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===== SIDA 1 =====

Annual and   
Sustainability   
Report 2023

===== SIDA 2 =====

Contents
01 Introduction to EQT
4  A differentiated leader in active ownership
5 EQT at a glance
6 EQT’s business model
7 EQT’s financial model
02 Reflections on 2023 and beyond
9 Letter from the Chairperson 
10 Letter from the CEO 
12 2023 in brief
13 Towards our targets 
03 Private markets and EQT 
16 The private ownership model 
17  Private markets are set for structural growth  
18 EQT and its clients 
20   Strengthening relationships with the private wealth segment
04 EQT’s strategy 
23  Creating the global leader in active ownership strategies
24  Strategic developments since the IPO 
25   A diversified global platform
26 EQT’s long-term strategic priorities 
05  EQT AB – the listed entity and  
revenue model
28 EQT AB – the listed entity
29  Explaining management fees and carried interest 
06 EQT Playbook
32 EQT Playbook 
33 Thematic investment approach
36 Local-with-locals 
36 House of Value Creation 
37 Governance model 
37 EQT Network 
39 Digitalization 
40 Sustainability
07 People 
46 People at the core of EQT’s success  
47  Developing people
48  Diversity, equity and inclusion as a value  creation lever  
49 EQT Foundation – guardian of EQT’s core values 
08 Financial statements
52 Board of directors’ report
56  Consolidated financial statements with notes
91  Parent company financial statements with notes  
100 Proposal for the distribution of net income
101  Signatures of the board of directors and the CEO
102 Managing risks
109 Auditor’s report
09 Sustainability notes
114 Sustainability notes
139  GRI content index
143 Auditor’s Limited Assurance Report
10 Corporate governance
145  Corporate governance report
145  Statement of Purpose 
11 Additional information  
159 The EQT AB share
162  Additional fund information for selected funds
164  Additional fund performance    information 
165 Alternative performance measures (APM)
168  Definitions
169 AGM-information
A global leader in active ownership
EQT Annual and Sustainability Report 2023 / Page 1 
 Contents
Download print optimized PDF  
About this report
EQT AB (publ) 556849-4180 reports  
the Group’s financial and non-financial 
information in a joint report. The formal 
annual report consists of a Board of 
directors’ report and financial statements 
including notes and has been audited by 
external auditors. 
EQT’s sustainability reporting is found 
in the  following chapters and pages: 
Reflections on 20223 and beyond (14),  
Private Markets and EQT (19), EQT Play-
book (32-35, 40-44), People (46-48) and 
in the Sustainability notes (114–142). 
The Sustainability Report has been 
prepared in accordance with the GRI 2021 
Standards and a GRI content index has 
been prepared. EQT’s sustainability 
reporting further fulfills the requirement 
for a statutory sustainability report found 
in the Swedish Annual Accounts Act. 
This report is also available in Swedish. 
In the event of discrepancies, the Swedish 
original will supersede the English version. 
Data as of 31 December 2023, unless  
otherwise stated.

===== SIDA 3 =====

Vision
What we strive for
To be the most reputable  
investor and owner.
Our values 
What we stand for
High performing
Respectful
Entrepreneurial
Informal
Transparent
Mission
What we do and how
With differentiated talent and the 
best global network, EQT uses a 
thematic investment strategy and 
distinctive value creation approach 
to create superior returns for EQT’s 
investors.
Purpose
Why we exist
To future-proof  
companies and make 
a positive impact for all.
 EQT Annual and Sustainability Report 2023 / Page 2
 Contents
Download print optimized PDF  
Introduction to EQT   3
A differentiated leader in  
active ownership   4
EQT at a glance   5
EQT’s business model    6
EQT AB’s financial model    7
Reflections on 2023 and beyond   8
Private markets and EQT   15
Strategy   22
EQT AB – the listed entity and  
revenue model   27
EQT Playbook   31
People   45
Financial statements   50
Sustainability notes   113
Corporate governance   144
Additional information   158

===== SIDA 4 =====

BPEA VIII
IMG Academy (Nord Anglia)
EQT Private Equity Asia, in partnership with existing 
portfolio company Nord Anglia Education, acquired IMG 
Academy, a leading education institution supporting over 
100,000 student-athletes. With a sports-led approach to 
holistic education and empowering student-athletes, 
IMG Academy benefits from strong secular tailwinds, 
including growing focus on health and wellbeing within 
academia and increased spending on education. 
 With Asia being IMG Academy’s largest source of 
international students, EQT and Nord Anglia plan to 
support its overseas expansion and leverage partnership 
opportunities between the two institutions, including 
integrating IMG Academy’s sports-focused education 
services in Nord Anglia’s global platform spanning 33 
countries. 
01
Introduction to EQT
4 A differentiated leader in active ownership
5 EQT at a glance
6 EQT’s business model
7 EQT’s financial model

===== SIDA 5 =====

A differentiated leader in active ownership 
EQT enters its fourth decade 
as a leader in active owner-
ship. With a Nordic heritage 
and focus on thematic invest-
ments, it is primed to build  
on the first 30 years.
1) Source: PEI 300 list; Infrastructure Investor, top 100; PERE, top 100, by commitments raised during the past five years.
2) Average sales between entry and exit of realized portfolio companies, as per December 31, 2023. For EQT Private Capital EU&NA:  
Refers to realized assets within EQT Mid Market strategy and EQT V-VIII. For EQT Infrastructure: Refers to realized assets within EQT Infrastructure I-III.
3) Weighted sales CAGR between entry and exit of realized portfolio companies, as per December 31, 2023. For BPEA Fund VI-VIII.
 
Value-based culture
Respectful 
High-performing
Entreprenurial
Transparent 
Informal
 
Local-with-locals 
 in countries  
representing 
80%
of global GDP 
 
A global leader1)
EQT Private Equity
no.
3
EQT Infrastructure
no.
5
EQT Exeter
no.
10
Read more in
 People
Read more in
 Strategy
Read more in
 Strategy
 
Future-proofing  
companies
Average compounded annual sales growth 
in the EQT funds’ portfolio companies:
17% 13% 12%
Private  
Capital  
EU & NA2)
Private  
Capital  
Asia3)
EQT  
Infrastruc -
ture2)
 
Thematic and 
sector based approach
 
World-class  
capabilities in digitali - 
zation and sustainability
32
portfolio companies with validated 
 science-based targets  
Read more in
 EQT Playbook
Read more in
 EQT Playbook
Read more in
 EQT Playbook
EQT  
Playbook
EQT Annual and Sustainability Report 2023 / Page 4 
 Contents
Download print optimized PDF  
Introduction to EQT   3
A differentiated leader in  
active ownership   4
EQT at a glance   5
EQT’s business model    6
EQT AB’s financial model    7
Reflections on 2023 and beyond   8
Private markets and EQT   15
Strategy   22
EQT AB – the listed entity and  
revenue model   27
EQT Playbook   31
People   45
Financial statements   50
Sustainability notes   113
Corporate governance   144
Additional information   158

===== SIDA 6 =====

EQT funds
EQT has EUR 130bn in FAUM in more than 50 
active EQT funds. The EQT Private Equity and 
EQT Infrastructure funds target a gross return of 2.0–2.5x 
and 1.7–2.2x respectively, on the invested capital over the 
life of the funds. 
EQT at a glance 
EQT manages companies and assets worth more than EUR 232 billion, across Private Equity, Infrastructure and Real Estate.
EQT AB Group
The EQT AB Group manages, advises and invests in the 
EQT funds. EQT’s revenues comprise management fees 
from the EQT funds, a share of profits (carried interest) 
and investment income from the EQT funds.
EBITDA1)
€1,226m
Employees
1,838
Offices in
26 countries
Revenue1)
€2,131m
EQT funds’ portfolio  
companies and assets 
EQT’s investment advisory teams advise the EQT funds 
which, together with the management teams, deliver on 
a comprehensive value creation plan for each portfolio 
company and asset during the EQT funds’ ownership. 
Clients 
1,200
Total AUM  
€232bn
Number of  
portfolio  companies
Employees in  
portfolio  companies
~300 ~700,000 
1) Adjusted figures. 
2) Includes funds since inception. For EQT Private Capital Asia, funds BPEA VI, BPEA VII  
and BPEA VIII are included. 
Private Capital
% of  
FAUM
Realized 
Gross MOIC
Net  
IRR
Private Capital  
Europe & North 
America 43+57 2.7x 19%
Private Capital 
Asia2) 13+87 2.4x 17%
Real Assets
% of  
FAUM
Realized  
Gross MOIC
Net  
IRR
EQT  
Infrastructure 28+72 2.5x 16%
EQT  
Exeter 17+83 2.5x 20%
42%
28%
13%
17%
Portfolio companies
Current number  
of buildings
Square meter  
real estate
2,030 37m
Assets
EQT Annual and Sustainability Report 2023 / Page 5Introduction to EQT
 Contents
Download print optimized PDF  
Introduction to EQT   3
A differentiated leader in  
active ownership   4
EQT at a glance   5
EQT’s business model    6
EQT AB’s financial model    7
Reflections on 2023 and beyond   8
Private markets and EQT   15
Strategy   22
EQT AB – the listed entity and  
revenue model   27
EQT Playbook   31
People   45
Financial statements   50
Sustainability notes   113
Corporate governance   144
Additional information   158

===== SIDA 7 =====

3
EQT’s business model
3 Future-proof and drive 
performance 
• The EQT investment advisory 
team, together with the res- 
pective portfolio company’s 
management team and board, 
 executes on a comprehensive 
value creation plan during the 
EQT fund’s ownership.
• Companies and assets are 
transformed through digitali-
zation, sustainable transfor-
mation, add-on acquisitions, 
geographic expansion, and 
investments in people.  
The EQT funds are typically  
invested and realized within ten 
years. Through an active ownership 
approach, companies and assets 
are transformed to become more 
relevant, more sustainable, more 
efficient and more valuable. The 
funds then return the capital to 
 clients as it realizes investments. 
5
34
2
1
5
EQT’s clients commit  
capital to EQT funds
Source and invest in  
companies and assets
Future-proof and  
drive performance
Realize investments
Return capital 
to clients
1 EQT’s clients commit capital 
to EQT funds  
• EQT’s clients include pension 
funds investing capital to  
meet future pension obliga-
tions, sovereign wealth funds 
responsible for its citizens’ 
savings, or families managing 
wealth for future generations.
• To cater to its cli ents’ invest-
ments objectives, EQT has 
raised larger funds and 
added new investment  
 strategies.
2 Source and invest in 
companies and assets 
• The EQT funds invest in mar-
ket leading companies and 
assets, supported by long-
term secular growth trends.
• The companies often play 
a critical role in societies –  
for example by catalyzing 
 transition to sustainable 
energy sources, or providing 
digital infrastructure.
4 Realize the investment 
Having executed on its value 
creation plan, EQT realizes the 
investment, often to a strategic 
investor, another fund man-
ager, or in some cases, via a 
public market listing.
5 Return capital to clients  
As the fund realizes its invest-
ments, capital is returned  
to the clients and the fund is 
 typically terminated within  
ten years.
A business 
model based on a 
commitment to invest 
clients’ capital, drive value 
creation, and generate 
consistent, attractive 
returns over five to ten 
years.
EQT Annual and Sustainability Report 2023 / Page 6Introduction to EQT
 Contents
Download print optimized PDF  
Introduction to EQT   3
A differentiated leader in  
active ownership   4
EQT at a glance   5
EQT’s business model    6
EQT AB’s financial model    7
Reflections on 2023 and beyond   8
Private markets and EQT   15
Strategy   22
EQT AB – the listed entity and  
revenue model   27
EQT Playbook   31
People   45
Financial statements   50
Sustainability notes   113
Corporate governance   144
Additional information   158

===== SIDA 8 =====

EQT’s financial model
… and a predictable and well 
managed cost base  
EQT’s operating expenses consist mostly 
of direct personnel expenses or operating 
expenses closely related to the personnel 
base and size of operations, such as 
external consultants.  
 
… drive growth in FAUM 
    
If the EQT funds create strong relative 
returns, this will translate into investor 
demand for successor funds, growth 
in fee-generating assets under 
management and, consequently, 
growth in management fees.
With complementary   
revenue streams …
Attractive returns in the EQT funds 
increases the potential to generate 
carried interest and investment 
income. 
 
Consistent and attractive  
client returns … 
EQT’s financial model is based on the 
delivery of consistent and attractive 
returns to fund investors.
Private Capital  
Europe & North America 2.7x
Private Capital  
Asia 2.4x
EQT Infrastructure 2.5x
EQT Exeter 2.5x
EQT’s financial model is simple and scalable. It is based on the delivery of consistent and attractive returns to fund investors.  
EQT AB Group’s revenues consist of two complementary streams: management fees as well  as carried interest and investment income. 
20232022202120202019
Realized 
Gross MOIC FAUM
Management fees
Revenues, illustrative
Carried interest and  
investment income
Operating expenses, illustrative
Personnel expenses
70+30+I
Other operating 
expenses
EQT Annual and Sustainability Report 2023 / Page 7Introduction to EQT
 Contents
Download print optimized PDF  
Introduction to EQT   3
A differentiated leader in  
active ownership   4
EQT at a glance   5
EQT’s business model    6
EQT AB’s financial model    7
Reflections on 2023 and beyond   8
Private markets and EQT   15
Strategy   22
EQT AB – the listed entity and  
revenue model   27
EQT Playbook   31
People   45
Financial statements   50
Sustainability notes   113
Corporate governance   144
Additional information   158

===== SIDA 9 =====

EQT VIII
Schülke
EQT Private Equity sold Schülke, a leader in infection 
prevention and treatment for the healthcare industry, to 
a consortium of family offices. Having acquired Schülke 
in 2020, EQT Private Equity helped drive Schülke to 
double digit annual revenue growth and almost doubled 
EBITDA in its core healthcare business in three years.
 Schülke was repositioned to focus on the healthcare 
and life science market, while expanding into new 
geographies and sales channels. It also underwent a 
sustainability transformation; launched a pioneering 
green hospital-grade product line, transitioned to green 
electricity, and signed up to the Science-Based Targets 
initiative.
02
Reflections on 2023 
and beyond
9 Letter from the Chairperson 
10 Letter from the CEO 
12 2023 in brief
13 Towards our targets

===== SIDA 10 =====

Since we founded EQT in 1994, the private mar-
kets industry has grown to be a major driver in 
the global economy. It supports millions of jobs, 
facilitates innovation across sectors, and is for 
example a driving force behind the digitaliza-
tion and energy transition of societies. And yet, 
it’s easy to forget that the industry is still rela-
tively young, with its history dating back just a 
few decades. Now the industry is evolving and 
maturing, and the largest players are pulling 
further ahead. EQT is well placed to remain at 
the forefront of this trend.
Performance is key
At EQT’s inception, the industry was nascent 
and fragmented. Firms typically focused on a 
single strategy in a specific geography. Over 
time, the best performing managers built on 
their early success to expand into new asset 
classes or geographies. In EQT’s case, we 
expanded out of Europe into the US and Asia, 
and became one of the first to translate the 
private equity ownership model into infra-
structure.
At EQT, we are active owners, not asset 
managers. Strong governance is at the heart 
of our approach to ownership. We transform 
companies and assets based on long-term 
perspectives, while enabling management 
teams to be decisive in the moment. 
EQT has developed rapidly over the past  
30 years. However, the culture and long-term 
mindset that the Wallenbergs once brought  
to EQT has remained. We believe that being 
informal, transparent, and respectful creates 
a high-performing culture. We want to ensure 
that all stakeholders have aligned incentives, 
we aim to create win-win situations, and to 
form long-term relationships. 
It is also vital that we have the best talent 
working at EQT. We like entrepreneurs, people 
who push boundaries and strive for the best. 
We also believe in the power of collaboration, 
as many minds are always better than one.  
At EQT we want to hire people that combine 
the best of both these worlds.
With these ingredients in place, we believe 
we put portfolio companies and assets in the 
best position possible to focus on what ulti-
mately matters: driving performance. Anyone 
can hope to benefit from an uptick in market 
valuations. But if you apply an active owner-
ship approach, have the best talent, and work 
closely with a management team to future-
proof a business, then company performance 
will improve during and beyond ownership. 
That way we can drive the portfolio compa-
nies and assets to have a positive impact on 
the world in which they operate, while at the 
same time delivering consistent returns to  
our clients, whatever the market environment. 
It’s a mutually reinforcing cycle. Doing good  
is simply good business.
The future landscape 
The number of private market firms boomed  
in the period after the global financial crisis. 
But in recent years we have seen market con-
ditions tighten, and the fundraising market has 
turned more challenging. Firms with strong 
performance track records, a proven ability  
to generate returns across cycles, and the 
resources to continuously be ahead of the 
curve are winning.
As a result, industry consolidation is accelerat-
ing. We are seeing the best performing smaller 
firms partnering with global platforms to secure 
their long-term future. You can see this trend at 
play in EQT’s history since our IPO in 2019. We 
have identified gaps in our platform and selec-
tively addressed them, successfully executing 
five strategic transactions that have built the 
firm into a major player. Christian and the team 
now have a proven playbook and we are an 
attractive home for high-performing firms with 
global ambitions and matched culture.  
Staying true to the fundamentals
I’m pleased to say that we enter our fourth 
decade in our strongest position ever. Our 
teams are performance-driven, unafraid to 
make ambitious but thoughtful decisions, and 
bring diverse perspectives. We have a robust 
global platform, with strengths in areas such 
as AI, sustainability and digitalization, which  
I believe will play a pivotal role in the future  
of all businesses. And we have stayed true to 
our original fundamentals: being a thematic 
investor, an active owner, and a values-driven 
and entrepreneurial firm. 
The Board is united in its appreciation  
of the dedication the Executive Committee and 
the entire EQT organization have shown. Mar-
kets in 2023 were not easy to navigate and yet 
performance remains strong. We would also 
like to thank the senior leaders in our Industrial 
Advisor Network for their constant support, 
who all bring invaluable insight, experience 
and networks to support the portfolio compa-
nies and investment advisory teams.
Letter from the Chairperson
At the forefront of an industry’s evolution
“I’m pleased to say  
that we enter our fourth 
decade in our strongest 
position ever.”
Conni Jonsson
Founder and Chairperson
Most importantly, we would like to thank EQT’s 
clients and shareholders for their trust. The 
past 30 years would not have been a success 
without your support and we look forward to 
what is next to come.
Conni Jonsson
Founder and Chairperson
EQT Annual and Sustainability Report 2023 / Page 9Reflections on 2023 and beyond
 Contents
Download print optimized PDF  
Introduction to EQT   3
Reflections on 2023 and beyond   8
Letter from the Chairperson   9
Letter from the CEO  10
2023 in brief  12
Towards our targets  13
Private markets and EQT  15
Strategy   22
EQT AB – the listed entity and  
revenue model   27
EQT Playbook   31
People   45
Financial statements   50
Sustainability notes   113
Corporate governance   144
Additional information   158

===== SIDA 11 =====

Letter from the CEO
Forward thinking from the start
Exploring new strategic avenues  
More than a decade ago, our infrastructure 
strategy made its first investment along the 
energy transition theme with the acquisition of 
NORD. We continue to believe that the energy 
transition is one of the most important issues 
for society to solve in the coming decades, 
reshaping all economies. Having long recog-
nized the role that private capital can play in 
this journey, we intend to continue building on 
our track record in the energy transition within 
infrastructure.
We are also reinforcing our leadership in 
healthcare, with the recent launch of EQT 
Healthcare Growth, a buyout strategy focused 
on scaling innovative, fast-growing European 
companies in this space. When combined with 
EQT Life Sciences and our flagship private 
equity strategy, which has committed over 40% 
of allocations to healthcare in recent vintages, 
EQT can now support companies in every 
stage of their development. 
In Asia, we introduced the BPEA Mid-Mar-
ket Growth. This new strategy is the latest inno-
vation from our Asia team, which has fully 
transitioned into EQT’s global platform and is 
now known as EQT Private Capital Asia. EQT is 
now one of few with a global approach and 
local teams in every major Asian region.
“Being forward thinking from 
the start does not just apply to 
our investment strategies. It is 
also at the core of how we 
future-proof our group and 
the portfolio.”
Christian Sinding
CEO and Managing Partner
Perhaps the most important step in our 
expansion over the last year was launching 
EQT Nexus and EQRT, our first products tai-
lored to individual investors. EQT has histori-
cally raised around eight percent of capital 
from the private wealth segment. Through 
these ever-green strategies, we are now 
enabling a broader client base to access the 
world of EQT and private markets investing. 
EQT has always strived to be the best owner possible. We aim to make a positive 
impact for all by actively transforming companies and assets that play a meaning-
ful part in tomorrow’s economy. As we enter our fourth decade, the goal remains 
the same: to always be innovating, as we embrace opportunities like climate action 
and AI. Its all about being forward thinking from the start. 
EQT Annual and Sustainability Report 2023 / Page 10Reflections on 2023 and beyond
 Contents
Download print optimized PDF  
Introduction to EQT   3
Reflections on 2023 and beyond   8
Letter from the Chairperson   9
Letter from the CEO  10
2023 in brief  12
Towards our targets  13
Private markets and EQT  15
Strategy   22
EQT AB – the listed entity and  
revenue model   27
EQT Playbook   31
People   45
Financial statements   50
Sustainability notes   113
Corporate governance   144
Additional information   158

