EQT AB (publ) Q3 Announcement 2026

Highlights for the period Jul-Sep 2026 (Jul-Sep 2025)

Strategic highlights

• The combination with Coller Capital was completed on 31 August, and Coller Capital now operates as Coller EQT
• On 15 October 2026, EQT signed an agreement to acquire Stockbridge¹, a leading U.S. real estate investment manager with approximately $17bn of fee-generating assets under management. The acquisition will be cash funded
• EQT launched its Middle East platform, opening an office in Abu Dhabi
• EQT launched Nexus Asia, an Asia Pacific-focused evergreen strategy for the private wealth segment

Fundraising

• Gross inflows amounted to €‌​​41.6​‌bn. FAUM amounted to €‌​​‌195​‌bn (€‌​​​139​‌bn) and Total AUM was €‌​​‌‌354​‌bn (€‌​​‌​267​‌bn)
• The increase in FAUM includes €34bn from Coller Capital, consolidated from 31 August following the closing of the transaction²

Key funds

• Net inflows to Key funds amounted to €‌​​​‌10.9​‌bn, of which €10.3bn related to the inclusion of Coller Capital
• EQT XI is expected to be activated within the next few months and will not contribute to FAUM until activation
• Fundraising for EQT Infrastructure VII was initiated during the summer. Infrastructure VII is not contributing to FAUM until its activation. The fund is expected to be activated around year-end, and the fund is expected to hold an early close in December
• Coller EQT is preparing for the launch of CIP X early next year

Other strategies

• Net inflows to Other strategies amounted to €‌24.4​‌bn, of which €19.0bn related to the inclusion of Coller Capital. The remainder was partly related to the activation of Scaleup Europe Fund
• NAV for the AI Infrastructure fund amounted to $11.5bn, driven by $0.9bn of net inflows, and continued strong value appreciation
• EQT’s open-ended Active Core Infrastructure strategy was activated during the quarter and charges fees on NAV
• The combined NAV of EQT’s open-ended strategies was €10.7bn
• The Scaleup Europe Fund was activated during the quarter, with strong deal flow and fundraising momentum with above €3bn of secured commitments as of today. The fund has a €5bn target fund size, which EQT expects to reach and exceed. Fundraising will continue into H1 2027
• Fundraising was concluded for EQT Healthcare Growth with a final close at €1.4bn
• Coller EQT launched fundraising for CCO III, which charges fees on invested capital. The fund is not yet activated
• During Q3, Coller EQT raised $2.7bn of capital to underlying funds and vehicles from structured insurance products

Evergreens

• Net inflows to evergreens amounted to €‌​​‌‌‌0.9​‌bn. Net inflows were particularly strong for EQT's infrastructure vehicles, though seasonal effects in July and August weighed on inflows overall. Redemptions remained limited and corresponded to around 1% of NAV. NAV amounted to
  €​11bn
• Incremental FAUM related to evergreens³ amounted to €‌​​‌‌​8.5​‌bn at the end of the period and increased by €‌​​‌​‌5.1​‌bn of net inflows and €0.2bn of value development (€4.4bn out of the €5.3bn increase related to the inclusion of Coller Capital)
• During the quarter, EQT launched EQT Nexus Asia, an Asia Pacific-focused evergreen strategy, enabling investors to access opportunities in the region’s evolving private markets landscape

Investment activity

• EQT announced gross fund investments of €‌​​7​‌bn, delivering attractive deal flow across strategies, thematics and geographies. In addition, EQT provided co-investment opportunities of €2bn for its clients
• EQT Infrastructure announced the acquisition of Copia Power, an integrated power and AI infrastructure platform (EQT Infrastructure VII)
• EQT Private Capital announced the final two investments for EQT X, TachoSil® biosurgery business, and McGill, a specialty insurance broker, and the fund concluded its investment period
• The Scaleup Europe Fund announced seven investments during the quarter. Among those were ICEYE, Europe's leader in sovereign intelligence from space; Lovable, an AI-native software creation platform; and Tandem, a European clinical AI platform
• EQT Real Estate acquired a 14-asset pan-European logistics portfolio (EQT Real Estate Europe Logistics Value Fund V), and a 5.2 million square foot logistics portfolio across Southern California (EQT Real Estate U.S. Industrial Value Fund VI)

