Kassu interviewed UB’s CEO John Ojanperä regarding H1. 
Topics:
00:00 Summary
00:56 Sales
02:15 Performance-based fees
03:00 Outlook
03:57 Product offering
05:36 International sales
06:34 Potential return of timber imports from Russia
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Sale has made a report on the United Bankers gang.
UB’s H1 report was clearly better than forecasts in terms of numbers. However, the earnings beat was largely due to performance fees, and forecast changes have remained marginal. We continue to have a positive view on the company’s long-term outlook, but in the short term, share price drivers are scarce as earnings move in the wrong direction and valuation is neutral. We revise our target price for UB to EUR 18.0 (previously EUR 17.0) and reiterate our reduce recommendation.
Quoted from the report:
No surprises in the outlook
UB, as expected, reiterated its guidance and estimated that its operating profit would remain clearly below the 2024 level. Although H1 was clearly better than our expectations, the guidance is still very valid as 2024 numbers were exceptionally strong due to the divestment of the NFF2 fund.
Regarding the outlook, the company was cautiously optimistic, which is in line with comments from the rest of the sector. Geopolitical tensions have eased, and capital market development has been strong despite turbulence. We expect the market situation to gradually improve, but H2 is unlikely to bring major fireworks, especially from the alternative side.
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This video can also be found on the Inderes Nordic channel, where Sale interviews UB’s CEO, John Ojanperä.
Topics:
00:00 Intro 00:04 Highlights 01:16 Sales picture 02:38 Wealth management 04:15 Key funds 06:21 International sales 08:32 Forest products 10:33 Wood pricing 12:09 Finnish asset management
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United Bankersin suuromistaja osti yhtiön osakkeita noin 48 000 eurolla | Kauppalehti.
Rasmus Finnilä, a board member and co-founder of United Bankers, purchased company shares for approximately 48,000 euros.
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The latest UB fund interview has been published!
Topics:
00:00 Energy Park
06:42 Subscription in October
07:55 Other projects
10:37 Development portfolios
12:20 Market outlook
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UB’s international cooperation regarding the investment bank: UB Corporate Finance ja Clairfield International aloittavat neuvonantajakumppanuuden - Inderes
It’s good to note at the outset that the investment bank’s share of the company’s revenue is only a few percent, meaning these are minor matters from the group’s perspective. We believe the cooperation is logical, as at its best it improves UB’s deal flow and, on the other hand, it enhances UB’s credibility in larger transactions (UB is still a relatively small player in the market). As far as I understand, no money changes hands here, so in this sense, it’s a smart move.
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CEO John Ojanperä was at the Investor Days presenting his company as an investment.
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Sauli is a diligent proletarian and has completed UB’s company report this Monday evening
*UB’s sales have picked up after a sluggish start to the year, but the sales engine is still running at suboptimal capacity. A key challenge is the company’s spearhead funds, whose sales are sluggish. In this report, we have examined the sales prospects
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Here are Sauli’s comments on how United Bankers is expanding into PE funds as expected
United Bankers announced on Monday that it is expanding its product range into the private equity market with a new special investment fund. The move is in line with our view, and in our opinion, it is justified for the company to expand its product offering to boost new sales. The news does not cause immediate changes to our forecasts, but we consider the move strategically sound.
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Sauli has shared his preview as UB releases its Q4 results on Thursday.
We expect a good result from the company, driven particularly by strong performance fees from forest funds. New sales of spearhead funds have been challenging throughout the year, and the main focus of the report will be on the sales outlook.
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United Bankers Plc (“United Bankers”, the “Company”) has today, by an agreement signed on 11 February 2026, agreed to acquire the entire share capital of the fund management company Fourton Ltd (“Fourton”). The transaction is intended to be carried out as a share exchange on 25 March 2026 at the earliest, and its final completion is subject to, among other things, the approval of the Financial Supervisory Authority, the share issue authorization granted by the Annual General Meeting of United Bankers, and the fulfillment of certain customary closing conditions. All of Fourton’s key personnel and other employees will continue in the service of the United Bankers Group after the transaction.
Fourton is a Finnish fund management company founded in 2003, which has four actively managed equity funds. Fourton’s special expertise focuses particularly on Asian markets as well as small and medium-sized enterprises in Central and Southern Europe. According to Fourton’s preliminary financial statements for 2025, the company’s revenue was EUR 1.3 million and operating profit was EUR 0.4 million. The assets under management in the company’s funds totaled approximately EUR 150 million at the end of 2025.