===== SIDA 12 =====

Harnessing innovation in dealmaking,  
AI and sustainability 
Being forward thinking from the start does not 
just apply to our investment strategies. It is 
also at the core of how we future-proof our 
group and the portfolio.
Our investment teams, embedded in coun-
tries representing over 80 percent of global 
GDP, are supported by top entrepreneurs and 
global executives in our network of more than 
600 Industrial Advisors. They help EQT to 
source deals and help ensure we have the 
insights needed to drive transformation. Part 
of value creation is also ensuring we exit 
investments at the best time. We have been 
innovating to lengthen the runway for key 
assets – such as with EQT Infrastructure’s lat-
est partnership with existing portfolio com -
pany EdgeConneX to develop data centers in 
new markets – and exploring new ways to 
capture liquidity, for example by setting in 
motion a public conversation about alterna-
tive exit paths including “private IPOs”.
EQT is a pioneer in the application of AI in 
the private markets industry. For the best part 
of a decade we have been building Mother-
brain, our proprietary platform which now 
encompasses around 30 employees. This team 
is increasingly working directly with portfolio 
companies to leverage the power of AI, for 
instance by finding add-on targets. Under-
scoring our ambitious efforts in the realm of 
AI, we were awarded EQT’s first ever patent on 
automation and AI. Our digital capabilities 
have been recognized as best-in-class and we 
remain committed to growing this capability.
2023 was also an exciting year for us in 
terms of decarbonization as our work with the 
Science Based Targets initiative, one of EQT’s 
flagship climate commitments, gained speed. 
At year-end 32 portfolio companies had vali-
dated SBTs with another 28 in the process, sur-
passing our target of 40% coverage across our 
funds’ portfolio companies, by invested equity. 
Next, we will tackle the pathway to net zero for 
our real estate assets. A recent achievement I 
am excited about is the launch of the EQT 
thinQ Client Academy which is designed to 
help advance future-proofing the private 
markets industry, with a focus on sustainability 
and AI. A priority in the new year is to spark 
debate on this platform amongst our commu-
nity of clients and sustainability experts.
Our commitment for 2024
Looking back on the last year, I’m proud of 
what we have achieved. Guided by our Nordic, 
industrialist heritage, we doubled down on 
driving real, tangible improvements in the 
portfolio by investing in expansion, driving 
profitability, increasing resilience, and pursu -
ing innovation in sustainability, digitalization 
and AI. We now have an eventful 12 months 
ahead of us, with a healthy investment pipe-
line across geographies and asset classes. 
I’m equally excited by our long-term vision. 
While solidifying our leadership in our existing 
strategies, we will selectively grow and fill 
white space in the platform. Most importantly, 
our focus will remain laser-focused on secur-
ing outstanding performance for an expanding 
client base, while remaining true to our funda-
mental philosophy of active ownership. I am 
confident that as we enter 2024 and EQT’s 
fourth decade, we will remain forward-think-
ing – as we have been from the start. 
Christian Sinding
CEO and Managing Partner 
“Perhaps the most important 
step in our expansion over 
the last year was launching 
EQT Nexus and EQRT, our 
first strategies tailored to 
individual investors.”
Christian Sinding
CEO and Managing Partner
EQT Annual and Sustainability Report 2023 / Page 11Reflections on 2023 and beyond
 Contents
Download print optimized PDF  
Introduction to EQT   3
Reflections on 2023 and beyond   8
Letter from the Chairperson   9
Letter from the CEO  10
2023 in brief  12
Towards our targets  13
Private markets and EQT  15
Strategy   22
EQT AB – the listed entity and  
revenue model   27
EQT Playbook   31
People   45
Financial statements   50
Sustainability notes   113
Corporate governance   144
Additional information   158

===== SIDA 13 =====

• EQT launched its first semi-liquid strategy, EQT Nexus,  providing 
access for individuals to a diversified portfolio of EQT’s funds. 
Read more  Private Markets
• During the year, work to integrate and optimize synergies with 
BPEA (now Private Capital Asia) was completed.
• EQT opened an office in Seoul, and EQT Infrastructure made  
its first investment in South Korea with SK Shieldus.
• EQT published its net zero guidelines.  
Read more  EQT’s website
• EQT was included in the Dow Jones Sustainability indicies for  
the second consecutive year. 
2023 in brief
 
• In 2023, EQT raised more than EUR 
27bn1). EQT reached the target fund 
size for EQT X, and finalized fund-
raising during the first quarter of 
2024 with 21.7bn of fee-generating 
AUM. Fundraising continued for EQT 
Infrastructure VI, with EUR 13.7bn of 
fee-generating commitments as of 
year-end.
• EQT Exeter Industrial Value Fund VI 
held its final close at USD 4.9bn  
of fee-generating commitments, 
exceeding its target size of USD 4.0bn.
 
While 2021 was an exceptionally strong 
exit year, exit activity was muted in 
2022 and 2023 due to broader market 
uncertainties. Investment activity was 
reaccelerated in 2023, increasing by 
60% compared to 2022.  
Fee-generating AUM (FAUM)
EUR bn
0
30
60
90
120
150
20232022202120202019
36
52
73
113
130
Investments by EQT funds
EUR bn
0
7
14
21
28
35
20232022202120202019
10
13
21
12
18
Gross EQT funds exits
0
7
14
21
28
35
20232022202120202019
EUR bn
7
3
31
11
6
 
All key EQT funds are on or above plan to meet Gross MOIC targets.
Investment performance
On plan Above plan
Private  
Capital
EQT IX EQT VII
BPEA VIII EQT VIII
EQT X BPEA VII
Real  
Assets
EQT Infrastructure IV EQT Infrastructure III
EQT Infrastructure V
EQT Infrastructure VI
1) Including co-investments. 
Total AUM
€232bn
Key events
Value creation
Fundraising
Investment and exit activity for the EQT funds
EQT Annual and Sustainability Report 2023 / Page 12Reflections on 2023 and beyond
 Contents
Download print optimized PDF  
Introduction to EQT   3
Reflections on 2023 and beyond   8
Letter from the Chairperson   9
Letter from the CEO  10
2023 in brief  12
Towards our targets  13
Private markets and EQT  15
Strategy   22
EQT AB – the listed entity and  
revenue model   27
EQT Playbook   31
People   45
Financial statements   50
Sustainability notes   113
Corporate governance   144
Additional information   158

===== SIDA 14 =====

The Board has proposed an increased dividend per 
share of SEK 3.60 (SEK 3.00) for the fiscal year 2023,  
to be paid in two installments in 2024. 
Towards our targets: Financial
The EQT AB Board has adopted the following medium to long-term financial targets over a fund cycle.
In 2023, adjusted total revenue amounted to EUR 
 2,131 m, an increase of 39%. Management fees 
increased by      48%  , driven by Private Capital and  
Infrastructure, as well as the full-year contribution  
of BPEA, now Private Capital Asia.
Revenue growth
Total revenue growth 
over time to exceed the 
long-term growth rate 
of the private markets 
industry. 
EUR m
0
400
800
1,200
1,600
2,000
2,400
20232022202120202019
570
762
1,623 1,536
2,131
EUR m
0
100
200
300
400
20232022202120202019
197
234
270
316
384 2)
2.20
2.40
2.80
3.00
3.60
Adjusted EBITDA amounted to EUR       1,226  m,  
corresponding to a margin of 58%.  
EBITDA margin
Adjusted EBITDA margin 
to be in the range of 55 
percent to 65 percent.
 Margin  Dividend per share
Dividend policy
To generate a steadily 
increasing  dividend per 
share.
1) Adjusted figures. 
2) The Board has proposed a dividend of SEK 3.60 per share, corresponding to approximately EUR 384 million, using EUR/SEK 
rate 11.096 as of 31 December 2023 and based on the total number of shares outstanding as of 31 December 2023. 
EBITDA / EBITDA margin1)
EUR m
0
300
600
900
1,200
1,500
20232022202120202019
262
385
1,100
46%
51%
68%
829
54%
1,226
58%
Revenue1) Dividend
 Management fees  Carried interest & investment income
EQT Annual and Sustainability Report 2023 / Page 13Reflections on 2023 and beyond
 Contents
Download print optimized PDF  
Introduction to EQT   3
Reflections on 2023 and beyond   8
Letter from the Chairperson   9
Letter from the CEO  10
2023 in brief  12
Towards our targets  13
Private markets and EQT  15
Strategy   22
EQT AB – the listed entity and  
revenue model   27
EQT Playbook   31
People   45
Financial statements   50
Sustainability notes   113
Corporate governance   144
Additional information   158

===== SIDA 15 =====

Accountable  
leadership
Integrate sustain -
ability into 
decision- making, 
linking incentives 
and ensuring  
transparency.
Sustainability governance
• EQT established a Sustainability Committee in 2022. In 2023, a new format for annual 
sustainability training for the board was set and the first annual training was held in 
March 2023.
• EQT submitted it s first Communication of Progress to United Nations Global Compact 
for 2023, having become an official signatory to their principles the year before.
• To further drive accountable leadership, EQT has linked sustainability performance  
to incentives, from 2023 also as part of the share program. 
Sustainability governance
88% 
 of the EQT funds’ portfolio companies have appointed 
board sustainability champions to ensure accountability
85% 
 EQT funds’ portfolio companies have  identified a 
 transformational KPI
25% 
 of the EQT funds’ portfolio companies are formal 
 signatories of the United Nations Global Compact
Regenerative  
processes
Respecting and 
restoring nature 
and adapting  
to climate change. 
Equitable  
business
Ensuring equal 
rights and oppor-
tunities across  
all aspects of  
the business.
Path to Net Zero1)
Gender diversity
EQT AB EQT funds2)
Employee  
engagement
8.0
employee  
engagement score
Employee  
engagement
82%
of the EQT funds’ 
portfolio companies 
have  conducted an 
employee engage -
ment survey
Reducing Scope 3 emissions from  
business travel by 30% by 2030
Reducing Scope 1 & 2 emissions  
by 50% by 20302)
2030
target
2023202220212019 
baseline
406
253
339 387
203
Metric tons CO2e
2030
target
2023202220212019 
baseline
12,593
5,142
15,392
17,386
8,815
Metric tons CO2e
Path to net zero3)
60 
  of EQT funds’ portfolio companies  
have been set on path to net zero4)
32 
 of these have received validated  
science-based  targets (SBTs), this 
equals 44% portfolio coverage 5)
94% 
  floor area for real estate assets 
acquired within the reporting  
year with  a decarbonization plan 6)  
Towards our targets: Sustainability
EQT’s long-term sustainability ambitions and current performance of operational KPIs.
1) Current science-based target scope, excluding EQT Exeter and EQT Private Capital Asia.
2) The metrics cover EQT funds’ portfolio companies within EQT Private Equity, EQT Future, EQT Infrastructure and BPEA VII-VIII, i.e. the investment strategies where EQT funds typically have control or co-control. Data as per 31 December 2022 unless otherwise stated. 
3) Data as per 31 December 2023.
4) Defined as EQT funds’ portfolio companies with commitments or submissions of targets to SBTi (28) or with validated SBTs (32), including portfolio companies exited during the year.
5) Based on % invested equity, according to SBTi’s guidelines for private equity firms. 
6) Percentage floor area of acquisitions with 1.5 degree-aligned decarbonization plans divided by the total floor area of acquisition since Jan 1, 2023, excluding land acquisitions.
Gender distribution 
among top 20% earners
22% 
 
women
78% 
 
men
Gender distribution 
among top 20% earners, 
average share
29% 
 
women
71% 
 
men
Gender diversity   
average share
 Wo men  Men  Wo men  Men
29+71
Board of 
Directors 
33+67
Management Board of 
Directors3) 
Management 
22+78 22+78
Renewable electricity
50% 
  average share renewable  
electricity in portfolio companies  
16 
 megawatts (MW) of installed and 
operational renewable energy  
capacity at properties owned by  
EQT Exeter3)
Renewable 
electricity
 100%
share renewable 
electricity in EQT’s 
offices
33% 22%22%29%
67% 78%78%71%
EQT Annual and Sustainability Report 2023 / Page 14Reflections on 2023 and beyond
 Contents
Download print optimized PDF  
Introduction to EQT   3
Reflections on 2023 and beyond   8
Letter from the Chairperson   9
Letter from the CEO  10
2023 in brief  12
Towards our targets  13
Private markets and EQT  15
Strategy   22
EQT AB – the listed entity and  
revenue model   27
EQT Playbook   31
People   45
Financial statements   50
Sustainability notes   113
Corporate governance   144
Additional information   158
22%
78%

===== SIDA 16 =====

EQT Infrastructure VI
Lazer Logistics
EQT Infrastructure acquired Lazer Logistics, the largest 
provider of outsourced yard management and trailer 
spotting services in North America. Outsourced yard 
management is a mission-critical service, facilitating  
the safe, efficient, and low-carbon movement of goods 
throughout the supply chain. The sector is growing,  
supported by tailwinds including: precision logistics 
becoming a source of differentiation for companies, 
domestic manufacturing and eCommerce penetration 
growing, and supply chain decarbonization proliferating. 
 EQT will help position Lazer for long-term success by 
leveraging its track record of investing in North American 
Transportation and Logistics assets and its expertise in 
fleet electrification and digital acceleration initiatives.
03
Private markets and EQT 
16  The private ownership model
17  Private markets are set for structural growth 
18  EQT and its clients
19  In practice: Launch of EQT thinQ Client Academy 
20  Strengthening relationships with the private wealth segment
21  In practice: Introducing EQT Nexus

===== SIDA 17 =====

The private ownership model
Private markets, with its 
investment universe, pres-
ents attractive investment 
oppor tunities. The oppor-
tunity is growing as access 
to long-term capital and a 
superior governance model 
means that companies are 
increasingly staying private 
for longer. 
The private ownership model
Private ownership provides a superior ownership model for 
many companies and assets. Access to capital, deep sector 
and operational expertise, and global insights allow for rapid 
scaling and transformation of companies and assets, based on 
strong governance and aligned incentives.
Large investment universe  
and attractive opportunities
Over the past 25 years, value creation has gradually shifted  
to private markets, where companies and assets can be  
developed, without the requirements and costs associated  
with a public listing. At the same time, privately held compa-
nies, spanning ventures to large caps, offer increased port folio 
diversification and unique risk/return combinations.
Public vs. private equity-backed companies1)
 US Private Equity-backed companies
 US public companies
0
2,000
4,000
6,000
8,000
10,000
20162012200820042000
Governance
• Direct ownership  
and control
Systematic value 
 creation model
• Sector and operational 
expertise
Capital
• Access to equity  
and debt
• Flexible capital  
structures
Reporting obligations
• Transparent reporting to fund investors
• Lower costs and requirements than those imposed on 
listed companies
Aligned incentives 
• Management  
ownership 
1) WorldBank and Pitchbook M&A Report.
EQT Annual and Sustainability Report 2023 / Page 16Private markets and EQT
 Contents
Download print optimized PDF  
Introduction to EQT   3
Reflections on 2023 and beyond   8
Private markets and EQT  15
The private ownership model   16
Private markets are set for 
structural growth   17
EQT and its clients   18
Strengthening relationships with  
the private wealth segment   20
Strategy   22
EQT AB – the listed entity and  
revenue model   27
EQT Playbook   31
People   45
Financial statements   50
Sustainability notes   113
Corporate governance   144
Additional information   158

===== SIDA 18 =====

Private markets are set for structural growth 
Private markets have  
provided higher returns 
compared to public mar-
kets, and offer diversifica-
tion benefits to investors, 
with low correlation to 
other asset classes.
Higher returns  compared to public markets1)
Private markets have historically achieved high returns  
compared to public markets, even when accounting for the 
impact of fees2). EQT’s outperformance has been driven by  
its active ownership and thematic investment approach. 
1) EQT EQT Private Capital key funds 
performance. 
2) Source: Cambridge Associates.
3) Source: Cambridge Associates, “Ex US 
Developed Markets Private Equity & Venture 
Capital” , September 2023. The index (public 
market equivalent) is a horizon calculation 
based on data compiled from private equity 
and venture capital funds. Annualized net 
returns. 
4) Source: Capital IQ.
5) Sources: BCG (Sep 2023).
Low relative correlation with other asset classes
Private market investments, influenced by distinct factors  
and dynamics, offer  diversification and risk mitigation. 
5 years
15%
+14%
21%
10 years
14%
+13%
21%
Outlook for the private markets industry  
Private markets have experienced strong growth in AUM  
in recent years. The market is expected to grow further,  
supported by increased investment allocations as institutional 
and individual investors seek to invest in private markets. 
0
3
6
9
12
15
2030E2026E2023E
~$8T
~$10T
~$14T
+9%
 EQT Private Equity1)
 Private Equity Index3)
 MSCI World Index 
(Equities)4)
8%7%
Annualized returns comparison Private markets AUM development5) 
excl. credit and hedge funds
EQT Annual and Sustainability Report 2023 / Page 17Private markets and EQT
 Contents
Download print optimized PDF  
Introduction to EQT   3
Reflections on 2023 and beyond   8
Private markets and EQT  15
The private ownership model   16
Private markets are set for 
structural growth   17
EQT and its clients   18
Strengthening relationships with  
the private wealth segment   20
Strategy   22
EQT AB – the listed entity and  
revenue model   27
EQT Playbook   31
People   45
Financial statements   50
Sustainability notes   113
Corporate governance   144
Additional information   158

===== SIDA 19 =====

EQT and its clients 
EQT is dedicated to being a long-term partner for its clients. It is focused on strengthening its  
client relationships, presenting compelling investment opportunities, and expanding access to  
its funds. Additionally, EQT is committed to introducing new strategies and successor funds.
Clients invest to meet long-term return targets 
EQT’s clients include pension funds investing capital to meet 
future pension obligations, sovereign wealth funds responsi -
ble for its citizens’ savings, and families managing wealth for 
future generations. EQT is also growing its partnership with 
private clients, families, insurance companies, endowments, 
and foundations. 
A diversified client base 
EQT has over 1,200 clients invested in active EQT funds. Since 
2019, the number of clients has tripled. No individual client 
represents more than 5 percent of EQT’s committed capital.
Commitments by client geography 
 Middle East
 Nordics
 Rest of Europe
 APAC
 Americas
 
Commitments by client type 
 Other 
 Private wealth 
 Insurance companies 
 Asset managers 
 Sovereign wealth funds
 Pension funds
20232019
38% 41%
13%
20%
15%
11%
8%
15%
11%
8%
9%
11%
20232019
25%
32%
23%
20%
23%
26%
6%
20%
12%
13%
1) Prequin, Future of Alternatives 2028, October 2023. Excludes Private Debt.
2) Capital weighted based on commitments in EQT IX.
In 2023, the fund-
raising environment 
con tinued to face 
headwinds. In this 
competitive environ-
ment – with global fundraising volumes1) 
being down more than 25% from peak 
levels in 2021 – we successfully raised  
EUR 27bn, including co-investments.
Suzanne Donohoe 
Chief Commercial Officer 
Fundraising highlights 
 
