EQT AB (publ) Year-end Report 2025

Highlights for the period Jan-Dec 2025 (Jan-Dec 2024)

Strategic highlights

• Strong focus on realizations, turning 2025 into EQT’s most active exit year ever¹
• Continued strong fundraising momentum for EQT’s closed-ended strategies across the globe
• Pivotal year for EQT’s expansion into evergreens for private wealth and open-ended institutional strategies
• Per Franzén appointed CEO and Jean Eric Salata proposed as Chair of EQT
• Streamlined organizational structure and efficiency improvements – FTE count broadly flat year-over-year
• EQT signed an agreement to acquire Coller Capital (22 January 2026) – a leading global secondaries firm with fee-generating AUM of €28bn²

Key financials

Adjusted Financials – Alternative Performance Measures³

• Total Revenue amounted to €‌​​2,732​‌m (€‌​​‌2,355​‌m), an increase of ‌​​​16%​‌
  • Fee-related revenue grew by ‌​​‌‌9%​‌ to €‌​​‌​2,283​‌m (€‌​​​‌2,104​‌m), driven by new closed out commitments
  • Carried interest and Investment income increased to €‌​​​​448​‌m (€‌​​‌‌‌251​‌m), primarily driven by EQT VIII, BPEA VII and BPEA VI
• Operating expenses amounted to €‌​​‌‌​1,089​‌m (€‌​​‌​‌996​‌m), an increase of ‌​​‌​​9%​‌
• EBITDA amounted to €‌​​​‌‌1,642​‌m (€‌​​​‌​1,359​‌m), corresponding to an EBITDA margin of ‌​​​​‌60%​‌ (‌​​​​​58%​‌)
• Fee-related EBITDA amounted to €‌​​‌‌‌‌1,194​‌m (€‌​​‌‌‌​1,108​‌m), corresponding to a Fee-related EBITDA margin of ‌​​‌‌​‌52%​‌ (‌​​‌‌​​53%​‌)
• Net Income amounted to €‌​​‌​‌‌1,322​‌m (€‌​​‌​‌​1,115​‌m). Net Income excluding Carried interest and Investment income amounted to €‌​​‌​​‌874​‌m (€‌​​‌​​​864​‌m)
• Earnings Per Share before and after dilution amounted to €‌​​​‌‌‌1.123​‌ (€‌​​​‌‌​0.942​‌) and €‌​​​‌​‌1.122​‌ (€‌​​​‌​​0.942), respectively

Reported Financials – IFRS

• Total Revenue amounted to €‌​​​​‌‌2,632​‌m (€‌​​​​‌​2,653​‌m), a decrease of 1%
  • Fee-related revenue amounted to €‌​​​​​‌2,283​‌m (€‌​​​​​​2,104​‌m), driven by new closed out commitments
  • Carried interest and Investment income decreased to €‌​​‌‌‌‌‌349​‌m (€‌​​‌‌‌‌​549​‌m), reflecting a slightly lower net change in fair value compared to 2024
• Operating expenses amounted to €‌​​‌‌‌​‌1,251​‌m (€1,329m)
• EBITDA amounted to €‌​​‌‌‌​​1,382​‌m (€‌​​‌‌​‌‌1,324​‌m), corresponding to an EBITDA margin of ‌​​‌‌​‌​52%​‌ (‌​​‌‌​​‌50%​‌)
• Net Income amounted to €‌​​‌‌​​​728​‌m (€‌​​‌​‌‌‌776​‌m)
• Earnings Per Share before and after dilution amounted to €‌​​‌​‌‌​0.619​‌ (€‌​​‌​‌​‌0.656​‌) and €‌​​‌​‌​​0.618​‌ (€‌​​‌​​‌‌0.656), respectively

Balance sheet, realization of carried interest, and liquidity

• Net cash flow from fee-related operating activities amounted to €1,073m (€1,053m) during the period

