management and long-term value creation. More information on Evli’s responsibility work can be found in the
Corporate Responsibility Report.
We cultivate lasting work relationships and personnel well-being
Evli employs around 300 investment specialists. Competent, motivated, and committed personnel is essential
for Evli’s continued existence, growth, and development. We value our relationships with each other and
believe that we can always develop and become better.
We want to be the best partner for our clients and the number one choice for both current and new
employees. We cultivate lasting work relationships and the well-being of our personnel over the long term. As
a responsible employer, we are committed to providing our employees and job applicants with responsible
and high-quality experiences of working life.
The Evli way of working
Over time, our founders’ entrepreneurial attitude, courage and curiosity evolved into a unique way of working
that fuels our work every day. Our way of working is deeply rooted in our four values: entrepreneurship,
valuable relationships, learning and integrity.
‒
An entrepreneurial attitude gives everyone the freedom to act on opportunities.
‒
We foster good relations with each other and with our clients. We value our relationship with each other
and want to help our colleagues succeed. We are inspired by and want to inspire our clients. We walk
alongside them.
‒
Constant learning means that we always strive to become better and are curious to explore new
opportunities.
‒
Integrity means for us that we stand behind our decisions and have the courage to say no.
Financial objectives
Evli’s strategy is guided by its long-term financial targets:
‒
Significant growth of AUM (EUR 30 billion) over the medium term
‒
EBIT margin of 30%
‒
High return on equity (25%)
‒
Recurring revenue ratio in excess of 130%.
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Evli's strategy
VALUES Entrepreneurship ‒ An entrepreneurial attitude the freedom to act on opportunities. Valuable relationships ‒ We value our relationship and want to help our colleagues ‒ We are inspired by and clients. We walk alongside them. Learning ‒ We always strive to become better curious to explore new opportunities. Integrity ‒ We stand behind our decisions and courage to say no. | STRATEGIC FOCUS | FINANCIAL TARGETS Significant over the medium term EBIT margin of 30% High return on equity (25%) Recurring revenue ratio | AMBITION Our ambition independent wealth manager in the Nordic region. | ||||||||
Client experience | |||||||||||
New investment opportunities | |||||||||||
Responsibility | |||||||||||
Digitalization |
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Implementing the strategy in 2025
CORNERSTONES OF THE CLIENT EXPERIENCE ‒ Increasing the client base in Finland ‒ Perceived as ”Simply Unique” by | OUTCOME 2025 CLIENT EXPERIENCE ‒ Total assets under management EUR 21.4 billion (2024: EUR ‒ International ‒ Evli has been ranked in top in SFR Research survey for 10 consecutive 1 | ||||
NEW INVESTMENT OPPORTUNITIES ‒ Mutual Funds and alternative ‒ Development of the integrated corporate service | NEW INVESTMENT OPPORTUNITIES ‒ Assets under management in mutual funds EUR 3.2 billion (2024: EUR 2.8 bn) ‒ New mutual funds Evli Atlas Europe ‒ New alternative Value Added Fund IV | ||||
RESPONSIBILITY ‒ Responsible products and services ‒ Positive | RESPONSIBILITY ‒ Updating ‒ Publication ‒ Reassessment of our Climate Targets ‒ Continued, ‒ Recognized for excellence in responsible 2 | ||||
DIGITALIZATION ‒ New digital investment solutions ‒ Streamline investment and brokerage | DIGITALIZATION ‒ Developing processes, systems and offering, ‒ Developing the My Evli online service ‒ Developing the use of the new client communication 1 2017-2025 2 Institutional |
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CASE
Evli celebrated 40 years of growth and client-focused wealth management
Evli celebrated its 40 years in business in December 2025. Founded in Helsinki in 1985
as a small brokerage, Evli has grown into a leading Nordic wealth manager and fund
management company with a four-decade track record of resilience and excellence.
Since its establishment, Evli has steadily expanded its capabilities and service offering while demonstrating
strong resilience through major industry turning points – from Finland’s early-1990s recession to the IT bubble
and the global financial crisis. Evli’s growth accelerated further with the obtaining of a banking license in 2001
and its listing on Nasdaq Helsinki in 2015.
Supported by the strong and growing demand for professional asset management and a long-standing
commitment to expertise, Evli has evolved into one of the most trusted partners for wealth management in
the Nordics.
“As we mark 40 years, our values – an entrepreneurial mindset, continuous learning, valuable relationships
and integrity – feel more relevant than ever,” says
Maunu Lehtimäki
, CEO of Evli.
“These principles help us remain agile and proactive, allowing us to not just seize opportunities but create
them. Valuable relationships shape the way we treat our clients and each other, and integrity remains the
foundation of trust, the most valuable currency in our business. The world changes and so do we, but our
fundamental values remain the same,” he continues.
As the market undergoes profound transformation, we focus on staying ahead of the
curve
A pioneer in the market, Evli today manages EUR 21.4 billion in assets (net as of 12/2025) and is the third-
largest fund management company in Finland. Over the years, Evli has gained significant industry recognition:
it has consistently placed among the top institutional asset managers in Finland in Kantar Prospera’s annual
client survey for 13 consecutive years and recognized by Morningstar as the best fund management company
in both Finland and Sweden. The company currently employs approximately 300 professionals across Finland
and Sweden.
Looking ahead, emerging technologies such as artificial intelligence, growing geopolitical tensions, shifting
demographics, and high global debt levels are all reshaping markets.
“As the market undergoes profound transformation, our focus is on ensuring that Evli stays ahead of the curve.
Rapid advances in technology, shifting regulations and evolving client needs will reshape wealth management,
but every turning point brings opportunity. By combining our long-standing values with new capabilities like
responsible AI adoption, we will continue to create value for our clients. We have navigated four decades with
success, and we are ready for the next chapter,” says Lehtimäki.
Maunu Lehtimäki Chief Executive maunu.lehtimaki@evli.com |
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Responsibility at Evli
Wealth and responsibility drive
positive change together
At Evli, responsibility has been an integral part of business for years and we are actively developing
responsibility in our operations. Responsibility is also one of Evli's strategic focus areas. For several years Evli
has been awarded for its expertise in responsible invest ing in Finland
1
.
Evli’s business is built on understanding clients and their needs. Our primary responsibility is to grow clients’
wealth responsibly, according to their individual goals. Evli’s client relationships are long -term and based on
mutual trust and ethical business practices.
When we help individuals and companies prosper in the long-term, we create progress also on a larger scale.
We seek to be a responsible member of society and are committed to taking into account both the direct and
indirect environmental impacts of our operations.
Responsibility is based on Evli’s values: entrepreneurship, valuable relationships, learning, and integrity.
These values also form the foundation for the ethical principles which direct the actions of Evli and its
employees and which guide the company’s relationship with its clients and other stakeholders and the
management of corporate responsibility.
Responsibility highlights in 2025 :
‒
Updating focus areas for responsible investing
‒
Interim review and updating of Evli’s climate targets
‒
Publishing new climate and nature principles
‒
Collaboration with Global Child Forum to promote children's rights with the help of artificial intelligence
‒
New responsible products: equity fund Evli GEM X and enhanced index funds Evli Atlas Europe Enhanced
Index and Evli Atlas USA Enhanced Index
‒
Investments of Evli Private Capital fund in the Finnish growth companies
1
2023, 2024. Kantar Prospera External Asset Management, Finland
2016–2025.
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Responsible business operations
Evli’s primary task is to offer investment and financial services that help private persons, companies, and
institutions to achieve their financial goals. To succeed in this target over the long term, in addition to
financial factors, Evli considers the responsibility of its operations, for example through its environmental and
social impacts and through good governance . Responsible operations enable us to create long-term value
and to remain competitive and successful in the changing global operating environment.
Evli is committed to operating responsibly in Finland and abroad, and we also expect responsible business
from our stakeholders. Together with our stakeholders, we comply with applicable national and international
laws, regulations and agreements. We are committed to creating sustainable growth and develop our
operations with sustainability in mind. This is how we ensure the success and continuity of our operations in
the future.
Economic sustainability and responsible governance refer to practices that support long-term economic
prosperity without negatively impacting the social, environmental, and cultural aspects of society.
Evli's financial sustainability includes, among other things, the promotion of long-term financial planning and
value creation, sustainable investments, and the development of compliance, risk control, and responsible
governance processes and practices. Measures that promote financial sustainability include fostering
corporate culture, combating corruption and preventing money laundering, as well as transparent financial
reporting in accordance with national and international legislation.
Social responsibility
As an employer, we are committed to creating responsible and high-quality work-life experiences for our
employees and job applicants. Fairness, which encompasses equality, non-discrimination and diversity, is an
integral part of Evli’s responsibility. At Evli, each business unit is responsible for ensuring that responsibility
issues are considered in their daily work and that all employees are implementing responsibility into practice.
We promote human rights and labour rights as well as equality and personal well-being in all our operations.
We have zero tolerance for any kind of discrimination or inappropriate treatment. We treat our employees,
customers and other stakeholders with respect and pay special attention to the principles of equality. We
take care of the well-being of our employees and offer them various opportunities for professional
development and training.
Together with our customers and stakeholders, we comply with applicable national and international laws,
regulations and agreements related to human and labor rights.
Evli's social responsibility towards its employees includes, among other things, promoting diversity and
equality in practices related to recruitment and remuneration as well as ensuring a healthy and safe working
environment without any form of discrimination or harassment. In addition, social sustainability measures
include the provision of comprehensive health services and various opportunities and initiatives for the
professional development and training of employees.
From the customer's point of view, social responsibility includes, among other things, information security
and data protection as well as social inclusion, including the sales and marketing of products and services.
We want to be the best partner for our clients and the number one choice for both current and new
employees. We value our relationships with each other and believe that we can always develop and become
better. As a responsible employer, we are committed to continuously improving the following areas of
working life: leadership, well-being at work and the work environment, diversity and equal opportunities,
continuous personnel development, and job stability and competitive pay.
Environmental responsibility
Evli is committed to reducing emissions from our own operations and investment products and to
continuously monitoring our environmental impact. We encourage our employees to identify and develop
new solutions and minimize negative impacts in Evli's business operations.
At Evli, environmental responsibility means striving to promote the green transition through responsible
investment, among other things. At Evli, responsible investing means that environmental responsibility
factors, such as climate change and biodiversity, are integrated into Evli's asset management investment
activities and are systematically taken into account in portfolio management. In addition, Evli's funds comply
with our principles of responsible investing, climate and nature principles, and climate targets.
We believe that taking responsibility issues into account in investment decisions, alongside the analysis of key
financial figures, increases understanding of the investment target and the risks and opportunities associated
with it.
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Responsible investing at Evli is based on four pillars: principles for responsible investment, ESG integration in
investment process, engagement and active ownership, and reporting. In 2025, our focus areas for
responsible investing are following market changes, active ownership, developing climate and nature work,
addressing human rights, Evli’s responsible products, and continuous ESG-integration.
In addition to responsible investing, Evli strives to reduce greenhouse gas emission related to its premises
and energy consumption in its own operations, promote climate-friendly products and services, and develop
and implement sustainable travel and remote working practices.
Evli's responsibility and responsible investment activities are described in more detail in the Corporate
Responsibility Report and in a separate Responsible Investment Annual Review.
Four Pillars of Responsible Investing at Evli
1. PRINCIPLES FOR RESPONSIBLE INVESTMENT ‒ Policies by asset classes ‒ Separate climate and nature principles and engagement policy ‒ Climate Targets ‒ Internal division of responsibilities | ||
2. ESG INTEGRATION IN INVESTMENT PROCESS ‒ Responsibility analysis as part of the investment decision-making ‒ Asset class-specific ‒ Responsible Investment team as support for portfolio | ||
3. ENGAGEMENT AND ACTIVE OWNERSHIP ‒ Independent discussions with companies ‒ Collaborative ‒ Asset class-specific | ||
4. REPORTING ‒ Comprehensive and transparent reporting ‒ Responsible Investment Annual Review overviews progress in |
20
CASE
Evli and Helen enhance flexibility in Finland’s energy system
Evli Renewable Energy Infrastructure Fund II and Helen Oy successfully completed a
major green transition investment in electricity storage in Nurmijärvi.
The lithium-ion battery-based electricity storage facility was finalized and placed in operation at the end of
2025. With a capacity of about 40 MW and an energy capacity of about 80 MWh, it is one of the largest
electricity storage facilities in Finland.
The Nurmijärvi electricity storage facility provides essential flexibility to an energy system where electricity
production must always match consumption. The rapid growth of wind power, in particular, has increased
the need for solutions that can balance fluctuations in both supply and demand. As Finland’s electricity
system becomes increasingly affected by weather conditions, the importance of strong balancing capabilities
continues to grow.
Investing supports the green transition
Evli serves as both co-investor and developer in the project. The electricity storage facility forms part of the
Evli Renewable Energy Fund’s strategy to invest in infrastructure that advances the green transition.
“The Nurmijärvi electricity storage facility plays an important role in maintaining the stability of the
electricity system. This is precisely the type of project we want to invest in: it combines advanced
technology, a compelling market outlook, and tangible support for the green transition. Our fund’s strategy
focuses not only on promoting renewable energy generation, but also on developing the infrastructure that
enables clean energy to be integrated into the electricity system more efficiently,” says
Antti Jaakonsaari
,
Portfolio Manager of the Evli Renewable Energy Infrastructure Fund II.
“The energy sector has made significant investments in renewable energy in recent years, replacing fossil-
based production with wind and solar power. However, renewable energy requires electricity storage
solutions to ensure stability in both the electricity system and the electricity market. The Nurmijärvi
electricity storage facility is a concrete step toward a more flexible and resilient energy system,” says
Pekka
Tolonen
, VP Power Generation at Helen.
Balancing electricity generation and consumption
The lithium-ion battery-based electricity storage facility consists of 36 modules the size of a large sea
container, which will be connected to the nearby grid of Fingrid Oyj. The storage facility helps balance
Finland’s electricity production and consumption by participating in both the Nord Pool energy market and
Fingrid’s reserve market.
Antti Jaakonsaari Portfolio Manager, antti.jaakonsaari@evli.com |
21
BOARD OF
DIRECTORS’ REPORT
22
28 .4 (2024: RETURN ON EQUITY (%) |
128 (2024: RECURRING REVENUE RATION (%) |
21 .4 (2024: ASSETS UNDER MANAGEMENT (BN €) |
Financial development
Key financial figures
2025 | 2024 | 2023 | 2022* | Carve-out 2021 | |
Income statement | |||||
Net revenue, | 128.5 | 126.8 | 108.7 | 96.1 | 116.2 |
Operating profit/loss, | 56.1 | 58.2 | 40.2 | 30.9 | 56.6 |
Operating profit | 43.7 | 46 | 37 | 32.1 | 48.7 |
Profit/loss excl. | 56.1 | 43 | 37.1 | ||
Profit for the financial | 44.5 | 50 | 32 | 25.1 | 45.5 |
Profitability | |||||
Return on equity | 28.4 | 34.4 | 22.8 | 20.4 | 50.4 |
Balance sheet key | |||||
Equity-to-assets ratio, | 43.6 | 42.4 | 39.8 | 39.1 | 27.7 |
Other key figures | |||||
Expense ratio (operating | 0.55 | 0.53 | 0.63 | 0.67 | 0.52 |
Recurring revenue ratio, | 128 | 132 | 130 | 123 | 135 |
Permanent personnel | 286 | 273 | 316 | 294 | 283 |
Assets Under Management, | 21.4 | 19 | 18 | 16 | 17.5 |
Share based key | |||||
Earnings per share, € | 1.33 | 1.69 | 1.09 | 0.83 | - |
Equity to owners | 5.8 | 5.5 | 4.9 | 5.1 | - |
Dividend per share, € | 1.23** | 1.18 | 1.16 | 0.8 | - |
Capital return per share, | - | - | - | 0.35 | - |
Dividend to earnings | 93% | 70% | 105% | 97% | - |
Effective | 5.40% | 6.70% | 5.80% | 7.60% | - |
Price to earnings ratio (P/E) | 17.0 | 10.4 | 18.1 | 18.3 | - |
Market value, M€ | 598.6 | 463.5 | 521.8 | 398.1 | - |
Diluted number of shares | 27,347,899 | 27,347,899 | 27,367,899 | 26,945,975 | - |
Trading | 8 | 8 | 10 | 6 | - |
* Includes Carve-out figures for 1-3/2022
** The Board of Directors proposal to the Annual General Meeting
23
Graphs of the financial development
Net revenue (M€) | Net commission income (M€) | Operating profit | Net profit |
Proportion operating | Return on equity | Development management, (BN. | Dividend & earnings/share |
116.2
96.1
108.7
126.8
128.5
2021
2022
2023
2024
2025
111.7
92.1
100
106.3
121.9
2021
2022
2023
2024
2025
2021
2022
2023
2024
2025
45.9
56.6
32.1
30.9
40.2
37.0
58.2
46.0
56.1
43.7
45.5
25.1
32
49.9
44.5
2021
2022
2023
2024
2025
135
123
130
132
128
2021
2022
2023
2024
2025
50.4
20.4
22.8
34.4
28.4
2021
2022
2023
2024
2025
17.5
16
18
18.9
21.4
2021
2022
2023
2024
2025
1.47
0.81
1.05
1.63
1.33
1.06
1.15
1.16
1.18
1.23
2021
2022
2023
2024
2025
1
meeting
24
Board of Directors ’ Report 2025
Market development
The year 2025 was eventful for financial markets. In April, US President Donald Trump imposed import tariffs,
which initially raised fears of an economic recession and led to a decline in equity markets. However, the short
duration of the trade war and the fact that most countries refrained from retaliatory measures limited its
economic impact, which ultimately proved to be clearly smaller than expected. According to consensus
forecasts, the global economy grew by 2.7 percent in 2025, the US economy by around 2.0 percent, and the
euro area economy by approximately 1.4 percent.
New Artificial intelligence (AI) models became increasingly capable, and investments in data centers and AI
infrastructure accelerated further. Limited availability of electricity emerged as a significant bottleneck for AI
development in the United States. Russia’s war of aggression in Ukraine continued, and defense investments
in Europe increased. China's export restrictions on rare earth metals and the US's restrictions on advanced
semiconductors played a key role in relations between the two countries. The price of gold rose by
approximately 65.6 percent, while the price of oil fell by about 16.4 percent.
The year 2025 was profitable for global equity markets. In the US, the S&P 500 index rose by about 17.3
percent in US dollar terms (3.9 percent in euro terms). In Europe, the STOXX 600 index delivered a return of
around 20.6 percent. The Finnish equity market performed particularly well, with the Nasdaq Helsinki index
rising as much as 35.3 percent. In emerging markets, the MSCI EM index returned approximately 18.5 percent.
Emerging markets were supported by the weakening of the US dollar.
The US Federal Reserve (Fed) lowered its key interest rates three times during the year, by a total of 75 basis
points. In December, the Fed’s key interest rate ranged between 3.50–3.75 percent. By contrast, the
European Central Bank lowered its key interest four times by a total of 100 basis points. Returns on fixed
income investments were positive in 2025. The value of higher-rated investment grade corporate bonds
increased by 3.0 percent, while lower -rated high yield bonds rose by 4.9 percent. The value of euro area
government bonds increased by 0.6 percent, and emerging market bonds rose by 11.6 percent.
Development of revenue and result
In 2025, Evli Group’s net revenue amounted to EUR 128.5 million, representing 17 percent increase compared
to the pro forma net revenue for the comparison period after eliminating the impact from the corporate
transaction (2024: EUR 109.7 million). Unadjusted net revenue for the year 2024 amounted to EUR 126.8
million. Net revenue for 2024 included a non-cash valuation item of EUR 13.8 million related to the
restructuring of the incentive business. Successful new sales, particularly in the Wealth Management and
Investor Clients business segment, contributed to revenue growth.
Performance-based fees from investment funds during 2025 amounted to EUR 18.2 million (EUR 8.3 million).
The Group's net commission income increased by approximately 15 percent from the comparison period to
EUR 121.9 million (EUR 106.3 million). A one-off fee adjustment made during the review period decreased the
fund returns for the review period by EUR 0.6 million. Income from own investments amounted to EUR 3.6
million (EUR 1.1 million), including income from securities trading, foreign exchange brokerage, and net
interest income.
Total costs for the year 2025, including depreciation and impairment, amounted to EUR 70.7 million (EUR 68.1
million). When comparing the figures the effect of the arrangement of the incentive business should be
considered. Personnel expenses amounted to EUR 43.2 million (EUR 40.4 million), including an estimate of
performance-based bonuses for the personnel. Other administrative expenses amounted to EUR 22.7 million
(EUR 22.2 million). Depreciation, amortization and impairment amounted to EUR 3.5 million (EUR 4.4 million)
and other operating expenses to EUR 1.1 million (EUR 1.2 million). The share of profit of associates was EUR -
1.6 million (EUR -0.5 million). Evli's cost -income ratio was 0.55 (0.53).
Evli Group’s operating profit amounted to EUR 56.1 million, which was 30 percent higher compared to the
previous year’s pro forma operating profit, adjusted for the effects of the corporate transaction (EUR 43.3
million). Unadjusted operating profit for the previous year was EUR 58.2 million. Operating profit margin was
43.7 percent (45.9%). The profit for 2025 was EUR 44.5 million (EUR 49.9 million).
Evli presents the impact on profit arising from the valuation of Alisa Bank Plc's investment as a separate item
in other comprehensive income statement in accordance with IFRS 9. During 2025, the change in the value of
the investment was EUR 0.7 million (EUR -0.1 million), taking deferred tax into account.
25
Mutual funds, direct 41%
Asset management 32%
Alternative funds 15%
Other 11%
14.1
17.5
16
18
18.9
21.4
2020
2021
2022
2023
2024
2025
Business area – Wealth Management and Investor Clients
The Wealth Management and Investor Clients segment offers services to present and future high net worth
private individuals and institutions. The comprehensive product and service selection includes asset
management services, fund products offered by Evli and its partners, various capital market services and
alternative investment products. The segment also includes execution and operations activities that directly
support these core activities.
Development of client assets under management
Client assets under management consist of direct investments in mutual funds, discretionary asset
management, and assets managed through Evli's subsidiaries and associated companies.
Client assets under management increased from the previous year's level driven by new sales and positive
market development. At the end of December, the Group's total net assets under management stood at EUR
21.4 billion (EUR 18.9 billion).
At the end of December, assets under discretionary management amounted to EUR 6.9 billion (EUR 6.3
billion). Correspondingly, direct investments in Evli's traditional mutual funds totaled EUR 8.8 billion (EUR 7.4
billion) at the end of the review period. The assets under management of alternative investment products
amounted to EUR 3.2 billion (EUR 2.8 billion). Assets managed through associated companies were EUR 2.5
billion (EUR 2.4 billion).
Split of assets under December 31, | Development management (BN. |
Discretionary asset management
Assets under management increased from the level of the previous year as a result of successful portfolio
management. At the end of the year, Evli had approximately EUR 6.9 billion (EUR 6.3 billion) in assets under
discretionary asset management, which includes both traditional and digital services.
Institutional investors ranked Evli as Finland’s best asset manager in the Kantar Prospera "External Asset
Management 2025 Finland" survey, and as the second-best asset manager in SFR Research’s institutional
asset management client survey in the category of large asset managers. Evli received particular praise for its
high-quality customer service, strong resources and stable organization, investment expertise, ability to
integrate sustainability into investment activities, and long-term performance.
Traditional mutual funds
In January–December 2025, mutual funds' net subscriptions amounted to approximately EUR 1.6 billion (EUR
0.0 billion). According to Evli's strategy, the goal is to increase the international sales of its investment
products. In the review period, net subscriptions from foreign investors were EUR 988 million (EUR 240
million).
All Evli’s fixed income funds delivered positive returns during the year. The best performers relative to their
benchmarks were Evli Nordic Corporate Bond and Evli Emerging Markets Credit funds. Most equity funds also
generated positive returns during the year. The highest returns among equity funds were achieved by Evli
Silver and Gold (158%) and Evli Hannibal (42%). Relative to their benchmarks, the best performers were also
Evli Silver and Gold and Evli Hannibal funds.
The total capital of traditional investment funds managed by the fund management company was EUR 13
billion (EUR 10.8 billion). Of this, around EUR 4.5 billion was invested in equity funds (EUR 3.7 billion), EUR 8.3
billion in fixed income funds (EUR 6.9 billion), and EUR 0.2 billion in balanced funds (EUR 0.2 billion). At the
end of December, Evli’s fund capital, including alternative investment products, amounted to EUR 16.2 billion.
Of Evli’s fund capital, EUR 4.1 billion (EUR 2.8 billion) came from clie nts outside Finland.
26
2.3
3.3
2.2
2.4
2.8
4.1
7.4
8.8
8.8
10.2
10.7
12.1
2020
2021
2022
2023
2024
2025
1.1
1.6
2.4
2.7
2.8
3.2
2020
2021
2022
2023
2024
2025
During the year, 34 percent of Evli's traditional investment funds performed better than their benchmark
index. In a three-year review 39 percent of mutual funds outperformed the benchmark index. In Morningstar's
quality ranking, Evli was the second-best fund house in Finland at the end of the period with 3.92 stars.
Responsibility is a central part to Evli's asset management. At the end of the review period, the average
coverage weighted ESG rating of Evli's funds was “AA” (source: MSCI ESG database).
Development | Net sales by fund |
Alternative investment funds
Given the market situation, the sales and product development of alternative investment products progressed
well in 2025. Transaction volumes in the domestic real estate sector remain low, which continues to pose
challenges for the operations of real estate funds.
During 2025, net subscriptions and investment commitments in alternative investment funds totaled EUR 331
million (EUR 265 million), including capital returns of EUR 80 million.
During 2025 Evli launched four new alternative investment funds: Evli Value Add Fund IV, Evli Infrastructure III,
Evli Private Equity Co-Investment I, and Evli Private Debt III.
Development in alternative |
Other investment products
During 2025, demand for direct investment products developed favorably. The challenging operating
environment and rapid market movements prompted clients to make allocation changes and enabled the
development of structured products with attractive return levels. During 2025, brokerage commissions
increased across almost all asset classes compared to the previous year. Client demand was greatest among
structured investment products and ETF instruments.
Financial performance
In 2025, the Wealth Management and Investor Clients segment's net revenue increased by 19 percent year-
on-year due to positive new sales, favorable market development and performance -related fees. The
development of net revenue was burdened by lower commission income than in the previous year. The
operating profit was better than in the previous year, being EUR 54.0 million (EUR 39.8 million).
Key figures – Wealth management and investor clients
M€ | 2025 | 2024 | Change % |
Net revenue | 115.2 | 96.4 | 19% |
Operating profit/loss | 67.0 | 49.7 | 35% |
Operating profit/loss | 54.0 | 40 | 36% |
27
Business area – Advisory and Corporate Clients
The Advisory and Corporate Clients segment provides corporate and equity services, such as advisory services
related to acquisitions and divestments, listings and share issues. In addition, the segment provides company
analysis for listed companies. Previously, the segment also reported the planning and management services of
remuneration and incentive schemes. As a result of the corporate arrangement related to the incentive
business carried out on March 27, 2024, these services will be reported as part of the associated companies'
results in Group functions, in the same way as other associated companies.
M&A transactions
The development of the business segment was good overall during 2025. After a very active first quarter, the
M&A market calmed down in the second quarter as uncertainty regarding global growth increased. Towards
the end of the year, however, we saw clear signs of market recovery, which was reflected in increased
demand for advisory services related to M&A and capital raising.
Client activity remained at a high level during 2025. The mandate base is at a good level, but the risk related to
the completion of mandates has remained elevated due to general market uncertainty.
During 2025, Evli acted as advisor in, among others, the following transactions:
‒
Lead Manager in the IPO of Nokian Panimo
‒
Ambea’s acquisition of Validia
‒
Sale of Absorbest to Ceder Capital
‒
Kingspan’s recommended public offer of Nordic Waterproofing
‒
Sale of Swecon Group to Volvo Construction Equipment
‒
Sale of Nordic Power Service to Ernströmsgruppen
‒
Sale of HUB Logistics to Logent
‒
XPartners’ acquisitions of Vison Oy and Taskut Communications
‒
Lantmännen’s acquisition of Leipurin (pending regulatory approvals)
‒
XPartners’ acquisition of Optireal
‒
Bookrunner and financial adviser to Aiforia Technologies on directed share issue of EUR 4 million
‒
Financial adviser to the offeror and arranger in relation to the tender offer for all shares in Citycon Oyj.
Financial performance
In 2025, the Advisory and Corporate Clients segment's net revenue decreased by 31 percent from the
previous year and was EUR 6.8 million (EUR 9.9 million). The decrease is due to the removal of commission
fees from the incentive business from as a result of the corporate restructuring carried out in 2024. Significant
fluctuations in revenue from one period to the next are typical of the segment’s M&A activities.
Key figures – Advisory and corporate clients
M€ | 2025 | 2024 | Change % |
Net revenue | 6.8 | 9.9 | -31% |
Operating profit/loss | 1.6 | 4.4 | -64% |
Operating profit/loss | 0.5 | 3.3 | -85% |
Group operations
The Group Operations segment includes support functions serving the business areas, such as Information
Management, Financial Administration, Marketing, Communications and Investor Relations, Human
Resources, and Internal Services. The company’s own investment operations and the Group’s supervisory
functions (Legal and Compliance, Risk Management, and Internal Audit) are also part of Group Operations. In
addition, the Group's associated companies are reported as part of Group functions.
Development of associated companies
Evli has two significant associated companies, Allshares, which specializes in compensation solutions, and
Northern Horizon, which specializes in real estate fund management. With the transaction completed in 2024,
Bregal Milestone became the majority owner of Allshares. With the help of the new ownership structure and
strengthened balance sheet, the company's business has been internationalized at a rapid pace, with the aim
of building the company into a leading provider of incentive services globally. As a result of significant
investments caused by the growth strategy, Allshares’ impact on Evli's result was negative in 2025.
For Northern Horizon, business developed favorably during the year. Although the operating environment was
challenging in general, the company succeeded excellently in its fundraising, gathering a record number of
subscriptions for its Healthcare fund. The focus in the near future is on scaling the existing product portfolio,
especially concerning the company's flagship product, the Nordic Age Care fund. The assets managed by
Northern Horizon amounted to 1.4 billion euros at the end of December.
28
Financial performance
In 2025, the Group Operations segment's net revenue decreased by 68 percent compared to the comparison
period and was EUR 6.5 million (EUR 20.5 million). The decrease is explained by the EUR 13.8 million fair value
change in Allshares shares recognized as income from the Allshares transaction in the previous year. After the
transaction, Allshares is treated as an associated company. Own balance sheet investment activities
developed favorably during 2025.
Key figures – Group operations
M€ | 2025 | 2024 | Change % |
Net revenue | 6.5 | 20.5 | -68% |
Operating profit/loss | -12.4 | 3.9 | -418% |
Operating profit/loss | 1.7 | 15.0 | -89% |
Responsibility
Responsibility is one of Evli's strategic focus areas. Responsible operations create long-term value and keep us
competitive in the changing global operating environment.
Responsible investing
In Wealth Management, the company's most significant business area, responsibility factors have been
integrated as a systematic part of portfolio management. The investments made by Evli's mutual funds are
monitored for possible breaches of standards. In addition, the asset management team works independently
and together with other investors to engage with companies.
Responsible employer
As an employer, Evli is committed to creating responsible and high-quality work-life experiences for its
employees and job applicants. Responsible working practices are based on Evli’s values: entrepreneurship,
valuable relationships, learning, and integrity. An integral part of responsibility is fairness, which encompasses
equality, equity, and diversity. Business units are responsible for ensuring that responsibility is considered in
the daily work of all employees.
More information about the development of Evli’s responsibility during 2025 is available in the Corporate
Responsibility Report.
Balance sheet and funding
At the end of December 2025, Evli Group's balance sheet total was EUR 366.2 million (EUR 361.6 million). The
Group's equity at the end of the review period stood at EUR 159.7 million (EUR 153.5 million).
The Group's cash and cash equivalents at the end of 2025 stood at EUR 158.8 million (EUR 131.2 million) and
liquid investment fund investments totaled EUR 26.9 million (EUR 27.9 million). Evli Plc has granted
investment loans to its customers. At the end of 2025, loans drawn totaled EUR 9.9 million (EUR 10.8 million).
These are presented in the balance sheet under claims on the public and public sector entities. There were no
credit losses during the year.
The lease liability related to business premises recorded in the balance sheet at the end of 2025 was EUR 8.3
million (EUR 9.6 million), of which short-term liabilities accounted for EUR 2.7 million (EUR 2.4 million). Evli Plc
has issued structured notes totaling EUR 109.6 million (EUR 99.4 million). These form the basis of the Group's
long- term financing together with equity. The company's share capital at the end of December 2025 was EUR
53.7 million. There were no changes in the share capital during the year.
The Group's Common Equity Tier 1 capital per December 31, 2025, was EUR 42.7 million and the Group's own
funds in relation to the required minimum capital were 250.7 percent. As an investment firm, Evli Plc complies
with the Investment Services Companies' Capital Adequacy Framework (IFD/IFR). The most restrictive capital
requirement for Evli at the end of the year was determined based on fixed overheads. The minimum capital
requirement based on fixed overheads was EUR 17.0 million. The Group's equity ratio was 43.7 percent on
December 31, 2025.
29
Decisions taken by the general meeting
Evli Plc’s Annual General Meeting, held in Helsinki on March 18, 2025, decided on the following matters:
Adoption of the financial statements, use of the profit shown on the balance sheet and the payment of
dividend
Evli Plc's Annual General Meeting (AGM) approved the financial statements for the financial year 2024. The
AGM decided in accordance with the Board's proposal that a dividend of EUR 1.18 per share will be paid for
the financial year 2024. The dividend will be paid to shareholders who are entered in the shareholder register
maintained by Euroclear Finland Oy on the dividend record date on March 20, 2025. The dividend will be paid
on March 27, 2025.
The release from liability of the members of the Board of Directors and the CEO
The AGM discharged the members of the Board of Directors and the company's CEO from liability for the
financial year 2024.
The Remuneration Report of the governing bodies
The AGM approved the Remuneration Report 2024 of the company’s governing bodies.
Number of Board members, members, and fees
The AGM decided that the Board consists of six (6) members. The present members of the Board Christina
Dahlblom, Fredrik Hacklin, Sari Helander, Robert Ingman, and Tomi Närhinen were re-elected as members of
the Board, and Niko Mokkila was elected as a new member of the Board.
It was decided that the remuneration of the Board members remains unchanged. EUR 5,000.00 per month
will be paid to the members of the Board, EUR 6,000.00 per month will be paid to the Chairperson of the
Board Committees and EUR 7,500.00 per month will be paid to the Chairperson of the Board.
Auditors and auditors’ fees
The auditing firm Ernst & Young Oy (EY) was elected as the company's auditor and Miikka Hietala, Authorized
Public Accountant, as the principally responsible auditor. EY was also elected to carry out the assurance of the
company’s sustainability reporting in accordance with the transitional provision of the act changing the
Limited Liability Companies Act (1252/2023). The preparation
and assurance of sustainability reporting are conditional on the existing regulation. The auditor will be paid
remuneration according to a reasonable invoice approved by the company.
Authorizing the Board to decide on the acquisition of the company's own shares
The AGM authorized the Board to decide on the acquisition of the company's own series A and series B shares
in one or more tranches as follows :
The total number of own series A shares to be acquired may be a maximum of 1,440,581 shares, and the total
number of own series B shares to be acquired may be a maximum of 1,207,908 shares. The proposed number
of shares represents approximately 10 percent of all the shares of the company on the date of the notice
convening the AGM.
Based on the authorization, the company's own shares may only be acquired with unrestricted equity.
The Board will decide how the company's own shares will be acquired. Financial instruments such as
derivatives may be used in the acquirement. The company's own shares may be acquired in other proportion
than the shareholders' proportional shareholdings (directed acquisition). Shares may be acquired through
public trading at the prevailing market price formed for the series B shares in public trading on the Nasdaq
Helsinki Oy on the date of acquisition.
The authorization will replace earlier unused authorizations to acquire the company's own shares. The
authorization will be in force until the next AGM but no later than until June 30, 2026.
Authorizing the Board to decide on the issuance of shares as well as the issuance of options and other
special rights entitling to shares
The AGM authorized the Board to decide on the issuance of shares and special rights entitling to shares
pursuant to Chapter 10, section 1, of the Companies Act in one or more tranches, for a fee or free of charge.
Based on the authorization, the number of shares issued or transferred, including shares received based on
special rights, may total a maximum of 2,648,489 series B shares. The proposed number of shares represents
approximately 10 percent of all the shares of the company on the date of the notice convening the AGM. Of
the above-mentioned total number, however, a maximum of 264,848 shares may be used as part of the
company's share-based incentive schemes, representing approximately one percent of all the shares of the
company on the date of the notice convening the AGM.
30
The authorization will entitle the Board to decide on all the terms and conditions related to the issuing of
shares and special rights entitling to shares, including the right to deviate from the shareholders' pre -emptive
subscription rights. The Board may decide to issue either new shares or any own shares in the possession of
the company.
The authorization will replace earlier unused authorizations concerning the issuance of shares as well as the
issuance of options and other special rights entitling to shares. The authorization is proposed to be in force
until the end of the next AGM but no longer than until June 30, 2026.
Shares and shareholders
At the end of December 2025, Evli Plc's total number of shares was 26,484,899 shares, of which 14,397,812
were series A shares and 12,087,087 series B shares. The company held no own shares on December 31,
2025.
The closing price of Evli Plc's share on December 31, 2025, was EUR 22.60. The lowest closing price for the
period was EUR 16.70, and the highest was EUR 22.60. A total of 976,929 Evli Plc shares were traded during
the review period. The combined market value of A and B shares was EUR 598.6 million on December 31,
2025. For calculating the market value, the A share is valued at the closing price of the B share for the period.
Pursuant to Article 3 of the Articles of Association, the company converted 8,000 A shares into B shares on
November 4, 2025. Public trading with the converted shares began at Nasdaq Helsinki Ltd on November 5,
2025.
More information about the share and shareholders is provided in the Annual report’s section Shares and
shareholders.
Business risks and risk management
The most significant risks for the Group in the near term are the general market development and the impact
of the changing operating environment and inflation on Evli's businesses. The performance of the asset
management business is mainly influenced by the development of assets under management, which depends
on, among others, the development of capital markets and the general demand for investment products. On
the other hand, alternative investment products, in particular, are based on long-term agreements which
provide a steady income stream. Profit development is also influenced by the realization of performance-
related fee income linked to the successful management of client assets. Performance fees can vary widely
from quarter to quarter and from financial year to financial year.
General market developments also have an impact on brokerage and advisory mandates. In the Corporate
Finance business, potential changes in market confidence among investors and corporate managers may lead
to project delays or interruptions.
In addition to its core business, Evli has granted investment loans to its clients, and owns equity and mutual
fund investments. The most significant risks related to its own investment activities are liquidity, market, and
interest rate risks. These risks are managed through limits set by Evli Plc's Board of Directors, which are
monitored on an ongoing basis. The company's investments are made on the basis that they must not
endanger the Group's results or solvency. Despite good supervision, investment activities always involve a
certain degree of risk, which may result in significant quarterly fluctuations in the returns from investment
activities.
A more detailed description of operational risks is provided in the financial statements of Evli Plc, available in
the Annual report’s Financial Review section 6. Notes on risk position.
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.
Helsinki, January 27, 2026
EVLI PLC
Board of Directors
31
Market capitalization , M€
598.6
Shares and shareholders
Shares and Shareholders’ Equity
Evli Plc has two share series, series A and series B shares. One series A share confers twenty (20) votes and
one series B share one (1) vote at the General Meeting. The two series of shares have equal rights to
dividends and other forms of profit distribution. The Company’s series B share is listed on the official list of
Nasdaq Helsinki with the ticker symbol “EVLI” and ISIN code FI4000513437.
At the end of December 2025, the aggregate number of Evli’s shares was 26,484,899, with the series A shares
accounting for 14,397,812 shares and series B shares for 12,087,087 shares. The company did not hold any
own shares. At the end of 2025, the company’s share capital amounted to EUR 53.7 million.
Trading in shares
At the end of December 2025, 12,087,087 of Evli’s series B shares were publicly traded in Nasdaq Helsinki. The
share exchange between January and December totaled EUR 19.0 million while the number of Evli shares
exchanged was 976,929. During 2024, the highest closing price of the share was EUR 22.60 while the lowest
closing price was EUR 16,70. On December 31, 2025, the share’s closing price was EUR 22,60 and Evli’s market
capitalization, calculated based on both the unlisted series A and the listed series B shares, was EUR 598.6
million. Series A shares are valued at the year-end closing price of series B shares.
Shareholders
At the end of 2025, Evli had 7,848 shareholders in the book-entry register. The stake of Finnish companies was
54 percent and that of private Finnish individuals was 27 percent. The remaining around 19 percent of the
shares were owned by Financial and insurance institutions, public sector organizations, non-profit institutions
serving households and foreign investors .
Breakdown of shareholdings by owner group
Breakdown of votes by owner group
Companies 53.9%
Fund, Pension & Insurance companies 11.9%
Public sector organization and other 2.7%
Private Individuals 26.7%
Foundations 1.9%
Nominee registered 2.9%
Companies 64.7%
Fund, Pension & Insurance companies 15.7%
Public sector organizations and other 0.2%
Private Individuals 18.9%
Foundations 0.2%
Nominee registered 0.3%
32
Largest shareholders 2025
A Shares | B Shares | Shares total | % of shares | Number of votes | % of votes | |
1. Oy Prandium Ab | 3,803,280 | 950,820 | 4,754,100 | 17.95 | 77,016,420 | 25.66 |
2. Oy Scripo Ab | 3,803,280 | 950,820 | 4,754,100 | 17.95 | 77,016,420 | 25.66 |
3. Ingman Group Oy Ab | 1,860,000 | 905,000 | 2,765,000 | 10.44 | 38,105,000 | 12.69 |
4. Oy Fincorp Ab | 2,319,780 | 330,394 | 2,650,174 | 10.01 | 46,725,994 | 15.57 |
5. Moomin Characters Oy Ltd | 0 | 658,839 | 658,839 | 2.49 | 658,839 | 0.22 |
6. Lehtimäki Maunu | 533,728 | 117,231 | 650,959 | 2.46 | 10,791,791 | 3.59 |
7. Tallberg | 369,756 | 32,588 | 402,344 | 1.52 | 7,427,708 | 2.48 |
8. Hollfast John Erik | 328,320 | 71,680 | 400,000 | 1.51 | 6,638,080 | 2.21 |
9. Umo Invest | 0 | 240,074 | 240,074 | 0.91 | 240,074 | 0.08 |
10. Säästöpankki Itämeri | 0 | 229,600 | 229,600 | 0.87 | 229,600 | 0.08 |
Nominee registered | 766,682 | 2.89 | 766,682 | 0.26 |
Breakdown of shareholdings by owner group 2025
Number of shares | % of shares | % of votes | Num. of known owners | |
Companies | 14 269 887 | 53.88 | 64.70 | 349 |
Private Individuals | 7 217 420 | 27.25 | 18.94 | 7 406 |
Fund company | 2 700 309 | 10.20 | 15.59 | 10 |
Others | 542 355 | 2.05 | 0.18 | 36 |
Foundation | 502 548 | 1.90 | 0.17 | 29 |
Pension G Insurance | 485 698 | 1.83 | 0.16 | 9 |
Nominee registered | 766 682 | 2.89 | 0.26 | 9 |
33
Breakdown of shareholdings by size class 2025
Number of shares | % of shares | % of votes | Num. of known owners | |
0 – 100 | 154,371 | 0.6% | 0.1% | 3,687 |
101 – 500 | 684,416 | 2.6% | 0.2% | 2,906 |
501 – 1 000 | 463,541 | 1.8% | 0.2% | 614 |
1 001 – 5 000 | 999,353 | 3.8% | 0.3% | 462 |
5 001 – 10 000 | 403,531 | 1.5% | 0.2% | 56 |
10 001 – 50 000 | 1,623,256 | 6.1% | 2.0% | 68 |
50 001 – 100 000 | 1,597,510 | 6.0% | 2.5% | 21 |
100 001 – | 19,792,239 | 74.7% | 94.3% | 25 |
Nominee registered | 766,682 | 2.9% | 0.3% | 9 |
Share price development (series b shares) from January 1 to December 31, 2024
34
Authorisations given to the Board of Directors
The Annual General Meeting held on March 18, 2025 authorized the Board to decide on the acquisition of the
company's own series A and series B shares in one or more tranches as follows: The total number of own
series A shares to be acquired may be a maximum of 1,440,581 shares, and the total number of own series B
shares to be acquired may be a maximum of 1,207,908 shares. The proposed number of shares represents
approximately 10 percent of all the shares of the company on the date of the notice convening the AGM.
