Årsredovisning 2023

Note 1 Accounting principles
GENERAL INFORMATION 
EQT AB, reg.no 556849-4180, is a Swedish registered limited company 
domiciled in Stockholm. The registered postal address is Box 16409, 
103 27 Stockholm. The visiting address is Regeringsgatan 25, Stockholm. 
The annual report and consolidated financial statements have been 
approved for issuance by the Board of directors on 15 March 2024. The 
consolidated income statement and balance sheet and the Parent 
 company’s income statement and balance sheet will be presented 
for approval at the annual shareholders’ meeting on 27 May 2024. 
Amounts are presented in SEKm unless otherwise stated. The 
accounting policies are unchanged compared with the annual report 2022.
STANDARDS ISSUED BUT NOT YET EFFECTIVE 
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 Parent company’s financial statements in the 
future periods of initial application. 
DIFFERENCES BETWEEN THE GROUP’S AND THE PARENT  
COMPANY’S ACCOUNTING PRINCIPLES 
Classification and presentation 
The income statement and balance sheet of the Parent company are 
prepared in accordance with the schedules of the Annual Accounts Act, 
while the statement of income and other comprehensive income, the 
statement of changes in equity, and the statement of cash flows are 
based on IAS 1 Presentation of Financial Statements and IAS 7 Statement 
of Cash Flows.
Discontinued operations
Non-current assets held for sale and discontinued operations are not 
reported separately in EQT AB’s income statement and balance sheet as 
the company follows Annual Accounts Act’s presentation form for income 
statement and balance sheet. EQT AB does not apply IFRS 5.
Subsidiaries 
Shares in subsidiaries are recognized at cost. Transaction costs are 
included in the carrying amount of shares in subsidiaries. In the consoli-
dated financial statements, transaction costs attributable to business 
 combinations are recognized directly in the income statement as incurred. 
Contingent considerations are measured based on the probability 
that the consideration will be paid. Any changes in the provision/
receivable is added to/reduces the cost of the shares in subsidiaries. In the 
consolidated financial statements, contingent considerations are mea-
sured at fair value and changes in fair value are recognized in the 
income statement. 
Investments in certain foreign entities with different types of share 
classes and with ring-fenced assets and liabilities attributable to each 
type of class, are treated as separate units, so called silos, within each 
entity. Only the share classes attributable to silos that are controlled 
by EQT AB are recognized as shares in subsidiaries. 
Functional and accounting currency 
The Parent company does not apply the Group’s principles for deter-
mining the functional currency. Instead, the Annual Accounts Act’s rules 
on accounting currency are applied, which means that the Parent 
company has SEK as its accounting and reporting currency. 
Anticipated dividends 
Anticipated dividends from subsidiaries are recognized in cases where 
the Parent company alone has the right to decide the size of the div-
idend and the Parent company has decided on the size of the dividend 
before the Parent company has published its financial statements. 
Tax 
Unlike the consolidated financial statements, the Parent company rec-
ognizes untaxed reserves in the balance sheet without allocating it to 
equity and deferred tax liability. Similarly, no part of the appropriation is 
allocated to deferred tax expenses in the Parent company’s income 
statement.
Leases
The Parent company does not apply IFRS 16 Leases. Instead, all lease 
contracts where EQT acts as a lessee, the lease payments are recog-
nized as an expense according to the straight-line method over the 
lease term. Accordingly, no right of use assets nor lease liabilities are 
recognized in the balance sheet.
Research and development
In the Parent company, all development costs are recognized as 
expenses in the income statement as incurred. In the consolidated 
financial statements, development costs are capitalized when certain 
criterias are met.
Financial instruments
The Parent company has, in accordance with RFR 2, chosen not to apply 
IFRS 9 Financial Instruments for financial instruments, which means that 
financial non-current assets are measured at cost or amortized cost less 
any impairment losses and financial current assets are measured 
according to the lower of cost or market. 
However, some of the principles in IFRS 9 are applicable – such as 
impairment losses and credit losses, recognition/derecognition, and 
the effective interest method for interest income and expenses. 
The cost of interest-bearing instruments is adjusted for the accrued 
difference between the amount that was initially paid, after addition/
deduction of transaction costs, and the amount paid on maturity, i.e. 
the premium and discount respectively. 
Impairment losses on financial assets measured at amortized cost 
are recognized in accordance with IFRS 9, in the same manner as the 
consolidated financial statements.
Impairment losses on investments in equity instruments are recog-
nized if the fair value is less than the carrying amount.
Financial guarantees
The Parent company’s issued financial guarantee contracts consist 
partly of guarantees in favor of subsidiaries. Financial guarantees 
require the company to reimburse the holder of a debt instrument for 
losses that it incurs because a specified debtor fails to make payment 
when it is due in accordance with the terms of the contract. 
The Parent company applies the allowed exemption to IFRS 9 as 
 permitted by the Swedish Financial Reporting Board (RFR) for financial 
guarantees. The exemption relates to financial guarantee contracts 
issued in favor of, among others, subsidiaries. The Parent company 
 recognizes financial guarantee contracts as provisions in the balance 
sheet when the company has a commitment for which it is probable that 
a payment will be required to settle the commitment.
Shareholders’ contributions 
Provided shareholders’ contributions are recognized as an increase in  
the carrying amount of the shares/participation. Repaid shareholders’ 
contributions are recognized as dividends followed by an impairment  
test of shares in subsidiaries.
Group contributions 
Both group contributions received and paid are recognized as 
 appropriations.
Parent company financial statements with notes
EQT Annual and Sustainability Report 2023 / Page 95Parent company financial 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 97 =====

Note 2 Revenue
Revenue derives from contracts to provide services for other companies, 
mainly subsidiaries. The services relate to management and support 
functions and are considered to be interrelated and therefore constitute 
a single performance obligation that is fulfilled over time to the cus-
tomer. The transaction price for the services is determined by a  method 
based on the arm’s length principle.
Revenue is recognized over time as the assignment is performed 
based on costs incurred and the fulfillment of the performance 
 obligations.
The fee is invoiced on an ongoing basis based on a preliminary 
cost estimate with a final settlement at year end, payment is due within 
10 days from invoicing. 
Note 3 Other operating income
2023 2022
Foreign currency gains on operating 
receivables/liabilities – 23.7
– 23.7
Note 4 Other operating expenses 
2023 2022
Foreign currency losses on operating 
receivables/liabilities –7.2 –
–7.2 –
Note 5 Employees and personnel expenses
Average number of 
employees 2023
 whereof
women 2022
 whereof
women
Sweden 211 43% 178 41%
Disclosures regarding the company’s Board of directors and senior 
executives are presented in the Group’s Note 7.
Salaries, other remunerations and social security expenses,  
including pension expenses
2023 2022
Salaries and 
remunerations
Social 
security
expenses
Salaries and 
remunerations
Social 
security
expenses
357.3 165.9 312.7 146.1
(of which 
pension 
expenses) 51.7 50.2
Remunerations to the company’s CEO and other senior executives are 
presented in the Group’s Note 7. 
Note 6 Audit fees and expenses
2023 2022
KPMG
Audit services 6.7 6.7
Other services 1.7 1.7
8.4 8.4
Audit services refer to the legally required examination of the annual 
report and the book-keeping, as well as the Board of directors and the 
CEO’s management and any other audit examinations or agreed-upon 
procedures determined by contract. This includes their work assignments 
which rest upon the company’s auditor to conduct, and advising or other 
support justified by observations in the course of examination or execution 
of such other work assignments.
Note 7 Operating leases
Lease contracts where the Company is the lessee
2023 2022
Future minimum lease payments under 
non-cancellable operating leases
Within one year 37.6 59.6
Between one and five years 137.5 231.8
Later than five years 32.0 112.3
207.1 403.7
2023 2022
Lease expenses recognized 38.1 32.3
Office rent is included in future lease expenses. The lease agreement has 
a lease term of 10 years. Part of the office rent is recharged to the subsid-
iaries EQT Partners AB, EQT Exeter Advisors Sweden AB and EQT 
Treasury AB and is therefore not recognized in the lease expenses during 
the year.
Note 8 Profit/loss from participations  
in subsidiaries
2023 2022
Capital gain on divested subsidiaries 161.7 –
Impairment of shares in subsidiaries –5.5 –353.7
Dividends from subsidiaries 4,941.8 4,375.4
5,097.9 4,021.6
EQT Annual and Sustainability Report 2023 / Page 96Parent company financial 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 98 =====

Note 9 Interest income and similar  
profit/loss items
2023 2022
Interest income, subsidiaries 309.5 334.6
Interest income, other 10.5 14.6
Foreign currency gains – –
Other 0.3 1.4
320.2 350.5
Note 10 Interest expense and similar  
profit/loss items
2023 2022
Interest expenses, subsidiaries –151.6 –131.9
Interest expenses, other –534.4 –413.3
Foreign currency losses –73.7 –2,130.7
–759.8 –2,675.9
Note 11 Income taxes
2023 2022
Current tax expense/income 116.4 –
Tax attributable to prior years –1.1 –0.2
115.2 –0.2
Reconciliation of effective tax rate
2023 2022
Profit before tax 5,211.3 2,741.8
Tax at Parent company’s  statutory rate,  
20.6% (20.6%) –1,073.5 –564.8
Non-deductible expenses –79.5 –123.9
Non-taxable income 1,051.4 901.5
Change in non-recognized tax losses 218.0 –212.8
Tax attributable to prior years –1.1 –0.2
Reported effective tax 115.2 –0.2
Note 12 Intangible assets
Trademarks
Accumulated cost
Opening balance 01.01.2023 0.8
Closing balance 31.12.2023 0.8
Accumulated amortization
Opening balance 01.01.2023 –0.8
Closing balance 31.12.2023 –0.8
Carrying amount at year-end 31.12.2023 -
Accumulated cost
Opening balance 01.01.2022 0.8
Closing balance 31.12.2022 0.8
Accumulated amortization
Opening balance 01.01.2022 –0.8
Closing balance 31.12.2022 –0.8
Carrying amount at year-end 31.12.2022 –
Note 13 Property plant and equipment
Leasehold 
improvements Equipment Total
Accumulated cost
Opening balance 01.01.2023 90.3 11.9 102.2
Acquisitions 8.2 – 8.2
Closing balance 31.12.2023 98.5 11.9 110.4
Accumulated depreciation
Opening balance 01.01.2023 –36.0 –7.2 –43.2
Depreciation –10.4 –1.1 –11.5
Closing balance 31.12.2023 –46.4 –8.3 –54.7
Carrying amount at year-end 
31.12.2023 52.1 3.5 55.6
Accumulated cost
Opening balance 01.01.2022 82.5 11.8 94.3
Acquisitions 7.8 0.1 7.9
Closing balance 31.12.2022 90.3 11.9 102.2
Accumulated depreciation
Opening balance 01.01.2022 –27.6 –6.1 –33.7
Depreciation –8.4 –1.1 –9.5
Closing balance 31.12.2022 –36.0 –7.2 –43.2
Carrying amount at year-end 
31.12.2022 54.4 4.6 59.0
Leasehold improvements relate to the headquarter office. Leasehold 
improvements also include art where depreciation does not take place.
EQT Annual and Sustainability Report 2023 / Page 97Parent company financial 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 99 =====

Specification of Participations in subsidiaries
31.12.2023 31.12.2022
Subsidiary / Corp. reg. no./ Registered office
Number of
shares
Share  
in %1)
Carrying 
amount
Carrying 
amount
EQT Services (UK) Limited. Reg. no. 07936651, London 725 100.0 24.9 24.7
EQT Holdings B.V. Reg. no. 54467861, Amsterdam 1,800,000 100.0 2,290.4 1,551.6
EQT Investment Verwaltungs-GmbH. Reg. no. HRB 194327, 
Munich 25,000 100.0 17.3 11.4
EQT Infrastructure II (GP) Limited. Reg. no. 416498, Edinburgh 100 100.02) 0.0 0.0
EQT Fund Management S.à r.l. Reg. no. B167.972, Luxembourg 1,627 100.0 310.1 310.1
EQT Mid Market (GP) Limited. Reg. no. 436969, Edinburgh 100 100.02) 5.5 0.0
EQT Management S.à r.l. Reg. no. B 145067, Luxembourg 12,500 100.0 68.0 52.4
EQT Netherlands Management B.V. Reg. no. 60593733, 
Amsterdam 1 100.0 – 14.3
EQT Services Netherlands B.V. Reg. no. 851645768, Amsterdam 1,800,000 100.0 – 39.9
EQT Partners AB. Reg. no. 556233-7229, Stockholm 5,000 100.0 49,412.4 49,991.2
EQT Mid Market US (General Partner) Ltd. Reg. no. SC500973, 
Edinburgh 1 100.02) 0.0 0.0
EQT Real Estate Limited. Reg. no. SC504628, Edinburgh 1 100.02) 0.0 0.0
EQT Ventures (General Partner) S.à r.l. Reg. no. B 0196578, 
 Luxembourg 12,500 100.0 0.4 0.2
EQT Infrastructure III (General Partner) S.à r.l. Reg. no. B 
207225,  Luxembourg 12,500 100.0 0.1 0.1
EQT Co-Investment (GP) S.à r.l. Reg. no. B 209598, Luxembourg 1,200,000 100.0 0.6 0.6
2023 2022
Accumulated cost
Opening balance 87,841.8 27,110.1
Acquisitions 0.0 58,919.4
Divestment of subsidiaries –56.1 –0.7
Shareholders’ contributions paid 6,942.2 1,813.0
Closing balance 94,727.9 87,841.8
Accumulated impairments
Opening balance –4,804.3 –4,450.6
Impairment –3.4 –353.7
Closing balance –4,807.7 –4,804.3
Carrying amount at year-end 89,920.6 83,037.6
Note 14 Participations in subsidiaries
31.12.2023 31.12.2022
Subsidiary / Corp. reg. no./ Registered office
Number of
shares
Share  
in %1)
Carrying 
amount
Carrying 
amount
EQT Mid Market Asia III (General Partner) Limited. Reg. no. 
SC521109, Edinburgh 1 100.02) 0.0 0.0
EQT Mid Market Europe (General Partner) Limited. Reg. no. 
SC521108, Edinburgh 1 100.02) 0.0 0.0
EQT VII International Holdings B.V. Reg. no. 69473129, 
Amsterdam 12,000 100.0 0.6 0.6
EQT VIII (General Partner) S.à r.l. Reg. no. B 215816, 
 Luxembourg 12,000 100.0 10.1 0.1
EQT VII Co-Investment (General Partner) S.à r.l. Reg. no. B 
217579, Luxembourg 12,000 100.0 1.4 0.2
EQT HC I Holdings B.V. Reg. no. 85291747, Amsterdam 308,642 100.0 – –
EQT HC II Holdings B.V. Reg. no. 852917387, Amsterdam 308,642 100.0 – –
White Mill Two AG. Reg. no. CH-0203035230-6, Wollerau 308,642 100.0 – –
EQT Corporate Services Netherlands B.V. Reg. no. 74993097, 
Amsterdam 1.0 100.0 0.0 –
EQT Treasury AB. Reg. no. 559227-5647, Stockholm 6,500 100.0 24,078.9 17,533.1
EQT VII Floss (General Partner) S.à r.l. Reg.no. B219445,  
Luxembourg 12,000 100.0 – 3.2
EQT Exeter Holdings US, Inc. Reg. no. 5402675, Dover 100 100.0 11,661.4 11,658.5
EQT Exeter Advisors Sweden AB Reg. no. 559296-3507, 
Stockholm 25,000 100.0 234.3 200.7
EQT Management SG Pte. Ltd. Reg. no. 2021226838H, 
 Singapore 1.0 100.0 0.0 0.0
BPEA EQT Holdings AB. Reg.no. 559374-8691, Stockholm 25,000 100.0 1,753.5 1,589.3
BAKPDC3 Pte.Ltd. Reg.no. 201708595C, Singapore 54,291 100.0 50.6 55.3
89,920.6 83,037.6
1) Referring to the owners’ share of the capital, which is equivalent to the share of the votes for the total amount of shares.
2) The value amounts to 1 GBP each for these companies.
Note 15 Other securities held as non-current assets
2023 2022
Accumulated cost
Opening balance 13.8 10.9
Additional assets 0.6 3.8
Divestment –0.1 –0.9
Closing balance 14.3 13.8
Carrying amount at year-end 14.3 13.8
Specification of Participations in subsidiaries, cont.
EQT Annual and Sustainability Report 2023 / Page 98Parent company financial 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 100 =====