Financial investments including carried interest⁴

• Financial investments including carried interest measured at fair value in the balance sheet amounted to €5,172m (€4,302m) at the end of the period, of which strategic balance sheet investments and long-term fund investments was €2,276m (€1,440m) and carried interest was €2,897m (€2,862m)
  • EQT invested €1,109m (€643m) to support strategic growth initiatives such as recently launched and upcoming evergreen vehicles. Long-term fund investments amounted to €171m (€222m). Repayments of financial investments amounted to €468m (€216m)
  • Realized (cash) carried interest amounted to €170m (€59m). Adjusted and reported carried interest amounted to €378m (€176m) and €279m (€587m), respectively

Funding

• Interest bearing liabilities amounted to €2,427m (€2,000m)⁵
  • EQT raised an inaugural USD bond with a nominal amount of $500m (equivalent to €427m), maturing in 2035. EQT’s revolving credit facility of €1.5bn remained undrawn
• At the end of the period, cash and cash equivalents amounted to €979m (€1,024m). Net debt (ND) amounted to €1,448m, equivalent to a ND/Adjusted EBITDA of 0.9x and ND/Adjusted Fee-related EBITDA of 1.2x⁶

Distributions to shareholders

• EQT distributed €757m (€491m) to its shareholders, of which €461m (€373m) in dividends and €296m (€118m), through 10.5m shares (4.2m shares) via share buybacks

Fundraising

• Gross inflows amounted to €‌​​26​‌bn – more than double the €‌​​‌11​‌bn of inflows in 2024. FAUM increased to €‌​​​141​‌bn (€‌​​‌‌136​‌bn). Total AUM was €‌​​‌​270​‌bn (€‌​​​‌269​‌bn) at the end of the period

Key funds

• Gross inflows to Key funds amounted to €17bn
  • EQT Infrastructure VI closed at €21.5bn in total commitments, including €21.3bn in fee-generating assets under management, exceeding its €20bn target and hitting hard cap
  • BPEA Private Equity Fund IX was activated on 1 March 2025. As of 22 January 2026, it has received commitments of approximately $14bn. EQT expects to have secured commitments corresponding to the $14.5bn hard cap in the first quarter of 2026
  • EQT set the hard cap for EQT XI at €24bn. Fundraising is progressing well, underpinned by strong exit activity in Private Capital Europe & North America. The fund is expected to be activated mid-2026

Other closed-ended strategies

• Gross inflows to Other closed-ended strategies amounted to €7bn
  • EQT Exeter Logistics Europe V was activated in December 2025 and is expected to hold final close in Q1 2026
  • Fundraising continued for EQT Transition Infrastructure and EQT Healthcare Growth

Evergreen and institutional open-ended strategies

• EQT raised €1.9bn to evergreen and institutional open-ended strategies, reaching a NAV of €3.5bn at the end of the period. Annual inflows incremental to EQT’s FAUM amounted to €1.6bn
• EQT launched three new evergreens: EQT Nexus Infrastructure and EQT Nexus ELTIF Private Equity distributed in Europe and APAC, and a US-domiciled private equity vehicle
• In addition, EQT introduced its first open-ended structure for institutional clients with the latest Active Core Infrastructure strategy

Investment activity

• EQT announced gross fund investments of €‌​​16​‌bn across Europe, North America and APAC. In addition, EQT provided co-investment opportunities of €14bn for its clients – a record year
• EQT Private Capital was particularly active across focus sectors such as Technology, Healthcare, and Industrial Tech. Investments included the tender offers for Fortnox (EQT X) and Fujitec (BPEA IX) and the acquisitions of Adevinta Spain, NEOGOV (EQT X) and Douzone Bizon (BPEA IX). Other thematic investments included Adalvo (EQT X) and Desotec (EQT Future). EQT Early Stage Technology made several investments into AI natives, including Lovable and Harvey (EQT Growth) and Nothing (Hong Kong Growth Fund)
• EQT Infrastructure invested in Seven Seas Water (EQT Infrastructure VI) and Waga Energy (EQT Transition Infrastructure) as part of its Energy & Environmental theme. Within Transportation, EQT Infrastructure announced the acquisitions of Eagle Railcar Services (EQT Infrastructure VI) and A-Train (EQT Active Core Infrastructure)