Based on the authorization, the company's own shares may only be acquired with unrestricted equity. The
Board will decide how the company's own shares will be acquired. Financial instruments such as derivatives
may be used in the acquirement. The company's own shares may be acquired in other proportion than the
shareholders' proportional shareholdings (directed acquisition). Shares may be acquired through public
trading at the prevailing market price formed for the series B shares in public trading on the Nasdaq Helsinki
Oy on the date of acquisition. The authorization replaced earlier unused authorizations to acquire the
company's own shares. The authorization will be in force until the next AGM but no later than until June 30,
2026.
The Annual General Meeting authorized the Board to decide on the issuance of shares and special rights
entitling to shares pursuant to Chapter 10, section 1, of the Companies Act in one or more tranches, for a fee
or free of charge. Based on the authorization, the number of shares issued or transferred, including shares
received based on special rights, may total a maximum of 2,648,489 series B shares. The proposed number of
shares represents approximately 10 percent of all the shares of the company on the date of the notice
convening the AGM. Of the above-mentioned total number, however, a maximum of 264,848 shares may be
used as part of the company's share-based incentive schemes, representing approximately one percent of all
the shares of the company on the date of the notice convening the AGM. The authorization will entitle the
Board to decide on all the terms and conditions related to the issuing of shares and special rights entitling to
shares, including the right to deviate from the shareholders' pre -emptive subscription rights. The Board may
decide to issue either new shares or any own shares in the possession of the company. The authorization
replaced earlier unused authorizations concerning the issuance of shares as well as the issuance of options
and other special rights entitling to shares. The authorization is proposed to be in force until the end of the
next AGM but no longer than until June 30, 2026 .
Evli’s series A shares can be converted into series B shares under Article 3 of the Articles of Association. During
2025, the company converted A shares into B shares as follows:
‒
8 000 A shares were converted into B shares on November 4, 2025. Public trading with the converted
shares began at Nasdaq Helsinki Ltd on November 5, 2025.
Option and share-based incentive programs
Evli’s has five share-based incentive programs in place: 2021–2025, 2022, 1/2023–6/2026, 9/2023–12/2026 ja
2025-2027. The rewards based on the incentive program are given in Evli shares. Further information on the
incentive program is presented on the web page evli.com/en/investors as well as in the Note 2.8. Employee
benefits in the Financial Statements and in the Remuneration Policy in the Governance section.
Share ownership of executives
The share ownership of Evli’s Board members, including the holdings in the controlled corporations, were
2,782,150 shares in total on December 31, 2025, accounting for 10.5 percent of the total shares and 12.7
percent of voting rights. The members of the Board held no stock options.
At year-end, CEO Maunu Lehtimäki owned 650,959 shares which is 2.5 percent of the shares and 3.6 percent
of the voting rights. Moreover, he has been allocated 40,000 Evli shares in the context of the share -based
incentive program 2023–2026.
At year-end, other members of Evli Group’s Executive Group owned 640,083 shares in aggregate,
corresponding to 2.4 percent of the total shares and 2.4 percent of the voting rights. In addition, the Executive
Group holds rights to 225 ,000 shares in total through different share-based incentives described above.
Detailed information on ownership is given in the Corporate Governance Report 2025.
Changes in the share capital, board authorizations and option programs
A-shares | B-shares | Shares, total | Share capital, M€ | Fund of invested nonrestricted equity, M€ | |
31.12.2024 | 14,405,812 | 12,079,087 | 26,484,899 | 53.7 | 15.9 |
Additions | - | 8,000 | 8,000 | ||
Decreases | -8,000 | - | -8,000 | -0.1 | |
31.12.2025 | 14,397,812 | 12,087,087 | 26,484,899 | 53.7 | 15.8 |
35
Information to shareholders
Basic share information
Evli Plc has two share series, series A and series B shares. One series A share confers twenty (20) votes, and a
series B share confers one (1) vote at the General Meeting. The share series have identical entitlements to
dividends and other profit sharing. The company’s series B shares are listed on the official list of Nasdaq
Helsinki with the ticker symbol “EVLI” and ISIN code FI4000513437.
At the end of December 2025, Evli Plc's total number of shares was 26,484,899 shares:
‒
A shares: 14,397,812
‒
B shares: 12,087,087
Investor calendar 2026
‒
Silent period December 28, 2025–January 27, 2026
‒
Financial Statements Bulletin 2024 on January 27, 2026
‒
Annual Report and Financial Statements for 2025 approximately on week 8
‒
Final registration date for the Annual General Meeting on March 10, 2026, at 4:00 pm.
‒
Annual General Meeting in Helsinki on March 17, 2026
‒
Dividend record date on March 19, 2026
‒
Proposed dividend payment date on March 26, 2026
‒
Silent period March 24–April 23, 2026
‒
Interim Report January-March 2026 on April 23, 2026
‒
Silent period June 14–July 14, 2026
‒
Half-year Financial Report January-June 2026 on July 14, 2026
‒
Silent period September 28–October 28, 2026
‒
Interim Report January-September 2026 on October 28, 2026
Evli’s financial reports as well as stock exchange and press releases are published in Finnish and in English.
Evli’s stock exchange releases and press releases can be subscribed to at evli.com/en/ investors.
Annual General Meeting of shareholders
The Annual General Meeting (AGM) of Evli Plc will be held on March 17, 2026, in Helsinki.
The notice to the AGM and the Board’s proposals to the AGM are published as a stock exchange release and
on evli.com. The notice lists the matters to be discussed at the AGM. A shareholder has the right to request on
the agenda of the AGM an item that fall s within the competence of the general meeting by virtue of the
Limited Liability Companies Act, provided that the shareholder demands so in writing to the Board of
Directors, well in advance of the meeting, so that the item can be added to the notice of the annual general
meeting.
A shareholder is entitled to participate in the AGM, if the shareholder’s date of entry in the list of shareholders
maintained by Euroclear Finland Oy is not later than March 5, 2026.
A shareholder wishing to participate in
the AGM must register as a participant by March 10, 2026, at 4:00 pm.
registration at evli.com/agm.
Proposed distribution of dividends
The Board of Directors proposes to the Annual General Meeting of Shareholders that a dividend of EUR 1.23.
The Board of Directors proposes that the dividend is paid on March 26, 2026.
Evli’s investor communications
The main channel for Evli’s investor communications is the company’s website, evli.com/en/ investors, where
the company publishes all its stock exchange and press releases, its interim reports, financial statements,
annual reports, and General Meeting notices. The website also has presentations related to the reporting of
results for investors and analysts, an investor calendar, and information intended for shareholders and
analysts about the company’s shares, financial performance, ownership, and Corporate Governance.
Annual General Meeting | Contact information | ||
17.3. 2026 | Juho Mikola CFO juho.mikola@evli.com Tel. +358 40 717 8888 | Mikaela Herrala Head of Marketing, and Investor Relations mikaela.herrala@evli.com Tel. +358 50 544 5740 | |
36
Managing capital adequacy
Capital adequacy management is a central part of Evli’s day-to-day operations. Evli operates on a sustained
basis and capital adequacy management aims to ensure the continuity of operations also in the long run.
Although all business operations are inherently risky. Evli’s capital adequacy management is founded on the
premise that risks are controlled and the group does not take excessive risks. Risk modelling and contingency
planning aims to ensure that own funds are sufficient to cover any material risks to Evli.
Evli Plc’s Board of Directors has overall responsibility for capital adequacy management. The responsibility for
day-to-day management lies primarily with the group’s Financial Administration. Risk management and
internal audit support the management process by helping to ensure that the risks associated with operations
are taken into account with sufficient accuracy and that operations do not take on such a high level of risk that
it would pose a material risk to Evli’s operations.
The management of capital adequacy is based on a capital plan, which is reviewed at least once a year and is
based on an analysis of the company’s business, outlook and key risks. As part of the overall capital plan, Evli
defines and maintains targets for capital adequacy levels and acceptable risk levels and limits.
As an investment firm, Evli Plc complies with the EU investment firm framework (IFD/IFR). The starting point
for capital adequacy management is formed by the regulatory minimum capital adequacy requirements,
which are described by the Pillar I capital requirement. These are complemented by an additional
consideration of risks outside Pillar I or the Pillar II elements.
Evli applies a minimum target according to which its own funds in relation to risk-weighted balance sheet
items must not fall below 13 percent (the minimum target level for capital adequacy). The Group’s core
capital (CET 1) as at December 31, 2025, was EUR 42.7 million. Correspondingly, the ratio of own funds to risk-
weighted exposure was 20.1 percent, and the ratio of own funds to the minimum capital requirement was
250.7 percent. The most restrictive capital requirement for Evli at the end of the reporting period was based
on fixed overheads. The minimum capital requirement based on fixed overheads was EUR 17.0 million. Evli
Group’s leverage ratio was 43.3 percent as at December 31, 2025. Detailed information on capital adequacy is
provided i the tabel to the right.
IFR, 31.12.2025 | IFR, 31.12.2024 | |
M€ | Evli-Group | Evli-Group |
Total | 159.7 | 153.5 |
Common Equity Tier 1 capital | 159.7 | 153.5 |
Deductions from CET 1, total | -117.0 | -125.6 |
Intangible assets | -44.1 | -44.6 |
Profit for the financial | -36.5 | -44.6 |
Other deductions | -36.4 | -36.4 |
Common Equity Tier 1 capital | 42.7 | 27.8 |
Additional Tier 1 capital (AT1) | ||
Additional Tier 1 capital (T1 = CET1 | 42.7 | 27.8 |
Tier 2 capital (T2) | ||
Total | 42.7 | 27.8 |
Own funds requirement | ||
Fixed overhead | 17.0 | 16.7 |
K-factor requirement | 4.4 | 3.8 |
Minimum requirement | 0.88 | 0.75 |
Total | 17.0 | 16.7 |
CET1 compared to total | 250.7% | 166.9% |
T1 compared to total | 250.7% | 166.9% |
Total | 250.7% | 166.9% |
Total | 213.0 | 208.6 |
CET1 compared to risk weighted | 20.1% | 13.3% |
T1 compared to risk weighted | 20.1% | 13.3% |
Total | 20.1% | 13.3% |
Excess own funds | 25.7 | 11.2 |
Calculation of key ratios
37
IFRS key ratios
Net revenue
=
From Income Statement. Includes gross returns, deducted by interest and
commission expenses.
Profit/loss for the financial
year
=
From Income Statement.
Earnings per Share (EPS),
undiluted
=
Profit for the year after taxes attributable to the shareholders of Evli Plc
x 100
Average number of shares outstanding during the reporting period
Earnings per Share (EPS),
diluted
=
Profit for the year after taxes attributable to the shareholders of Evli Plc
x 100
Average number of shares outstanding during the period including option rights
issued through share -based incentive plans
1
Alternative key ratios | |||
Operating profit/loss | = | Net revenue - administrative impairment - other operating | |
Operating profit non-recurring items related mergers and acquisitions | = | Operating profit | |
Return on equity | = | Profit / Loss for financial | x 100 |
Equity capital the beginning and at the | |||
Return on assets (ROA), | = | Profit / Loss for financial | x 100 |
Average total the year) | |||
Equity-to-assets ratio, | = | Equity | x 100 |
Balance sheet total | |||
Expense ratio as earnings operating costs | = | Administrative operating expenses | |
Net interest transactions and foreign | |||
Equity per share | = | Equity attributable | |
Operating expenses bonuses for the | |||
Recurring revenue to costs ratio | = | Revenue from 1 | |
All operative expenses review period | |||
Dividend per share | = | Dividend paid or proposed | |
Market value | = | Number of shares at | |
Earnings per share (EPS) excl. off effects | = | Operating profit | |
Average number rights issued through |
38
The Board of Directors’ proposal to the general meeting
for the distribution of profits
The parent company’s distributable assets on December 31, 2025 totaled EUR 48.4 million of which EUR 33.0 million were retained earnings and EUR 15.9 million were in the reserve for invested unrestricted equity. When
calculating the distributable assets, the parent company’s capitalized development costs of EUR 0.6 million needs to be deducted. The Board of Directors proposes to the Annual General Meeting of Shareholders that a dividend
of up to EUR 1.23 per share be paid. The total proposed dividend calculated according to the number of shares (excluding own shares held by the company) on the balance sheet date is EUR 32.6 million. There have been no
major changes in the company’s financial position after the end of the financial year. The proposed distribution of profit does not endanger the financial solidity or liquidity of the company.
Helsinki February 13, 2026
Robert Ingman Chairperson | Christina | Fredrik Hacklin | Sari Helander |
Niko Mokkila | Tomi Närhinen | Maunu Lehtimäki CEO | |
Auditor’s Note Based on the auditing Ernst & Young Oy (EY) Authorized Public Accountants Miikka Hietala Authorized Public Accountant | |||
39
Corporate Governance
Statement
The governance of Evli Plc (“Evli” or “company”) is based on the Articles of Association, the Finnish Limited
Liability Companies Act, applicable statutory provisions governing the Finnish securities markets, the Market
Abuse Regulation (MAR), the regulations of the Finnish Financial Supervisory Authority, the rules and
regulations of Nasdaq Helsinki Ltd, and other statutes and regulations concerning the governance of public
limited companies. The Articles of Association, the published policies and other information on Evli’s
corporate governance can be found at the company’s website evli.com/en/investors.
Evli also complies with the Finnish Corporate Governance Code 2025 issued by the Securities Market
Association. The Code can be viewed in full on the Securities Market Association’s website at cgfinland.fi/en.
This Corporate Governance Statement referred to in Chapter 7, section 7 of the Securities Markets Act
(746/2012) has been compiled in compliance with the Finnish Corporate Governance Code 2025, and it has
been prepared as part of the Board of Directors’ Report.
Evli’s business structure
Evli’s business operations are organized around two client segments: Wealth Management and Investor
Clients, and Advisory and Corporate Clients. The segments are supported by shared group functions, which
include Information Management, Financial Administration, Marketing, Communications and Investor
Relations, Legal and Compliance, Human Resources, Internal Services, Risk Management, and Internal Audit.
Evli Plc’s Governance Structure
GENERAL MEETING
BOARD OF DIRECTORS
Audit and Risk Committee
Compensation Committee
CEO
EXECUTIVE GROUP
RISK MANAGEMENT AND
INTERNAL AUDIT
Risk management
Compliance
Internal audit
SHAREHOLDERS’
NOMINATION BOARD
AUDITOR
40
Evli’s management and business operations are the responsibility of the General Meeting, the Board of Directors,
and the CEO, whose tasks are determined in the Finnish Limited Liability Companies Act and in Evli’s Articles of
Association. Evli Group’s Executive Group assists the CEO in the operative management of the company. The
Executive Group consists of managers of the business areas and group functions, and it helps the CEO with the
approval and execution of Group-level operating principles and procedures.
Evli’s Board of Directors is primarily responsible for Evli Group’s risk management. The Board confirms the
principles and responsibilities of risk management, the risk limits of the Group, and other general guidelines
according to which risk management and internal audit are organized.
General Meeting of Shareholders
The General Meeting is the highest decision-making body of Evli Plc. At the General Meeting, the shareholders
participate in the supervision and control of the company by exercising their right to speak and vote either
personally or via a proxy.
At the General Meeting, each Series A share of Evli entitles its holder to twenty (20) votes and each Series B
share to one (1) vote. General Meetings are held at least once a year. The Annual General Meeting is held
after the completion of the company’s financial statements, on a date decided by the Board of Directors
before the end of June.
Matters to be discussed at a General Meeting are specified in the Limited Liability Companies Act and in Evli’s
Articles of Association. The General Meeting normally discusses matters specified by law and in the Articles of
Association but also items presented at the meeting by the Board of Directors. Under the Limited Liability
Companies Act, shareholders are also entitled to bring up for discussion at a General Meeting any matter that
falls within the authority of the meeting.
A notice to the General Meeting is published no earlier than three (3) months prior to the record date of the
General Meeting, and no later than three (3) weeks prior to the General Meeting, however, no later than nine
(9) days before the record date of the General Meeting. The notice is published on Evli’s website (evli.com)
and as a stock exchange release. The Board of Directors may, at their discretion, announce the General
Meeting in one or more newspapers. Documents to be presented in the General Meeting and the Board’s
proposals for decisions to the General Meeting are made available at Evli’s website (evli.com) three (3) weeks
before the General Meeting .
Annual General Meeting
At the Annual General Meeting (AGM), information is presented about the company’s activities. The AGM also
decides on the following:
‒
the adoption of the financial statements for the previous financial year
‒
the company’s profit distribution
‒
discharging the Board members and the CEO and his/her deputy from liability
‒
the election of Board members and their remuneration
‒
the appointment of auditors and their remuneration .
Extraordinary General Meeting
The Board of Directors may convene an Extraordinary General Meeting if it considers this necessary. The
auditor and any shareholder with more than ten percent of the company’s shares also have the right to
demand that an Extraordinary General Meeting be called to discuss a matter to be presented by the auditor or
shareholder.
Shareholders' Nomination Board
Evli Plc's Annual General Meeting 2024 decided to establish a Shareholders' Nomination Board. The main
responsibility of the Shareholders' Nomination Board is to ensure that the company’s Board of Directors and
its members have sufficient expertise, knowledge, and experience to meet the needs of the company. The
Nomination Board prepares and presents proposals to the General Meeting on the number, remuneration,
and election of the members of the Board.
The Nomination Board consists of four members nominated by the company's four largest shareholders. The
members of the Nomination Board are appointed annually, and their term of office ends when new members
have been appointed. The appointment right rests with the shareholders that hold the largest share of votes
conferred by all shares in the Company pursuant to the shareholders’ register maintained by Euroclear Finland
Ltd on the last business day of August preceding the annual general meeting. If a shareholder does not wish to
exercise his/her right to appoint a member of the Nomination Board, the right shall be transferred to the next
largest shareholder.
Each year, the Chairperson of the Board of Directors will request each of the four largest shareholders to
appoint one member to the Nomination Board by the last day of September.
41
The following members were appointed to Evli Plc’s Nomination Board on September 8, 2025:
‒
Henrik Andersin
‒
Thomas Thesleff
‒
Roger Kempe
‒
Robert Ingman
Henrik Andersin was elected as Chairperson of the Nomination Board.
Board of Directors
Evli’s AGM elects each year a Board of Directors (“Board”), which, between General Meetings, exercises the
ultimate decision-making power in Evli Group. The task of Evli’s Board is to manage the company in
accordance with the laws and official regulations, and in compliance with the Articles of Association and the
decisions of the General Meeting.
Duties of the Board of Directors
The Board has approved a written procedure defining its duties and meeting practices. The tasks of the Board
are, among others:
‒
taking responsibility for the company’s administration and appropriate organization of operations
‒
ensuring that the company’s accounting and asset management are monitored in an appropriate manner
‒
handling all matters that are of extensive and fundamental importance for the operation of the company
and the entire Group
‒
deciding upon the Evli Group’s business strategy and approving the budget
‒
confirming the principles for the arrangement of Evli Group’s risk management and internal audit
‒
appointing the CEO and the members of the Executive Group and relieving them of their duties
‒
deciding on the CEO’s salary and other benefits
‒
approving the objectives for the Group’s human resources planning and monitoring their implementation
‒
deciding the basis for the Group’s remuneration system and other comprehensive matters that concern
the personnel.
In accordance with the principles of good governance, the Board also ensures that the company, in its operations,
endorses the corporate values that have been set out for compliance. The Board conducts an annual review of its
activities and working practices in the form of an internal self-assessment.
Composition of the Board of Directors
At the AGM, four to eight (4–8) members are elected to the Board of Directors of Evli by representatives of
major shareholders and external independent experts. The Shareholders’ Nomination Board prepares a
proposal on the composition of the Board for the AGM. The Board members should be elected so that the
composition of the Board is as diverse as possible and supports Evli’s business goals and meets the following
principles:
‒
The Board as a whole must have sufficient competence and experience to be able to carry out its duties
diligently and efficiently, taking into consideration the type and scope of the company’s operations and its
strategic goals and the changes within business and the rest of society.
‒
The members of the Board should have supplementary education and skills and experience in areas that
are important to the company.
‒
The members of the Board should have experience of Board work and executive duties in business or
other areas of society.
‒
The Board should include both men and women as far as it is possible.
‒
The Board should also be diverse in terms of age distribution and number of terms.
In addition, in accordance with the Corporate Governance Code 2025, persons elected to the Board must
have the opportunity to spend sufficient time carrying out their duties. All Board candidates must submit their
own assessment of their independence to the Board at least once every year. In addition, the company also
evaluates the independence of all existing members on the basis of documents in its possession and, when
needed, using public documents in accordance with the Corporate Governance Code 2025 issued by the
Securities Market Association or other applicable regulations.
The Board members are elected for a term of one year, which starts at the conclusion of the AGM and ends at
the conclusion of the next AGM following the election. The Board elects a Chairperson and a Deputy
Chairperson among themselves.
At the Annual General Meeting 2025,
Christina Dahlblom
,
Fredrik Hacklin
,
Sari Helander
,
Robert Ingman
,
Niko
Mokkila
, and
Tomi Närhinen
Chairperson of the Board and Christina Dahlblom as the Vice Chairperson. Details of the Board are provided at
the end of this statement.
The Board consists of industry experts and the company’s major shareholders. All Board members are
independent of the company. With the exception of Robert Ingman, the other Board members are
independent of the company’s significant shareholders. Based on the shareholdings of a controlled company,
Robert Ingman is not independent of the company’s significant shareholders.
42
The independence of the Board members from the company and their shareholdings in the company are
shown in the table below.
Table 1: Board members’ independence and shareholding in the company on December 31, 2025
Name | Independent company | Independent significant shareholders | Ownership of A shares (number of shares)* | Ownership of B shares (number of shares |
Robert Ingman | x | 1 860 000** | 915 000** | |
Christina | x | x | 0 | 1 000 |
Fredrik Hacklin | x | x | 0 | 2 150 |
Sari Helander | x | x | 0 | 4 000 |
Niko Mokkila | x | x | 0 | 0 |
Tomi Närhinen | x | x | 0 | 0 |
* Includes holdings through a controlled ** Includes holdings of Ingman Group |
In 2025, the Board met 10
times. The Board members’ average attendance rate at meetings was 98.6
percent.
The participation of each member in the meetings is listed in the table 2: Board members' attendance at
meetings in 2025.
Diversity of the Board of Directors
The Board has a diversity policy that includes diversity principles. Diversity strengthens Evli’s goal of having a
Board whose overall competence profile supports the development of Evli’s business. Diversity is seen as a
key success factor that enables Evli to reach its strategic goals and continuously improve its client-centric
operations.
The diversity of the Board is viewed from different perspectives. For Evli, the essential factors are the Board
members’ complementary and versatile expertise and experience in various business areas and industries as
well as in management. Taking into account the age and gender distribution of the Board members supports
diversity. The Board evaluates its activities, working practices and the implementation and development of
diversity to achieve its diversity objectives in the annual self-evaluation discussion.
At the end of the financial year 2025, the Board members represented a wide range of expertise on management
and board tasks in several industries and in various business areas, and their educational backgrounds and
expertise complement each other. The median age was 54, and the age difference between the youngest and the
oldest member was 18 years. Both genders were represented on the Board. Of the Board members, two (33%)
were female and four (67%) were male. According to the Corporate Governance Code 2025, balanced
representation of women and men is realized when the proportion of underrepresented gender in the board is at
least two of the six members of the board. The figure corresponds to 40 percent in accordance with the rounding
rule in Chapter 6, Section 9a of the Limited Liability Companies Act.
Committees set up by the Board
The Board has established an Audit and Risk Committee and a Compensation Committee to prepare matters
to be handled by the Board. The committees have no independent decision-making power; instead, decisions
are made by the Board on the basis of recommendations and information supplied by the committees. The
committees make regular reports on their activities to the Board.
Audit and Risk Committee
The Audit and Risk Committee is responsible for assisting the Board in ensuring that the company has an
adequate internal audit system covering all operations and that the company’s risk management has been
arranged appropriately. It also monitors the financial statements reporting process.
The Audit and Risk Committee is also responsible for:
‒
Overseeing the accuracy and correctness of the company’s financial reporting and monitoring the
statutory auditing of the financial statements and consolidated financial statements.
‒
Preparing the proposal on the appointment of auditors and the auditors’ fees, to be made to the AGM.
‒
Ensuring that the company’s operations and internal audit have been arranged in accordance with all
applicable laws, regulations, and good management and governance practices.
‒
Monitoring the activity and efficiency of the internal audit function.
‒
Assessing the independence of the statutory auditor or auditing firm, and especially the provision of
ancillary services to the company.
The Audit and Risk Committee consists of at least three members, who may not be part of the company’s
management and must be independent of the company. In addition to the Committee’s regular members, the
meetings are attended by the auditors, the CEO, the CFO, and the internal auditor. The Committee meets
every quarter.
After the Annual General Meeting 2025, the Audit and Risk Committee’s members were Sari Helander (Chair),
Niko Mokkila, and Tomi Närhinen. In 2025, the Committee met five
times. The Audit and Risk Committee
members’ average attendance rate at meetings was 100
percent.
43
The participation of each member in the meetings is listed in Table 2: Board members' attendance at
meetings in 2025.
Compensation Committee
The Compensation Committee is responsible for assisting the Board in the preparation of matters related to
the company’s employment terms and compensation.
In addition, the Compensation Committee assists the Board in the following:
‒
Preparation of matters related to the compensation and incentive systems for management and
personnel.
‒
Regular assessment of the functioning of and compliance with the compensation system.
In addition, the Compensation Committee prepares the remuneration policy and remuneration report of the
company’s governing bodies.
The Committee consists of at least three members, elected by the Board from among its members. The
Committee Chairperson is chosen from among the Committee members and must be an independent Board
member.
After the Annual General Meeting 2025, the members of Evli’s Compensation Committee were Fredrik Hacklin
(Chair), Christina Dahlblom and Robert Ingman. In 2025, the Committee met four times. The Compensation
Committee members’ average attendance rate at meetings was 100 percent. The participation of each
member in the meetings is listed in Table 2: Board members' attendance at meetings in 2025.
Table 2: Board members' attendance at meetings in 2025
Name | Attendance Board meetings | Attendance Audit and Committee | Attendance Compensation Committee |
Robert Ingman | 10/10 | - | 4/4 |
Christina | 10/10 | - | 4/4 |
Fredrik Hacklin | 10/10 | - | 4/4 |
Sari Helander | 10/10 | 5/5 | - |
Niko Mokkila | 10/10 | 5/5 | - |
Tomi Närhinen | 9/10 | 5/5 | - |
Corporate management
CEO
Evli’s Board appoints the company’s CEO and decides the terms and conditions of his or her service
relationship. The CEO is responsible for the company’s day-to-day management in compliance with the
instructions and decisions provided by the Board. Evli Group’s Executive Group assists the CEO in the
operative management of the company.
The CEO’s duties include the management and supervision of the Group’s business, preparation of matters to
be handled by the Board, and implementation of the Board’s decisions. In accordance with the Limited
Liability Companies Act, the CEO ensures that the company’s accounting is lawful, and that the asset
management is arranged reliably.
The CEO’s period of notice is six months, and the severance compensation payable to the CEO in addition to
the salary for the period of notice corresponds to 12 months’ salary. The CEO’s retirement age is 63 years. The
company’s CEO is
Maunu Lehtimäki
, M.Sc. (Econ.), born in 1967.
Executive Group
The Executive Group consists of the CEO and six members. The Board confirms the members of the Executive
Group based on the CEO's proposal.
The CEO convenes the Executive Group as necessary and serves as its chairperson. The Executive Group
normally meets twice a month. The Executive Group’s task is to support the CEO in preparing and
implementing the strategy and in coordinating the Group’s operations. The Executive Group’s duties also
include preparing and executing matters that are significant or involve fundamental principles and ensuring
internal co-operation and communication .
Details of the Executive Group are provided at the end of this statement .
44
Risk management and internal control
The company’s organizational structure, clearly established responsibilities and authorizations, and its
competent employees support the planning, execution, control, and monitoring of business operations in a
manner that facilitates the achievement of set objectives.
Risk management refers to actions aimed at systematically surveying, identifying, analyzing, managing, and
preventing risks. The objectives of risk management are to:
‒
ensure the sufficiency of own assets in relation to risk positions
‒
ensure that fluctuations in financial results and valuations remain within the confirmed objectives and
limits
‒
price risks correctly to achieve sustainable profitability
‒
support the uninterrupted implementation of the Group’s strategy and income generation.
Evli defines risk as an event or series of events that jeopardize the company’s income generation over the
short or long term.
Evli’s Board is primarily responsible for Evli Group’s risk management. The Board confirms the risk
management policies, responsibilities, the Group’s risk limits, and other general guidelines governing how risk
management and internal control are to be organized.
In addition to the general risk management policies, Evli Group’s risk management is founded on the three
lines model.
First line – business units
Risk management is part of internal control, and therefore the responsibility for executing risk management
measures lies first with the business units, as the first line. The managers of the business units are responsible
for ensuring that risk management is at a sufficient level in each respective unit. The task of business units is
to:
‒
build the processes and competence for risk management and internal audit
‒
identify and analyze risks
‒
make decisions on risk management by means of various protection measures.
Three lines of Evli Group’s risk management
45
Second line – Risk Control and Compliance
The second line comprises the independent Risk Control and Compliance functions (“control functions”),
whose primary tasks are to develop, maintain and oversee the general principles and framework of risk
management.
The Risk Control function oversees daily operations and compliance with the risk limits granted to the business
units as well as compliance with risk-taking policies and guidelines.
The Compliance function is responsible for ensuring compliance with the rules in all Evli Group’s operations by
supporting operating management and the business units in applying the provisions of the law, the official
regulations and internal guidelines, and in identifying, managing and reporting on any risks of insufficient
compliance with the rules in accordance with the separate compliance policy and monitoring plan confirmed
by Evli’s Board.
The control functions report their findings to the the Audit and Risk Committee, the Executive Group, and the
Board of Directors.
Third line – Internal Audit
The third line is Internal Audit. Internal Audit is a support function for the Board and senior management that
is independent of the business functions. It is administratively subordinated to the CEO and reports to the CEO
and, via the Audit and Risk Committee, to the Board. Internal Audit assesses the functioning of the Group’s
internal control system, the appropriateness and efficiency of the functions and the compliance with
instructions. It does this by means of inspections that are based on the internal audit action plan adopted
annually by the Audit and Risk Committee of the Board.
Internal Audit follows not only the internal audit guidelines, but also the internationally acknowledged
framework of professional practices (The Institute of Internal Auditors) and corresponding guidelines on
information systems audit standards (The Information Systems Audit and Control Association).
Audit
The shareholders elect the company’s auditor each year at the AGM. The auditor must be an auditing firm
approved by the Finland Chamber of Commerce. The auditor’s term continues until the end of the first AGM
that follows the election of the auditor. The auditor’s duties are to ensure that the financial statements have
been prepared in accordance with the applicable statutes and provide a true and fair view of the company’s
financial position and performance and other necessary information for the company’s stakeholders.
As part of their annual audit duties, the auditor of Evli audit the accounts and administration of the separate
companies. The internal audit requirements are taken into account in the auditor’s audit plans. Each year, the
auditor submits a report to Evli’s AGM.
The auditor also reports the main points of the annual audit plan to the Board and to the Board’s Audit and
Risk Committee as well as presents a written audit report covering the entire Group in connection with each
interim report and the financial stateme nts.
From January 1 to December 31, 2025, the auditor of the company was the auditing firm Ernst & Young Oy
(EY), with Authorized Public Accountant Miikka Hietala as the principally responsible auditor. In 2025, the total
fees paid to EY amounted to EUR 0.4
million. The audit fee amounted to EUR 0.4 million and the non-audit
fees to EUR 0.0
million.
Insider management
Evli has a guideline on insider rules and regulations that is approved by the Board and is based on the Market
Abuse Regulation (MAR), Nasdaq Helsinki Ltd’s Guidelines for Insiders of Listed Companies, as well as other
relevant regulations and directives. Evli Group companies that are registered outside of Finland shall comply
not only with these guidelines, but also with the national legislation and official regulations of the country
where the company is located. The guideline on insider rules and regulations is distributed to all persons
engaged in an employment or service relationship with the Group. The persons defined in the guideline on
insider rules and regulations shall comply with the restrictions regarding the use of insider information and
trading, for example the closed window period.
The company has determined that the persons subject to notification obligations for their transactions with
Evli shares and other financial instruments based on it are the members of the Board and the Executive Group
and their related parties. Evli publishes in a stock exchange release the transactions in Evli shares and other
financial instruments carried out by persons in management positions and their related parties as required by
the Market Abuse Regulation.
According to the law, a person in a managerial position may not trade in securities issued by the company for
30 days before the publication of an interim report or the financial statements bulletin. Evli also applies a
similar 30-day trading restriction to Evli Group’s employees who participate in the preparation or publication
of the interim report and financial statements and who become aware of unpublished financial information at
the Group level. The company’s Head of Legal Affairs is in charge of insider issues at Evli.
Evli evaluates and monitors related party transactions between the company and its related parties. Evli
maintains a list of related parties. Evli’s related parties comprise its subsidiaries as well as the Board, the CEO,
46
and the Executive Group, including any companies controlled or significantly influenced by them. Evli’s
financial management monitors and reports related party transactions as part of the company’s normal
reporting and control practices. Related party transactions which are not considered normal business
activities are decided by the Board. Evli reports relevant and material related party transactions annually in
the notes of the consolidated financial statements.
Evli also maintains registers of project-specific and transaction-specific insiders that are required at any given
time.
Financial reporting
The Board is responsible for overseeing Evli Group’s financial reporting. The Board is assisted in its oversight
duty by the Audit and Risk Committee. The CEO’s and CFO’s tasks are to monitor and ensure that the
accounting and the financial reporting accord with the law, the Group’s accounting policies and the guidelines
and orders issued by the Board.
The Group’s accounting and results reporting are centralized under the responsibility of the Group’s Financial
Administration. The Financial Administration is subordinate to the CFO and responsible for producing, on a
centralized basis, the financial statements information required for external accounting as well as internal
accounting analyses, and the results reports for monitoring business activities, the separate companies and
the Group’s profitability. Profit performance is reported monthly both to the Executive Group and the Board
in the form of specific results reports. The aim is to identify and demonstrate success factors as well as
development areas well in advance, thus making it possible to react to these.
Evli Group complies with the International Financial Reporting Standards (IFRS) approved for application in the
EU. The Group prepares annual financial statements and also quarterly interim reports (IAS 34). The
instructions on financial reporting and the accounting principles are applied in all of the Group companies. The
accounting of all of the Group companies is included in the same accounting system, with the exception of the
Group company in the United Arab Emirates.
47
Evli Plc’s Board of Directors on December 31, 2025
ROBERT INGMAN
CHRISTINA DAHLBLOM
FREDRIK HACKLIN
SARI HELANDER
NIKO MOKKILA
TOMI NÄRHINEN
Chairperson of the Board,
Member of the Compensation Committee
‒
Born 1961, male
‒
M.Sc. (Tech.), M.Sc. (Econ. and
Business Administration)
‒
Member of the Board of Evli Plc since
April 2, 2022, Chair of the Board since
March 14, 2024
‒
Member of the Board of Evli Bank Plc
between 2010 and April 1, 2022
‒
Board professional, full-time Chair of
the Board of Ingman Group Oy Ab
‒
Independent of the company
‒
Shareholding: 1,860,000 A shares and
915,000 B shares* and 915,000 B
shares*
* Includes holdings of Ingman Group Oy
Ab
Vice Chairperson of the Board,
Member of the Compensation Committee
‒
Born 1978, female
‒
Ph.D. (Econ.)
‒
Member of the Board of Evli Plc since
March 14, 2023
‒
Entrepreneur, Flo Co Oy
‒
Associate Dean and Professor of
Practice, Hanken School of Economics
‒
Independent of the company and its
significant shareholders
‒
Shareholding: 1,000 B shares
Member of the Board,
Chairperson of the Compensation
Committee
‒
Born 1978, male
‒
Ph.D. (Management), M.Sc.
(Engineering)
‒
Member of the Board of Evli Plc since
April 2, 2022
‒
Member of the Board of Evli Bank Plc
between 2019 and April 1, 2022
‒
Professor, Director and Member of
Executive Committee at ZHAW School
of Management and Law, Zurich, and
Associate professor at ETH Zurich
‒
Independent of the company and its
significant shareholders
‒
Shareholding: 2,150 B shares
Member of the Board,
Chairperson of the Audit and Risk
Committee
‒
Born 1967, female
‒
M.Sc. (Econ.)
‒
Member of the Board of Evli Plc since
April 2, 2022
‒
Member of the Board of Evli Bank Plc
between 2019 and April 1, 2022
‒
Group Chief Financial Officer and
Deputy CEO at Ramirent Oy
‒
Independent of the company and its
significant shareholders
‒
Shareholding: 4,000 B shares
Member of the Board,
Member of the Audit and Risk Committee
‒
Born 1979, male
‒
M.Sc. (Econ), M.Sc. (Tech)
‒
Member of Evli's Board since March
18, 2025
‒
Managing Director and Head of
Investments at Hartwall Capital Oy Ab
‒
Independent of the company and its
significant shareholders
‒
Shareholding: no Evli shares
Member of the Board,
Member of the Audit and Risk Committee
‒
Born 1965, male
‒
M.Sc. (Econ.), Executive MBA
‒
Member of the Board of Evli Plc since
March 14, 2024
‒
Managing Director at Pistohiekka
Resort Ltd and Adverento Travel Ltd
‒
Independent of the company and its
significant shareholders
‒
Shareholding: no Evli shares
Evli Plc’s Executive Group on December 31, 2025
MAUNU LEHTIMÄKI
MARI ETHOLÉN
PANU JOUSIMIES
JUHO MIKOLA
Chief Executive Officer
‒
Born 1967, male
‒
M.Sc. (Econ.)
‒
Joined Evli in 1996
‒
Shareholding:
533,728 A shares and 117,231
B shares
‒
In addition, the possibility to
earn up to 40,000 Evli shares
under the share-based
incentive scheme established
in 2023
Head of HR and Legal Affairs
‒
Born 1973, female
‒
LLM
‒
Joined Evli in 2001
‒
Shareholding:
60,000 A shares and 30,948 B
shares
‒
In addition, the possibility to
earn up to 30,000 Evli shares
under the share-based
incentive scheme established
in 2023
Head of Execution and Operations
‒
Born 1969, male
‒
M.Sc. (Econ.)
‒
Joined Evli in 1997
‒
Shareholding:
59,691 A shares and 69,049 B
shares
‒
In addition, the possibility to
earn up to 20,000 Evli shares
under the share-based
incentive scheme established
in 2023
CFO, Deputy CEO
‒
Born 1981, male
‒
M.Sc. (Econ.)
‒
Joined Evli in 2004
‒
Shareholding:
68,000 A shares and 61,220
B
shares
‒
In addition, the possibility to
earn up to 40,000 Evli shares
under the share-based
incentive scheme established
in 2023 and the possibility to
earn up to 30,000 Evli shares
under the share-based
incentive scheme established
in 2024
ESA PENSALA
KIM PESSALA
MONA VON WEISSENBERG
Head of Private Clients
‒
Born 1974, male
‒
M.Sc. (Tech.)
‒
Joined Evli in 2001
‒
Shareholding:
142,000 A shares and 50,200 B
shares
‒
In addition, the possibility to
earn up to 30,000 Evli shares
under the share-based
incentive scheme established
in 2023
Head of Investment products and
services, CEO of Evli Fund
Management Company Ltd
‒
Born 1969, male
‒
M.Sc. (Econ.)
‒
Joined Evli in 1995
‒
Shareholding:
12,331 A shares and 86,644
B
shares
‒
In addition, the possibility to
earn up to 35,000 Evli shares
under the share-based
incentive scheme established
in 2023
Head of Institutional clients
‒
Born 1979, female
‒
M.Sc. (Econ.)
‒
Joined Evli in 2022
‒
Shareholding:
no Evli shares
‒
In addition, the possibility to
earn up to 25,000 Evli shares
under the share-based
incentive scheme established
in 2023 and the possibility to
earn up to 15,000 Evli shares
under the share-based
incentive scheme established
in 2024
48
Remuneration Policy
The Remuneration Policy of Evli Plc (“Evli” or “company”) describes the general principles and the framework
concerning the remuneration of the Board of Directors and the CEO. The policies regarding the CEO also apply
to a potential Deputy CEO. Evli also complies with the Finnish Corporate Governance Code issued by the
Securities Market Association. The objective of Evli Group’s remuneration model is to support the
implementation of the company’s strategy and to promote the company’s competitiveness and long-term
financial success. A further aim is to contribute to a positive trend in shareholder value, committing Evli’s
Board of Directors and CEO to the company’s objectives in the long run.
Evli complies with the Securities Market Association’s Corporate Governance Code. This Remuneration Policy
has been prepared in accordance with the Corporate Governance Code 2025. The Remuneration Policy is
presented at Evli’s Annual General Meeting (AGM) at least every four years and whenever significant changes
are proposed. This Remuneration Policy will be presented to the Annual General Meeting in 2026. The
Remuneration Report published annually describes how the company has implemented its Remuneration
Policy. The Remuneration Report is approved at Evli’s AGM.
In all remuneration, Evli complies with applicable financial regulations. This Remuneration Policy has been
prepared taking into account the applicable regulations and Evli Group’s overall remuneration model and
remuneration principles for all employees.
The Group’s remuneration model consists of the following elements:
‒
A competitive fixed basic salary constitutes a solid foundation for maintaining and constantly developing basic
functions.
‒
A short-term variable remuneration, in accordance with the annual remuneration plan approved by the Board
of Directors, is used to promote both Evli’s short-term growth objectives and the attainment of its strategic
targets.
‒
Long-term variable remuneration is used to support the company’s strategic development and to support
commitment of management and key employees.
In accordance with the remuneration principles, the short-term and long-term variable remuneration may not
exceed 200 percent of the annual fixed salary.
Decision-making relating to remuneration
The Remuneration Policy has been prepared by the Board’s Compensation Committee and approved by the
Board for presentation to the General Meeting. The compliance, performance, and outcomes of the
Remuneration Policy are monitored by the Compensation Committee and the Board of Directors. The
company’s internal audit conducts an annual audit of the remuneration.
The remuneration of members of Evli Group’s bodies is always decided by the body that has appointed them.
Evli’s AGM decides on the compensations payable to the members of the Board of Directors. The company’s
Shareholder’s Nomination Board is responsible for preparing the remuneration proposal. The principles and
elements of the remuneration of the CEO and any Deputy CEO are approved by Evli’s Board in accordance
with this Remuneration Policy. The Compensation Committee, appointed by the Board, prepares proposals on
matters related to remuneration for decision-making by the Board. All changes to the CEO’s salary and
remuneration or executive contract are made by the Board based on a proposal by the Compensation
Committee in accordance with the Remuneration Policy.
49
Elements of the remuneration
ELEMENT OF THE REMUNERATION | PURPOSE AND LINK TO STRATEGY | DESCRIPTION |
Fixed salaries | The aim is to recruit and commit high-quality experts to implement the company’s strategy. | The base salary includes taxable fringe benefits the base salary level, a variety of factors can be taken into account, such as market conditions, competitiveness, in business management. The base salary is, in principle, reviewed annually. |
Short-term Incentives | The purpose is to encourage and guide in achieving short-term financial and operational | The short-term incentive cash after maximum pay-out for the annual incentive company’s financial |
Long-term incentives | The purpose is to encourage for long-term shareholder value growth and commitment to the company. | Typically share based incentives. Directors within the limits set by the General Meeting. include a minimum three-year vesting and their weightings Board of Directors can evaluate the payment criteria to determine the final |
Pension | The purpose is to provide a pension in accordance with local market practices | The retirement Board of Directors in line with market practices |
Share ownership | The purpose is to ensure strong alignment between the interests of the CEO and the shareholders in the longer term. | The Board decides on the long-term target share ownership for the CEO. |
50
Remuneration of the Board of Directors
The remuneration of the Board of Directors is decided by the General Meeting, primarily based on a proposal
by the Shareholder’s Nomination Board. The decision on the remuneration of the Board members shall be
based on the Remuneration Policy presented to the AGM and currently in force.
The remuneration of the Board members of consists of a fixed monthly compensation and possible
compensation for meeting attendance. The Chairperson of the Board and the chairpersons of the committees
appointed by the Board may be paid an increased compensation.
In situations in which a Board member participates in project-based activities to develop the company’s
operations outside the work carried out by the Board, a separate compensation may be paid for such work at
the Board’s discretion. In addition to the monthly compensation and possible compensation for meetings, the
Board members are compensated for their travel expenses. In principle, the compensation and allowance of
the Board are paid in cash.
Remuneration of the CEO
Evli’s Board of Directors of adopts the principles and elements of the CEO’s remuneration on an annual basis in
line with the Remuneration Policy in force. All changes to the CEO’s salary and remuneration are subject to
approval by the Board.