Note 16 Financial instruments and  
risk management
FINANCIAL RISKS AND FINANCIAL RISK MANAGEMENT
The description of financial risks and financial risk management for 
the Group – Note 18 Financial Instruments and Financial Risks, is in all 
material aspects also applicable for the Parent company. 
FINANCIAL ASSETS AND FINANCIAL LIABILITIES
The table below presents the Parent company’s financial assets and 
liabilities.  
2023 2022
Financial assets
Long-term loans, subsidiaries 5,970.4 6,180.6
Other securities held as non-current assets 14.3 13.8
Other non-current receivables 4.8 5.4
Accounts receivables 7.3 22.8
Receivables from subsidiaries 1,788.3 6,909.8
Other receivables 256.4 392.8
Cash and bank 215.1 84.0
Total financial assets 8,256.6 13,609.2
Financial liabilities
Interest-bearing liabilities 22,423.6 22,451.3
Long-term loans, subsidiaries 10,683.1 11,059.0
Accounts payable 50.1 29.9
Liabilities to subsidiaries 1,178.2 761.0
Other liabilities 170.8 252.0
Accrued expenses 272.9 394.5
Total financial liabilities 34,778.6 34,947.7
All financial assets are recognized at amortized cost. For short-term 
financial assets and liabilities (accounts receivables, receivables and 
liabilities from group companies, other receivables and liabilities, 
accrued income and expenses, cash and bank, and accounts 
payable) the carrying amounts are considered to be reasonable 
approximations of their fair value. For a description and disclosures 
about the fair value of other securities held as non-current assets, 
see the Group’s Note 18.
Note 17 Other long-term receivables
2023 2022
Accumulated cost
Opening balance 5.4 5.4
Additional receivables – –
Divestment of receivables –0.6 -
Carrying amount at the year-end 4.8 5.4
Note 18 Prepaid expenses and accrued income
2023 2022
Insurance 25.0 34.6
Pensions 1.3 1.4
Licenses 69.7 44.9
Other 50.6 25.4
146.7 106.4
Note 19 Revolving credit facility
In December 2020, EQT signed a five-year EUR 1 billion revolving 
credit facility (RCF). On 25 April 2022 the RCF was increased to EUR 1.5 
billion. The RCF increases the financial flexibility of EQT and is used 
for corporate purposes, supporting the EQT AB Group’s growth initia-
tives and long-term strategy. The RCF is not limited to a specific cur-
rency, it can be utilized in both EUR and USD, by both EQT AB and EQT 
Treasury AB. As of 31 December 2023, the RCF was unused. The RCF 
also incorporates a pricing mechanism linked to ESG-related objec-
tives, lowering the interest rates if targets are met, and increasing 
them if targets are not achieved. It is thus in line with EQT’s overall 
approach of integrating sustainability throughout its activities, both 
on EQT AB Group level and within funds advised by EQT.
Note 20 Number of shares and quota value
For further information regarding Number of shares and quota value, 
see the Group’s Note 14 Equity.
Note 21 Interest bearing liabilities
For further information regarding Interest bearing liabilities, see the 
Group’s Note 15 Interest bearing liabilities.
Note 22 Accrued expenses and prepaid income
2023 2022
Accrued personnel expenses 174.1 129.3
Accrued consultancy fees 196.1 335.1
Other accrued expenses 76.7 59.4
447.0 523.8
Note 23 Pledged assets and contingent liabilities
As of 31 December 2023 the Parent company does not have any general 
guarantee commitments (SEK 0.0), pledged assets or contingent 
 liabilities. 
Note 24 Related parties
Related 
parties Year
Sales of  
services
Purchases  
of services Other 
Receiv-
ables Liabilities 
Subsidiaries 2023 2,090.1 214.3 5,099.6 7,758.7 11,861.2
Subsidiaries 2022 1,626.3 – 4,578.0 13,090.4 11,820.1
Note 25 Events after the reporting period
For disclosures regarding events after the reporting period, see the 
Group’s Note 22. 
EQT Annual and Sustainability Report 2023 / Page 99Parent company financial 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 101 =====

PROPOSAL FOR THE DISTRIBUTION OF NET INCOME
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 100Parent company financial 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 102 =====

EQT AB
Corp. id 556849-4180
The board and CEO assure that the Annual Report has been prepared in accordance with generally accepted 
accounting principles in Sweden and the consolidated accounts have been prepared in accordance with International 
Accounting Standards, stated in the regulation of the European Parliament and the Council of Ministers (EG) no 
1606/2002 of 19 July 2002, concerning the application of international accounting standards. The Annual Report and 
the consolidated accounts give a true and fair view of the parent company as well as of the EQT AB Group’s position 
and result. The Board of directors’ report for the parent company and the EQT AB Group gives a true and fair view of 
the parent company’s and Group’s business development, position and result. It also describes the major risks and 
uncertainty factors facing the parent company and Group companies.
Stockholm 15 March 2024
 Conni Jonsson   Christian Sinding
 Chairperson  CEO
 
 
 Brooks Entwistle  Diony Lebot  Gordon Orr
 Johan Forsell Marcus Wallenberg  Margo Cook
The Annual Report and the consolidated accounts have been approved for publication by the Board of directors and 
the Chief Executive Officer on 15 March 2024. The consolidated income statement and balance sheet and the parent 
company’s income statement and balance sheet will be presented for adoption by the AGM on 27 May 2024.
Our audit report has been submitted
KPMG AB
Håkan Olsson Reising
Authorized public accountant
EQT Annual and Sustainability Report 2023 / Page 101Signatures of the board of directors and the CEO
 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 103 =====

Managing risks
EQT faces a variety of risks and uncertainties, which 
could materially affect its operations, reputation, 
financial position and/or earnings. Effective oversight 
and management of risks is an integral part of EQT’s 
ability to deliver on its strategic objectives. EQT’s ability 
to generate superior risk-adjusted returns for its funds’ 
investors requires a full understanding of investment 
risks and opportunities as well as a disciplined 
approach to manage those throughout the investment 
and ownership phases.
EQT’s risk appetite is reviewed by the Risk Com-
mittee1) and covers the principal risks that the Group is 
facing. At least twice a year the risk team reviews the list 
and ranking of risks using a likelihood and impact 
framework and decides whether any new risks should 
be incorporated into the Group risk map. These include 
risks that would threaten the company’s performance  
or reputation as well as those with a higher likelihood 
and greater impact on strategic objectives. The Risk 
Committee reviews and validates any changes of risk 
ratings. Risks with higher ratings are  prioritized through 
extensive monitoring and thematic reviews. In addition, 
the risk team continuously monitor and assesses 
emerging risks and its potential impact on EQT’s 
 strategic objectives.
Risk type EQT’s principal risks
External risks Uncertain macro environment
Operational & financial disruptions related to adverse events
Strategic risks Weak fund performance
Inability to meet fundraising targets
Challenges in attracting, retaining and managing talent
Dilution of culture and values
Sustainability risks
Operational & 
 Compliance risks
Failure to adequately scale the operating platform
Regulatory & compliance risks
Financial risks Market, credit and liquidity risks
Emerging risks Increasing shift towards a multipolar world
Threats posed by emerging technology
EQT Annual and Sustainability Report 2023 / Page 102Managing risks  
 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
1) A committee of senior managers responsible for discussing risk matters and reviewing EQT’s risk management 
framework on behalf of the Executive Committee.

===== SIDA 104 =====

EXTERNAL RISKS
Uncertain macro environment 
Risk appetite: High
Risk overview 
Potential impact:
• Valuation uncertainties resulting in slower 
investment and exit pace.
• Reduced earnings growth, interest coverage 
and/or covenant risk in portfolio companies.
• Tightened financing conditions for new deals.
• IPO markets dislocation limiting potential exit 
routes, leading to longer holding periods.
• Carried interest postponed or not achieved.
• Extended fundraising timelines.
2023 & outlook
The uncertain macro environment with rising 
interest rates and geopolitical conflicts led to a 
slowdown in the number of transactions during 
2023. With consumer strength deteriorating, 
 corporate margins becoming constrained and 
geopolitical risks remaining elevated, the 
uncertain macro environment is expected to 
 continue in 2024. Despite the expectation of rate 
cuts starting in 2024, the risk remains of persistent 
inflation forcing central banks to maintain interest 
rates “higher for longer” which could impact highly 
leveraged companies. 
In this environment EQT remains selective and 
measured when deploying its capital to ensure the 
differentiated performance track record remains 
strong. With more than €50bn of dry powder 
available and a strong pipeline of deal opportu-
nities EQT is well-positioned to take advantage of 
investment opportunities. 
Within real estate, EQT Exeter is also impacted 
by the uncertain macro environment. However, as 
a result of significant amount of exits in the past 
few years combined with strong fundraising efforts 
for the flagship funds and a diversified portfolio, 
EQT Exeter is well-positioned to navigate the 
complex environment and capitalize on opportu-
nities.
Risk management & mitigation
EQT’s thematic investment approach is based  
on investing in companies with strong market 
positions in resilient sectors benefiting from 
long-term secular trends, thus being less 
 correlated with the economic cycle. 
EQT has a disciplined approach to leverage 
and very strong relationships with banks and 
private credit funds, through its dedicated Global 
Capital Markets team, which helps the funds’ 
ability to obtain favorable debt financing, with 
the majority of the financing being covenant-lite. 
The EQT governance model enables EQT to work 
closely with portfolio companies and support 
them during more challenging times. Throughout 
the year, EQT has proactively worked with its 
portfolio companies to manage the maturity 
profile across the portfolio to mitigate any refi-
nancing risk. At the portfolio company debt level, 
interest rate risk is managed through the use of 
fixed-rate financing or hedging. 
Further, the Capital Markets team regularly 
conducts sensitivity analysis on the cash flows of 
the EQT’s portfolio companies to proactively 
manage liquidity.
EXTERNAL RISKS
Operational & financial disruptions related to adverse events 
Risk appetite: Moderate
Risk overview 
Potential impact:
• May impact EQT’s reputation.
• Large financial costs for EQT.
• Unforeseen financial consequences for 
 underlying investments.
2023 & outlook
Geopolitical risk has increased in both scale and 
complexity over the past years and is expected to 
remain at an elevated level throughout 2024. 
Given EQT’s global presence, further escalations 
could negatively impact EQT or its portfolio com-
panies´operations, earnings or personnel directly 
or indirectly. In response to this development, EQT 
continues to review the adequacy and resilience of 
its technology infrastructure as the business grows.
Risk management & mitigation
EQT has a strong balance sheet and liquidity 
position, which makes the Group highly resilient 
in times of crisis. Its robust incident and crisis 
management process ensures all relevant parties 
are quickly mobilized. In response to the 
heightened geopolitical risk, EQT has been 
engaging with specialist security risk consulting 
firms to further strengthen its crisis management 
capabilities.
The EQT governance model enables EQT to 
work closely with portfolio companies and 
support them during times of crisis. Within its own 
operations, EQT continuously defines and imple-
ments the best cyber solutions for its environment 
and runs a threat detection and incident 
response program. It also provides periodic 
cyber security training to all employees and con-
ducts phishing tests to increase awareness of the 
risks associated with phishing emails. 
EQT Annual and Sustainability Report 2023 / Page 103Managing risks  
 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 105 =====

STRATEGIC RISKS
Weak fund performance    
Risk appetite: Low
Risk overview
Potential impact:
• Reduced carried interest and investment income 
received by EQT.
• Reduced ability to raise future funds.
• May damage EQT’s brand, reputation and 
long-term prospects.
2023 & outlook
EQT continued to implement future-proofing 
 measures in its funds’ portfolio companies and has 
worked actively to prepare its portfolio companies 
for different macro scenarios. EQT funds are in  
a good position to benefit from a relatively young 
portfolio invested with a thematic investment 
approach, with investments based on long-term 
secular trends with strong pricing power and less 
correlated with the economic cycle. Despite 
pockets of underperformance, the valuations 
across all key funds have been resilient in 2023,  
due to strong underlying operational performance, 
and double-digit revenue and EBITDA growth.
Given the challenging macro environment,  
value creation is expected to take longer, leading  
to longer holding periods which may negatively 
impact IRRs. 
Within real estate, EQT Exeter’s diversification of 
the portfolio and strong rental rate growth creates 
resiliency in a challenging macroeconomic envi-
ronment. EQT Exeter’s vertically integrated oper-
ating infrastructure continues the theme of an 
active ownership model and allows for nimble 
responses to rapidly changing market conditions.
Risk management & mitigation
As part of EQT’s active ownership model, the 
EQT Playbook is a key driver of EQT funds’ per-
formance, driving growth through digitalization, 
sustainability and operational excellence. Strong 
governance rights ensure EQT’s ability to support 
the execution of the business plan in the portfolio 
company. 
The portfolio companies’ performance is 
monitored on an ongoing basis. The Portfolio 
Performance Review (“PPR”) tracks the progress 
of each investment, identifying opportunities and 
warning signs early on and advising on the next 
steps. In addition, size limits per investment 
ensure that each fund is not materially affected 
by the underperformance of a single investment. 
Finally, the Global Investment Forum (“GIF”) 
reviews overall performance and exposures 
across all the EQT funds, to ensure consistency  
in the business lines’ investment approach and 
drive performance in a disciplined manner.
EQT Exeter has decelerated the pace of new 
acquisitions and property development and 
instead focus on preserving and closely moni-
toring liquidity while reassessing strategies for 
certain aspects of its portfolio to best position  
the funds for long-term success.
STRATEGIC RISKS
Inability to meet fundraising targets   
Risk appetite: Low
Risk overview 
Potential impact:
• Reduced revenues due to lower AUM and 
 management fees, and over time, realized carry. 
• Loss of market share. 
• Potential fee pressure may result in lower 
 management fees even when fundraising 
targets are met.
2023 & outlook
The fundraising environment continued to face 
headwinds in 2023 with global fundraising volumes 
down more than 25% from peak levels in 2021. 
The macroeconomic backdrop in certain 
developed markets and a slowdown in exits is 
leading to extended fundraising timelines, where 
newer firms and strategies are facing particular 
challenges. Given EQT’s strong track record, fund-
raising has progressed well for EQT’s established 
strategies whilst newer strategies are taking longer 
to raise. In 2024, EQT will continue fundraising for 
its next flagship fund within its business segment 
Real Assets and its new funds EQT Nexus and EQT 
Exeter Real Estate Income Trust (“EQRT”), aimed  
for the private wealth market.
An emerging risk which EQT continues to monitor 
is the ongoing development of US state anti-ESG 
legislation which may potentially restrict certain US 
investors from investing with EQT if they view EQT’s 
funds or practices to be in contradiction of such 
legislation.
 
Risk management & mitigation
Fund performance is a key driver for EQT’s ability 
to meet fundraising targets and is the main risk 
mitigation. EQT’s track record is consistently 
strong over time with a proven record of 
returning cash to investors, as evidenced by 
strong DPI (“distribution to paid-in capital”) 
across the key funds.
While EQT does not control external macro-
economic factors, EQT’s project-based fund-
raising processes and performance culture help 
minimize the risk of not meeting fundraising 
targets. 
EQT has further strengthened its diverse 
product offering with the combination of BPEA. 
With the combination, EQT now has a client base 
of almost 1200 clients globally with no client rep-
resenting more than five percent of committed 
capital.
To ensure adequate resources are allocated 
to fundraising projects, the Capital Raising team 
maintains ongoing dialogues with the business 
lines and updates the fundraising plans accord-
ingly. 
EQT Annual and Sustainability Report 2023 / Page 104Managing risks  
 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 106 =====

STRATEGIC RISKS
Challenges in attracting, retaining and managing talent    
Risk appetite: Moderate
Risk overview 
Potential impact:
• Insufficient resources to meet strategic  
objectives.
• Loss of talent, affecting the success of investment 
and fundraising activities.
2023 & outlook
Attracting and nurturing a diverse, world-class EQT 
team and network is crucial for performance and 
long-term success. In recent years, EQT has grown 
both organically and through the combination of 
EQT Exeter and BPEA. As a result, several people- 
related processes have been harmonized across 
the organization. 
For many years, EQT has focused on increasing 
the ratio of women and have improved gender 
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 focus area for EQT.
Risk management & mitigation
The ability to attract, retain and develop talent  
is supported by several measures, including a 
well-defined recruitment process, a competitive 
and long-term approach to compensation, and 
a focus on development opportunities through 
the performance development process, men-
toring and the EQT Academy. The EQT Academy 
is an important tool in providing training for 
each career stage and function. 
By investing in its culture and promoting the 
EQT values to all employees – current, recruited 
and acquired – the cultural foundation is solid. 
EQT has introduced a new global ambition 
which aims for no more than 60% of team 
members in the board, C-suite, and top earners 
to share the same gender, cultural background, 
or socio-economic origin, enhancing diversity, 
equity and inclusion across leadership. This ini-
tiative, which aims to create high-performing 
teams through reduced homogeneity and 
increased diversity of thought, will be imple-
mented across EQT’s business lines and the 
portfolio companies, taking into account 
 geographical, cultural and business contexts.
STRATEGIC RISKS
Dilution of culture and values  
Risk appetite: Moderate
Risk overview
Potential impact:
• Loss of talent. 
• May impact staff retention.
• Impact on fund performance and long-term 
strategy. 
2023 & outlook
People are at the core of EQT’s long-term success 
and purpose to make a positive impact. With the 
considerable growth in the number of employees 
and the geographic footprint over the last three 
years, maintaining its culture and values is imper-
ative for EQT’s continued success. During the year, 
the way EQT’s values are described have been 
refreshed to reflect the global organization while 
remaining true to their meaning, intent and impact.
Risk management & mitigation
EQT has focused on ensuring its values apply 
globally, with a local flavor, and embedding 
them into the strategic focus, people man-
age ment practices and development programs. 
By consistently applying the same set of 
values across the world, EQT reinforces its 
culture, protects the ability to perform and 
retains EQT’s heritage.
Employee introduction to the culture and cor-
porate values are embedded into the integration 
process. Employee retention initiatives, training 
and corporate events are continuously sup-
ported.
The EQT Academy and the EQT Foundation 
are important tools for nurturing EQT’s culture 
and values. The EQT Foundation also acts as a 
guardian of EQT’s values through its long-term 
ownership and governance model and the EQT 
Academy provides training for each career 
stage and function. 
 
