Per Franzén: 2025 Was A Year of Strong Execution

2025 was a year of great progress and strong execution for EQT. We navigated a volatile market environment, achieved our strongest realization year ever¹⁾, invested with conviction in thematic opportunities across the globe, and further strengthened our client-centric approach. The year also marked meaningful strategic progress, as we reached an inflection point in our evergreen offering for private wealth, and we completed leadership transitions across the firm. With today’s announcement of our acquisition of Coller Capital, we gain access to one of the fastest growing areas of private markets. The combination strengthens our ability to serve clients across market cycles, as we build an even stronger and more diversified global platform.

Building the most attractive, client-centric platform

EQT’s acquisition of Coller Capital marks an important next step in our evolution. Over the past decade, we have built a global platform with the breadth, deal flow, and operating model to generate consistent returns across cycles. Entering secondaries is a natural extension of that platform, reflecting our ambition to become an even more strategic partner for our clients, as private markets evolve with new capital pools, ownership structures, and liquidity needs.

Coller Capital is highly complementary to EQT, and the combination represents a strong cultural fit. As one of the largest dedicated secondaries firms and a pioneer of the asset class, Coller brings origination depth, innovation, and a strong track record to our firm. Together, we will be in an even better position to engage with and offer industry leading solutions for private market investors. As a combined firm, we aim to broaden our solutions set, deepen institutional relationships, expand in private wealth and the insurance channel, and further advance data driven liquidity solutions.

As part of the EQT platform, we aim to double Coller Capital in less than four years. This will accelerate EQT’s growth and create an even more diversified global platform, equipped to serve clients across cycles. I could not be more excited to welcome Jeremy and the entire Coller Capital team to EQT; I know we will achieve great things together.

The benefits of global diversification

EQT’s global footprint remains a defining advantage. Across the globe, we see idiosyncratic drivers of growth and value creation. North America remained a powerful engine of activity for EQT, while parts of Europe benefited from advancing reform agendas, and Asia continued to be supported by attractive long - term growth dynamics. Asia represents about half of global GDP, yet less than 10 percent of global private equity investments. Across Asia, we have an opportunity to catalyze growth, drive digital transformation, and enhance focus on value creation. Within Asia, our pipeline for 2026 is particularly strong in Japan where we have continuously strengthened our local presence.

In 2025, we invested with discipline behind companies positioned to lead their sectors. EQT invested €16bn across our funds, partnering with high - quality businesses across the globe such as NEOGOV, Seven Seas Water, Fujitec, Adevinta Spain, and Fortnox. In Real Estate we continued to see an attractive risk - return proposition for portfolio assets and invested more than €2bn during 2025.

Co-investments remained a defining feature of our client proposition. During 2025, we delivered a record €14bn of co-investment opportunities, up from €12bn in 2024, reflecting both the strength of EQT’s deal pipeline and our commitment to creating the most attractive client experience in private markets.

Investing in our capabilities to drive performance

Throughout the year, we made further investments into our value creation capabilities. More than ever, the ability to strengthen and grow businesses is what ultimately differentiates outcomes. We further strengthened our local presence across key markets, enhancing on-the-ground execution capabilities that allow us to partner closely with management teams and respond with speed and conviction.

Over the past year, AI adoption accelerated across EQT. By strengthening processes and activating proprietary knowledge, we deployed advanced solutions that support better decision-making. In 2026, we expect AI to support us in automating routine work and enhancing relationship building, enabled by our agentic AI platform, which allows scalable, compliant solutions to be built across the firm. In 2025, we took measures to improve efficiency at EQT.

We remain committed to reaching a fee-related EBITDA margin of 55 percent at the completion of this fundraising cycle, and we expect our AI initiatives to form part of our long-term scaling ambition.

With the breadth of our investment platform, our funds are also continuing to back AI-driven tailwinds from early-stage AI natives to the critical infrastructure enabling AI deployment. Our in-house digital expertise is a core advantage in driving AI adoption within our firm and across the portfolio companies, further driving value creation.

Overall, EQT’s portfolio developed well, supported by strong fundamentals and steady value - creation progress. Our thematic focus on digital transformation, healthcare innovation, business services, and infrastructure contributed to an overall resilient portfolio performance. When it comes to value creation, we faced some headwinds in relation to FX and idiosyncratic events in individual portfolio companies. We continue to take appropriate actions and make the necessary investments in our capabilities to address these challenges. Across the Key funds, we continued to work systematically with portfolio construction, aiming to “run with the winners” to drive outsized fund performance, while continuously ensuring we manage risk and cash flows on behalf of our clients. All Key funds continue to perform On or Above plan.

Strong pace of distributions to clients

In 2025 the investments we have been making in our exit and capital markets capabilities generated meaningful value for our clients. In a more challenging environment for monetizations, EQT delivered its best exit year to date, with more than €19bn in gross realizations for the funds, and €14bn of realizations for co-investors. In total, we executed more than 30 exit events across our funds in Asia, Europe, and North America. The quality of our companies and our global presence gives us optionality as we assess exit priorities and structures - including public market sell - downs, stake sales, full sales to strategics, and “private IPOs”. This year, we delivered one of the most significant exit outcomes in EQT’s history: the continued monetization of EQT VIII’s investment in Galderma, generating more than $20bn in capital gains for our clients to date²⁾. For the second consecutive year, EQT was the most active private markets firm across global equity capital markets³⁾.

Global fundraising momentum

EQT’s platform made substantial strides in 2025. Leveraging our breadth, scale, and deep client relationships - supported by a strong track record of delivering cash returns (DPI) - we achieved significant fundraising results. Our clients across the globe are putting increasing emphasis on diversification across regions, currencies and sectors. EQT - being a truly global firm with a strong presence across North America, Europe and Asia and strategies across Private Equity, Infrastructure and Real Estate - is strongly positioned to help clients achieve their strategic portfolio objectives and attractive global private markets exposure. We closed EQT Infrastructure VI at €21.5bn, hitting the hard cap. We also launched fundraising for EQT XI with a €23bn target and set the hard cap at €24bn.

Fundraising momentum for BPEA IX continued, and we expect to have secured commitments corresponding to the $14.5bn hard cap in the first quarter of 2026, marking one of the largest Asia Private Equity funds ever to be raised.

In 2025, we introduced our first open ended structure for institutional clients with the latest Active Core Infrastructure strategy. We also expanded our evergreen offering in response to growing investor demand for flexible private market access. The EQT Nexus universe tripled in size year-on-year and delivered robust returns. We introduced EQT Nexus Infrastructure and EQT Nexus ELTIF Private Equity. During the summer, we launched a US-domiciled private equity evergreen vehicle, and just last week we introduced another US-domiciled vehicle that enables access to our global infrastructure platform. In total, we have added 15 new strategies since our IPO in 2019.

Looking ahead

As EQT enters 2026, we do so with confidence, knowing that our group has never been better positioned to deliver on our mission - to create attractive risk adjusted returns for private markets investors. EQT will continue to focus on building stronger companies, infrastructure, and real estate through active ownership, global perspectives, and long - term thinking. And, with the combination with Coller Capital, we are even better positioned to partner with investors across the globe to deliver industry leading solutions for clients.

(Read the full year-end report here.)

^{1 (Including fund exits and realizations for co-investor)
2 (Realized and unrealized capital gains as of 18 January 2026 share price close)
3 (Source: Dealogic)}