The CEO’s remuneration is comprised, in principle, of a fixed salary and short-term and long-term variable
remuneration. In addition, the CEO may be granted a separate, reasonable retirement plan or other benefits
to ensure that a competent CEO is committe d to the company’s development.
The amount of the CEO’s variable remuneration and the relative proportion to his fixed salary are within the
limits set by financial regulations. The CEO’s short-term and long-term variable remuneration may not exceed
200 percent of the annual fixed salary.
The variable remuneration is linked to the company’s financial success and the achievement of its strategic
goals. If deemed pertinent, the company may, by a decision of the Board, decide not to pay the variable bonus,
in whole or in part. The Board decides on the long-term variable renumeration for the CEO on a case-by-case
basis.
In certain circumstances, the company is obliged to defer payment of the variable bonus. In such case, the
company will defer payment of the variable bonus in accordance with the financial market regulation. The
amount of the bonus payable after the deferral depends on the financial performance of the company during
the deferral period and may even be zero. The company expects that the CEO will not hedge with his/her
personal actions against any risk related to the amount or timing of future variable remuneration. In certain
circumstances, the company may also reclaim a variable bonus already paid.
The company has also always the right to reclaim a variable bonus already paid if, after such payment, it becomes
apparent that the person receiving the bonus has endangered the financial position of the company, violated the
company’s operating principles and practices, or contributed to such conduct through neglect. The CEO has a
notice period consistent with current market practices. Similarly, in cases where the CEO’s contract is terminated
by the company, he/she is entitled to severance pay in accordance with prevailing market practices.
The above matters concerning the CEO also apply to a potential Deputy CEO.
Conditions for temporary deviation
The remuneration of the company’s bodies must, in general, be based on the Remuneration Policy approved
by the General Meeting. Deviations from the policy’s principles can only be made if the achievement of the
company’s long-term goals and strategy is otherwise judged to be at risk. The option to temporarily deviate
from the Remuneration Policy of the bodies is intended to apply only in exceptional circumstances in which
the core operating circumstances of a listed company have, after the General Meeting’s consideration of the
bodies’ Remuneration Policy, changed as a result of a change of CEO or a merger or an acquisition proposal,
and the existing Remuneration Policy is thus no longer appropriate in the changed circumstances.
Deviation is also possible in situations where remuneration policy would not be possible due to remuneration
restrictions under financial regulations. If the deviation from the Remuneration Policy is expected to continue
other than on a temporary basis, the company shall draw up a new Remuneration Policy, which will be
discussed at the next AGM. Because of the provisions regarding the notice to the AGM and the availability of
the meeting materials, there may be insufficient time to submit a new Remuneration Policy to the next AGM if
the need for deviation arises close to the time of the meeting. In such a case, the Remuneration Policy shall be
submitted to the General Meeting for which it can be appropriately prepared.
If the temporary deviation from the Remuneration Policy concerns the remuneration of a new CEO or is due to
a corporate restructuring or similar exceptional circumstances, the new remuneration terms will apply as
agreed regardless of the duration of the temporary deviation. Deviations from the policies and principles of
the policy are documented and reported to the Board of Directors and as part of the remuneration report at
the AGM.
51
17.5
16
18
18.9
21.4
2021
2022
2023
2024
2025
135
123
130
132
128
2021
2022
2023
2024
2025
50.4
20.4
22.8
34.4
28.4
2021
2022
2023
2024
2025
111.7
92.1
100
106.3
121.9
2021
2022
2023
2024
2025
1.47
0.81
1.05
1.63
1.33
1.06
1.15
1.16
1.18
1.23
2021
2022
2023
2024
2025
Remuneration Report 2025
This Remuneration Report sets out how Evli Plc (“Evli” or “company”) has implemented its Remuneration
Policy in 2025 and presents the remuneration and other financial benefits paid to the members of the Board
of Directors (“Board”), the Group’s CEO and the Deputy CEO during the year. Remuneration of the company’s
governing bodies and their members is based on the Remuneration Policy approved on March 9, 2022. The
policy will be applied until the Annual General Meeting 2026, unless the Board decides to bring it forward for
an advisory decision at an earlier General Meeting.
The Remuneration Report has been reviewed by Evli’s Compensation Committee and approved by the Board.
The shareholders will make an advisory decision on the approval of the Remuneration Report 2025 at Evli’s
Annual General Meeting in spring 2026.
Overview of remuneration in 2025
The decision-making on remuneration has been made in accordance with the decision-making process
defined in the Remuneration Policy. No temporary deviations from the Remuneration Policy were applied in
2025. Furthermore, the Board did not observe any circumstances or activities that would have resulted in a
need to apply claw-back clauses applicable to the CEO’s variable remuneration in 2025. The Board also did not
deem it necessary to use its right to adjust the performance criteria applied in 2025.
In line with the Remuneration Policy, remuneration in 2025 has supported Evli’s business strategy with a focus
on creating long-term growth and shareholder value. Although a significant part of the CEO’s and the Deputy
CEO’s total remuneration is in the form of fixed payments, performance-based components are set to
encourage the achievement of targets. Remuneration is balanced to avoid excessive risk-taking. The
Compensation Committee has evaluated the CEO’s and the Deputy CEO’s remuneration for 2025 to ensure a
competitive and fair total remuneration compared to relevant peers and the market. To encourage share
ownership in the company, shareholding guidelines for the CEO were in place to further support and align
shareholder and top executive interests.
Development of financial performance and remuneration
Evli’s business has developed positively over the past five years. The review takes into account the investment
services activities carried out before the foundation of Evli Plc, during the period of Evli Bank Plc. The company
has set four key performance indicators that it considers to be good proxies for its business performance.
These are the development of assets under management, the recurring revenue ratio, return on equity and
net commission income. From a shareholder perspective, the company has been able to provide stable
returns to investors .
Development management (BN, | Proportion operating | Return on equity | Net commission | Dividend and earnings |
52
Five year development of remuneration
*
2025 | 2024 | 2023 | 2022 | 2021 | |
BOARD OF DIRECTORS | |||||
Chair of the Board of directors, | 90,000 | 90,000 | 90,000 | 90,000 | 90,000 |
Chair of the committees | 72,000 | 72,000 | 72,000 | 72,000 | 70,500 |
Other members of the | 60,000 | 60,000 | 60,000 | 60,000 | 60,000 |
CEO | |||||
CEO, EUR | 1,157,677 | 939,178 | 844 204** | 626,010 | 699,888 |
AVERAGE EMPLOYEE | |||||
Average salary for the | 107,803 | 101,468 | 91,376 | 101,203 | 103,598 |
*
**
EUR 992,516 based on the closing price on the subscription day .
***
divided with the average number of personnel during the year (other than the CEO). Short-term incentives are considered on the
year they are paid. Pensions and other social security costs are not included .
Remuneration of the Board of Directors in 2025
Evli Plc’s General Meeting decides on the compensation payable to the Board members. The Annual General
Meeting of March 18, 2025, made the following resolution on the compensation for attendance at meetings
payable to the Chairperson and other members of the Board:
‒
Chairperson of the Board EUR 7,500 per month
‒
Chairperson of the committees EUR 6,000 per month
‒
Members EUR 5,000 per month
The Board has established and appointed an Audit and Risk Committee and a Compensation Committee to
prepare matters to be handled by the Board. In 2025, the total compensation paid to the Board members
amounted to EUR 414,238. This sum is made up of meeting participation fees related to the work carried out
by the Board and its committees. In 2025, the Board members did not receive any shares or share-based
rights as compensation for their work, nor were they granted any other benefits.
Compensation paid to the Members of the Board in 2025, €
2025 | |
Robert Ingman, | 90,000 |
Christina Dahlblom, Member of the | 60,000 |
Fredrik Hacklin, Member of the Board, | 72,000 |
Sari Helander, | 72,000 |
Niko Mokkila, Member of | 47,381 |
Antti Kuljukka, | 12,857 |
Tomi | 60,000 |
TOTAL | 414,238 |
Remuneration of the CEO and the Deputy CEO in 2025
Evli’s Board adopts the principles and elements of the remunerations for the CEO and the Deputy CEO on an
annual basis. The remuneration follows Evli’s Remuneration Policy in force. All changes in the CEO’s and the
Deputy CEO’s salary and remuneration are subject to the Board’s approval. In accordance with the
remuneration policy, variable remuneration including both short-term and long-term incentives may not
exceed 200 percent of the annual fixed remuneration .
Short-term incentives
In 2025, Evli had a short-term incentive plan in place for the employees, including the CEO and the Deputy
CEO. The incentive plan performance criteria are evaluated annually by the Board. The performance targets
linked to the short-term incentive for the CEO and his deputy for 2025 are presented in the next table. The
purpose of short-term incentives is to encourage the achievement of financial and other short-term objectives
in line with the business strategy. The short-term incentive plan remuneration is dependent on the financial
performance of Evli, as well as reaching strategic targets .
53
Short-term incentive plan criteria in 2025
Weight | Achievement, CEO | Achievement, Deputy CEO | |
Evli Group | 50% | Exceeded | Exceeded |
Group level Key | 30–50% | Partly exceeded | Partly exceeded |
Finalizing strategic | 0–20% | Exceeded | Exceeded |
Although the business environment in 2025 was characterized by growing geopolitical risks and an uncertain
market environment, no adjustments were made to the performance targets. For 2025, the achievement of
the criteria is shown in the table above.
For the CEO, the short-term incentives earned in 2025 amounted to approximately 29 percent of the
maximum compensation in accordance with the Remuneration Policy. For the Deputy CEO, the corresponding
figure was approximately 35 percent. In accordance with the regulations, the renumeration will be paid in
installments: 50 percent in spring 2026 and 50 percent in steps during the next three years. The delayed
remuneration is linked to the performance of Evli Plc's share price during the delay period.
Long-term incentives
The existing long-term incentive plans for the CEO and his deputy have been implemented as performance
share plans (PSP). The purpose of the share-based retention plans is to encourage the executives and the
selected key employees to work on a long-term basis to increase shareholder value and to commit to the
company. The Board decides annually on the issuance of new plans based on the Compensation Committee’s
proposal within limits provided by the General Meeting.
The Performance Share Plan offers an opportunity to earn the company’s shares as a reward for continuous
service and retention of the company and the individual. Under performance share plans, rewards are granted
on the achievement of targets linked to the plan. The grant is followed by a vesting period of at least three
years. Granting is based on the Board's assessment of the achievement of the targets set for the plan at the
given time. Share Plans are usually delivered to the participants after the delay period, provided that the
conditions for payment of variable remuneration are met and their employment with the company has
continued uninterrupted throughout the duration of the plan and until the shares are delivered. The vesting
period is further followed by a retention period of one year in accordance with the regulation set for the
financial sector. The rewards under the Share Plans are paid as a combination of shares and cash. The cash
component is dedicated to cover the taxes and statutory social security contributions related to shares.
No new long-term incentives were granted to the CEO or the Deputy CEO in 2025. The Deputy CEO has a long-
term incentive plan in place, which started in 2023. The plan provides the possibility to earn Evli Plc Series B
shares based on performance. The performance period of the plan started on January 1, 2025 and ends on
December 31, 2027. The vesting of the plan is linked to the achievement of the company's performance
targets. The CEO and the deputy CEO have a long-term incentive plan in place, which started in 2023. In the
2023 plan, the target group has an opportunity to earn Evli Plc’s series B shares based on performance. The
performance period of the plan began on September 1, 2023, and will end on December 31, 2026. The
performance criteria of the plan are tied to the operating profit of the company (EBIT). The potential rewards
from the long-term incentive plans are deferred and paid in compliance with the legislation governing the
financial sector. In addition, the payment of the rewards is followed by a retention period of one year, during
which the shares paid out as a bonus cannot be transferred .
During 2025, no share-based incentives were paid to the CEO and the Deputy CEO.
Summary of share -based incentives issued and paid to the CEO and the Deputy CEO
Plan- | Grant date | CEO | Deputy CEO | Performance period | Vesting | Payment year | Waiting period |
2023 long-term incentive plan | 14.9.2023 | max. 40,000 | max. 40,000 | 3 years | 3 years | 2029 | +1 year |
2024 long-term incentive plan | 16.12.2024 | - | max. 30,000 | 3 years | 3 years | 2030 | +1 year |
*
54
Remuneration paid to the CEO and the Deputy CEO in 2025
Remuneration of the CEO and the Deputy CEO in 2024, €
Additional pension | Paid short-term | Paid long- | |||
Base salary | payment | incentives | term incentives | Total | |
CEO, | |||||
Maunu Lehtimäki | 561,440 | 84,216 | 512,021 | - | 1,157,677 |
CFO, Deputy CEO, | |||||
Juho Mikola | 255,768 | – | 240,105 | - | 495,873 |
*
**
have vested. Incentive awards paid are always based on performance in previous years.
Breakdown of short-term incentives paid in 2025, €
From 2021 | From 2022 | From 2023 | From 2024 | Total | |
CEO, | |||||
Maunu Lehtimäki | 273,405 | - | 60,005 | 178,611 | 512,021 |
CFO, Deputy CEO, | |||||
Juho Mikola | 113,390 | - | 25,502 | 101,213 | 240,105 |
The CEO has no significant separate fringe benefits and is covered by the shared Evli Group reward system.
The CEO has a six-month notice period binding on both parties. The CEO is entitled to receive a severance pay
corresponding to 12-months’ salary if the CEO's contract is terminated by the company.
The variable remuneration due to CEO Maunu Lehtimäki from 2025, which has not yet been paid at the time
of publication of this report, amounts to EUR 330 ,000.
The Deputy CEO has no significant separate fringe benefits and is covered by the shared Evli Group reward
system. The Deputy CEO has a notice period in accordance with the collective agreement in the financial
sector binding on both parties.
The variable remuneration due to Deputy CEO Juho Mikola from 2025, which has not yet been paid at the
time of publication of this report, amounts to EUR 180,000.
56
Financial Statements 1.1.-31.12.2025: Contents
Consolidated comprehensive | 58 | 3 Notes to the consolidated | 71 | 6.1.1. Minimum capital | 83 | ||
Consolidated balance sheet | 59 | 6.1.2. Assets and liabilities | 84 | ||||
Consolidated statement | 60 | 3.1. Cash and cash equivalents | 71 | 6.2. Liquidity risk | 84 | ||
Consolidated statement | 61 | 3.2. Claims on credit institutions | 71 | 6.2.1. Maturities of financial | 85 | ||
3.3. Claims on the public and | 71 | 6.3. Credit risk | 86 | ||||
Notes to the consolidated | 62 | 3.4. Debt securities | 71 | 6.3.1. Collaterals | 86 | ||
3.5. Shares and participations | 71 | 6.3.2. Use of collaterals | 86 | ||||
1. Accounting policies | 62 | 3.6. Derivative contracts | 72 | 6.4. Expected credit losses | 87 | ||
3.7. Shares and participations | 73 | 6.4.1. Distribution of assets | 87 | ||||
1.1. Basic information | 62 | 3.8. Intangible assets | 73 | 6.4.2. Expected credit losses | 88 | ||
1.2. Basis for preparation | 62 | 3.9. Property, | 74 | 6.5. Operational risk | 89 | ||
1.3. Translation | 62 | 3.10. Right-of-use-assets | 75 | 6.6. Continuity management | 89 | ||
1.4. Financial assets and liabilities | 63 | 3.11. Other assets | 75 | 6.7. Managing capital | 89 | ||
1.5. Matters requiring | 64 | 3.12. Accrued income and | 76 | ||||
1.6. Provisions | 64 | 3.13. Income tax receivables | 76 | 7 Other notes | 90 | ||
1.7. Adoption of new and applicable in future | 64 | 3.14. Deferred | 76 | ||||
3.15. Liabilities to credit | 76 | 7.1. Classification of Assets | 90 | ||||
2. Notes to the consolidated | 65 | 3.16. Debt securities issued | 76 | 7.2. Financial instruments | |||
3.16.1. Changes in debt securities | 76 | 92 | |||||
2.1. Commission income | 65 | 3.17. Derivative contracts | 76 | 7.3. Analysis of financial instruments | 93 | ||
2.2. Net income from | 66 | 3.18. Other liabilities | 77 | 7.4. Fair values | |||
2.3. Income from | 66 | 3.19. Accrued expenses and | 77 | 93 | |||
2.4. Interest income | 66 | 3.20. Income tax liability | 77 | 7.5. Asset under Management | 93 | ||
2.5. Other operating income | 66 | 3.21. Deferred | 77 | ||||
2.6. Commission expenses | 66 | 3.22. Equity capital | 77 | 8 Consolidation and related | 94 | ||
2.7. Interest expenses | 66 | 3.23. Own shares held | 78 | ||||
2.8. Personnel | 67 | Consolidation principles | 94 | ||||
2.8.1. Personnel count | 67 | 4 Off-balance-sheet commitments | 79 | 8.1. Corporate structure | 96 | ||
2.8.2. Share based incentives | 68 | 8.2. Financial success in companies | 97 | ||||
2.9. Other administrative | 69 | 4.1. Breakdown | 79 | 8.3. Changes in corporate | 97 | ||
2.10. Depreciation, amortization | 69 | 8.4. Holdings in consolidated | 97 | ||||
2.11. Other operating | 69 | 5 Segment reporting | 80 | 8.5 Related party | 97 | ||
2.12. Expected credit | 69 | 8.6. Transactions | 98 | ||||
2.13. Share of profit | 70 | 5.1. Segment income statement | 80 | 8.7 Fees paid to auditors | 98 | ||
2.14. Income taxes | 70 | 5.2. Geographical | 81 | ||||
2.14.1. Analysis of income | 70 | 9 Parent company’s | 99 | ||||
2.15. Earnings per share | 70 | 6 Notes on risk position | 82 | ||||
The figures in the financial | |||||||
Risk management and | 82 | unless indicated | |||||
6.1. Market risk | 83 | ||||||
57
Consolidated comprehensive income statement, IFRS
Note | 2025 | 2024 | |
Fee and commission | 2.1 | ||
Net income from | 2.2 | ||
Income from | 2.3 | ||
Interest income | 2.4 | ||
Other operating | 2.5 | ||
INCOME TOTAL | |||
Fee and commission | 2.6 | - | - |
Interest expenses | 2.7 | - | - |
NET REVENUE | |||
Administrative | |||
Personnel expenses | 2.8 | - | - |
Other administrative | 2.9 | - | - |
Depreciation and amortization | 2.10 | - | - |
Other operating | 2.11 | - | - |
Expected credit losses | |||
Impairment losses from | 2.12 | - | - |
Share of profit or loss of | 2.13 | - | - |
OPERATING | |||
Income taxes | 2.14 | - | - |
PROFIT / LOSS FOR | |||
Attributable | |||
Minority interest | |||
Shareholders of parent |
Note | 2025 | 2024 | |
OTHER COMPREHENSIVE | |||
Items that are | |||
Foreign currency translation | |||
Items that may | |||
Fair value change | - | ||
Deferred taxes | - | ||
Other comprehensive | |||
Other comprehensive | |||
OTHER COMPREHENSIVE | |||
Attributable | |||
Non-controlling interest | |||
Equity holders of | |||
Earnings per share (EPS), | 2.15 | ||
Earnings per share (EPS), |
Operating profit
IAS 1 Presentation of Financial Statements does not define the concept of operating profit. The Group has
defined it as follows: operating profit is the net sum formed after employee benefits expenses, other
administrative expenses, depreciation, amortization and possible impairment losses, and other operating
expenses are deducted from net revenue and share of profit and loss of associates. All other items than the
ones mentioned above are presented below operating profit in profit or loss.
Earnings per share
Undiluted earnings per share are calculated by dividing the profit or loss attributable to the parent company’s
shareholders by the weighted average number of shares in circulation during the financial period, excluding
Evli shares acquired and held by the Group during the period. Diluted earnings per share are calculated by
adjusting the weighted average number of shares by the dilutive effect of the stock options granted under
share-based incentive programs.
58
Consolidated balance sheet, IFRS
ASSETS | Note | 31.12.2025 | 31.12.2024 |
Claims on credit institutions | 3.2 | ||
Claims on the public and public sector | 3.3 | ||
Debt securities | 3.4 | ||
Shares and participations | 3.5 | ||
Derivative contracts | 3.6 | ||
Shares and participations in | 3.7 | ||
Intangible assets and | 3.8 | ||
Property, | 3.9 | ||
Right-of-use assets | 3.10 | ||
Other assets | 3.11 | ||
Accrued income and prepayments | 3.12 | ||
Income Tax | 3.13 | ||
Deferred tax | 3.14 | ||
TOTAL |
LIABILITIES AND EQUITY | Note | 31.12.2025 | 31.12.2024 |
LIABILITIES | |||
Liabilities to credit institutions | 3.15 | ||
Debt securities issued to | 3.16 | ||
Derivative contracts | 3.17 | ||
Other liabilities | 3.18 | ||
Accrued expenses and | 3.19 | ||
Income tax liability | 3.20 | ||
TOTAL | |||
EQUITY | |||
Share capital | |||
Fund of invested | |||
Fair value reserve | - | - | |
Translation difference | - | ||
Retained earnings | |||
Non-controlling interest | |||
TOTAL | 3.22 | ||
TOTAL |
59
Cash flow statement, IFRS
2025 | 2024 | |
Operating activities | ||
Operating profit | ||
Adjustment for | - | |
Income taxes | - | - |
Cash flow from | ||
Changes in operating | ||
Changes in operating | - | - |
Cash flow from | ||
Investing | ||
Acquisition of subsidiaries | - | |
Dividends from | ||
Change in intangible | - | - |
Change in property, | - | - |
Cash flow from | - | - |
Financing activities | ||
Change in Loans from | - | |
Dividends paid | - | - |
Dividends paid to NCI | - | - |
Payments | - | - |
Cash flow from | - | - |
Cash and cash equivalents | ||
Cash received and deducted | ||
Cash and cash equivalents | ||
Change |
Additional information to the cash flow statement
In the cash flow statement, the flows of cash and cash equivalents during the financial year are presented for
all operations. The cash flow statement has been prepared in accordance with the indirect method, where cash
inflows and outflows are reported primarily in gross terms. Cash flows are classified as cash flows from
operating activities, cash flows from investing activities and cash flows from financing activities.
Cash flow from operating activities
Operating activities are the principal revenue-producing activities. Cash flows are primarily fees and interest
received, and payments to providers of goods and services and personnel. Changes in operating assets and
liabilities consist of assets and liabilities that are part of normal business activities, such as loans, deposits and
debt securities in issue. Pending transactions and changes in the trading book are presented in net terms.
Cash flow from investing activities
Cash flow from investing activities consists of investments in intangible rights such as software licenses and
client agreements, and payments related to mergers and acquisitions.
Cash flow from financing activities
Financing activities include payments from equity items to shareholders, share issues and payments of leasing
liabilities.
Cash and cash equivalents
Cash assets consist of cash, and loans to banks payable on demand.
60
Consolidated statement of changes in equity, IFRS
Share Capital | Fair value reserve | Translation | Fund of invested unrestricted | Retained earnings | Equity attributable the owners of parent entity | Non-controlling interest | Total | |
Equity 31.12.2023 | - | - | ||||||
Translation difference | ||||||||
Profit/loss for the | ||||||||
Distributions | - | - | - | - | ||||
Transactions | - | |||||||
Fair value adjustment | - | - | - | |||||
Other changes | - | - | ||||||
Equity 31.12.2024 | - | - | ||||||
Translation difference | - | |||||||
Profit/loss for the | ||||||||
Dividends | - | - | - | - | ||||
Transactions | ||||||||
Fair value adjustment | ||||||||
Other changes | - | - | - | - | - | |||
Equity 31.12.2025 | - |
61
Notes to the consolidated financial statements
1. Accounting policies
1.1. Basic information on the company
The Evli Plc (“Evli”, “Evli Group” or “Group”) is Finland’s leading asset manager, serving institutional, corporate
and private clients. The services include mutual funds, asset management and capital markets services,
alternative investment products, corporate analysis, and M&A services. Responsibility is part of every
investment decision, and our expertise in responsibility issues is valued by our clients. Evli Plc was created on
April 2, 2022 through a partial demerger from Evli Bank Plc. In the partial demerger, all assets, liabilities and
exposures related to Evli Bank Plc’s wealth management business, custody, clearing and brokerage and
corporate finance businesses and their supporting activities were transferred to a new, independent company
Evli Plc.
The Group’s parent company, Evli Plc (“Company”), is a Finnish limited liability company incorporated under
the laws of Finland with the Business ID 3239286-2. The Company is domiciled in Helsinki, and its registered
address is Aleksanterinkatu 19, 00100 Helsinki, Finland. The company is listed on the Nasdaq Helsinki stock
exchange.
These financial statements were approved by the Board of Directors at its meeting on February 14, 2025.
According to the Finnish Companies Act, the Annual General Meeting has the right to approve, reject or
amend the financial statements after they have been published.
A copy of the consolidated financial statements can be obtained from evli.com or from the parent company’s
head office at Aleksanterinkatu 19, 00100 Helsinki, Finland.
1.2. Basis for preparation of the financial statements
The consolidated financial statements have been prepared in compliance with IFRS (International Financial
Reporting Standards), approved for application in the EU, and IAS (International Accounting Standards) valid at
the end of the 2025 financial year, together with their respective SIC (Standing Interpretations Committee)
and IFRIC (International Financial Reporting Interpretations Committee) interpretations. In addition, Finland’s
accounting and limited liability company legislation and official regulations have also been considered in the
preparation of the consolidated financial statements. The financial year for Evli Group is the calendar year.
The consolidated financial statements have been prepared based on historical cost, with the exception of
financial assets and liabilities recognized at fair value through profit or loss, and derivative financial
instruments.
The consolidated financial statements have been prepared on a going concern basis. This assumes that the
Group has sufficient resources to continue as a going concern and that the management intends to do so, at
least for one year from the date of signing the financial statements.
The general accounting policies for the preparation of the consolidated financial statements are described
later in this section. Information about the judgments made by the management in the process of applying
the Group’s accounting policies and that have the most significant impact on the amounts recognized in the
financial statements, and about the assumptions concerning the future and the key assumptions underlying
estimates, are disclosed under item 1.5 Matters requiring management judgment of the accounting policies.
The financial information is mainly presented in millions of euros. All figures shown are rounded, and the sum
of the individual figures may differ from the total shown. The indicators are calculated using exact values.
1.3. Translation of items denominated in foreign currency
The figures showing the profit/loss and financial position of the Group’s units are measured in the currency
used in each unit’s main functional environment (“functional currency”). The consolidated financial
statements are presented in euros, which is the functional and presentation currency of the Group’s parent
company.
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing
on the date of the transaction. Monetary balance sheet items are translated into the functional currency at
the rate prevailing on the balance sheet date. Exchange rate differences arising in connection with the
valuation are included in net income from foreign exchange operations.
The income statements of foreign Group entities are translated into euros at the weighted average rates for
the period, and the balance sheets at the rates prevailing on the balance sheet date. In the consolidated
income statement and balance sheet, the translation differences resulting from the use of different rates for
the translation of Group results for the period is recognized in income and expenses recognized directly in
equity and presented under equity. The translation differences arising from the elimination of the acquisition
62
cost of foreign subsidiaries and from post-acquisition cumulative changes in equity items are recognized in
income and expenses recognized directly in equity and presented under equity. When a subsidiary is disposed
of wholly or partly, the cumulative translation differences are recognized in profit or loss as part of gains or
losses from disposal.
1.4. Financial assets and liabilities
The Group’s financial assets are classified in accordance with the IFRS 9 Financial Instruments standard as
follows:
a) those measured at amortized cost
b) those measured at fair value through profit or loss
c) those measured at fair value through other comprehensive income
The classification is based on the business model defined by the Group and the type of contractually accrued
cash flows of financial assets. On initial recognition, the Group measures a financial asset item at fair value,
and in the case of a financial asset item that is not measured at fair value through profit or loss, the
transaction costs directly attributable to the item are added or deducted. Financial assets measured at fair
value through profit or loss are initially recognized at fair value in the balance sheet and transaction costs are
recognized through profit or loss.
‘Financial assets measured at amortized cost’ comprise financial assets whose business model is to hold
financial assets and collect contractual cash flows consisting exclusively of payments of principal and interest.
This item includes sales receivables, loan and other receivables and cash and cash equivalents. Assets
classified under the group are measured at amortized cost using the effective interest rate method. The
carrying amount of current sales and other receivables is deemed to be equal to their fair value. These items
are current assets if they are expected to be realized within 12 months of the end of the reporting period. The
Group’s sales receivables are mainly short-term. The group recognizes a deduction for expected credit losses
on financial assets measured at amortized cost.
Financial assets that are classified at initial recognition as those measured at fair value through profit or loss
are classified in ‘Financial assets measured at fair value through profit or loss’. Evli’s fund investments are
classified as financial assets recognized at fair value through profit or loss. Investments in funds are included in
the balance sheet item Shares and participations. The fair value of liquid mutual fund investments is
determined using quoted market prices and rates. Equity fund investments are generally valued in accordance
with industry practice; the fair value of equity and real estate fund investments is the most recent fund value
reported by the fund management company, plus capital contributions and less capital redemptions that have
occurred between the balance sheet date and the management company’s reporting date. The fair value of
real estate owned by real estate funds is based on the fair value determined by an external assessor.
The ‘Financial assets measured at fair value through other comprehensive income’ category includes the
investment made by Evli in Alisa Bank Plc. The investment is of a long-term nature and is not related to the
group’s operating activities. For these reasons, the company presents the effect on profit or loss arising from
the measurement of the investment as a separate item in the statement of comprehensive income in
accordance with IFRS 9.
A financial asset is derecognized when the contractual rights to the cash flows from the financial asset expire
or the Group has transferred substantially all the risks and rewards of ownership of the financial asset to an
external party.
Cash assets consist of cash and cash equivalents.
Repayable on demand deposits in credit
institutions are also included in cash and cash equivalents in the cash flow statement.
Financial liabilities are classified into the following groups:
a) those measured at amortized cost
b) those measured at fair value through profit or loss
On initial recognition, the Group measures a financial liability at fair value and, in the case of a financial
liability not measured at fair value through profit or loss, the transaction costs directly attributable to the item
will be added or deducted. Financial liabilities measured at fair value through profit or loss are initially
recognized in the balance sheet at fair value and transaction costs are recognized through profit or loss.
Financial liabilities recognized at amortized cost consist of interest-bearing loans and non-interest -bearing
liabilities and are measured at amortized cost using the effective interest method. These include structured
notes issued by the company, among others. The difference between the amount received and the amount
repayable is recognized in the income statement using the effective interest method over the period of the
loan. Financial liabilities are classified as current unless the group has an unconditional right to defer
settlement of the liability for at least 12 months after the end of the reporting period. Purchase liabilities are
classified as current liabilities if they are due for payment within 12 months.
A financial liability or part of it is derecognized only when the liability ceases to exist, i.e. when the obligation
specified in the contract is discharged or cancelled or expires.
Hedge accounting
The Group does not apply hedge accounting in accordance with IFRS 9 in the financial statements.
63
1.5. Matters requiring management judgment
The drawing up of financial statements in accordance with IFRS standards requires that certain accounting
assessments are made. In addition, management must use its judgment. Judgment affects the choice of
accounting policies and their application, the amount of assets, liabilities, revenues and expenses to be
reported and the notes that must be presented. The management will exercise its judgment on the basis of
estimates and assumptions that are based on earlier experience and the best view available to it on the
balance sheet date especially concerning the future performance of the investment services market.
Estimates and decisions based on judgment are constantly monitored and they are based on actual
performance and certain other factors such as expected future events that are reasonably anticipated to
occur considering prevailing circumstances. Actual performance may deviate from estimates.
At Evli, the most significant estimates concern the impairment testing of goodwill and the measurement
principles of theoretically measured financial instruments. Further information on them is provides in the note
in question, under the title “Management judgment”.
1.6. Provisions
A provision is recognized when the Group has a legal or constructive obligation as a result of a past event, and
it is probable that an outflow of economic benefits will be required to settle the obligation , and the Group can
reliably estimate the amount of the obligation.
1.7. Adoption of new and amended standards and interpretations applicable in
future financial years
The IFRS 18 accounting standard will become effective on January 1, 2027. The standard will be applied for the
first time to financial periods beginning on or after January 1, 2027. Accordingly, the financial year 2026 will serve
as the comparative period under the new standard in the financial statements for 2027. The company is assessing
the impacts of the new standard on the preparation and presentation of its financial statements in future
reporting periods.
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2. Notes to the consolidated income statement
2.1. Fee and commission income
2025 | 2024 | |
Credit related fees | 0.0 | 0.0 |
Income from | 0.1 | 0.0 |
Insurance brokerage | 0.4 | 0.4 |
Advisory services | 6.8 | 11.6 |
Securities brokerage | 10.9 | 5.7 |
Securities issue | 0.0 | 0.0 |
Mutual funds | 101.7 | 84.4 |
Asset management | 7.5 | 6.8 |
Custody services | 0.6 | 0.6 |
Other operations | 0.9 | 1.6 |
Commission income, total | 128.9 | 111.3 |
Evli receives management fee income from Wealth Management and Investor Clients from mutual funds and
asset management portfolios and pays clients fee reimbursements related to these. Fund fees consisting of
management fees and fee reimbursements are recognized on a monthly basis and are mainly invoiced
retrospectively in one, three, six or twelve-month periods. These fees are typically calculated based on the
capital value or initial investment commitment in the fund or client portfolio and on the agreed fee
percentage over time. Any non-recurring fees related to the funds, such as acquisition, subscription or
redemption fees, are allocated to the month in which the right to the fee arises.
With successful investment activities, fee income may include performance -based fees. These may consist of
performance-based fees related to mutual and non-UCITS funds, carry fees received by the management
company of an equity fund, and performance-based fees related to asset management portfolios. The
performance-based fees of mutual funds are taken into account daily in the values of the funds and invoiced
retrospectively on a monthly basis. The performance-based fees of non-UCITS funds are invoiced quarterly.
The final performance-based fee received by Evli from non-UCITS funds is determined by the fund’s full-year
return, which may change from the amount recognized in a preceding quarter. The performance-based fees
relating to asset management portfolios are recognized as income annually only after the final amount of the
fee can be reliably estimated.
The Evli Group annually reviews the performance-based fees due to the management company from equity
funds (so-called carry fees) and models the probabilities related to their realization. A performance-based fee
related to a fund agreement and due to the management company is only paid once the IRR (Internal Rate of
Return) defined by the hurdle rate has been attained on a cash flow basis. Typically, the fee is only payable
towards the end of a fund’s life cycle. If a fund’s return does not attain the hurdle rate, the management
company will not receive any performance-based fee. The company will only consider the performance-based
fee from equity funds to the extent that it is probable that there will be no significant reversal of the amount
of accrued recognized income at a later date. Evli brokers direct investment instruments such as equities, ETFs
and derivatives for its clients. For the brokerage services it provides, the company receives a one-time
brokerage fee. The brokerage fee received is linked to the transaction executed and the return associated
with the brokerage activity is recognized on a trade date basis.
In addition to the investment instruments mentioned above, Evli also brokers equity-linked notes. The fee
received on the sale of the company’s own and other operators’ equity-linked notes is recognized
immediately in the income statement. The full amount of the fee is available for use on the date of issue of
the bond and is used to cover services related to the issue of the bond. The interest expense for the note
issued by the company itself is calculated by using the effective interest method. These notes are recognized
in the balance sheet at the amortized cost, and the interest component of the loan, which is the same as the
value of the option, is recognized as a separate debt item in the group “Derivative contracts and trading
liabilities”.
Evli’s Advisory and Corporate Clients segment receives monthly retainer and success fees related to the
Corporate Finance business. Monthly retainer fees are recognized as income over time whereas recognition of
success fees, treated as variable consideration, is linked to the completion of projects. Project success fee
income is recognized as income in the period when the outcome of the project can be estimated reliably and
when the performance obligation has been met. The costs incurred for a project are expensed immediately.
In the comparison period, Advisory and Corporate Clients segment also included the planning and
management services of remuneration and incentive schemes. As a result of the corporate arrangement
related to the incentive business carried out on March 27, 2024, these services are reported as part of the
result of the associated companies in Group functions, similarly to other associated companies.
65
MANAGEMENT JUDGMENT
The commission income of asset management and mutual funds is subject to adjustment items that can in
some circumstances include ambiguity with respect to the date of validity and scope, among other things. This
applies to situations in which price reductions have been agreed upon with clients by using “fee
reimbursement contracts”. For this reason, the management has used its judgment and has strived to make
the most conservative assessment of the fee reimbursement debt arising from these, or any contracts of
which there is knowledge but have not yet been entered in the system. The debt is recovered monthly and is
included as an item that reduces fund and asset management fees. Consideration is also related to the
probabilities and amounts of realization of carry-fees.
2.2. Net income from securities transactions
2025 | Gains and losses on sales | Changes in fair value | Other items | Total |
Debt securities | 0.0 | 0.0 | 0.0 | |
Shares and derivative | 0.0 | 0.0 | 0.0 | |
Net income from | 2.6 | -0.5 | 0.0 | 2.2 |
Net income from | 1.3 | 0.1 | 1.4 | |
Net income from operations, total | 3.9 | -0.3 | 0.0 | 3.6 |
2024 | ||||
Debt securities | 0.5 | 0.0 | 0.5 | |
Shares and derivative | 0.0 | 0.2 | 0.2 | |
Net income from | 0.5 | 0.2 | 0.0 | 0.7 |
Net income from | 0.9 | -0.4 | 0.5 | |
Net income from operations, total | 1.4 | -0.2 | 0.0 | 1.2 |
2.3. Income from equity investments
2025 | 2024 | |
Dividends from | 0.0 | 0.1 |
Dividends from | 0.0 | 0.0 |
Income from | 0.0 | 0.1 |
2.4. Interest income
2025 | 2024 | |
Debt securities | 0.2 | 0.2 |
Claims on credit institutions | 5.2 | 8.9 |
Claims on the public and public sector | 0.3 | 0.6 |
Other interest | 0.0 | 0.0 |
Interest income, | 5.7 | 9.8 |
2.5. Other operating income
2025 | 2024 | |
Rental income | 0.0 | 0.0 |
Gain on sale of subsidiaries | 0.0 | 13.8 |
Other income | 0.3 | 0.6 |
Other operating | 0.3 | 14.3 |
2.6. Fee and commission expenses
2025 | 2024 | |
Trading | -0.0 | -0.1 |
Other commission expenses | -7.0 | -4.8 |
Commission expenses, | -7.0 | -5.0 |
2.7. Interest expenses
2025 | 2024 | |
Liabilities to the public, public | -0.1 | -0.2 |
Debt securities issued to | -3.0 | -4.7 |
Other interest | -0.0 | -0.0 |
Interest expenses, | -3.1 | -4.8 |
Interest income and expenses are calculated using the effective interest rate method. In recognizing an
impairment loss on a contract classified as a financial asset, the recovery of interest is continued at the
lowered accounting balance using the original effective interest rate of the contract. If the receipt of interest
is unlikely, it is recognized as an impairment loss. Interest income obtained from financial assets is recognized
as interest income.
66
Borrowing costs are recognized as an expense in the period in which they are incurred. The directly
attributable transaction costs of a certain borrowing are included in the original amortized cost of the
borrowing and are amortized as interest expense by using the effective interest method or, if necessary, by
following a formula whose result can be deemed as being sufficiently near the sum calculated by using the
effective interest method.
2.8. Personnel expenses
2025 | 2024 | |
Wages and | -34.9 | -32.8 |
Social security costs | ||
Pension expenses | -5.2 | -4.8 |
Other social security costs | -1.8 | -1.6 |
Equity-settled share | -1.3 | -1.1 |
Employee benefits, total | -43.2 | -40.4 |
The total salaries paid by the Evli Group to its personnel consist of fixed salaries and remuneration, variable
remuneration under the annually adopted reward system, and long-term incentive programs.
Fixed salaries play an important role in the company. By aiming to offer its employees a competitive pay level, the
company ensures that it continues to be staffed by a skilled workforce. A reward system based on variable salaries
applies to all the Group’s employees. The objective of the reward system is to support the implementation of the
company’s strategy as well as promote its competitiveness and long-term financial success.
In addition to the above remuneration methods, the company may create separate long-term incentive programs.
Evli Group has five share-based incentive programs in force at the end of the period for 2021– 2025, 2022,
1/2023–6/2026, 9/2023–12/2026 and 2025-2027. Under the 2021–2025 and 2022-2023 programs, members
have the opportunity to earn shares for successful performance, in accordance with the terms of the program.
Under the 1/2023-6/2026 and 9/2023-12/2026 share plans, plan members may earn shares based on
performance. Under the 1/2023-6/2026 plan, awards are based on the annualised fund turnover from new
investments in Sweden. The vesting criteria for the 9/2023-12/2026 plan are linked to the company’s operating
profit (EBIT). The vesting criteria for the 2025-2027 plan is linked to the achievement of the company's
performance targets The company’s Board of Directors decides upon the distribution of shares.
The Evli Group provides a reward fund for its employees. All employees of the Evli Group companies that are
based in Finland are members of the fund. Using the fund is voluntary. Decisions to enter rewards in the fund
are made one year at a time. Social security costs are not withheld from assets invested in the fund. The fund
invests its member share capital in accordance with the Act on Personnel Funds. Capital is invested in
accordance with a strategy prepared jointly by the fund’s Board of Directors and Wealth Management.
In the payment of benefits payable upon termination of employment, Evli complies with normal agreements
related to termination of employment pursuant to valid legislation. During the financial year, the company has
not paid sign-on payments to new employees. All of the Evli Group’s retirement plans are defined contribution
plans. Payments to defined contribution plans are reflected in profit or loss in the period in which they are
incurred. The Evli Group finances all its retirement plans as contributions to pension insurance companies. The
contributions take different countries’ local regulations and practices into account.
2.8.1. Personnel count
2025 | 2024 | |
Number of personnel during | 313 | 315 |
Number of personnel | 317 | 305 |
Employees by business | ||
Wealth Management | 232 | 222 |
Advisory and Corporate Clients | 30 | 32 |
Group Operations | 55 | 51 |
Total | 317 | 305 |
Employees by geographic | ||
Finland | 290 | 280 |
Sweden | 25 | 23 |
Arab Emirates | 2 | 2 |
Total | 317 | 305 |
2.8.2. Share based incentives during the reporting period 1.1.2025-31.12.2025
67
Performance | Performance | Performance | Performance | ||||
Plan | Restricted | Plan 2021-2025 | PSP 2022 | Plan 2023-2025 | Plan 2023-2026 | Plan 2025-2027 | TOTAL |
Restricted | Performance | Performance | Performance | Performance | |||
Instrument | Plan 2021 | 2021-2025 | PSP 2022 | 2025-2027 | 2025-2027 | ||
Type | |||||||
Initial amount, pcs | 118,000 | 120,000 | 78,000 | 100,000 | 520,000 | 295,000 | 1,231,000 |
Initial allocation date | 12.2.2021 | 12.2.2021 | 21.4.2022 | 7.3.2023 | 14.9.2023 | 16.12.2024 | |
End of restriction period | 8.2.2026 | * | 1.6.2023 / 1.6.2024 / 1.6.2025 | 30.11.2026 | 31.12.2029 | 30.6.2028 / 30.6.2029 / 30.6.2030 / 30.6.2031 | |
Maximum contractual | 5.0 | - | 6.2 | 3.7 | 6.3 | 6.5 | 5.4 |
Remaining contractual | - | - | 0.5 / 1.5 / 2.5 | 0.9 | 4.0 | 2.5 / 3.5 / 4.5 / 5.5 | 2.7 |
Number of persons | - | 2 | 6 | 4 | 30 | 26 | |
Payment | Cash & Equity | Cash & Equity | Cash & Equity | Cash & Equity | Cash & Equity | Cash & Equity | |
* The reward is awarded in installments during 2021–2025 when the required performance criteria are met. Each installment has a three-year deferral period. Ownership rights to the shares subject to the reward are transferred to the beneficiary only after the end of the
deferral period. The shares paid as a reward will be subject to a one-year transfer restriction.