EQT Annual and Sustainability Report 2023 / Page 105Managing risks  
 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 107 =====

OPERATIONAL & COMPLIANCE RISKS
Failure to adequately scale the operating platform  
Risk appetite: Moderate
Risk overview
Potential impact: 
• Operational failures, which could lead to a deteri-
oration of EQT’s reputation, breaches of investor 
agreements and compliance-related sanctions.
• Higher costs of doing business for EQT.
• Loss of talent, affecting the success of EQT’s 
platform.
2023 & outlook
In pursuing its growth ambitions, EQT must con-
stantly adapt its operational processes to improve 
the efficiency and scalability of its operating 
platform.
As part of its day-to-day operations, EQT pro-
cesses large amounts of transactions and data, 
making it vulnerable to errors or delays in areas 
where processes are not fit for purpose.
The integration process of recent acquisitions 
increases the operational risk in the short term. 
However, as the integration progresses, large 
 efficiency gains are expected where EQT can scale 
its footprint and enhance the client experience 
further.
EQT sees long-term growth potential in the 
client segment of private wealth. Products aimed 
at the private wealth segment, such as EQT Nexus 
and EQT Exeter Real Estate Income Trust (“EQRT”)
further increase the complexity of operations and 
will require enhanced skills and efficiencies of 
EQT’s operations. 
Risk management & mitigation
All functions within EQT, particularly the Fund 
Operations team and Central Functions’ Spe-
cialist teams, are responsible for developing  
and maintaining robust policies & procedures  
to ensure the quality, resiliency, and scalability  
of EQT’s operations. The internal control 
framework is reviewed annually to identify and 
remedy control issues. In addition, during the 
year, EQT launched numerous strategic initia-
tives to improve the efficiency and scalability  
of critical business processes. This is expected  
to continue in 2024.
To mitigate the associated risks with new 
products aimed toward the private wealth client 
segment, EQT has prepared its operations and 
hired new team members to support the new 
 initiatives. 
STRATEGIC RISKS
Sustainability risks   
Risk appetite: Low
Risk overview
Potential impact: 
• Reduced investment performance or realization 
potential, impacting fund returns if material sus-
tainability risks and opportunities are not acted on.
• Failure to identify thematic (e.g. climate-related 
or health and wellbeing) investment and fund-
raising opportunities could hurt EQT’s market 
share, in the long run.
• Failure to execute on the sustainability agenda or 
commitments made to investors may damage 
EQT’s brand, reputation and long-term prospects, 
including EQT’s ability to raise future funds.
• Failure to meet an increasingly complex sustain-
ability-related regulatory landscape may result in 
compliance-related fines, leading to increased 
operational costs and/or reputational damage.
2023 & outlook
EQT has during the year continued its sustainable 
transformation journey, aimed at strengthening  
its ability to deliver superior risk-adjusted returns  
to its clients, while contributing to addressing some 
of the world’s most pressing challenges. 
To support the organization in this area, the 
governance model has recently been updated, 
with the introduction of a Sustainability Committee 
in 2022. The internal sustainability organization has 
sustainability specialists across all business lines as 
well as embedded within other functions. A focus 
on upskilling has taken place during the year with 
several training modules released within e.g. net 
zero, climate risks in real estate, and diversity, 
equity and inclusion. 
EQT’s science-based targets (“SBT”) com-
mitment has continued to be a core initiative to 
accelerate climate transition. Effective execution 
and risk monitoring is critical to successfully deliv-
ering on these goals. 
As sustainability-related requirements, regula-
tions and public scrutiny continue to increase, 
EQT must constantly adapt its processes to 
improve the efficiency and scalability of its oper-
ating platform whilst reducing the risk of errors 
to ensure compliance with applicable rules and 
regulations.
Recent work with the Sustainable Finance 
 Disclosure Regulation (“SFDR”) and Corporate 
Sustainability Reporting Directive (“CSRD”) has 
put an increasing focus on sustainability risks, 
internal controls and governance for sustain-
ability. 
Risk management & mitigation
As a responsible investor, sustainability and ESG 
considerations are integral to EQT funds’ 
investment and value creation process. Sustain-
ability risks are evaluated early in the investment 
process when conducting due diligence on 
target investments, where sustainability aspects 
are a key input in the investment decision 
process. 
During the year, EQT has worked to integrate 
its new sustainability risk approach in the 
investment and ownership process. This has also 
been complemented with risk assessments 
within specific strategies, sectors and emerging 
topics to continuously increase awareness, and 
develop and improve internal processes.
EQT continuously monitors the sustainable 
practices and performance of the EQT funds’ 
investments, and escalate issues if needed. Sus-
tainability metrics are gathered through regular 
monitoring and reporting activities. Media 
screening combined with EQT’s internal incident 
reporting process are also used to monitor risk 
exposures, in terms of sustainability-related 
reputational incidents. 
EQT Annual and Sustainability Report 2023 / Page 106Managing risks  
 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 108 =====

OPERATIONAL & COMPLIANCE RISKS 
Regulatory & compliance risks  
Risk appetite: Low
Risk overview
Potential impact: 
• Failure to meet new regulatory requirements may 
result in compliance-related sanctions and 
damage EQT’s brand, reputation and long-term 
prospects.
• Increased costs as a result of rise in regulatory 
burden for EQT.
• Cost of doing business in certain jurisdictions 
becomes prohibitive due to increased regulatory 
burden and/or uncertainties.
• Increased complexities in investment and value- 
creation process due to regulatory uncertainty 
and limitations imposed reduce the attractiveness 
of certain investment opportunities.
2023 & outlook
As the private markets industry continues to grow 
and is becoming increasingly more accessible for 
non-institutional clients, EQT expects to navigate an 
evolving regulatory landscape in which regulators 
increase their focus on the industry, with a particular 
focus on investor protection and transparency. The 
introduction of products aimed towards the private 
wealth market, such as EQT Nexus and EQT Exeter 
Real Estate Income Trust (“EQRT”) further increases 
EQT’s regulatory exposure. Large regulatory initia-
tives could increase the regulatory burden and 
operational costs for EQT if not handled efficiently. 
Furthermore, an increasing global focus on tax 
requirements with continued uncertainty on how 
taxation of carried interest is treated may lead to 
increased costs for EQT. In addition, the intro-
duction of the global minimum tax framework 
(“Pillar Two”) sets forth a common approach for a 
global minimum tax rate. The EQT AB Group is in 
scope of the rules and expects to be impacted by 
new local tax legislations. See more information  
in the Board of directors’ report. 
Risk management & mitigation
EQT has made significant hiring efforts over the 
last few years to bolster its Central Functions’ 
Specialist teams globally to support the organi-
zation in navigating an increasingly complex 
regulatory landscape.
EQT has implemented a Regulatory Watch 
Model to ensure that new regulatory initiatives 
and trends are identified and assessed promptly 
to secure business objectives and continuous 
compliance. 
EQT has robust documented guidelines, pro-
cesses and controls for managing taxes 
throughout the EQT platform, with a purpose to 
ensure that all material tax risks are identified 
and mitigated through tax risk identification 
processes.
FINANCIAL RISKS
Market, credit and liquidity risks 
Risk appetite: Moderate
Risk overview
Potential impact:
• Reduced earnings, if market fluctuations impact 
interest rates, currency exchange rates or the  
valuation of EQT AB Group’s investments.
• Credit losses, in the event of a failure of  
a counterparty. 
2023 & outlook
To further increase EQT’s financial flexibility and 
support EQT’s growth initiatives and long-term 
strategy, EQT has over the past few years 
increased its sustainability-linked Revolving Credit 
Facility and issued a number of sustainabili-
ty-linked bonds. EQT’s interest rate risk is limited as 
the sustainability-linked bonds have fixed coupons, 
subject to sustainability-related objectives. 
Risk management & mitigation
The EQT AB Group uses risk mitigation tools, 
such as minimum credit ratings, cash fore-
casting and liquidity facilities. See more  
information under Note 18.
The Treasury team monitors and reports  
on those risk exposures periodically. 
 
EQT Annual and Sustainability Report 2023 / Page 107Managing risks  
 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 109 =====

EMERGING RISKS 
Increasing shift towards a multipolar world
   
Risk overview
Potential impact:
• Increased complexities in investment and 
 value-creation process, eroding EQT funds’ 
investment returns at the time of exit. 
• Certain sectors and geographies, where EQT 
funds have invested, become less attractive, 
leading to long-term drift in the investment 
strategy, which if not managed, could make  
EQT less competitive in raising funds over the 
long term.
• Restrictions on certain deals in strategic sectors 
and geographies may reduce exit options for the 
EQT funds.
• Increasing operational complexities in meeting 
investor preferences in relation to investments  
in certain countries or regions.
• May affect EQT’s ability to attract capital from 
investors in certain countries or regions in the 
long-run.
In the face of ongoing trade wars, increasing geo-
political tensions and supply chain disruptions, the 
shift towards a fragmented world economy is accel-
erating. The rise of middle power nations adds 
further layers of complexity and unpredictability to 
the geopolitical landscape as these nations have 
their own set of interests and alliances. This could 
lead to a world where cross-border business models 
face increasing challenges, including increased reg-
ulatory and foreign direct investment scrutiny and 
lower profit margins. The intensifying restrictions on 
trade and investments between the United States 
and China underscores the complexity of conducting 
deals in certain countries for EQT.
With the expansion in Asia through the combi-
nation with BPEA, EQT’s exposure to this emerging 
risk has increased.
Risk management & mitigation
The spreading of risks across strategies and 
assets is a key mitigation to manage this 
emerging risk. Overall performance and expo-
sures are monitored by the Global Investment 
Forum (“GIF”) on a regular basis. In addition, 
EQT’s local-with-local approach, supported  
by 600+ high-profile advisors within the EQT 
Network will help EQT funds’ portfolio com-
panies adjust their strategies to such challenges. 
Furthermore, all proposed investments go 
through a thorough due diligence and approval 
process during which all key aspects and out-
looks of the transactions, company and industry 
are discussed. 
In response to the increasingly complex geo-
political landscape, EQT has been engaging with 
security risk specialists to further strengthen is 
crisis management capabilities and threat intel-
ligence.
Finally, the emergence of a multipolar world 
also presents new opportunities leading to suc-
cessful investments, thereby reducing the impact 
of investments that have failed to adapt their 
business model.
EMERGING RISKS 
Threats posed by emerging technologies 
Risk overview
Potential impact: 
• Loss of sensitive financial, personal or propri-
etary data leading to damage of EQT’s brand.
• Financial costs as a result of breach response 
and legal fees.
• Operational disruptions impacting EQT’s ability 
to run its day-to-day operations.
• Increasing regulatory requirements may lead to 
more time from security teams on compliance 
matters and increased cost of breaches.
The emergence of AI and quantum computing tech-
nologies in cybersecurity presents a double-edged 
sword, enhancing EQT’s detection and response 
capabilities while also introducing new risks, 
including the potential for threat actors to execute 
sophisticated attacks. This progression represents 
an emerging risk to existing cryptographic stan-
dards, necessitating the development of quantum- 
resistant security frameworks. Moreover, the 
ongoing exploitation of supply chains, exacerbated 
by the increased reliance on vendor services and 
cloud technologies, expands the potential areas of 
vulnerability for EQT. As a firm dealing with 
numerous partners and third-party providers, rig-
orous due diligence and monitoring of supply chain 
security is required to mitigate this emerging risk. 
Furthermore, the increasingly complex geopolitical 
landscape adds an element of unpredictability, 
potentially impacting EQT directly or indirectly.
Risk management & mitigation
EQT continuously defines and implements the 
best cyber solutions for its environment and runs 
a threat detection and incident response 
program. It also provides periodic cyber security 
training to all employees and conducts phishing 
tests to increase awareness of the risks asso-
ciated with phishing emails. Through its threat 
intelligence process, new trends are continu-
ously monitored and reported on to the Infor-
mation Security Steering Committee on a quar-
terly basis, with summaries being reported to the 
Group Risk function, the Audit Committee and 
the Board. The Information Security Steering 
Committee is composed of members of the 
Executive Committee. In 2022, a board member 
was appointed to oversee the information 
security strategy and to meet with EQT’s CISO  
a minimum of two times per year.
EQT Annual and Sustainability Report 2023 / Page 108Managing risks  
 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 110 =====

Auditor’s report
To the general meeting of the shareholders of EQT AB, corp. id 556849-4180
REPORT ON THE ANNUAL ACCOUNTS AND CONSOLIDATED ACCOUNTS
Opinions
We have audited the annual accounts and consolidated accounts of  
EQT AB for the year 2023. The annual accounts and consolidated 
accounts of the company are included on pages 50-108 in this doc-
ument.
In our opinion, the annual accounts have been prepared in accor-
dance with the Annual Accounts Act, and present fairly, in all material 
respects, the financial position of the parent company as of 31 December 
2023 and its financial performance and cash flow for the year then 
ended in accordance with the Annual Accounts Act. The consolidated 
accounts have been prepared in accordance with the Annual Accounts 
Act and present fairly, in all material respects, the financial position of 
the group as of 31 December 2023 and their financial performance and 
cash flow for the year then ended in accordance with IFRS Accounting 
Standards, as adopted by the EU, and the Annual Accounts Act. The 
 statutory administration report is consistent with the other parts of the 
annual accounts and consolidated accounts.
We therefore recommend that the general meeting of shareholders 
adopts the income statement and balance sheet for the parent company 
and the group.
Our opinions in this report on the the annual accounts and consoli-
dated accounts are consistent with the content of the additional report 
that has been submitted to the parent company’s audit committee in 
accordance with the Audit Regulation (537/2014) Article 11. 
Basis for Opinions
We conducted our audit in accordance with International Standards  
on Auditing (ISA) and generally accepted auditing standards in Sweden. 
Our responsibilities under those standards are further described in the 
Auditor’s Responsibilities section. We are independent of the parent 
company and the group in accordance with professional ethics for 
accountants in Sweden and have otherwise fulfilled our ethical respon-
sibilities in accordance with these requirements.This includes that,  
based on the best of our knowledge and belief, no prohibited services 
referred to in the Audit Regulation (537/2014) Article 5.1 have been pro-
vided to the audited company or, where applicable, its parent company 
or its controlled companies within the EU.
We believe that the audit evidence we have obtained is sufficient and 
appropriate to provide a basis for our opinions.
Key Audit Matters 
Key audit matters of the audit are those matters that, in our professional 
judgment, were of most significance in our audit of the annual accounts 
and consolidated accounts of the current period. These matters were 
addressed in the context of our audit of, and in forming our opinion 
thereon, the annual accounts and consolidated accounts as a whole,  
but we do not provide a separate opinion on these matters.  
Carried interest
See disclosure 5 and accounting principles on page 61 in the annual account and consolidated accounts for detailed information and description of the matter.
Description of key audit matter Response in the audit
As of 31 December 2023 the group reported carried interest of EUR 96 million.
Carried interest is a share of profits that EQT AB Group receives through its holdings in the Special Limited 
Partners as variable consideration fully dependent on the performance of the relevant fund and the devel-
opment of the funds underlying investments. EQT AB Group is entitled to an agreed share of accumulated 
profits exceeding agreed thresholds over the expected life of each individual fund.
Management of the EQT AB Group makes assumptions and uses estimates to determine whether or not 
revenue should be recognized including the timing and measurement of revenue from carried interest. 
Revenue should only be recognized to the extent it is highly probable that revenue would not result in significant 
revenue reversal of accumulated revenue recognized on final settlement of the fund. The reversal risk is 
managed through adjustments of current unrealized fund values by imposing discounts. The discounts applied 
depend on specific segment risks and the expected average remaining holding period of each fund.
Our audit procedures included, but were not limited to:
• We have reviewed the company’s model for calculation of carried interest and obtained an understanding  
of the valuation process and key controls in this process,
• We have assessed the development of the funds underlying investments and the discounts to conclude 
whether these were performed in accordance with the prescribed method,
• We tested that the methodology and consistency applied in the valuation of the portfolio companies  
is in accordance with the International Private Equity and Venture Capital Valuation Guidelines,
• We assessed the relevance of multiples used against market multiples from relevant transactions  
or market data,
• We have involved an internal valuation- and accounting specialists to assess the current unrealized fund 
values by imposing discounts and also to evaluate the accuracy of the disclosures of carried interest in the 
annual accounts and consolidates accounts.
EQT Annual and Sustainability Report 2023 / Page 109Auditor’s 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 111 =====