85%
re-ups in EQT X 2)
EUR 27bn
raised during 2023, including  
co-investments  
EQT Annual and Sustainability Report 2023 / Page 18Private markets and EQT
 Contents
Download print optimized PDF  
Introduction to EQT   3
Reflections on 2023 and beyond   8
Private markets and EQT  15
The private ownership model   16
Private markets are set for 
structural growth   17
EQT and its clients   18
Strengthening relationships with  
the private wealth segment   20
Strategy   22
EQT AB – the listed entity and  
revenue model   27
EQT Playbook   31
People   45
Financial statements   50
Sustainability notes   113
Corporate governance   144
Additional information   158

===== SIDA 20 =====

In 2023, EQT leveraged its robust sustainability ambitions and 
extensive global investor network to launch the EQT thinQ  
Client Academy. The Academy is designed to spearhead  
sustainable transformation across the private markets. Open 
to all clients, the Academy aims to enhance understanding of 
future-proofing topics, such as Sustainability and AI. It caters 
to a wide range of investment advisory professionals, including 
senior capital allocators and sustainability experts, fostering 
an environment of mutual learning and leadership in sustain-
ability practices. The Academy successfully hosted its first 
three events in the fall of 2023. 
Successfully navigating major  
thematic shifts, such as the energy 
transition, demands rigorous disci-
pline to ensure these changes work 
in our favor. It’s about more than just 
adapting; it’s about leading and 
actively shaping the change.
I firmly believe there are such 
incredible opportunities for driving 
lasting change. If the investor com-
munity makes a conscious choice to 
discard what you might call business 
as usual and embrace a new path 
forward – there’s no better moment 
to do that than now.
Launch of EQT thinQ Client Academy 
Collaborating with clients to drive sustainable transformation 
In practice
EQT thinQ Client Academy is a newly established 
platform for knowledge-sharing and collabora-
tion to drive sustainable transformation in the 
industry and beyond. 
EQT thinQ Client Academy events 2023
Energy transition – the investment 
opportunity of the century
Keynote speaker:  
Francesco Starace 
Lifting private markets  
leadership in sustainability 
Keynote speaker:  
Paul Polman
Francesco Starace  joined EQT Infrastructure as Partner in 
2023, bringing deep experience and expertise in energy and 
transition related industries. In 2023, he was also appointed 
chair of the Science-Based Targets initiative.
Paul Polman is the Co-chair of EQT Future’s Mission Board 
and the former CEO of Unilever. He works to mobilise busi-
ness around the UN Sustainable Development Goals and is 
co-author of ‘Net Positive’.
“Impact at Scale” dinner during  
the annual GIIN Impact summit
During this year’s Impact Summit organized by The 
Global Impact Investing Network (GIIN), EQT hosted  
its inaugural ‘Impact at Scale’ dinner, gathering 85  
individuals from across the impact investing ecosystem. 
During the evening, speakers and guests shared learn-
ings and insights on the pathways and friction points  
for private equity in advancing impact investing. All 
agreed that they are seeing asset owners increasingly 
allocating pools of capital for impact products.
EQT Annual and Sustainability Report 2023 / Page 19Private markets and EQT
 Contents
Download print optimized PDF  
Introduction to EQT   3
Reflections on 2023 and beyond   8
Private markets and EQT  15
The private ownership model   16
Private markets are set for 
structural growth   17
EQT and its clients   18
Strengthening relationships with  
the private wealth segment   20
Strategy   22
EQT AB – the listed entity and  
revenue model   27
EQT Playbook   31
People   45
Financial statements   50
Sustainability notes   113
Corporate governance   144
Additional information   158

===== SIDA 21 =====

Accelerating EQT’s  
private wealth efforts
EQT has historically raised ~8% from the 
private wealth segment. During 2023,  
EQT accelerated its efforts with private 
wealth. Both through its close-ended  
funds and through the launch of two 
semi-liquid funds, EQT Nexus and EQRT. 
EQT Nexus provides access to a diversi-
fied portfolio of EQT’s funds, and EQRT 
focuses on direct investments in commer-
cial real estate.
Strengthening relationships with  
the private wealth segment 
Private wealth represents half of all global wealth, but the segment is currently under allocated to private markets.  
During the coming decade, private wealth’s share of global alternatives AUM is expected to grow with a CAGR of 12%.
Private markets investing aligns with the 
demands of the private wealth segment
Private investors increasingly seek asset 
classes like private equity for diversification 
and risk reduction, given its lower correlation 
with public markets. Many private wealth 
investors also have longer investment hori-
zons, often spanning multiple generations. 
The private markets industry, with its longer 
investment timeframes, aligns well with  
these  objectives. 
Individual investors have historically  
faced difficulties investing in the private 
markets industry, due to: 
• Limited access
• Large minimum investment sizes
• Longer holding periods of more than  
ten years 
• Cash distributions over time, and the need  
to regularly make new commitments to funds.
Increasing allocations from private investors
Bain (2023) projects that institutional capital 
allocated to alternative investments will grow 
8% annually over the next decade. Individual 
wealth invested in alternatives, meanwhile,  
is expected to grow 12% annually over that 
period, albeit from a much smaller base. The 
~USD 9T of new capital is expected to come 
primarily from high-net-worth individuals. 
Source: Bain: Why private equity is targeting individual investors (2023).
0
10
20
30
40
50
60
70
80
Private wealth investors
12%
Institutional investors
8%
All investors
9%
$26T
$61T
$22T
$47T
$4T
$13T
Estimated global alternatives AUM by investor type
 2022   2023   2022–32 CAGR
+9%
+8%
+12%
Read more about  EQT Nexus
EQT Annual and Sustainability Report 2023 / Page 20Private markets and EQT
 Contents
Download print optimized PDF  
Introduction to EQT   3
Reflections on 2023 and beyond   8
Private markets and EQT  15
The private ownership model   16
Private markets are set for 
structural growth   17
EQT and its clients   18
Strengthening relationships with  
the private wealth segment   20
Strategy   22
EQT AB – the listed entity and  
revenue model   27
EQT Playbook   31
People   45
Financial statements   50
Sustainability notes   113
Corporate governance   144
Additional information   158

===== SIDA 22 =====

In May 2023, EQT launched its first fund for private investors  
– EQT Nexus. With this fund, EQT broadens its investor base,  
and for the first time offers individuals the opportunity to access 
EQT’s wide range of strategies through one single investment.
EQT Nexus is an open-ended and 
semi-liquid fund that seeks to invest in 
EQT’s high-performing private markets 
funds and make direct co-investments 
in companies alongside these funds. 
Through one single investment,  
investors in EQT Nexus will get access to 
a diversified EQT portfolio managed by 
the same teams that have been deliver-
ing consistent returns to institutional 
investors for nearly 30 years1).
EQT Nexus benefits 
Easy access
A door just opened to EQT’s funds and 
direct co-investments alongside EQT 
funds through one single investment.
Diverse investment universe
Diversify your portfolio with invest-
ments in a wide range of growth 
areas across the globe.
Long-term value
We aim to invest in and support good 
companies in selected sectors with 
strong future potential. 
Invest with the experts
Benefit from EQT’s local approach 
and expert network that select  
investments.
Read more
Go private to seize new opportunities Learn more
Ready to diversify your portfolio? Our fund EQT 
Nexus has a compelling strategy, spreading your 
assets across various sectors and regions.…
Introducing EQT Nexus
In practice
1) Past performance of EQT funds or any underlying portfolio company is not representative of the return any investor in EQT Nexus might expect to receive.
To read more about EQT Nexus, please visit nexus.eqtgroup.com
With the launch of EQT Nexus, EQT has doubled down 
on building increased brand awareness, with on-going 
marketing activities to address a new client group. 
EQT Annual and Sustainability Report 2023 / Page 21Private markets and EQT
 Contents
Download print optimized PDF  
Introduction to EQT   3
Reflections on 2023 and beyond   8
Private markets and EQT  15
The private ownership model   16
Private markets are set for 
structural growth   17
EQT and its clients   18
Strengthening relationships with  
the private wealth segment   20
Strategy   22
EQT AB – the listed entity and  
revenue model   27
EQT Playbook   31
People   45
Financial statements   50
Sustainability notes   113
Corporate governance   144
Additional information   158

===== SIDA 23 =====

EQT X
Dechra
EQT Private Equity launched a recommended cash acqui-
sition for Dechra Pharmaceuticals, a UK-based global 
developer, manufacturer and supplier of animal health 
products. Founded 25 years ago, today Dechra has  
operations in 26 countries and nearly 2,500 employees.
 With medical innovation accelerating and pet owner-
ship increasing, the animal health sector is expected  
to benefit from long-term growth and Dechra is well 
positioned to participate in this opportunity. EQT  
Private Equity plans to support Dechra by leveraging its 
experience in the animal health value chain, investing in 
the company’s innovative pipeline, and driving global 
expansion.
04
EQT’s strategy
23 Creating the global leader in active ownership strategies
24 Strategic developments since the IPO 
25 A diversified global platform 
26 EQT’s long-term strategic priorities

===== SIDA 24 =====

EQT Exeter
56+28+16
17% of FAUM
Creating the global leader in active ownership strategies
EQT aims to continue to deliver strong risk-adjusted returns to further solidify its position in its existing strategies.  
It is also selectively moving into adjacent complementary strategies where EQT has a clear path to success.
Private Capital
5656+20+24+20+24
55% of FAUM
Infrastructure
56+28+1
28% of FAUM
Top
3
Top
5
Top
10
The  
Global  
Leader
Top
3
Global position today1) Long-term ambition2)
1) Refers to USD bn raised during the past five years  
- PEI 300 list. 
- Infrastructure Investor, top 100. Refers to Value-add Infrastructure.  
- PERE, top 100. Refers to Private Real Estate.  
2) Based on capital raised.
Focus and action 
To reach the long-term ambition, EQT Private Capital EU & NA 
and EQT Private Capital Asia will aim to scale their strategies to 
their full potential through industry leading performance and 
collaboration across the global platform.  
EQT Infrastruture’s ambition is to deepen its sector expertise and 
value creation approach to secure infrastructure thought leader -
ship. This will enable it to scale existing and recently launched 
strategies, as well as develop new strategies that serve clients 
further. 
EQT Exeter’s focus will be to continue fund series in the US and 
Europe, achieving best-in-class performance through vertical 
integration and a locals-with-locals approach, while simultane -
ously building out Asia.
Top
3
EQT Annual and Sustainability Report 2023 / Page 23Strategy
 Contents
Download print optimized PDF  
Introduction to EQT   3
Reflections on 2023 and beyond   8
Private markets and EQT   15
Strategy   22
Creating the global leader in active  
ownership strategies   23
Strategic developments  
since the IPO   24
A diversified global platform   25
EQT’s key long-term strategic  
priorities   26
EQT AB – the listed entity and  
revenue model   27
EQT Playbook   31
People   45
Financial statements   50
Sustainability notes   113
Corporate governance   144
Additional information   158

===== SIDA 25 =====

Strategic M&A
 EQT is evaluating potential growth opportuni -
ties to fill white space, but the bar for M&A is 
high, with cultural fit and focus on performance 
being uncompromisable. 
New strategies
Over time, EQT could expand its strategies  
with strategies focused on specific investment 
themes, geographies, or expand its ability  
to support companies from early stage to 
maturity. 
Scale flagship funds 
Based on strong performance, EQT has  
continued to scale it’s flagship funds. 
2018 2019 2020 2021 2022 2023
Strategic developments since the IPO 
Since its IPO in 2019, EQT has developed into a firm entirely focused on active ownership strategies.  
EQT has acchieved this through three main avenues. 
1) Includes EQT X with fee-generating assets under  
management of 21.7bn (as announced on 27 Feb 2024)  
and EQT Infrastructure VI at its target fund size of EUR 20bn. 
Exeter BPEA
Exited Credit
EQT Growth
Healthcare 
GrowthEQT Future
EQT Active Core 
Infrastructure
BPEA Mid 
 Market  
Growth
Life Sciences 
Partners 
Bear Logi
Redwood
IPO
EQT VIII
Infra IV
≈ €20 bn
EQT IX
Infra IV
≈ €30 bn
EQT X
Infra IV
≈ €40 bn1)
EQT Annual and Sustainability Report 2023 / Page 24Strategy
 Contents
Download print optimized PDF  
Introduction to EQT   3
Reflections on 2023 and beyond   8
Private markets and EQT   15
Strategy   22
Creating the global leader in active  
ownership strategies   23
Strategic developments  
since the IPO   24
A diversified global platform   25
EQT’s key long-term strategic  
priorities   26
EQT AB – the listed entity and  
revenue model   27
EQT Playbook   31
People   45
Financial statements   50
Sustainability notes   113
Corporate governance   144
Additional information   158

===== SIDA 26 =====

A diversified global platform
With the combination with Exeter and BPEA (now Private Capital Asia), EQT is now a global 
leader in active ownership strategies, diversified cross sectors and geographies.
Real AssetsPrivate Capital
 
Asia Infrastructure Real Estate 
  
Europe and North America
13+87
EUR 17bn EUR 55bn  
43+57
Growth
Private Equity
Future
Active Core
Industrial & Logistics
Value-Add
Office & Life Sciences
Residential
EUR 36bn
28+72
EUR 22bn 
17+83
FAUM
EUR 130 bn
Total AUM
EUR 232 bn
Mature 
Companies
Emerging   
Companies
Early Stage 
Technology
Early Stage 
Healthcare
EQT Annual and Sustainability Report 2023 / Page 25Strategy
 Contents
Download print optimized PDF  
Introduction to EQT   3
Reflections on 2023 and beyond   8
Private markets and EQT   15
Strategy   22
Creating the global leader in active  
ownership strategies   23
Strategic developments  
since the IPO   24
A diversified global platform   25
EQT’s key long-term strategic  
priorities   26
EQT AB – the listed entity and  
revenue model   27
EQT Playbook   31
People   45
Financial statements   50
Sustainability notes   113
Corporate governance   144
Additional information   158

===== SIDA 27 =====

EQT’s long-term strategic priorities
As EQT enters its fourth decade, the focus for the next decade centers on four key areas: performance, investment strategies, 
clients, and the development of a unified EQT platform. EQT remains dedicated to delivering strong performance, prioritizing 
clients’ objectives, future-proofing portfolio companies, and ensuring long-term success as one EQT.
By applying all the tools in the  
EQT Playbook, EQT will aim to secure  
performance for its clients through 
focus on thematic investing, using 
functional experts, global sector  
collaboration and sub-sector  
expertise.
EQT will focus on growing its  
flagship funds, its current and recently 
launched initiatives, while selectively 
launching new initiatives.
Continue to build strong and new  
client relationships and distribution 
partnerships, across institutional  
clients and Private Wealth.
Build a world-class scalable organiza-
tion to enable EQT’s growth. Build the 
most AI- literate investment organiza-
tion and retain leadership in sustain-
ability while building the EQT brand. 
EQT will maintain its leadership position in Europe, grow its presence  
in North America and aim to become the number one player in Asia.  
EQT will selectively pursue M&A expansion to fill white space.
Performance Investment  
strategies Clients One EQT  
platform
EQT Annual and Sustainability Report 2023 / Page 26Strategy
 Contents
Download print optimized PDF  
Introduction to EQT   3
Reflections on 2023 and beyond   8
Private markets and EQT   15
Strategy   22
Creating the global leader in active  
ownership strategies   23
Strategic developments  
since the IPO   24
A diversified global platform   25
EQT’s key long-term strategic  
priorities   26
EQT AB – the listed entity and  
revenue model   27
EQT Playbook   31
People   45
Financial statements   50
Sustainability notes   113
Corporate governance   144
Additional information   158

===== SIDA 28 =====

BPEA VII
Coforge
EQT Private Equity Asia’s strategy exited Coforge,  
a multinational Digital IT Solutions & Technology 
Consulting Services provider headquarted in India.  
The Company’s proprietary platforms power critical 
business processes for companies in 21 countries, with  
26 delivery centers across nine countries.
 Ideally positioned in one of EQT’s core sectors, Tech 
Services, under the ownership tenure Coforge doubled 
its revenue and EBITDA, crossing USD 1 billion of revenue 
in April 2023. 
 EQT helped strengthen Coforge’s organic growth 
through enhancing its sales organization and re-aligning 
its go-to-market strategy, while supporting the recruit-
ment of industry leading leadership, and executing on an 
ambitious M&A agenda. 
05
EQT AB – the listed entity 
and revenue model
28  EQT AB – the listed entity
29   Explaining management fees and carried interest

===== SIDA 29 =====

EQT AB – the listed entity
Portfolio companies and assets
~300    
portfolio  
companies
2,030 
current number  
of buildings
Shareholders
55,000 shareholders own EQT AB,  
which is listed on Nasdaq Stockholm 
Board and Executive  
Committee
23%
 
Other EQT Partners and 
employees1)
29%
Other free float2)
31%
Investor AB
15%
Wallenberg Invest AB
2%
EQT Foundation
1%
EQT funds
€130bn FAUM
51 active funds
EQT AB Group
EQT’s  
shareholders  
own EQT AB.
Dividends  
from EQT AB  
to its  
shareholders.
… and is allo-
cated manage-
ment fees and a 
share of profits.
EQT AB Group  
manages, 
advises and 
invests in the  
EQT funds …
Fund investors, 
via the funds, 
provide capital  
to acquire and 
develop the port-
folio companies … 
… and receive  
returns from their 
investments. 
Investment management
Investment Advisory  
Professionals provide 
advice to the fund man-
agers with respect to  
the EQT funds’  portfolio 
companies as part of 
EQT’s governance model. 
Investment advisory
Private Capital
Real Assets
1) Lock-ups expiring 2024-2028 (not held by the Board and EQT Executive Committee).
2) Including shares held by Partners and Employees which are not subject to lock-ups. 
EQT Annual and Sustainability Report 2023 / Page 28EQT AB – the listed entity and revenue model
 Contents
Download print optimized PDF  
Introduction to EQT   3
Reflections on 2023 and beyond   8
Private markets and EQT   15
Strategy   22
EQT AB – the listed entity and  
revenue model   27
EQT AB Group – the listed entity   28
Explaining management fees and  
carried interest   29
EQT Playbook   31
People   45
Financial statements   50
Sustainability notes   113
Corporate governance   144
Additional information   158

===== SIDA 30 =====

FAUM drives contractual management fees with good visibility Illustrative split of revenues during the life of a fund
Explaining management fees
A typical EQT fund life can be divided into two phases, a com-
mitment period and a post-commitment period. The commit-
ment period for a fund represents the time when the relevant 
EQT fund sources investments and calls on capital contributions 
from the fund investors to finance the acquisition of the fund 
investments. During the commitment period, the management 
fee is normally calculated as a percentage of  commitments to 
the fund. 
An EQT fund normally enters the post-commitment period at 
the end of a set period of time, or once approximately 80–90 
percent of total commitments are invested and a successor 
fund is activated. During the post-commitment period, man-
agement fees are normally calculated on the invested capital. 
As an EQT fund realizes investments, the fund’s invested capital 
will decline and the management fees will therefore decline in 
absolute terms, as more and more of the fund’s investments 
are realized. 
When fundraising has been completed, no further commit-
ments are accepted, meaning the majority of EQT funds are 
normally closed-ended. Management fees typically do not 
depend on underlying market valuations.
Management fee generation is supported by increasing the 
size of successor funds, as well as developing and scaling new 
business lines. 
EQT AB Group is typically also entitled to a share of fund 
profits, so-called carried interest (see next page).
• Management fees are typically based on committed capital when a fund sources new  
investments and calls on capital contributions.
• During the post-commitment period, fees are typically based on invested capital, which  
gradually decreases as fund investments are realized.
• Management fees grow with the capital committed in successor funds.
• Management fees are based on FAUM. 
• All of EQT’s FAUM is fee-generating AUM. 
• Recognition of carried interest under IFRS depends on fund profits and is only  
recognized when minimum return requirements have been met.
10987654321
Management fees Carried interest
Year10987654321
Committed capital Invested capitalFund 1
Committed capitalI nvested capitalFund 2
Year
FAUM
Committed capitalFund 3
10987654321
Committed capitalI nvested capitalFund 1
Committed capital Invested capitalFund 2
Year
FAUM
Committed capitalFund 3
EQT Annual and Sustainability Report 2023 / Page 29EQT AB – the listed entity and revenue model
 Contents
Download print optimized PDF  
Introduction to EQT   3
Reflections on 2023 and beyond   8
Private markets and EQT   15
Strategy   22
EQT AB – the listed entity and  
revenue model   27
EQT AB Group – the listed entity   28
Explaining management fees and  
carried interest   29
EQT Playbook   31
People   45
Financial statements   50
Sustainability notes   113
Corporate governance   144
Additional information   158