Restricted | Performance | Performance | Performance | Performance | Performance | Performance | Performance | ||
Changes during the | Plan 2021 | 2021-2025 | 2022-2023 | 2023-2024 | 2024-2025 | 01/2023-06/2026 | 09/2023-12/2026 | 2025-2027 | Total |
1.1.2025 | |||||||||
Outstanding at the pcs | 106,000 | 120,000 | 26,000 | 26,000 | 26,000 | 80,000 | 505,000 | - | 889,000 |
Changes during the | |||||||||
Granted | - | - | - | - | - | - | - | 290,000 | 290,000 |
Forfeited | - | - | - | - | 2,600 | - | - | 15,600 | |
Invalidated during | - | - | - | - | - | - | - | - | - |
Excercised | 106,000 | 30,000 | - | - | - | - | - | - | 136,000 |
Expired | - | - | - | - | - | - | - | - | - |
31.12.2025 | |||||||||
Excercised at the | 106,000 | 30,000 | - | - | - | - | - | - | 136,000 |
Outstanding at the | - | 90,000 | 26,000 | 26,000 | 23,400 | 80,000 | 492,000 | 290,000 | 1,027,400 |
68
Fair value determination
The fair value of share based incentives have been determined at grant date and the fair value is expensed
until vesting. The pricing of the share based incentives granted during the period was determined by the
following inputs and had the following effect:
Valuation parameters for instruments granted during period
Share price at grant, € | 17.40 |
Share price at reporting period | 22.60 |
Expected dividends, € - | 6.78 |
Fair value December | 1,709,375 |
Effect of share-based incentives on the result and financial position during the period
Expenses for the | 1,273,072 |
Future cash payment | |
estimated | 5,932,500 |
2.9. Other administrative expenses
2025 | 2024 | |
Office expenses | -1.3 | -1.7 |
IT and infosystems | -11.6 | -10.8 |
Business expenses | -1.1 | -1.4 |
Travel expenses | -0.9 | -1.1 |
Car costs | -0.1 | -0.1 |
Other HR related expenses | -2.6 | -1.7 |
Marketing expenses | -1.5 | -1.3 |
Banking and custodian | -1.0 | -1.0 |
External services | -2.6 | -3.1 |
Other administrative | -22.7 | -22.2 |
2.10. Depreciation and amortization on tangible and intangible assets
2025 | 2024 | |
Applications and software | -0.4 | -0.7 |
Other intangible | -0.2 | -0.2 |
Leasehold improvements | 0.0 | 0.0 |
Assets acquired under finance | 0.0 | -0.1 |
Right-of-Use assets | -2.8 | -2.6 |
Equipment and | -0.2 | -0.1 |
Impairment of goodwill | - | - |
Depreciation, amortization | -3.5 | -3.8 |
2.11. Other operating expenses
2025 | 2024 | |
Viranomaismaksut | -0.8 | -0.9 |
Vuokrakulut | -0.3 | -0.1 |
Muut kulut | -0.0 | -0.2 |
Liiketoiminnan | -1.1 | -1.2 |
2.12. Expected credit losses on loans and other receivables
2025 | 2024 | |
Claims on the public and public sector | ||
Expected credit losses | 0.0 | 0.0 |
Expected credit losses | 0.0 | 0.0 |
Guarantees | 0.0 | 0.0 |
Sales receivables | 0.0 | 0.0 |
Realised loan losses | 0.0 | 0.1 |
Impairment losses on other financial | -0.2 | -0.6 |
Impairment losses, total | -0.2 | -0.5 |
69
2.13. Share of profit or loss of associates
2025 | 2024 | |
Northern Horizon A/S | 0.1 | 0.0 |
Allshares Oy | -1.7 | -0.5 |
Share of profit | -1.6 | -0.5 |
MANAGEMENT JUDGMENT
Evli does not participate in daily management of associated companies’ business operations and instead
focuses on influencing strategic decisions at the board level. At the time of preparing Evli’s consolidated
financial statements, the income statement and balance sheet of associated companies are not yet known,
which is why Evli’s management must use judgment in estimating the share of associated companies’ profit
for the financial year. The estimate is based on the most recent known profit performance, prior experience of
possible last minute changes, and other possible factors that indicate changes.
2.14. Income taxes
2025 | 2024 | |
Current tax expense | -11.3 | -8.3 |
Taxes from previous years | -0.0 | -0.0 |
Deferred taxes | -0.3 | 0.1 |
Other taxes | 0.0 | 0.0 |
Income taxes, | -11.7 | -8.2 |
The profit and loss account’s tax expenses comprise current and deferred tax. Current tax is calculated on the
taxable profit for the period determined on the basis of the enacted tax rate of each country, adjusted by any
taxes related to previous periods.
Deferred tax is generally calculated on all temporary differences between the carrying amount of an asset or
liability in the balance sheet and its tax base. The largest temporary differences arise from the depreciation of
fixed assets and tax losses. No deferred tax is recognized on the undistributed profits of subsidiaries to the
extent it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax is
measured by using the tax rates enacted by the balance sheet date.
2.14.1. Reconciliation between the income tax expense recognized in the income
statement and the taxes calculated using the parent company’s domestic tax rate
2025 | 2024 | |
Profit/loss before | 43.5 | 49.9 |
Profit/loss before | 12.6 | 8.3 |
Profit/loss before | 56.1 | 58.2 |
Tax at | -11.2 | -11.6 |
Effect | 0.9 | 0.9 |
Tax at | 0.0 | 0.0 |
Income not subject to tax | 0.0 | 2.8 |
Expenses not deductible for tax | -0.1 | -0.1 |
Taxes from previous years | 0.0 | -0,0 |
Other change | 0.0 | 0.1 |
Unrecognised tax | 0.0 | -0.1 |
Other taxes | -1.2 | -0.2 |
Income tax charge | -11.7 | -8.2 |
2.15. Earnings per share (eps)
2025 | 2024 | |
Profit for the year | 36.5 | 44.6 |
Avarage number | 14401812 | 14405812 |
Avarage number | 12083087 | 12079087 |
Share and option rights | 1.38 | 1.69 |
Own shares | 1030000 | 859000 |
Comprehensive income | 1.33 | 1.63 |
As both A and B series shares entitle holders to equal amounts of the company’s profit, these are not shown
separately.
70
3. Notes to the consolidated balance sheet
3.1. Cash and equivalents
2025 | 2024 | |
Petty Cash | - | 0.0 |
Other | - | 0.0 |
Cash and cash equivalents | - | 0.0 |
3.2. Claims on credit institutions
2025 | 2024 | |
Repayable | ||
Domestic credit institutions | 148.1 | 123.7 |
Foreign credit institutions | 3.9 | 5.2 |
Repayable | 152.0 | 128.9 |
Other than repayable | ||
Domestic credit institutions | 0.1 | 0.3 |
Foreign credit institutions | 0.7 | 2.1 |
Other than repayable | 0.8 | 2.3 |
Claims on credit institutions, | 152.8 | 131.2 |
3.3. Claims on the public and public sector entities
2025 | 2024 | |
Enterprises and housing associations | 3.8 | 4.4 |
Financial and insurance | 0.3 | 0.3 |
Households | 4.8 | 5.0 |
Foreign countries | 1.0 | 1.0 |
Claims on the public and | 9.9 | 10.8 |
3.4. Debt securities
2025 | 2024 | |
Publicly quoted | 0.0 | 0.0 |
Others | ||
Bonds issued by banks | 2.0 | 2.0 |
Other debt securities | 0.2 | 1.3 |
Debt securities, total | 2.2 | 3.3 |
Debt certificates are valued at fair value and relate to Finnish investments.
3.5. Shares and participations
2025 | 2024 | |
Publicly quoted | ||
Other | 30.4 | 30.5 |
Shares and participations, | 30.4 | 30.5 |
Others | ||
Other | 12.0 | 11.6 |
Others, total | 12.0 | 11.6 |
Shares and participations, | 42.4 | 42.0 |
Net risk position is described in section Market Risk, Notes on Risk Position.3.6. Derivative contracts.
71
3.6. Derivative contracts
Overall effect of risks associated with derivative contracts
2025 | Remaining maturity | |||||
Less than 1 year | 1-5 years | 5-15 years | Fair value (+/-) | ASSETS | LIABILITIES | |
Held for trading | ||||||
Interest rate | - | 6.5 | 0.3 | - | 6.8 | 6.8 |
Futures | ||||||
Options bought | ||||||
Options sold | ||||||
Currency-linked | ||||||
Held for trading, total | - | 6.5 | 0.3 | - | 6.8 | 6.8 |
Overall effect of risks associated with derivative contracts
2024 | Remaining maturity | |||||
Less than 1 year | 1-5 years | 5-15 years | Fair value (+/-) | ASSETS | LIABILITIES | |
Held for trading | ||||||
Interest rate | 1.4 | 6.2 | -0.4 | -0.1 | 7.1 | 7.1 |
Futures | ||||||
Options bought | ||||||
Options sold | ||||||
Currency-linked | ||||||
Held for trading, total | 1.4 | 6.2 | -0.4 | -0.1 | 7.1 | 7.1 |
Derivative financial instruments are initially recognized at cost, which corresponds to their fair value. Subsequently derivative financial instruments are measured at fair value. Resulting gains and losses are treated in accordance
with the purpose of the derivative instrument.
The company does not apply hedge accounting, and derivative financial instruments are classified as held for trading. Changes in the value of derivatives in this category during the year and the realized gains/losses are presented
in the income statement under net income from securities trading.
Financial derivatives are embedded derivatives related to structured bonds issued by Evli. Their task is to protect against changes in the value of the underlying asset. The proportion of open risk in the gross amount is small.
72
3.7. Shares and participations in associates and joint ventures
2025 | 2024 | |
At the beginning | 24.0 | 5.2 |
Share of profit/loss | -1.6 | -0.5 |
Additions | 0.1 | 20.3 |
Disposals | -0.5 | -1.0 |
At the end of the | 22.0 | 24.0 |
3.8. Intangible assets and goodwill
Goodwill | 2025 | 2024 |
Cost at 1.1. | 42.9 | 46.1 |
Increases/Decreases | 0.0 | -3.2 |
Cost at 31.12. | 42.9 | 42.9 |
Impairment losses for | ||
Book value at 31.12. | 42.9 | 42.9 |
Applications and software | 2025 | 2024 |
Cost at 1.1. | 24.0 | 27.4 |
Increases/Decreases | 0.1 | 0.7 |
Cost at 31.12. | 24.0 | 24.0 |
Accumulated amortisation | -23.0 | -24.9 |
Amortisation for the | -0.4 | -0.7 |
Accumulated amortisation | -23.4 | -23.0 |
Book value at 31.12. | 0.6 | 0.9 |
Other intangible | 2025 | 2024 |
Cost at 1.1. | 7.6 | 7.1 |
Increases/Decreases | 0.0 | 0.5 |
Cost at 31.12. | 7.6 | 7.6 |
Accumulated amortisation | -6.9 | -7.1 |
Amortisation for the | -0.2 | 0.2 |
Accumulated amortisation | -7.1 | -6.9 |
Book value at 31.12. | 0.5 | 0.7 |
The most significant “Other intangible assets” are client relationships.
Book value of intangible | 44.1 | 44.6 |
Intangible assets, | 44.1 | 44.6 |
Goodwill
Goodwill represents the excess of the cost of an acquired entity over the Group’s interest in the fair value of
the identifiable net assets and liabilities acquired at the acquisition date. Goodwill is measured at historical
cost less cumulative impairment losses. Goodwill is not amortized. Goodwill arising in connection with
acquisitions is tested annually or whenever events or changes in circumstances indicate that the carrying
amount may not be recoverable. For this purpose, goodwill is allocated to cash-generating units, or, in the
case of a subsidiary, goodwill is included in the subsidiary’s acquisition cost, and the subsidiary forms a cash-
generating unit. If the carrying amount of goodwill for a cash-generating unit exceeds its recoverable amount,
an impairment loss equal to the difference will be recognized.
For the testing of impairment, the recoverable amounts of an asset are determined by calculating the asset’s
value in use. The calculations are based on five-year cash flow plans approved by the management.
In the cash flow model, items affecting each cash-generating unit’s operational cash flow – mainly income and
expenses – are examined. Cash flows extending after the five -year forecast period have been calculated using
the “final value method”.
The income and expenses of each asset are estimated based on the management’s understanding of future
developments.
In the final value method growth is determined using the management’s conservative estimate of long-term
cash flow growth. The cash flows used to measure value in use are discounted to the present value using the
discount rate that reflects assessments of the time value of money and the risks specific to the asset.
In conjunction with goodwill testing, the sensitivity of the testing to changes in the variable affecting each
result is also assessed. Sensitivity analyses are performed on goodwill impairment testing calculations using
worst- case scenario forecasts. These scenarios were used to examine the change in value in use by changing
the basic assumptions in the definition of value. Future income and expense cash flows, the discount rate and
final value growth rate were changed in the sensitivity analyses. Among other things, the following tests were
performed:
‒
income expectations for the five-year period under review were stressed using 20 percent lower return
assumptions than originally assumed;
‒
the cost trend was stressed using 30 percent higher cost-development than originally assumed;
‒
the terminal value was set at 0 percent; and
‒
the discount rate was increased by three percent.
73
On the basis of the sensitivity analyses carried out, the change in the recoverable amount for the units tested
does not lead to a situation in which the carrying amount is greater than the value in use.
2025 | Wealth Management |
Goodwill, EUR million | 42.9 |
Assumption of growth | 4% |
Assumption of growth | 3% |
Discount rate | 13.3% |
Terminal | 2% |
Intangible assets
Intangible assets are recognized in the balance sheet only if their acquisition cost can be reliably measured
and if it is probable that the expected future economic benefits attributable to the assets will flow to the
company.
Intangible assets with definite useful lives are recognized in the balance sheet at historical cost and are
amortized in the profit and loss account on a straight-line basis over their known or estimated useful lives.
Intangible assets include software licenses and other intangible rights whose useful life is 3-5 years.
Impairment of tangible and intangible assets
At each balance sheet date the Group assesses whether there is any indication that an asset may be impaired.
If any such indication exists, the recoverable amount of the asset is estimated. In addition, goodwill and
intangible assets not yet available for use are tested for impairment annually, regardless of the existence of
indication of impairment. The need for impairment is assessed for each cash-generating unit.
The recoverable amount is the higher of an asset’s fair value less costs to sell and its value in use. The value in
use is determined as the future net cash flows expected to be derived from the said asset or cash-generating
unit which are discounted to present value. The discount rate used is a pre-tax discount rate that reflects
current market assessments of the time value of money and the risks specific to the asset.
An impairment loss is recognized if the carrying amount of an asset is higher than its recoverable amount. The
useful life of the asset is reviewed when the impairment loss is recognized. An impairment loss is reversed if
circumstances have changed, and the recoverable amount has changed since the date of recognizing the
impairment loss. Impairment losses recognized for goodwill are not reversed under any circumstances.
MANAGEMENT JUDGMENT
Impairment testing of goodwill is based on the estimated future recoverable net cash flows of the cash
generating units to which goodwill has been allocated, which is then compared to the unit’s carrying amount.
The testing requires making of assumptions concerning variables such as the growth rate of returns, costs of
operations and the discount rate at which the incoming cash flows are converted to the current value.
At each balance sheet date, the management assesses whether there is any indication that an asset may be
impaired. If any such indication exists, the recoverable amount of the asset is estimated.
3.9. Property, plant and equipment
2025 | 2024 | |
Equipment and | ||
Cost at 1.1. | 2.3 | 2.2 |
Exchange difference | 0.0 | 0.0 |
Increases/Decreases | 0.1 | 0.2 |
Cost at 31.12. | 2.4 | 2.3 |
Accumulated amortisation | -1.8 | -1.8 |
Translation | 0.0 | 0.0 |
Amortisation for the | -0.2 | -0.1 |
Accumulated amortisation | -2.0 | -1.8 |
Book value at 31.12. | 0.4 | 0.5 |
Leasehold improvements | ||
Cost at 1.1. | ||
Cost at 31.12. | 1.4 | 1.4 |
Accumulated depreciation | 1.4 | 1.4 |
Depreciation for | -1.4 | -1.4 |
Accumulated depreciation | 0.0 | 0.0 |
Book value at 31.12. | -1.4 | -1.4 |
Book value at 31.12. | 0.0 | 0.0 |
Other tangible assets | ||
Cost at 1.1. | 0.6 | 0.6 |
Cost at 31.12. | 0.6 | 0.6 |
Book value at 31.12. | 0.6 | 0.6 |
Property, | 1.0 | 1.1 |
Book value of tangible | 1.0 | 1.1 |
74
Tangible fixed assets are measured at historical cost less accumulated depreciation and impairment losses.
Subsequent costs are included in the carrying amount of tangible fixed assets only if it is probable that the
future economic benefits attributable to the assets will flow to the Group and that the cost of acquiring the
assets can be reliably measured. Other repair and maintenance costs are recognized in profit or loss in the
period in which they were incurred.
Assets are depreciated on a straight -line basis over their estimated useful lives. The estimated useful lives are
as follows:
‒
Machinery and equipment: 5 years
‒
IT equipment: 3 years
‒
Assets under finance leases: 3-5 years
‒
Renovations of leased premises: term of lease
The residual values and useful lives of assets are reviewed at each reporting date and, if necessary, are
adjusted to reflect changes occurring in expectations of useful life.
The depreciation of an item of property, plant and equipment will cease when the tangible fixed asset is
classified as held for sale under IFRS 5 Non-current assets held for sale and discontinued operations.
Gains and losses from the sales or disposals of tangible fixed assets are included in other operating income
and expenses.
3.10. Right of use assets
2025 | 2024 | |
Right of use assets at | 9.6 | 11.3 |
Additions | 1.1 | 0.8 |
Disposals | 0.0 | 0.0 |
Depreciations | -2.4 | -2.6 |
Right of use assets at | 8.3 | 9.6 |
As a general rule, all leases are recognized in the balance sheet as a right-of-use asset and as a lease liability,
except for short-term leases and contracts for low-value assets, to which Evli applies the expedients allowed
by accounting standards. An asset (the right-of-use a leased asset) and a financial liability for the payment of
rents are recognized in the balance sheet. The most significant lease agreements concluded by Evli Group
concern leased premises and storage
space related to the premises. The leases of premises are for a fixed term and do not include covenants or
rents that vary according to revenue, for example low-value lease contracts entered into by Evli Group relate
to leased IT equipment.
The right-of-use is amortized on a straight -line basis and deferred interest expense on the lease liability is
recognized on the income statement. The Evli Group recognizes the right-of-use asset and the lease liability at
the inception of the lease. Initially, the lease liability is measured at current value of the rents that have not
been paid at the inception of the lease. The future cash flows of the leases have been discounted to the
current value using the company’s cost of funds rate. Rents payable are allocated to equity and interest
expense. The interest expense is recognized in the income statement over the lease term through profit or
loss so that the interest rate on the outstanding debt is the same in each period. The company has not
calculated a separate interest component for the assets required for financing the lease liabilities due to the
company’s assessment of the effect beeing immaterial when assessing the right-of-use assets and
corresponding liabilities.. Depreciation on the right -of-use asset is recognized on a straight -line basis from the
inception of the lease over the lease term.
Typically, lease contract terms range between two and five years and may contain an option to extend the
lease term. The Company has negotiated individual contracts with potentially differing terms and conditions
for each location. Potential options to extend current leases have not been considered due to uncertainty
related to the use of those options.
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as
other leases. Payments made on operating leases are recognized in profit or loss on a straight -line basis over
the lease term.
3.11. Other assets
2025 | 2024 | |
Securities sale receivables | 0.7 | 0.5 |
Commission receivables | 27.1 | 30.8 |
Securities broking receivables | 37.6 | 47.9 |
Other receivables | 0.0 | 0.0 |
Other assets total | 65.4 | 79.3 |
75
3.12. Accrued income and prepayments
2025 | 2024 | |
Interest | 0.2 | 0.4 |
Staff-related | 0.0 | 0.1 |
Other items | 5.7 | 3.0 |
Accrued income | 6.0 | 3.4 |
3.13. Income tax receivables
2025 | 2024 | |
Income tax receivables | 1.6 | 1.6 |
3.14. Deferred tax assets
2025 | 2024 | |
Tax assets | ||
Due to timing differences | 2.9 | 3.2 |
Other temporary differences | ||
From tax losses | 0.7 | 0.4 |
Deferred taxes total | 3.6 | 3.7 |
MANAGEMENT JUDGMENT
The entry of deferred tax assets in the balance sheet calls for judgment. Deferred tax assets are recognized to
the extent that future taxable income is likely to be generated, against which the confirmed losses can be
used. The impairment of deferred tax assets may be necessary if the future taxable income does not
correspond with the estimate. Deferred tax assets are assessed annually in relation to the Group’s ability to
generate sufficient taxable income in the future.
3.15. Liabilities to credit institutions, central banks and public
2025 | 2024 | |
Credit institutions | ||
Other than repayable | 5.3 | 6.0 |
Other than repayable | - | - |
Liabilities to credit | 5.3 | 6.0 |
3.16. Debt securities issued to the public
2025 | 2024 | |
Certificate of deposits | - | - |
Bonds | 109.6 | 99.4 |
Debt securities issued to | 109.6 | 99.4 |
3.16.1. Changes in bonds issued to the public
2025 | 2024 | |
Issues | 43.4 | 39.0 |
Repurchases | 32.6 | 32.5 |
3.17. Derivative contracts and other liabilities held for trading
2025 | 2024 | |
Derivative contracts | 6.8 | 7.1 |
Due to short selling of | - | - |
Derivative contracts | 6.8 | 7.1 |
76
3.18. Other liabilities
2025 | 2024 | |
Securities broking liabilities | 35.5 | 48.1 |
Securities purchase liabilities | 1.2 | 1.2 |
Finance lease payables | 0.0 | 0.0 |
right-of-use liability | 8.3 | 9.6 |
Income tax payable | 0.1 | 0.1 |
Personnel related | 0.9 | 0.8 |
Other short-term | 3.9 | 4.7 |
Prepayments | 0.0 | 0.0 |
VAT | 0.2 | 0.3 |
Other liabilities, total | 50.1 | 64.7 |
Other short term liabilities | ||
Right-of-use-liabilities | 2025 | 2024 |
Rental liabilities | 2.7 | 2.4 |
Rental liabilities | 5.6 | 7.1 |
Rental liabilities | 0.0 | 0.0 |
Leasing liabilities not later than | 0.0 | 0.0 |
Leasing liabilities over year | 0.0 | 0.0 |
3.19. Accrued expenses and deferred income
2025 | 2024 | |
Interest | 0.0 | 0.1 |
Personnel related | 15.8 | 15.7 |
Other accrued expenses | 13.8 | 11.6 |
Accrued expenses and | 29.5 | 27.3 |
3.20. Income tax liability
2025 | 2024 | |
Direct income tax | 5.2 | 3.0 |
3.21. Deferred tax liabilities
2025 | 2024 | |
Due to timing differences | 0.0 | 0.0 |
Deferred tax | 0.0 | 0.0 |
3.22. Share capital
Unrestricted | |||||
Share capital | equity fund | ||||
2025 | A-shares | B-shares | Shares total | EUR | M€ |
At the beginning | 14,405,812 | 12,079,087 | 26,484,899 | 53.7 | 15.9 |
Additions | - | 8,000 | 8,000 | ||
Decreases | -8,000 | - | -8,000 | -0.1 | |
At the end of period | 14,397,812 | 12,087,087 | 26,484,899 | 53.7 | 15.8 |
2024 | |||||
At the beginning | 14,425,812 | 12,059,087 | 26,484,899 | 53.7 | 17.5 |
Additions | - | 20,000 | 20,000 | - | |
Decreases | (20,000) | - | (20,000) | - | -1.5 |
At the end of period | 14,405,812 | 12,079,087 | 26,484,899 | 53.7 | 15.9 |
Share capital consists of shares in the parent company, which are classified as equity. The share capital
includes the subscription price received in connection with share issues to the extent that the subscription
price is not recognized in the reserve for invested unrestricted equity under the decision to issue shares. The
company has two series of shares, series A and B. The shares have uniform rights to the company’s profits and
assets, but A shares have 20 votes and B shares one (1) vote for each share at the general meeting The shares
have no nominal value. All issued shares have been fully paid up.
Treasury shares
The consideration paid for treasury shares and the transaction costs directly attributable to the acquisition,
adjusted for tax effects, are deducted from equity until the shares are cancelled or reissued. If these treasury
shares are subsequently reissued, the consideration received is recognized directly in equity, net of any
transaction costs directly attributable to the issue and of the tax portion.
77
Existing share issue authorizations
On March 18, 2025, the Annual General Meeting of the Company authorized the Board of Directors to decide
on the issue of shares and special rights entitling to shares. The authorization allows the Board of Directors to
decide on the issue or transfer of up to 2,648,489 B shares in the company. Of the above-mentioned total
number, however, a maximum of 264,848 shares may be used as part of the company’s share-based incentive
programs. The authorization is valid until the end of the next Annual General Meeting, but not later than June
30, 2026.
Existing authorizations to acquire shares in the company
The Board of Directors is authorized by the General Meeting to acquire a maximum of 1,44 0,581 A shares and
a maximum of 1,207,908 B shares. Under the authorization, treasury shares may only be acquired with
unrestricted equity. The authorization is valid until the end of the next Annual General Meeting, but not later
than June 30, 2025.
Invested unrestricted equity reserve
The invested unrestricted equity reserve includes other investments of an equity nature and the share
subscription price to the extent that it is not explicitly included by decision in the share capital.
Retained earnings
Retained earnings include assets accumulated from previous financial years that have not been distributed as
dividends to owners.
3.23. treasury shares held by the company
The company did not hold any treasury shares at December 31, 2025.
78
4. Off -balance-sheet commitments
4.1. Breakdown of off-balance sheet commitments
2025 | 2024 | |
Investment | 3.5 | 2.7 |
Unused credit facilities | 0.4 | 0.5 |
Business mortgages | - | - |
Commitments given on behalf of a customer for a third party include collaterals for derivatives positions given
on behalf of customers. The customers have covered their derivatives collateral to Evli in full. Other
irrevocable commitments given on behalf of a customer comprise subscription commitments guaranteed on
behalf of customers.
79
5. Segment reporting
5.1. Segment income statement
2025 | 2024 | ||||||||||
Wealth Management and Investor Clients | Advisory and Corporate Clients | Group Operations | Unallocated | Group | Wealth Management and Investor Clients | Advisory and Corporate Clients | Group Operations | Unallocated | Group | ||
REVENUE | |||||||||||
Net Interest | 0.0 | 0.0 | 2.6 | 0.0 | 2.6 | 0.0 | 0.0 | 4.9 | 0.0 | 4.9 | |
Commission income and | 115.2 | 6.8 | 0.0 | 0.0 | 122.0 | 96.4 | 9.9 | 0.0 | 0.0 | 106.3 | |
Net income from exchange dealing | 0.0 | 0.0 | 3.6 | 0.0 | 3.6 | 0.0 | 0.0 | 1.2 | 0.0 | 1.2 | |
Other operating income | 0.0 | 0.0 | 0.3 | 0.0 | 0.3 | 0.0 | 0.0 | 14.3 | 0.0 | 14.3 | |
External sales | 115.2 | 6.8 | 6.5 | 0.0 | 128.5 | 96.4 | 9.9 | 20.5 | 0.0 | 126.8 | |
Inter-segment sales | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
Total | 115.2 | 6.8 | 6.5 | 0.0 | 128.5 | 96.4 | 9.9 | 20.5 | 0.0 | 126.8 | |
Timing of revenue | |||||||||||
Over time | 87.5 | 0.4 | 0.0 | 0.0 | 87.9 | 81.9 | 2.9 | 0.0 | 0.0 | 84.8 | |
At a point of time | 27.6 | 6.4 | 0.0 | 0.0 | 34.1 | 14.5 | 7.0 | 0.0 | 0.0 | 21.5 | |
RESULT | |||||||||||
Segment operating | -47.6 | -4.9 | -14.7 | 0.0 | -67.2 | -45.7 | -5.1 | -13.1 | 0.0 | -63.8 | |
Business units operating Group allocations | 67.6 | 1.9 | -8.2 | 0.0 | 61.3 | 50.8 | 4.8 | 7.4 | 0.0 | 63.0 | |
Depreciation, amortisation | -0.7 | -0.3 | -2.6 | 0.0 | -3.5 | -1.0 | -0.4 | -2.4 | 0.0 | -3.8 | |
Impairment losses on loans | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | -0.5 | 0.0 | -0.5 | |
Share of profits (losses) | 0.0 | 0.0 | -1.6 | 0.0 | -1.6 | 0.0 | 0.0 | -0.5 | 0.0 | -0.5 | |
Business units operating | 67.0 | 1.6 | -12.4 | 0.0 | 56.1 | 49.7 | 4.4 | 3.9 | 0.0 | 58.1 | |
Allocated corporate | -13.0 | -1.1 | 14.1 | 0.0 | 0.0 | -9.9 | -1.1 | 11.0 | 0.0 | 0.0 | |
Operating profit | 54.0 | 0.5 | 1.7 | 0.0 | 56.1 | 39.8 | 3.3 | 15.0 | 0.0 | 58.1 | |
Income taxes* | 0.0 | 0.0 | 0.0 | -11.7 | -11.7 | 0.0 | 0.0 | 0.0 | -8.2 | -8.2 | |
Segment profit/loss after | 54.0 | 0.5 | 1.7 | -11.7 | 44.5 | 39.8 | 3.3 | 15.0 | -8.2 | 49.9 |
80
5.2. Geographical revenues
2025 | 2024 | |
Finland | 108.9 | 111.6 |
Sweden | 10.5 | 9.5 |
Other countries | 9.1 | 5.6 |
Total | 128.5 | 126.8 |
Segment information is reported in accordance with the Group’s division of business and geographical
segments. The business segments consist of business units whose products and services and earnings logic
and profitability differ from one another. The business risks related to the business segments are also
different. Evli’s operations are divided by client type and services into two segments: the Wealth Management
and Investor Clients segment and the Advisory and Corporate Clients segment. Operations not included above
are classified as Group Operations. and the business segments mentioned above make use of these
operations.
The Wealth Management and Investor Clients segment offers personal asset management services to present
and future high net worth private individuals and institutions. The product and service selection includes fund
products offered by Evli and its partners. and various capital market services and alternative investment
products. The segment also includes production and implementation activities that directly support core
activities.
The Advisory and Corporate Clients segment provides services related to M&A transactions. including
corporate acquisitions and divestments. and advisory services related to IPOs and share issues. The segment
also provides corporate analysis services for listed companies.
The Group Operations segment includes support functions serving the business areas. such as Information
Management. Financial Administration. Group Marketing, Communications and Investor Relations. Legal
Department. Human Resources and Internal Services. The company’s own investment operations that support
the company’s operations. and the Group’s supervisory functions; Compliance. Risk Control and Internal
Audit. are also part of Group Operations.
Inter-segment pricing occurs in arm’s length transactions at fair value. The revenue and expenses that are
deemed as directly attributable to or can be allocated on a reasonable basis to a particular business area are
allocated to that business area. The revenue and expenses that are not allocated to a particular business area.
and the inter-business area eliminations in the Group. are reported under Group Operations. The distribution
of the Group’s assets and liabilities among the business areas is not monitored on a regular basis and is
therefore not reported in connection with the segment reporting.
81
6. Notes on the risk position
Evli operates in a constantly changing market environment, which subjects the company to risks caused by
changes in the business environment and the company’s own operations.
Risk management refers to actions aimed at systematically surveying, identifying, analyzing, managing, and
preventing risks. The objective of risk management is to:
– ensure the sufficiency of own assets in relation to risk positions
– ensure that fluctuations in financial results and valuations remain within the confirmed objectives and
limits
– price risks correctly to achieve sustainable profitability
– support the uninterrupted implementation of the Group’s strategy and income generation .
Organization of the control operations
Evli’s Board is primarily responsible for Evli Group’s risk management. The Board confirms the risk
management policies, responsibilities, the Group’s risk limits, and other general guidelines governing how risk
management and internal control are to be organized.
In addition to the general risk management policies, Evli Group’s risk management is founded on the three
lines model..
The first line
that risk management is at a sufficient level in each respective unit.
The second line
The Risk Control function oversees daily operations and compliance with the risk limits granted to the business
units as well as compliance with risk-taking policies and guidelines. The Compliance function is responsible for
ensuring compliance with the rules in all of the Group’s operations by supporting operating management and
the business units in applying the provisions of the law, the official regulations and internal guidelines, and in
identifying, managing and reporting on any risks of insufficient compliance with the rules. The control
functions report findings to the Audit and Risk Committee, the Executive Group, and the Board of Directors.
The third line
the Board of Directors and the senior management, and is organized administratively under the CEO. Internal
Audit assesses the functioning of the Group’s internal control system, the appropriateness and efficiency of
the functions and compliance with instructions. It does this by means of inspections that are based on the
internal audit action plan adopted annually by the Audit and Risk Committee of the Board.
Main risk areas
Evli divides risks into three main categories:
1. Strategic risks: Changes in the market environment and new products
2. Financial risks: Market, liquidity and credit risks
3. Operational risks: Practices, processes and information systems
Strategic risks
Strategic risk is closely linked to a change in either the market environment, customer behavior or the
company’s own operations. In terms of own operations, this could be new products or partnerships. Changes
in the business environment and customer behavior have a significant impact on Evli’s performance, which is
why strategic risks are actively monitored and managed.
The performance of assets under management is a key determinant of the returns of Wealth Management
and it depends on factors such as the performance of capital markets, the general demand for investment
products and the success of investment operations. As a result, the Group’s fee income is partly dependent on
general stock and interest rate market developments. Market developments and investment trends also
influence the type of investment products that customers are interested in.
Evli cannot influence general market developments or the state of the economy through its activities, but
through its own actions it can reduce its sensitivity to changes in the market environment. Evli’s management
aims to contribute to improving the manageability and profitability of its operations by ensuring efficient
organization of its businesses and diversification of its income base through the provision of a wide range of
investment products and services. In addition, the Group’s management seeks to oversee key business
development projects and, where appropriate, make financially sound acquisitions to scale up operations. Evli
82
seeks to identify and manage strategic risks by analyzing market developments and the competitive
environment. The strategy and related risks are regularly on the Board’s agenda.
Financial risks
Financial risk is a risk caused by the operating environment of the company and any market changes therein.
Financial risks include market risk that contains equity, currency and interest rate risk and liquidity and credit
risk.
6.1. Market risks
Market risk refers to the possibility of loss due to fluctuations in market prices (price risk).
The market risk affecting Evli can be either direct or indirect. Direct market risk refers to the company’s
sensitivity to market changes through its own financial assets and liabilities. In addition to direct market risks,
Evli is indirectly exposed to market changes, for example when a general market downturn reduces the
amount of assets under management for clients and thus the management fees linked to them. In addition, a
sharp fall in prices tends to drive investors to redeem their investments, which decreases the amount of
assets under management. In addition, advisory services tend to be less in demand in times of market stress .
Market risks can be divided into equity, interest rate and currency risks. Equity risks mean the sensitivity of the
company’s profitability and market value in the balance sheet to the changes in the general price level of the
stock market. The company’s direct equity risks consist of Corporate Finance operations, temporary position
of the brokerage business and strategic investments. The majority of the company’s strategic investments are
private equity funds in which the company has acted as either a product developer and/or distributor. In
addition, the company has made investments in liquid investment funds it manages and in individual smaller
companies. Since 2.4.2022, Evli has also an investment in Alisa Bank Plc which fair value changes are
recognized directly in equity. In principle, all investments are valued using market quotes. When a public
market price is not available, the investment portfolio and the assets of the trading book are valuated using
theoretical valuation methods. Instruments measured by theoretical means were recognized entirely through
profit or loss during the financial year, because the maturity periods of theoretically measured agreements
are short, and the accounting parameters used are primarily based on information from the markets. At the
end of the fiscal year 2025, a 10 percent change in Evli’s investment portfolio would have corresponded to a
EUR 4.2 million change in equity.
Interest risk means the sensitivity of the company’s profitability or balance sheet to the changes in the general
interest rate. Interest rate risk arises from, among other things, the company’s investments in fixed -income
funds. Any current or non-current interest-bearing loans also expose Evli to interest rate risk. A change of 100
basis points in interest rates would have a EUR 0.4 million effect on Evli’s equity.
Currency risk refers to the uncertainty of cash flow and earnings caused by changes in exchange rates. Evli’s
operative actions are mainly denominated in euros. The Group has some cash flow and assets in other
currencies than Euro, but this is minor and does not expose the Group to significant currency risk. Evli does
not specifically monitor changes in exchange rates with regard to investment operations but considers them
to be part of the change in the fair value of the investment. The Group’s most significant currency position
was in Swedish crowns, which the Group had at the end of the review period for EUR 7.9 million. This was
mainly related to Evli’s operations in Sweden. A 10 percent change in the exchange rate would have an effect
of EUR 0.8
million on the Group’s equity.
In solvency calculation, the Group’s market risk is measured by the positions related to the trading book. In
accordance with minimum capital adequacy calculation, the necessary amount of own funds is set aside to
cover market risk. The minimum capital requirement is calculated for the position risk of the trading book and
for the currency risk of the operations as a whole. The Group’s investments classified under the trading book
amounted to EUR 0.0 million at December 31, 2025. The minimum capital requirements for market risk were
accordingly EUR 0.0
million at December 31, 2025.
6.1.1. Minimum capital requirement from market risk
Original exposure | Risk-weighted | |
value | exposure value | |
Trading | ||
Equity instruments | 0.0 | 0.0 |
Total | 0.0 | 0.0 |
83
6.1.2. Assets and liabilities in domestic and foreign currencies
Domestic | Foreign | ||
2025 | currency | currency | Total |
Assets | |||
Financial assets at amortized | |||
Cash and cash equivalents | - | - | - |
Claims on credit institutions | 141.6 | 11.3 | 152.8 |
Claims on the public and public sector | 9.5 | 0.4 | 9.9 |
Financial assets at fair | |||
Debt securities | 2.2 | - | 2.2 |
Shares and participations | 38.8 | 3.7 | 42.4 |
Derivative contracts | 6.8 | - | 6.8 |
Other asset items | 140.0 | 12.0 | 152.0 |
Total | 338.9 | 27.3 | 366.2 |
Liabilities | |||
Financial liabilities at amortized | |||
Liabilities to credit institutions | 5.3 | - | 5.3 |
Liabilities to the public and public | - | - | - |
Debt securities issued to | 109.6 | - | 109.6 |
Financial liabilities at fair | 6.8 | - | 6.8 |
Other liabilities items | 76.1 | 8.7 | 84.8 |
Total | 197.8 | 8.7 | 206.5 |
6.2. Liquidity risk
Liquidity risk is the risk that Evli’s available cash and cash equivalents are not sufficient to cover the needs of
the business and thus jeopardizing continuity.
In terms of liquidity risk, the Group has a conservative risk appetite. The Group’s liquidity is constantly
monitored, and it is maintained by keeping a significant part of the company’s assets either in bank deposits
available on demand or invested in liquid low-risk assets that can be quickly converted into cash. In addition to
investments, the company’s assets are tied up in loans it has granted, against which the company has sought
to raise longer-term financing by issuing structured bonds. The financing from the bonds is not fully available,
because part of the funds is committed to collateral that Evli places with various market counterparties in
situations where the hedge on structured products is loss-making. Funds are also used in settlement due to
settlement issues and the provision of collateral .
The Investment Firms Regulation requires investment services firms to hold liquid assets of at least one third
of the capital requirement for fixed overheads calculated in accordance with the Regulation. The capital
requirement calculated on the basis of Evli’s fixed overheads is EUR 17.0
million and the liquidity requirement
calculated on this basis is EUR 5.7
million. Evli Group’s liquid assets amounted to EUR 152.8 million on
December 31, 2025.
The following table illustrates the contractual maturity analysis of financial liabilities.
84
6.2.1 Maturities of assets and liabilities
2025 | 2024 | |||||||||
Maturity:less | Maturity: | Maturity: | Maturity: | Maturity:less | Maturity: | Maturity: | Maturity: | |||
Total | than 3 months | 3-12 months | 1-5 years | over 5 years | Total | than 3 months | 3-12 months | 1-5 years | over 5 years | |
Assets | ||||||||||
Financial assets measured at | - | - | - | - | - | - | - | - | - | - |
Cash and cash equivalents | - | - | - | - | - | - | - | - | - | - |
Receivables from | 152.8 | 152.8 | - | - | - | 131.2 | 131.2 | - | - | - |
Receivables from | 9.9 | 3.8 | 1.0 | 4.9 | 0.3 | 10.7 | 1.9 | 3.0 | 5.9 | - |
Financial assets measured at | ||||||||||
Debt securities | 2.2 | - | - | 2.2 | - | 3.3 | - | - | 3.3 | - |
Shares and holdings | 42.4 | 30.4 | - | - | 12.0 | 42.0 | 29.7 | - | - | 12.4 |
Derivative contracts | 6.8 | 0.6 | 1.2 | 4.9 | - | 7.1 | 1.4 | 0.0 | 6.2 | -0.4 |
Accrued interest | 0.2 | 0.0 | 0.2 | - | - | 0.4 | 0.1 | 0.4 | - | - |
Other assets | 152.0 | 152.0 | - | - | - | 93.4 | 93.4 | - | - | - |
Liabilities | ||||||||||
Financial liabilities measured | ||||||||||
Liabilities to credit institutions | 5.3 | 5.3 | - | - | - | 6.0 | 6.0 | - | - | - |
Debt securities issued to | 109.6 | 2.4 | - | 96.0 | 11.3 | 99.6 | 15.8 | 0.5 | 73.6 | 9.7 |
Financial liabilities measured | 6.8 | 0.6 | 1.2 | 4.9 | - | 7.1 | 1.4 | 0.0 | 6.2 | -0.4 |
Accrued interest, | - | - | - | - | - | - | - | - | - | - |
Other liabilities | 76.5 | 76.5 | - | - | - | 95.5 | 95.5 | - | - | - |
Off-balance | 3.9 | 0.4 | - | - | 3.5 | 3.2 | 0.4 | 0.0 | 0.1 | 2.7 |
Right-of-use liabilities | 8.3 | 0.7 | 2.0 | 5.6 | 0.0 | 9.6 | 0.6 | 1.8 | 7.1 | 0.0 |
85
6.3. Credit risks
Credit risk is the risk of loss in the event that a customer or a counterparty of an Evli Group company fails to
meet its obligations under a credit relationship and any collateral provided is insufficient to cover the
receivable. Credit risk also includes country and settlement risks. Country risk is the credit risk associated with
foreign claims allocated by country. Settlement risk is the risk of loss of the receivable being settled,
associated with the settlement process.
Credit risks are mainly managed through customer and counterparty-specific limits and collateral
requirements. These, in turn, are monitored and managed on a daily basis. The management of settlement
risk focuses on ensuring the suitability and reliability of counterparties. In principle, clearing is concentrated in
reliable clearing houses. Independent members of the executive management approves all counterparties
with whom non- standardized derivatives agreements are made. The company has pledged cash to
marketplaces and clients have pledged their client portfolios to Evli.
The table below shows the collateral given and received:
6.3.1. Collaterals set and received
2025 | 2024 | |||||
Fair value of | Fair value of | of which usable | Fair value of | Fair value of | of which usable | |
encumbered assets | unencumbered assets | as collateral | encumbered assets | unencumbered assets | as collateral | |
Assets | ||||||
Liquid assets and Central | - | - | - | - | - | - |
Debt securities eligible for | - | - | - | - | - | - |
Claims on credit institutions | 0.7 | 152.1 | 152.1 | 2.3 | 128.9 | 128.9 |
Claims on the public and public sector | - | 9.9 | - | - | 10.8 | - |
Debt securities | - | 2.2 | 2.2 | - | 3.3 | 3.3 |
Shares and participations | - | 64.5 | 42.4 | - | 66.0 | 42.0 |
Other assets | - | 137.6 | - | - | 152.6 | - |
Total | 0.7 | 366.2 | 196.7 | 2.3 | 361.6 | 174.2 |
6.3.2. Usage of collateral
2025 | 2024 | |
Set collaterals | ||
Markeplace collateral, | 0.1 | 0.1 |
Collateral for OTC | 0.7 | 2.1 |
Collateral for securities | 0.0 | 0.1 |
Total | 0.8 | 2.3 |
Received collateral | ||
Received cash | 5.3 | 6.0 |
Received secutiries | 79.3 | 84.2 |
Total | 84.6 | 90.3 |
86
6.4. Expected credit losses
Evli calculates the Expected Credit Loss (ECL) for financial assets measured at amortized cost for each
reporting date. The expected credit loss is a probability-weighted estimate of the credit risks that will
materialize.
The credit risks of financial assets are under constant scrutiny at the company. The company monitors various
factors, both quantitative and qualitative, which are estimated to be significant in evaluating credit risk.
Estimates of future economic trends are also taken into account.
Credit risk is assessed through a three-phase model, where the credit loss for Phase 1 exposures is estimated
for the following 12 months. If the credit risk of a receivable has grown substantially after a loan is granted,
the receivable’s risk level is raised to Phase 2, in which case the expected credit loss is estimated for the entire
exercise period. In a situation where one or more factors negatively affecting the solvency of the counterparty
has occurred, the credit is raised to Phase 3. A loan is recognized as non-performing when more than 90 days
have passed without the borrower paying interest or making repayment or if it is estimated that the borrower
is unlikely to perform on its future payment obligations.
If based on all available information it is estimated that the credit risk has decreased substantially after the
loan’s risk level has been raised to phase 2, and the risk is at the same level as at the time of granting the loan,
the loan’s risk level can be returned to phase 1.
