EQT AB (publ) Q1 Annoucement 2026

Highlights for the period Jan-Mar 2026 (Jan-Mar 2025)

Strategic highlights

• As announced on 22 January 2026, EQT has signed an agreement to acquire Coller Capital, a leading global secondaries firm with fee-generating AUM of €30bn¹.The transaction is expected to close mid to late Q3 2026²
• EQT launched a dedicated AI Infrastructure strategy focused on building the foundation of the AI economy; seeded by EQT Infrastructure portfolio company EdgeConneX

Fundraising

• Gross inflows amounted to €‌​​2.6​‌bn. FAUM amounted to €‌​​‌142​‌bn (€‌​​​142​‌bn) and Total AUM was €‌​​‌‌269​‌bn (€‌​​‌​273​‌bn)

Key funds

• Gross inflows to Key funds amounted to €1.0bn
• BPEA IX closed at $15.6bn in total commitments, reaching hard cap and raising €12.7bn in fee-generating AUM. The fund size represents a near 40% increase on the predecessor fund. BPEA IX is the largest Asia Pacific-dedicated private equity fund raised to date.³ As of 31 March 2026, FAUM in BPEA IX amounted to €11.5bn, with a further €1.2bn closed out post quarter end
• Fundraising for EQT XI is progressing with strong momentum. The fund is expected to hold its first close and to be activated around mid-year 2026. EQT XI will only contribute to gross inflows upon activation
• EQT has initiated preparations for EQT Infrastructure VII and intends to launch fundraising during the summer

Other strategies

• Gross inflows to Other strategies amounted to €0.8bn
• In addition to its Key funds, EQT expects to be in fundraising for more than ten closed-ended strategies in 2026
• EQT introduced its AI Infrastructure strategy, fully seeded by the EQT Infrastructure portfolio company EdgeConneX through the acquisition of a minority stake from EQT Infrastructure IV and V. The strategy will have an open-ended structure and charge fees on NAV
• EQT’s open-ended Active Core Infrastructure strategy signed its first investment. The fund charges fees on NAV and will become fee-generating at closing of the transaction, expected later this year

Evergreens

• Net inflows to evergreens amounted to €1.0bn – a record quarter, owing to strong momentum across new and existing vehicles. Redemptions corresponded to less than 0.5% of NAV. NAV amounted to €4.5bn
• Incremental FAUM related to evergreens⁴ increased by €0.8bn during the quarter

Investment activity

• EQT announced gross fund investments of €‌​​6​‌bn, primarily driven by EQT Infrastructure. In addition, EQT provided co-investment opportunities of €4bn for its clients
• Investments include the public tender offer of clean energy platform AES in North America, the acquisition of waste management provider Urbaser in Europe (Infrastructure VI) and the investment in UK-based provider of critical water and wastewater services Kelda (EQT Active Core Infrastructure)

Exit activity

• EQT announced total gross fund exits of €‌​​3​‌bn, primarily driven by public market exits. In addition, EQT realized €9bn for its co-investors
• EQT completed the final sell-down in Galderma (EQT VIII) through the largest sponsor-backed block trade to date. EQT has generated $20bn of capital gains for its funds and co-investors – the largest capital gain outcome in the history of private equity and a testament to EQT’s value creation model

Investment performance

• Key fund valuations were flat on average during the quarter. All Key funds continue to perform On or Above plan
• All Infrastructure Key funds saw valuation uplifts, primarily driven by the Digital and Energy sub-sectors
• In Private Capital Europe & North America, valuations for more recent vintages were largely flat, as strong operating performance was offset by lower reference multiples. Earlier vintages, with a large share of realized assets, were impacted by lower reference multiples and lower closing share prices for listed holdings. Similar effects were observed across Private Capital Asia
• EQT’s software portfolio⁵ (approx. 14% of Private Capital FAUM) – being invested into mission critical B2B software companies – continues to demonstrate strong underlying operational performance