Other information than the annual accounts and consolidated accounts 
This document also contains other information than the annual accounts 
and consolidated accounts and is found on pages 1–49, 113–142 and 
158-169.The other information comprises also of the remuneration report 
which we obtained prior to the date of this auditor’s report. The Board  
of Directors and the Managing Director are responsible for this other 
information.
Our opinion on the annual accounts and consolidated accounts does 
not cover this other information and we do not express any form of 
assurance conclusion regarding this other information.
In connection with our audit of the annual accounts and consolidated 
accounts, our responsibility is to read the information identified above 
and consider whether the information is materially inconsistent with the 
annual accounts and consolidated accounts. In this procedure we also 
take into account our knowledge otherwise obtained in the audit and 
assess whether the information otherwise appears to be materially 
 misstated.
If we, based on the work performed concerning this information, con-
clude that there is a material misstatement of this other information, we 
are required to report that fact. We have nothing to report in this regard.
Responsibilities of the board of directors  
and the Managing Director
The Board of Directors and the Managing Director are responsible for 
the preparation of the annual accounts and consolidated accounts and 
that they give a fair presentation in accordance with the Annual 
Accounts Act and, concerning the consolidated accounts, in accordance 
with IFRS Accounting Standards as adopted by the EU. The Board of 
Directors and the Managing Director are also responsible for such 
internal control as they determine is necessary to enable the preparation 
of annual accounts and consolidated accounts that are free from 
material misstatement, whether due to fraud or error. 
In preparing the annual accounts and consolidated accounts The 
Board of Directors and the Managing Director are responsible for the 
assessment of the company’s and the group’s ability to continue as a 
going concern. They disclose, as applicable, matters related to going 
concern and using the going concern basis of accounting. The going 
concern basis of accounting is however not applied if the Board of 
Directors and the Managing Director intend to liquidate the company,  
to cease operations, or has no realistic alternative but to do so.
The Audit Committee shall, without prejudice to the Board of Direc-
tor’s responsibilities and tasks in general, among other things oversee 
the company’s financial reporting process.
Auditor’s responsibility
Our objectives are to obtain reasonable assurance about whether the 
annual accounts and consolidated accounts as a whole are free from 
material misstatement, whether due to fraud or error, and to issue an 
auditor’s report that includes our opinions. Reasonable assurance is a 
high level of assurance, but is not a guarantee that an audit conducted  
in accordance with ISAs and generally accepted auditing standards  
in Sweden will always detect a material misstatement when it exists. 
 Misstatements can arise from fraud or error and are considered 
material if, individually or in the aggregate, they could reasonably be 
expected to influence the economic decisions of users taken on the  
basis of these annual accounts and consolidated accounts.
As part of an audit in accordance with ISAs, we exercise professional 
judgment and maintain professional scepticism throughout the audit.  
We also:
• Identify and assess the risks of material misstatement of the annual 
accounts and consolidated accounts, whether due to fraud or error, 
design and perform audit procedures responsive to those risks, and 
obtain audit evidence that is sufficient and appropriate to provide  
a basis for our opinions. The risk of not detecting a material mis-
statement resulting from fraud is higher than for one resulting from 
error, as fraud may involve collusion, forgery, intentional omissions, 
misrepresentations, or the override of internal control.
• Obtain an understanding of the company’s internal control relevant  
to our audit in order to design audit procedures that are appropriate 
in the circumstances, but not for the purpose of expressing an opinion 
on the effectiveness of the company’s internal control.
• Evaluate the appropriateness of accounting policies used and the 
reasonableness of accounting estimates and related disclosures 
made by the Board of Directors and the Managing Director.
• Conclude on the appropriateness of the Board of Directors’ and the 
Managing Director’s, use of the going concern basis of accounting  
in preparing the annual accounts and consolidated accounts. We  
also draw a conclusion, based on the audit evidence obtained, as  
to whether any material uncertainty exists related to events or condi-
tions that may cast significant doubt on the company’s and the 
group’s ability to continue as a going concern. If we conclude that  
a material uncertainty exists, we are required to draw attention in  
our auditor’s report to the related disclosures in the annual accounts 
and consolidated accounts or, if such disclosures are inadequate,  
to modify our opinion about the annual accounts and consolidated 
accounts. Our conclusions are based on the audit evidence obtained 
up to the date of our auditor’s report. However, future events or 
 conditions may cause a company and a group to cease to continue  
as a going concern.
• Evaluate the overall presentation, structure and content of the annual 
accounts and consolidated accounts, including the disclosures, and 
whether the annual accounts and consolidated accounts represent 
the underlying transactions and events in a manner that achieves  
fair presentation.
• Obtain sufficient and appropriate audit evidence regarding the 
financial information of the entities or business activities within the 
group to express an opinion on the consolidated accounts. We are 
responsible for the direction, supervision and performance of the 
group audit. We remain solely responsible for our opinions.
We must inform the Board of Directors of, among other matters, the 
planned scope and timing of the audit. We must also inform of significant 
audit findings during our audit, including any significant deficiencies in 
internal control that we identified. 
We must also provide the Board of Directors with a statement that we 
have complied with relevant ethical requirements regarding indepen-
dence, and to communicate with them all relationships and other 
matters that may reasonably be thought to bear on our independence, 
and where applicable, measures that have been taken to eliminate the 
threats or related safeguards.
From the matters communicated with the Board of Directors, we 
determine those matters that were of most significance in the audit  
of the annual accounts and consolidated accounts, including the most 
important assessed risks for material misstatement, and are therefore 
the key audit matters. We describe these matters in the auditor’s report 
unless law or regulation precludes disclosure about the matter.
EQT Annual and Sustainability Report 2023 / Page 110Auditor’s 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 112 =====

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
Auditor’s audit of the administration and the proposed appropriations 
of profit or loss  
Opinions
In addition to our audit of the annual accounts and consolidated 
accounts, we have also audited the administration of the Board of 
Directors and the Managing Director of EQT AB for the year 2023  
and the proposed appropriations of the company’s profit or loss.
We recommend to the general meeting of shareholders that the  
profit be appropriated in accordance with the proposal in the statutory 
administration report and that the members of the Board of Directors 
and the Managing Director be discharged from liability for the  
financial year.
Basis for Opinions
We conducted the audit in accordance with generally accepted auditing 
standards in Sweden. Our responsibilities under those standards are 
further described in the Auditor’s Responsibilities section. We are inde-
pendent of the parent company and the group in accordance with pro-
fessional ethics for accountants in Sweden and have otherwise fulfilled 
our ethical responsibilities in accordance with these requirements. 
We believe that the audit evidence we have obtained is sufficient  
and appropriate to provide a basis for our opinions.
Responsibilities of the board of directors and the Managing Director 
The Board of Directors is responsible for the proposal for appropriations 
of the company’s profit or loss. At the proposal of a dividend, this 
includes an assessment of whether the dividend is justifiable considering 
the requirements which the company’s and the group’s type of opera-
tions, size and risks place on the size of the parent company’s and the 
group’s equity, consolidation requirements, liquidity and position in 
general.
The Board of Directors is responsible for the company’s organization 
and the administration of the company’s affairs. This includes among 
other things continuous assessment of the company’s and the group’s 
financial situation and ensuring that the company’s organization is 
designed so that the accounting, management of assets and the com-
pany’s financial affairs otherwise are controlled in a reassuring manner. 
The Managing Director shall manage the ongoing administration 
according to the Board of Directors’ guidelines and instructions and 
among other matters take measures that are necessary to fulfill the 
company’s accounting in accordance with law and handle the man-
agement of assets in a reassuring manner.
Auditor’s responsibility
Our objective concerning the audit of the administration, and thereby 
our opinion about discharge from liability, is to obtain audit evidence to 
assess with a reasonable degree of assurance whether any member of 
the Board of Directors or the Managing Director in any material respect:
• has undertaken any action or been guilty of any omission which can 
give rise to liability to the company, or
• in any other way has acted in contravention of the Companies Act,  
the Annual Accounts Act or the Articles of Association.
Our objective concerning the audit of the proposed appropriations of the 
company’s profit or loss, and thereby our opinion about this, is to assess 
with reasonable degree of assurance whether the proposal is in accor-
dance with the Companies Act.
Reasonable assurance is a high level of assurance, but is not a guar-
antee that an audit conducted in accordance with generally accepted 
auditing standards in Sweden will always detect actions or omissions 
that can give rise to liability to the company, or that the proposed appro-
priations of the company’s profit or loss are not in accordance with the 
Companies Act.
As part of an audit in accordance with generally accepted auditing stan-
dards in Sweden, we exercise professional judgment and maintain pro-
fessional scepticism throughout the audit. The examination of the 
administration and the proposed appropriations of the company’s profit 
or loss is based primarily on the audit of the accounts. Additional audit 
procedures performed are based on our professional judgment with 
starting point in risk and materiality. This means that we focus the exam-
ination on such actions, areas and relationships that are material for the 
operations and where deviations and violations would have particular 
importance for the company’s situation. We examine and test decisions 
undertaken, support for decisions, actions taken and other circum-
stances that are relevant to our opinion concerning discharge from 
 liability. As a basis for our opinion on the Board of Directors’ proposed 
appropriations of the company’s profit or loss we examined the Board  
of Directors’ reasoned statement and a selection of supporting evidence 
in order to be able to assess whether the proposal is in accordance with 
the Companies Act. 
THE AUDITOR’S EXAMINATION OF THE ESEF REPORT 
Opinion
In addition to our audit of the annual accounts and consolidated 
accounts, we have also examined that the Board of Directors and the 
Managing Director have prepared the annual accounts and consoli-
dated accounts in a format that enables uniform electronic reporting 
(the Esef report) pursuant to Chapter 16, Section 4(a) of the Swedish 
Securities Market Act (2007:528) for EQT AB for year 2023. 
Our examination and our opinion relate only to the statutory 
 requirements. 
In our opinion, the Esef report has been prepared in a format that,  
in all material respects, enables uniform electronic reporting.
EQT Annual and Sustainability Report 2023 / Page 111Auditor’s 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 113 =====

Stockholm 15 March 2024 
KPMG AB
 
Håkan Olsson Reising
Authorized Public Accountant
Basis for opinion
We have performed the examination in accordance with FAR’s recom-
mendation RevR 18 Examination of the Esef report. Our responsibility 
under this recommendation is described in more detail in the Auditors’ 
responsibility section. We are independent of EQT AB in accordance with 
professional ethics for accountants in Sweden and have otherwise ful-
filled our ethical responsibilities in accordance with these requirements. 
We believe that the evidence we have obtained is sufficient and 
appropriate to provide a basis for our opinion.
Responsibilities of the board of directors and the Managing Director 
The Board of Directors and the Managing Director are responsible for 
the preparation of the Esef report in accordance with the Chapter 16, 
Section 4(a) of the Swedish Securities Market Act (2007:528), and for 
such internal control that the Board of Directors and the Managing 
Director determine is necessary to prepare the Esef report without 
material misstatements, whether due to fraud or error.
Auditor’s responsibility
Our responsibility is to obtain reasonable assurance whether the Esef 
report is in all material respects prepared in a format that meets the 
requirements of Chapter 16, Section 4(a) of the Swedish Securities  
Market Act (2007:528), based on the procedures performed. 
RevR 18 requires us to plan and execute procedures to achieve rea-
sonable assurance that the Esef report is prepared in a format that meets 
these requirements. 
Reasonable assurance is a high level of assurance, but it is not  
a guarantee that an engagement carried out according to RevR 18 and 
generally accepted auditing standards in Sweden will always detect a 
material misstatement when it exists. Misstatements can arise from fraud 
or error and are considered material if, individually or in aggregate, they 
could reasonably be expected to influence the economic decisions of 
users taken on the basis of the Esef report. 
The audit firm applies International Standard on Quality Management 
1, which requires the firm to design, implement and operate a system of 
quality management including policies or procedures regarding com-
pliance with ethical requirements, professional standards and applicable 
legal and regulatory requirements.
The examination involves obtaining evidence, through various proce-
dures, that the Esef report has been prepared in a format that enables 
uniform electronic reporting of the annual accounts and consolidated 
accounts. The procedures selected depend on the auditor’s judgment, 
including the assessment of the risks of material misstatement in the 
report, whether due to fraud or error. In carrying out this risk assessment, 
and in order to design procedures that are appropriate in the circum-
stances, the auditor considers those elements of internal control that are 
relevant to the preparation of the Esef report by the Board of Directors 
and the Managing Director, but not for the purpose of expressing an 
opinion on the effectiveness of those internal controls. The examination 
also includes an evaluation of the appropriateness and reasonableness 
of the assumptions made by the Board of Directors and the Managing 
Director. 
The procedures mainly include a validation that the Esef report has 
been prepared in a valid XHTML format and a reconciliation of the Esef 
report with the audited annual accounts and consolidated accounts.
Furthermore, the procedures also include an assessment of whether 
the consolidated statement of financial performance, financial position, 
changes in equity, cash flow and disclosures in the Esef report have been 
marked with iXBRL in accordance with what follows from the Esef 
 regulation.
KPMG AB, Box 382, 101 27, Stockholm, was appointed auditor of EQT AB 
by the general meeting of the shareholders on the 30 May 2023. KPMG 
AB or auditors operating at KPMG AB have been the company’s auditor 
since 2012.
EQT Annual and Sustainability Report 2023 / Page 112Auditor’s 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 114 =====

09
Sustainability  
notes
114 Sustainability notes
139  GRI content index
143  Auditor’s Limited Assurance Report
EQT Ventures III
The Exploration Company
EQT Ventures co-led The Exploration Company's EUR 40 
million Series A funding round. The Exploration Company 
is a leading European space company on a mission to 
make space exploration affordable, sustainable, and 
open. 
 The company is building a sustainable, reusable space 
capsule called Nyx that can be used by private and public 
operators to fly cargo into space, resupply space stations, 
and in time, transport humans. Funds raised by new and 
existing investors will be used to commercialize the 
maiden full-scale space capsule, finalize and launch the 
second capsule demonstrator, as well as expand the team.

===== SIDA 115 =====

Sustainability notes
Contents
Framework and scope ........................................................................................114
Stakeholder engagement and materiality analysis
Stakeholder engagement  .................................................................................115
Materiality analysis  ...............................................................................................116
Invest
 Investment and value creation process .............................................117
Transform
Regenerative processes .....................................................................................119
 Decarbonization  .................................................................................................119
 Renewable energy ............................................................................................122
Circularity .....................................................................................................................122
Biodiversity and nature .....................................................................................122
 Climate risks and adaptation .....................................................................122
Equitable business .................................................................................................125
Employee engagement, health and wellbeing ...............................125
 Diversity, equity and inclusion .................................................................126
Human rights including labor rights ........................................................126
Accountable leadership ....................................................................................129
Sustainability governance  ...............................................................................129
Business ethics ..........................................................................................................130
Sustainability-linked incentives  ..................................................................133
Lead
Learning, partnerships and advocacy ...................................................134
Reporting and transparency  .........................................................................134
EU Taxonomy statement  ..................................................................................136 
GRI content index ..................................................................................................139
Auditor’s Limited Assurance Report  ...................................................... 143
Framework and scope
The content and topic boundaries related to EQT’s 
 sustainability reporting are based on EQT’s material-
ity analysis, which was updated during 2022 and 
includes an assessment of material impacts according 
to the GRI 2021 standards. During 2023 a double 
materiality assessment was initiated to prepare for 
the Corporate Sustainability Reporting Directive 
(CSRD), see more information in the section under 
‘Materiality Analysis’. EQT continues to be a supporter 
of the World Economic Forum (WEF) and reports the 
overall content from the WEF stakeholder capitalism 
metrics in this report, although not including an index. 
For each material topic, relevant GRI disclosures 
are assessed and reported on. In cases where EQT 
currently cannot report on a relevant GRI disclosure, 
the reason for omissions is presented and/or an 
EQT-specific  disclosure is reported on. Deviations or 
comments are found in the GRI content index. Harmo-
nization for ceratin data and processes is a continuous 
process, given the combination with EQT Exeter and 
EQT Private Capital Asia. 
The direct scope of EQT’s sustainability reporting is 
EQT AB Group. Indirect impacts from EQT’s investment 
advisory activities and EQT funds were assessed as 
part of the materiality analysis and depending on the 
topic these are also reported, such as part of the sec-
tion around Investment and value creation process, 
and within the areas of Decarbonization, Renewable  
energy and Diversity.
 Information also available regarding EQT funds.
EQT Annual and Sustainability Report 2023 / Page 114Sustainability notes
 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
Sustainability notes  113
Sustainability notes   114
GRI content index   139
Auditor’s Limited Assurance Report   143
Corporate governance   144
Additional information   158