The amount of expected credit losses (ECL) is calculated using the formula:
ECL = exposure x probability of default (%) x total loss when realization of collateral is included.
The parameters are generally measured on the Group levels, and financial assets are classified into Groups of
assets with similar risks and collateral. The probability of default of counterparties is primarily measured with
statistical data on the problem receivables in the credit stock on the national level. For sales receivables, a
simplified procedure is used. The Group has no assets in the ‘measured at fair value through comprehensive
income’ class and the debt securities are not valued at amortized cost. For credits that have been transferred
to Phase 2, unique calculation parameters are always defined at the time of transfer.
The table to the right shows the distribution of loans granted and the number of non-performing credits.
6.4.1 distribution of loans
2025 | Loans | Average remaining maturity years | Overdue by at least 90 days | Impaired loans |
Exposure and home country | ||||
Private Persons | 4.8 | 0.3 | 0.0 | 0.0 |
Corporations Finland | 5.1 | 1.8 | 0.0 | 0.0 |
Other sectors Finland | 0.0 | 0.0 | 0.0 | 0.0 |
Private persons | 0.0 | 0.0 | 0.0 | 0.0 |
Corporations EU countries | 0.0 | 0.0 | 0.0 | 0.0 |
Private persons | 0.0 | 0.0 | 0.0 | 0.0 |
Total | 9.9 | 1.0 | 0.0 | 0.0 |
2024 | Loans | Average remaining maturity years | Overdue by at least 90 days | Impaired loans |
Exposure and home country | ||||
Private Persons | 5.1 | 0.8 | 0.0 | 0.0 |
Corporations Finland | 5.7 | 1.2 | 0.0 | 0.0 |
Other sectors Finland | 0.0 | 0.0 | 0.0 | 0.0 |
Private persons | 0.0 | 0.0 | 0.0 | 0.0 |
Corporations EU countries | 0.0 | 0.0 | 0.0 | 0.0 |
Private persons | 0.0 | 0.0 | 0.0 | 0.0 |
Total | 10.8 | 1.0 | 0.0 | 0.1 |
87
The table below shows the balance sheet items broken down into the phases 1-3:
6.4.2. IFRS 9, expected credit losses in stages
Opening balance 1.1., | ||||||
2025 | Amount | Phase 1 | Phase 2 | Phase 3 | Expected credit loss | credit loss provision |
Balance sheet item | - | - | - | - | - | - |
Claims on credit institutions | 152.8 | 152.8 | - | - | - | - |
Claims on the public | 9.9 | 9.9 | 0.0 | - | 0.0 | 0.0 |
Corporates | 5.1 | 5.1 | - | - | 0.0 | 0.0 |
Claims on the public, households | 4.8 | 4.8 | 0.0 | - | 0.0 | 0.0 |
Other | - | - | - | - | - | - |
Accounts receivable | 2.2 | 2.2 | 0.0 | - | - | - |
Unused credit facilities | 0.4 | 0.3 | - | - | - | - |
Total | 165.3 | 165.3 | 0.0 | - | 0.0 | 0.0 |
Opening balance 1.1., | ||||||
2024 | Amount | Phase 1 | Phase 2 | Phase 3 | Expected credit loss | credit loss provision |
Balance sheet item | - | - | - | - | - | - |
Claims on credit institutions | 131.2 | 131.2 | - | - | - | - |
Claims on the public | 10.8 | 10.8 | 0.0 | - | 0.0 | 0.0 |
Corporates | 5.4 | 5.4 | - | - | 0.0 | 0.0 |
Claims on the public, households | 5.4 | 5.4 | 0.0 | - | 0.0 | - |
Other | - | - | - | - | - | - |
Accounts receivable | 5.6 | 5.5 | 0.1 | - | 0.0 | 0.0 |
Unused credit facilities | 0.5 | 0.5 | - | - | 0.0 | 0.0 |
Total | 148.2 | 148.1 | 0.1 | - | 0.0 | 0.1 |
From January 1 to December 31, 2025, there was no transfer from Phase 1 to Phase 2 or transfers from Phase 2 to Phase 3. Evli has no loan payments overdue by 90 days. The expected credit losses are recognized in the profit
and loss account.
88
6.5. Operational risks
Operational risk means a direct or indirect danger or financial loss that is caused by insufficient or failed
internal processes; systems, personnel or external factors. Operational risks also include legal risks and
compliance and data security risks. Therefore, operational risks are associated, for example, with the
management system, operative processes, information systems, persons and various external factors or
threats. In addition to the direct risk of financial loss, operational risk can also take the form of a weakening or
loss of reputation or trust.
Operational risks are seen as a key area of risk management at Evli. Each business unit is responsible for
managing the operational risks of its own business area. Evli continuously pays special attention to the
identification, monitoring and control of operational risks. Business units carry out regular self-assessments of
the operational risks of products, services, persons, operating processes and systems. Evli has prepared a
separate group-wide procedure for identifying, assessing, controlling and reporting risks. Through operational
risk self-assessment, the company aims to identify critical risks and identify appropriate measures to minimize
or control them. The reporting of disruptions to operations and errors and losses caused by operational risks
to the authorities is carried out in accordance with established requirements.
The basic approach to operational risk management is to prevent risks on the one hand, and to minimize the
damage caused by risks on the other. To this end, Evli has, among other things, comprehensive internal
guidelines, which are monitored. Employees are regularly trained, and daily work processes and systems are
actively monitored. Security is ensured and efforts have been made to duplicate critical systems to ensure
continuity. In addition, the company has prepared for possible risks by, among other things, taking out
comprehensive insurance policies.
Evli operates in an industry governed by strict rules and regulations. The company has a separate Compliance
function, which aims to ensure that Evli always complies with laws and regulations. While the materialization
of operational risk often leads to reputational and financial damage, the materialization of compliance risk can
also lead to sanctions imposed by the authorities. Responsibility for compliance and supervision always lies
with top and executive management, and with all managers. Nevertheless, every Evli employee is responsible
for complying with rules and regulations. Compliance risk is managed by monitoring legislative developments
and by continuously training employees internally on upcoming regulatory changes.
Modern investment services are essentially digital, and digital services are a key part of Evli’s strategy. At the
heart of everything Evli does is information systems that involve data protection and security risks. One of the
key objectives of all of the Group’s functions is the efficient, error free and secure processing of information in
a variety of formats. The confidentiality, accuracy and usability of such information is protected at all times.
Evli has designated data protection and information security managers who are responsible for developing,
monitoring, guiding and reporting on data protection and security to management. The capital requirement
for operational risks is part of the capital requirement set out in the Investment Firms Regulation. The own
funds requirement calculated on the basis of the Evli Group’s fixed overheads was EUR 17.0
million and the
Group’s own funds amounted to EUR 42.7
million at December 31, 2025.
6.6. Business continuity
The company’s operations may be threatened by external or internal crises of a physical or other nature. In
crisis situations, an organization must:
– be prepared
– have crisis management capability
– have prepared by means of drills.
To ensure operational continuity, Evli has a continuity plan that covers all of its functions. The purpose of
continuity planning is to ensure that, in the event of certain threats materializing, it is possible to ensure the
safety of the Group’s customers and employees, to protect tangible and intangible property, to comply with
the law and other regulations, to maintain the targeted level of customer service and internal operations and
to preserve the trust of stakeholders. Each continuity plan will include system recovery plans, including
guidelines on how to get information systems into operating condition in situations of severe failure, how to
continue operations and how to return operations to normal. In addition, the company has compiled a
recovery plan that complies with official requirements.
6.7. Managing capital adequacy
An essential element of the regulations is compliance with the solvency requirement set by the regulations
and the Internal Capital And Risk Assesment (ICARA). The capital adequacy regulation is based on the principle
that the quantity, quality and allocation of the company’s own assets must be continuously sufficient to cover
the material risks applied to the supervised party. It is not possible, however, to use capital to replace
deficiencies in the qualitative aspects of risk bearing capacity. Broadly speaking, risk bearing capacity includes
not only capital and profitability, but also reliable management, well-organized internal control and risk
management.
As an investment services firm, Evli complies with the EU Investment Firms Directive (EU 2019/3034 IFD) and
the EU Investment Firms Regulation (EU 2019/2033 IFR). Evli’s Board of Directors has set a minimum target
solvency requirement of 13 percent for the Group. The Group’s capital adequacy ratio was 20.1
percent on
December 31, 2025. More detailed information on the Group’s capital adequacy and capital adequacy
management is available in the Managing capital adequacy section of the annual report.
89
7. Other notes
7.1. Classification of assets and liabilities
Financial assets | Fair value | Fair value through | ||||||
measured | through profit | comprehensive | ||||||
2025 | at amortized cost | and loss | income | Other assets | Total | Level 1 | Level 2 | Level 3 |
Assets | ||||||||
Cash and cash equivalents | 0.0 | - | - | - | 0.0 | - | - | - |
Claims on credit institutions | 152.8 | - | - | - | 152.8 | - | - | - |
Claims on the public and public sector | 9.9 | - | - | - | 9.9 | - | - | - |
Debt securities eligible for | - | - | - | - | - | - | - | - |
Debt securities | - | 2.2 | - | - | 2.2 | - | 0.0 | 2.2 |
Shares and participations | - | 39.0 | 3.5 | - | 42.4 | 30.4 | - | 12.0 |
Derivative contracts | - | 6.8 | - | - | 6.8 | - | - | 6.8 |
Shares and participations in | - | - | - | 22.0 | 22.0 | - | - | - |
Intangible assets and | - | - | - | 44.1 | 44.1 | - | - | - |
Property, | - | - | - | 1.0 | 1.0 | - | - | - |
Other assets | - | - | - | 65.5 | 65.5 | - | - | - |
Leasing assets | - | - | - | 8.3 | 8.3 | - | - | - |
Accrued income and prepayments | - | - | - | 6.0 | 6.0 | - | - | - |
Income tax receivables | - | - | - | 1.6 | 1.6 | - | - | - |
Deferred tax | - | - | - | 3.6 | 3.6 | - | - | - |
Total | 162.7 | 48.0 | 3.5 | 152.1 | 366.2 | 30.4 | 0.0 | 21.1 |
Liabilities | - | |||||||
Liabilities to credit institutions | 5.3 | - | - | - | 5.3 | - | - | - |
Liabilities to the public and public | - | - | - | - | - | - | - | - |
Debt securities issued to | 109.6 | - | - | - | 109.6 | - | - | - |
Financial liabilities at fair | - | 6.8 | - | - | 6.8 | - | - | 6.8 |
Other liabilities | - | - | - | 50.1 | 50.1 | - | - | - |
Accrued expenses and | - | - | - | 29.5 | 29.5 | - | - | - |
Income tax liability | - | - | - | 5.2 | 5.2 | - | - | - |
Deferred tax | - | - | - | - | - | - | - | - |
Liablities total | 114.9 | 6.8 | - | 84.8 | 206.5 | - | - | 6.8 |
90
Financial assets | Fair value | Fair value through | ||||||
measured | through profit | comprehensive | ||||||
2024 | at amortized cost | and loss | income | Other assets | Total | Level 1 | Level 2 | Level 3 |
Assets | ||||||||
Cash and cash equivalents | 0.0 | - | - | - | 0.0 | - | - | - |
Claims on credit institutions | 131.2 | - | - | - | 131.2 | - | - | - |
Claims on the public and public sector | 10.8 | - | - | - | 10.8 | - | - | - |
Debt securities eligible for | - | - | - | - | - | - | - | - |
Debt securities | - | 3.3 | - | - | 3.3 | - | 0.0 | 3.3 |
Shares and participations | - | 39.5 | 2.6 | - | 42.0 | 30.5 | - | 11.6 |
Derivative contracts | - | 7.1 | - | - | 7.1 | - | - | 7.1 |
Shares and participations in | - | - | - | 24.0 | 24.0 | - | - | - |
Intangible assets and | - | - | - | 44.6 | 44.6 | - | - | - |
Property, | - | - | - | 1.1 | 1.1 | - | - | - |
Other assets | - | - | - | 79.3 | 79.3 | - | - | - |
Leasing assets | - | - | - | 9.6 | 9.6 | - | - | - |
Accrued income and prepayments | - | - | - | 3.4 | 3.4 | - | - | - |
Income tax receivables | - | - | - | 1.6 | 1.6 | - | - | - |
Deferred tax | - | - | - | 3.7 | 3.7 | - | - | - |
Total | 142.0 | 49.9 | 2.6 | 167.2 | 361.6 | 30.5 | 0.0 | 21.9 |
Liabilities | - | |||||||
Liabilities to credit institutions | 6.0 | - | - | - | 6.0 | - | - | - |
Liabilities to the public and public | - | - | - | - | - | - | - | - |
Debt securities issued to | 99.4 | - | - | - | 99.4 | - | - | - |
Financial liabilities at fair | - | 7.1 | - | - | 7.1 | - | - | 7.1 |
Other liabilities | - | - | - | 64.7 | 64.7 | - | - | - |
Accrued expenses and | - | - | - | 27.7 | 27.7 | - | - | - |
Income tax liability | - | - | - | 3.0 | 3.0 | - | - | - |
Deferred tax | - | - | - | - | - | - | - | - |
Liablities total | 105.5 | 7.1 | - | 95.5 | 208.1 | - | - | 7.1 |
91
Classification of assets and liabilities
The treatment of assets and liabilities is explained in the accounting policies in section 1.4. When valuing
financial assets and liabilities, Evli classifies balance sheet items into three levels depending on how the
valuation level is determined. For Level 1 balance sheet items, fair values are based on published price
quotations in active markets. For Level 2, the values are determined using valuation models with inputs other
than the quoted prices at Level 1 that are directly or indirectly observable for the asset or liability. The fair
values of Level 3 items are determined using valuation models with inputs that are not directly observable for
the asset or liability.
Valuation level 1 includes quoted shares and participations, mutual funds, exchange -traded derivatives, and
debt securities quoted on active public and over-the-counter markets.
Level 3 shares and participations are generally instruments that are not publicly quoted, such as equity and
real estate funds, unquoted shares and warrants. Level 2 derivatives are forward contracts whose valuation is
calculated using quoted market parameters such as interest rates and exchange rates. Derivatives at level 3
are derivatives whose valuations have been calculated using commonly used derivative pricing models such as
Black- Scholes, or, in the case of OTC instrument, obtained from a counterparty. Valuation involves
parameters that are not quoted on the market, such as volatility. If the volatility used is the publicly available
historical volatility, the change will not have a significant impact on the fair values of level 3 options.
Valuations of debt securities obtained from markets that are not fully active are assigned to valuation level 2.
Valuations of debt securities at valuation level 3 are valuations of illiquid instruments obtained directly from
the organizer of the issue or calculated by Evli.
7.2. Financial instruments measured at fair value through other comprehensive
income
Acquisition price per share as of 1 April 2022: (EUR/share) | 0.59 |
Number of shares: (pcs) | 15,288,303.00 |
Original acquisition, market | 9.0 |
Share price as of 31 December 2024: (EUR/share) | 0.17 |
Number of shares (pcs): | 15,288,303.00 |
Market value as of | 2.6 |
Share price as of 31 December 2025: (EUR/share) | 0.23 |
Number of shares (pcs): | 15,288,303.00 |
Market value as of | 3.50 |
Change in value during | |
(Market value 31 December | 0.9 |
Deferred tax | 0.2 |
Impact of measurement | 0.7 |
Evli Plc was created on April 2, 2022 as a result of a partial demerger. As part of the overall arrangement, Evli
made a significant investment in Alisa Bank Plc, the other entity created in the arrangement. The investment is
of a long-term nature and is not related to the group’s operating activities. For these reasons, the company
presents the effect of the valuation of the investment as a separate item in the statement of comprehensive
income in accordance with IFRS 9. The table above illustrates the impact of the revaluation on the group’s
statement of comprehensive income for the period. The shares are included in the item ‘other shares level 1.
92
7.3. Analysis of financial instruments categorized in level 3
2025 | 2024 | |
Financial assets: | ||
Shares and participations classified | - | - |
Unlisted shares | - | 1.7 |
Venture | 12.0 | 9.8 |
Debt securities | 2.2 | 3.3 |
Quoted equity derivatives | - | - |
OTC equity derivatives | 6.8 | 7.1 |
Total | 21.1 | 21.9 |
Financial liabilities: | ||
Shares and participations classified | - | - |
Quoted equity derivatives | - | - |
OTC equity derivatives | 6.8 | 7.1 |
Total | 6.8 | 7.1 |
Changes in level 3 instruments
Private equity | OTC | OTC | |||
Unlisted | Debt | derivatives - | derivatives - | ||
2025 | shares | estate funds | assets | liabilities | |
At the beginning of period 1.1 | 0.0 | 11.6* | 3.3 | 7.1 | 7.1 |
Purchased | 1.9 | 2.8 | |||
Sold | 0.0 | -0.2 | -4.3 | ||
Fair value change | 0.0 | -1.2 | 0.0 | -0.3 | -0.3 |
Total | 0.0 | 12.0 | 2.2 | 6.8 | 6.8 |
*Unlisted shares and participations have been reclassified investments are, by | |||||
Private equity | OTC | OTC | |||
Unlisted | Debt | derivatives - | derivatives - | ||
2024 | shares | estate funds | assets | liabilities | |
At the beginning of period 1.1 | 2.2 | 10.8 | 2.0 | 5.9 | 6.0 |
Purchased | 1.0 | 1.5 | |||
Sold | -0.4 | 0.0 | -0.2 | ||
Fair value change | -0.1 | -1.9 | 0.0 | 1.2 | 1.1 |
Total | 1.7 | 9.9 | 3.3 | 7.1 | 7.1 |
Total unrealized profit is recorded in net income from securities transactions.
7.4. Fair values and book values of financial assets and financial liabilities
2025 | 2024 | |||
Book value | Fair Value | Book value | Fair Value | |
Financial assets | ||||
Liquid assets | - | - | - | - |
Debt securities eligible for | - | - | - | - |
Claims on credit institutions | 152.8 | 152.8 | 131.2 | 131.2 |
Claims on the public and public sector | 9.9 | 9.9 | 10.8 | 10.8 |
Debt securities | 2.2 | 2.2 | 3.3 | 3.3 |
Shares and participations | 42.4 | 42.4 | 42.0 | 42.0 |
Derivative contracts | 6.8 | 6.8 | 7.1 | 7.1 |
Financial liabilities | ||||
Liabilities to credit institutions | 5.3 | 5.3 | 6.0 | 6.0 |
Liabilities to the public and public | - | - | - | - |
Debt securities issued to | 109.6 | 114.8 | 99.4 | 98.5 |
Derivative contracts | 6.8 | 6.8 | 7.1 | 7.1 |
7.5. Assets under management - as of 31 december
Billion euros | 2025 | 2024 |
Gross | 21.4 | 18.9 |
Net | 18.9 | 16.6 |
Assets under management | ||
Discretionary asset management | 6.7 | 6.1 |
Consultative asset | 0.2 | 0.2 |
Total | 6.9 | 6.3 |
93
8. Consolidation and related party
Consolidation principles
The consolidated financial statements comprise the financial statements of Evli Plc and all its subsidiaries in
which the parent company has control. The Group controls an entity when the Group is exposed to, or has
rights to, variable returns from its involvement with the entity and has the ability to affect those returns
through its power over the entity. Subsidiaries are consolidated from the date on which control is transferred
to the Group. They are deconsolidated from the date that control ceases.
The consolidated financial statements also encompass those associates in which the parent company directly
or indirectly owns 20–50 percent of the shares with voting rights or in which it otherwise exercises significant
influence but not control. Associates are consolidated using the equity method. The Group’s share of
associates’ profit is presented separately in the income statement.
The Group’s internal shareholdings are eliminated using the acquisition method of accounting. The assets,
liabilities, contingent assets and contingent liabilities of a company acquired according to the acquisition
method ddeare assessed at fair value at the time of acquisition. Intangible assets, such as trademarks, patents
or client relationships, that are not included in the acquired company’s balance sheet are identified and
assessed in connection with the acquisition. Goodwill is recognized for the amount by which the transferred
consideration, the share of non-controlling interests of the target of acquisition and the previously held share
of the target of acquisition exceed the Group’s share of the fair value of acquired net assets and liabilities.
All intra-group transactions, receivables, liabilities, unrealized gains and internal distribution of profits are
eliminated in preparing the consolidated financial statements. Unrealized losses are not eliminated if the loss
is due to impairment of an asset. The profit for the period attributable to the parent company’s equity holders
and non-controlling interests is presented in the income statement. The non-controlling interests’ share of
equity is presented separately in the balance sheet within equity. Comprehensive income is allocated to the
parent company’s owners and to non-controlling interests even if this would lead to the non-controlling
interests’ share becoming negative, unless the non-controlling interests have an exemption not to meet
obligations which exceed the non-controlling interests’ investment in the company.
The consolidated financial statements include the parent company Evli Plc and the following subsidiaries and
associates:
Company | Country | Ownership |
Evli Oyj | Finland | 100% |
Terra | UAE | 51% |
Evli Research Partners | Finland | 70% |
Evli Investment | Finland | 85% |
Evli Life Oy | Finland | 100% |
Evli Fund Management | Finland | 100% |
Evli AB | Sweden | 83% |
EAI Residential Partners | Finland | 75% |
Evli Private | Finland | 80% |
Evli Private | Finland | 80% |
Evli Private | Finland | 80% |
Evli Private | Finland | 74% |
Evli Private | Finland | 74% |
EAI Feeder GP Oy | Finland | 100% |
Evli HC I GP Oy | Finland | 82% |
EGP General Partner | Finland | 70% |
EGP General Partner | Finland | 70% |
Evli Infrastructure | Finland | 82% |
Evli Infrastructure | Finland | 82% |
Evli Infrastructure | Finland | 82% |
Evli Impact Forest | Finland | 85% |
Evli Impact Forest | Finland | 100% |
Evli Private | Finland | 85% |
Evli Residential | Finland | 70% |
EAB Private | Finland | 65% |
Project First GP | Finland | 65% |
Project Second GP Oy | Finland | 65% |
Project Third GP Oy | Finland | 65% |
Project Fourth GP Oy | Finland | 65% |
94
Company | Country | Ownership |
EFVAF II GP Oy | Suomi | 100% |
EFVAF III GP Oy | Suomi | 100% |
EFVAF IV GP Oy | Suomi | 100% |
EAB RE Infra II GP Oy | Suomi | 100% |
EAB Pääomarahastot | Suomi | 100% |
EAB Credit Fund I GP Oy | Suomi | 100% |
Elite Älyenergia Oy | Suomi | 100% |
Elite Intian Aurinko | Suomi | 100% |
Elite Kiinteistökehitys | Suomi | 100% |
Elite Sijoitus Oy | Suomi | 100% |
EAB Palvelu Oy | Suomi | 100% |
Elite Vakuutuspalvelu | Suomi | 100% |
Evli Private | Suomi | 85% |
Evli Private | Suomi | 85% |
Evli Private Capital | Suomi | 73% |
Evli Private Capital | Suomi | 73% |
Zenito Oy | Suomi | 66.6% |
Evli Private Equity Co-Investment I GP Oy | Suomi | 82% |
Evli Infrastructure | Suomi | 82% |
Northern Horizon A/S | Tanska | 41% |
Ahti Invest Oy | Suomi | 30% |
SAV Rahoitus Oy | Suomi | 46% |
Allshares Oy | Suomi | 39% |
Entities outside the group
Companies in which the Group has a majority holding but in which a third party has control are not
consolidated in the consolidated financial statements. In addition, holding companies owned in connection
with the management of customer company incentive programs have not been consolidated. Evli is not
entitled to the variable returns of these holding companies and Evli does not bear risk in the companies’
assets or liabilities. Furthermore, funds managed on behalf of clients are also not consolidated, since the
Group has no control over them.
95
8.1. Corporate structure
96
8.2. Financial success in companies with non-controlling owners
2025 | Assets | Liabilities | Revenue | Profit/Loss for financial year | Dividends paid to non-controlling interest | NCI of equity |
Terra | 1.4 | 0.8 | 9.1 | 7.7 | 4.1 | 0.3 |
Evli Research Partners | 0.2 | 0.1 | 0.4 | -0.0 | 0.0 | 0.0 |
Evli Investment | 0.6 | 0.2 | 2.0 | 1.3 | 0.2 | 0.1 |
EAI Residential | 0.8 | 0.1 | 1.6 | 0.6 | 0.1 | 0.2 |
Evli Residential | 0.4 | 0.1 | 0.5 | 0.3 | 0.1 | 0.1 |
Evli Private | 0.5 | 0.2 | 0.4 | 0.3 | 0.0 | 0.1 |
Evli HC I GP Oy | 0.7 | 0.4 | 1.5 | 0.0 | 0.0 | 0.1 |
EGP General Partner | 0.3 | 0.0 | 0.8 | 0.2 | 0.1 | 0.1 |
EGP General | 0.9 | 0.0 | 1.5 | 0.8 | 0.3 | 0.3 |
Evli Infrastructure | 0.4 | 0.1 | 0.4 | 0.3 | 0.0 | 0.1 |
Evli Impact Forest | 0.1 | 0.1 | 0.7 | -0.0 | 0.0 | 0.0 |
Evli Private | 0.8 | 0.1 | 0.7 | 0.5 | 0.0 | 0.1 |
Evli Private | 0.3 | 0.1 | 0.3 | 0.1 | 0.0 | 0.0 |
Evli Private | 0.1 | 0.0 | 0.0 | -0.0 | 0.0 | 0.0 |
Evli Infrastructure | 0.1 | 0.0 | 1.6 | 1.6 | 0.3 | 0.3 |
Evli Private | 1.1 | 0.0 | 3.2 | 2.5 | 0.6 | 1.0 |
Evli Private | 1.3 | 0.1 | 1.4 | 1.1 | 0.1 | 0.1 |
Evli Private | 1.6 | 0.5 | 1.5 | 1.2 | 0.0 | 0.1 |
Evli Private | 0.0 | 0.0 | 0.0 | -0.0 | 0.0 | 0.2 |
EAB Private Equity | 1.0 | 0.0 | 0.8 | 0.6 | 0.1 | 0.4 |
Evli AB | 7.5 | 3.7 | 10.6 | 3.3 | 0.5 | 0.6 |
Zenito Oy | 4.7 | 0.8 | 5.0 | 3.5 | 0.2 | 1.3 |
8.3. Changes in corporate structure
Other changes
During the period, four new companies were established: Evli Infrastructure III GP Oy (Group ownership 82%),
Evli Private Equity Co-Investment I GP Oy (Group ownership 82%), Evli Private Debt III GP Oy (Group
ownership 85%), and EFVAF IV GP Oy (Group ownership 100%).
8.4. Holdings in consolidated associated companies
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | |
Northern | Northern | SAV- | SAV- | ||||
Horizon | Horizon | Ahti | Ahti | Rahoitus | Rahoitus | ||
Company name | Allshares Oy | ||||||
Registered | Denmark | Denmark | Finland | Finland | Finland | Finland | Finland |
Assets | 11.0 | 8.3 | 29.6 | ||||
Liabilities | 6.5 | 4.0 | 6.3 | ||||
Revenue | 7.3 | 6.4 | 20.0 | ||||
Profit (loss) for | 0.1 | ||||||
Ownership (%) | 41.0 | 47.0 | 30.0 | 30.0 | 46.3 | 46.3 | 39.3 |
Balance sheet value in the | 3.0 | 3.0 | 1.0 | 1.0 | 0.0 | 0.2 | 18.0 |
8.5. Related party disclosures
2025 | 2024 | |
Board | ||
Board fees | 0.4 | 0.4 |
CEO | ||
Salary and short term benefits | 0.5 | 0.5 |
Pension benefits | 0.1 | 0.1 |
Deferred compensation | 0.5 | 0.4 |
Other executive | 1.1 | 1.0 |
Other executive | ||
Salary and short term benefits | 1.2 | 1.2 |
Pension benefits | - | - |
Deferred compensation | 0.8 | 0.5 |
Total | 2.0 | 1.7 |
The amounts shown in the table above correspond to the expenditure recognized as expenses in the financial
periods concerned. Salary amounts include any fringe benefits. Share-based payments include share-based
incentive programs awards amortized over the financial period. Some of the awards are deferred and their
final value will be determined at a later date when the fees are confirmed and paid.
97
8.6. Transactions with related parties
Associated | Group | |
companies | management | |
2025 | ||
Sales | 0.8 | 0.0 |
Purchases | 1.4 | 0.0 |
Receivables | 0.0 | 0.0 |
Liabilities | 0.0 | 0.0 |
2024 | ||
Sales | 1.6 | 0.0 |
Purchases | 1.1 | 0.0 |
Receivables | 1.0 | 0.0 |
Liabilities | 0.3 | 0.0 |
Evli Plc’s (“Evli”) related parties include the associated companies Allshares Ltd, Northern Horizon A/S, SAV-
Rahoitus Oyj and Ahti Invest Oy. Related parties also include key management personnel, their close family
members and companies controlled by these persons. The parent company of the group has granted its
subsidiaries internal, interest -free group loans to meet the daily operational needs and requirements of their
business.
Transactions between management and the company are typical of transactions between an investment
services firm and a client. The company’s receivables from management relate to any investment loans
granted to management on market terms. There are no loan arrangements between the company and
management that differ from other Evli customers.
8.7. Fees paid to auditors
Group | 2025 | 2024 |
Audit | ||
Ernst & Young | 0.4 | 0.4 |
Engagements | ||
Ernst & Young | 0.0 | 0.0 |
Tax advisory | ||
Ernst & Young | 0.0 | 0.0 |
Other services | ||
Ernst & Young | 0.0 | 0.0 |
Total | 0.4 | 0.4 |
Parent company | 2025 | 2024 |
Audit | ||
Ernst & Young | 0.2 | 0.1 |
Engagements | ||
Ernst & Young | 0.0 | 0.0 |
Tax advisory | ||
Ernst & Young | 0.0 | 0.0 |
Other services | ||
Ernst & Young | 0.0 | 0.0 |
Total | 0.2 | 0.1 |
98
Parent company’s income statement
Note | 2025 | 2024 | |
Fee and commission | 9.1 | 66.2 | 61.7 |
Net income from | 9.2 | 3.3 | 1.2 |
Income from | 9.3 | ||
Subsidiaries | 12.7 | 14.6 | |
Associated companies | 0.0 | 0.4 | |
Other | 0.0 | 0.1 | |
Interest income | 9.4 | 5.5 | 9.4 |
Other operating | 9.5 | 3.9 | 3.3 |
INCOME TOTAL | 91.6 | 90.7 | |
Fee and commission | 9.6 | -10.3 | -7.3 |
Interest expenses | 9.7 | -3.1 | -4.8 |
NET REVENUE | 78.2 | 78.6 | |
Administrative | |||
Personnel expenses | 9.8.1 | -23.8 | -22.1 |
Other administrative | 9.9 | -16.1 | -14.9 |
Depreciation and amortization | 9.10 | -3.2 | -3.3 |
Other operating | 9.11 | -2.9 | -3.2 |
Expected credit losses | 0.0 | 0.1 | |
Impairment losses from | 9.12 | -0.2 | -0.6 |
OPERATING | 32.0 | 34.7 | |
Appropriations | 3.5 | 1.2 | |
Income taxes | 9.13 | -5.9 | -5.2 |
PROFIT / LOSS FOR | 29.6 | 30.7 |
99
Parent company’s balance sheet
ASSETS | Note | 2025 | 2024 |
Cash and equivalents | 9.14 | 0.0 | 0.0 |
Claims on credit institutions | 9.15 | ||
Repayable | 106.0 | 96.8 | |
Others | 0.8 | 2.3 | |
Claims on the public and public sector | 9.16 | 22.8 | 26.3 |
Debt securities | 9.17 | 2.2 | 3.3 |
Shares and participations | 9.18 | 40.8 | 40.3 |
Shares in associates companies | 9.20 | 10.8 | 11.2 |
Shares in subsidiaries | 17.7 | 17.7 | |
Derivative contracts | 9.19 | 6.8 | 7.1 |
Intangible assets and | 9.21 | 10.3 | 13.2 |
Property, | 9.22 | 1.0 | 1.0 |
Other assets | 9.23 | 12.9 | 7.4 |
Accrued income and prepayments | 9.24 | 2.3 | 1.4 |
Deferred tax | 9.25 | 1.1 | 1.3 |
TOTAL | 235.6 | 229.3 |
LIABILITIES AND EQUITY | Note | 2025 | 2024 |
LIABILITIES | |||
Liabilities to credit institutions | 9.26 | 5.3 | 6.0 |
Liabilities to the public and public | 0.0 | 0.0 | |
Debt securities issued to | 9.27 | 109.6 | 99.4 |
Derivative contracts | 9.28 | 6.8 | 7.1 |
Other liabilities | 9.29 | 4.8 | 4.6 |
Accrued expenses and | 9.30 | 11.9 | 12.9 |
Deferred tax | 0.0 | 0.0 | |
TOTAL | 138.4 | 130.1 | |
EQUITY | |||
Share capital | 53.7 | 53.7 | |
Fair value fund | -4.4 | -5.1 | |
Fund of invested | 15.9 | 15.9 | |
Retained earnings | 2.3 | 3.9 | |
Profit for the period | 29.6 | 30.7 | |
TOTAL | 9.31 | 97.2 | 99.2 |
TOTAL | 235.6 | 229.3 |
100
Parent company’s statement of cash flow
2025 | 2024 | |
Operating activities | ||
Operating profit | 32.0 | 34.7 |
Adjustments for | 3.3 | 3.8 |
Income taxes | -7.1 | -5.6 |
Cash flow from operating | 28.3 | 32.8 |
Change in operating | 14.2 | 4.5 |
Change in operating | -2.5 | 0.1 |
Cash flow from operating | 40.0 | 37.5 |
Investing | ||
Change in participating interest | -0.1 | -2.5 |
Change in intangible | -0.1 | -0.3 |
Change in property, | -0.1 | -0.2 |
Cash flow from investing | -0.3 | -2.9 |
Financing activities | ||
Change in loans from | -0.8 | 2.7 |
Distributions | -31.2 | -30.7 |
Cash flow from financing | -31.9 | -28.1 |
Cash and cash equivalents | 99.1 | 92.7 |
Cash and cash equivalents | 106.8 | 99.1 |
Change | 7.7 | 6.5 |
101
Parent Company’s accounting policies
Basic information on the company
Evli Plc (“Evli” or “company”) is domiciled in Helsinki, and its registered address is Aleksanterinkatu 19, 00100
Helsinki, Finland.
Evli’s financial statements have been prepared and presented in accordance with the provisions of the Act on
Credit Institutions, the Ministry of Finance decision regarding credit institutions’ and investment services
providers’ financial statements and the Financial Supervisory Authority’s regulations. In addition, the
provisions of the Accounting Act and the Limited Liability Companies Act concerning financial statements are
complied with the exceptions mentioned in Article 30(2) of the Act on Credit Inst itutions.
Evli’s accounting policies are consistent with those of the Evli Group, except as described below.
Employee benefits
The Evli Group finances all its retirement plans as contributions to pension insurance companies.
Income and deferred taxes
Deferred tax is generally calculated on all temporary differences between the carrying amount of an asset or
liability in the balance sheet and its tax base. The largest temporary differences arise from the depreciation of
fixed assets.
Brokerage receivables and liabilities
The brokerage receivables and liabilities have been netted according to FSA’s regulations.
Leases
Leases of property, plant and equipment in which substantially all the company’s risks and rewards of
ownership are classified as finance leases. In Evli’s financial statements, leases payable under these contracts
are treated as rental expenses. Moreover, an asset acquired under a finance lease is not included in the
balance sheet.
102
Parent company’s notes to income statement
9.1. Fee and commission income
2025 | 2024 | |
Credit related fees | 0.0 | 0.0 |
Income from | 0.1 | 0.0 |
Insurance brokerage | - | - |
Advisory services | 2.6 | 1.9 |
Securities brokerage | 10.9 | 5.7 |
Securities issue | - | - |
Mutual funds | 44.4 | 45.1 |
Asset management | 7.4 | 6.7 |
Custody services | 0.6 | 0.7 |
Other operations | 0.2 | 1.6 |
Commission income, total | 66.2 | 61.7 |
Profits and losses on sales and changes in the fair value of securities transactions are recorded in the profit and
loss statement. In addition, exchange rate profits and losses relating to the underlying business are recorded
under net income from foreign exchange operations.
9.2. Net income from securities transactions
Gains and | Changes in | Other | ||
losses on sales | fair value | items | Total | |
2025 | ||||
Debt securities | 0.0 | 0.0 | 0.0 | |
Shares and derivative | 0.0 | 0.0 | 0.0 | |
Net income from | 2.6 | -0.5 | 0.0 | 2.2 |
Net income from | 1.3 | -0.1 | 1.2 | |
Net income from operations, total | 3.9 | -0.6 | 0.0 | 3.3 |
2024 | ||||
Debt securities | 0.5 | 0.0 | 0.5 | |
Shares and derivative | 0.0 | 0.2 | 0.2 | |
Net income from | 0.5 | 0.2 | 0.0 | 0.7 |
Net income from | 0.9 | -0.4 | 0.5 | |
Net income from operations, total | 1.4 | -0.2 | 0.0 | 1.2 |
9.3. Income from equity investments
2025 | 2024 | |
Dividends from | 0.0 | 0.1 |
Dividends from | 12.7 | 14.6 |
Dividends from | 0.0 | 0.4 |
Income from | 12.7 | 15.1 |
9.4. Interest income
2025 | 2024 | |
Claims on credit institutions | 5.0 | 8.5 |
Claims on the public and public sector | 0.3 | 0.7 |
Other interest | 0.2 | 0.2 |
Interest income, | 5.5 | 9.4 |
103
9.5. Other operating income
2025 | 2024 | |
Rental income | 0.0 | 0.0 |
Gain on sale of owner | 0.0 | 0.0 |
Other income | 3.9 | 3.3 |
Other operating | 3.9 | 3.3 |
9.6. Fee and commission expenses
2025 | 2024 | |
Trading | -0.0 | -0.1 |
Other commission expenses | -10.3 | -7.1 |
Commission expenses, | -10.3 | -7.3 |
9.7. Interest expenses
2025 | 2024 | |
Liabilities to the public, public | -0.1 | -0.2 |
Debt securities issued to | -3.0 | -4.7 |
Other interest | -0.0 | -0.0 |
Interest expenses, | -3.1 | -4.8 |
9.8.1. Personnel expenses
2025 | 2024 | |
Wages and | -20.1 | -19.0 |
Social security costs | ||
Pension expenses | -2.8 | -2.7 |
Other social security costs | -0.5 | -0.4 |
Equity-settled share | -0.4 | 0.0 |
Employee benefits, total | -23.8 | -22.1 |
Detailed information on executive remuneration can be found in the remuneration annex of the annual report.
9.8.2. Personnel count
2025 | 2024 | |
Number of personnel during | 190 | 188 |
Number of personnel | 191 | 188 |
Number of employees | ||
Wealth Management | 127 | 131 |
Advisory and Corporate Clients | 9 | 9 |
Group Operations | 55 | 48 |
Total | 191 | 188 |
9.9. Other administrative expenses
2025 | 2024 | |
Office expenses | -1.2 | -1.5 |
IT and infosystems | -9.0 | -8.2 |
Business expenses | -0.8 | -1.1 |
Travel expenses | -0.3 | -0.5 |
Car costs | -0.0 | -0.1 |
Other HR related expenses | -1.9 | -1.2 |
Marketing expenses | -1.1 | -0.9 |
Banking and custodian | -0.7 | -0.6 |
External services | -1.0 | -1.0 |
Other administrative | -16.1 | -14.9 |
9.10. Depreciation and amortization on tangible and intangible assets
2025 | 2024 | |
Applications and software | -0.4 | -0.6 |
Other intangible | 0.0 | 0.0 |
Leasehold improvements | 0.0 | 0.0 |
Equipment and | -0.2 | -0.1 |
Depreciation of goodwill | -2.6 | -2.6 |
Depreciation, amortization | -3.2 | -3.3 |
104
9.11. Other operating expenses
2025 | 2024 | |
Supervision expenses | -0.4 | -0.6 |
Rental expenses | -2.5 | -2.6 |
Other expenses | - | - |
Other operating | -2.9 | -3.2 |
9.12. Expected credit losses on loans and other receivables
2025 | 2024 | |
Claims on the public and public sector | ||
Expected credit losses | 0.0 | 0.0 |
Expected credit losses | 0.0 | 0.0 |
Guarantees | 0.0 | 0.0 |
Sales receivables | 0.0 | 0.0 |
Realised loan losses | 0.0 | 0.1 |
Impairment losses on other financial | -0.2 | -0.6 |
Impairment losses, total | -0.2 | -0.5 |
9.13. Income taxes
2025 | 2024 | |
Current tax expense | -5.8 | -5.1 |
Taxes from previous years | 0.0 | -0.1 |
Deferred taxes | 0.0 | 0.0 |
Other taxes | 0.0 | 0.0 |
Income taxes, | -5.9 | -5.2 |
105
Parent company’s notes to balance sheet
9.14. Cash and equivalents
2025 | 2024 | |
Petty cash | 0.0 | 0.0 |
Balances with central banks | 0.0 | 0.0 |
Other | 0.0 | 0.0 |
Cash and cash equivalents | 0.0 | 0.0 |
9.15. Claims on credit institutions
2025 | 2024 | |
Repayable | ||
Domestic credit institutions | 106.0 | 96.5 |
Foreign credit institutions | 0.1 | 0.3 |
Repayable | 106.0 | 96.8 |
Other than repayable | ||
Domestic credit institutions | 0.1 | 0.3 |
Foreign credit institutions | 0.7 | 2.1 |
Other than repayable | 0.8 | 2.3 |
Claims on credit institutions, | 106.8 | 99.1 |
9.16. Claims on the public and public sector entities
2025 | 2024 | |
Enterprises and housing associations | 3.7 | 4.3 |
Financial and insurance | 0.3 | 0.3 |
Households | 7.1 | 5.0 |
Foreign countries | 1.0 | 1.0 |
Group companies | 10.7 | 15.5 |
Claims on the public and public sector | 22.8 | 26.3 |
9.17. Debt securities
2025 | 2024 | |
Publicly quoted | 0.0 | 0.0 |
Others | ||
Bonds issued by banks | 2.0 | 2.0 |
Other debt securities | 0.2 | 1.3 |
Debt securities, total | 2.2 | 3.3 |
Debt securities are valued at fair value and relate to Finnish investments.
9.18. Shares and participations
2025 | 2024 | |
Publicly quoted | ||
Held for trading | 0.0 | 0.0 |
Other | 30.4 | 30.5 |
Shares and participations, total | 30.4 | 30.5 |
Others | ||
Held for trading | ||
Other | 10.3 | 9.8 |
Others, total | 10.3 | 9.8 |
Shares and participations, total | 40.8 | 40.3 |
Net risk position is described in section Market Risk, Notes on Risk Position.