People

• The number of full-time equivalent employees (FTE) amounted to ‌​​1,874​‌ (‌​​‌1,893​‌) at the end of the period. EQT will continue to invest into future growth areas, including Asia and the U.S., AI capabilities, private wealth, and secondaries and solutions
• Bert Janssens, Co-Head of EQT Private Capital Europe & North America, was named Chair of the newly-created Private Capital Management Committee, which aims to strengthen knowledge sharing and alignment across EQT’s global Private Capital platform to drive improved investment outcomes
• Bert Janssens and Henry Steinberg, Global Head of EQT Real Estate, have joined the EQT Executive Committee, while Lennart Blecher steps down. Lennart will remain Chairperson of EQT Real Assets and a member of the EQT Council
• The Nomination Committee has proposed Jean-Pascal Tricoire as a new Board member of EQT. The proposal is subject to approval at EQT's Annual Shareholders' Meeting on 12 May 2026
• As previously announced, EQT's Nomination Committee has proposed Jean Eric Salata, Chair of EQT Asia and founder of Baring Private Equity Asia, as the next Chairperson of the EQT Board. He is proposed to succeed EQT's founder and current Chairperson, Conni Jonsson, at the Annual Shareholders' Meeting on 12 May 2026

Other

• For the second consecutive year, EQT will host its 2026 “Value Creation Day” on 20 May in London. The event will be hosted by EQT’s CEO & Managing Partner, Per Franzén, and will feature insights from EQT’s investment advisory professionals, digital & AI teams, and portfolio company CEOs
• In its Half-year Report 2026, EQT intends to report Real Estate as a separate operating segment, reflecting an intended change in the internal reporting, following the appointment of EQT's Head of Real Estate to the Executive Committee. Upon closing of the Coller Capital transaction⁶, EQT will also report Secondaries & Solutions as a new operating segment. This will result in a four-segment reporting structure: Private Capital, Infrastructure, Real Estate, and Secondaries & Solutions
• At the end of the period, the number of portfolio companies with validated science-based targets amounted to 63, representing more than 70​‌% of invested capital. A further 15​‌ companies are in the process of setting targets

Events after the reporting period

• EQT Infrastructure IV and V realized minority stakes in EdgeConneX to EQT AI Infrastructure
• EQT Infrastructure announced a minority stake sale in Nordic Ferry Infrastructure
• EQT Ventures I signed an agreement to transfer ownership in selected portfolio companies into a newly formed multi-asset continuation vehicle
• Investment levels in EQT Key funds as of 22 April 2026 were 60-65% in EQT X, 75-80% in EQT Infrastructure VI and 5-10% in BPEA IX

1) Estimated as of 31 March 2026, translated to EUR from USD based on 0.87 rate
2) The transaction is subject to customary closing conditions, including regulatory approvals and certain Coller Capital fund investor consent approvals
3) Source: Preqin, April 2026
4) Note that only co-investments and NAV appreciation are incremental to EQT AB’s FAUM related to evergreens, as fund-of-fund investments is already accounted for in the underlying funds
5) Software investments in Key funds (13 assets in EQT VII-X; three assets in BPEA VIII and BPEA IX)
6) The transaction is subject to customary closing conditions, including regulatory approvals and certain Coller Capital fund investor consent approvals, and is expected to close in mid to late Q3 2026

Presentation of EQT AB’s Q1 Announcement 2026

Financial analysts and media are invited to participate in a conference call, including a presentation at 08.30 CEST.

The presentation and a link to follow the webcast and conference call live can be found here and a recording will be available afterwards.

To participate by phone, please register here. You will then receive your personal dial-in details, to be able to ask questions during the Q&A.

Information on EQT AB’s financial reporting

The EQT AB Group has a long-term business model founded on a promise to its fund investors to invest capital, drive value creation and create consistent attractive returns over a 5 to 10-year horizon. The Group’s financial model is primarily affected by the size of its fee-generating assets under management, the performance of the EQT funds and its ability to recruit and retain top talent.

The Group operates in a market driven by long-term trends and thus believes quarterly financial statements are less relevant for investors. However, in order to provide the market with relevant and suitable information about the Group's development, EQT publishes quarterly announcements with key operating numbers that are relevant for the business performance (taking Nasdaq's guidance note for preparing interim management statements into consideration). In addition, a half-year report and a year-end report including financial statements and further information relevant for investors is published. Finally, EQT also publishes an annual report including sustainability reporting.

Contact

Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Shareholder Relations, [email protected]
Rickard Buch, Head of Corporate Affairs, +46 72 989 09 11
EQT Press Office, [email protected], +46 8 506 55 334

This is information that EQT AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 07.00 CEST on 22 April 2026.