The fixed purchase price is determined based on certain financial figures and is estimated to be approximately EUR 4.2 million. The final amount of the fixed purchase price will be specified on the closing date of the transaction. Under certain conditions, the sellers are entitled to an additional purchase price, which will be paid three years after the closing of the transaction, and the maximum amount of which will be specified on the closing date.
Upon completion, the arrangement will support United Bankers’ growth strategy through, among other things, the expansion of the fund selection and expertise, new customer relationships, and administrative synergies. Fourton has four investment funds: Fourton Fiesta Plus, Fourton Silkkitie Aasia, Fourton Komodo Indonesia, and Fourton ESG Dynasty.
The arrangement is not expected to have a significant impact on United Bankers’ business operations or key figures.
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Sale’s comments on UB buying Fourton
United Bankers announced on Wednesday that it is acquiring the entire share capital of the fund management company Fourton Oy. The acquisition is small for United Bankers’ scale, but it is a strategically logical step in expanding the company’s product offering and complements the current selection well.
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UB is simply cool; Sale interviews UB CEO John Ojanperä
Topics:
00:00 Second half-year update
01:19 Year 2025
02:38 New sales
04:56 Private equity
09:05 Guidance
10:27 Alternatives
12:36 Open-ended real estate funds
14:11 Growth
Sale has briskly finished the UB company report as well
The H2 report did not offer any major surprises. We remain positive about the company’s long-term outlook and expect brisk earnings growth from the company in the coming years. However, this year earnings will tread water, and at the current valuation, it is difficult to see upside for the stock without earnings growth. Consequently, we reiterate our target price of 18 euros and our reduce recommendation.
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Let’s share this from another thread, as it is UB’s own customer story after all: Finanssisektori sijoituskohteena - #926 käyttäjältä Sauli_Vilen
For the sake of clarity, the share of those structured products in UB’s revenue is currently ~5%.
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Structured products probably have the best margins, and they are pocketed immediately upon sale.
You notice those margins at the latest when you record their value for the first time in the books and compare it to the acquisition cost…
Edit:
But a well-constructed investment loan basket can still be a good investment in terms of its risk-reward ratio.
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United Bankers’ fund UB Metsä sold land to Google in Vaala
United Bankers’ special investment fund UB Metsä, which invests in Finnish forest estates, has sold a total of 327 hectares of land to the technology company Google. The transaction is part of a larger arrangement in which Google acquired a total of approximately 900 hectares of land from the municipality of Vaala for the construction of a potential data center.
In late December 2025, United Bankers announced a project by its UB Renewable Energy (UB Uusiutuva Energia) fund, in which the fund stated it is developing energy parks in the Paatinkangas area of Vaala and the Metsä-Juntula area of Hyrynsalmi. These areas are planned for hybrid production encompassing wind power, solar power, and energy storage, which supports the operation of data centers and balances energy loads on the grid.
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UB is pretty cool.
Ruoholahti proletarian Sauli has produced a comprehensive report on United Bankers, and like other comprehensive reports, it is available for everyone to read and there are no paywalls
UB’s investment story has improved significantly in recent years, and it has emerged as a high-quality asset manager. We believe the longer-term earnings growth outlook is very good, but in the short term, the challenging market situation for alternatives is throwing a wrench in the works. Without brisk earnings growth, the stock has no upside, but if forecasts materialize, the expected return is good. We want to see concrete signs of accelerating earnings growth and reiterate our Reduce recommendation with a target price of EUR 19.0 (prev. EUR 18.0).
Quotes from the report:
Still potential in scalability
Due to the fixed cost structure, the operating leverage of the business is significant, which has been reflected in Asset Management’s figures in recent years: from 2018 to 2024, approximately 50% of the growth in Asset Management’s revenue has flowed through to EBITDA. We believe this level is reasonable but clearly pales in comparison to the sector’s top companies, where operating leverage has consistently been between 70% and 100%. The company’s fixed costs have increased continuously as it has expanded its product offering and grown its sales force. The company should therefore have the potential to raise its Asset Management profitability significantly from current levels, especially if performance fees remain at a high level. We believe this higher operating leverage is realistic over a couple of years as the company’s sales accelerate from current levels and the growth investments currently being made are completed.
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We chatted with Sauli about UB’s situation, more on earnings growth and new sales in the video as well. 
Topics:
00:00 Introduction
00:19 Asset manager focused on real assets
01:26 High share of performance fees in the result
04:15 Challenges in new sales
08:18 Financial targets and AUM growth
10:25 M&A
13:25 Forecasts for the coming years
16:10 Stock valuation
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UB’s article about data centers.
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