106
9.19. Derivative contracts
Remaining maturity | ||||||
2025 | Less than 1 year | 1-5 years | 5-15 years | Fair value(+/-) | ASSETS | LIABILITIES |
Held for trading | ||||||
Interest rate | 0.0 | 6.5 | 0.3 | 0.0 | 6.8 | 6.8 |
Futures | ||||||
Options bought | ||||||
Options sold | ||||||
Currency-linked | ||||||
Held for trading, total | 0.0 | 6.5 | 0.3 | 0.0 | 6.8 | 6.8 |
2024 | ||||||
Held for trading | ||||||
Interest rate | 1.4 | 6.2 | -0.4 | -0.1 | 7.1 | 7.1 |
Futures | ||||||
Options sold | ||||||
Currency-linked | ||||||
Held for trading, total | 1.4 | 6.2 | -0.4 | -0.1 | 7.1 | 7.1 |
9.20. Shares and participations in associates and joint ventures
2025 | 2024 | |
At the beginning | 11.1 | 6.2 |
Additions | 0.1 | 5.5 |
Disposals | -0.5 | -0.6 |
At the end of the | 10.8 | 11.1 |
107
9.21. Intangible assets and goodwill
2025 | 2024 | |
Goodwill | ||
Cost at 1.1. | 19.2 | 19.2 |
Increases/Decreases | 0.0 | 0.0 |
Cost at 31.12. | 19.2 | 19.2 |
Accumulated depreciation | -7.0 | -4.4 |
Impairment losses for | -2.6 | -2.6 |
Accumulated depreciations | -9.6 | -7.0 |
Book value at 31.12. | 9.7 | 12.2 |
Applications and software | ||
Cost at 1.1. | 23.0 | 22.7 |
Increases/Decreases | 0.1 | 0.3 |
Cost at 31.12. | 23.1 | 23.0 |
Accumulated amortisation | -22.1 | -21.5 |
Amortisation for the | -0.4 | -0.6 |
Accumulated amortisation | -22.5 | -22.1 |
Book value at 31.12. | 0.6 | 0.9 |
Other intangible | ||
Cost at 1.1. | 2.5 | 2.5 |
Increases/Decreases | -0.2 | 0.0 |
Cost at 31.12. | 2.3 | 2.5 |
Accumulated amortisation | -2.5 | -2.5 |
Amortisation for the | 0.2 | 0.0 |
Accumulated amortisation | -2.3 | -2.5 |
Book value at 31.12. | 0.0 | 0.0 |
The most significant | ||
Book value of intangible | 10.3 | 13.2 |
Intangible assets, | 10.3 | 13.2 |
9.22. Property, plant and equipment
2025 | 2024 | |
Equipment and | ||
Cost at 1.1. | 2.2 | 2.1 |
Exchange difference | - | - |
Increases/Decreases | 0.1 | 0.2 |
Cost at 31.12. | 2.4 | 2.2 |
Accumulated amortisation | -1.8 | -1.7 |
Translation | - | - |
Amortisation for the | -0.2 | -0.1 |
Accumulated amortisation | -2.0 | -1.8 |
Book value at 31.12. | 0.4 | 0.4 |
Leasehold improvements | ||
Cost at 1.1. | 1.4 | 1.4 |
Cost at 31.12. | 1.4 | 1.4 |
Accumulated depreciation | -1.4 | -1.4 |
Depreciation for | - | - |
Accumulated depreciation | -1.4 | -1.4 |
Book value at 31.12. | 0.0 | 0.0 |
Other tangible assets | ||
Cost at 1.1. | 0.6 | 0.6 |
Cost at 31.12. | 0.6 | 0.6 |
Book value at 31.12. | 0.6 | 0.6 |
Property, | 1.0 | 1.0 |
Book value of tangible | 1.0 | 1.0 |
9.23. Other assets
2025 | 2024 | |
Securities sale receivables | 3.3 | 0.5 |
Commission receivables | 2.9 | 3.1 |
Securities broking receivables | 0.0 | 0.0 |
Other receivables | 6.6 | 3.8 |
Other assets total | 12.9 | 7.4 |
*Other receivables include, inter alia, intra-group receivables.
108
9.24. Accrued income and prepayments
2025 | 2024 | |
Interest | 0.2 | 0.4 |
Taxes | 0.0 | 0.0 |
Staff-related | 0.0 | 0.0 |
Other items | 2.1 | 0.9 |
Accrued income and prepayments | 2.3 | 1.4 |
9.25. Deferred tax assets
2025 | 2024 | |
Tax assets | ||
Due to timing differences | 1.1 | 1.3 |
Other temporary differences | ||
From tax losses | 0.0 | 0.0 |
Deferred taxes | 1.1 | 1.3 |
Deferred tax assets result mainly from the valuation of Alisa Bank shares recognized directly in equity.
9.26. Liabilities to credit institutions and central banks
2025 | 2024 | |
Credit institutions | ||
Repayable | 0.0 | 0.0 |
Other than repayable | 5.3 | 6.0 |
Liabilities to credit institutions | 5.3 | 6.0 |
9.27. Debt securities issued to the public
2025 | 2024 | |
Certificate of deposits | 0.0 | 0.0 |
Bonds | 109.6 | 99.4 |
Debt securities issued to | 109.6 | 99.4 |
CHANGES IN BONDS ISSUED | 2025 | 2024 |
Issues | 43.4 | 39.0 |
Repurchases | 32.6 | 32.5 |
9.28. Derivative contracts and other liabilities held for trading
2025 | 2024 | |
Derivative contracts | 6.8 | 7.1 |
Due to short selling of | 0.0 | 0.0 |
Derivative contracts | 6.8 | 7.1 |
9.29. Other liabilities
2025 | 2024 | |
Securities broking liabilities | 0.0 | 0.0 |
Securities purchase liabilities | 0.0 | 1.2 |
Finance lease payables | 0.0 | 0.0 |
Right-of-use liability | 0.0 | 0.0 |
Income tax payable | 0.1 | 0.1 |
Personnel related | 0.5 | 0.4 |
Other short-term | 4.1 | 2.6 |
Prepayments | 0.0 | 0.0 |
VAT | 0.1 | 0.2 |
Other liabilities, total | 4.8 | 4.6 |
Other short-term liabilities are trading-related short-term liabilities and include EUR 1.4 million of liabilities to
subsidiaries.
109
9.30. Accrued expenses and deferred income
2025 | 2024 | |
Interest | 0.0 | 0.0 |
tax related | 0.7 | 1.9 |
Personnel related | 10.0 | 10.0 |
Other accrued expenses | 1.1 | 1.0 |
Accrued expenses and | 11.9 | 12.9 |
9.31. Share capital
Shares | EUR | |||||||
Fair value | Fund of invested | |||||||
2025 | A-share | B-share | Shares total | Share capital | reserve | unrestricted | Retained earnings | Total |
At the beginning | 14,405,812 | 12,079,087 | 26,484,899 | 53.7 | -5.1 | 15.9 | 34.6 | 99.2 |
Additions | 8,000 | 8,000 | 0.7 | 29.6 | 30.4 | |||
Decreases | (8,000) | (8,000) | -32.3 | -32.3 | ||||
At the end of period | 14,397,812 | 12,087,087 | 26,484,899 | 53.7 | -4.4 | 15.9 | 31.9 | 97.2 |
2024 | ||||||||
At the beginning | 14,425,812 | 12,059,087 | 26,484,899 | 53.7 | -5.1 | 15.9 | 34.6 | 99.2 |
Additions | 20,000 | 20,000 | 30.7 | 30.7 | ||||
Decreases | (20,000) | (20,000) | -0.1 | -30.7 | -30.8 | |||
At the end of period | 14,405,812 | 12,079,087 | 26,484,899 | 53.7 | -5.1 | 15.9 | 34.6 | 99.2 |
110
9.32. Maturities of assets and liabilities
Maturity: | Maturity: | Maturity: | Maturity: | ||
2025 | Total | less than 3 months | 3-12 months | 1-5 years | over 5 years |
Assets | |||||
Financial assets at amortized | |||||
Claims on credit institutions | 106.8 | 106.8 | - | - | - |
Claims on the public and public sector | 27.8 | 3.8 | 1.0 | 23.0 | - |
Financial assets at fair | |||||
Debt securities | 2.2 | - | - | 2.2 | - |
Shares and participations | 40.7 | 30.4 | - | - | 10.3 |
Derivative contracts | 6.8 | 0.6 | 1.2 | 4.9 | - |
Accrued interest | 0.2 | 0.0 | 0.2 | - | - |
Other assets | 50.9 | 50.9 | - | - | - |
Liabilities | |||||
Financial liabilities at amortized | |||||
Liabilities to credit institutions | 5.3 | 5.3 | - | - | - |
Debt securities issued to | 109.6 | - | 2.4 | 96.0 | 11.3 |
Financial liabilities at fair | 6.8 | 0.6 | 1.2 | 4.9 | - |
Other liabilities | 4.5 | 4.5 | - | - | - |
Off-balance | 3.9 | 0.4 | - | - | 3.5 |
Rental commitmens | 8.3 | 0.7 | 2.0 | 5.6 | 0.0 |
Maturity: | Maturity: | Maturity: | Maturity: | ||
2024 | Total | less than 3 months | 3-12 months | 1-5 years | over 5 years |
Assets | |||||
Financial assets at amortized | |||||
Claims on credit institutions | 99.1 | 99.1 | - | - | - |
Claims on the public and public sector | 26.3 | 1.9 | 3.4 | 21.0 | - |
Financial assets at fair | |||||
Debt securities | 3.3 | - | - | 3.3 | - |
Shares and participations | 40.3 | 27.9 | 0.0 | - | 12.4 |
Derivative contracts | 7.1 | 1.4 | - | 6.2 | -0.4 |
Accrued interest | 0.4 | 0.1 | 0.4 | - | - |
Other assets | 8.4 | 8.4 | - | - | - |
Liabilities | |||||
Financial liabilities at amortized | |||||
Liabilities to credit institutions | 6.0 | 6.0 | - | - | - |
Debt securities issued to | 99.6 | 15.8 | 0.5 | 73.6 | 9.7 |
Financial liabilities at fair | 7.1 | 1.4 | 0.0 | 6.2 | -0.4 |
Other liabilities | 17.5 | 17.5 | - | - | - |
Off-balance | 3.2 | 0.4 | 0.0 | 0.1 | 2.7 |
Rental commitmens | 8.5 | 0.5 | 1.5 | 6.5 | - |
111
9.33. Assets and liabilities in domestic and foreign currencies
Domestic | Foreign | ||
2025 | currency | currency | Total |
Assets | |||
Financial assets at amortized | |||
Cash and cash equivalents | |||
Claims on credit institutions | 104.4 | 2.4 | 106.8 |
Claims on the public and public sector | 22.4 | 0.4 | 22.8 |
Financial assets at fair | |||
Debt securities | 2.2 | - | 2.2 |
Shares and participations | 65.6 | 3.7 | 69.3 |
Derivative contracts | 6.8 | - | 6.8 |
Other asset items | 27.6 | 0.0 | 27.6 |
Total | 229.0 | 6.6 | 235.6 |
Liabilities | |||
Financial liabilities at amortized | |||
Liabilities to credit institutions | 5.3 | - | 5.3 |
Debt securities issued to | 109.6 | - | 109.6 |
Derivative contracts | 6.8 | - | 6.8 |
Other liabilities items | 16.6 | 0.1 | 16.7 |
Total | 138.3 | 0.1 | 138.4 |
Domestic | Foreign | ||
2024 | currency | currency | Total |
Assets | |||
Financial assets at amortized | |||
Cash and cash equivalents | |||
Claims on credit institutions | 96.4 | 2.7 | 99.1 |
Claims on the public and public sector | 25.9 | 0.4 | 26.3 |
Financial assets at fair | |||
Debt securities | 2.6 | 0.7 | 3.3 |
Shares and participations | 65.7 | 3.6 | 69.2 |
Derivative contracts | 7.1 | 0.0 | 7.1 |
Other asset items | 24.4 | 0.0 | 24.3 |
Total | 222.0 | 7.3 | 229.3 |
Liabilities | |||
Financial liabilities at amortized | |||
Liabilities to credit institutions | 6.0 | 0.0 | 6.0 |
Debt securities issued to | 99.4 | 0.0 | 99.4 |
Derivative contracts | 7.1 | 0.0 | 7.1 |
Other liabilities items | 17.4 | 0.2 | 17.5 |
Total | 129.9 | 0.2 | 130.1 |
9.34. Securities lending
2025 | 2024 | |
Market value of | - | - |
Market value of | - | - |
112
9.35. Fair values and book values of financial assets and financial liabilities
2025 | Book value | Fair value | Level 1 | Level 2 | Level 3 |
Financial assets | |||||
Liquid assets | |||||
Claims on credit institutions | 106.8 | 106.8 | |||
Claims on the public and public sector | 22.8 | 22.8 | |||
Debt securities | 2.2 | 2.2 | 2.2 | ||
Shares and participations | 40.8 | 40.8 | 30.4 | 10.3 | |
Derivative contracts | 6.8 | 6.8 | 6.8 | ||
Financial liabilities | |||||
Liabilities to credit institutions | 5.3 | 5.3 | |||
Debt securities issued to | 109.6 | 114.8 | |||
Derivative contracts | 6.8 | 6.8 | 6.8 | ||
2024 | Book value | Fair value | Level 1 | Level 2 | Level 3 |
Financial assets | |||||
Liquid assets | |||||
Claims on credit institutions | 99.1 | 99.1 | |||
Claims on the public and public sector | 26.3 | 26.3 | |||
Debt securities | 3.3 | 3.3 | 3.3 | ||
Shares and participations | 40.3 | 40.3 | 30.5 | 9.8 | |
Derivative contracts | 7.1 | 7.1 | 7.1 | ||
Financial liabilities | |||||
Liabilities to credit institutions | 6.0 | 6.0 | |||
Debt securities issued to | 99.4 | 98.5 | |||
Derivative contracts | 7.1 | 7.1 | 7.1 |
9.36. Risk management – give and received collaterals
Fair value of | of which | ||
Faire value of | un-emcumbered | usable as | |
2025 | encumbered assets | assets | collateral |
ASSETS | |||
Liquid assets and Central | - | - | - |
Claims on credit institutions | 0.7 | 106.1 | 106.8 |
Claims on the public and public sector | - | 22.8 | - |
Debt securities | - | 2.2 | 2.2 |
Shares and participations | - | 40.8 | 40.8 |
Other assets | - | 63.7 | - |
Total | 0.7 | 235.6 | 149.8 |
2024 | |||
ASSETS | |||
Liquid assets and Central | - | - | - |
Claims on credit institutions | 2.3 | 96.8 | 96.8 |
Claims on the public and public sector | - | 26.3 | - |
Debt securities | - | 3.3 | 3.3 |
Shares and participations | - | 40.3 | 40.3 |
Other assets | - | 62.6 | - |
Total | 2.3 | 229.3 | 140.4 |
USAGE OF COLLATERAL | 2025 | 2024 | |
Collaterals placed | |||
Markeplace collateral, | 0.1 | 0.1 | |
Collateral for OTC | 0.7 | 2.1 | |
Collateral for securities | - | 0.1 | |
Total | 0.8 | 2.3 | |
Received collateral | |||
Received cash | 5.3 | 6.0 | |
Received securities | 79.3 | 84.2 | |
Total | 84.6 | 90.3 |
113
9.37. Fees paid to auditors
2025 | 2024 | |
Audit | ||
Ernst & Young | 0.2 | 0.1 |
Engagements | ||
Ernst & Young | - | - |
Tax | ||
Ernst & Young | - | - |
Other services | ||
Ernst & Young | - | - |
Total | 0.2 | 0.1 |
9.38. Breakdown of off-balance sheet commitments
2025 | 2024 | |
Irrevocable commoyments | 3.9 | 2.7 |
Rental commitments | 8.3 | 8.5 |
Unused credit facilities, | 0.4 | 0.5 |
Commitments given on behalf of a customer for a third party include collaterals for derivatives positions given
on behalf of customers. The customers have covered their derivatives collateral to Evli in full. Other
irrevocable commitments given on behalf of a customer comprise subscription commitments guaranteed on
behalf of customers.
The ESEF report has been assured by the auditors.
MANDATORY | |
Name of reporting entity | |
Domicile of entity | |
Legal form of | |
Country of incorporation | |
Address of entity's | |
Principal place of business | |
Description of nature activities | |
Name of parent | |
Name of ultimate parent |
114
Auditor’s report
(Translation of the Finnish original)
To the Annual General Meeting of Evli Oyj
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of Evli Oyj (business identity code 3239286-2) for the year ended 31
December, 2024. The financial statements comprise the consolidated balance sheet, statement of
comprehensive income, statement of changes in equity, statement of cash flows and notes, including material
accounting policy information, as well as the parent company’s balance sheet, income statement, statement of
cash flows and notes.
In our opinion
‒
the consolidated financial statements give a true and fair view of the group’s financial position, financial
performance and cash flows in accordance with IFRS Accounting Standards as adopted by the EU.
‒
the financial statements give a true and fair view of the parent company’s financial performance and
financial position in accordance with the laws and regulations governing the preparation of financial
statements in Finland and comply with statutory requirements.
Our opinion is consistent with the additional report submitted to the Audit Committee.
Basis for Opinion
We conducted our audit in accordance with good auditing practice in Finland. Our responsibilities under good
auditing practice are further described in the Auditor’s Responsibilities for the Audit of the Financial
Statements section of our report.
We are independent of the parent company and of the group companies in accordance with the ethical
requirements that are applicable in Finland and are relevant to our audit, and we have fulfilled our other
ethical responsibilities in accordance with these requirements.
In our best knowledge and understanding, the non-audit services that we have provided to the parent
company and group companies are in compliance with laws and regulations applicable in Finland regarding
these services, and we have not provided any prohibited non-audit services referred to in Article 5(1) of
regulation (EU) 537/2014. The non-audit services that we have provided have been disclosed in consolidated
financial statements note 8.7 and note 9.37 in the parent company’s financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit
of the financial statements of the current period. These matters were addressed in the context of our audit of
the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate
opinion on these matters.
We have fulfilled the responsibilities described in the Auditor’s Responsibilities for the Audit of the Financial
Statements section of our report, including in relation to these matters. Accordingly, our audit included the
performance of procedures designed to respond to our assessment of the risks of material misstatement of
the financial statements. The results of our audit procedures, including the procedures performed to address
the matters below, provide the basis for our audit opinion on the accompanying financial statements.
We have also addressed the risk of management override of internal controls. This includes consideration of
whether there was evidence of management bias that represented a risk of material misstatement due to
fraud.
There are no significant risks of material misstatement referred to in EU regulation No 537/2014, point (c) of
Article 10(2) relating to the consolidated financial statements or the parent company’s financial statements.
115
Key audit matter | How our audit addressed |
Recognition We refer to the accounting “Fee and commission income” The commission income in the consolidated financial statements mainly consist of fund management fees, asset management fees, securities and advisory fees. The total amount of commission fees amounted to 111,3 million euros, which is 87,8% of the net revenue of the group. Commission income includes performance-based fees and fee reimbursements. There are manual phases in the processing of commission income recognition. Recognition to be key audit matter and assumptions and measurement of performance-based fees recognition | Our audit procedures included, among others, evaluation the group accounting applicable accounting processes and IT-systems supporting commission income. We audited the accruals of recognition dataanalytic transactions income and matched against agreements.We also evaluated the appropriateness and sufficiency the disclosures made by management. |
Responsibilities of the Board of Directors and the Managing Director for the Financial
Statements
The Board of Directors and the Managing Director are responsible for the preparation of consolidated financial
statements that give a true and fair view in accordance with IFRS Accounting Standards as adopted by theEU,
and of financial statements that give a true and fair view in accordance with the laws and regulations
governing the preparation of financial statements in Finland and comply with statutory requirements. The
Board of Directors and the Managing Director are also responsible for such internal control as they determine
is necessary to enable the preparation of financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the financial statements, the Board of Directors and the Managing Director are responsible for
assessing the parent company’s and the group’s ability to continue as going concern, disclosing, as applicable,
matters relating to going concern and using the going concern basis of accounting. The financial statements
are prepared using the going concern basis of accounting unless there is an intention to liquidate the parent
company or the group or cease operations, or there is no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance on whether the financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our
opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in
accordance with good auditing practice will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they
could reasonably be expected to influence the economic decisions of users taken on the basis of the financial
statements.
As part of an audit in accordance with good auditing practice, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:
‒
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or
error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
‒
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresenta tions, or the override of internal control.
‒
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness
of the parent company’s or the group’s internal control.
‒
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by management.
‒
Conclude on the appropriateness of the Board of Directors’ and the Managing Director’s use of the going
concern basis of accounting and based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the parent company’s or the
group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are
required to draw attention in our auditor’s report to the related disclosures in the financial statements or,
if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence
obtained up to the date of our auditor’s report. However, future events or conditions may cause the
parent company or the group to cease to continue as a going concern.
‒
Evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events so that
the financial statements give a true and fair vie
w.
‒
Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial
information of the entities or business units within the group as a basis for forming an opinion on the
group financial statements. We are responsible for the direction, supervision and review of the audit work
performed for purposes of the group audit. We remain solely responsible for our audit opinion.
116
We communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence and communicate with them all relationships and other matters that
may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were
of most significance in the audit of the financial statements of the current period and are therefore the key
audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not
be communicated in our report because the adverse consequences of doing so would reasonably be expected
to outweigh the public interest benefits of such communication.
Other Reporting Requirements
Information on our audit engagement
We were first appointed as auditors by the Annual General Meeting on March 14, 2024 and our appointment
represents a total period of uninterrupted engagement of two years.
Other information
The Board of Directors and the Managing Director are responsible for the other information. The other
information comprises the report of the Board of Directors and the information included in the Annual Report,
but does not include the financial statements and our auditor’s report thereon. We have obtained the report
of the Board of Directors and the Annual Report prior to the date of this auditor’s report.
Our opinion on the financial statements does not cover the other information.
In connection with our audit of the financial statements, our responsibility is to read the other information
identified above and, in doing so, consider whether the other information is materially inconsistent with the
financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.
With respect to report of the Board of Directors, our responsibility also includes considering whether the
report of the Board of Directors has been prepared in compliance with the applicable provisions.
In our opinion, the information in the report of the Board of Directors is consistent with the information in the
financial statements and the report of the Board of Directors has been prepared in compliance with the
applicable provisions.
If, based on the work we have performed on the other information that we obtained prior to the date of this
auditor’s report, we conclude that there is a material misstatement of this other information, we are required
to report that fact. We have nothing to report in this regard.
Helsinki February 17, 2026
Ernst & Young Oy
Authorized Public Accountant Firm
Miikka Hietala
Authorized Public Accountant
117
Independent Auditor’s Report on the ESEF Consolidated
Financial Statements of Evli Plc
To the Board of Directors of Evli Plc
We have performed a reasonable assurance engagement on the financial statements evli-2025-12-31-fi.zip of Evli
Oyj (y-identifier: 3239286-2) that have been prepared in accordance with the Commission’s regulatory technical
standard for the financial year ended 31.12.2025.
Responsibilities of the Board of Directors and the Managing Director
The Board of Directors and the Managing Director are responsible for the preparation of the company’s report
of Board of Directors and financial statements (the ESEF financial statements) in such a way that they comply
with the requirements of the Commission’s regulatory technical standard. This responsibility includes:
‒
preparing the ESEF financial statements in XHTML format in accordance with Article 3 of the Commission’s
regulatory technical standard
‒
tagging the primary financial statements, notes and company’s identification data in the consolidated
financial statements that are included in the ESEF financial statements with iXBRL tags in accordance with
Article 4 of the Commission’s regulatory technical standard and
‒
ensuring the consistency between the ESEF financial statements and the audited financial statements
The Board of Directors and the Managing Director are also responsible for such internal control as they
determine is necessary to enable the preparation of ESEF financial statements in accordance the
requirements of the Commission’s regulatory technical standard.
Auditor’s Independence and Quality Management
We are independent of the company in accordance with the ethical requirements that are applicable in
Finland and are relevant to the engagement we have performed, and we have fulfilled our other ethical
responsibilities in accordance with these requirement s.
The firm applies International Standard on Quality Management (ISQM) 1, which requires the firm to design,
implement and operate a system of quality management including policies or procedures regarding
compliance with ethical requirements, professional standards and applicable legal and regulatory
requirements
Auditor’s Responsibilities
Our responsibility is to, in accordance with Chapter 7, Section 8 of the Securities Markets Act, provide
assurance on the financial statements that have been prepared in accordance with the Commission’s
technical regulatory standard. We express an opinion on whether the consolidated financial statements that
are included in the ESEF financial statements have been tagged, in all material respects, in accordance with
the requirements of Article 4 of the Commission's regulatory technical standard.
Our responsibility is to indicate in our opinion to what extent the assurance has been provided. We conducted
a reasonable assurance engagement in accordance with International Standard on Assurance Engagements
(ISAE) 3000.
The engagement includes procedures to obtain evidence on:
‒
whether the primary financial statements in the consolidated financial statements that are included in the
ESEF financial statements have been tagged, in all material respects, with iXBRL tags in accordance with
the requirements of Article 4 of the Commission's regulatory technical standard and
‒
whether the notes and company's identification data in the consolidated financial statements that are
included in the ESEF financial statements have been tagged, in all material respects, with iXBRL tags in
accordance with the requirements of Article 4 of the Commission's regulatory technical standard and
‒
whether there is consistency between the ESEF financial statements and the audited financial statements.
118
The nature, timing and extent of the selected procedures depend on the auditor’s judgement. This includes an
assessment of the risk of material deviations due to fraud or error from the requirements of the Commission’s
technical regulatory standard.
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Opinion
Our opinion pursuant to Chapter 7, Section 8 of the Securities Markets Act is that the primary financial
statements, notes and company's identification data in the consolidated financial statements that are
included in the ESEF financial statements of Evli Oyj evli-2025-12-31-fi.zip for the financial year ended
31.12.2025 have been tagged, in all material respects, in accordance with the requirements of the
Commission's regulatory technical standard.
Our opinion on the audit of the consolidated financial statements of Evli Oyj for the financial year ended
31.12.2025 has been expressed in our auditor's report dated 17.2.2026. With this report we do not express an
opinion on the audit of the consolidated financial statements nor express another assurance conclusion.
Helsinki February 17, 2026
Ernst & Young Oy
Authorized Public Accountant Firm
Miikka Hietala
Authorized Public Accountant
119
CORPORATE
RESPONSIBILITY REPORT
120
Evli’s Corporate Responsibility Report
Content
General information | 122 | |
General reporting | 122 | |
Disclosures in relation | 122 | |
The role of the administrative, | 122 | |
Integration | 125 | |
Sustainability due diligence | 126 | |
Risk management and internal controls of corporate responsibility reporting | 127 | |
Strategy, business model, and value chain | 128 | |
Interests and views of stakeholders | 131 | |
Material impacts, risks, and opportunities | 133 | |
Environmental information | 136 | |
E1 – Climate change | 136 | |
Transition | 136 | |
Material impacts, risks, and opportunities and business model | 136 | |
Policies related to climate change | 137 | |
Measures related to climate change | 138 | |
Metrics and targets related to climate change | 139 | |
Social information | 143 | |||
S1 – Own workforce | 143 | |||
Material impacts, risks, and opportunities and business model | 143 | |||
Policies related to own workforce | 144 | |||
Measures related to own workforce | 146 | |||
Metrics and targets related to own workforce | 147 | |||
S4 – Consumers and end-users | 152 | |||
Material impacts, risks, and opportunities on strategy and business model | 152 | |||
Policies related to consumers and end-users | 152 | |||
Measures related to consumers and end-users | 154 | |||
Metrics and targets related to consumers and end-users | 155 | |||
Governance information | 156 | |||
G1 –Business conduct | 156 | |||
Material impacts, risks, and opportunities strategy and business model | 156 | |||
Policies related to business conduct and corporate culture | 157 | |||
Measures related to business conduct | 158 | |||
Metrics and targets related to business conduct | 159 | |||
ESRS content index | 160 | |||
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GENERAL INFORMATION
General reporting principles for Corporate Responsibility Report
Evli Plc and its subsidiaries form the Evli Group (“Evli” or the “Group”), whose two business areas are Wealth
Management and Investor Clients, and Advisory and Corporate Clients. The Corporate Responsibility Report
covers the Group as a whole, unless otherwise stated in connection with the information reported, and the
information reported is mainly at the Group level. The scope of the report is the same as in the consolidated
financial statements.
The Corporate Responsibility Report is published annually. The reporting period is the same as in financial
reporting, i.e., the financial year from January 1, 2025, to December 31, 2025.
Evli’s Corporate Responsibility Report 2025 is not a sustainability report in compliance with the EU Corporate
Sustainability Reporting Directive (CSRD) and Evli is not subject to reporting obligations under the CSRD.
However, the structure of the Corporate Responsibility Report takes into account the CSRD reporting
framework, which the report follows in a free-form manner. Evli continues to monitor the development and
reporting recommendations of the EU corporate sustainability reporting.
The Corporate Responsibility Report is not based on other legislation or sustainability reporting standards. The
reported sustainability topics and key figures of sustainability are based on Evli’s double materiality analysis,
conducted in 2024 and updated in 2025. Based on the materiality analysis, the reporting requirements
material to the company’s operations, products, and stakeholders have been selected. The material themes
and sustainability objectives based on the materiality analysis were approved in 2024, and reporting in
accordance with them began in 2024. There were no changes in the materiality analysis themes in 2025. The
materiality analysis and its results are discussed in more detail in the paragraph “Identification and
assessment of material impacts, risks, and opportunities”. Evli’s Corporate Responsibility Reports prepared
before 2024 followed the GRI initiative as applicable.
Evli has not omitted any piece of information corresponding to intellectual property, know-how, or the results
of innovation from the report, nor has Evli exercised the right that allows for the exemption from disclosure of
impending developments or matters in the course of negotiation, as provided for in articles 19a(3) and 29a(3)
of Directive 2013/34/EU.
The 2025 Corporate Responsibility Report is not audited by a sustainability reporting auditor.
Disclosures in relation to specific circumstances
Evli provides disclosures in relation to specific circumstances (e.g., sources used in the assessment and
outcome uncertainty) when applicable alongside the disclosures to which they refer (e.g., calculation
methodologies described in connection with each metric).
The role of the administrative, management, and supervisory bodies
Composition and diversity of the administrative, management, and supervisory bodies
In the Evli Group, the ultimate decision-making power is exercised by the Board of Directors, elected annually
by the General Meeting of Evli Plc. The Board of Directors may set up committees for tasks it assigns. The
Board of Directors is composed of 6 to 8 members who are not part of the company’s management.
In 2025, Evli’s Board of Directors consisted of industry experts and the company’s major shareholders. None
of the members of the Board of Directors were employed by Evli. According to the assessment of the Board of
Directors, all its members were independent of Evli, as referred to in the Finnish Corporate Governance Code
2025. According to the assessment of the Board of Directors, all members of the Board of Directors except
Robert Ingman are or have been independent of the major shareholders (i.e., ownership of at least ten
percent of the total number of shares or votes). Robert Ingman is the Chairman of the Board of Directors at
Ingman Group Oy Ab, which is one of the largest shareholders in Evli (10.44%). Evli’s Board of Directors has
established an Audit and Risk Committee as well as a Compensation Committee, whose members the Board of
Directors appoints from among its members, in accordance with the rules of procedure of the committees.
Evli’s Board of Directors confirms the members of the Executive Group based on a proposal by the CEO. The
Executive Group consists of the CEO and six members.
The members of the Board of Directors have long-standing experience in the financial sector with
international and especially Nordic companies, gained through their work experience and various positions of
trust. Correspondingly, the members of the Executive Group have long-standing experience in the financial
sector with especially Finnish and Nordic companies, gained through their work experience and various
positions of trust.
The Board of Directors has a Diversity Policy, which includes the principles of diversity of the Board of
Directors. In accordance with the Diversity Policy, the Board of Directors must have the necessary knowledge
of and expertise in the social, business, and cultural environment of the Group’s main countries of operation
and markets. Diversity is also seen as a key success factor that enables Evli to reach its strategic goals and
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continuously improve its client-centric operations. The objective is to ensure that the composition of the
Board of Directors is as diverse as possible and that is supports Evli’s business development and business goals
as well as meets the following principles:
‒
The Board of Directors as a whole must have sufficient competence and experience to be able to carry out
its duties diligently and efficiently, taking into consideration the type and scope of the company’s
operations and its strategic goals and the changes within business and the rest of society.
‒
The members of the Board of Directors should have mutually complementary education and skills, as well
as experience in industries important for the company.
‒
The members of the Board of Directors should have experience of Board work and executive duties in
business or other areas of society.
‒
The Board of Directors should include both men and women as far as it is possible.
‒
The composition of the Board of Directors should also be diverse in terms of age distribution and term of
office.
In addition, in accordance with the Corporate Governance Code, persons elected to the Board of Directors
must have the possibility to devote a sufficient amount of time to attending to their duties.
At the end of the financial year 2025, the members of the Board of Directors had mutually complementary
education and skills, as well as versatile expertise in management and Board tasks in different industries and
business areas. Both genders were represented on the Board of Directors: of the members, two (33%) were
women and four (67%) men. The proportion of women corresponds to 40%, in accordance with the rounding
rules stated in Chapter 6, Section 9a of the Finnish Limited Liability Companies Act. The average age of the
members of the Board of Directors was 54. The age difference between the youngest and the oldest member
of the Board of Directors was 18 years.
The duties and responsibilities of the administrative, management, and supervisory bodies in exercising
oversight of the process to manage material risks and opportunities
Evli’s management and business operations are the responsibility of the General Meeting, the Board of
Directors, and the CEO, whose tasks are determined in accordance with the Finnish Limited Liability
Companies Act and Evli’s Articles of Association. The Executive Group, consisting of managers of the business
areas and group functions, assists the CEO in the operative management of the Group.
Evli Plc’s Board of Directors has the ultimate decision-making power over responsibility matters at the Group
level, including all aspects related to environmental, social, and governance (ESG) factors. Evli’s Board of
Directors approves the Group policies governing the Group’s operations and internal audit. In addition to the
Group’s responsibility policies, principles related to responsible business operations have been defined, for
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example, in policies related to ethical principles, HR, risk management, data protection, information security,
and disclosure policies, approved by the Board of Directors, as well as in guidelines issued based on them. The
targets and policies will be updated if any changes that must be addressed occur in the operating
environment.
The Board of Directors and the CEO are responsible for Evli’s governance. Good governance is ensured by
clear management and internal audit. An auditor is responsible for the Group’s external audit.
The Audit and Risk Committee, appointed by the Board of Directors, supervises Evli’s responsibility work and
responsibility reporting. The Audit and Risk Committee reviews and approves the focus areas and material
topics of Evli’s corporate responsibility. In addition, the Audit and Risk Committee and the Board of Directors
address and approve the Group’s Corporate Responsibility Report published annually. The Compensation
Committee, appointed by the Board of Directors, assists the Board of Directors in the preparation of matters
related to the company’s terms of employment and remuneration.
The CEO is responsible for the day-to-day management of Evli. The Executive Group supports the CEO in
approving and executing Group -related principles and procedures, preparing strategic issues, managing
operational matters that are significant or matters of principle, and ensuring internal communication.
Evli’s Head of HR and Legal Affairs, who is a member of the Executive Group, heads the Group’s overall
responsibility work. She also ensures that responsibility matters are adequately reported to the CEO and
Executive Group of Evli. Evli’s Human Resources is responsible for developing and coordinating personnel-
related responsibility matters. The Responsible Investment team is responsible for developing and
coordinating responsible investment. The Responsibility Working Group, with representatives from Human
Resources, Financial Administration, the Responsible Investment team, and the Marketing, Communications
and Investor Relations team, prepares the Group -level responsibility reports and determines the focus areas
in corporate responsibility operations that guide responsibility work. In addition, the Working Group schedules
and targets for responsibility work, provides internal guidelines, and regularly organizes responsibility
meetings.
Evli has recognized that the single most important factor in improving the responsibility of its operations and
especially in minimizing its environmental impacts is the responsibility of its investment activities and the
integration of responsibility into its product and service range. Therefore, a separate Responsible Investment
team, part of portfolio management and headed by the Head of Sustainability, is responsible for the
development and coordination of responsibility of the product and service range. The Responsible Investment
Executive Group, which also includes the CEO of Evli, resolves on Evli’s Principles for Responsible Investment
and related practices.
Both the members of the Board of Directors and the Executive Group have sustainability -related expertise.
The members’ long experience in the finance sector support especially the efficient management of
sustainability impacts, risks, and opportunities associated with the industry. The Board of Directors and the
Executive Group receive sustainability-related training when needed.
Governance structure of corporate responsibility
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Sustainability matters addressed by the administrative, management, and supervisory bodies
The Board of Directors approves the responsibility work targets of the Evli Group. The Group’s Head of HR and
Legal Affairs is responsible for the implementation of sustainability objectives, approved by the Board of
Directors, in the Group and reports to the Board of Directors on the material sustainability-related impacts,
risks, and opportunities. The achievement of sustainability targets is reported to the Board of Directors and
the Audit and Risk Committee annually, or more frequently if needed. Financial Administration, Legal,
Compliance, Risk Management, and Human Resources regularly report to the Board of Directors and/or its
committees and to the Executive Group. Reporting can include responsibility themes, as responsibility has
been integrated into operations. The Board of Directors and its committees receive the meeting material prior
to each meeting and have time to provide feedback on it. At a meeting, each issue is presented before
decision-making.
The Head of HR and Legal Affairs and the CFO ensure that responsibility matters are adequately reported to
the CEO of Evli. The Board of Directors handles sustainability -related risks as part of the general risk
assessment of the company.
The Group’s risk management results related to the sustainability risks are presented to the Board of Directors
annually. At the meetings of the Board of Directors and its committees, reviews of different aspects of
sustainability presented by the Group’s operative management and experts are also regularly addressed. The
reviews give the members of the Board of Directors information on the company’s material sustainability-
related impacts, risks, and opportunities, and the progress of the responsibility targets of the company. The
reviews also ensure that the Board of Directors has up-to-date knowledge of and expertise in sustainability
matters.
During the 2025 financial year, the reviews addressed at the meetings of the Board of Directors and its
committees included, among other things, the following sustainability-related topics:
‒
updates to the Group’s policies;
‒
personnel well-being and development;
‒
development of diversity and non-discrimination;
‒
remuneration;
‒
information security;
‒
sustainability reporting, its regulatory development, and the requirements it brings.
Business area managers are responsible for the implementation of business area-specific sustainability targets
and report their achievement to the Executive Group. Evli’s Marketing, Communications, and Investor
Relations function is responsible for Evli’s responsibility reporting together with Financial Administration and
the Responsible Investment team.
Integration of sustainability-related performance in incentive schemes
The Group’s remuneration scheme is based on the directive of the Board of Directors concerning personnel
compensation. Evli’s Remuneration Policy describes the principles and the decision-making process
concerning the compensation of the Board of Directors and the CEO. The Remuneration Policy takes into
account regulations in force and promotes sound risk management. The Group’s Board of Directors is
responsible for ensuring that the Group’s Remuneration Policy is consistent and properly applied at the
Group, subsidiary, unit, and individual levels.
Based on the preparation by the Compensation Committee, appointed by the Board of Directors, Evli’s Board
of Directors resolves on the salaries and other financial benefits for the Group CEO and members of the
Executive Group and the short-term and long-term remuneration schemes of the Group. The remuneration of
Evli’s Board of Directors is not tied to the Group’s performance.
In line with Evli’s Remuneration Policy, remuneration must support Evli’s business strategy with a focus on
creating long-term growth and shareholder value. Although a significant part of the total remuneration of the
CEO and other members of the Executive Group is in the form of fixed payments, performance-based
components are set to encourage the achievement of company targets. Variable remuneration of the CEO
and members of the Board of Directors is assessed using quantitative and qualitative metrics. Quantitative
metrics are linked, for example, to net sales and net revenue. Qualitative metrics, on the other hand, are
based on client satisfaction, personnel well-being, upholding the company’s values, supporting reputation,
compliance with rules, and considering responsibility in investment activities. When assessing the
performance of the CEO and the deputy CEO, all qualitative metrics are taken into account. When assessing
other members of the Executive Group, metrics related to their business responsibility are taken into account.
Evli currently has five long-term share plans, with performance periods covering the periods 2021-2025, 2022,
01/2023-06/2026, 09/2023-12/2026 and 2025-2027. The Group CEO participates in the long-term incentive
plan of 09/2023–12/2026.
Evli’s remuneration principles and the total remuneration of the administrative, management, and supervisory
bodies are presented in the Remuneration Report published annually.
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Sustainability due diligence
The main aspects and steps of the Evli Group’s due diligence are included in the analyses and assessments of responsible investment, the risk and compliance processes, and internal audits. In addition, if needed, Evli uses
external partners for assessing certain business areas or companies. The following table lists the sustainability statement paragraphs containing information about Evli’s due diligence and its core elements:
Core elements | Paragraphs in |
Embedding due diligence in governance, strategy, and business model | ‒ Sustainability matters ‒ Integration ‒ Material impacts, risks, and opportunities ‒ Material impacts, risks, and opportunities |
Engaging with affected the due diligence | ‒ Sustainability matters ‒ Interests and views of stakeholders ‒ Identification ‒ Policies related to climate change ‒ Policies related to own workforce ‒ Engaging with own workforce and workers’ representatives ‒ Processes to remediate negative ‒ Policies related to business conduct and corporate culture |
Identifying | ‒ Identification ‒ Material impacts, risks, and opportunities |
Actions | ‒ Transition ‒ Measures related to climate change ‒ Measures related to own workforce ‒ Prevention |
Tracking the effectiveness communicating | ‒ Strategy, business model, and value chain ‒ Transition ‒ Metrics and targets related to climate change ‒ Gross Scopes 1, 2, 3 and Total GHG emissions ‒ Metrics and targets related to own workforce ‒ Characteristics ‒ Adequate wages ‒ Social protection ‒ Training and skills development metrics ‒ Compensation ‒ Metrics and targets related to business conduct |
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Risk management and internal controls of corporate responsibility reporting
Sustainability reporting complies with Evli’s Group-level principles and processes for statutory reporting, risk
management, and internal control. Evli’s Board of Directors is primarily responsible for the Evli Group’s risk
management. The Board of Directors confirms the principles and responsibilities of risk management, the
Group’s risk limits, and other general guidelines according to which the risk management and internal controls
are organized. The Board of Directors briefs the Audit and Risk Committee on risk-taking matters. In the 2025
financial year, sustainability risks have been treated as part of operational risks. Regarding sustainability risks,
risk management will be further developed in the coming years.
The internal audit of sustainability reporting will be based on risk identification, analysis, and targeting of the
control at the most material risks identified based on the double materiality analysis, as well as on best
practices of internal audit.
The Risk Control function oversees daily operations and compliance with the risk limits granted to the business
units, as well as compliance with risk -taking policies and guidelines. The Risk Control function reports its
findings to the the Executive Group and the Board of Directors.
Evli’s Internal Audit is governed by the Internal Audit guidelines. In addition, Internal Audit complies with the
internationally accepted code of ethics, standards, and professional practice of internal auditing (The Institute
of Internal Auditors).
The control of corporate responsibility reporting emphasizes Evli’s values and a corporate culture supporting
ethics and sustainability, policies promoting sustainable operations, centralized business processes, the
management’s commitment to sustainable operations, qualified personnel, and transparency of operations.
Corporate responsibility reporting is centralized under Evli’s group functions to Financial Administration and
the Marketing, Communications, and Investor Relations function, and Human Resources, as well as to
Responsible Investment team, functioning under portfolio management.
At Evli, the production of information to be reported is included in the Group’s common business processes
that all business units and group functions comply with in their operations. The responsibility for the veracity
of information content, as well as for complying with reporting schedules and providing them to Group
Accounting, is assigned to the supervisors in Evli’s business units and to supervisors in group functions. Evli has
integrated sustainability reporting into its financial reporting.
In practice, risks and control measures related to sustainability reporting are part of the company’s overall risk
management..
Evli’s risk management system is based on a three-lines of defense model, where the first line is responsible
for operational activities and risk management, the second line provides support and guidance related to risk
management, supervising the effectiveness of controls, and the third line (internal audit) assesses the
effectiveness of risk management and control.
Evli’s internal control system is designed to ensure that sustainability reporting data is reliable, timely, and
consistent. The system includes, among other things, control measures, reporting instructions, and training
for personnel.
The risk management and internal control processes and systems related to corporate responsibility reporting
cover all material sustainability issues identified in the double materiality analysis. These include, for example,
climate change, employee well-being, and business ethics.
Key features and components include:
‒
Risk identification:
information
‒
Risk assessment:
‒
Control measures:
‒
Data collection and reporting:
‒
Monitoring and improvement:
Evli uses a combined risk assessment model that utilizes both qualitative and quantitative methods. Risks are
assessed on the basis of probability and impact, and they are prioritized on a risk basis.
The most important identified risks include, for example:
‒
Climate change risks:
Physical risks (e.g., extreme weather events) and transition risks (e.g., emission
reduction requirements).
‒
Employee well-being risks:
Occupational health and safety risks.
‒
Ethical risks:
Corruption and bribery.
To mitigate these risks, Evli has developed various strategies, such as:
‒
Climate change:
Climate and nature principles and climate targets, employee training
‒
Employee well-being:
Occupational health and safety programs, employee training.
‒
Ethical:
Ethical guidelines and procedures, regular training of employees, and development of information
systems.
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The most significant risks and related management measures are regularly addressed in the Group’s Board of
Directors. The Head of Risk Management reports on risks to senior management and the Board of Directors. In
addition, the administrative, management and supervisory bodies are regularly informed of risks and control
measures related to sustainability reporting. This enables them to supervise and guide the company’s
sustainability work.
Strategy, business model, and value chain
Strategy
Evlin Evli’s business is based on understanding clients and their needs. Our primary responsibility is to grow
clients’ wealth responsibly, according to their individual goals. Evli’s client relationships are long-term and
based on mutual trust and ethical business practices. When we help individuals and companies prosper in the
long term, we create progress also on a larger scale. For several years Evli has been awarded for its expertise
in responsible investing in Finland
1
.
Evli’s development and business opportunities depend not only on the trust of its clients, but also on the trust
of its employees, owners, investors, partners, and society. To maintain and strengthen this trust, Evli must be
active, transparent, highly ethical, and responsible in all aspects. Responsibility is based on Evli’s values:
entrepreneurship, valuable relationships, learning, and integrity. These values also form the foundation for
the Ethical Principles followed by the Group and its employees, and which guide the company’s relationship
with its clients and stakeholders. Evli’s strategy does not contain individual sustainability themes. Instead,
sustainability issues are considered as part of investment processes, while good governance and human
resources are part of everyday work and processes. Digitalization, process automation, and responsibly
produced products contribute to the promotion of sustainable business.