===== SIDA 116 =====

Stakeholder engagement and materiality analysis 
STAKEHOLDER ENGAGEMENT
EQT’s key stakeholders consist of individuals or functions 
impacted by EQT’s operations or, on the other hand, impact 
EQT. EQT is a stakeholder-centric organization that deeply val-
ues transparent dialogues and discussions with stakeholders 
as these help EQT to be close to market developments, assess 
and address stakeholder needs, and find opportunities for  
collaboration. Examples of key stakeholder groups include: 
• Employees, current and potential, and Advisors from  
the EQT Network 
• Clients to the EQT funds, current and potential
• Shareholders and public market analysts
• EQT funds’ portfolio companies and assets’ tenants
• Debt providers
The table below shows examples of sustainability-related top-
ics covered as part of ongoing stakeholder dialogues. Sustain-
ability topics often form an integrated part of EQT’s general 
interactions with stakeholders but can also be the principal 
reason for a conversation. Apart from what is presented in the 
table, other key stakeholders that EQT frequently engages with 
include: Future employees, owners and buyers, entrepreneurs, 
advisors and other business partners, industry associations, 
 politicians and opinion builders, regulatory bodies, academia, 
unions, research analysts and ESG rating agencies.
Key stakeholders, and sustainability-related topics discussed
Examples of topics discussed
Employees
• Opportunities to 
develop as employees 
and professionals
• Ability to contribute to 
the society – in line with 
EQT's purpose
• Culture and values
• Diversity, equity and 
inclusion
EQT Network
• Values and business 
ethics
• Corporate governance
• Sustainable transfor -
mation
EQT funds’ clients
• Sustainability as a lever 
for value creation and 
performance
• Comparability and con -
sistency in sustainability 
data, KPIs, reporting 
and disclosures
• Regulatory and policy 
developments as well 
as compliance towards 
it, such as the Sustain-
able Finance Disclosure 
Regulation (SFDR)
EQT AB shareholders
• Sustainability as a lever 
for value creation and 
performance
• Exposure to sus-
tainability risks and 
 opportunities
• Corporate governance
• Sustainability-related 
disclosure
EQT fund’s portfolio  
companies
• Support and ideas on 
how to improve perfor-
mance in terms of sus-
tainable solutions and 
practices
• EU’s sustainable finance 
framework
EQT funds’ assets’ tenants
• Sustainability improve -
ments
• Decarbonization and 
energy efficiency
• Data collection and 
assurance
• Health & wellbeing 
amenities
Debt providers
• Risks and opportunities 
connected to environ -
mental and societal 
challenges
• KPI performance
• Data integrity, 
 assurance
EQT Annual and Sustainability Report 2023 / Page 115Sustainability notes
 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
Sustainability notes  113
Sustainability notes   114
GRI content index   139
Auditor’s Limited Assurance Report   143
Corporate governance   144
Additional information   158

===== SIDA 117 =====

MATERIALITY ANALYSIS
As part of an internal process to further unfold its purpose and 
set new, long-term sustainability ambitions, EQT’s materiality 
analysis was updated during 2022. This process included dis-
cussions and workshops with senior leaders of EQT, as well as 
workshops with employees representing mixed seniority levels 
and functions to broaden perspectives further. In addition, 
external stakeholders such as consultancy support and subject 
matter experts were invited to provide input and challenge the 
discussions and outcomes. The discussions centered around 
three main areas: EQT as an investor, EQT as an owner, and 
EQT as part of the financial system. EQT’s philosophy of impact 
and future-proofing ultimately resulted in the three focus 
 pillars where EQT aims to: 
• Invest to create shared value through intentional sourcing, 
sustainability diligence, and ensuring enhanced returns for 
all stakeholders 
• Transform itself and its investments to be sustainable through 
accountable leadership, equitable business practices and 
regenerative processes
• Lead to drive change in the industry by collaboration &  
partnership, sharing insights and learnings, advocating  
for change and driving innovation 
The process started as a bottom up exercise to identify key 
areas linked to EQT’s business model and purpose and set out 
the direction for 2030. Through the internal workshops and 
sparring sessions, a long-list of key topics was created. These 
were then grouped, prioritized and challenged by internal as 
well as external stakeholders and experts to define areas of 
material value creation. To ensure an initial application of the 
double materiality perspective, the assessment was joined by 
an evaluation of EQT’s ability to deliver superior, risk-adjusted 
returns to clients. The topics have been prioritized for reporting 
based on their significance. The time perspective considered 
• Investment and value  creation process
• Learning, partnerships and advocacy
• Reporting and transparency
Invest
Transform
Lead
Material  topics
Grouping and simplification of topics have been done for the  
purpose of presenting the outcome of the materiality analysis. 
Regenerative  processes
• Decarbonization
• Renewable energy
• Circularity 
• Biodiversity and nature
• Climate risks and adaptation
Equitable business
• Employee development, health  
and well-being
• Diversity, equity and inclusion
• Human rights including labor rights
Accountable  leadership
• Sustainability governance 
• Business ethics
• Sustainability-linked  incentives
current status but also a forward-looking perspective up until 
2030. When assessing impact, EQT has followed the recom-
mendation of the GRI Standards 2021.
Corporate Sustainability Reporting Directive (CSRD) 
During 2023, EQT started the process of incorporating the key 
sustainability matters and approach as defined by the Corpo -
rate Sustainability Reporting Directive and further elaborated 
by the European Sustainability Reporting Standards (ESRS), 
into its materiality analysis. 
The final result and reporting according to the ESRS will be 
presented in accordance with the timeline set for the directive. 
EQT Annual and Sustainability Report 2023 / Page 116Sustainability notes
 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
Sustainability notes  113
Sustainability notes   114
GRI content index   139
Auditor’s Limited Assurance Report   143
Corporate governance   144
Additional information   158

===== SIDA 118 =====

With a long-term ambition to future-proof investments and 
make them more valuable and resilient in the long-term, EQT 
aims to improve operational sustainability and grow sustain-
able revenue streams, setting companies up for success during 
and after its ownership period. By doing so, EQT can assess 
risks and contribute to addressing some of the world’s most 
pressing challenges and thereby strengthen its ability to 
deliver superior risk-adjusted returns to its clients.
 INVESTMENT AND VALUE CREATION PROCESS
EQT has an enduring commitment to responsible investment 
and ownership principles and became a signatory of the 
UN-supported Principles for Responsible Investment (UN PRI) 
initiative in December 2010. EQT’s responsible investment and 
ownership approach endeavors to align with global conven-
tions and principles, emerging standards and frameworks for 
sustainability, and comply with current and upcoming regula-
tions, as applicable and appropriate to each EQT fund.
As a responsible investor, sustainability and sustainability con -
siderations are an integral part of EQT’s investment and value 
creation process. This extends from thematic sourcing and 
conducting sustainability due diligence, to accelerating value 
creation with an aim to future-proof investments and deliver 
positive impact across the EQT funds’ portfolio. EQT aims to 
promote sustainable business solutions and practices in the 
investments that the EQT funds own or have an interest in 
through its focused approach to sustainable principles.
EQT’s Responsible Investment and Ownership Policy (RI&O 
Policy) further describes EQT’s commitment to sustainability 
and its firm-wide sustainability approach to integrating mate -
rial sustainability topics throughout its investment and value 
creation process. In certain cases, business lines/asset classes 
maintain their own individual RI&O guidelines, such as the EQT 
Exeter ESG Investment Policy, which are aligned with the over-
arching policy but reflect the specific factors applicable to 
their respective investment strategies. EQT’s impact-led strat-
egies uses the RI&O policy alongside its additional impact 
management framework that guides impact underwriting, 
performance management and outcomes measurement.
Read more 
 The EQT RI&O Policy
 EQT Playbook
EQT’s thematic investing approach 
focuses on both deploying capital 
towards innovative solutions that 
address societal and environmental 
challenges and transforming companies 
and assets through their operations as 
well as products and services.
EQT seeks to avoid investing in cases 
where the products, services or prac-
tices cause environmental or social harm 
and there is no transition pathway to 
mitigation. In addition, EQT has estab-
lished a negative screening excluding 
direct investments in specific industries. 
EQT takes into consideration material 
sustainability risk and value creation 
levers, in assessing investment opportu-
nities through its due diligence process. 
Sector-specific exposures are consid-
ered when determining material sus-
tainability factors. 1) The outcome of the 
sustainability analysis is presented to the 
managers and/or general partners of 
the various EQT Funds and considered in 
review of the investment opportunity.
EQT is committed to improving the sus-
tainability performance and disclosure 
practices for the EQT funds’ investments. 
EQT’s has a two-fold approach to 
integrating sustainability during the hold-
ing period, with downside risk protection 
as well as supporting value creation 
opportunities to create a differentiation 
within their respective markets. 
EQT actively engages with the EQT 
funds’ portfolio companies throughout 
the ownership period. 
With transparency being one of EQT’s 
core values, material sustainability 
aspects typically form part of the vendor 
due diligence report, initial public offer-
ing prospectus or other relevant divest-
ment process documentation where 
deemed relevant.
EQT funds’ approach across the different investment lifecycle stages
ExitValue creation Due diligenceSourcing
Invest
1) Material sustainability factors are defined as those factors that EQT determines to have, or have the potential to have, a material impact on an investment’s 
ability to create, preserve or erode economic value, including as related to environmental and social value, for that organization and its stakeholders.
EQT Annual and Sustainability Report 2023 / Page 117Sustainability notes
 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
Sustainability notes  113
Sustainability notes   114
GRI content index   139
Auditor’s Limited Assurance Report   143
Corporate governance   144
Additional information   158

===== SIDA 119 =====

EQT funds’ sustainability data reporting
In addition to the RI&O policy and associated guidelines,  
EQT articulates sustainability expectations and ESG-data 
requirements through a modular set-up of value creation KPIs. 
Depending on which investment strategy the investment 
belongs to, a specific set of metrics and KPIs will apply. 
The metrics and KPIs cover regulatory frameworks and 
requirements, such as the Principal Adverse Impacts (PAI- 
indicators) stemming from the Sustainable Finance Disclosure 
Regulation (SFDR), as well as other strategic priorities for EQT. 
Relevant sustainability information and ESG data is 
reported to EQT funds’ clients through the fund reports. In 
addition, EQT discloses data on metrics covered in the ESG 
Data Convergence Initiative (EDCI) for selected and applicable 
funds. Key data from the EQT funds’ investments are also inte-
grated as part of this Annual & Sustainability Report, for exam-
ple in ‘Towards our targets’ and selected ‘Sustainability notes‘. 
The main source of information for EQT funds’ data points is 
the annual sustainability data collection process that the port -
folio companies are asked to complete in the beginning of the 
succeeding year. As the Annual follow-up process closes during 
Q1 2024, some reported figures are lagging in this report and 
covers the 2022 status. 
Sustainable Finance Disclosure Regulation
The EU Sustainable Finance Disclosure Regulation requires disclosure of sustain -
abilty-related information in relation to financial products as well as transparency 
with regard to the integration of sustainability risk. EQT’s ambition for its main funds in 
scope of SFDR is to either promote environmental and/or social characteristics (article 
8 funds) or have sustainable investments as its objective (article 9). The majority of 
EQT’s Key funds in scope are classified as Article 8 funds. To date, EQT also has one 
fund classified as an Article 9 fund, EQT Future. EQT considers principal adverse 
impacts (PAI) for selected funds and on the manager level (EQT Funds Management 
S.à r.l). More information on SFDR can be found on EQT’s website, where also the PAI 
statement can be found. Detailed product information is available for investors on the 
EQT investor portal.
SFDR classification – Key funds
Fund Launch SFDR classification
EQT VII 2015 Art.8
EQT VIII 2018 Art.8
EQT IX 2020 Art.8
EQT X 2022 Art.8
Infrastructure III 2017 Art.8
Infrastructure IV 2019 Art.8
Infrastructure V 2020 Art.8
Infrastructure VI 2022 Art.8
BPEA VII 2019 –
BPEA VIII 2022 Art.8
EQT Annual and Sustainability Report 2023 / Page 118Sustainability notes
 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
Sustainability notes  113
Sustainability notes   114
GRI content index   139
Auditor’s Limited Assurance Report   143
Corporate governance   144
Additional information   158

===== SIDA 120 =====

Transform – Regenerative processes 
Through its long-term ambition of establishing regenerative 
processes, EQT aims to adapt to climate change, decarbonize 
its business and value chain, respect and restore nature, and 
develop circular business models. EQT’s current actions range 
from investing in climate and environmental solutions, to driv-
ing decarbonization in its own operations and in the EQT funds 
portfolio companies, as well as collaboratively exploring 
industry standards for emerging topics such as biodiversity. 
DECARBONIZATION
EQT’s climate impact from its own operations mainly relates to 
emissions from business travel and energy consumption in 
offices, which EQT is working to reduce. EQT also has a signifi-
cant opportunity to reduce emissions through the EQT funds’ 
investments, both from investing in and accelerating  c  limate 
solutions, and through guidance to reduce carbon emissions in 
EQT funds’ portfolio companies and assets.
Science-based targets (SBTs)
EQT has formalized its green house gas (GHG) emission reduc-
tion targets in line with the 1.5°C pathway described in the Paris 
Agreement. The targets encompass both EQT’s own operations 
as well as the EQT funds’ investments and are formally 
approved by the  science-based targets initiative (SBTi). 
EQT further aims to support the EQT funds’ portfolio com-
panies to be on track to achieve 1.5°C aligned decarbonization 
plans by 2040, in line with the new EQT net zero guidelines. 
Implementing the SBTs continues to be a central part of EQT’s 
active ownership strategy and climate-related value creation 
across EQT funds’ investments. 
Read more  EQT Playbook
EQT’s science-based targets
Looking ahead to 2030, with 2019 as a base year, EQT  
is committing to:
1   Reducing EQT AB’s Scope 1 and 2 emissions from 
office energy consumption by 50 percent.
2   Reducing EQT AB’s Scope 3 emissions from 
 business travel by 30 percent.
3   Ensuring 40 percent of EQT funds’ private and 
listed equity portfolios companies 1) by EUR invested 
capital will have set science-based targets by 2025 
and 100 percent by 2030, 10 years faster than 
required by SBTi.
4   Reducing indirect emissions in the EQT Real Estate I 
and II funds by 55 percent per square meter floor 
area.
1) Excluding EQT Ventures due to their investments being smaller than set 
thresholds as per SBTi’s latest guidelines for venture capital.
The mergers with EQT Exeter and EQT Private Capital Asia are 
both considered material within SBTi’s methodology and 
hence, the GHG emissions from these entities’ operations are 
reported separately as an inclusion will require rebaselining 
and target recalculation in line with the SBTi criteria. EQT 
expects to include the GHG emissions from EQT Exeter’s and 
EQT Private Capital Asia’s operations and their respective 
funds in its SBTs by end of 2024.
EQT Annual and Sustainability Report 2023 / Page 119Sustainability notes
 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
Sustainability notes  113
Sustainability notes   114
GRI content index   139
Auditor’s Limited Assurance Report   143
Corporate governance   144
Additional information   158

===== SIDA 121 =====

GHG emissions from own operations
The Scope 1 and Scope 2 emissions from office 
energy consumption has increased during 2023, 
mainly relating to energy mix and increase in 
number of offices due to recent mergers and ren-
ovation. Read more of initiatives during the year 
under  section  Renewable energy. 
The gross Scope 3 emissions from Business 
travel have increased during 2023. Business 
travel emissions intensity per FTE remained at 14 
tons CO2e/average FTE in 2023 (16 tons CO2e/
average FTE for EQT’s current SBT scope), com-
pared to the baseline in 2019 with 21 tons CO2e/
average FTE. EQT acknowledges that additional 
efforts are needed to achieve stepwise progress 
towards the 2030 target, and continues to drive 
initiatives to support reduction of Scope 3 emis-
sions. For example, EQT initiated in 2023 a task 
force on identifying initiatives to reduce emissions 
from business travel while supporting business 
performance and personal wellbeing. The work 
has engaged stakeholders across business lines 
and geographies and looked into initiatives to 
improve guidelines, internal tracking systems, 
awareness and knowledge among employees, 
and improve meeting and event planning. 
In addition to supporting decarbonization, 
EQT continues to invest into high-quality carbon 
removal offsets for its unavoidable GHG emis-
sions to support the scaling of critical carbon 
technology innovation. 
EQT AB Group greenhouse gas emissions
Greenhouse gas (GHG) emissions by source and scope (metric tons CO₂e)
GHG emissions by source and scope 2023 20221) 2021
Scope 1 & 2 – Office energy  consumption 433 358 269
Scope 1 36 94 88
Natural gas 36 94 88
Scope 2 (market-based) 2) 397 264 180
Electricity 0 3 1
District heating and cooling 397 261 179
Scope 3 – Business travel 23,907 17,831 6,092
Air travel 20,990 15,343 5,462
Ground travel 1,870 1,722 359
Hotels 1,046 765 157
Total (Scope 1, 2 & 3) 24,340 18,189 6,361
Intensity tons CO 2e / average FTE 14 14 7
Intensity tons CO 2e / mEUR revenue 11 12 4
1) EQT Private Capital Asia included only since date of acquisition (October 18th, 2022).
2) Scope 2 location-based energy consumption amounted to 1,194 tons CO2e emissions in 2023.
EQT AB Groups’ science-based target scope (metric tons CO₂e)1)
 