Exit activity

• EQT announced total gross fund exits of €‌​​19​‌bn. In addition, EQT realized €14bn for its co-investors, making 2025 its most active exit year ever in terms of total realizations
• EQT retained its position as the most active private markets firm globally in terms of Equity Capital Markets activity⁷, with sell-downs in Azelis, Galderma and Waystar (EQT VIII), Beijer Ref (EQT IX), Enity (EQT VII), Horizon Robotics (BPEA VII) and Sagility (BPEA VIII) and Kodiak Gas Services (EQT Infrastructure III, EQT Infrastructure IV)
• EQT Private Capital announced the minority stake sale of IFS (EQT IX, EQT VIII) and completed the exit of Nord Anglia Education (BPEA VI). Other notable exits include Karo Healthcare (EQT VIII), Acumatica (EQT VII), and Pioneer (BPEA VI, BPEA VII). In addition, EQT Early Stage Technology exited Sana (EQT Ventures II) at a $1.1bn valuation
• In connection with the sell-down announced in December 2025, EQT Infrastructure exited its remaining stake in Kodiak Gas Services, a leading provider of natural gas contract compression services in the US

Investment performance

• All Key funds continue to perform On or Above plan
• Key fund valuations increased by 3% on average, and by 8% excluding FX effects, primarily stemming from USD-denominated investments. The value uplift for Key funds in value creation⁸ mode was 12% excluding FX effects
• Private Capital Asia demonstrated solid performance across the board, while recent vintages across Private Capital Europe & North America and Infrastructure saw strong valuation upticks as new investments continued to perform well
• The positive underlying development in the majority of the portfolio was partly offset by pockets of underperformance

People

• The number of full-time equivalent employees (FTE) amounted to ‌​​1,863​‌ (‌​​‌1,886​‌) at the end of the period. During the second half of the year, EQT implemented a number of operational efficiency actions, in line with its ongoing work to create an even more streamlined and high-performing organization. As a result, the number of FTEs was broadly flat year-over-year. In addition, EQT reduced the number of in-house consultants significantly
• Per Franzén was appointed CEO and Managing Partner, effective as of the Annual Shareholders' Meeting 2025
• James Yu was appointed to EQT’s Executive Committee as Head of Client Relations and Capital Raising
• Jacob Wallenberg Jr was appointed a new Board member of EQT at the Annual Shareholders' Meeting 2025
• 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

• During 2025, lock-ups related to 11% of EQT's share capital expired. Average daily trading in the EQT share increased by approximately 70% compared to 2024⁹
• On 23 June 2025, Nasdaq announced the inclusion of EQT in the OMX Stockholm 30 Index, effective as of 1 July 2025. During the fourth quarter, EQT’s weight in certain indexes increased on the back of higher free float following the lockup expiry in September
• At the end of the period, the number of portfolio companies with validated science-based targets amounted to 65, representing more than 70% of invested capital. A further, 16 companies are in the process of setting targets

Events after the reporting period

• Alexandra Edlund, former Head of HR Real Assets, has been appointed Chief People Officer. Alexandra will be part of the Executive Committee and report directly to Per Franzén, CEO
• The Board proposes a dividend per share of SEK 5.00 (4.30), to be paid in two installments, SEK 2.50 (2.15) in May 2026 and SEK 2.50 (2.15) in December 2026
• On 22 January 2026, EQT announced its acquisition of Coller Capital
• Investment levels in EQT Key funds as of 22 January 2026 were 60-65% in EQT X, 60-65% in EQT Infrastructure VI and 5-10% in BPEA IX

1) Including fund exits and realizations for co-investors
2) Estimated as of 31 December 2025, translated to EUR from USD based on 0.85 rate
3) The adjusted metrics are alternative performance metrics for the EQT AB Group. For a full reconciliation, please refer to section "Alternative performance measures (APM)“
4) See note 3 in the Year-end Report 2025 for additional details
5) Nominal amount
6) Net debt end of period divided by Adjusted EBITDA or Fee-related EBITDA during the last twelve months
7) Source: Dealogic
8) Vintages from 2020 and after: EQT IX, EQT Infrastructure V, BPEA VIII, EQT X, EQT Infrastructure VI and BPEA IX
9) Source: Bloomberg

Presentation of EQT AB’s Year-end Report 2025 and EQT’s acquisition of Coller Capital

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

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 CET on 22 January 2026.