In terms of sustainability matters, Evli’s operating environment is particularly affected by the changing
operating environment. Evli’s measures related to strategic sustainability objectives respond to the changes in
the operating environment. At the same time, the changing operating environment opens up new product
and service opportunities for the Group. Risks and opportunities related to sustainable development are
presented theme by theme in each section of the Corporate Responsibility Report and, for corporate
responsibility reporting, in the section “Risk management and internal control”.
1
2016, 2017, 2018, 2019, 2021, 2022, 2023, and 2024. Kantar Prospera External Asset Management Finland 2016–2025.
The Evli Group has a responsibility policy and Responsibility program, governing responsibility work at the
Group level. The Responsibility program consists of three strategic responsibility themes: environmental
responsibility, social responsibility, and good governance. For each topic, the materiality analysis identified
important sustainability matters that are related to the Evli Group’s business and considered important by
various stakeholders of the Group as the most material sustainability topics. The targets and metrics in
relation to material sustainability matters are presented in the topical sections of the Corporate Responsibility
Report. Representatives from various business units of the Group participated in the preparation of the
Responsibility program and in the analysis of the material topics, as well as in the setting of targets.
Evli Plc’s Audit and Risk Committee approved the latest Responsibility program in December 2025.
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Evli Group Responsibility program
Responsibility | Targets | Metrics |
Responsible ‒ Prevention terrorist financing ‒ Corruption | ‒ Skilled and competent personnel to effectively terrorist financing | ‒ Mandatory annual training on anti employees ‒ The indicators will be developed in the coming years |
Social responsibility ‒ Working conditions well-being ‒ Diversity, equity and inclusion ‒ Clients and end users | ‒ Providing a safe and healthy working environment for all our employees ‒ Professional development and continuous ‒ Promoting ‒ Minimum number of underrepresented gender in the board of directors, 40% by June 2026 ‒ When filling ‒ Different ‒ Client satisfaction | ‒ Employee job satisfaction ‒ Number of sick absences (pcs) ‒ Training days/person/year (pcs) ‒ Number of people transferred to new tasks through job rotation ‒ Proportion ‒ Proportion ‒ Proportion ‒ Online service client survey rating |
Environmental ‒ Climate change mitigation | ‒ Evli aims to achieve net zero by 2050 at the latest. Interim targets: ‒ A 50% reduction investment environment allows it. ‒ Due to the nature of our operations, are limited and a separate net zero target has been set for them (Scope 1 and 2). ‒ In equity and corporate bond funds, we are increasing the share of investments that are net zero, aligned to net zero or aligning to net zero. ‒ Engaging with at least 20 of the highest-emitting committed with the net zero definition | ‒ The main indicator used in the monitoring of emission reductions intensity weighted by portfolio ‒ The interim target related to equity and corporate bonds utilizes related to the evaluation ‒ The milestone related to engagement utilizes Science-Based Targets initiative with the Net Zero Investment Framework. ‒ The calculation guidelines are used in the calculation operations, |
Regarding environmental responsibility goals and metrics, Evli's climate targets provide more detailed information on the objectives and metrics. More information about Evli's climate targets can be found at evli.com.
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Business model and value chain
The Evli Group is the leading asset manager in Finland offering a broad range of services, including mutual
funds, asset management and capital markets services, alternative investment products, equity research as
well as Corporate Finance services. Responsibility is integrated in every investment decision.
Evli offers its products and services in Finland and internationally through its two business areas, the Wealth
Management and Investor Clients, and Advisory and Corporate Clients. In Finland and Sweden, Evli offers
comprehensive wealth management, investment, and corporate services to private persons, corporations,
and institutions. In 2025, there were no significant changes in the markets in which Evli operates.
Evli’s key success factors are broad product and service offering, professional personnel, business model that
considers clients’ needs and wishes, and a strong corporate culture. Evli considers the changes in its clients’
needs, demand, markets, and regulation, and based on them modifies its product and service offering, and if
needed, its business model. In 2025, changes in Evli’s product offering were mainly focused on mutual funds
and alternative investment products.
More detailed information on the Evli Group’s corporate structure is in the Annual Report’s Financial
Statement section 8.1 Corporate structure.
Evli employs approximately 290 people in Finland and altogether 317 people in three countries. Number of
employees by country is presented in section “S1 – Own workforce”. In 2025, Evli paid approximately EUR
34.9 million in salaries and fringe benefits.
The Evli Group’s value chain is divided into own operations and upstream and downstream activities. The
Group’s own operations are focused on investment activities, especially on offering investment products and
services and customer service. Evli’s upstream value chain includes financiers, authorities, as well as those
product and service provides where the Group has sourcing and which support business. The downstream
value chain consists of clients, external distribution networks, investee companies, investors, and
shareholders.
Evli’s value chain
Upstream value | Own operations | Downstream |
Suppliers of goods and services and other cooperation IT infrastructure Securities Trading brokers Distributors of financial products Financiers Central banks and authorities | Own personnel Services offered ‒ Asset management for private persons ‒ Institutional ‒ Digital asset management ‒ Corporate analysis and corporate advisory services Investment solutions ‒ Traditional ‒ Alternative ‒ Structured investment solutions Services offered companies ‒ Real estate fund management ‒ Design and administration remuneration My Evli online service Own investment activities | Wealth Management and Investor Clients ‒ Private, corporate, and institutional clients in Finland and Sweden ‒ Institutional Advisory and Corporate Clients in Finland and Sweden External distribution ‒ Sales through cooperation in Europe (Estonia, Latvia, Lithuania, Germany, the Netherlands, Luxembourg, France, Austria, Italy, Spain, and Portugal) Investee companies Investors and shareholders Tenants of real estate holdings |
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Interests and views of stakeholders
The Evli Group’s principal stakeholders are its clients, employees, the Board of Directors of the company,
investors, subcontractors and other business partners, investee companies, and local communities. At Evli,
responsibility is broadly defined as financial, social, and environmental responsibility. Ongoing dialogue with
stakeholders is important for Evli in order identify stakeholders’ values and expectations for Evli, as well as to
identify how Evli can develop its ways of working and doing business. In addition, dialogue with stakeholders
provides information on whether Evli’s business strategy is right for the shareholders or whether it should be
changed. Responsibility for stakeholder cooperation has been decentralized, meaning that each business
function or unit has stakeholder cooperation responsibilities. The persons responsible for Evli’s business units
are in continuous dialogue with the Board of Directors, the Executive Group, and supervisory bodies to ensure
that they have up-to-date information on the wishes, important themes, and objectives of various
stakeholders, as well as their potential impacts on Evli’s responsibility work and, more broadly, on the
business.
The views of stakeholders were consulted as part of the double materiality analysis of 2024, based on which
Evli approved the material sustainability themes for the company’s operations. The themes form the focus
areas for the development of Evli’s responsibility work. More information on the materiality analysis is
described in the paragraph “Identification and assessment of material impacts, risks, and opportunities”.
Based on the materiality analysis, no changes were made in Evli’s business strategy. The Dialogue with
Stakeholders table summarizes Evli’s key stakeholders and how the themes important to them are taken into
account in the company’s strategy and business model.
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Dialogue with stakeholders
Stakeholder | Engagement method | Important | Impact on operations |
Clients and end-users | ‒ Client questionnaires ‒ General client contact points: Evli.com, investor service, ‒ Client meetings, ‒ Emails, newsletters, | ‒ Competitive ‒ Useful auxiliary and advisory services ‒ Responsibility, reliability, and data ‒ Service channels that meet one’s | ‒ Product and service offering ‒ Efficiency ‒ Development of communications ‒ Active ‒ Investments and prioritization |
Personnel | ‒ Intranet ‒ Occupational ‒ Development discussions and training events ‒ Personnel surveys and personnel ‒ Cooperation ‒ Occupational ‒ Ethical reporting | ‒ Equal treatment and open ‒ Diversity and non-discrimination ‒ Job stability and competitive ‒ Upskilling and good management ‒ Occupational ‒ Working conditions | ‒ Recruitment process ‒ Upskilling and training programs ‒ Group guidelines and regulations ‒ Development of management ‒ Occupational |
Investors, shareholders, and analysts | ‒ Official annual report, Corporate Governance Statement, Remuneration ‒ Stock exchange releases and press ‒ Annual General Meeting ‒ Evli.com | ‒ Supporting ‒ Creating ‒ Evli’s profit ‒ Responsible operations | ‒ Conservative ‒ Clear dividend policy ‒ Regular and comprehensive reporting |
Subcontractors and other cooperation partners | ‒ Continuous ‒ Evli.com and social media channels ‒ Morning reviews, market analyses, newsletters, | ‒ Fair and equal treatment ‒ Competitive ‒ Reliability and capital adequacy ‒ Future plans | ‒ Broad range of products and responsible ‒ Measures defined ‒ Assessment of partners’ responsibility as part process and during cooperation |
Investments | ‒ Engaging with target companies projects ‒ Screening based on internal processes in ‒ Meetings ‒ Investee companies’ general | ‒ Financial performance and market conditions ‒ Current topics and changes in legislation ‒ Detection | ‒ Depending on the investment, direct engagement with the investment or its exclusion |
Media representatives | ‒ Stock exchange releases, press releases, ‒ Press events and interviews ‒ Evli.com and social media channels | ‒ Relevant, reliable, and open ‒ Expertise | ‒ Management and development of media relations |
The authorities | ‒ Bilateral meetings ‒ Phone calls and electronic channels ‒ Events, seminars, and panels ‒ Ethical reporting | ‒ Compliance with laws and regulations, sustainable development into operations ‒ Open, transparent, and reliable reporting ‒ Continuous | ‒ Changes in product and service ‒ Changes in sales and marketing ‒ Development of internal processes based on |
Wider society (general public, researchers, educational organizations) | ‒ Cooperation ‒ Evli’s company visits and recruitment events ‒ Sponsorship acknowledgements and donations | ‒ Research and development cooperation ‒ Training and skills ‒ Investments and workplaces ‒ Enabling issues of importance for communities ‒ Development of responsible | ‒ Applying gathered information |
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Material impacts, risks, and opportunities and their impact on strategy and business
model
Evli has conducted a double materiality analysis, in accordance with the CSRD, the results of which are
presented in the graph Double materiality matrix. Evli ensures its resilience related to sustainability issues by
adjusting its risk assessment and, if needed, business strategy based on the emerging sustainability factors.
This aims to ensure the long-term profitability and stability of business operations, safeguard client trust, and
control financial risks. Evli continuously invests in its personnel and technology to secure its competitive
advantage.
All impacts, risks, and opportunities presented in the 2025 Corporate Responsibility Report have been
addressed in the ESRS standards, and Evli does not include entity-specific disclosures in this statement. The
statement of material topics and the related impacts, risks, and opportunities, as well as Evli’s approach to
manage them is presented in the relevant sections of the Corporate Responsibility Report.
Identification and assessment of material impacts, risks, and opportunities
In the double materiality analysis, Evli has identified sustainability topics related to the Group’s business
operations that may have positive or negative impacts on the environment, society, and people (impact
materiality), as well as sustainability topics that may lead to such risks or opportunities that affect Evli’s
opportunities to create and maintain value (financial materiality). Evli conducted its first double materiality
analysis in 2024 and updated the analysis in 2025. Evli’s previous materiality analysis was based on the GRI
reporting framework.
In the first step of the double materiality analysis, the internal Responsibility Working Group identified and
assessed possible material topics and sustainability impacts, risks, and opportunities, after which these factors
were rated. The preliminary draft of material topics was first approved internally by Evli’s Responsibility
Working Group and then presented to Evli’s Board of Directors.
In the identification of sustainability matters, Evli’s previous reporting, internal and external statements on
sustainability themes, Evli’s principles, policies and targets, results of Evli’s previous materiality analysis, and
the double materiality survey sent to the internal and external stakeholders were utilized. Sustainability
matters were identified in Evli’s own operations and value chain. As impacts, risks, and opportunities are often
interdependent, the process assessed all of them simultaneously. In the identification of relevant topics, the
sustainability matters of EU’s Sustainability Reporting Standards were used, however, taking into account the
special characteristics of Evli’s own operations.
In the identification of environmental impacts, previous reports and statements on environmental impacts,
carbon footprint calculation, statement on principal adverse impacts of investment decision on sustainability
factors, as well as Evli’s roadmaps, targets, principles, and policies related to environment, for example, were
used. In relation to social impacts, information available from internal and external reports and statements,
such as personnel satisfaction survey information, was used.
Responsibility risks are included in Evli’s risk management framework, and Evli takes into account risks in its
strategic decision-making and business planning. More information on Evli’s risk management role in relation
to sustainability risks is available in section “Risk management and internal controls over sustainability
reporting.
In the second step of the double materiality analysis, in fall 2024, a survey of Evli’s sustainability impacts, risks,
and opportunities was sent to the key stakeholders. The key stakeholders selected for the survey were the
Group management, Board of Directors, personnel, clients, owners, and cooperation partners. Based on the
responses, the identified impacts, risks, and opportunities and their ratings were updated and specified.
The impacts were rated by using a rating scale based on the scale, scope, reparability, and likelihood of an
impact. The scale, scope, and reparability of actual impacts were rated on a scale of 1 to 5, and likelihood with
a multiplier from 0.8 to 1.
For risks and opportunities, the assessment was based on the likelihood of the risk or opportunity, and on the
potential magnitude of financial impacts. Both were rated on a scale of 1 to 5. Risks and opportunities were
also rated in terms of temporal dimension on a scale of short-term time horizon (the period adopted by the
undertaking as the reporting period in its financial statements), medium-term time horizon (1–5 years), and
long-term time horizon (more than 5 years).
Material topics were defined as topics that exceeded value 5 for financial materiality or exceeded value 8 for
impact materiality.
During the final step of the materiality analysis, Evli’s Responsibility Working Group drafted a presentation on
material sustainability topics that Evli’s Board of Directors approved. No significant changes were identified in
Evli’s operating environment or among its key stakeholders during the year. Based on the re-evaluation of the
materiality analysis in 2025, no new material sustainability topics were identified for Evli.
In connection with the materiality analysis, Evli also defined responsibility principles, governing the Group’s
responsibility work. Evli’s responsibility principles are broken down into three themes: environmental
responsibility, social responsibility, and good governance.
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Disclosure requirements in ESRS covered by the undertaking’s sustainability statement
In the material analysis, the following sustainability topics to be reported by Evli were identified as material:
E1 Climate change, S1 Own workforce, S4 Consumers and end-users, and G1 Business conduct. As for topics
identified as material, the content index of information reported is at the end of the Corporate Responsibility
Report.
Evli does not report the disclosure requirements under ESRS on E2 Pollution, E3 Water and marine resources,
E4 Biodiversity and ecosystems, E5 Resource use and circular economy, S2 Workers in the value chain, and S3
Affected communities as the impacts, risks, and opportunities associated with the topics were not considered
material for the Group.
In 2025, Evli’s internal Responsibility Working Group re-evaluated the double materiality analysis. The
Working Group assessed the material sustainability impacts, risks, and opportunities using the same scale as in
2024. No significant changes were identified in Evli’s operating environment or among its key stakeholders
during the year. The 2025 re-evaluation likewise identified no new material topics, although some topics
moved slightly in the materiality matrix, reflecting minor changes in their materiality.
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Double materiality matrix
ENVIRONMENTAL | ||
Climate change | 1 | Climate change mitigation |
2 | Climate change adaptation | |
3 | Energy | |
Pollution | 4 | Pollution |
Water and marine resources | 5 | Water and marine resources |
Biodiversity and ecosystems | 6 | Direct impact drivers of biodiversity loss and condition |
7 | Impacts on the state of species and impacts and ecosystem services | |
Circular economy | 8 | Resources inflows, related to products and services |
9 | Waste | |
SOCIAL RESPONSIBILITY | ||
Own workforce | 10 | Working conditions |
11 | Equal treatment and opportunities | |
12 | Other work-related rights | |
Workers in the value chain | 13 | Working conditions, workers in the value chain |
Affected | 14 | Communities’ |
15 | Communities’ | |
Consumers and end-users | 16 | Information |
17 | Personal safety of consumers and/or end | |
18 | Social inclusion of consumers and/or end | |
RESPONSIBLE | ||
Business conduct | 19 | Corporate culture |
20 | Corruption | |
21 | Management of relationships practices | |
22 | Protection | |
23 | Corruption | |
24 | Animal welfare | |
25 | Taxes and tax footprint |
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ENVIRONMENTAL INFORMATION
E1 – Climate change
Transition Plan
At Evli, responsibility has been an integral part of portfolio management for many years, as the Group believes
that taking responsibility into account will create long-term added value. Climate change mitigation is an
important issue for Evli, and Evli wants to create products that address climate change challenges. At Evli, we
believe that taking responsibility issues into account in investment decisions, alongside the analysis of key
financial figures, increases understanding of the investment target and the risks and opportunities associated with
it.
In January 2020, Evli made responsibility one of its strategic focus areas for the coming years, and in June 2021,
Evli set its climate targets and the included milestones in line with its strategic objectives. Evli does not have a
transition plan in accordance with ESRS, but Evli has separate climate and nature principles and according to its
own climate targets, Evli aims to achieve net zero and carbon neutrality by 2050 at the latest. The target applies
to emissions from both Evli’s own operations and investments. Evli aims to ensure that its operations are aligned
with the target set by the 2015 Paris Agreement, which aims to limit global warming to 1.5 degrees Celsius. Evli
continues to monitor future regulatory requirements and to assess its climate work in relation to them. The re-
evaluation of Evli’s climate targets was conducted in 2025, and the targets are presented in more detail in the
section Targets related to climate change.
As an asset manager, the most significant climate risks and opportunities for Evli are related to its investment
activities, as Evli’s own operations do not result in significant direct environmental impacts, and most of Evli’s
emissions come indirectly through investments. Evli’s strategy focuses on the integration of climate-related risks
and opportunities and their impacts on the Group’s products and investment strategies, which has also been
reflected in the climate targets.
Material impacts, risks, and opportunities related to climate change and their impact
on strategy and business model
The material impacts, risks, and opportunities related to climate change have been identified as part of Evli’s
double materiality analysis. The double materiality analysis is described in more detail in the paragraph
“Identification and assessment of material impacts, risks, and opportunities”. The impacts, risks, and
opportunities related to climate change have been identified and assessed primarily using Evli’s own greenhouse
gas emission calculation, the greenhouse gas emissions from Evli’s investments, and Evli’s work in line with the
climate and nature principles.
Impacts, risks, and opportunities related to climate change
Material aspect | Impacts | Risks and opportunities | Management |
Climate change mitigation | Own operations - indirectly climate-warming greenhouse gas emissions (Scope 2 and 3). Investment activities - climate-warming greenhouse gas emissions. | Own operations + requirements can increase demands to reduce greenhouse gas emissions from investments. Evli must be able to respond to changes in client preferences by offering products that sufficiently climate factors into account. Investment activities + account environmental factors can represent a market opportunity for Evli. | ● Evli has set a net composed a roadmap operations towards ● Evli’s strengthen Management to biodiversity in investment ● Evli carries out emissions annually. ● Investments business is based on thermal sands, or peat for strict revenue restrictions. ● Evli engages companies to encourage climate targets engagement projects, Climate Action 100+. ● As for its own operations, reduce energy consumption from its premises updating the electricity contracts premises to zero as possible. |
+ - |
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Policies related to climate change
At Evli, policies to mitigate climate change are defined in accordance with the company’s strategy and the
Responsibility program supplementing it, as well as the Principles for Responsible Investment. The main
principles and policies adopted to manage material impacts, risks, and opportunities related to climate change
mitigation and adaptation are the Principles for Responsible Investment, the Supplier Code of Conduct, and
the Risk management strategy and policy. The aforementioned policies and principles include descriptions of
their scope and responsibilities related to their approval. Material impacts, risks, and opportunities related to
climate are specifically focused on investment activities, which are addressed in the Principles for Responsible
Investment. The main policies in terms of climate change mitigation in investment activities are Evli Wealth
Management’s Principles for Responsible Investment, Climate and Nature Principles, Climate targets,
Ownership control principles, and responsible investment principles related to alternative investment
products.
Investment activities
In its climate action related to investments, Evli complies with measures defined in Evli Wealth Management’s
Principles for Responsible Investment and Climate and Nature Principles. According to the principles, Evli has
integrated responsibility into its investment activities and portfolio management. In addition, Evli monitors the
emissions of all companies in Evli’s equity and fixed income funds by analyzing company and fund-specific
carbon footprints, companies’ emission reduction targets, and readiness for transition to low-carbon
economy. Also company- and fund-specific scenario analysis is followed.
In accordance with its Climate and Nature Principles, Evli monitors direct equity and fixed income investments
and Evli’s equity and fixed income funds to identify any companies that derive at least 10% of their revenue
from thermal coal or oil sands extraction. Business operations related to thermal coal means thermal coal
mining and the use of thermal coal in energy production. In addition, some funds apply stricter exclusion
criteria for thermal coal, with a 5% revenue threshold. In addition to revenue restrictions, Evli does not
finance new coal-fired power plants, thermal coal mines, or oil sands projects that are in the planning and
construction stages. Possible investments in thermal coal and oil sands companies are assessed in Evli’s
Responsible Investment team. Evli avoids investing in thermal coal and oil sands companies, but it can depart
from the exclusion if the company has a concrete plan to change its procedures and/or the company supports
just transition. In addition, Evli has excluded companies that extract peat for energy production from its
investment universe.
As an active owner, Evli regards climate change mitigation as one of its key engagement themes. In the
engagement work, companies are encouraged to report transparently and set climate targets. In addition, Evli
monitors company-specific targets and their progress.
The Four Procedures of Evli’s Climate and Nature Principles
Participation in initiatives promoting responsible investing is, in many ways, linked to Evli’s work to manage
impacts, risks, and opportunities related to climate change. In 2010, for example, Evli signed the UN Principles
for Responsible Investment and joined Finland’s Sustainable Investment Forum (Finsif).
Evli has undertaken to report its climate risks in accordance with the Task Force on Climate-related Financial
Disclosures (TCFD) framework. The TCFD is an international climate reporting framework designed to make
reporting on the economic impact of climate change clear, comparable, and consistent. The TCFD is also
currently part of the International Sustainability Standard Board’s (ISSB) IFRS S2 reporting recommendations.
The disclosure covers four pillars: 1) governance, 2) strategy, 3) risk and impact management, and 4) metrics
and targets. Additionally, in 2022, Evli reinforced its climate commitment by signing the Net Zero Asset
Managers (NZAM) initiative.
Evli’s Wealth Management is committed to continuously developing responsible investing and the related
processes, including the integration of climate change into investment activities. Evli regularly evaluates its
procedures, actively monitors the market and climate discussion, and carries out discussions with
stakeholders and various companies in order to develop responsibility .
Own operations
As part of its climate targets, Evli aims to achieve net zero emissions from its own operations (Scope 1 and 2).
The emissions caused by Evli’s own operations are limited due to the nature of its operations and are mainly
related to Scope 2 emissions from purchased electricity and heating. The majority of Evli’s emissions are
centered on indirect Scope 3 emissions caused by investment activities. In addition, indirect emissions are
caused by, for example, business travel, commuting between home and work, waste, and purchased goods,
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but their significance in relation to emissions caused by investment activities is limited. Primarily, the aim is to
reduce the emissions of own operations through concrete measures, such as updating the electricity contracts
of the premises to emission-free alternatives and paying attention to the environmental impacts of purchases
and commuting.
In 2021, as part of its climate targets, Evli set a net zero target (Scope 1 and 2) for its own operations by 2025
and has systematically contributed to this. Evli regularly maps the emissions of its own operations and, after
emission reduction measures, offsets any remaining direct and energy consumption-related emissions
through investments in Evli Impact Forest Funds to sequester carbon dioxide. Offsetting is described in more
detail in the section Measures related to climate change.
Measures related to climate change
Investment activities
Actions related to climate change are carried out in accordance with Principles for Responsible Investment,
Climate and Nature Principles, and Climate Targets. Resources related to climate change are integrated into
the activities of the units that work on the issue.
In 2025, Evli’s Climate Targets’ Working Committee re -evaluated Evli’s climate targets and systematically
developed our operations towards our climate targets.
Evli focused its climate engagement work on companies previously engaged with as well as on high-emitting
companies either independently or through collaborative engagement initiatives. Evli engaged with 24
companies in 2025 in relation to environmental themes. In addition, Evli continued its collaborative
engagement work related to climate change. Evli has been involved in CDP’s annual investor letters since
2017, with the topics being currently climate change, deforestation, and water. CDP is an independent
organization whose aim is to encourage companies to report on and manage their impact on the
environment. The 2025 campaign impacted a total of 1,316 companies. Additionally, Evli has been part of the
Climate Action 100+ initiative since 2017. The initiative aims to better manage climate change in companies,
reduce greenhouse gas emissions, and report climate impacts more transparently.
Regarding the interim target for Evli’s investments, which is a 50% emission reduction by 2030, the carbon
footprint in Evli’s equity funds and corporate bond funds decreased by 49.8% from the 2019 baseline year by
the end of 2025, based on the MSCI carbon data.
We continued to build a more accurate snapshot of the alternative asset classes as well. For example, real
estate investments monitor the emission data of properties, forest investments measure the amount of
carbon dioxide sequestered, and fund of funds survey the climate targets set by external fund managers and
emissions data. The coverage of emissions data may vary across alternative asset classes, and we recognize
the challenges in terms of data availability. In 2025, emissions calculation and reporting of alternative funds
were developed, and the work will continue in the coming years.
Evli also offers a climate portfolio strategy to its clients that aims to reduce an investment portfolio’s
greenhouse gas emissions and direct investments in climate solutions. Investments can be made in both funds
and stocks. Careful allocation and risk analysis are the core of the strategy. In pursuit of a net-zero investment
portfolio, it is important to assess what kind of investments are in the portfolio and calculate their carbon
footprint and carbon intensity. Excluding specific companies or industries is not the only option, as the
investments can also focus on supporting the transition to carbon neutrality and net-zero.
Evli regularly monitors changes in climate change regulation. Evli has been involved in the EU legislative
debate in Finland as a member of Finsif and Finance Finland. One significant stakeholder for Evli is data
providers, with which Evli engages in continuous dialogue about, among other things, climate data. The
purpose is to develop Evli’s own operations, tools, and reporting as well as to improve the data available to
investors in order to achieve the climate targets. In relation to climate, in 2025, Evli continued its active
discussions with different ESG service providers on the development of climate data.
Evli once again reported its climate risks in accordance with the Task Force on Climate-related Financial
Disclosures (TCFD) framework. The TCFD is an international climate reporting framework designed to make
reporting on the economic impact of climate change clear, comparable, and consistent .
Own operations
In its own operations, Evli has sought to reduce energy consumption and greenhouse gas emissions from its
premises and to avoid unnecessary travel. In 2025, the electricity contracts for two properties were renewed
so that they are now based on 100% renewable energy. For other properties, the electricity contracts were
already based on renewable energy, or their renewal was not possible for reasons beyond Evli’s control.
However, the review of property contracts continues, and the aim is to switch electricity contracts to be based
on renewable energy wherever possible within contractual terms and the operating environment.
Unnecessary travel is avoided by favoring telephone and video conferences. In addition, employees strive to
improve the sorting of waste, reduce the use of paper in their daily work, and to favor domestic production
when ordering products, for example. Evli’s head office in Helsinki has been awarded the LEED Gold
certification, one of the world’s best-known green building certificates.
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It is also important for Evli to increase environmental awareness among its clients and employees and offer
products and services that help to mitigate harmful environmental impacts. With the continuous development
of digital transaction channels and utilizing the opportunities given by technology, Evli offers new forms of
services that have a smaller environmental impact than before.
Evli has annually calculated the greenhouse gas emissions from its own operations. The calculation is carried
out in accordance with the Greenhouse Gas Protocol (GHG), using the operational control approach that takes
into account all emissions that are part of Evli’s operations. The calculation results in a picture of greenhouse
gas emissions from Evli’s own operations, enabling the review of own operations and the identification of new
targets for emissions reductions.
In 2021, as part of its climate targets, Evli set a carbon neutrality target (Scope 1 and 2) for its own operations
by 2025. Evli has no direct Scope 1 emissions but despite systematic efforts, the emission reduction target for
Scope 2 emissions has not yet been achieved. Therefore, Evli has offset its remaining Scope 2 emissions. As
part of its other climate targets, Evli continues to pursue net zero emissions (Scope 2) from its own
operations.
At the end of 2025, the overall emissions of Evli’s own operations (Scope 2) were 144.44 t CO2e. Evli decided
on a carbon sequestration through its own forest fund to offset the Scope 2 emissions from its operations. Evli
wanted to carry out carbon sequestration through investments, because Evli sees that through a forest fund
Evli has transparency of carbon sequestration over several years and expertise in forest investments.
The Evli Impact Forest I and II funds invest in forests administered by external fund managers. The forests
owned by the forest fund sequester carbon temporarily for the lifespan of trees. After logging, a proportion of
the trees is used for making long-term products, which enables carbon sequestration also for the lifespan of
the products. At this time of the year, data for the 2024 carbon sequestration of the forest funds’ is available,
based on which the calculation has been made. The amount of carbon sequestered through the funds is
monitored annually.
Evli owns approximately one percent (altogether EUR 1 327 952) of the funds, and thus one percent of the
funds’ carbon sequestration. Evli’s share of the forest funds’ total carbon sequestration is 1603,85 tCO2e; and
Scope 2 emissions from Evli’s own operations represent approximately one tenth of that figure.
Metrics and targets related to climate change
In terms of harmful greenhouse gas emissions reduction, Evli aims to achieve net zero and carbon neutrality
by 2050 at the latest. The target applies to emissions from both Evli’s own operations and investments. The
target aims to ensure that our operations are aligned with the 2015 Paris Agreement, aiming to limit global
warming to 1.5 degrees and well below 2 degrees Celsius compared to pre-industrial levels. In addition, we
recognize that a credible long-term net-zero target needs to be supported by sufficiently ambitious interim
targets based on the latest knowledge on climate change and the required measures to reduce emissions. In
addition to the main target, Evli set interim targets:
1.
A 50% reduction in indirect emissions from investments by 2030, provided that the investment
environment allows for it. The base year for the target is 2019.
2.
In equity and corporate bond funds, increasing the share of investments made in material sectors that are
net zero, aligned to net zero, or aligning to net zero. The target level for 2027 is 55%, and the target for
2030 is 65% for equity and corporate bond funds. The comparison year is 2022, when the above-
mentioned share of investments was 42%.
1
3.
By 2030, engaging with at least 20 of the highest-emitting companies that are not committed to or do not
have approved science-based climate targets, or that are not meeting the net-zero definition.
2
1
the Net Zero Investment Framework’s methodology for assessing companies. According to the methodology, aligning to net zero
refers to companies that have science-based climate targets and a decarbonization plan. Aligned to net zero refers to a company
that has the above-mentioned targets and whose current emissions are in line with a net zero transition pathway. For net-zero
companies, the emission level has reached net zero and can be expected to continue net zero in the future as well .
2
the definition of Net Zero Investment Framework. In accordance with the Net-Zero Asset Owner Alliance initiative’s Target -Setting
Protocol methodology, the engagement objective takes into account Evli’s direct engagement with companies and/or engagement
through collaborative engagement initiatives .
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The emission reduction target for investments is monitored with Scope 1 and 2 emissions. Regarding Scope 3
emissions, we follow the development of companies’ reporting and data providers’ analysis to be aware of
indirect emissions of target companies. The fund-specific share of the emission reduction target for
investments may vary between different funds and asset classes. For example, we can take into account
geographical differences and societal perspectives in mitigating climate change in accordance with just
transition. Just transition refers to recognizing the uneven distribution of the potential adverse impacts of
climate change and its mitigation measures, so that human rights and particularly vulnerable groups are taken
into account as part of climate change mitigation.
The interim targets and the roadmap of climate targets support Evli’s long-term goal of net zero. In line with
the climate targets roadmap, Evli will refine the monitored metrics as work progresses and report accordingly.
Gross Scopes 1, 2, and 3 and Total GHG emissions
Own operations
The greenhouse gas emissions from Evli’s own operations have been calculated and reported in accordance
with the Greenhouse Gas Protocol standards (GHG protocol). According to the GHG protocol, emissions are
divided into direct and indirect emissions that are further divided into three scopes:
‒
Scope 1 emissions are direct emissions.
‒
Scope 2 emissions are indirect greenhouse gas emissions related to the acquisition of electricity, steam,
heat, or cooling. Although Scope 2 emissions are physically generated in a facility where they are
produced, they are included in an organization’s greenhouse gas inventory as they are a result of the
organization’s energy consumption. In Evli’s operations, this means the energy consumption of premises,
in terms of electricity and heating. Scope 2 emissions are reported using both the location-based and
market-based approaches. Location-based emissions refer to the average emissions based on energy
production within a defined geographic area. Market-based emissions take into account the energy
procurement contracts selected by the company.
‒
Scope 3 emissions are indirect greenhouse gas emissions related to, among other things, purchased goods
and services, business traveling, IT equipment, cloud computing services, water consumption, waste,
paper consumption, employee commuting, and emissions from investments on the balance sheet
(investments).
Greenhouse gas emissions (GHG) from own operations
Scope and category | 2025 | 2024 | Change % | ||
Scope 1 GHG emissions Gross Scope 1 GHG emissions (tonnes | 0 | 0 | |||
Percentage of Scope 1 GHG emissions from regulated trading schemes (%) | 0 | 0 | |||
Scope 2 GHG emissions Gross location | 179.0 | 116.8 | 53% | ||
Gross market-based Scope | 144.4 | 97.5 | 48% | ||
Significant Total gross indirect (Scope 3) GHG | 4,986.2 | 5,591.7 | -11% | ||
1: Purchased goods and services | 1,920.1 | 2,154.8 | -11% | ||
2: Capital (investments) | 2,371.2 | 2,645.1 | -10% | ||
3: Fuel and energy-related activities Scope 2) | - | 43.5 | - | ||
4: Upstream transportation | 36.6 | 7.2 | 408% | ||
5: Waste generated in operations | 1.2 | 4.2 | -71% | ||
6: Business traveling | 610.4 | 692.8 | -12% | ||
7: Employee commuting | 46.7 | 44.1 | 6% | ||
15: Investments | * | * | |||
Total GHG emissions Total GHG emissions (location Total GHG emissions (market-based) | 5,165.2 5,130.6 | 5,708.5 5,689.2 | -10% -10% | ||
tonnes of CO2eq = tonnes of | |||||
* Reporting accordance with the TCFD’s | |||||
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Investment activities
Most of Evli’s greenhouse gas emissions arise from investments. Evli has committed to supporting the Task
Force on Climate-related Financial Disclosures (TCFD) reporting framework, based on which the progress of
Evli’s climate work is also reported. Therefore, as part of its Corporate Responsibility Report, Evli also reports
the emissions from its investments in accordance with the TCFD’s recommendations.
The emissions of investee companies in Evli’s equity and corporate bond funds are monitored by analyzing the
carbon intensity weighted by the portfolio weights of the funds, among other things, as recommended by the
TCFD, which measures the exposure of the portfolio to carbon-intensive companies. Evli has also mapped the
absolute and financed emissions of its investments. The absolute emissions of Evli’s investments are the total
emissions of the investments in relation to Evli’s ownership share of the total value of the investments. The
absolute emissions and weighted average carbon intensity is presented in the below table for Scope 1, 2, and
3 emissions. For Scope 3 emissions, it should be noted that the figures are largely still based on estimates and
should be interpreted as indicative. In addition, the reported figures may vary from year to year due to the
structure of investments, the activities of investment targets, and the development of available data, which is
why Evli monitors progress primarily over the long term and in relation to the set climate targets. In addition
to Evli’s equity and corporate bond funds, direct equity and corporate bond investments in wealth
management are included in the data in the table.
The absolute emissions and weighted average carbon intensity for Scope 1, 2, and 3
emissions
2025 | 2024 | |
Absolute emissions (tCO2e) | Coverage 79% | Coverage 80% |
Scope 1 and 2 | 1,188,903 | 728,000 |
Scope 1, 2, and 3 | 5,978,909 | 4,559,000 |
Carbon intensity (tCO2e / $M Sales) | Coverage 79% | Coverage 80% |
Scope 1 and 2 | 117.3 | 101.8 |
Scope 1, 2 and 3 | 691.5 | 694.1 |
Principles of preparing metrics
Own operations’ emissions calculations include Evli’s premises in Helsinki, Oulu, Tampere, Turku, Vaasa, and
Stockholm. Between the reporting years, the company has discontinued the Lahti premises, which were
included in the 2024 calculation but not in the 2025 calculation.
Offices and their personnel are at the center of Evli’s business, which is also reflected in emissions calculation
as products and services purchased, waste, and commutes. In the implementation of emissions accounting,
partly different calculation methods, data sources, and emission factors have been used in different reporting
years, and the calculations have been carried out by different parties. These changes may affect the reported
emission figures, and year-to-year changes should not be interpreted solely as reflecting actual changes in
operational emissions.
Figures related to energy consumption were multiplied by corresponding emission factors. The supplier-
specific method was applied in the premises Helsinki, Tampere, and Stockholm and the average-data method
in the premises Oulu, Turku and Vaasa, where property managers were only able to provide partial
information about energy consumption. Different emission factors have been used across the years, which
partly explains the changes in emissions. In 2025, the electricity contracts for two properties were renewed so
that they are now based on 100% renewable energy. For other properties, the electricity contracts were
already based on renewable energy, or their renewal was not possible for reasons beyond Evli’s control.
Products and services purchased has been monitored through Evli’s orders and invoices. Emissions have
been calculated based on expenditure data, using emission factors defined for product categories.
In 2025, upstream transportation emissions in the value chain were calculated using a spend-based method
based on monetary purchases and DEFRA emission factors, as supplier-specific activity data were not available
for the reporting year. The method is based on industry-average emission factors and the previous calculation
approach, which was based on supplier data, has been more accurate.
Waste generated in offices consists mainly of purchased products and daily consumer goods, such as food and
paper. Waste is measured in kilos by waste category, to the extent the information is available. Missing data
have been estimated based on office floor area. Different emission factors have been used across reporting
years, which partly explains the changes in waste-related emissions.
Source: Evli, MSCI ESG Research
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The data related to Evli employees’ commuting was collected through a commuting-related survey, with
questions about employees’ commutes, office working days, and the means of transport used for commuting.
The data was collected in 2024 and apportioned to the number of personnel in 2025. The survey had a high
response rate. Therefore, based on the information collected and updated emission factors, it was possible to
get a good picture of emissions from commuting. In addition to commuting, business travel causes emissions
for Evli. For business travel, both data obtained from the travel agency and expenditure-based data have been
used.
The Capital (investments) category takes into account the investment on Evli’s balance sheet. The calculation
is based on MSCI’s
1
category takes into account the Scope 1 and 2 emissions from investments, and the calculation has been
scaled based on coverage. The calculation does not take into account emissions caused by Evli’s actual
investment activities. Emissions from investment activities are reported separately based on the TCFD report.
Scope 3 GHG emission categories that are not material to Evli have also been excluded from the reporting.
The Scope 3.3 GHG category reported in 2024 was recognized as irrelevant in 2025 because all consumption
data related to electricity, heating, and cooling have been taken into account in category 2.
1
“ESG Parties”), obtain information from sources they consider reliable, none of the ESG Parties warrants or guarantees the
originality, accuracy and/or completeness of any data herein. None of the ESG Parties makes any express or implied warranties of
any kind, and the ESG Parties hereby expressly disclaim all warranties of merchantability and fitness for a particular purpose, with
respect to any data herein. None of the ESG Parties shall have any liability for any errors or omissions in connection with any data
herein. Further, without limiting any of the foregoing, in no event shall any of the ESG Parties have any liability for any direct,
indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such
damages.
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SOCIAL INFORMATION
S1 – Own workforce
Material impacts, risks, and opportunities related to own workforce and their impact
on strategy and business model
The implementation of Evli’s strategy requires a workforce suitable for future needs. Therefore, personnel is
one of Evli’s most important stakeholders from a social responsibility viewpoint. Competent and highly
motivated personnel are essential for the Group’s growth and development. The most significant risk relates
to Evli failing to attract, develop, and retain the experts and diverse skills that are critical to its strategy.
Evli takes into account all employees – permanent, temporary, full-time, and part-time – when assessing the
impacts, risks, and opportunities related to its workforce. These were recognized using the double materiality
analysis described in the paragraph “Identification and assessment of material impacts, risks, and
opportunities”. Equal treatment and opportunities and working conditions of own workforce are material
aspects. Risks related to own workforce include, for example, discrimination, occupational health and safety,
salaries, and the attractiveness of the company to potential employees.
Impacts, risks, and opportunities related to own workforce
Material aspect | Impacts | Risks and opportunities | Management |
Equal treatment and opportunities for all | + employees, it is possible to positively well-being. | + retaining competent personnel who create added value and impact. - could reduce the well-being own workforce and competent employees could leave Evli. | ‒ There is a systematic upskilling and management. ‒ In recruiting, account. ‒ In the treatment of personnel, diversity and non-discrimination ‒ The aim is to increase the proportion women at different ‒ Everyone has the opportunity to report grievances through an ethical reporting channel (Whistleblowing). |
Working conditions | + working conditions, flexible flexible positive capacity of its own workforce. - conditions employees’ quality of life well-being. | + commitment of own workforce remain at a high level. - Evli employees were to deteriorate, it would lead decline in their well-being possible transfer of know-how away from Evli. | ‒ Evli’s offices statutory requirements for working conditions followed in all countries of ‒ Personnel have the possibility of the week remotely, in accordance the company’s practices flexible ‒ Everyone has the option to belong to a trade union. ‒ Evli complies with the collective agreement for the financial ‒ All personnel are in a centralized resources system. ‒ Evli has a flexible supports work-life balance. ‒ Training is organized for personnel. Supervisors are trained in managing being at work. ‒ Employees are offered, things, preventive healthcare and recreational maintain their working capacity. ‒ Job satisfaction developed and measured by means of regular personnel surveys and meetings with HR and supervisors. |
+ - |
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Policies related to own workforce
The responsibility of Evli’s own workforce is governed by applicable legislation and policies approved by the
Board of Directors, such as Ethical Principles and Human Resources strategy. All policies are applied in all
geographical areas where Evli has own workforce, i.e., in Finland and in Sweden. The policies related to own
workforce are approved by the Board of Directors of Evli, and the Group CEO is responsible for their
implementation.
Evli’s policies do not directly address human trafficking, forced labor, or the use of child labor, because the
company operates only in countries where local general laws and regulations cover matters related to them.
Evli is committed to operating in each country in accordance with local laws and regulations.
The Supplier Code of Conduct states that Evli commits to respect internationally recognized human rights,
such as the UN’s Universal Declaration of Human Rights and the ILO’s eight fundamental conventions on
human rights. This means equal and respectful treatment of all employees, regardless of, for example, gender,
age, religion, or health. Partners must ensure that they are not involved in human rights abuses. Evli Group
and its partners must support, in their own activities, the effective elimination of all forms of forced labor and
child labor.
Equal treatment and opportunities
It is important for Evli that the culture, customs, and values of different individuals and groups are respected
in all activities. In business, Evli complies with the national standards and legal requirements of the countries
in which it operates. Evli is an organized employer and actively seeks to maintain and develop relationships
with various financial sector stakeholders.
Evli commits to creating a workplace that is non-discriminatory, open, and positive and in which all employees
are treated equally, irrespective of gender, age, ethnic or national background, nationality, language, or faith.
Diversity is taken into account in all personnel management from hiring to career advancement and
development. All personnel have equal opportunities to develop and advance in their careers, regardless of
whether they are permanent, fixed -term, or part-time employees.
Evli’s diversity is based on the Group’s values, Ethical Principles, Human Resources strategy, non-
discrimination and equality plan, and occupational safety and health principles. These internal guidelines aim
to prevent discrimination and harassment, as well as to promote equal opportunities for all, also
acknowledging personnel’s different life stages.
Efficient diversity management and promotion of equality help improve work well-being, increase employee
commitment, and fulfil the employees’ competence potential. In addition, diversity increases innovation,
productivity, and the company’s competitivenes s.
The diversity goals provide guidelines and a target level for Evli’s diversity and equality efforts. Evli’s diversity
goals govern work throughout the organization and promote gender equality. The Board of Directors of Evli
Plc monitors the achievement of the goals annually. Practical guidance is the responsibility of the Head of HR
and Legal Affairs, whose task is to ensure that the diversity and equality work is developed in line with the
goals.
Evli’s non-discrimination and equality plan contains policies and procedures for preventing discrimination and
promoting equality and non-discrimination. In accordance with the plan, the employer must promote equality
among all employees and prevent discrimination at work and in the workplace. The non-discrimination and
equality plan covers equality issues related to own workforce, from recruitment and professional
development to performance, salaries, and well-being at work. The plan also instructs that gender, age, family
relationships, health status, political opinions, or ethnic or national origin must not lead to discrimination.