GHG emissions – SBT tracking 1) 2023 2022 2021 2020
2019 
baseline
2030  
SBTs
Scope 1 & 2 – Office energy 
 consumption 387 339 253 288 406 203
Scope 3 – Business travel 17,386 15,392 5,142 3,490 12,593 8,815
1) Excludes EQT Exeter and EQT Private Capital Asia as not currently included in baseline and target.
Under the Operational Control Approach, EQT AB Group’s emissions apply the three scopes  
as defined by the GHG Protocol: 
Direct (Scope 1) GHG emissions  
Emissions from combustion of natural gas for office heat. 
Indirect energy (Scope 2) GHG emissions 
Emissions from the generation of purchased electricity and district heating and cooling for leased offices.
 Other indirect (Scope 3) GHG emissions 
Business travel is included in Scope 3 non-investment categories. 
GHG emissions reporting methodology-EQT AB Group 
EQT calculates and reports GHG emissions in accordance with the GHG Protocol Corporate Standard. Activity 
data includes, but is not limited to, purchase records, reports, and internal tracking controls. Where data 
has been unavailable – estimates have been made. Global warming potentials (GWPs) for EQT’s inventory 
are taken from the Intergovernmental Panel on Climate Change (IPCC) IPCC Fifth Assessment Report (AR5) 
using 100-year values. For direct emissions (Scope 1), fuel-specific emission factors for CO2, CH4, N2O are 
used for all sites worldwide using the DEFRA emission factor dataset. Databases used for Scope 2 emissions 
(dual reporting) include IEA (2023), Re-Diss, and DEFRA (2022). DEFRA (2022) is also the primary source for 
emission factors regarding scope 3 calculation and reporting. All GHG emissions are calculated in metric tons 
of pollutant and converted to metric tons of CO2 equivalents (or “CO2e”) using the global warming potentials of 
AR5. The results in the tables may not add up precisely to the totals due to rounding.
1   Reducing EQT AB’s Scope 1 and  
Scope 2  emissions by 50 percent
0
125
250
375
500
2030 
target
202320222019 
baseline
0.00
0.25
0.50
0.75
1.00
406 387
339
203
Metric tons CO2e
 Absolute CO2e emissions  
 CO2e emissions/average FTE
2   Reducing EQT AB’s Scope 3 emissions  
from business travel by 30 percent
0
5,000
10,000
15,000
20,000
2030 
target
202320222019 
baseline
Lorem ipsum
0
8
16
24
32
15,392
17,386
8,815
Metric tons CO2e
12,593
 Absolute CO2e emissions  
 CO2e emissions/average FTE
Note: figures above excl. EQT Exeter’s and EQT Private Capital Asia’s operations as these are not currently included in the SBT 
baseline and targets. Emissions incl. EQT Exeter and EQT Private Capital Asia are shown in section EQT AB Greenhouse gas 
emissions.
EQT Annual and Sustainability Report 2023 / Page 120Sustainability notes
 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
Sustainability notes  113
Sustainability notes   114
GRI content index   139
Auditor’s Limited Assurance Report   143
Corporate governance   144
Additional information   158

===== SIDA 122 =====

EQT funds’ greenhouse gas emissions (Scope 3 – investments)
Portfolio companies’ GHG emissions by scope (metric tons CO 2e) 
2022 Scope 1
Scope 2 
 (market- 
based)
  
Scope 1 & 2 Scope 3
Total GHG emissions
Total (absolutes) 9,399,764 707,439 10,107,203 43,848,241
GHG emissions based on 
funds’ economic owner -
ship (FY 2022 data) 1) Scope 1 Scope 2
  
Scope 1 & 2 Scope 3
CO2e /mEUR 
invested 4)
EQT VII 7,389 13,425 20,814 312,801 7
EQT VIII 20,532 21,031 41,564 2,871,752 6
EQT IX 62,856 14,596 77,451 7,238,003 6
EQT X 235 512 748 861,669 0
Infrastructure III 31,356 22,685 54,041 395,511 41
Infrastructure IV 80,207 18,628 98,835 1,262,354 15
Infrastructure V 5,446,310 28,983 5,475,293 2,626,737 590
Infrastructure VI 3) – – – – –
BPEA VII 15,815 71,633 87,448 502,432 27
BPEA VIII 1,530 21,174 22,705 187,705 15
Other2) 16,114 6,853 22,967 325,040 9
Total 5,682,344 219,520 5,901,864 16,584,004 121
1) Based on portfolio companies where data is available. Covering around 93% of invested capital per 31 December 2022.
2) Other includes: EQT Mid Market, EQT Mid Market Asia III, EQT Mid Market Europe, EQT Public Value, and EQT Future. 
3)  Data not available. 
4) Scope 1 & 2 metric tons/mEUR invested.
GHG emissions reporting methodology – EQT funds
GHG emissions for EQT funds’ portfolio companies are calculated and reported in accordance with the GHG 
Protocol. For the EQT funds’ investments, EQT is reporting total and weighted GHG emissions based on the 
EQT funds’ economic ownerships in each portfolio company. Note that the EQT funds’ sustainability data 
presented here is collected and calculated on a best effort basis, using a combination of third party data 
and data gathered directly from investments. While EQT cannot guarantee the completeness of the data 
presented, sustainability data in general is expected to improve in quality as standardization develops.
 GHG emissions from EQT funds’ investments
As active investors and owner, EQT funds have  
a possibility and responsibility to accelerate the 
mitigation of climate change at a larger scale. 
The SBTs are a central part of EQT’s active own-
ership strategy and climate-related value cre -
ation drivers across investments. 
2023 continued to show good progress 
towards the portfolio coverage target in EQT’s 
SBTs. Since the launch of the global engagement 
program in 2021, around 70 companies have 
engaged in the effort to set their own science- 
based targets, representing the full spectrum of 
EQT’s thematic focus sectors and geographies. 
The global engagement model has centered 
around clear responsibility and accountability 
with the company management teams, sup-
ported by EQT’s own sustainability professionals 
and leading third party service providers. 
Read more  EQT Playbook
For EQT Real Estate, Scope 1 & 2 GHG emissions 
represent landlord procured energy and Scope 3 
emissions are from tenant procured energy. The 
focus during 2023 has been to collaboratively 
work together with the SBTi to help refine their 
methodology for real estate in a private equity 
context to ensure EQT’s SBTs, also including EQT 
Exeter, are both achievable and ambitious. Given 
the 2019 baseline has changed since the SBTi tar-
get validation, this will be reflected as part of the 
planned target rebaselining as EQT Exeter assets 
are included.
3   Ensuring 100 percent of EQT funds’ 
private and listed equity portfolios 
by EUR invested capital to have  
set SBTs by 2030.
SBT commitments and submissions 28
Validated SBTs (#) 32
Portfolio coverage % 1) 44%
1) % invested equity, according to SBTi’s guidelines for 
private equity firms. Portfolio coverage % as defined 
in EQT’s Sustainability-linked bond (issued in 2022) 
amounts to 49%. 
4   Reducing indirect emissions in the 
EQT Real Estate I and II funds by  
55 percent per square meter floor 
area from a 2019 baseline by 2030.
EQT Real Estate funds GHG emissions intensity 1) 
 
 
2022
kgCO2e/sqm
2019 baseline
kgCO2e/sqm
EQT Real Estate I 41 41
EQT Real Estate II 19 7
Total 27 20 
1) Scope 1, 2, and 3 GHG emissions were reported using 
country-based carbon conversion factors. Only the floor 
areas of operational assets reporting data have been 
included; developments have been excluded. Increasing 
data availability and updates in the calculation method 
for 2022 affects the comparability to 2019 baseline.
EQT Annual and Sustainability Report 2023 / Page 121Sustainability notes
 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
Sustainability notes  113
Sustainability notes   114
GRI content index   139
Auditor’s Limited Assurance Report   143
Corporate governance   144
Additional information   158

===== SIDA 123 =====

RENEWABLE ENERGY
EQT aims to transition to renewable energy sources to reduce 
GHG emissions, lower energy costs and contribute to its 
science- based targets achievements. The direct impact of 
EQT’s own operations are related to energy usage in offices 
and the sourcing of renewable electricity. EQT’s indirect impact 
is through the EQT funds’ investments, both in terms of invest-
ing in solutions to develop and provide renewable energy, as 
well as supporting portfolio companies and assets to decrease 
its energy consumption and increase the share of renewable 
energy. 
EQT AB encourages its offices to use renewable sources of 
electricity. When this is not possible, EQT purchases Energy 
Attribute Certificates (EACs) on an annual basis. In the process 
of identifying new offices, energy credentials are also consid-
ered.
The EQT Global Workplace team has initiated a quarterly 
process to track, record, and report office utilities. This effort 
encompasses monitoring the percentage of energy sourced 
from renewable sources. Furthermore, EQT is in the process of 
creating playbooks for leasing, operations, and fitouts based 
on current best practices and expert advice. These playbooks 
will provide the operational team with best practice guidelines 
and specific KPIs to strive for. This will establish a clear and 
measurable pathway toward reducing EQT’s direct environ-
mental impact.
EQT AB Group office energy consumption
Energy consumption (MWh) 2023 20221) 2021
Electricity 3,582 2,306 1,599
District heating 1,470 699 587
District cooling 740 786 441
Natural gas 197 524 483
Total consumption 5,990 4,315 3,110
Intensity kWh per sqm 157 122 135
1) Only including EQT Private Capital Asia from date of acquisition Oct 18th. 
Share of renewable electricity
Electricity consumption (MWh) 2023 2022 2021
Electricity from renewable sources 3,582 2,299 1,596
Renewable electricity share 100% ~100% ~100%
 EQT funds’ renewable electricity tendering 1)
2023 2022 2021
No. of portfolio companies participating  
in the renewable electricity tender 36 41 34
Total volume of renewable electricity  
secured (MWh) 324,062 307,856 349,103
1) The metrics above cover EQT funds’ portfolio companies within EQT Private Equity, 
EQT Future, EQT Infrastructure and BPEA VII and VIII, i.e. the investment strategies 
where EQT funds typically have control or co-control.
  Electricity data based on funds’ economic ownerhsip  
(FY 2022 data)1)
Fund
Total electricity 
(MWh)
Renewable 
 electricity % Renewable 
EQT VII 31,199 9,177 29%
EQT VIII 73,586 31,624 43%
EQT IX 188,985 148,341 78%
EQT X 1,154 1,094 95%
Infrastructure III 556,424 232,720 42%
Infrastructure IV 713,944 423,119 59%
Infrastructure V 277,164 207,279 75%
Infrastructure VI 3) - - -
BPEA VII 91,399 5,960 7%
BPEA VIII 28,714 7 0%
Other2) 19,183 10,277 54%
Total 1,981,750 1,069,598 54%
1) Data covers around 87% of invested capital in the applicable funds per 31 December 
2022.
2) Other includes: EQT Mid Market, EQT Mid Market Asia III, EQT Mid Market Europe, 
EQT Public Value, and EQT Future.
3)  Data not available.
CIRCULARITY
Moving towards more circular processes and business models 
will have significant benefits such as improving security of raw 
material supply, increasing competitiveness and stimulating 
innovation. 
EQT’s primary impact in this area is indirect, where EQT 
supports the EQT funds’ investments as applicable to, for 
example, limiting consumption of scarce and non-renewable 
natural resources, limiting waste and promoting circular initia-
tives and business models. In EQT’s own operations the impact 
is limited to the resource and waste management of the EQT 
offices, see more information in the ‘Renewable Energy’ 
 section above. 
Internal tracking and efforts to reduce consumption are con-
ducted to the extent possible, with focus on larger offices and/
or if there are regional issues. For example, looking at areas 
with high or extremely high baseline water stress according to 
World Resource Institute’s Aqueduct water risk atlas tool, there 
are around 14 EQT offices that are located in these areas 
(examples being: Beijing, Madrid and Los  Angeles.) The con-
sumption in these offices is limited to regular office consumption. 
BIODIVERSITY & NATURE
Biodiversity is critical to the resilience of nature and the natural 
system’s ability to provide the essentials for life and human 
beings. Respecting and restoring nature and minimizing the 
loss of biodiversity is a long-term ambition for EQT. 
EQT’s offices are primarily located in urban, densely devel-
oped areas. As such, EQT does not currently measure its 
impact on land use for its own operations. 
The impact through EQT funds’ investment relates to invest-
ment themes and the case-by case assessment in terms of 
material aspects considered in due diligence. During 2023, EQT 
continued to explore the topic of biodiversity, while monitoring 
the TNFD’s final recommendations. As a part of that work, EQT 
conducted a high-level heatmap of nature issues across EQT 
core sectors and further seeks to accelerate this work going 
forward. 
 CLIMATE RISKS AND ADAPTATION
Climate change will affect companies through extreme 
weather events as well as changes to the political, regulatory 
and technological landscape. By striving to build climate resil-
ience across the platform, EQT can ensure long-term viability. 
EQT’s climate change impact is most material within the 
portfolios of EQT funds. Hence an important element is to 
assess climate risks in the sourcing and due diligence phases, 
as well as to manage and mitigate this during ownership with 
focus on ensuring that investments are future-proofed for both 
EQT and future owners. It is also linked to the transition risks 
and opportunities such as changes in laws, regulations and 
reporting requirements, where EQT is closely monitoring the 
changes and updates of the sustainability landscape to ensure 
pro activity and alignment. 
EQT Annual and Sustainability Report 2023 / Page 122Sustainability notes
 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
Sustainability notes  113
Sustainability notes   114
GRI content index   139
Auditor’s Limited Assurance Report   143
Corporate governance   144
Additional information   158

===== SIDA 124 =====

TCFD reporting 
EQT works to continuously implement and progress on the 
 recommendations from the Task Force on Climate-related 
Financial Disclosures (TCFD), an initiative which EQT formally 
endorsed in 2022. Climate-related risks are embedded in the 
overall governance, both at the EQT AB and EQT funds’ level. 
Following the combination of EQT Exeter and EQT Private 
 Capital Asia, EQT are continuing to work towards aligning  
the climate risk assessment approach. 
Governance
EQT AB’s Board has the ultimate responsibility for the strategic 
development of EQT’s sustainability performance including 
sustainability and climate risks. The assessment, management 
and oversight of sustainability risks and opportunities are tak-
ing place at several levels in the company. This includes the 
Investment Advisory Teams, the Fund Manager of EQT funds, 
the Group Risk function and the Executive Committee at EQT AB. 
The Group Risk function is responsible for assessing risk man-
agement processes and reporting relevant risks to the Risk 
Committee and the Audit Committee. A review of enterprise risks 
including applicable investment risk exposures is done at least 
annually within the Risk Committee and subsequently presented 
to the Executive Committee, Audit Committee and the Board. 
Within the EQT funds, the Investment Advisory Teams, the 
board of the Fund Manager of the EQT funds, together with the 
Risk Management Function of the Fund Manager, are responsi-
ble for assessing and managing applicable sustainability risks 
and opportunities. This is done during the due diligence pro-
cess as well as part of the portfolio performance reviews, con-
ducted during ownership. Aggregate exposures, trends and 
the effectiveness of sustainability risk management processes 
are discussed between the Fund Manager’s Risk Management 
Function and Group Risk. At Group level, the Group Risk func-
tion also reviews internal processes and ownership to ensure 
risks, including sustainability risks, are adequately managed 
and followed up on. In addition, the sustainability management 
team is also consulted with sustainability risk-related consider-
ations on a regular basis. 
Strategy
In line with its Statement of Purpose, EQT formulates its strat-
egy in a way that ensures that it remains successful and rele-
vant for stakeholders and society for the long-term. Whether it 
 sustainability risks and opportunities at the pre-acquisition stage 
and systematically includes sustainability improvements into 
value creation plans. Science-based targets (SBTs) and support-
ing a transition to renewable electricity are examples of how EQT 
believes it can future-proof investments. Over the past couple of 
years, EQT’s thematic investment approach has also been show-
cased in several investments where electrification and reduction 
of green house gas emissions are key components of value cre-
ation plans, for additional examples, see  EQT Playbook
Operations
As EQT’s SBTs include ambitious greenhouse gas emissions 
reduction targets for EQT’s own offices and business travel, 
working towards reaching the targets would not only reduce 
the carbon footprint for all EQT offices but it will also help EQT 
future-proof its own operations and manage its costs and 
resources more efficiently.
Climate-related risks
Physical and transition risks 
Physical climate risks such as risks arising due to extreme 
weather events and rising mean temperatures, and transition 
climate risks such as risks arising due to policy changes, 
changing customer behaviors and changing technology, aris -
ing at EQT funds’ investments’ level could, if realized, impact 
EQT Group’s revenues in different ways. First, it would nega-
tively affect the revenues, costs and ultimately the valuation  
of those investments, which could result in lower investment 
income and carried interest for the Group. A high exposure to 
climate-related risks in EQT funds might also have an impact 
is through the launch of impact-driven strategies, sustainably 
transforming investments and/or launching firm-wide initia -
tives, such as SBTs to drive systematic improvements, EQT 
 continues to embed sustainability as an integral part of its 
fundraising activities and operating model.
EQT considers climate-related risks and opportunities in the 
strategy work for the Group. For concrete examples of ambi-
tions and initiative, see  EQT Playbook
Below are examples of identified climate-related opportuni-
ties and risks, spanning from short-term to mid/long-term as 
the time horizon expands from EQT funds’ investment and own-
ership period (typically around 3–6 years, longer for long-hold 
funds), to future owners’ perspective (another 3–6 years).
Climate-related opportunities
Strategies & products
Similar to EQT, investors in general are increasingly turning 
their attention to funds investing in companies and assets that 
have sophisticated principles and processes around sustain -
ability, to mitigate risks and capture opportunities. This trend 
offers an opportunity for EQT to tailor its product offering to 
meet an increasing client demand for more sustainable prod-
ucts (and more sustainable underlying investments).
Value creation
Sustainability is increasingly considered by private market firms 
as key drivers of investment success. Understanding both the 
 bigger picture and specific investment opportunities and risks 
related to sustainability is becoming key to delivering sustainable 
value creation. EQT reviews potential investment targets for 
This chart is a simplified illustration showing sustainability risks governance  
Board of the  
Fund Manager
Sustainability function
EQT AB Board   Audit 
 Committee
EQT Executive Committee
Risk Committee
Investment Committees 
Group Risk Risk Management
at Fund Manager level
Investment  
Advisory Teams
EQT Annual and Sustainability Report 2023 / Page 123Sustainability notes
 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
Sustainability notes  113
Sustainability notes   114
GRI content index   139
Auditor’s Limited Assurance Report   143
Corporate governance   144
Additional information   158