===== SIDA 31 =====

Total value at 
Gross MOIC of 2.0x
200
Explaining carried interest
Carried interest aligns interests between EQT 
AB Group, the Group’s Investment Advisory 
Professionals and the fund investors through 
profit-sharing. 
EQT AB Group, the Investment Advisory 
Professionals and other potential Carried 
Interest Participants invest in the EQT funds 
through a Special Limited Partner (SLP). 
In return, the carried interest participants 
are entitled to receive carried interest and 
investment income.
Subject to the relevant fund’s profits 
exceeding a certain minimum return to fund 
investors (“hurdle rate”), typically between 
6–8 percent annual return, profits are nor-
mally split 80 percent to fund investors and  
20 percent to Carried Interest Recipients as 
of which EQT AB Group would normally be 
entitled to 35 percent of the carried interest. 
The amount is variable and fully dependent 
on the performance of the relevant EQT fund.
Drawn commitments  
incl. fees and expenses
=112
Invested capital
100
Management fees  
and expenses
Fund profits
88
Fund investors
70 (80%)
Carried interest
18 (20%)
EQT AB
EQT professionals and 
certain advisors 
Carried interest distribution
Split in  
a typical 
fund
An illustrative fund  
realizes a gross return of 
2.0x on invested capital.
Tested against  
the hurdle  
(typically 6–8% 
annual return)
12
EQT AB Group to receive 
35% of carried interest in 
a typical fund.
6 (35%)
12 (65%)
 Total value and invested capital
 Management fees and expenses
 Distribution of profits
If fund profits exceed 
the hurdle, carried 
interest is earned on 
all profits. 
EQT Annual and Sustainability Report 2023 / Page 30EQT AB – the listed entity and revenue model
 Contents
Download print optimized PDF  
Introduction to EQT   3
Reflections on 2023 and beyond   8
Private markets and EQT   15
Strategy   22
EQT AB – the listed entity and  
revenue model   27
EQT AB Group – the listed entity   28
Explaining management fees and  
carried interest   29
EQT Playbook   31
People   45
Financial statements   50
Sustainability notes   113
Corporate governance   144
Additional information   158

===== SIDA 32 =====

EQT Dementia Fund
QurAlis
EQT Life Sciences, investing from the EQT Dementia Fund, 
co-led an oversubscribed $88 million Series B financing 
into QurAlis in December 2022.
 QurAlis is a clinical-stage biotechnology company 
developing breakthrough medicines for neurodegenera-
tive diseases. The company is advancing a deep pipeline 
of therapeutic candidates, with its two most advanced 
programs in clinical development for amyotrophic lateral 
sclerosis (ALS).
 QurAlis’ proprietary technologies enable them to 
directly target the molecular mechanisms that underly 
neurodegeneration in precisely defined patient popula-
tions. The company is pioneering this ‘precision neurol-
ogy’ approach with the aim to deliver new treatments for 
patients.
06
EQT Playbook
32  EQT Playbook
Thematic investment approach: 
33 Private Capital
34  EQT Infrastructure
35  EQT Exeter
36  Local-with-locals
36  House of Value Creation
37  Governance model
37  EQT Network
 38  In practice: Building a connected community for  
investment excellence
39  Digitalization & AI with Motherbrain
40  Sustainability
 41 In practice: Net zero pathway
 42  In practice: Diversity, equity and inclusion (DE&I) as a driver  
of employee  recruitment, engagement and  retention
 43   In practice: Powering cleaner mobility solutions 
 44    In practice: Contributing to solutions to address today’s  
challenges, creating winners in tomorrow’s economy

===== SIDA 33 =====

EQT Playbook
With a thematic investment approach, 
EQT funds seek to invest in high-quality 
companies with growth potential in 
attractive industries. 
Value creation
EQT funds’ portfolio companiesSources of value creation
EQT Playbook
Guided by underlying macro trends, the EQT funds invest in good companies and 
assets with a mission to help them develop into great and sustainable companies 
that can prosper, under EQT funds’ ownership and beyond.
The investments develop through the implementation of strategies geared towards growth and opera-
tional excellence. Sales growth and margin expansion are achieved through geographic expansion,  
new products, acquisitions and strategic re-orientation and more.
1) Average sales and EBITDA CAGR between entry and exit of realized portfolio companies, as per December 31, 2023. For EQT Private Capital EU&NA: Refers to realized assets within EQT Mid Market strategy and EQT V-VIII. 
For EQT Infrastructure: Refers to realized assets within EQT Infrastructure I-III
2) Weighted sales and EBITDA CAGR between entry and exit of realized portfolio companies, as per December 31, 2023. For BPEA Fund VI-VIII
EQT  
Playbook
1
2
3
45
6
7
Private Capital  
EU & NA
Private Capital  
EU & NA1)
 Private Capital  
Asia
 Private Capital  
Asia2)
  
Net IRR
Sales  
CAGR 
Realized  
Gross MOIC 
EBITDA  
CAGR  
EQT  
Infrastructure
EQT  
Infrastructure1)
EQT Exeter
16%12%
20%
19%17%
17%13%
2.5x16%
2.5x
2.7x19%
2.4x18%
Fund performance
Private Capital EQT Infrastructure 
40%
55%
15%
–10%
56%
22%
17%
4%
 Sales expansion
 Multiple expansion 
 Margin expansion 
 Debt pay-down
EQT Annual and Sustainability Report 2023 / Page 32EQT Playbook
 Contents
Download print optimized PDF  
Introduction to EQT   3
Reflections on 2023 and beyond   8
Private markets and EQT   15
Strategy   22
EQT AB – the listed entity and  
revenue model   27
EQT Playbook   31
EQT Playbook   32
Thematic investment approach –  
Private Capital   33
Thematic investment approach –  
EQT Infrastructure   34
Thematic investment approach –  
EQT Exeter   35
Local-with-locals   36
House of Value Creation   36
Governance model   37
EQT Network   37
Digitalization & AI with Motherbrain   39
Sustainability   40
People   45
Financial statements   50
Sustainability notes   113
Corporate governance   144
Additional information   158

===== SIDA 34 =====

1 Thematic investment approach – Private Capital
EQT’s business segment Private Capital invests with a thematic approach combined with deep  
sector expertise, focused on leading non-cyclical companies. 
Themes
Climate & Nature
Health & Wellbeing
Access & Equality
Resilience &  
Transparency
Our Connected World
Modularization  
of Technology 
Distributed ownership  
& Decentralization
Digitalization Sustainability
Sectors and sub-sectors 
Healthcare
• MedTech 
• Life Science Tools/ 
Diagnostics
• Pharma & rel. services
• Healthcare IT 
Services
• Critical capability  
outsourcing 
• Network Services 
• Tech Services
Industrial Tech
• Automation/  
Internet of Things
• Sustainability Tech
• Food Tech
Technology
• Software
• Fintech
• Consumer  internet
• Digital media
Private Capital Europe  
& North America
 
5+18+29+48+E
 Industrial technology, 5%
 Services, 18% 
 Technology, 29%
 Healthcare, 48%
Private Capital Asia 
7+43+8+18+24++E
 Industrial technology, 7%
 Services, 43%
 Technology, 8% 
 Healthcare, 18%
 Tech services, 24%
Sector split of the portfolio, by percent  
invested for the active portfolio 
EQT  
Playbook
1
2
3
45
6
7
BPEA VIII
Indira IVF 
In 2023, EQT acquired a majority stake in Indira IVF, the  
largest provider of fertility services in India, having facili -
tated more than 125,000 successful pregnancies to date. 
 Indira IVF operates in one of the fastest growing markets 
globally for assisted reproductive technology services, 
driven by India’s large addressable population, low market 
penetration, rising marriage age, and declining fertility 
rates. 
 EQT will invest in Indira IVF’s R&D capabilities and technol-
ogy, while further broadening its footprint across India and 
exploring expansion into neighboring markets, to make  
fertility services and reproductive health more accessible  
to couples.
EQT Annual and Sustainability Report 2023 / Page 33EQT Playbook
 Contents
Download print optimized PDF  
Introduction to EQT   3
Reflections on 2023 and beyond   8
Private markets and EQT   15
Strategy   22
EQT AB – the listed entity and  
revenue model   27
EQT Playbook   31
EQT Playbook   32
Thematic investment approach –  
Private Capital   33
Thematic investment approach –  
EQT Infrastructure   34
Thematic investment approach –  
EQT Exeter   35
Local-with-locals   36
House of Value Creation   36
Governance model   37
EQT Network   37
Digitalization & AI with Motherbrain   39
Sustainability   40
People   45
Financial statements   50
Sustainability notes   113
Corporate governance   144
Additional information   158

===== SIDA 35 =====

1 Thematic investment approach – EQT Infrastructure
EQT Infrastructure seeks to identify infrastructure companies that provide an essential service to society,  
have long-term stable or growing underlying demand, predictable cash flows and a stable business model.
Sectors and sub-sectors 
Sector split of the portfolio,  
by percent invested for the 
active portfolio  
EQT Infrastructure
40+25+20+15+E
 Digital, 40%
 Energy and environment, 25%
 Social, 20% 
 Transport, 15%
EQT  
Playbook
1
2
3
45
6
7
Digital
• Fast & Reliable  Connectivity
• Edge & Latency- Limitations
• Internet of Things
• Network  Sharing 
• Cloud Adoption 
Energy &  Environment 
• Resource  Efficiency
• Circular  Economy
• Energy  Transition
• Decarbonization
• Decentralization
• Electrification
Transport &  Logistics 
• Sustainable  Supply Chains
• Accessible  Mobility
• E-Commerce
• Connectivity
• Automation 
Social 
• Healthcare  Consumerization
• Global Population  
Growth
• Changing  Demographics
• Health & Wellbeing 
EQT Infrastructure VI
Statera
Statera is a UK-based battery  
storage and flexible generation 
infrastructure developer and oper-
ator with 1 gigawatt (GW) of flexible 
generation in operation and under 
construction, enough to power 
around 750,000 homes.
Demand for stability services 
and dispatchable generation from 
batteries is expected to grow at 
speed as a result of rapid deploy-
ment of intermittent renewable 
generation and the gradual decom-
missioning of thermal capacity.
EQT Infrastructure is committed 
to further investing in Statera’s 
ongoing development of battery 
storage and other flexible energy 
projects, which is expected to play 
an integral part in helping the UK 
reach its net zero targets.
EQT Annual and Sustainability Report 2023 / Page 34EQT Playbook
 Contents
Download print optimized PDF  
Introduction to EQT   3
Reflections on 2023 and beyond   8
Private markets and EQT   15
Strategy   22
EQT AB – the listed entity and  
revenue model   27
EQT Playbook   31
EQT Playbook   32
Thematic investment approach –  
Private Capital   33
Thematic investment approach –  
EQT Infrastructure   34
Thematic investment approach –  
EQT Exeter   35
Local-with-locals   36
House of Value Creation   36
Governance model   37
EQT Network   37
Digitalization & AI with Motherbrain   39
Sustainability   40
People   45
Financial statements   50
Sustainability notes   113
Corporate governance   144
Additional information   158

===== SIDA 36 =====

1 Thematic investment approach – EQT Exeter
EQT Exeter acquires, develops, and manages logistics, office, life science, and residential real estate properties  
that meet the changing needs of tenants based on logistical, commercial, and demographic trends. 
EQT  
Playbook
1
2
3
45
6
7
Sectors
EQT Exeter Industrial Value Fund VI & EQT Exeter Industrial Core-Plus Fund IV
Tripoint Logistics Center
In December 2023, EQT Exeter acquired a strategically located industrial portfolio along Interstate 5 in 
the Central Valley, California. This acquisition includes four buildings, totaling 1.48 million square feet,  
and boasts tenancy from Fortune 500 companies.
The portfolio’s Core-Plus component features three buildings: a cross-docked facility leased to Tesla, 
and two others with blue-chip tenants. These buildings have a staggered lease rollover schedule, ensur-
ing stable occupancy.
In the Value-Add segment, there’s an opportunity to attract new tenants to the remaining building. EQT 
Exeter plans immediate upgrades, such as a speculative office build-out, dock door packages,  electrical 
enhancements, and LED lighting, to make the property near move-in ready and boost its  leasing appeal.
Industrial & Logistics 
Consumption and e-commerce 
growth in combination with global 
supply chain expansion.
84+16
Office & Life Sciences  
Repriced assets from paradigm  
shifts in demand patterns and R&D 
economic drivers.  
2+98
Multifamily 
Meds, Eds, and Tech investments in 
target markets and reconfiguration  
of housing demand.
3+97
Diversified  
EQT Exeter’s presence in Asia  
and BPEA’s Real Estate funds.  
10+90
of invested capital of invested capital of invested capital of invested capital
84% 2% 3% 10% 
EQT Annual and Sustainability Report 2023 / Page 35EQT Playbook
 Contents
Download print optimized PDF  
Introduction to EQT   3
Reflections on 2023 and beyond   8
Private markets and EQT   15
Strategy   22
EQT AB – the listed entity and  
revenue model   27
EQT Playbook   31
EQT Playbook   32
Thematic investment approach –  
Private Capital   33
Thematic investment approach –  
EQT Infrastructure   34
Thematic investment approach –  
EQT Exeter   35
Local-with-locals   36
House of Value Creation   36
Governance model   37
EQT Network   37
Digitalization & AI with Motherbrain   39
Sustainability   40
People   45
Financial statements   50
Sustainability notes   113
Corporate governance   144
Additional information   158

===== SIDA 37 =====

3 House of Value Creation 3
2 Local-with-locals
DigitalizationSustainability
Functional excellence
Full potential plan
Sector and sub-sector playbooks
Thematic and tailored value-creation
Talent  
 management G&A Fitness Best-in-class  
finance
Indirect 
procurement
Crisis  
management
CAPEX   
efficiency
EQT believes that local knowledge, local busi-
ness relationships, local presence and access 
to local deal flow are all critical to securing a 
competitive edge in private  markets. This 
approach has resulted in close, long-term 
relationships between EQT, private owners 
and companies.  
EQT’s value creation framework includes value 
creation levers, such as revenue enhancements, 
management changes, pricing, cost improve-
ments and more transformational levers such as 
strategic realignment and add-on acquisitions. 
Since the combination with BPEA, now EQT  
Private Capital Asia, the house of value creation 
has now integrated learnings and best prac-
tices from across the business lines.
EQT  
Playbook 3
45
6
7 2
1
EQT  
Playbook 3
45
6
7 2
1
Offices in
26 
 
countries 74 
 
nationalities represented
EQT Annual and Sustainability Report 2023 / Page 36EQT Playbook
 Contents
Download print optimized PDF  
Introduction to EQT   3
Reflections on 2023 and beyond   8
Private markets and EQT   15
Strategy   22
EQT AB – the listed entity and  
revenue model   27
EQT Playbook   31
EQT Playbook   32
Thematic investment approach –  
Private Capital   33
Thematic investment approach –  
EQT Infrastructure   34
Thematic investment approach –  
EQT Exeter   35
Local-with-locals   36
House of Value Creation   36
Governance model   37
EQT Network   37
Digitalization & AI with Motherbrain   39
Sustainability   40
People   45
Financial statements   50
Sustainability notes   113
Corporate governance   144
Additional information   158

===== SIDA 38 =====

4 Governance model
EQT’s governance model is designed to enable 
accountability, promote fast decision- making 
and empower EQT funds’ portfolio companies’ 
CEOs, while allowing for informal free-thinking.
The model is built upon clear roles and 
responsibilities for the management of the 
portfolio company, its board and the EQT AB 
Group. It is underpinned by a TROIKA forum 
consisting of the portfolio company’s Chair-
person (typically appointed from the EQT  
Network), a responsible advisory partner at 
EQT and the portfolio company’s CEO. The 
TROIKA is a sparring partner to the CEO and 
keeps EQT well-informed of the performance  
in the portfolio company. 
EQT  
Playbook 3
45
6
7 2
1
5 EQT Network
Since its foundation, EQT has built a global 
network of advisors with a variety of back-
grounds, including entrepreneurs and current 
or former executives of major international 
corporations. Many of these relationships  
have evolved from EQT’s connection to the 
Wallenberg sphere and its global network  
that spans across industries and sectors. The 
advisors in the EQT Network add operational 
and strategic expertise and experience to the 
EQT funds’ portfolio companies. 
EQT  
Playbook 3
45
6
7 2
1
TROIKA
Portfolio 
company  
CEO
Chair-
person of  
the Board
EQT 
 Advisory 
represen  -
tative
Read more 
 Unlocking value through the EQT Network
Conni Jonsson, EQT's founder & Chairperson, and Jean 
Salata, Founder & Head of BPEA (now EQT Private Capital 
Asia) and Chairperson of EQT Asia, discuss the role of the 
chair during a panel debate hosted at the EQT Asia 
Pacific Chairperson & Senior Advisor Conference.
EQT Annual and Sustainability Report 2023 / Page 37EQT Playbook
 Contents
Download print optimized PDF  
Introduction to EQT   3
Reflections on 2023 and beyond   8
Private markets and EQT   15
Strategy   22
EQT AB – the listed entity and  
revenue model   27
EQT Playbook   31
EQT Playbook   32
Thematic investment approach –  
Private Capital   33
Thematic investment approach –  
EQT Infrastructure   34
Thematic investment approach –  
EQT Exeter   35
Local-with-locals   36
House of Value Creation   36
Governance model   37
EQT Network   37
Digitalization & AI with Motherbrain   39
Sustainability   40
People   45
Financial statements   50
Sustainability notes   113
Corporate governance   144
Additional information   158

===== SIDA 39 =====

Unlocking value through the EQT Network
Building a connected community for investment excellence
The EQT Network keeps EQT ahead of the curve by ensuring that the investment advisory teams and portfolio  
ompanies have access to the best talent, both during due diligence, as well as during the value creation phase.
In practice
EQT  
Playbook 3
45
6
7 2
1
Digitalizing the EQT Network 
The selection of Advisors for the EQT Network is guided  
by EQT’s fundamental investing principles; a local-with- 
locals approach, investing thematically into future-
proofed sectors. The Network is composed of Advisors 
with a wide array of functional, geographic and sub-sec-
tor expertise. To maximize the impact of the Network, EQT 
has built bespoke internal systems and processes, partic-
ularly in Motherbrain, to connect the right investment 
advisory professional to the right Advisor. 
Further embedding portfolio talent support
EQT continues to emphasize the importance of high- 
performing and well-aligned management teams and 
boards. External studies consistently demonstrate that the 
quality of leadership talent is key to executing successful 
value creation plans. 
With the aim to ensure EQT has a market-leading posi-
tion in this area, EQT has built the capability to support 
investment advisory professionals and portfolio compa-
nies in the setting up and running of both C-suite and 
Board Member search mandates, as well as management 
and board assessment processes.
Developing the wider Network during 2023
Introduced in 2021, the virtual EQT Network Forums are 
further being developed as the key platform for portfolio 
companies to connect and share knowledge and experi-
ences. The Forums are often co-hosted by leading indus-
try experts and in 2023, the Forums were attended by 
more than 350 participants spanning Tech, Digital and 
Sustainability leaders, CFOs, CHROs, and EQT Industrial 
Advisors, from across the portfolio. 
In 2023, EQT introduced three new topical themes:
• EQT AI Forums 
• EQT Procurement Forum
• EQT Troika Forum
Advisors per region
16+56+28+E
 Asia, 16%
 Europe, 56%
 Americas, 28%
A picture from the 
 client event BPEA EQT 
APAC Investor Day 
2023, held on 16 
November 2023  
in Hong Kong.
EQT Annual and Sustainability Report 2023 / Page 38EQT Playbook
 Contents
Download print optimized PDF  
Introduction to EQT   3
Reflections on 2023 and beyond   8
Private markets and EQT   15
Strategy   22
EQT AB – the listed entity and  
revenue model   27
EQT Playbook   31
EQT Playbook   32
Thematic investment approach –  
Private Capital   33
Thematic investment approach –  
EQT Infrastructure   34
Thematic investment approach –  
EQT Exeter   35
Local-with-locals   36
House of Value Creation   36
Governance model   37
EQT Network   37
Digitalization & AI with Motherbrain   39
Sustainability   40
People   45
Financial statements   50
Sustainability notes   113
Corporate governance   144
Additional information   158