One of the key elements of attaining the diversity goals is the recruitment process. All recruitment is always
based on fairness, transparency, and equity. The aim is to ensure that all qualified applicants have an equal
chance of being selected. In addition to recruitment, equal treatment is ensured to all in the division of work
tasks and career advancement.
The skills of Evli’s experienced personnel support the execution of the company’s strategy and targets. Evli
constantly develops its employees’ professional expertise, as this enables it to keep up with the changes in the
environment and offer clients innovative solutions that meet the market demand.
Evli’s management and development of its personnel’s skills are governed by the Human Resources strategy
and the Evli Group Development plan for the working community. The Evli Group Development plan for the
working community is based on the human resources and business strategy and on performance forecasts.
The Development plan provides an overview of the number and structure of Evli personnel and assesses their
development in the future. The plan also includes an assessment of competence needs and an assessment-
based plan for the development of professional skills. In addition, it sets out measures to monitor and improve
personnel well-being. The Development plan for the working community is discussed in the Cooperation
committee and updated annually and whenever necessary.
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Leadership and supervisory work are supported by training that focuses on management practices, teamwork
development, and interpersonal skills. The task of the supervisors is to support employees and to develop
skills and practices. The leadership work of supervisors is regularly evaluated through personnel surveys.
Training and knowledge development aim to increase personnel motivation and the meaningfulness of work.
Evli’s internal training program, Evli Academy, organizes events run by both internal and external trainers to
develop personnel’s skills and to improve occupational health and well-being at work. In addition, Evli
employees have an opportunity for job rotation, which gives personnel the chance to learn new things and be
challenged in their career and allows Evli to retain top talent.
Working conditions
Motivated, committed, and healthy employees are crucial to Evli’s operations, development, and profitability.
Evli’s goal is to promote the comprehensive well -being of its personnel and invest in preventive well-being
measures. Evli also aims to provide its personnel with a good and safe working environment that promotes
well-being and job satisfaction for all, regardless of age and situation in life.
One of the key conditions for both mental and physical well-being is work-life balance. This is supported at Evli
through a flexible working culture, which includes, among other things, the possibility of flexible working
hours, remote working, and a shortened workweek.
Evli strives to offer competitive salaries to ensure the retention of talented people and their interest in Evli as
an employer. The Evli Group’s remuneration model is also in place to promote the implementation of the
company’s strategy, competitiveness, and long-term financial success. In addition, it aims to contribute to the
positive development of shareholder value and to ensure the long-term commitment of its personnel to the
company’s targets.
At Evli, the well -being at work and the promotion and maintenance of work capacity are governed by the
Human Resources strategy, the work well-being principles, the occupational safety and health principles, the
age management model, and the work capacity support model, in which Evli acknowledges and is committed
to promoting the physical and mental well-being of its personnel. The promotion of well -being at work and
work capacity is a proactive activity, and their goal is to identify factors that threaten employees' work
capacity, to initiate measures needed, and to maintain the health of its personnel throughout their working
careers. In addition, the aim is to support the sharing of skills and to keep work meaningful and motivating.
Personnel are also provided with the opportunity to participate in sports and recreational activities to
promote mental and physical well-being.
developed in cooperation with the personnel and supervisors. Employees and supervisors must report any
problems they observe and any hazards that threaten safety and health to their supervisor, occupational
safety and health representative, or internal services function so that the employer can take immediate
corrective measures.
Engaging with own workforce and workers’ representatives about impacts
Evli is in regular contact with its employees and their representatives to understand workers’ views, to receive
feedback, and to identify development objectives. Open, honest, proactive, and multi-directional internal
communication ensures that everyone at Evli receives the information essential for engagement, productive
work, and personal well-being in an understandable format and at the right time. Special attention is paid to
clear and consistent communication of the Group’s strategy, targets, and values.
Evli conducts regular job satisfaction surveys, identifying personnel’s views on the Group’s operations,
working conditions, collaboration, work atmosphere, and well -being at work. Human Resources is responsible
for the execution of the surveys, whereas Human Resources, supervisors, and senior management are
responsible for handling the results. The results are reviewed at different levels of the organization, and teams
are supported in the planning of development measures. Human Resources and the management of the
business units follow the implementation of the agreed development measures.
Evli makes effective use of various communications channels and tools to communicate with personnel.
Regular physical or virtual info sessions are organized for personnel. News and notices are published on the
intranet, with opportunities to comment or ask questions. There is daily dialogue within and between
different functions, using different channels and tools. Internal communications is continuously improved to
meet the information needs of personnel and to support collaboration across teams and borders. Supervisors
are supported and encouraged to communicate proactively, openly, and in a spirit of collaboration within
their own work community. In addition, Evli’s Marketing, Communications, and Investor Relations function
and Human Resources assist and support supervisors and other personnel in planning and implementing
communications and train personnel as required.
Evli has committed to fair employment conditions in the Group’s Ethical Principles. In addition, Evli complies
with the local labor legislation and applicable collective agreements in all countries in which it operates.
Cooperation is carried out in accordance with the legislation of each country, and the aim is to develop the
Group’s operations and personnel’s opportunities to influence working conditions and decision-making.
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In accordance with the agreement, the Cooperation committee acts as a Group-wide cooperative body. The
committee engages in active dialogue to improve Evli’s operations and working community and monitors the
implementation of cooperation in the Group. The committee is composed of a maximum of eight
representatives elected by personnel from among themselves and a maximum of four representatives of the
employer. In addition, the committee includes the occupational safety and health manager, and the
occupational safety and health representative. The personnel-appointed representative serves as chair of the
committee, and the employer’s representatives serve as vice-chair and secretary.
Processes to remediate negative impacts and channels for own workers to raise concerns
Evli has an internal “Whistleblowing guideline”, based on the EU directive 2019/1937 (“Whistleblower
Directive”) and Finnish law on whistleblower protection (“Laki ilmoittajansuojasta” 1171/2022). Own
workforce can report any ethical grievances or legal violations they observe through the Group’s reporting
channel, i.e., the Whistleblowing channel. Whistleblowing reports are handled by the Head of HR and Legal
Affairs, assisted by the company lawyer and, if necessary, an internal auditor. The Whistleblowing procedure is
described in more detail in section G1 – Business conduct.
In addition to the Whistleblowing channel, Evli’s open work culture supports raising grievances with
supervisors, management, Human Resources, or the Compliance function. Also, personnel satisfaction surveys
make it possible to point out grievances.
All reports on breaches of policies are investigated and the need for remedies is assessed on a case-by-case
basis. Information on different reporting channels is available on Evli’s intranet and regularly communicated
to the employees.
Measures related to own workforce
The Group’s Head of HR and Legal Affairs is responsible for the implementation and reporting of Evli’s Human
Resources strategy. Human Resources, headed by her, consists of specialists in the different HR disciplines,
which include, for example, diversity, well-being at work, salary and remuneration, recruitment, and upskilling.
HR specialists promote structured programs and measures concerning working conditions, equality, and equal
opportunities. Human Resources is also responsible for the planning, coordination, implementation, and
monitoring of measures related to the company’s own workforce by instructing supervisors and other
personnel in the implementation of the measures and communicating them on the company intranet.
Equal treatment and opportunities for all
In accordance with Evli’s non-discrimination and equality plan, the employer must promote equality among all
employees and prevent discrimination at work and in the workplace.
Evli emphasizes management, well-being at work and working environment, diversity and equal treatment,
continuous development, job stability, and competitive salary. These focuses are utilized in the development
of HR processes and annual measures. Diversity is taken into account in salaries, career advancement, and
development. Equality is promoted and monitored through regular personnel surveys and training, and
through tools made available to the management to help maintain a diverse working environment. The new
survey tool, introduced in 2025, allows more frequent measurement of personnel well-being and satisfaction
and more tangible follow -up actions. Despite the measures implemented to promote diversity, the proportion
of women in specialist and leadership roles remained almost unchanged in 2025.
As an employer, Evli must assess the implementation of equality and identify circumstances and practices that
prevent its realization. Evli assessed the implementation of equality in January 2025 together with Human
Resources, the occupational safety and health representative, and the occupational safety and health
manager. The assessment covered main grounds for discrimination and equal treatment, using the 2024
personnel satisfaction survey results. The equality assessment included all the Finnish locations of the Evli
Group (Helsinki, Oulu, Tampere, Turku, and Vaasa) and all 280 employees employed by the Group at that
time. Equality was assessed both physically in the office and remotely, with personnel working remotely under
the hybrid model. The monitoring of measures promoting equality was helped by the close communication
between Human Resources and supervisors in the Team Leaders info sessions and face-to-face meetings.
With respect to measures against violence and harassment, there were no reported incidents; consequently,
no separate measures were required during the year. Evli has a reporting system through which employees
may raise any grievances. The process is described in more detail in the paragraph “Processes to remediate
negative impacts and channels for own workforce to raise concerns”.
Evli has a Personnel and Training Plan, which is based on the Human Resources and business strategy and
performance forecasts. The plan examines the number and structure of personnel and assesses future
development. In addition, skills needs are assessed, and a plan to develop professional skills is drafted. The
plan is updated annually.
Training stresses continuous development of professional skills, core processes, and managerial skills. Regular
development discussions are organized for personnel, guiding upskilling at individual, group, and
organizational levels.
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Evli’s internal training program, Evli Academy, offers events run by both internal and external trainers, thus
promoting skills and well-being at work. In 2025, there were approximately 3.5 training days per employee. All
personnel were offered, among other things, internal investment training and wellness training at Evli, as well
as various targeted training for different units. Personnel can also use the digital learning environment,
Vuolearning, which offers various digital learning content.
In 2025, seven Team Leaders info sessions and trainings on inspirational leadership were organized for
supervisors. The Future Leaders training program, started in 2024, was continued. Several -year-long program
covers comprehensively the management of a company from Evli’s perspective. In addition, Evli continued to
implement the reverse mentoring program, which supports the professional growth of its personnel and
enables the use of silent knowledge.
Recruitment continued to focus on diversity, for example, by taking into account different educational
backgrounds in recruitment choices and by collaborating with the Women’s Career Society to make the
financial sector more attractive to women. In 2025, the trainees selected for the trainee program were of
different genders. In addition, age diversity was strengthened by recruiting experts of different ages.
Working conditions
The entire personnel of the Evli Group are in one human resources system, reducing the risk of working
conditions or salaries that are against the law or agreements. The Group has flexible working hours and a
hybrid model, with a possibility to work remotely part of the week. The company supports the well-being of
employees at different stages of their lives through an age management model and promotes long careers
through various solutions, such as job rotation and reduced working weeks.
At Evli, occupational safety management is based on the prevention of hazards and risks. Safety processes and
instructions govern the operations. Accidents are prevented by common occupational safety standards and
proactive measures, such as risk assessment and safety observations. In 2025, there were no fatal accidents at
Evli.
Occupational healthcare carries out health examinations to evaluate the health status of personnel in relation
to the work requirements and exposure agents at work. Workplace conditions are arranged to be as health-
safe as possible, for example, in terms of cleanliness and working equipment.
To support performance at work, an early support model, return to work support, and a substance abuse
program have been defined. Guidance and training on managing well -being at work is provided to supervisors.
Evli’s personnel have access to specialist occupational healthcare including, among other things, access to
specialist doctors, physiotherapy, endoscopies, ultrasound scans, X-rays, MRIs, and personal vaccinations.
Personnel also have the possibility to use sports and culture, massage, wellbeing, and transport benefits.
In 2025, personnel were offered an opportunity to participate in various events and activities supported by
the employer, such as instructor-led exercise classes, a work well-being day, golf training and competition, and
downhill skiing weekend. In addition, as a new benefit, personnel were offered the opportunity to use a virtual
training application.
Metrics and targets related to own workforce
Evli’s goal is to offer a safe and healthy working environment for all its employees and to support professional
development and continuous learning of its personnel. These are measured through a regular personnel
survey, the number of sickness absence days, the number of training days, and the number of employees
transferred to new job tasks through job rotation. In addition, in the area of diversity, Evli aims to promote
diversity and inclusiveness in the workplace.
Breaking down the traditional gender bias in the financial sector has been identified as a key theme in the
Group’s overall social responsibility. It has also been taken into account in Evli’s diversity targets, according to
which:
‒
the long-term goal is gender balance in the organization.
‒
a minimum of 40 percent of the under-represented gender in the Board of Directors must be achieved by
June 2026.
‒
the recruitment process will be further developed, and greater attention will be paid to diversity in
recruiting, for example, by collaborating more closely with stakeholders, including students, to make the
investment industry more attractive to women, too.
‒
in recruitment, the most suitable person for the position is always selected.
‒
we ensure that there are always candidates of different genders when filling leadership positions.
‒
there must be trainees of different genders selected for the trainee program.
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Job satisfaction
Metric | Target | 2025 |
Results of the job satisfaction | ≥ 4 / 5 | 4.0 |
Sickness absences
Metric | Target | 2025 |
Number of sick absences | ≤ 3 | 2.6 |
Internal training and info sessions
Metric | Target | 2025 |
Training days/person/year | ≥ 3 | 3.4 |
Job rotation
Metric | Target | 2025 |
Number of persons transferred | Job rotation No numerical target | 7 |
Diversity
Metric | Target | 2025 |
Proportion | 40% | 40% |
Proportion | Gender balance in the Executive | 29% (Executive |
Proportion | 50% | 36% |
* According to the Corporate Governance Code 2025, balanced underrepresented gender in a six-member Board of Directors with the rounding rules stated in Chapter 6, Section |
Characteristics of the undertaking’s employees
The following tables present the number of Evli employees at the end of 2025, expressed as number of
people. The Evli Group had a total of 317 employees on December 31, 2025. During the year, the number of
personnel increased by 3.9 percent compared to the previous year. In 2025, the majority of the Group’s
employees worked in Finland, but the Group also has personnel in Sweden and the United Arab Emirates. At
year-end, most of the Evli Group employees were full-time and on permanent contracts. The calculation
methodology for information on employees is described in more detail in the paragraph “Principles of
preparing metrics”.
Number of employees (head count) and turnover
2025 | 2024 | |
Women | 122 | 116 |
Men | 195 | 189 |
Other | 0 | 0 |
Average employee turnover | 6.5% | 7.3% |
Number of employees by contract type and gender
Women | Men | Other | Total | |
Number of employees (head count) | 122 | 195 | 0 | 317 |
Number of permanent employees (head count) | 105 | 179 | 0 | 284 |
Number of temporary employees (head count) | 16 | 15 | 0 | 31 |
Number of non-guaranteed hours | 13 | 7 | 0 | 20 |
Number of full-time | 104 | 187 | 0 | 291 |
Number of part-time | 5 | 0 | 6 | |
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Number of employees by country (head count)
2025 | 2024 | |
Number of employees | 317 | 305 |
Finland | 290 | 280 |
Sweden | 25 | 23 |
United Arab Emirates | 2 | 2 |
Diversity of senior management (gender distribution)
Management | Women, persons | Women, % | Men, persons | Men, % |
Board of Directors | 2 | 40** | 4 | 60** |
Executive | 2 | 29 | 5 | 71 |
* At Evli, senior management is composed of the Directors and the Executive ** According to the Corporate Governance Code 2025, equal representation achieved when the underrepresented gender 40 percent in accordance with the rounding |
Collective bargaining coverage and social dialogue
Collective | Social dialogue | ||
Coverage rate | Employees in | Employees outside | Workplace representation (EEA only) |
0–19% | |||
20–39% | |||
40–59% | |||
60–79% | |||
80–100% | Finland | Finland | |
Countries with more than 50 employees are included addition, nor working conditions | |||
Adequate wages – percentage of employees who earn under the “adequate wages” definition
At Evli, all employees are paid adequate wages in every country where we operate, in line with the applicable
benchmarks.
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Reporting on the data point of the percentage gap in pay between female and male employees will be refined
in future reporting periods In the company, the ratio between the remuneration of the highest paid individual
and the median annual remuneration for other employees was 10.9. The ratio was calculated by dividing the
highest total remuneration by the median of employees’ annual total remuneration (excluding the highest-
paid individual).
Metric | 2025 | 2024 |
Pay gap | - | - |
Reporting |
Metric | 2025 | 2024 |
Annual total remuneration total remuneration | 10.9 | 10.6 |
Social protection
All Evli employees are covered by social protection, through public programs and/or through benefits offered
by the company, against loss of income due to sickness, unemployment, employment injury and acquired
disability, and parental leave.
Training and skills development
All Evli Group employees are entitled to regular development discussions, i.e., performance and career
development discussions. In 2025, Evli introduced new practices to conduct development discussions. The
development discussion process and reporting are further improved in 2026 to ensure the quality of the
information.
Metric | 2025 | 2024 | |
Employees that participated discussions, | 100% | 100% | |
Average number of training | 20 | 18 | |
Health and safety
Evli’s entire workforce (100%) is covered by the occupational health and safety management system. The
system covers all key actions to ensure the physical and mental safety of employees. Personnel details and
employment contract documents are recorded in Evli’s HR systems, and accident details are handled in
cooperation with occupational health and safety. This way the company ensures that occupational safety
covers every aspect of safety .
Own personnel / employees
Metric | 2025 | 2024 |
Work-related accidents, pcs | 2 | 4 |
Work-related accidents, % | 0,7 | 1.4 |
Work-related accidents resulting | 0 | Unknown |
Work-related accidents resulting | 0 | 0 |
Occupational | 0 | 0 |
Occupational | 0 | 0 |
Service providers / not employees
Metric | 2025 | 2024 |
Work-related accidents | 0 | 0 |
Work-related accidents resulting | 0 | 0 |
Work-related accidents resulting | 0 | 0 |
Occupational | 0 | 0 |
Occupational | 0 | 0 |
Work -life balance – family leaves
In accordance with the Employment Contracts Act, all Evli employees (100%) have the right to time off from
work during which they receive pregnancy, special pregnancy, or parental allowance.
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Incidents of discrimination, complaints, and severe human rights impacts
Metric | 2025 | 2024 | |
Incidents of discrimination | 0 | 0 | |
Number of human rights incidents | 0 | 0 | |
The total amount of fines, the human rights incidents | 0 | 0 | |
Principles of preparing metrics
The figures on own workforce cover all personnel of the Evli Group.
The number of personnel used for the calculations is expressed as the number at the end of the reporting
period (December 31, 2025). The number also includes non-active employees, such as persons on family
leave. Evli employs approximately 10-15 seasonal summer employees and trainees per year, not all of whom
are employed at the end of the reporting period when the number of personnel is calculated.
The external workforce in Evli’s workforce includes employees with contracts with Evli to supply labor, i.e.,
self-employed people and tied agents. This workforce mainly acts as sellers of Evli’s structured investment
products. There are usually no significant fluctuations in the number of workforce during the year.
Recruitments include permanent new hires. Employee turnover has been calculated by dividing the number of
permanent employees who have left by the number of all permanent employees, regardless of the reason for
leaving.
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S4 – Consumers and end-users
In this paragraph, consumers and end-users refer to those private persons, corporations, and institutions who
use Evli’s products and services and thus are Evli’s clients.
Material impacts, risks, and opportunities related to consumers and end-users and
their impact on strategy and business model
Evli aims to offer its clients investment products and services that meet their needs and goals. When selling
products and services, it is essential that a client understands the product or service they are buying, and the
associated risks, and that the product or service fits the client’s investment goals. Evli offers investment
products and services to its three main client groups: private clients, corporate clients, and institutions. In
addition to these, Evli may have impacts on potential clients. Legal restrictions or risk profiles may prevent the
offer of certain products to some clients. As an investment services company, Evli handles large volumes of
personal data of clients, which raises the risks related to data protection and information security.
The material impacts, risks, and opportunities related to clients have been identified in the company’s double
materiality analysis, described in more detail in the paragraph “Identification and assessment of material
impacts, risks, and opportunities”. The double materiality analysis identified information -related impacts for
consumers and/or end-users as well as social inclusion of consumers and/or end -users as relevant aspects.
Impacts, risks, and opportunities related to consumers and end-users
Material aspect | Impacts | Risks and opportunities | Management |
Information- related impacts for consumers and/or end- users | +/- information safeguard the confidential information | - handling of client information were to occur at Evli, it could result in reputational Evli and liability for damages. | ‒ Information constantly monitored and developed. ‒ Risk Control, Compliance, Information communications Audit cooperate to ensure that information required level and in line with practices |
Social inclusion of consumers and/or end- users | +/- other stakeholders that Evli’s marketing in line with good practice. addition, clients that Evli publishes high- quality and accessible information | - regulation marketing reputational possible liability for damages. + transparent marketing build trust and increase financial opportunities | ‒ Evli monitors regulatory changes these into account in all its activities. ‒ Evli has established practices that product information accurate. ‒ Evli is in constant dialogue with the authorities regulatory changes. |
+ - |
Policies related to consumers and end-users
Evli’s policies on client-related responsibility are described in the Group’s Ethical Principles, approved by the
Board of Directors, Data protection policy, the Supplier Code of Conduct, and management systems, for
example. The policies aim to minimize any adverse environmental impacts and to ensure that Evli offers
responsible products and services to clients and end-users.
At Evli, data protection and information security are governed by the Evli Group policies on data protection
and digital operational resilience for the financial sector. The policy is complemented by more detailed
instructions, which will help to implement data protection and information security principles in day-to-day
work. Evli’s information and communications technology, Legal Affairs and Compliance function, and Risk
Control are responsible for the daily guidance related to the company’s data protection and information
security, and for monitoring and developing these procedures.
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The development of data protection and information security is based on principles set by the Board of
Directors. In addition, data protection and information security are continuously developed in accordance
with official regulations and Evli’s business strategy, risk management policy, and other requirements. The
policy is reviewed and updated annually, and, if necessary, more detailed guidance is provided.
Personal data is used in managing client relationships, offering products and services, direct marketing, and
risk management. Evli processes personal data lawfully, fairly, and in a transparent manner in compliance with
the EU’s General Data Protection Regulation (GDPR) and specific legislation for the sector. Processes are
described in the guidelines and separate data protection notices on the company’s website. Each employee
must understand regulatory requirements and know Evli’s data protection and info rmation security policies.
The policies apply to all companies belonging to the Evli Group, and each Evli Group employee is personally
responsible for adhering to the policies. The policies oblige employees to ensure that policies and principles
are complied with. Evli communicates topics handled in the policies to consumers and end-users through, for
example, its website, sustainability reporting, and other client communications.
Evli’s key principle is to offer products and services that meet its clients’ needs and goals. When selling and
marketing products and services, it is essential that a client understands the product or service they are
buying, and the associated risks, and that the product or service fits the client’s investment goals. Evli ensures
the suitability of products and services to clients by identifying their needs, characteristics, and investment
behavior. Sales and marketing are governed by Evli’s Ethical Principles, the policy on marketing investment
products and services, the guidelines on client classification, and the guidelines on telephone selling of
financial services. Training on new regulations and instructions is organized for personnel working in direct
client contact. The marketing of products and services is also governed by the European Securities and
Markets Authority (ESMA) guidelines on the marketing of funds (ESMA34-45-1272) and the Financial
Supervisory Authority’s regulations and guidelines on the marketing of financial services and products
(15/2013). The implementation of these measures is monitored through client feedback, surveys, internal
audits, and external evaluations.
On its website, Evli takes into account the Act on the Provision of Digital Services (306/2019), which is based
on the European Union’s accessibility directives. Hence, Evli’s website is accessible to everyone. In addition, in
all other client service situations, the specific needs of the client will be taken into account, where
appropriate, to provide the best possible service to the client.
Processes for engaging with consumers and end-users about impacts
Evli gains understanding of the wishes and needs of clients and end-users by actively communicating with
clients. Evli’s direct communication channels with clients and end-users are client messages, client meetings,
events and webinars, telephone conversations, the company’s website (contact form), client satisfaction
surveys, and social media channels. Business managers are responsible for ensuring that there is continuous
communication with clients and that feedback is taken into account in Evli’s operations.
Findings from interactions with clients guide the development of the product and service range, prioritization,
and decision-making. These finds are used to build market intelligence and to gain insight into the preferences
and needs of consumers and end-users. The management of each business area is responsible for taking into
account the wishes and needs of clients, and thus consumers and end-users, in decision-making.
In Evli’s operations, particular consideration is given to information security, data protection, and safeguarding
of clients’ privacy protection in the processing of personal data. The aim of information security is to protect
personal data and other processed data in an appropriate manner, and thereby create trust, safeguard the
quality and continuity of services, processes, and business operations, and ensure the confidentiality,
integrity, and availability of data processed by Evli. Data protection aims to protect the rights and freedoms of
data subjects and to maintain different stakeholders’ high level of trust.
Processes to remediate negative impacts and channels for consumers and end-users to raise concerns
Evli offers clients several channels to express their grievances or wishes. Clients may contact Evli directly,
including by contacting customer service by phone, through the website, web application, or chat, or by
responding to client surveys. Indirect contact is possible through a client representative and the
Whistleblowing channel, for example. The Whistleblowing reporting channel is described in more detail in
section G1 Business conduct. At Evli, contacts from clients are directed to the right party to ensure a
comprehensive response.
Evli has instructions and procedures for handling client feedback to handle feedback consistently and in
accordance with regulations. Efficient feedback handling is an essential part of Evli’s business, and clients have
the right to have their feedback handled thoroughly, fairly, and without delay. Client feedback provides Evli
with important information on the quality of services and client satisfaction and helps to develop activities.
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Clients may provide feedback verbally or in writing in a manner of their choosing. Client feedback channels
include client meeting, telephone conversations, emails, letters, and the contact form on the website. All
feedback channels are equally open to all clients.
The primary aim is to handle client feedback when contacting the client. If this is not possible, or if the client
wishes otherwise, feedback will be referred to the relevant business unit for further handling. If unanimity
cannot be reached through discussions, the client has the right to refer the matter to the Investment
Complaints Board, under the Finnish Financial Ombudsman Bureau, or to the Consumer Disputes Board.
Regardless of the outcome of the cases, Evli always analyzes how it can improve its sales and marketing
practices.
Client feedback and the measures related to their handling will be recorded to enable reliable follow -up. The
client feedback received is also regularly reported to Evli’s management. All client feedback is treated
confidentially and in compliance with the data protection legislation.
Evli also monitors each data protection case or information security incident to assess how similar cases may
be avoided in the future to protect the rights and freedoms of data subjects.
Measures related to consumers and end-users
Evli’s corporate culture is based on a mindset where the client’s interests always come first and where the
client’s assets are managed as well as our own assets. It is based on hard work and resourcefulness, good
client service and teamwork, building excellence, and integrity in all Evli’s operations.
Evli’s key principle is to offer products and services that meet its clients’ needs and goals. When selling and
marketing products and services, it is essential that a client understands the product or service they are
buying, and the associated risks, and that the product or service fits the client’s investment goals.
It is essential that Evli knows its clients and becomes familiar with their needs, characteristics, investment
behavior, and financial situation to the extent required by the client relationship. This enables us to offer each
client products and services that meet their needs and goals and ensures that clients understand the product
or service they are buying.
Evli regularly reviews its products to ensure they are suitable for clients and comply with legal obligations.
Review is supported by regular training programs that enhance the practices and skills of teams working in
direct client contact.
Evli also cooperates with the authorities and supervisors and participates in meetings of various networks and
sector associations. Cooperation gives Evli an opportunity to share information and experiences with sector
experts and stakeholders.
Evli ensures that it has efficient complaints handling processes and remedies for material negative impacts on
clients by closely monitoring client feedback and the results of client satisfaction surveys. Evli has established
processes to monitor and ensure that the remedies for material negative impacts on clients are appropriate to
the situation and as efficient as possible.
Information -related impacts for consumers and/or end-users
To strengthen data protection and to ensure compliance with the standards and regulations applicable to the
industry, Evli carried out several measures in 2025. These included, for example, training employees on the
importance of data protection, information security, and cybersecurity, as well on industry developments and
regulation.
In 2025, Evli reviewed the processing of personal data to ensure handling is carried out in a manner that is
transparent and respects the privacy of data subjects. To ensure compliance with regulations, Evli evaluated
all new systems and applications from the perspective of data protection. In addition, Evli continued to
implement technical measures for ensuring the security of personal data in electronic communication with
clients.
Social inclusion
Product and service information management processes include established practices for presenting product
and service descriptions and statutory documents. The correctness of product and service information is
monitored by the Legal and Compliance function. In 2025, Evli concentrated on, for example, producing easy-
to-understand marketing and sales content for its communications channels, including websites and social
media, and for advertising.
The continuous improvement of the quality of services and digital channels is important for Evli. In 2025, the
company sought to improve clients’ ability to contact the company, including its website and feedback forms.
Additionally, Evli developed its client communications processes and channels, and sought to improve its
understanding of the role of different channels in creating client experience. This helps to identify
opportunities for improving client journeys and client satisfaction.
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Metrics and targets related to consumers and end-users
In accordance with the Group policies, Evli always tries to act in the best interest of its clients. The aim is to
offer products and services that are fair, understandable, and designed to meet the changing needs of clients.
Evli gathers feedback about the performance of its online service to obtain information on electronic client
experience and clients’ wishes and needs. In addition, feedback survey enables Evli to respond to clients’
concerns and/or challenges.
Electronic client experience
Metric | 2024 | 2025 | Target 2025 | Target 2030 | |
Client satisfaction | 3.77 | 3.89 | 4.0 | 4.5 | |
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GOVERNANCE INFORMATION
G1 –Business conduct
Material impacts, risks, and opportunities related to business conduct and their impact on
strategy and business model
Good governance is central to the implementation of Evli’s business and strategy. Good governance relies on
Evli’s corporate culture, which is based on Evli’s values and Ethical Principles and guides strategy
implementation, daily decisions, and interaction with stakeholders. Evli’s operations are governed by national
and international regulations, presenting risks and opportunities.
The impacts, risks, and opportunities related to good governance and corporate culture have been identified
in the company’s double materiality analysis, which is described in the paragraph “Identification and
assessment of material impacts, risks, and opportunities”.
The double materiality analysis identified corporate culture, corruption, and bribery as well as protection of
whistleblowers as material aspects.
Impacts, risks, and opportunities related to business conduct
Material aspect | Impacts | Risks and opportunities | Management |
Corporate culture | + serves as a basis for profitable business operations, well-being, client relations, interaction stakeholders. + engages with companies through direct discussions, General Meeting participation engagement initiatives | + values engage its own workforce and create growth opportunities for Evli. + return on investments in the long term and ensure that sustainability risks and opportunities investment decisions. | ‒ The Evli culture and brand book available to all personnel, including story and instructions and how we engage with stakeholders. ‒ New employees are offered materials and meetings. ‒ Evli has common values that are followed in everyday work. |
Corruption bribery | +/- guide the legality and ethics of personnel. If Evli did not have internal guidelines and training for its personnel, it could lead to cases of corruption bribery. | - bribery would be a significant reputational | ‒ Evli has a policy on the prevention money laundering and ethical principles for all personnel. ‒ Training on ethical principles and policies governing Evli’s operations organized. |
Protection whistleblowers | - whistleblowers were not protected, it could have a negative whistleblowers. | - protected, it could lead to a situation be reported in the future. It lead to a legal case and cause reputational | ‒ All Evli’s internal and external stakeholders may use the Whistleblowing reporting ‒ Evli has an internal Whistleblowing guideline related to raising concerns. ‒ Evli has a process for handling reports. |
+ - |
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Policies related to business conduct and corporate culture
Evli’s operations are always based on good governance, legislation, and authorities’ guidelines. In addition to
applicable legislation, the responsibility of Evli’s business conduct is governed by the responsibility policy
approved by the Board of Directors of the company, Evli’s Ethical Principles, and Evli’s strategy and risk policy.
Depending on the role, personnel are also required to review other policies and complete regular online
training. Policies, together with Evli’s values, form a corporate culture that serves as a basis for the company’s
practices.
With respect to investments, Evli Wealth Management Principles for Responsible Investment and Evli’s
Ownership control principles guide investment-related decision-making, active ownership, and interaction
with investments. Evli uses these principles to systematically integrate ESG factors into its investment
activities, to ensure compliance with international norms and its own climate and nature principles, and to use
engagement and exclusion means to promote responsible operations.
Besides its personnel, Evli also expects responsible business conduct from its partners, including suppliers,
subcontractors, and service providers. Evli ensures the responsibility of its partners with due care and
guidelines, such as the Evli Plc Supplier Code of Conduct.
Corporate culture
The Evli way of working has been based, right from the start, on four values: entrepreneurship, integrity,
valuable relationships, and constant learning.
– An entrepreneurial attitude gives everyone the freedom to act on opportunities.
– We foster good relations with each other and with our clients. We value our relationship with each other
and want to help our colleagues succeed. We are inspired by and want to inspire our clients. We walk
alongside them.
– Constant learning means that we always strive to become better and are curious to explore new
opportunities.
– Integrity means for us that we stand behind our decisions and have the courage to say no.
Prevention of corruption and bribery
Evli is committed to fighting against corruption and bribery and will not condone them under any
circumstances. Even though Evli does not have a policy in line with the UN Convention, Evli’s Ethical Principles
and Conflict of Interest policy govern its personnel.
The prevention of corruption and bribery, and the promotion of ethical conduct, aim to promote ethical and
responsible business practices and safeguard Evli’s reputation by preventing undue influence and conflicts of
interest. The responsibility of business operations is guided by the Ethical Principles of the Evli Group that
include a prohibition of bribery and instructions on hospitality shown to authorities. Evli is committed to
fighting against corruption and bribery in its own operations and in its relations with its partners. A similar
prohibition is also included in Evli’s Supplier Code of Conduct. In the coming years, Evli will examine whether
there is a need to add policies consistent with the UN Convention to the policies related to the prevention of
corruption and bribery.
In Evli’s operations, corruption and bribery cases are most likely in investment activities. Therefore, anti-
corruption principle also covers Evli’s investments through the Principles for Responsible Investment.
Any suspected cases of corruption or bribery in Evli’s operations may be reported – as with other suspected
internal misconduct – to a supervisor or contact person, or through the Whistleblowing channel. Solved cases
are reported to the administrative, management, and supervisory bodies, in the same manner as other
misconduct. The policies and guidelines related to corruption and bribery are available to personnel on the
intranet.
Preventing money laundering and terrorist financing
Evli plays an important role in preventing money laundering and terrorist financing. For this purpose, Evli has
clear operating instructions that apply to all personnel. In addition to statutory obligations, preventing money
laundering is part of Evli’s risk management and an important part of its business operations.
Whistleblowing
Personnel and other stakeholders are encouraged to report all legal violations related to Evli’s operations and
unethical grievances in accordance with Evli’s Whistleblowing guideline.
Evli has an internal “Whistleblowing guideline”, based on the EU directive 2019/1937 (“Whistleblower
Directive”) and Finnish law on whistleblower protection (“Laki ilmoittajansuojasta” 1171/2022). The
company’s own workforce can report any ethical grievances or legal violations they observe through the Evli
Group’s reporting channel, in accordance with the Whistleblowing procedure, to a supervisor, management,
Human Resources, or the Compliance function.
Whistleblowing reports are handled by the Head of HR and Legal Affairs, assisted by the company lawyer and,
if necessary, an internal auditor. Cases are reported in the Compliance Report and presented to the
company’s Board of Directors and the Audit and Risk Committee of the Board of Directors .
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Measures related to business conduct
Corporate culture
Evli’s corporate culture, which is based on its values (entrepreneurship, valuable relationships, learning, and
integrity), has been built over the years through strong cooperation and open communication. In 2025, Evli’s
Cultural Handbook was published, promoting the understanding of corporate culture among current and new
employees.
Supervisors also play an important role in applying policies and corporate culture. Team Leaders info sessions
and training ensure that they have the necessary know-how and tools to guide personnel.
The completion of online training by employees is regularly monitored by Evli’s Human Resources and the
Compliance function. In addition, Evli’s Internal audit developed a process that enables a more systematic
monitoring of the completion of trainings. The process is expected to be finished in 2026, and it will be
reported in the Corporate Responsibility Report in the future.
Prevention and detection of corruption and bribery
Evli has identified the possibility of being exposed to corruption and bribery risks through clients, investments,
and other business partners. Evli may incur reputational damage, as well as legal and business consequences,
if it fails to prevent corruption and bribery.
The Evli Group has comprehensive procedures in place designed to prevent, detect, and handle allegations or
incidents of corruption and bribery. These procedures include, among other things, training and internal
communication for employees, and communicating with suppliers. In addition, training is provided to
members of the administrative, management, and supervisory bodies, as appropriate. Evli will specify the
coverage of training related to corruption and bribery for those working in risk functions.
When making investment decisions, Evli considers economic aspects but also sustainability issues and
associated risks, such as matters related to anti-corruption and anti-bribery. Direct equity and fixed income
investments and Evli’s funds’ direct equity and fixed income investments are regularly analyzed and
monitored based on norms and standards laid down in international conventions. If any norm-related abuse
or violation is detected in investee companies, the case is investigated and measures are taken on a case-by-
case basis. The Responsible Investment team analyses the situation together with the portfolio manager and
decides on the appropriate next steps. There are two possible courses of action: to engage with the company,
or to place the company on the list of excluded investments if the company does not respond to engagement
efforts or fails to take action to prevent the misconduct or breaches within a reasonable timeframe.
Alternative investment funds are committed to complying with Evli’s responsible investment principles, which
are supplemented by asset-class-specific responsible investment principles defined separately for each asset
class. The implementation of these principles is monitored on an asset-class basis using appropriate methods,
such as assessments directed at asset managers and engagement with portfolio companies, taking into
account the specific characteristics of each asset class.
Any suspected cases of corruption or bribery in Evli’s own operations may be reported – as with other
suspected internal misconduct – to a supervisor or contact person, or through the Whistleblowing channel.
Solved cases are reported to the administrative, management, and supervisory bodies, in the same manner as
other misconduct. The policies and guidelines related to corruption and bribery are available to personnel on
the intranet. The principles of the Whistleblowing channel are communicated on the intranet and via online
compliance training. For external stakeholders, the Whistleblowing reporting channel and related policies are
available on the company’s website.
In 2025, Evli continued to raise employee awareness about the prevention of corruption, bribery, and money
laundering via online compliance training. The training is part of the mandatory training for all employees and
therefore covers 100 percent of risk functions, namely, functions whose duties and responsibilities render
them susceptible to corruption. The training includes Evli’s anti-corruption and anti-bribery principles and
guidelines on the offer and receipt of gifts and hospitality. Evli’s employees do not offer, solicit, or accept
improper gifts, trips, or payments, for example. In addition, internal guidelines exist for cases of
representation and business gifts.
Evli’s Compliance function monitors the prevention of corruption and bribery and reports, as appropriate, to
Evli’s Board of Directors and Risk and Audit Committee, as well as to the company’s Executive Group, as part
of the regular Compliance reporting.
Activities aimed at preventing money laundering and terrorist financing
Knowing the client is an integral part of the prevention of money laundering. Therefore, before a new client
relationship is formed, the client’s information is always analyzed as required by guidelines based on the law.
All personnel working in direct client contact must take part in annual training events on money laundering
and knowing the client. Evli has also adopted an active role in developing the regulation and good operating
practices in the industry. In addition, Evli continuously trains its personnel in the prevention of money
laundering and terrorist financing.
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Whistleblowing
Personnel and other stakeholders are encouraged to report all legal violations related to Evli’s operations and
unethical grievances in accordance with Evli’s Whistleblowing guideline.
Evli provides an opportunity to report any violations through the Whistleblowing procedure, complying with
the EU directive 2019/1937 and national law of Finland (“Laki ilmoittajansuojasta” 1171/2022). Unethical or
unlawful activities may be reported anonymously through the Whistleblowing channel, available on Evli’s
website, or via a supervisor or the client’s contact person. The Whistleblowing reporting channel is open to all
stakeholders, and all violations are investigated without delay, protecting the whisleblower’s identity.
Participation in the investigation of a case is confidential and must not have negative consequences.
Information collected in the reporting procedure will be kept confidential and stored for five years, unless
otherwise provided in legislation.
Metrics and targets related to business conduct
Evli’s goal is that the Group does not face any cases of corruption, bribery, or money laundering related to its
own operations. Metrics and targets related to business conduct will be specified in future reporting periods.
Preventing money laundering and terrorist financing
Metric | Target | 2025 |
Mandatory annual training on customer due diligence for all personnel | 100% | 100% |
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ESRS content index of Corporate Responsibility Report
Evli’s Corporate Responsibility Report 2025 is not a sustainability report prepared in accordance with the EU Corporate Sustainability Reporting Directive (CSRD). The CSRD reporting requirements have guided the content and
structure of the report, while the report has been prepared on a voluntary basis and has not been assured by a sustainability reporting assurance provider. The content index included in the report is intended to support the
review of the report’s structure and content in relation to the CSRD reporting framework and should not be interpreted as evidence of full compliance with CSRD requirements .
Disclosure | Location | |
ESRS 2 General | ||
BP-1 | General basis for preparation | Corporate Responsibility Report General Reporting |
BP-2 | Disclosures in relation | Disclosures in relation |
GOV-1 | The role of the administrative, | The role of the administrative, |
GOV-2 | Information | Sustainability matters |
GOV-3 | Integration | Integration |
GOV-4 | Statement on due diligence | Sustainability due diligence |
GOV-5 | Risk management and internal controls over sustainability | Risk management and internal controls of corporate |
SBM-1 | Strategy, business model and | Strategy, business model and |
SBM-2 | Interests and views of stakeholders | Interests and views of stakeholders |
SBM-3 | Material impacts, risks and opportunities | Material impacts, risks, and opportunities Material impacts, risks, and opportunities Material impacts, risks, and opportunities Material impacts, risks, and opportunities business model Material impacts, risks, and opportunities model |
IRO-1 | Description | Material impacts, risks, and opportunities |
IRO-2 | Disclosure requirements in ESRS covered by | Material impacts, risks, and opportunities |
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Disclosure | Location | |
ESRS 1 Climate | ||
SMB-3 | Material impacts, risks and opportunities | Impacts, risks, and opportunities |
E1-1 | Transition | Transition |
E1-2 | Policies related to climate change mitigation | Policies related to climate change |
E1-3 | Actions | Actions |
E1-4 | Targets related to climate change mitigation | Metrics and targets related to climate change |
E1-5 | Energy consumption | Not material |
E1-6 | Gross Scopes 1, 2, 3 and Total GHG emissions | Gross Scopes 1, 2, 3 and Total GHG emissions, |
E1-7 | GHG removals and GHG mitigation | Reporting |
E1-8 | Internal carbon pricing | Not material |
E1-9 | Anticipated | Reporting |
ESRS S1 Own workforce | ||
SMB-3 | Material impacts, risks and opportunities | Material impacts, risks, and opportunities |
S1-1 | Policies related to own workforce | Policies related to own workforce |
S1-2 | Processes for engaging with own workers | Engaging with own workforce and |
S1-3 | Processes to remediate negative | Processes to remediate negative |
S1-4 | Taking action related to own workforce, and effectiveness | Measures related to own workforce |
S1-5 | Targets related to managing material negative | Metrics and targets related to own workforce |
S1-6 | Characteristics | Characteristics |
S1-7 | Characteristics | Not material |
S1-8 | Collective | Collective |
S1-9 | Diversity metrics | Diversity of senior management |
S1-10 | Adequate wages | Adequate wages – percentage of |
S1-11 | Social protection | Social protection |
S1-12 | Persons with disabilities | Not material |
S1-13 | Training and skills development metrics | Training and skills development |
S1-14 | Health and safety metrics | Health and safety |
S1-15 | Work-life balance metrics | Work-life balance |
S1-16 | Compensation | Compensation |
S1-17 | Incidents, complaints and severe human rights impacts | Incidents of discrimination, |
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Disclosure | Location | |
ESRS S4 Consumers | ||
SBM-3 | Material impacts, risks and opportunities | Material impacts, risks, and opportunities business model |
S4-1 | Policies related to consumers and end-users | Policies related to consumers and end-users |
S4-2 | Processes for engaging with consumers | Processes for engaging with consumers |
S4-3 | Processes to remediate negative | Processes to remediate negative |
S4-4 | Taking action opportunities | Measures related to consumers and |
S4-5 | Targets related to managing material negative | Metrics and targets related to consumers and |
ESRS G1 Business | ||
SMB-3 | Material impacts, risks and opportunities | Material impacts, risks, and opportunities model |
G1-1 | Corporate culture and Business | Policies related to business conduct |
G1-2 | Management of relationships | Not material |
G1-3 | Prevention | Prevention |
G1-4 | Confirmed | Prevention |
G1-5 | Political | Not material |
G1-6 | Payment practices | Not material |
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LinkedIn – Evli Funds | |
Facebook – Evli Funds | |
Message Service X – Evli Funds | |
evli.com | |
Evli Plc |