===== SIDA 125 =====

on EQT’s ability to raise future funds, which in turn would lead 
to lower management fees. 
EQT is not heavily reliant on physical assets and operations 
to conduct its activities and has robust business continuity 
plans and remote working arrangements to prevent potential 
climate-related disruptions. As such, EQT’s direct exposure to 
physical climate risk is considered low, and something that also 
was assessed as part of a physical risk assessment conducted 
during 2022 for EQT’s largest offices. However, the EQT Group 
is exposed to transition risks coming from new environmental 
and sustainability-related regulatory requirements in the 
financial sector. Non-compliance with these rules could lead  
to additional costs but could also damage its reputation with 
existing and prospective investors.
Reputational risks
If EQT would not be successful in executing its climate agenda 
within EQT funds’ investments and at EQT Group level, it could 
hurt its reputation towards clients and the general public. Such 
risk could arise if EQT does not take proper actions to towards 
its SBTs or if it is exposed to companies, sectors, or real assets, 
having a detrimental impact on the climate.
risks may impact the investment selection and may also lead to 
the abandonment of an investment opportunity.
Management of sustainability risks during  
the ownership period
During the ownership period, the monitoring of material sus-
tainability risks is part of the regular risk monitoring process. 
Through its active ownership approach, EQT engages with EQT 
funds’ investments to improve their environmental perfor-
mance and hence prepare them for market conditions where 
climate impact and transparency are increasingly valued. 
Investments are regularly assessed across a set of sustainabil-
ity dimensions and KPIs, including greenhouse gas emissions. 
In addition, risk exposures in terms of sustainability-related 
reputational incidents are monitored on an on-going basis. 
The formalized SBTs are a further commitment to decreasing 
the exposure of the investments to climate risk, mainly transi-
tion risk. Read more  Towards our targets 
EQT strives to constantly improve the sustainability risk 
management and monitoring process. During 2023, the busi-
ness lines have each further improved the processes of identifi-
cation and assessment of material sustainability risks at the 
due diligence stage, in order to support informed investment 
 decision making, as well as sustainability risk mitigation during 
the ownership period.
Metrics and targets
EQT has publicly reported on its greenhouse gas emissions 
from its own operations since 2015. Recognizing that EQT’s 
main impact on the climate is indirect, through the EQT funds, 
EQT is engaging actively with portfolio companies and invest-
ments around this topic and requests greenhouse gas emission 
data on an annual basis.
EQT’s main climate-related targets are its SBTs as well as a 
long-term commitment to accelerate portfolio companies’ tran-
sition to renewable electricity. Read more about current status 
 Decarbonization and Renewable energy
Within the EQT AB sustainability-linked bonds as well as the 
sustainability-linked finance facilities for certain funds, there 
are incentives linked to improved sustainability-performance 
in relation to these targets. EQT is continuously striving to 
enhance its processes and disclosures within sustainability, 
including climate risks. 
Fundraising risks
EQT’s failure to identify climate-related investment opportuni -
ties and client preferences towards sustainable products could 
hurt EQT’s market share in the long run. 
Risk Management
The management of portfolio risks and enterprise risks is con-
ducted at different levels within the Group, as described in the 
Governance section above. Given the impact is largest in an 
EQT funds portfolio perspective, additional detail on the risk 
management within the EQT funds is provided below. 
Integration of sustainability risks
EQT includes sustainability risks, including climate-related risks 
at fund-level, as part of its risk management process in majority 
owned investments. Sustainability risks can either be consid-
ered as a set of risks on their own or have an impact on other 
risks and contribute significantly to these risks, such as market 
risks, liquidity risks or reputational risks.
Identification and assessment of sustainability risks
Prior to any investment decision, the relevant investment advi-
sory teams will identify the material risks, including sustainability 
risks, associated with each proposed investment. As part of this 
due diligence process, the target company or asset’s exposure 
to, management of, and performance on sustainability-related 
issues and as applicable climate-related risks and mitigation 
measures are assessed and analyzed. This assessment forms 
part of the overall investment proposal. Identified sustainability 
Real Estate update on climate risks
All assets which EQT Exeter directly manages are cur-
rently undergoing physical climate risk assessments. 
Through this approach, EQT Exeter are establishing the 
methods to incorporate risk assessment into due dili-
gence, identify properties at acute risk, report aggre-
gate risk metrics, and track progress of adaptation and 
resilience measures. Further, internal training have 
been conducted during 2023 to educate investment 
and due diligence teams on physical climate risks.
Infrastructure update on climate risks
EQT Infrastructure has during 2023 been supported by 
the external provider in conducting TCFD-aligned sce-
nario analysis. This involved a pre-screening to identify 
and prioritize portfolio companies that may benefit from 
further assessment via ranking of climate risk scores 
generated via analysis of key sectors and geo graphies 
of risk based on current climate conditions. Portfolio 
companies considered at a potentially higher risk were 
selected for company-specific analysis to determine the 
relative exposure of EQT to a portfolio company’s cli-
mate risk. EQT Infrastructure’s portfolio is considered a 
low risk based on exposure to changing intensity and/or 
frequency of physical climate events. EQT has also 
enlisted external support to conduct transition-focused 
scenario analysis, and delivered a series of upskilling 
workshops focused on TCFD and scenario analysis.
EQT Annual and Sustainability Report 2023 / Page 124Sustainability notes
 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
Sustainability notes  113
Sustainability notes   114
GRI content index   139
Auditor’s Limited Assurance Report   143
Corporate governance   144
Additional information   158

===== SIDA 126 =====

It is the people who realize EQT’s purpose to make a positive 
impact. EQT aims to ensure equal rights and opportunities 
across all aspects of the business, internally as well as in the 
value chain. Attracting and nurturing a diverse, world-class 
EQT team and network is crucial for performance and long-
term success. In recent years, EQT has grown not only organi-
cally but also through two major acquisitions. Following EQT’s 
recent combinations with Exeter and EQT Private Capital Asia, 
several people-related processes have been harmonized 
across the organization, a process that will continue during 
2024. 
EMPLOYEE DEVELOPMENT, HEALTH AND WELLBEING
Employee engagement is fundamental to physical and mental 
wellbeing and a key driver for performance and continuous 
development. EQT’s direct impact on employee engagement 
relates to its own operations, to its  culture and values, to its 
workplaces, and ability to develop and motivate its workforce. 
EQT follows up on engagement and wellbeing using regular 
surveys where employees respond anonymously. The insights 
gained through these surveys help define strategic priorities 
and enable managers to make better people-related decisions 
as well as tracking trends.
Employee engagement  
(score 1–10)1) 2023 2022 2021
Women 8.0 8.2 8.1
Men 8.1 8.4 8.1
Total 8.0 8.3 8.1
1) Aggregate response rate 75%. From 2023 all employees are included, 2022 and 
earlier EQT Private Capital Asia and EQT Exeter are not included.
EQT encourages open conversations about mental well-being 
at work and takes a preventative and personalized approach 
to mental health through the ‘My Mental Wealth’ initiative, a 
digital coaching platform and online training to nurture mental 
well-being and build mental resilience. Additionally EQT has 
entered into a partnership with Myndup, a global mental 
health provider who offer support across the entire mental 
health spectrum. To ensure a balanced work environment,  
EQT provides  flexible work schedules and monetary support 
for home office equipment and for physical activities.
EQT’s global workplace health and safety guideline is 
designed to meet international as well as local workplace 
safety standards. It captures work-related risks and activities 
that take place in the EQT offices. During 2023, a majority of 
the EQT offices have been risk assessed by trained local health 
and safety officers. A workplace hazard reporting tool was 
launched in 2023 and all work-related accidents or incidents 
are now being reported on this new platform. Once a work-
place incident or accident has been reported, this will be inves-
tigated by the Local Health and Safety Officer and the report 
will be submitted to the Head of Workplace Management. 
Personal development, feedback and performance
A key component of EQT’s people strategy is supporting 
employees to realize their potential. To develop and improve 
individual performance, both structured 360-degree feedback 
and everyday direct feedback is used. Employees, in EQT and 
in some of the recently merged operations, are offered regular 
performance and career development reviews. Going for-
ward, performance management processes and tools will be 
aligned throughout EQT. 
Employee development is supported through on-the-job 
training with seniors training juniors, buddy systems, and with 
proactive role moves to provide learning opportunities. 
EQT is a performance driven organization focused on long-
term value creation. Team and individual performance are 
important, therefore EQT rewards both. All staff are encour-
aged to take ownership and contribute to EQT’s success and 
are rewarded for innovative ideas and collaboration. EQT 
offers competitive, fair and equal compensation, reviewed 
annually against a range of benchmarks. Benefits are funda-
mentally global, but also based on geography and in line with 
local practice. Long-term incentives and investment opportu-
nities include an annual share incentive plan, carried interest 
and co-investment schemes. Higher performance is rewarded 
with higher compensation through variable pay.  
 
Training
The EQT Academy is an in-house training capability delivering 
training for each career stage and function – from general 
onboarding programs to career progression and personal 
development programs, read more in  People
In 2023, the average training hours were approximately  
13 hours/FTE and included training activities within the EQT 
Academy platform, compliance and sustainability- specific 
training. Note that the below does not capture various external 
trainings or on-the-job training and development activities, 
such as mentoring or conferences. 
 
Training 2023 20221) 20211)
Average training hours per FTE 13 23 20
Average educational cost per FTE 1,584 2,217 3,336
1) Figures do not include EQT Exeter or EQT Private Capital Asia.
Transform – Equitable business 
EQT Annual and Sustainability Report 2023 / Page 125Sustainability notes
 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
Sustainability notes  113
Sustainability notes   114
GRI content index   139
Auditor’s Limited Assurance Report   143
Corporate governance   144
Additional information   158

===== SIDA 127 =====

DIVERSITY, EQUITY AND INCLUSION
By embracing individual differences, EQT helps challenge pre -
vailing perspectives. Inclusive leadership, processes and ways 
of working are key to creating a safe and collaborative envi-
ronment. Diversity, equity and inclusion (DE&I) are aspects 
considered in all business operations, from the recruitment and 
onboarding of new team members to the development, com-
pensation and recognition of employees. During 2023, 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 sys-
tematic approach to creating broader, diverse representation 
across our leadership 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 the Board, C-Suite and top earners. 
This global ambition will be implemented across EQT’s busi-
ness lines and the portfolio companies, taking into account 
geographical, cultural and business contexts. 
EQT’s commitment to DE&I is formalized in policies and 
guidelines such as the EQT Code of Ethics and the EQT Diversity 
& No-Harassment Guideline. EQT has an established reporting 
process around these issues, which is open for the organization 
if there is a concern that needs to be followed-up. Concerns 
can be addressed directly to line managers and HR or anony-
mously through EQT’s employee engagement tool and the 
whistleblowing system. EQT addresses all perceived inappro -
priate behaviors and works proactively with training to 
increase knowledge and awareness among all employees.
DE&I initiatives in the organization and beyond
EQT WIN is an employee-driven initiative founded in 2017  
with the purpose of attracting more women to the company, 
increasing retention of female employees, implementing action 
points to ensure equal opportunities for all, and driving initia-
tives that ensure more equal and inclusive workplaces. 
To ensure EQT is a flexible and inclusive workplace for par-
ents, EQT offers support and benefits packages designed to 
enable parents to combine career and family. This includes 
retained salary during part of the parental leave, time-off in 
excess of what is a legally required minimum for both primary 
and secondary caregiver, parental leave planning toolkit and 
coaching, an allowance for childcare related services, flexible 
work hours and the possibility to reduce working time. The har-
monization of employee benefits across the organization will 
continue in the coming year. Safeguarding work-life balance 
and ensuring time for family remain key priorities for EQT.
EQT’s commitment to DE&I does not only concern its own 
organization. EQT aims to inspire change in the broader finan-
cial industry. When staffing teams working with EQT, advisors 
providing professional services are encouraged to have a 
maximum 60% of the same gender as part of the team set up, 
with focus on the senior levels and promote a diverse represen-
tation of other characteristics to ensure a higher degree of 
diversity in teams working together. 
EQT further collaborates with organizations such as Out 
Investors (an LGBTQ+ network, with the mission to make the 
direct investing industry more inclusive) and Level20 (an orga-
nization with a vision of improving gender diversity in the pri-
vate equity industry). In addition, EQT engages with student 
organizations, gives lectures at universities, and offers intern -
ship programs – often with a DEI angle – to inspire a broader 
stakeholder group to join the private markets industry.
HUMAN RIGHTS INCLUDING LABOR RIGHTS
Human rights are an important means of protection for indi-
viduals. EQT works to support and respect human rights and 
ensure compliance with Universal Declaration of Human Rights 
(UDHR) and International Labor Organization (ILO) labor stan-
dards. EQT is a formal signatory of the United Nations Global 
Compact and supports and aligns with their ten principles, 
which includes Human and Labor Rights. The membership 
increases EQT’s transparency through the Annual Communica-
tion on Progress and allow employees to access the UNGC 
learning platform. 
EQT’s direct human rights risks are mainly connected to its 
employees with regards to DE&I and a healthy, safe and dis-
crimination- and harassment-free workplace. EQT’s commit-
ment around these areas are formalized in policies including 
the EQT Code of Ethics, the EQT Diversity & No-Harassment 
Guideline and the EQT Global Health and Safety Guideline  
(see details above). 
EQT follows market practice in the different countries where  
it operates, for benefits offered and work security practices. 
EQT’s employees have the right and opportunity to be union-
ized. EQT supports the ILO core conventions and its principles, 
among them the freedom of association and right to collective 
bargaining. In France, Italy and Spain, EQT has entered into 
collective bargaining agreements, covering 4% percent of the 
total workforce. 
EQT seeks to align its practices and that of its suppliers and 
business partners with the expectations set out in the UN Guid-
ing Principles on Business and Human Rights (UNGP) and the 
OECD Guidelines for Multinational Enterprises, further being 
outlined in the EQT Business Partner Code of Conduct. 
EQT’s main impact and risk in this area is however most 
important through the EQT funds’ and their portfolio compa-
nies or assets. EQT therefore aims to promote sound ethical 
standards within EQT funds’ portfolio companies. EQT’s sus-
tainability standards, as described in the Responsible Invest -
ment & Ownership Policy, include human and labor rights 
aspects. As an additional precaution, EQT funds’ portfolio 
companies are regularly screened using an external screening 
tool to monitor ESG incidents in the portfolio which uses the 
UNGC principles as a way to identify incidents relating to e.g., 
human rights. 
EQT performs regular AML and KYC checks on clients. 
EQT AB Group employee data
In principle, all employees are employed on a permanent basis 
and work full-time. Part-time is usually connected to parental 
leave and not an employment contract. A majority of activities 
performed are done by EQT employees.
EQT reports full-time equivalent employees with two 
 measures, FTE+ also includes FTEs and on-site consultants. 
For some of the metrics, the data is based on headcount. 
On-site consultants help EQT maintain operational continuity 
during extended absences, e.g., parental leaves or temporary 
reassignments. They can fill roles until permanent hires are 
made and, in certain cases, provide expertise that may be 
 difficult to access otherwise or that is not needed long-term.
EQT Annual and Sustainability Report 2023 / Page 126Sustainability notes
 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
Sustainability notes  113
Sustainability notes   114
GRI content index   139
Auditor’s Limited Assurance Report   143
Corporate governance   144
Additional information   158

===== SIDA 128 =====

Employee count 2023 2022 2021
Employees (FTE+), numbers 1,838 1,790 1,160
Employees (FTE), numbers 1,777 1,669 1,059
Employees (Headcount), numbers 1,829 1,731 1,102
Temporary employees (FTE) 1% 1% 1%
Employee distribution (FTE)
Employees by category, gender and region 2023 2022 2021
Total, end of reporting period 1,777 1,669 1,059
By category
Investment Advisory Professionals 468 461 292
All other professionals 1) 1,310 1,208 767
By gender
Women 44% 43% 42%
Men 56% 57% 58%
By region 
Americas 411 373 273
Asia-Pacific 324 323 74
Nordics 412 390 304
Rest of Europe 630 583 410
1)  All other professionals includes: Real estate advisory professionals and supporting 
specialists.
 