===== SIDA 40 =====

6 Digitalization & AI with Motherbrain
Motherbrain – From sourcing and  
due diligence to value creation  
Revolutionizing the private markets industry with digital innovation, 
Motherbrain stands at the forefront of a transformative era.
Launched in 2016, Motherbrain has 
revolutionized early-stage tech invest-
ment sourcing. Originally a tool for 
EQT Ventures, it now plays a key role in 
EQT’s thematic investment approach, 
enriching the entire investment pro-
cess, from sourcing to value creation, 
with machine learning and AI.
Beyond tracking traditional deal 
life-cycles, Motherbrain offers an 
in-depth, analysis of a company’s 
journey, merging data with EQT’s cor-
porate memory and advanced algo-
rithms. This innovation enables swifter, 
more strategic decision-making.
In 2023, Motherbrain expanded 
across EQT’s business lines, broaden-
ing access to its insights and capabili-
ties, and enhancing our portfolio 
approach. This expansion democra-
tized access to critical insights and the 
platform’s robust capabilities, facili -
tating a more integrated and informed 
approach across the entire portfolio. 
The year also saw Motherbrain Labs 
develop an AI-powered M&A sourcing 
tool, demonstrating EQT’s ability to 
leverage technology for investment 
strategy.
The Motherbrain team at EQT isn’t 
just using digital tools; they are pio-
neers, reshaping the digital mindset  
in private equity. By leveraging the 
immense power of Big Data and 
Machine Learning, they’re not just 
staying ahead of the curve — they  
are defining it, giving EQT a cutting -
edge advantage in a rapidly evolving 
industry.
Motherbrain has identified
17 
investments to  
EQT Ventures
EQT  
Playbook 3
45
6
7 2
1
EQT’s aim is to support the EQT 
funds’ portfolio companies in 
driving digital transformation and 
developing them into world-class 
digital leaders in their respective 
industries.
To achieve this, EQT has made significant 
investments in its own digital teams, infra-
structure and capabilities. One of EQT’s 
prioritized digital missions is to continu-
ously make each EQT fund an ever-smarter 
buyer, owner and seller. EQT looks to apply 
industry-specific and best-in-class digital 
approaches and tools throughout every 
stage of an EQT fund’s investment cycle, 
from the sourcing of deals to the due dili-
gence of potential opportunities and the 
support in improvement of the portfolio 
companies.
From sourcing …   ... to due diligence …  ... to value creation 
EQT Annual and Sustainability Report 2023 / Page 39EQT Playbook
 Contents
Download print optimized PDF  
Introduction to EQT   3
Reflections on 2023 and beyond   8
Private markets and EQT   15
Strategy   22
EQT AB – the listed entity and  
revenue model   27
EQT Playbook   31
EQT Playbook   32
Thematic investment approach –  
Private Capital   33
Thematic investment approach –  
EQT Infrastructure   34
Thematic investment approach –  
EQT Exeter   35
Local-with-locals   36
House of Value Creation   36
Governance model   37
EQT Network   37
Digitalization & AI with Motherbrain   39
Sustainability   40
People   45
Financial statements   50
Sustainability notes   113
Corporate governance   144
Additional information   158

===== SIDA 41 =====

7 Sustainability EQT  
Playbook 3
45
6
7 2
1
EQT believes that doing good is good business. This means investing in a way that aims  
to maximize returns for clients while also benefiting society and the planet.
In 2023, EQT adopted a new sustainability strategy 
which accelerates EQT’s commitment to future-proof-
ing EQT funds’ portfolio companies and assets, thereby 
making a positive impact. The strategy is twofold, build-
ing on a set of value creation levers aiming to improve 
operational  sustainability and focusing on growing  
revenues from sustainable products and services. In 
pursuing both factors, EQT aims to make the EQT funds’ 
investments more resilient and, ultimately, valuable for 
the long term.
Improving operational sustainability
With its nine firmwide value  creation levers EQT aims to 
drive operational sustainability through initiatives pro -
moting accountable leadership, equitable business prac -
tices and regenerative processes across the EQT funds’ 
 portfolio companies and assets. EQT’s active ownership 
approach enables EQT to scale successes and learnings 
across the portfolio, creating impact at scale across the 
EQT funds. For current status   Towards our targets
The nine value creation levers1)
Improving 
 operational 
 sustainability 
Growing  
sustainable  
revenue 
streams
Future- 
proofed with  
premium  
valuation
Growing sustainable revenue 
streams
Guided by EQT’s thematic investment approach, 
EQT funds invest behind sustainability trends and 
target high-quality companies, aiming to grow  
sustainable revenue streams such as promoting 
products and services that contribute to a green 
economy or improve health and well-being.
EQT recognizes the increasing expectations of 
transparency while regulators sharpen their defini-
tions of what is to be considered sustainable. EQT is 
piloting a methodology to enable the identification 
and growth of sustainable revenue streams, initially 
targeting the sustainability themes below:
• Climate and nature
• Health and well-being
Read more about the integration of sustainability the investment and value creation process in
 Sustainability notes   EQT’s Responsible Investment & Ownership Policy
1) Performance against these levers is currently monitored for EQT funds’ portfolio companies within EQT Private Equity, EQT Future, EQT Infrastructure and BPEA VII-VIII, i.e. the investment strategies where EQT funds typically have control or co-control.  
For EQT Exeter’s assets, only lever 8 and 9 are applicable. The baseline was developed in 2023, and some KPIs still remain to be included, see ‘Towards our targets’ for current status. Tracking and measuring will continue to be a work in progress.
1   Business specific transforma -
tional KPIs
2   Sustainability champion in the 
Board
3   Signatory to the UN Global 
Compact  principles
4   Sustainability incentives to 
Board or  management
Accountable leadership
5   Diversity in the Boards and 
C-suite with maximum 60%  
of the same gender, cultural 
background, and socio- 
economic origin
6   Gender balance in the top 20% 
earners
7   Employee engagement
Equitable  business  practices
8   Path to net zero
9   Renewable electricity  
consumption
Regenerative processes
EQT Annual and Sustainability Report 2023 / Page 40EQT Playbook
 Contents
Download print optimized PDF  
Introduction to EQT   3
Reflections on 2023 and beyond   8
Private markets and EQT   15
Strategy   22
EQT AB – the listed entity and  
revenue model   27
EQT Playbook   31
EQT Playbook   32
Thematic investment approach –  
Private Capital   33
Thematic investment approach –  
EQT Infrastructure   34
Thematic investment approach –  
EQT Exeter   35
Local-with-locals   36
House of Value Creation   36
Governance model   37
EQT Network   37
Digitalization & AI with Motherbrain   39
Sustainability   40
People   45
Financial statements   50
Sustainability notes   113
Corporate governance   144
Additional information   158

===== SIDA 42 =====

Improving operational sustainability 
Net zero pathway 
EQT  
Playbook 3
45
6
7 2
1
Climate change is a global issue impacting all economies. EQT is commited to supporting the  
decarbonization agenda and recognizes it’s importance to driving long-term financial performance.
 
EQT intends to support the EQT funds’ portfolio 
companies on their net zero pathways. In prac-
tice, this means supporting the EQT funds’ port-
folio companies to develop decarbonization  
targets and plans and supporting them in deliv-
ering on the plan during the ownership period. 
EQT also acknowledges the importance of 
addressing climate change’s physical and  
transition risks and recognizes its potential to 
severely impact humans, ecosystems, and the 
global economy; read more in Sustainability notes.
EQT’s science-based targets (SBTs), encom-
passing both corporate operations and the  
EQT funds’ portfolio companies and real estate 
assets. During 2023, EQT published its Net Zero 
Guidelines, describing EQT’s carbon emission 
reduction plan to achieve net zero alignment  
by 2040.
Read more about SBTs for EQT’s corporate operations
 Towards our targets
 Sustainability notes
 Net zero guidelines
EQT funds’ portfolio  companies1) EQT funds’ real estate assets3)
Targets 2030
100% of portfolio companies owned for at least 
24 months to have own SBTs validated.
50% of portfolio companies owned for at least 
24 months to be on track with their SBT plan.
2040
100% of portfolio companies owned for at least 
24 months to be on track to achieve their 1.5°C 
aligned decarbonization plans.
Status By the end of 2023, 60 of the EQT funds’  
portfolio companies had started their SBT 
journey2), wherof 32 had received validated 
targets. 
Targets 2030
50% of assets owned for at least 24 months to 
be on track with their 1.5°C aligned decarbon-
ization plan.
2040
100% of assets owned for at least 24 months  
to be on track with their 1.5°C aligned decar-
bonization plans.
Status By the end of 2023, 94%4) of the floor area of 
real estate assets acquired within the reporting 
year had developed decarbonization plans.
EQT targets achieving the below by 2030 and 2040:
1) Where the EQT funds’ owns at least 25% of fully diluted shares and excluding venture capital.  
2) Defined as EQT funds’ portfolio companies with commitments or submissions of targets to SBTi (28) or with validated SBTs (32), including portfolio companies exited during the year. In addition, 14 portfolio companies had initiated the process to set SBTs.
3) Including floor are of real estate assets where EQT Exeter funds holds direct asset ownership, and held for at least 24 months.
4) Percentage floor area of acquisitions with 1.5 degree-aligned decarbonization plans divided by the total floor area of acquisition since Jan 1, 2023, excluding land acquisitions.In practice
EQT Annual and Sustainability Report 2023 / Page 41EQT Playbook
 Contents
Download print optimized PDF  
Introduction to EQT   3
Reflections on 2023 and beyond   8
Private markets and EQT   15
Strategy   22
EQT AB – the listed entity and  
revenue model   27
EQT Playbook   31
EQT Playbook   32
Thematic investment approach –  
Private Capital   33
Thematic investment approach –  
EQT Infrastructure   34
Thematic investment approach –  
EQT Exeter   35
Local-with-locals   36
House of Value Creation   36
Governance model   37
EQT Network   37
Digitalization & AI with Motherbrain   39
Sustainability   40
People   45
Financial statements   50
Sustainability notes   113
Corporate governance   144
Additional information   158

===== SIDA 43 =====

Improving operational sustainability
Diversity, equity and inclusion (DE&I) as a driver of  
employee  recruitment, engagement and  retention
The technology sector typically sees high attrition rates, often leading to increased 
operational costs, loss of talent, and innovation disruption. To innovate around talent 
retention, EQT joined forces with six portfolio companies in India, owned by the EQT 
Private Capital Asia funds, with a combined base of over 70,000 employees. 
EQT  
Playbook 3
45
6
7 2
1
Key insights from the study
An analysis of the portfolio company data showed 
that 30-50% of women left their jobs due to family -
related reasons. Notably, the study revealed that 
companies that believed they had high maternity 
return rates actually saw many returning employees 
leave within nine months of their return. This indi-
cated a gap in support for women transitioning  
back to work. Furthermore, 5-8% of attrition was 
attributed to the prolonged duration of promotions 
compared to the expected timelines at the middle 
management level. This disparity can impact em- 
ployee motivation and a sense of fairness. Another 
significant finding was a 35% reduction in women 
working shifts in the 31–40 age group, underscoring 
a distinct challenge in retaining female employees 
within this demographic.
Driving employee value proposition through DE&I 
Throughout this study, EQT Private Capital Asia has 
actively supported the development of various tal-
ent retention initiatives. These include reevaluating 
work-life balance policies, parental policies, career 
advancement opportunities, and overall organiza-
tional culture to support diversity at all levels. The 
initiatives are expected to reduce attrition, with 
“The data demonstrated that 
men and women stay and leave 
for  different reasons. Leveraging 
these insights, we have rolled  
out a revamped version of our 
women’s leadership program  
and introduced a management 
growth  initiative catering to top 
talents across all genders.” 
Chief People Officer at Straive
In practice
potential annual savings of USD 20–30m for the 
portfolio companies.
These insights also point to the need for more 
tailored practices that address the specific needs 
of different employee groups, especially women. 
In adressing these challenges at scale, EQT can 
contribute to fostering a more inclusive and equi-
table workplace in the EQT funds’ portfolio com-
panies and enhance their overall organizational 
effectiveness and attractiveness as an employer. 
EQT Annual and Sustainability Report 2023 / Page 42EQT Playbook
 Contents
Download print optimized PDF  
Introduction to EQT   3
Reflections on 2023 and beyond   8
Private markets and EQT   15
Strategy   22
EQT AB – the listed entity and  
revenue model   27
EQT Playbook   31
EQT Playbook   32
Thematic investment approach –  
Private Capital   33
Thematic investment approach –  
EQT Infrastructure   34
Thematic investment approach –  
EQT Exeter   35
Local-with-locals   36
House of Value Creation   36
Governance model   37
EQT Network   37
Digitalization & AI with Motherbrain   39
Sustainability   40
People   45
Financial statements   50
Sustainability notes   113
Corporate governance   144
Additional information   158

===== SIDA 44 =====

Growing sustainable revenue streams
Powering cleaner mobility solutions
 
EQT  
Playbook 3
45
6
7 2
1
In practice
Nordic Ferry Infrastructure, headquartered  
in Oslo, Norway was formed in February 2022 
through the combination of the two local ferry 
and express boat operators, Molslinjen and 
Torghatten, as well as the addition of Öre-
sundslinjen (former ForSea) in January 2023.  
It is the leading pan-Nordic floating bridge oper-
ator with a well-diversified portfolio of 70 routes.
The maritime industry shifts towards sus-
tainability mandates replacing fossil-fueled 
ferries with vessels powered by green energy 
and electricity. In this transformation, EQT sees 
good opportunities for value creation and 
growth. As such, EQT Infrastructure is on a 
transformation journey to create the leading 
sustainable floating bridge operator. Today, 
30% of the Nordic Ferry Infrastructure group 
revenue is generated by low emissions con-
tracts with 50% expected to be low/zero by 
2026. Going forward, EQT Infrastructure will 
continue supporting the electrification and 
progress fleet decarbonization plan based on 
contract re-tendering in Norway and explore 
new technologies in Denmark.
Additionally, EQT will continue exploring new 
technologies and investing in hydrogen with a 
Landmark hydrogen fuelled ferry route to be 
launched end of 2025.
Read more about EQT Infrastructure  Thematic investment approach 
1) Compared to 2022-baseline.
Energy &  Environment 
Energy Transition
–40% 
Reduction target in CO 2 
emissions by 2030 1) 
#1 
Operator of the world’s  
largest electric ferry
Transport &  Logistics 
Accessible Mobility
+110 ferries
Running across 70 routes
+25 million
Passengers transported annually
Nordic Ferry Infrastructure connects to the following EQT Infrastructure thematic themes:
EQT Annual and Sustainability Report 2023 / Page 43EQT Playbook
 Contents
Download print optimized PDF  
Introduction to EQT   3
Reflections on 2023 and beyond   8
Private markets and EQT   15
Strategy   22
EQT AB – the listed entity and  
revenue model   27
EQT Playbook   31
EQT Playbook   32
Thematic investment approach –  
Private Capital   33
Thematic investment approach –  
EQT Infrastructure   34
Thematic investment approach –  
EQT Exeter   35
Local-with-locals   36
House of Value Creation   36
Governance model   37
EQT Network   37
Digitalization & AI with Motherbrain   39
Sustainability   40
People   45
Financial statements   50
Sustainability notes   113
Corporate governance   144
Additional information   158

===== SIDA 45 =====

Growing sustainable revenue streams
Contributing to solutions to address today’s challenges,  
creating winners in tomorrow’s economy
EQT  
Playbook 3
45
6
7 2
1
1) Classified as an Article 9-fund under the SFDR (Sustainable Finance Disclosure Regulation). Article 9 Funds are those that have sustainable investment as its objective.
2) EQT VI first invested in Anticimex in 2012, and EQT Future invested in 2021. EQT VIII invested in SHL Medical in 2020, and EQT Future invested in 2022. EQT Future invested in Bloom in 2023.
EQT Future investments2) 
SHL Medical designs and develops auto- 
injector mechanisms enabling patients 
to treat chronic diseases in their homes. 
EQT Future invested with the aim to 
enable patient autonomy, leading to a 
greater adherence to treatment plans, 
better overall outcomes, and a decre- 
ased burden on the healthcare system. 
Since the investment, SHL has reached 
more than 2 million patients with its inno-
vative devices and is quickly becoming a 
sustainability leader in the industry, with a 
dedicated sustainability team that drives 
circularity, decarbonization, and innova-
tion across SHL’s operations.
Bloom Fresh International innovates in 
table grape to enhance resilience with 
varieties that require fewer fungicides 
and less water, reducing the agricul-
tural system’s stress and promoting 
soil health. EQT Future’s impact case 
focuses on promoting regenerative 
agriculture practices in this sector by 
planting new, more sustainable seed-
lings, reducing fungicide use,and sup-
porting soil research, using techniques 
like environmental DNA testing.
Anticimex is a leading global specialist 
in pest control. EQT Future invested in 
2021, in order to expedite the roll-out 
of a new, digital biocide-free product 
called SMART by introducing a com-
prehensive employee incentive pro-
gram. EQT and Anticimex are now 
actively demonstrating the benefits of 
eco-friendly pest control to customers 
and the wider market to promote and 
accelerate the adoption of similar 
nature-positive solutions across the 
industry. 
  