Exit activity

• EQT announced total gross fund exits of €‌​​3​‌bn. EQT realized €0.4bn for its co-investors
• EQT Private Capital Mid-Market strategies exited Quantios, a provider of cloud software for trust and corporate service providers (Asia Mid-Market Opportunities Fund I); and Ontinue, a provider of AI-powered managed cybersecurity services (EQT Mid Market Europe). Private Capital Asia announced the exit of Acuon Group, an independent financial platform in Korea (BPEA VII)
• EQT Real Estate announced the sale of a 10.5 million square foot Southeast logistics portfolio, and the sale of a 4.4 million square foot logistics portfolio spanning six Midwest markets (EQT Real Estate Industrial Value Fund V)

Investment performance

• Key fund valuations increased by ‌​​5%​‌, with overall Key funds valuations increasing 10% over the last 12 months
• All Key funds continue to perform On or Above plan
• Infrastructure continued to deliver strong value uplift during the quarter, led by strong underlying performance in the Digital and Energy sub-sectors
• EQT X continued to perform well, with a mid-teens value increase over the last 12 months, and BPEA IX continues to be in investment mode
• Following the closing of the Coller Capital transaction, CIP IX was included as a Key fund. The fund is performing On plan

People

• The number of full-time equivalent employees (FTE) amounted to ‌​​2,274​‌ (‌​​‌1,941​‌) at the end of the period. Coller Capital FTEs amounted to 323⁴ at closing. EQT will continue to invest in future growth areas, including Asia and the U.S., AI capabilities, and capital raising capabilities
• Gustav Segerberg was appointed Chief Financial Officer, effective as of 18 July 2026
• At closing of the Coller Capital transaction, Jeremy Coller was appointed Head and CIO of Coller EQT and member of EQT’s Executive Committee

Other

• At the end of the period, the number of portfolio companies with validated science-based targets amounted to ‌​​67​‌, representing more than ‌​​‌75%​‌ of invested capital. A further ‌​​​6​‌ companies are in the process of setting targets
• EQT continued to expand its global reach, most recently with the launch of its Middle East platform and office opening in Abu Dhabi
• As of this Q3 Announcement, EQT reports Secondaries as a separate operating segment, following the closing of the Coller Capital transaction. As per this announcement, EQT has a four-segment reporting structure: Private Capital, Infrastructure, Real Estate and Secondaries
• Following the closing of the Coller Capital transaction, Coller EQT will align the reporting of FAUM with EQT’s reporting framework, whereby the step-down in fee rate is reflected in the capital base, in line with EQT’s definition. The change means that the average fee rate will increase equivalently. As of Q3, Coller EQT’s FAUM amounts to $38bn compared to $33bn when aligned to EQT’s reporting framework. This change does not impact fund economics or outlook. The aligned reporting will apply from Q4 2026 onwards. This will also have a one-time impact on the older Life Sciences funds that historically have been stepping down in fee-rates and not capital base

Events after the reporting period

• On 15 October 2026, EQT signed an agreement to acquire Stockbridge, a leading U.S. real estate investment manager¹
• Investment levels in EQT Key funds as of 15 October 2026 were 85-90% in EQT X, 75-80% in EQT Infrastructure VI, 10-15% in BPEA IX, and 75-80% in CIP IX
• EQT Real Estate announced the sale of residential development comprising more than 800 homes (EQT Real Estate II)
• EQT Private Capital announced a dividend recap in Fortnox (EQT X)

1. The transaction is subject to customary closing conditions, including regulatory approval. The closing of the transaction is expected in Q1 2027
2. A technical adjustment will be made to the presentation of Coller EQT’s FAUM, whereby the step-down in fee rates is instead reflected in the capital base in line with the wider EQT definition. The adjustment will apply from Q4 2026
3. Note that only co-investments and NAV appreciation are incremental to EQT AB’s FAUM related to evergreens, as fund-of-fund investments are already accounted for in the underlying funds
4. Following closing, Coller Capital employees have been integrated into the EQT organization

Presentation of EQT AB’s Q3 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, Global 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 15 October 2026.