Launched in 2021, EQT Future1)  
is a lighthouse, impact-driven 
strategy that focuses on mature 
companies with market-shaping 
impact potential. EQT Future 
combines EQT’s private equity 
expertise with rigorious impact 
measurement and management 
tools, including impact-linked 
incentives and impact accelera-
tion plans to drive performance 
and transform industries for the 
better. 
In practice
“With each investment, we underwrite a core impact  
case that is colinear with the commercial case and then 
actively support our boards and management teams to 
deliver real-world results, and to evidence their impact 
performance with innovative measurement techniques.”
Jen Braswell
Head of Impact, Private Capital Europe & North America
“With EQT Future, we are investing in market leaders across two themes –  
Climate & Nature and Health & Well-Being - where we support them either  
to scale impactful products and services, or to pivot towards those. By doing 
this, we not only create more valuable companies, but we also act as a cata-
lyst for transforming their entire industry, and delivering impact at scale.”
Simon Griffiths
Partner, Head of EQT Future Advisory Team
EQT Annual and Sustainability Report 2023 / Page 44EQT Playbook
 Contents
Download print optimized PDF  
Introduction to EQT   3
Reflections on 2023 and beyond   8
Private markets and EQT   15
Strategy   22
EQT AB – the listed entity and  
revenue model   27
EQT Playbook   31
EQT Playbook   32
Thematic investment approach –  
Private Capital   33
Thematic investment approach –  
EQT Infrastructure   34
Thematic investment approach –  
EQT Exeter   35
Local-with-locals   36
House of Value Creation   36
Governance model   37
EQT Network   37
Digitalization & AI with Motherbrain   39
Sustainability   40
People   45
Financial statements   50
Sustainability notes   113
Corporate governance   144
Additional information   158

===== SIDA 46 =====

EQT Infrastructure VI
SK Shieldus
In 2023, EQT Infrastructure acquired SK Shieldus, a leading 
South Korean integrated security operator. The Company 
provides central monitoring and dispatch services to 
680,000 commercial customers, and provides Managed 
Security Service for cybersecurity monitoring.
SK Shieldus, which was EQT Infrastructure’s first invest-
ment in South Korea, leverages digital and connected 
infrastructure to deliver services that make South Korean 
society safer from both physical and cyber threats. SK 
Shieldus will be able to leverage EQT’s sector experience 
within physical and cyber security, and strong digitaliza-
tion capabilities to enable more tailored and digitized 
security service offerings for its customers.
07
People 
46 People at the core of EQT’s success
47 Developing people
48 Diversity, equity and inclusion as a value creation lever
49 EQT Foundation – guardian of EQT’s core values

===== SIDA 47 =====

Values
EQT’s values have fostered an organization 
that consistently delivers high performance. 
They influence collaboration, how EQT advises 
the portfolio companies, and how EQT posi-
tively impacts the world. It is imperative that 
these values continue to underpin the perfor-
mance of a global EQT.
EQT’s continued growth and success will be 
enabled by a continued emphasis on humility, 
collaboration, accountability and continuous 
improvement. EQT believes that encouraging 
people to be themselves contributes to a more 
diverse and inclusive workplace where individ-
uals feel valued for who they are. 
EQT’s core values apply globally with a local 
flavour and are embedded in EQT’s strategic 
focus, people management and development 
programs. Consistently applying the same set 
of values across the world reinforces EQT’s  
culture, protects its ability to perform for clients 
and retains its heritage, whilst embracing a 
global mindset. 
People at the core of EQT’s success
With the considerable growth in the number of employees and geographic  
footprint in the last three years, EQT’s values are more important than ever.
Acting with integrity and  
humility. Through our actions, 
we show regard and gratitude 
towards our stakeholders and 
colleagues.
Being open and honest, with 
each other as well as with 
external stakeholders. We  
raise issues and face reality 
when difficulties arise.
Maximizing our effort and 
results through collaboration. 
We feel an urgency to take 
action and make an impact – 
everything can be improved  
at all times.
Being inclusive and non- 
hierarchical – everyone is 
encouraged to be themselves 
and is expected to speak their 
mind. We all contribute to an 
engaging, friendly and fun  
work environment.
Being innovative and account-
able. We take risks, persevere 
through challenges and learn 
from our mistakes to succeed  
in the long run.
Respectful High performing Entrepreneurial Transparent Informal
EQT’s five core values form the foundation of our culture
Employees per segment
37+34+29+E
 Central, 37%
 Real Assets, 34%
 Private Capital, 29%
Employees by region
23+18+23+36+E
 Americas, 23%
 Asia-Pacific, 18%
 Nordics, 23%
 Rest of Europe, 36%
People
Number of employees (FTE+)
0
400
800
1,200
1,600
2,000
20232022202120202019
EQT has hired ahead of growth and 
built a well invested platform. Hence, 
hiring remained limited in 2023. Selec-
tive hiring will continue in 2024 in key 
strategic areas, such as private wealth. 
EQT Annual and Sustainability Report 2023 / Page 46People
 Contents
Download print optimized PDF  
Introduction to EQT   3
Reflections on 2023 and beyond   8
Private markets and EQT   15
Strategy   22
EQT AB – the listed entity and  
revenue model   27
EQT Playbook   31
People   45
People at the core of EQT’s success   46
Developing people   47
Diversity, equity and inclusion as  
a value  creation lever   48
EQT Foundation – guardian of  
EQT’s core values   49
Financial statements   50
Sustainability notes   113
Corporate governance   144
Additional information   158

===== SIDA 48 =====

EQT Academy
The EQT Academy has been at the core of 
talent development for all employees over 
the past decade. 
It is a learning and development platform 
designed to drive business impact, value 
creation and individual growth. 
The Academy embeds the firm’s history, 
purpose, culture, values and strategy –  
simply what makes EQT unique. The  
Academy is organized into four pillars:
Developing people
EQT focuses on developing the highest performing individual employees, leaders 
and teams to deliver superior outcomes for the EQT funds’ portfolio companies, 
resulting in the best returns for EQT’s clients. 
In 2023 the Academy expanded the flag-
ship program offering by introducing 
EQuesT for new Partners, which provides 
guidance on how to be both a successful 
partner and a future EQT leader.
The expansion of the E-cademy plat-
form has continued, delivering virtual  
and hybrid programs. The toolset is also 
available for all business lines to create, 
shape and deliver specific training which 
can then be leveraged across EQT.
Key areas of delivery for this year have 
been onboarding, sustainability, risk/  
compliance, cybersecurity and technology 
enablement.  
“Glocal” programs have been added 
which provide quality, global content deliv-
ered locally to ensure EQT’s global work-
force is enabled with the right skills and 
capabilities. This supports the ability to 
scale whilst ensuring consistency and  
local relevance. 
E-cademy 
Digital learning 
focused on busi-
ness priorities, 
embedded into 
the daily workflow
Academy  
Flagship
Courses to global 
career and per-
sonal develop-
ment journey
Mentoring and coaching initiatives integrated across EQT Academy
Onboarding
Academy  
on Demand
Targeted open 
catalogue learn-
ing, supporting 
individual and 
team needs
Academy  
Glocal
Global learning 
programs experi-
enced locally
EQT Annual and Sustainability Report 2023 / Page 47People
 Contents
Download print optimized PDF  
Introduction to EQT   3
Reflections on 2023 and beyond   8
Private markets and EQT   15
Strategy   22
EQT AB – the listed entity and  
revenue model   27
EQT Playbook   31
People   45
People at the core of EQT’s success   46
Developing people   47
Diversity, equity and inclusion as  
a value  creation lever   48
EQT Foundation – guardian of  
EQT’s core values   49
Financial statements   50
Sustainability notes   113
Corporate governance   144
Additional information   158

===== SIDA 49 =====

Diversity, equity and inclusion 
as a value creation lever
Increasing diversity to  
create high-performing teams
For many years EQT has focused on increasing 
the ratio of women, and we have improved gen-
der balance in boards and management, in 
both EQT and across portfolio companies. While 
significant progress has been made in this area, 
this  continues to be an important area of focus. 
EQT has introduced a new global ambition to 
apply a broader lens on diversity, equity and 
inclusion, informing how high-performing 
teams are composed, homogeneity reduced 
and diversity of thought increased. 
Going forward, EQT will take a more system-
atic approach to creating broader, diverse rep-
resentation across our management teams. 
EQT is reframing and broadening the focus by 
setting an ambition of a maximum of 60% of 
team members of the same gender, cultural 
background, and socio-economic origin in  
our Board, C-Suite and top earners. 
This global ambition will be implemented across 
EQT’s business lines and the portfolio compa-
nies, taking into account geographical, cultural 
and business contexts.
Strengthening DE&I capabilities
During 2023, a DE&I resource hub was devel-
oped and launched containing educational 
modules and associated toolkits. The hub 
enables EQTarians to build their understanding 
of what DE&I means at EQT, our diversity ambi-
tions, our approach to driving change, and how 
we will build diversity of thought. Everyone at 
EQT should have the confidence and capability 
to take action, get involved in initiatives and 
drive change within DE&I. 
EQT is a promoter of equal opportunity and inclusion for all employees and  recognizes that multiple dimensions  
of diversity are prerequisites for innovation, better decision making,  talent retention, and financial performance. 
EQT Annual and Sustainability Report 2023 / Page 48People
 Contents
Download print optimized PDF  
Introduction to EQT   3
Reflections on 2023 and beyond   8
Private markets and EQT   15
Strategy   22
EQT AB – the listed entity and  
revenue model   27
EQT Playbook   31
People   45
People at the core of EQT’s success   46
Developing people   47
Diversity, equity and inclusion as  
a value  creation lever   48
EQT Foundation – guardian of  
EQT’s core values   49
Financial statements   50
Sustainability notes   113
Corporate governance   144
Additional information   158

===== SIDA 50 =====

EQT Foundation – guardian of EQT’s values
Since its inception, EQT has had a multi-stakeholder approach, originating from the founding concept in 1994 of being “more than capital”.  
In 2020, EQT AB solidified this commitment by becoming one of the first companies in the world to enshrine its Statement of Purpose in its  
Articles of Association. In the same spirit, the EQT Foundation, owning around one percent of the shares in EQT AB, acts as a steward of the  
company’s purpose, its values and its contribution to society. 
A guardian of EQT’s values 
The EQT Foundation complements EQT with 
the purpose of pushing the frontiers of impact: 
supporting entrepreneurs and scientists bring-
ing breakthough science from lab to market 
and engaging with philanthopies to help 
unlock their full potential. While investing in 
breakthrough technologies, it also aims to aid 
the uptake of investment practices that inte-
grate impact creation in company valuations. 
The governing body, The EQT Foundation 
Members’ Committee, comprises those Part -
ners who donated shares to establish the 
foundation at the time of the IPO, and senior 
employees at EQT who are nominated and 
elected to join the Committee. In addition to 
electing the Board of EQT Foundation and 
providing input to the impact strategy of the 
foundation, the committee acts as a guardian 
of EQT’s values, and provides feedback to the 
management of EQT. The governance mecha-
nism was created to upkeep the partnership 
feeling, joint ownership, and deep caring for 
the long-term development of EQT. 
The committee also provides a way for EQT 
to stay connected to senior leaders who have 
been instrumental in building EQT, even after 
they retire. 
Election of ambassadors  
that represent the future EQT 
Being elected to the EQT Foundation Members’ 
Com mittee is a merit-based promotion for 
senior employees based solely on how well 
they adhere to EQT’s values. It also offers the 
opportunity to lead investment deals on behalf 
of the Foundation, which is reserved for 
employees who are considered to be cultural 
ambassadors. Engaging with the Foundation 
enables employees to experience the Partner 
role, learn about emerging technologies, and 
build their investment expertise. This involve-
ment is recognized as an integral part of the 
career development at EQT, providing employ-
ees with ample opportunities to work across 
teams and business lines, sharing knowledge, 
cultural codes, and their passion for a more 
inclusive and regenerative tomorrow. 
New members appointed to the EQT Foundation 
Members’ Committee
This year, the EQT Foundation Members’ Committee welcomed four new senior 
employees at EQT, elected based on their long-term commitment to safeguarding 
the EQT values and their contribution to society. A warm welcome to Masoud 
Homayoun, Alex Darden, Eric Liu, and Jean Salata.
Masoud Homayoun 
Partner,  
Head of Value-Add  
Infrastructure  
Advisory Team
Alex Darden 
Partner,  
Value-Add  
Infra structure 
Advisory Team
Eric Liu 
Partner,  
Head of Private Equity 
North America  
Advisory Team
Jean Salata 
Head of EQT Private 
Capital Asia and 
Chair person of  
EQT Asia 
Stockholm New York New York Hong Kong
About EQT Foundation
EQT Foundation is the philanthropic arm of EQT, founded to safeguard the EQT values and push the 
frontiers of impact. A philanthropic investor with a focus on novel and deeptech solutions for climate 
and health. EQT Foundation combines catalytic capital with engagement and expertise from EQT 
employees to help entrepreneurs and scientists bring breakthrough science from lab to market.
EQT Annual and Sustainability Report 2023 / Page 49People
 Contents
Download print optimized PDF  
Introduction to EQT   3
Reflections on 2023 and beyond   8
Private markets and EQT   15
Strategy   22
EQT AB – the listed entity and  
revenue model   27
EQT Playbook   31
People   45
People at the core of EQT’s success   46
Developing people   47
Diversity, equity and inclusion as  
a value  creation lever   48
EQT Foundation – guardian of  
EQT’s core values   49
Financial statements   50
Sustainability notes   113
Corporate governance   144
Additional information   158

===== SIDA 51 =====

08
Financial statements
52 Board of directors’ report
56 Consolidated financial statements with notes 
91 Parent company financial statements with notes 
100 Proposal for the distribution of net income 
101 Signatures of the board of directors and the CEO 
102 Managing risks
109 Auditor’s report
EQT Mid Market Europe
Ellab
EQT Private Equity sold Ellab to Novo Holdings, which 
manages the assets and wealth of the Novo Nordisk  
Foundation, one of the world’s largest philanthropic enter-
prise foundations. Ellab provides validation and monitoring 
solutions and services for biotech and pharmaceutical  
processes.
 During ownership, Ellab shifted its customer focus towards 
high-growth industries such as biotech and cell & gene  
therapies. By the time of sale, Ellab served all top 20 biotech 
companies and all top 40 pharmaceutical companies 
globally. This resulted in Ellab tripling its revenues, EBITDA 
and employee numbers, while experiencing approximately 
20 percent annual organic revenue growth and completing 
15 add-ons.

===== SIDA 52 =====

Contents
Board of directors’ report ......................................................................52
Financial statements ................................................................................56
Consolidated income statement ........................................................56 
Consolidated statement of comprehensive income ............. 56
Consolidated balance sheet ..................................................................57
Consolidated statement of changes in equity ........................... 58
Consolidated statement of cash flows ...........................................59
Notes to the financial statements
Note 1 General information.................................................................... 60
Note 2 Accounting policies .....................................................................60
Note 3 Use of judgements and estimates .....................................64
Note 4 Operating segments ..................................................................64
Note 5 Revenue ..............................................................................................66
Note 6 Other operating expenses ..................................................... 66
Note 7 Employees, senior executives  
and board of directors ..............................................................................67
Note 8 Audit fees and expenses ...........................................................73
Note 9 Financial income and expenses ..........................................73
Note 10 Income taxes ..................................................................................73
Note 11 Intangible assets ...........................................................................74
Note 12 Property, plant and equipment ..........................................75
Note 13 Accounts receivable and other current
assets ....................................................................................................................75
Note 14 Equity ..................................................................................................76
Note 15 Interest bearing liabilities ......................................................77
Note 16 Other liabilities ..............................................................................77
Note 17 Accrued expenses and prepaid income .......................77
Note 18 Financial instruments and financial risks ....................77
Note 19 Leases ..................................................................................................81
Note 20 Cash flow specifications........................................................82
Note 21 Pledged assets and contingent liabilities ....................82
Note 22 Events after the reporting period .....................................82
Note 23 Related parties .............................................................................83
Note 24 Subsidiaries .................................................................................. 84
Note 25 Earnings per share ................................................................... 88
Note 26 Business combination .............................................................88
Parent company financial statements
Parent company income statement ...................................................91 
Parent company balance sheet ...........................................................92
Parent company statement of changes in equity.....................93
Parent company statement of cash flows ....................................94
Parent company notes
Note 1 Accounting policies ......................................................................95
Note 2 Revenue ..............................................................................................96
Note 3 Other operating income ..........................................................96
Note 4 Other operating expenses ..................................................... 96
Note 5 Employees and personnel expenses ............................... 96
Note 6 Audit fees and expenses ..........................................................96
Note 7 Operating leases ..........................................................................96
Note 8 Profit/loss from participations in subsidiaries ..........96
Note 9 Interest income and similar profit/loss items .............97
Note 10 Interest expense and similar profit/loss items .........97
Note 11 Income taxes ...................................................................................97
Note 12 Intangible assets ..........................................................................97
Note 13 Property, plant and equipment ..........................................97
Note 14 Participations in subsidiaries ............................................. 98
Note 15 Other securities held as non-current assets ............. 98
Note 16 Financial instruments and risk management .......... 99
Note 17 Other long-term receivables ..............................................99
Note 18 Prepaid expenses and accrued income ......................99
Note 19 Revolving credit facility .......................................................... 99
Note 20 Number of shares and quota value ...............................99
Note 21 Interest bearing liabilities ..................................................... 99
Note 22 Accrued expenses and prepaid income .....................99
Note 23 Pledged assets and contingent liabilities  ................. 99
Note 24 Related parties ........................................................................... 99
Note 25 Events after the reporting period ................................... 99
Proposal for the distribution of net income ..............................100
Signatures of the Board of directors and the CEO ...............101
Managing risks ...........................................................................................102
Auditor’s report ..........................................................................................109
EQT Annual and Sustainability Report 2023 / Page 51Board of directors’ report
 Contents
Download print optimized PDF 
Introduction to EQT   3
Reflections on 2023 and beyond   8
Private markets and EQT   15
Strategy   22
EQT AB – the listed entity and  
revenue model   27
EQT Playbook   31
People   45
Financial statements   50
Board of directors’ report   52
Consolidated financial statements  
with notes   56
Parent company financial statements  
with notes   91
Proposal for the distribution  
of net income   100
Signatures of the board of directors  
and the CEO   101
Managing risks   102
Auditor’s report   109
Sustainability notes   113
Corporate governance   144
Additional information   158

===== SIDA 53 =====

Board of directors’ report
The Board of directors and the CEO of EQT AB (publ)  
(reg. no. 556849-4180) with its registered office in Stockholm, 
Sweden submit the annual report and consolidated financial 
statements for the 2023 financial year.
REVENUES AND NET INCOME
Revenues for the period increased to EUR 2,084.4m (EUR 1,497.3m). 
Carried interest and investment income amounted to EUR 118.4m in 
2023 compared to EUR 168.8m in 2022. Adjusted revenues of EUR 
2,130.8m (EUR 1,536.5m) are adjusted by removing the fair value 
adjustment of acquired contractual rights to carried interest. 
Impact on adjusted revenues from foreign exchange rate  
differences (using fixed foreign exchange rates), amounted to 
negative EUR 28.2m. 
Total operating expenses during the year amounted to EUR 
1,391.4m (EUR 991.2m), and is mainly driven by the build-out of  
the organization as well as personnel expenses as a result of  
performed acquisitions. 
EBITDA increased to EUR 693.1m (EUR 506.1m) corresponding  
to a margin of 33.2% (33.8%). Adjusted EBITDA amounted to EUR 
1,226.4m (EUR 829.5m) corresponding to a margin of 57.6% 
(54.0%). Impact on adjusted EBITDA from foreign exchange rate 
differences (using fixed foreign exchange rates), amounted to 
negative EUR 0.6m.
Depreciation and amortization amounted to EUR 54.1m  
(EUR 43.8m), primarily related to facility lease agreements.  
Amortization of acquisition related intangible assets amounted  
to EUR 364.1m (EUR 153.6m) and relates to amortization of iden-
tified surplus values. 
Net financial income and expenses amounted to EUR -35.5m 
(EUR -45.6m). This is primarily comprised of interest expenses of 
EUR -42.2m (EUR -33.9m) relating to the sustainability-linked 
bonds issued by EQT AB in April 2022 and May 2021 as well as  
currency translation differences. 
Income taxes amounted to EUR -100.2m (EUR -86.9m). 
Net income for the period from continuing operations decreased 
to EUR 139.2m (EUR 176.2m). Adjustment items affecting net income 
from  continuing operations, including tax effects, amounted to EUR 
880.2m (EUR 478.0m). Adjusted net income for the period from 
 continuing operations amounted to EUR 1,019.4m (EUR 654.2m). 
Earnings per share for continuing operations before and after 
dilution amounted to EUR 0.117 (EUR 0.171) and EUR 0.117 (EUR 
0.171), respectively. Adjusted earnings per share for continuing 
operations before and after dilution amounted to EUR 0.860 (EUR 
0.634) and EUR 0.859 (EUR 0.634), respectively. 
Adjustment items affecting EBITDA in 2023 amounted to EUR  
533.4m and relates to an adjustment of revenues for fair value 
step-up on acquired contractual right to carried interest, and an 
adjustment of the part of the considerations subject to lock-up, inte-
gration costs as a result of performed acquisitions and the non-cash 
portion of equity incentive program cost. The part of the consider-
ations subject to lock-up is treated as a personnel expense from an 
accounting perspective and recorded in the income statement over 
the lock-up period. Adjustment items affecting EBITDA in 2022 
amounted to EUR 323.4m and related to an adjustment of revenues 
for fair value step-up on acquired contractual right to carried interest 
and an adjustment of the part of the considerations subject to lock-up 
as well as transaction and integration costs as a result of performed 
acquisitions. The part of the considerations subject to lock-up is 
treated as a personnel expense from an accounting perspective and 
recorded in the income statement over the lock-up period. 
CASH FLOW AND FINANCIAL POSITION
Goodwill and Other intangible assets amounted to EUR 5,280.3m 
(EUR 5,796.9m). The decrease of EUR 516.6m is mainly driven by 
amortization and exchange rate differences. 
Property, plant and equipment amounted to EUR 171.5m  
(EUR 170.5m). 
Financial investments increased by EUR 62.3m to EUR 730.7m 
(EUR 668.4m) primarily driven by increased investments from EQT 
AB Group into EQT funds. 
Current assets amounted to EUR 2,899.2m (EUR 2,801.1m).  
 The increase was primarily driven by an increase in cash and cash 
equivalents. 
Cash and cash equivalents at the end of the period amounted 
to EUR 1,114.0m (EUR 644.9m). Net debt amounted to EUR 886.0m 
(EUR 1,355.1m in net debt).
Equity decreased to EUR 6,003.6m (EUR 6,398.7m). The 
decrease is mainly explained by the, in 2023, decided dividend 
(paid during 2023). 
Non-current liabilities amounted to EUR 2,472.9m (EUR 
2,522.9m).  
Current liabilities amounted to EUR 731.8m (EUR 681.0m).
EXPECTATIONS FOR 2024
EQT will continue fundraising for its flagship funds within existing 
strategies, as well as certain new strategies, whilst gradually 
building its private wealth distribution channels. Having 
strengthened its teams in recent years, EQT has reduced the pace of 
hiring and expects primarily to make selective hires to support 
growth in focus areas such as Private Wealth, and the regions of 
North America and Asia. With significant capital to deploy from 
recent fundraisings, EQT will continue to make thematic investments, 
and drive performance across the EQT funds’ portfolio companies.
PERSONNEL  
Number of full-time equivalent employees (FTE), at year-end 2023, 
amounted to 1,777 (1,669). EQT has hired ahead of growth and built 
a well invested platform. Hence, hiring remained limited in 2023.
SIGNIFICANT EVENTS DURING THE YEAR
Significant events and transactions
EQT Infrastructure VI, which has a target fund size of EUR 20.0bn, 
was activated in December 2022. As of the date of the publication 
of the Year-end Report, the fund had secured commitments of close 
to EUR 14.5bn. Fundraising is set to continue well into 2024, and the 
fund is expected to meet its target fund size.
Fundraising continued for EQT X. The fund reached its target 
fund size of EUR 20bn.
EQT Exeter Industrial Value Fund VI held its final close at USD 
4.9bn of fee-generating commitments, exceeding its target size of 
USD 4.0bn.
EQT’s Annual Shareholders’ Meeting on 30 May 2023 resolved 
to adopt two new incentive programs, the EQT Share Program and 
the EQT Option Program. The new EQT Share Program and the 
EQT Option Program replace the old EQT Share Program adopted 
by the Annual Shareholders’ Meeting in 2019. The objective of the 
programs is to align employees’ performance to the interest of the 
shareholders, based on performance metrics tailored to EQT AB’s 
strategic goals on an annual basis. 
EQT Annual and Sustainability Report 2023 / Page 52Board of directors’ report
 Contents
Download print optimized PDF 
Introduction to EQT   3
Reflections on 2023 and beyond   8
Private markets and EQT   15
Strategy   22
EQT AB – the listed entity and  
revenue model   27
EQT Playbook   31
People   45
Financial statements   50
Board of directors’ report   52
Consolidated financial statements  
with notes   56
Parent company financial statements  
with notes   91
Proposal for the distribution  
of net income   100
Signatures of the board of directors  
and the CEO   101
Managing risks   102
Auditor’s report   109
Sustainability notes   113
Corporate governance   144
Additional information   158

===== SIDA 54 =====

EQT completed a repurchase of 1.8m shares, with the objective 
of over time offsetting the dilution impact from EQT’s Incentive  
Programs.
 In the fourth quarter, EQT increased the number of ordinary 
shares held in treasury with 59.3 million ordinary shares through  
a share issuance. The new shares are expected to be delivered to 
participants in EQT’s Share and Option Programs, depending on 
the outcomes of the long-term programs. EQT currently holds 
61,106,376 ordinary shares in treasury, which are not entitled to divi-
dends or votes at shareholders’ meetings. Excluding shares held in 
treasury by EQT, there are 1,184,823,591 outstanding shares in EQT.
EQT launched its first semi-liquid fund, EQT Nexus, providing 
access for individuals to a diversified portfolio of EQT’s funds. EQT 
AB has in recent years made balance sheet investments which have 
now been transferred to EQT Nexus to seed the fund, which starts off 
with NAV of approximately EUR 350m and previously made fund 
commitments of approximately EUR 700m.
In December 2022, the EU member states agreed to implement 
the OECD model rules for a global minimum tax framework  
(Pillar Two) for financial years commencing on or after 31 
December 2023. The EQT AB Group is in scope of the Pillar Two 
Rules, setting forth a minimum tax of 15 percent on income arising 
in each jurisdiction where the group operates. 
EQT has assessed the expected impact of Pillar Two income 
taxes for 2024 and onwards. EQT estimates the Adjusted effective 
tax rate (ETR) measured on Adjusted earnings before tax (EBT) 
excluding carried interest and investment income to range 
between 18 to 20 percent, of which Pillar Two income taxes are 
estimated to account for 2 to 4 percentage points. The estimates 
may however be affected by a range of factors affecting both the 
underlying Adjusted ETR and the Pillar Two income taxes, including 
legislative developments and local implementation.
The Swedish Tax Agency is reviewing the Swedish taxation of 
certain current and former EQT employees with respect to carried 
interest, and in particular whether carried interest should be taxed 
as employment income. EQT understands that the review covers 
carried interest related to certain EQT funds and specific years. EQT 
and the relevant individuals have filed taxes based on existing case 
law in the area. The final conclusion of the review is expected to 
take several years.
INCENTIVE PROGRAMS
EQT 2019 Share program
The last grant of the EQT Share program (established in 2019) was 
done in March 2023. Each annual grant consisted of amounts to be 
converted to class C shares in EQT AB. All class C shares allotted 
are subject to a three-year holding period, with no vesting condi-
tions, after which the class C shares are converted into ordinary 
shares. The class C shares carry the same economic rights as 
ordinary shares in the company and carry one-tenth (0.1) vote 
each. During 2019, a new share issue of 8,663,490 class C shares 
was carried out and subsequently repurchased for the purpose of 
delivering class C shares within the scope of the share program. In 
relation to the 2019 grant, 365,406 class C shares were allotted to 
the participants in the beginning of 2020. In relation to the 2020 
grant, 348,106 class C shares were allotted to the participants in 
the beginning of 2021. In relation to the 2021 grant, 385,499 class C 
shares were allotted to the participants in the beginning of 2022. In 
relation to the 2022 grant, 496,056 class C shares were allotted to 
the participants in the beginning of 2023. 
EQT 2023 Share program
The EQT Share Program (established in 2023) consists of ordinary 
shares in EQT AB. The Program is divided into five separate annual 
grants, each subject to a one-year performance period and a 
three-year holding period. Depending on the achievement of 
certain performance targets during the performance year, an 
amount may be awarded which after the performance period is 
settled in the total number of outstanding shares in EQT AB that 
corresponds to the amount awarded. With certain limited excep-
tions, no vesting conditions apply during the three-year holding 
period. Based on the number of shares as of 31 December 2022, 
the maximum dilution for the EQT Share Program is one percent  
in total. EQT intends, over time, to repurchase shares to offset the 
dilution related to the EQT Share Program. Performance in relation 
to targets for Adjusted Revenue growth, Adjusted EBITDA margin 
and a sustainability assessment has resulted in a gross share grant 
level of EUR 34.1m, of which EUR 16.7m was cash cost.
EQT 2023 Option program
The EQT Option Program (established in 2023) consists of options 
which upon exercise entitle the option holders to acquire ordinary 
shares in EQT AB. The Program is divided into five separate annual 
grants, each subject to a one-year performance period and a 
three-year holding period. Depending on the achievement of 
certain performance targets during the performance year, an 
amount may be awarded which after the performance period is 
settled in the number of options that corresponds to the amount 
awarded. With certain limited exceptions, no vesting conditions 
apply during the three-year holding period. The option exercise 
period commences after the holding period. Based on the number 
of shares as of 31 December 2022, the maximum dilution for the 
EQT Option Program is four percent in total. EQT intends, over  
time, to repurchase shares to offset the dilution related to the  
EQT Option Program. Total grant level for EQT Option program 
recognized in 2023 was EUR      24.7  m of which none was cash cost. 
RELATED PARTIES
No significant related party transactions have occurred during 
the period.
EVENTS AFTER THE REPORTING PERIOD
EQT introduced the new Healthcare Growth Strategy, a dedicated 
healthcare buyout strategy. 
On 27 February 2024, EQT announced that EQT X had reached its 
hard cap with fee-generating assets under management of 21.7bn.
PARENT COMPANY
The parent company’s profit before tax amounted to SEK 5,211.3m 
(SEK 2,741.8m). The increase is mainly explained by a timing effect  
of dividends from subsidiaries.
THE SHARE
EQT AB’s ordinary shares are listed on Nasdaq Stockholm in the 
Large Cap segment. As of 31 December 2023, there were 
1,184,823,591 outstanding shares in EQT. EQT currently holds 
61,106,376 ordinary shares in treasury. Including shares held in 
treasury by EQT, there were 1,244,700,306 ordinary shares and 
1,229,661 non-listed class C shares. Ordinary shares carry 1 vote  
per share and class C shares carry 0.1 vote per share. The quota 
value of the shares is SEK 0.1. See Note 14 for further information. 
In addition to what is disclosed in Note 14 there are no restric-
tions on the transferability of shares due to statutory provisions, 
articles of association or, as far as EQT AB is aware, in shareholders 
agreements.
For information regarding changes in EQT’s share capital and 
lock ups entered into, please refer to the heading “Events after 
the reporting period” and “Restrictions on transferability above” .
SUSTAINABILITY
In accordance with Chapter 6, Section 11 of the Swedish Annual 
Accounts Act, EQT has elected to prepare the statutory sustain-
ability report separately from the Board of directors’ report. The 
scope of the statutory sustainability report is given on page 1.
EQT Annual and Sustainability Report 2023 / Page 53Board of directors’ report
 Contents
Download print optimized PDF 
Introduction to EQT   3
Reflections on 2023 and beyond   8
Private markets and EQT   15
Strategy   22
EQT AB – the listed entity and  
revenue model   27
EQT Playbook   31
People   45
Financial statements   50
Board of directors’ report   52
Consolidated financial statements  
with notes   56
Parent company financial statements  
with notes   91
Proposal for the distribution  
of net income   100
Signatures of the board of directors  
and the CEO   101
Managing risks   102
Auditor’s report   109
Sustainability notes   113
Corporate governance   144
Additional information   158

===== SIDA 55 =====

GUIDELINES FOR EXECUTIVE REMUNERATION 
(REMUNERATION POLICY) 
The guidelines for executive remuneration approved by the Annual 
Shareholders’ Meeting 2023 are presented in Note 7. During 2023 
there was one deviation from the remuneration guidelines, which 
was resolved by the Board through the remuneration committee. 
This related to a variable cash bonus payment made to EQT AB’s 
Chief Commercial Officer, Suzanne Donohoe during 2023. Suzanne 
Donohoe received a variable bonus without application of a 
one-year measurement period, as required under the remuneration 
guideline and was deemed necessary for EQT AB Group’s business 
strategy, long term growth ambitions, target market development 
and long-term value growth for its shareholders. No other devia-
tions from the guidelines were made during 2023. Set forth below 
are the board’s proposed guidelines for executive remuneration, to 
be adopted by the Annual Shareholders’ Meeting 2024.
Guidelines for executive remuneration (Remuneration Policy)
The CEO and other members of the Executive Committee (exec-
utive management) fall within the provisions of these guidelines.  
To the extent a Board member conducts work for EQT, in addition 
to the board work, consulting fees and other compensation for 
such work may be paid. The guidelines are forward-looking, i.e. 
they are applicable to remuneration agreed, and amendments to 
remuneration already agreed, after adoption of the guidelines by 
the Annual Shareholders’ Meeting 2024. These guidelines do not 
apply to any remuneration separately decided or approved by the 
shareholders’ meeting.
EQT has a clear remuneration philosophy (including for variable 
cash) applicable across the whole group which also governs the 
remuneration to the Executive Committee and links compensation 
to the EQT AB Group’s business strategy, sustainability, long-term 
interests and long-term value growth for its shareholders.
Most important is to incentivize fund performance and ensure 
aligned interest with our limited partners in the EQT funds, EQT 
AB’s shareholders as well as EQT’s long term approach. EQT is  
a performance driven organization focused on long-term value 
creation in line with our culture. Team performance and individual 
performance are important – therefore we reward both. Perfor-
mance is key to our success and we award higher performance 
with higher compensation.
To be able to achieve the business goals, EQT needs to be able 
to attract and retain world class talent suitable for each role. To 
achieve this, EQT applies market competitive total compensation. 
EQT compensates locally based on geography and in line with 
local practice and regulations, taking into account, to the extent 
possible, the overall purpose of these guidelines.
The principles in these guidelines enable EQT AB to offer the 
Executive Committee a competitive total remuneration.
For more information regarding the EQT AB Group’s business 
strategy, please see EQT AB’s webpage, www.eqtgroup.com.
Share-related incentive programs
The EQT Share Program and the EQT Option Program are imple-
mented in the EQT AB Group. The programs were resolved by the 
Annual Shareholders’ Meeting 2023 and are therefore excluded 
from these guidelines. The EQT Option Program includes members 
of the Executive Committee in EQT AB. The performance criteria 
used to assess the outcome of the EQT Option Program are tied to 
the individual’s current role scope and contribution to EQT’s per-
formance through value creation and future proofing, the share 
price development, adding value to the wider EQT Platform as well 
as impact on delivering on EQT’s sustainability ambitions. The par-
ticipants will receive employee stock options free of charge, with 
an exercise period occurring during a one-month period starting 
the day after the publication of EQT AB’s financial report for the 
time period January - March three years after grant. Each 
employee stock option entitles the participant to acquire one 
ordinary share in EQT AB at a price corresponding to the price per 
ordinary share as of the date of grant. The EQT Share Program, 
resolved upon by the Annual Shareholders Meeting 2023. For the 
EQT Share Program, the performance targets are tied to the EQT 
AB Group’s financial targets, EQT’s general competitiveness, the 
individual meeting or exceeding EQT’s highly set expectations on 
adding value to the EQT Platform as well as impact on delivering 
on EQT’s sustainability ambitions. The program includes Partners 
and senior employees, members of the Executive Committee are 
generally not participants of the EQT Share Program. The partici-
pants invest a variable amount (financed by EQT) in ordinary 
shares after a performance year, whereupon an approximately 
three-year holding period follows. The Annual Shareholders’ 
Meeting 2019 also resolved on an EQT Share Program, under 
which no new investments in EQT AB shares are made, with 
holding periods until 2026. For more information regarding the 
EQT Share Program and EQT Option Program, including the cri-
teria which the outcome depends on, please see EQT AB’s remu-
neration report, available on eqtgroup.com/shareholders/. 
Types of remuneration, etc.
The remuneration shall be on market terms and may consist of the 
following components: fixed remuneration, variable cash remuner-
ation, pension benefits and other benefits. The shareholders’ 
meeting may – irrespective of these guidelines – resolve on, among 
other things, share-related or share price-related remuneration. 
Fixed remuneration
The fixed remuneration, i.e. base salary, should be competitive 
and reflect responsibility and performance. 
Variable remuneration
The satisfaction of criteria for awarding variable cash remuner-
ation, within the EQT Bonus program, shall be measured over a 
period of one year. The variable cash remuneration may amount to 
no more than 200 percent of the annual base salary.
The EQT Bonus program consists of a performance assessment 
of the business as well as an individual performance assessment. 
Important business performance factors determining the size of 
the bonus is the success of the underlying business measured by 
business performance in the funds (investments and exits as well 
as portfolio and fund performance), business profitability, fund-
raising, sustainability as well as organizational development. The 
individual performance is assessed versus agreed targets as well 
as meeting, exceeding or not meeting high set individual perfor-
mance expectations for the individual in the current role.
To which extent the criteria for awarding variable cash remu-
neration has been satisfied shall be evaluated/determined when 
the measurement period has ended. The remuneration committee 
shall be responsible for the evaluation so far as it concerns variable 
remuneration to the CEO. For variable cash remuneration to other 
members of the Executive Committee, the CEO shall be responsible 
for the evaluation. For financial objectives, the evaluation shall be 
based on the latest financial information made public by EQT AB.
The Executive Committee partly consists of owners of EQT AB. 
Owners that owned above 1.5 percent of the shares of EQT AB at 
IPO or at relevant acquisition may not be comprised by the EQT 
Bonus program, i.e. variable cash remuneration, nor any of the rel-
evant share-related incentive programs. Therefore, total remuner-
ation for part of the Executive Committee consists of base salary, 
pension benefits and other benefits.
Pension
All members of the Executive Committee shall be covered by 
defined contribution pension plans, for which pension premiums 
shall be based on the members’ base salary and paid by the 
company during the period of employment. For current members 
of the Executive Committee pension contributions shall be based 
on base salary and follow contribution levels in accordance with 
local market practice, except for the application of a cap. For 
EQT Annual and Sustainability Report 2023 / Page 54Board of directors’ report
 Contents
Download print optimized PDF 
Introduction to EQT   3
Reflections on 2023 and beyond   8
Private markets and EQT   15
Strategy   22
EQT AB – the listed entity and  
revenue model   27
EQT Playbook   31
People   45
Financial statements   50
Board of directors’ report   52
Consolidated financial statements  
with notes   56
Parent company financial statements  
with notes   91
Proposal for the distribution  
of net income   100
Signatures of the board of directors  
and the CEO   101
Managing risks   102
Auditor’s report   109
Sustainability notes   113
Corporate governance   144
Additional information   158

===== SIDA 56 =====

Sweden, this means that it shall be comparable to the old BTP-plan 
with a contribution cap for base salary exceeding 40 Income base 
amounts. The pension premiums shall amount to no more than 25 
percent of the annual base salary.
Other benefits
Other benefits, such as insurances (health, life, travel), sports con-
tributions or occupational health services, should be payable to 
the extent this is considered to be in line with market conditions in 
the market concerned. Premiums and other costs relating to such 
benefits may amount to no more than 25 percent of the annual 
base salary. Executive Committee members who relocate for the 
purposes of the position or who work in other multiple countries 
may also receive such remuneration and benefits as are rea-
sonable to reflect the special circumstances associated with such 
arrangements, taking into account the overall purpose of these 
guidelines and alignment with the general policies and practices 
within EQT AB Group applicable to cross border work.
Recommendation to invest in EQT AB shares
The Board recommends each Executive Committee member (who do 
not already have such holding) to acquire, over a three-year period, 
EQT AB shares or similar instruments corresponding to at least one 
year’s base salary, before taxes and excluding other remuneration.
Termination of employment and terms for severance pay  
for the CEO
A twelve month notice period will apply if notice is given by the CEO 
or EQT AB. The CEO’s employment terms include a non-competition 
clause. If used, this would entitle the employee to an additional com-
pensation corresponding to a maximum of twelve months’ salary, 
however, reduced by any remuneration paid by a new employer.
Termination of employment and terms for severance pay for 
senior executives
In the event of notice being given by the EQT AB Group, a notice 
period of nine months applies, while in the event of notice being 
given by the senior executive a period of notice of six months 
applies. The senior executives’ employment terms also include a 
non-competition clause. If used, this entitles the employee to an 
additional compensation corresponding to a maximum of nine 
months’ salary, however, reduced by any remuneration paid by a 
new employer. Base salary during the notice period and severance 
pay may not together exceed an amount corresponding to the 
base salary for eighteen months. When termination is made by the 
executive, the notice period may not exceed six months, without 
any right to severance pay.
Salary and employment conditions for employees taken into 
account during preparations of these guidelines
In the preparation of the Board’s proposal for these remuneration 
guidelines, salary and employment conditions for employees of the 
EQT AB Group have been taken into account by including infor-
mation on the employees’ total income, the components of the 
remuneration and increase and growth rate over time, in the 
remuneration committee’s and the Board’s basis of decision when 
evaluating whether the guidelines and the limitations set out herein 
are reasonable.
The decision-making process to determine, review and 
implement the guidelines
The Board has established a remuneration committee. The commit-
tee’s tasks include preparing the Board’s decision to propose guide-
lines for executive remuneration. The Board shall prepare a pro-
posal for new guidelines at least every fourth year and submit it to 
the shareholders’ meeting. The guidelines shall be in force until new 
guidelines are adopted by the shareholders’ meeting. The remuner-
ation committee shall also monitor and evaluate programs for 
variable remuneration for the Executive Committee, the application 
of the guidelines for executive remuneration as well as the current 
remuneration structures and compensation levels in the EQT AB 
Group. The current members of the remuneration committee are 
independent of EQT AB and its Executive Committee. The CEO and 
other members of the Executive Committee do not participate in  
the Board’s processing of and resolutions regarding remunera-
tion-related matters in so far as they are affected by such matters.
Deviation from the guidelines
The Board may temporarily resolve to deviate from the guidelines, 
in whole or in part, if in a specific case there may be special cause 
for the deviation and a deviation should be necessary to serve the 
EQT AB Group’s business strategy, sustainability, long-term 
interests and long-term value growth for its shareholders, or to 
ensure the EQT AB Group’s financial viability. As set out above, the 
remuneration committee’s tasks include preparing the Board’s 
resolutions in remuneration-related matters. This includes any  
resolutions to deviate from the guidelines.
Description of material changes to the guidelines and how the 
views of shareholders’ have been taken into consideration
Compared to the guidelines previously adopted the following 
material changes have been made, the guidelines have been 
adjusted to ensure that suitable compensation can be provided in 
case of relocations and cross-border work, which is important 
considering the EQT AB Group’s global operations. 
CORPORATE GOVERNANCE
EQT prepares its Corporate Governance Report as a separate 
document from the statutory annual report. Please see page 145.
PROPOSAL FOR THE DISTRIBUTION OF NET INCOME
The Board of directors proposes a dividend for 2023 of SEK 3.60 
per share, to be paid out in equal installments in June and 
December 2024, respectively.
Holders of ordinary shares and Class C shares are equally 
entitled to dividend. The dividend will be based on the number  
of shares outstanding as of each record date. 
Standing at the disposal (in SEK) of the annual shareholders’ 
meeting, in accordance with the balance sheet of EQT AB:
Share premium reserve 60,051,499,466
Profit brought forward -1,901,595,962
Net income 5,326,508,088
Total 63,476,411,592
The board proposes that, following approval of the balance sheet 
of EQT AB for the financial year 2023, the annual  shareholders’ 
meeting should distribute the earnings as follows:
Dividend to shareholders:
SEK 3.60 per share 4,265,364,9281)
Retained earnings 59,211,046,664
Total 63,476,411,592
1) Based on the number of outstanding shares at 31December 2023. The amount of the 
dividend may change up until each record date.
It is the Board’s opinion that the proposed dividend is  justifiable 
taking into consideration the demands that the nature, scope and 
risks of EQT’s operations place on the size of EQT AB’s and EQT AB 
Group’s equity, and EQT AB’s and EQT AB Group’s consolidation 
needs, liquidity and financial position in general.
EQT Annual and Sustainability Report 2023 / Page 55Board of directors’ report
 Contents
Download print optimized PDF 
Introduction to EQT   3
Reflections on 2023 and beyond   8
Private markets and EQT   15
Strategy   22
EQT AB – the listed entity and  
revenue model   27
EQT Playbook   31
People   45
Financial statements   50
Board of directors’ report   52
Consolidated financial statements  
with notes   56
Parent company financial statements  
with notes   91
Proposal for the distribution  
of net income   100
Signatures of the board of directors  
and the CEO   101
Managing risks   102
Auditor’s report   109
Sustainability notes   113
Corporate governance   144
Additional information   158

===== SIDA 57 =====

Consolidated income statement
1 January – 31 December
EUR m Note 2023 2022
Management fees 5 1,966.1 1,328.5
Carried interest and investment income 5 118.4 168.8
Total revenue 2,084.4 1,497.3
Personnel expenses 7 –705.3 –501.5
Acquisition related personnel expenses 7 –436.4 –200.8
Other operating expenses 6, 8 –249.7 –288.9
Total operating expenses –1,391.4 –991.2
Operating profit before depreciation and amortization (EBITDA) 693.1 506.1
Depreciation and amortization 5, 11, 12 –54.1 –43.8
Amortization of acquisition related intangible assets 26 –364.1 –153.6
Operating profit (EBIT) 274.9 308.7
Net financial income and expenses 9 –35.5 –45.6
Profit before income tax 239.4 263.1
Income taxes 10 –100.2 –86.9
Net income for the period from continuing operations 139.2 176.2
Net income for the period from discontinued operations –9.3 0.1
Net income 129.9 176.3
 
Attributable to:
Owners of the parent company 129.9 176.3
Non-controlling interests – –
129.9 176.3
Earnings per share, EUR 25
before dilution 0.110 0.171
of which continued operations 0.117 0.171
after dilution 0.109 0.171
of which continued operations 0.117 0.171
Average number of shares
before dilution 1,185,754,323 1,031,955,891
after dilution 1,186,434,306 1,032,594,481
Consolidated statement  
of comprehensive income
1 January – 31 December
EUR m 2023 2022
Net income 129.9 176.3
Other comprehensive income
Items that are or may be reclassified subsequently to the income statement
Foreign operations – foreign currency translation differences net of tax –229.7 –273.1
Other comprehensive income for the period  –229.7 –273.1
Total comprehensive income for the period –99.8 –96.8
Attributable to:
Owners of the parent company –99.8 –96.8
Non-controlling interests – –
–99.8 –96.8
EQT Annual and Sustainability Report 2023 / Page 56Financial statements
 Contents
Download print optimized PDF 
Introduction to EQT   3
Reflections on 2023 and beyond   8
Private markets and EQT   15
Strategy   22
EQT AB – the listed entity and  
revenue model   27
EQT Playbook   31
People   45
Financial statements   50
Board of directors’ report   52
Consolidated financial statements  
with notes   56
Parent company financial statements  
with notes   91
Proposal for the distribution  
of net income   100
Signatures of the board of directors  
and the CEO   101
Managing risks   102
Auditor’s report   109
Sustainability notes   113
Corporate governance   144
Additional information   158

===== SIDA 58 =====

Consolidated balance sheet
EUR m Note 31.12.2023 31.12.2022
ASSETS
Non-current assets
Goodwill 11 2,132.6 2,172.2
Other intangible assets 11 3,147.7 3,624.7
Property, plant and equipment 12 171.5 170.5
Financial investments 18 730.7 668.4
Other financial assets 18 16.7 40.4
Other non-current asset 5 17.8 15.2
Deferred tax assets 10 92.1 110.2
Total non-current assets 6,309.1 6,801.5
Current assets
Current tax assets 30.5 29.4
Accounts receivable and other current assets 18, 13 343.7 350.4
Accrued but yet not paid carried interest 5 896.1 915.0
Acquisition related prepaid personnel expenses 26 344.7 791.0
Other prepaid expenses and accrued income 170.2 70.4
Cash and cash equivalents 1,114.0 644.9
Total current assets 2,899.2 2,801.1
TOTAL ASSETS 9,208.3 9,602.6
EUR m Note 31.12.2023 31.12.2022
EQUITY AND LIABILITIES
Equity 14
Share capital 11.8 11.2
Other paid in capital 5,593.2 5,593.2
Reserves –450.0 –220.4
Retained earnings including net income 848.4 1,014.7
Total equity attributable to owners of the parent company 6,003.6 6,398.7
Non-controlling interest – –
Total equity 6,003.6 6,398.7
Liabilities
Non-current liabilities
Interest-bearing liabilities 15, 19 2,020.8 2,017.4
Lease liabilities 15, 19 91.2 100.1
Deferred tax liabilities 10 360.8 405.3
Total non-current liabilities 2,472.9 2,522.9
Current liabilities
Lease liabilities 15, 19 34.3 31.4
Current tax liabilities 50.6 40.4
Accounts payable 18 12.2 15.8
Other liabilities 16 114.2 94.8
Accrued expenses and prepaid income 5, 17 520.5 498.6
Total current liabilities 731.8 681.0
Total liabilities 3,204.6 3,203.9
TOTAL EQUITY AND LIABILITIES 9,208.3 9,602.6
EQT Annual and Sustainability Report 2023 / Page 57Financial statements
 Contents
Download print optimized PDF 
Introduction to EQT   3
Reflections on 2023 and beyond   8
Private markets and EQT   15
Strategy   22
EQT AB – the listed entity and  
revenue model   27
EQT Playbook   31
People   45
Financial statements   50
Board of directors’ report   52
Consolidated financial statements  
with notes   56
Parent company financial statements  
with notes   91
Proposal for the distribution  
of net income   100
Signatures of the board of directors  
and the CEO   101
Managing risks   102
Auditor’s report   109
Sustainability notes   113
Corporate governance   144
Additional information   158

===== SIDA 59 =====

Consolidated statement of changes in equity
Attributable to owners of the parent company
EUR m
Share 
 capital
Other  
paid in  
capital
Translation 
reserve
Retained 
earnings
Total  
equity
Non- 
controlling 
interest
Total 
equity
 
Opening balance at 1.1.2023 11.2 5,593.2 –220.4 1,014.7 6,398.7 – 6,398.7
Total comprehensive income 
for the period
Net income 129.9 129.9 – 129.9
Other comprehensive income  
for the period –229.7 –229.7 – –229.7
Total comprehensive income  
for the period – – –229.7 129.9 –99.8 – –99.8
Transactions  
with owners of the  
parent company
Dividends –298.5 –298.5 – –298.5
Share issue 0.5 – 0.5 – 0.5
Cancelling of C shares –0.0 0.0 – – –
Bonus issue 0.0 –0.0 – – –
Equity incentive programs 40.6 40.6 – 40.6
Repurchase of own shares 
and/or participations –38.0 –38.0 – –38.0
Total transactions with 
owners of the parent 
company 0.5 – – –295.8 –295.3 – –295.3
Closing balance at 31.12.2023 11.8 5,593.2 –450,0 848.4 6,003.6 – 6,003.6
Attributable to owners of the parent company
EUR m
Share 
 capital
Other  
paid in  
capital
Translation 
reserve
Retained 
earnings
Total  
equity
Non- 
controlling 
interest
Total 
equity
Opening balance at 1.1.2022 9.4 1,763.9 52.7 1,116.8 2,942.8 – 2,942.8
Total comprehensive income 
for the period
Net income 176.3 176.3 176.3
Other comprehensive income  
for the period –273.1 –273.1 –273.1
Total comprehensive income  
for the period – – –273.1 176.3 –96.8 – –96.8
Transactions  
with owners of the  
parent company
Dividends –291.0 –291.0 –291.0
Share issues 1.8 3,829.5 3,831.3 3,831.3
Transaction cost  
(net of tax) –0.1 –0.1 –0.1
Equity incentive programs 12.7 12.7 12.7
Total transactions with 
owners of the parent 
company 1.8 3,829.3 – –278.4 3,552.7 – 3,552.7
Closing balance at 31.12.2022 11.2 5,593.2 –220.4 1,014.7 6,398.7 – 6,398.7
EQT Annual and Sustainability Report 2023 / Page 58Financial statements
 Contents
Download print optimized PDF 
Introduction to EQT   3
Reflections on 2023 and beyond   8
Private markets and EQT   15
Strategy   22
EQT AB – the listed entity and  
revenue model   27
EQT Playbook   31
People   45
Financial statements   50
Board of directors’ report   52
Consolidated financial statements  
with notes   56
Parent company financial statements  
with notes   91
Proposal for the distribution  
of net income   100
Signatures of the board of directors  
and the CEO   101
Managing risks   102
Auditor’s report   109
Sustainability notes   113
Corporate governance   144
Additional information   158

===== SIDA 60 =====

Consolidated statement of cash flows
EUR m Note 2023 2022
Cash flows operating activities 20
Operating profit (EBIT), continuing operations 274.9 308.7
Adjustments:
Depreciation and amortization 418.2 197.4
Changes in fair value –22.5 –5.9
Foreign currency translation differences –15.0 –14.2
Other non-cash adjustments 479.5 213.4
Recorded, yet not paid carried interest 5 –95.8 –162.9
Paid carried interest 5 114.7 190.3
Increase (–) /decrease (+) in accounts receivable and other receivables –121.5 –96.6
Increase (+) /decrease (–) in accounts payable and other payables 17.6 18.1
Income taxes paid –105.3 –99.2
Net cash from operating activities 944.8 549.2
Cash flows investing activities
Investment in intangible assets –0.5 –0.2
Acquisition of property, plant and equipment –23.1 –30.8
Investment in financial investments –208.3 –86.6
Proceeds from disposals of financial investments 168.6 26.2
Interest received 24.3 6.7
Consideration paid net of acquired cash – –1,455.5
Final earn-out divestment Credit 11.2 –
Investment in non-current assets –11.0 –7.2
Net cash from (+) / used in (–) investing activities –38.8 –1,547.6
Cash flows financing activities
EUR m Note 2023 2022
Dividends paid –298.4 –291.0
Repayment of borrowings – –23.9
Proceeds from borrowings – 1,483.1
Payment of lease liabilities –31.6 –14.2
Interest paid –47.7 –8.7
Share issues 0.5 –0.1
Purchase of own shares and/or participations –38.0 –
Net cash from (+) / used in (–) financing activities –415.2 1,145.0
Net increase (+) / decrease (–) in cash and cash equivalents 490.8 146.7
Cash and cash equivalents at the beginning of the period 644.9 587.9
Foreign currency translation differences –21.7 –89.6
Cash and cash equivalents at the end of the period 1,114.0 644.9
EQT Annual and Sustainability Report 2023 / Page 59Financial statements
 Contents
Download print optimized PDF 
Introduction to EQT   3
Reflections on 2023 and beyond   8
Private markets and EQT   15
Strategy   22
EQT AB – the listed entity and  
revenue model   27
EQT Playbook   31
People   45
Financial statements   50
Board of directors’ report   52
Consolidated financial statements  
with notes   56
Parent company financial statements  
with notes   91
Proposal for the distribution  
of net income   100
Signatures of the board of directors  
and the CEO   101
Managing risks   102
Auditor’s report   109
Sustainability notes   113
Corporate governance   144
Additional information   158

===== SIDA 61 =====

Notes
Furthermore, the amendments clarify that accounting policy information 
that relates to immaterial transactions, other events or conditions is 
immaterial and need not be disclosed.
Other changes in IFRS that were effective from 2023 have had not 
material effect on the EQT AB Group’s financial statements.
In December 2021, the members of the Organisation for Economic 
Co-operation and Development (OECD)/G20 Inclusive Framework on 
Base Erosion and Profit Shifting published the Pillar Two model rules 
designed to address the tax challenges arising from the digitalisation of 
the global economy. In December 2022, the EU member states agreed  
to implement the Pillar Two model rules for a global minimum tax 
framework for financial years commencing on or after 31 December 
2023. EQT AB Group is in scope of the Pillar Two Rules, setting forth a 
minimum tax of 15 percent on income arising in each jurisdiction where 
the group operates. 
It is unclear if the Pillar Two rules create additional temporary differ-
ences, whether to remeasure deferred taxes for the Pillar Two rules and 
which tax rate to use to measure deferred taxes. In response to this 
uncertainty, on 23 May 2023 and 27 June 2023, respectively, the IASB and 
AASB issued amendments to IAS 12 ‘Income taxes’ introducing a man-
datory temporary exception to the requirements of IAS 12 under which  
a company does not recognise or disclose information about deferred 
tax assets and liabilities related to the Pillar Two rules. EQT AB Group  
has applied the temporary exception.
Basis of measurement
Assets and liabilities are measured at historical cost, with the exception 
of financial investments which are measured at fair value.
Use of judgments and estimates in the financial statements
Preparation of financial statements requires the use of judgment and 
accounting estimates that affect the application of the EQT AB Group’s 
accounting policies and the reported amounts of assets, liabilities, 
income and expenses. Revisions of estimates are recognized 
 prospectively. 
The judgments, made by the management when applying IFRS, which 
may have significant effects on the financial statements and  estimates 
that may contribute to significant adjustments in the financial statements 
of the following financial year are described in Note 3 Use of judgments 
and estimates.
STANDARDS ISSUED BUT NOT YET EFFECTIVE
New or revised standards and interpretations issued by the IASB and the 
IFRS Interpretations Committee but not yet effective, are expected to 
have an immaterial impact on the EQT AB Group’s financial statements 
in the future periods of initial application.
BASIS OF CONSOLIDATION AND BUSINESS COMBINATIONS
Subsidiaries and control
Control
Subsidiaries are entities controlled directly or indirectly by EQT AB. The 
EQT AB Group controls an entity when it is exposed to, or has rights to, 
variable returns from its involvement with the entity and has the ability  
to affect those returns through its power over the entity. 
From an IFRS 10 perspective EQT AB Group is considered an 
investment entity.
In accordance with IFRS 10 an investment entity is an entity whose 
business purpose is to invest funds solely for returns from capital appreci-
ation, investment income or both and evaluate the performance of its 
investments on a fair value basis. As an investment entity EQT AB Group  
is exempt from consolidating subsidiaries that are investments and mea-
sures them at fair value through profit or loss instead. Subsidiaries that 
serve in a supporting function such as investment services continue to be 
consolidated in accordance with IFRS 10 and those that are not providing 
investment services will be recognized at fair value instead of being 
 consolidated.
Non-consolidated special entities
According to IFRS 10 Consolidation, an investor that has control over 
only specified and ring-fenced assets and liabilities within a legal entity, 
should, for consolidation purposes, treat portions of the entity as a 
deemed separate entity (silo). The specified assets of one silo is not 
available to meet obligations of other parts of the legal entity, including 
in the event of insolvency. Each silo’s assets are the only source of 
payment for specified obligations of the silo. Silos that are not directly or 
indirectly controlled by EQT AB are not considered to be subsidiaries and 
are accordingly not consolidated. See Note 3 for further information of 
significant judgments used.
Note 1 General information
EQT AB (publ), reg. no. 556849-4180, is a company domiciled in Stockholm, 
Sweden with its ordinary shares listed on Nasdaq Stockholm. The visiting 
address is Regeringsgatan 25, 111 53 Stockholm, Sweden. The registered 
postal address is Box 16409, 103 27 Stockholm, Sweden. 
The consolidated financial statements of the financial year ended as 
of 31 December 2023 comprise EQT AB (“the Company”) and its direct 
and indirect subsidiaries, together referred to as the ”EQT AB Group” .
Note 2 Accounting policies
BASIS OF ACCOUNTING
Compliance with legislation and standards
The consolidated financial statements have been prepared in accor-
dance with IFRS Accounting Standards (IFRS) published by the Interna-
tional Accounting Standards Board (IASB) as adopted by the EU as of  
31 December 2023. Additional disclosure requirements in the Swedish 
Annual Accounts Act (1995:1554) have been applied in accordance with 
RFR 1 Complementary Accounting rules for groups issued by the Swedish 
Financial Reporting Board. 
EQT AB’s consolidated financial statements were authorized for issue 
by the Board of directors and the CEO on 15 March 2024. The consoli-
dated financial statements are subject to approval by the annual share-
holders’ meeting on 27 May 2024.
ACCOUNTING POLICIES 
The accounting policies applied in these consolidated financial state-
ments are the same as those applied in the annual report 2022. 
The Group has adopted the amendments to IAS 1 regarding disclosure 
of accounting policies. The amendments replace all instances of the term 
‘significant accounting policies’ with ‘material accounting policy infor-
mation’ . Accounting policy information is material if, when considered 
together with other information included in an entity’s financial state-
ments, it can reasonably be expected to influence decisions that the 
primary users of general-purpose financial statements make on the 
basis of those financial statements. The effect of adopting the amend-
ments has been limited as the accounting policies presented historically 
and presently have been deemed as material.
EQT Annual and Sustainability Report 2023 / Page 60Notes
 Contents
Download print optimized PDF 
Introduction to EQT   3
Reflections on 2023 and beyond   8
Private markets and EQT   15
Strategy   22
EQT AB – the listed entity and  
revenue model   27
EQT Playbook   31
People   45
Financial statements   50
Board of directors’ report   52
Consolidated financial statements  
with notes   56
Parent company financial statements  
with notes   91
Proposal for the distribution  
of net income   100
Signatures of the board of directors  
and the CEO   101
Managing risks   102
Auditor’s report   109
Sustainability notes   113
Corporate governance   144
Additional information   158

===== SIDA 62 =====