Governance forums, share women and men 2023 2022 2021
Board 7 8 8
Women 29% 38% 50%
Men 71% 62% 50%
Senior Executives 1) 12 14 8
Women 33% 27% 13%
Men 67% 73% 87%
Partners 125 124 77
Women 14% 15% 14%
Men 86% 85% 86%
1)  Senior executives are defined as members of EQT Executive Committee as per 
December 31, 2023.
Employees by gender, age and seniority 2023 2022 2021
Investment Advisory Professionals 477 475 300
Women 31% 29% 25%
Men 69% 71% 75%
Under 30 years 27% 38% 29%
30–50 years 65% 54% 66%
Over 50 years 8% 8% 5%
Partner 1) , total number 105 103 68
Women 13% 14% 12%
Men 87% 86% 88%
Managing Director and Director, total number 155 141 87
Women 24% 20% 11%
Men 76% 80% 89%
Vice President and Associate, total number 217 231 145
Women 44% 42% 39%
Men 56% 58% 61%
All other professionals 2) 1,352 1,256 802
Women 50% 49% 51%
Men 50% 51% 49%
Under 30 years 21% 28% 23%
30–50 years 66% 61% 67%
Over 50 years 13% 11% 10%
All other professionals of which STEM 3) 98 79 43
Women 22% 23% 19%
Men 78% 77% 81%
Employee distribution table above is based on headcount. 
1) Refers to Partners within the investment advisory organization only.
2) All other professionals includes: Real estate advisory professionals and supporting 
specialists.
3) STEM stands for science, technology, engineering and mathematics workers, here 
classified as EQT Tech and Motherbrain.
New hires and turnover
Employee hires (headcount) 2023 2022 2021
Total number 328 486 313
By gender
Women 165 50% 233 48%  172 55%
Men 163 50% 253 52%  141 45%
By region  
Americas 84 26% 99 20%  47 15%
Asia-Pacific 56 17% 50 10%  22 7%
Nordics 70 21% 135 28%  106 34%
Rest of Europe 118 36% 202 42%  138 44%
By age group  
Under 30 years 141 43% 221 45%  144 46%
30–50 years 160 49% 247 51%  163 52%
Over 50 years 27 8% 18 4%  6 2%
By category and gender  
Investment Advisory Professionals,  
total number and share of new hires 63 19% 95 20% 60 19%
Women 19 30% 46 48%  27 45%
Men 44 70% 49 52%  33 55%
All other professionals, total  
number and share of new hires1) 265 81% 391 80% 253 81%
Women 146 55% 187 48% 145 57%
Men 119 45% 204 52% 108 43%
1) All other professionals includes: Real estate advisory professionals and supporting 
specialists.
EQT Annual and Sustainability Report 2023 / Page 127Sustainability notes
 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
Sustainability notes  113
Sustainability notes   114
GRI content index   139
Auditor’s Limited Assurance Report   143
Corporate governance   144
Additional information   158

===== SIDA 129 =====

Employee  turnover (headcount) 2023 20221) 20211)
Turnover, total number and % 243 14% 132 10% 141 13%
Voluntary employee turnover  2) 135 8% n.a n.a n.a n.a
By gender
Women 111 46% 80 61% 62 44%
Men 132 54% 52 39% 79 56%
By region
Americas 46 19% 30 23% 41 29%
Asia-Pacific 58 24% 13 10% 10 7%
Nordics 54 22% 28 21% 44 31%
Rest of Europe 85 35% 61 46% 45 32%
By age group
Under 30 years 70 29% 32 24% 38 27%
30–50 years 146 60% 87 66% 92 65%
Over 50 years 27 11% 13 10% 13 9%
By category
Investment Advisory 
 Professionals 60 25% 22 17% 24 17%
All other professionals 3) 183 75% 110 83% 117 83%
1) Excluding EQT Private Capital Asia.
2) Refers to employees who left EQT (resignation and retirement).
3) All other professionals includes: Real estate advisory professionals and supporting 
specialists.
CEO pay ratio
CEO to FTE1) 2023 20222) 20213)
CEO pay ratio 4.0 3.1 2.6
1) Highest paid individual is not the CEO.
2) CEO total cash compensation to median FTE total cash compensation.  
Excluding EQT Private Capital Asia. 
3) CEO total cash compensation to median FTE total cash compensation. 
Excluding EQT Private Capital Asia & EQT Exeter.
Gender pay gap
Men to women1) 2023 2022 2021
Total 45% 39% 56%
Investment Advisory Professionals 34% 31% 34%
All other professionals 2) 37% 30% 44%3)
1) Unadjusted gender pay gap in line with PAI indicator, i.e., calculated as the 
difference between average gross cash compensation of men vs. women as a 
percentage of average gross cash compensation of male employees (average FTEs). 
2) All other professionals includes: Real estate advisory professionals and supporting 
specialists.
3) Excluding EQT Exeter.
Note that EQT applies local salary grids for roles where there are many staff in similar 
positions. This protects a bias-free and merit-based equal pay program. In the same 
country and at the same seniority level there are no material pay differences between 
genders. 
Gender distribution among top 20% earners
2023
Women 22%
Men 78%
Parental leave
Number of weeks1) 2023 2022 2021
Parental leave total number of weeks 1,914 1,609 1,112
Women share of total 72% 71% 64%
Men share of total 28% 29% 36%
1) 2022 excludes EQT Private Capital Asia. 2021 excludes EQT Exeter. 
Sickness absence 
Reported sick leave 1) 2023 2022 2021
Total sick leave as % of hours worked 0.4 0.1 0.1
Women share of total 84% 94% 82%
Men share of total 16% 6% 18%
1) 2022 excludes EQT Private Capital Asia. 2021 excludes EQT Exeter.
Note that there has been no fatality as a result of work-related injury.
 EQT funds’ board and management diversity
As different perspectives are key for better decision- making 
and performance, EQT strives to have the best possible board 
compositions and aims for gender balanced boards in the 
EQT funds’ portfolio companies. To further drive action and 
accountability towards this ambition, interim targets have 
been included in ESG-linked credit facilities for funds as well 
as the EQT AB sustainability-linked bonds. Going forward, 
EQT’s new global ambition will be implemented across 
EQT’s business lines and the portfolio companies, taking into 
account geographical, cultural and business contexts. 
 Board gender diversity across EQT funds’ portfolio 
companies, breakdown per key fund 
Board gender 
diversity  
(average share)
Independent 
board  members 
appointed by EQT
All Board 
 members Chairpersons
Women Men Women Men Women Men 
EQT VII 46% 54% 27% 73% 22% 78%
EQT VIII 43% 57% 27% 73% 0% 100%
EQT IX 45% 55% 23% 77% 19% 81%
EQT X 30% 70% 22% 78% 0% 100%
Infrastructure III 36% 64% 26% 74% 20% 80%
Infrastructure IV 33% 67% 23% 77% 18% 82%
Infrastructure V 34% 66% 26% 74% 0% 100%
Infrastructure VI 40% 60% 29% 71% 33% 67%
BPEA VII 20% 80% 19% 81% 7% 93%
BPEA VIII 27% 73% 10% 90% 20% 80%
Note: 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. The measure of independent board members excludes EQT’s own Investment Advisory Professionals as well as board 
members the EQT funds do not have appointment rights over.
 Women  Men  Women  Men 
All board members
%
0
25
50
75
100
202320222021
76 74
24 26
78
22
 Women  Men 
Chairpersons
%
0
25
50
75
100
202320222021
11 12
89 88
14
86
Independent board members appointed 
by EQT
%
0
25
50
75
100
202320222021
31 37
69 63
34
66
Gender diversity across EQT funds’ portfolio companies
EQT Annual and Sustainability Report 2023 / Page 128Sustainability notes
 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
Sustainability notes  113
Sustainability notes   114
GRI content index   139
Auditor’s Limited Assurance Report   143
Corporate governance   144
Additional information   158

===== SIDA 130 =====

EQT aims to ensure clear accountability and transparency for 
the EQT funds’ investments as well as its corporate operations 
in order to drive real impact and long-lasting transformation. 
Read more about EQT’s work with the EQT funds’ investment  
to ensure accountability in  Towards our targets
SUSTAINABILITY GOVERNANCE
EQT AB’s board of directors is ultimately responsible for the 
strategic development of EQT’s sustainability performance. In 
2023, the EQT AB Board approved a two years sustainability 
strategy and objectives for EQT, further strengthening the 
board’s involvement in EQT’s sustainability agenda.
Sustainability is linked into EQT’s governance and desion-
making through the Sustainability Committee. The Sustainabil -
ity Committee convenes on a quarterly basis, and provides a 
way for EQT to formalize the ongoing discourse between the 
EQT Executive Committee and the board.
Collectively, these mechanisms enable EQT to strengthen 
the sustainability mandate of the board, and to future-proof 
the firm in line with forthcoming sustainability trends. Regular 
updates on the Sustainability agenda are provided by the 
Chairperson of the Sustainability Committee during the EQT AB 
Board’s meetings. The members of the Sustainability 
 Committee in 2023 are: 
• Gordon Orr – Chairperson of the Committee, board  
member of EQT AB
• Margo Cook – Committee member, board member  
of EQT AB
• Diony Lebot – Committee member, board member  
of EQT AB 
To drive the overall integration and implementation, EQT has 
a dedicated group sustainability team led by the Global Head 
of Sustainable Transformation, who is part of the EQT Execu-
tive Committee. To set the sustainability strategy and opera-
tionalize commitments, there is a Sustainability Management 
Team (SMT), consisting of the Global Head of Sustainable 
Transformation, the Head(s) of Sustainability of all business 
lines, as well as sustainability leads in other key functions. The 
SMT meets on a regular basis to discuss firm-wide, strategic 
sustainability projects and risk management, as well as 
ensures coordination and aligned planning and communica -
tion across the platform. Further, to ensure firmwide engage-
ment, acceleration and integration of the sustainability 
agenda, EQT has two sounding boards in place, with partici-
pants appointed by the Executive Committee: the Bridge 
Forum and NextGen Sounding Board. 
In 2023, the governance around sustainability strategy; 
impacts, risks and opportunities, and reporting have been 
further formalized in the Rules of Procedures. EQT is continu-
ously working on strengthening the sustainability competen -
cies of the board and a new structure for sustainability 
 training and interactive sessions for the board has been 
developed and the first annual training was held in March 
2023. The board is updated around the sustainability report-
ing. The resumes of the EQT AB board members are found in 
the Corporate Governance Report, containing education, 
background as well as current and previous assignments that 
indicate  competencies.
Sustainability management and governance
Business Line Sustainability EQT 
 Foundation
• Sustainability 
 Incubator
• Impact 
investing
• Sustainability 
steering
Group Sustainability
• Firmwide strategy and 
standards 
• Client partnerships
• Sustainability data & 
reporting
• Corporate sustainability
EQT AB Board
EQT Executive Committee
Network of Sustainability Ambassadors
Investment advisory professionals supporting the integration of sustainability in investment and ownership
Private Capital
Sustainability Committee
Global Head of Sustainable 
Transformation 
Real Assets
• Business line specific strategy across assets, investments and funds 
• Implementation of firmwide standards
• Sustainability and Impact data collection and monitoring
Transform – Accountable leadership 
EQT Annual and Sustainability Report 2023 / Page 129Sustainability notes
 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
Sustainability notes  113
Sustainability notes   114
GRI content index   139
Auditor’s Limited Assurance Report   143
Corporate governance   144
Additional information   158

===== SIDA 131 =====

BUSINESS ETHICS
Business ethics is a prerequisite for EQT’s license to operate. 
EQT’s Code of Ethics (the “Code”) describes the values, ethical 
principles and standards of the EQT way of conducting busi-
ness. In particular, the Code emphasizes EQT’s enduring com-
mitment to sound business practices, zero tolerance for bribery 
and corruption, commitment to preventing money laundering 
and terrorist financing, and handling of conflicts of interest. The 
Code is intended to guide both EQT as a firm and its employees 
in performing tasks and their decision making and demon-
strates the standards by which EQT measures itself. Aside from 
following the Code and other policies, EQT complies with all 
applicable laws and regulations in the countries wherever  
EQT conducts business.
The Code is communicated to all new employees and tem-
porary staff when starting at EQT. On an annual basis, all 
employees and temporary staff are reminded about the Code 
and other central rules as a part of the annual certifications 
process and compliance training.
EQT has a global compliance monitoring programme in 
place. It is a risk-based programme which strives to be global 
where possible and local where needed for regulatory reasons. 
In cases of deficiencies, compliance provides guidance on how 
to rectify and minimize the risk. Compliance also helps out with 
raising awareness and helping EQT to navigate the compliance 
landscape. EQT has local compliance officers in place to cover 
its regulated entities. The officers are responsible for the local 
business and report to the Global Head of Risk, Regulatory & 
Compliance as well as to the local board on a periodical basis. 
The Global Head of Risk, Regulatory & Compliance leads the 
compliance team and reports to the CFO on a regular basis and 
has a reporting line to the CEO and the Board. Reporting to the 
Board takes place at least annually or as required, and includes 
reporting on any findings during the year and rectification 
actions proposed. Possible usiness conduct breaches are also 
reported to the Audit Committee on a quarterly basis. 
EQT policies and guidelines
EQT’s governing documents are set up in three levels; 
• policies that are on principle level and approved by the 
Board (including the Code)
• guidelines that specify the principles and;
• instructions/procedures that details the ways of acting.
The policies interpret the principles stated in the EQT Code  
of Ethics. In addition, EQT also has local policies and other 
 governing documents as required for EQT’s regulated entities. 
EQT’s group policies can be found on the EQT website.  
EQT’s direct sustainability activities are governed by the 
Code. EQT’s indirect sustainability activities in the form of 
responsible investment and ownership are governed by the 
EQT Responsible Investment & Ownership (RI&O) Policy. The 
policies apply to all employees and all entities in the organiza-
tion and are communicated to all new hires upon joining EQT  
as well as being communicated to all employees on an annual 
basis as part of the annual certification process. 
During 2023, EQT has adopted a Business Partner Code  
of Conduct to further enhance its sustainability commitment. 
By establishing a set of requirements and expectations on busi-
ness partners, EQT intends to inspire to drive change in EQT’s 
supply chain by encouraging business partners to strive 
towards the same ambitions as EQT.  
  
EQT Group Policies
• EQT Code of Ethics 
• EQT Conflict of Interest Policy
• EQT Finance Policy
• EQT Governance Policy
• Information and Trading Policy
• Information Security and Data Privacy Policy
• EQT Responsible Investment & Ownership Policy
EQT Group Guidelines associated with  
EQT’s business ethics
• EQT Anti-Bribery & Corruption Guidelines (including Gifts  
and Entertainment and Political Contribution) 
• EQT Global Workplace Health and Safety Guidelines
• EQT Anti-Money Laundering and Counter-Terrorist  
Financing Guidelines
• EQT Conflict of Interest Guidelines
• EQT Diversity & No-Harassment Guidelines
• EQT Outside Business Activity Guidelines
• EQT Personal Trading Guidelines
• EQT Business Continuity Plan
• EQT Information Guidelines
• EQT Business Partner Code of Conduct 
Anti-bribery & corruption and Anti-money laundering
As stated in the Code, EQT does not tolerate any form of cor-
ruption and is committed to fighting corruption in all its forms. 
EQT is also fully committed to preventing money-laundering 
and terrorist financing, and complies with all applicable regu-
lations in these areas wherever it conducts business or has 
business relationships. In order to achieve these objectives, 
EQT has governing documents, procedures and monitoring 
activities in place. The framework is global within EQT, and the 
compliance activities are conducted by a group wide internal 
network of compliance managers in charge within EQT’s global 
compliance matrix to ensure local expertise and global scaling.  
EQT Annual and Sustainability Report 2023 / Page 130Sustainability notes
 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
Sustainability notes  113
Sustainability notes   114
GRI content index   139
Auditor’s Limited Assurance Report   143
Corporate governance   144
Additional information   158

===== SIDA 132 =====

EQT has Anti-Bribery and Corruption Guidelines, specifying 
the principles under the Code. These guidelines also include 
sections about gifts and entertainment, political contributions, 
prohibition of facilitation payments, defined as a small unoffi -
cial payment or benefit made to secure or expedite the perfor-
mance of a routine or necessary government action to which 
the payer has legal or other entitlement. 
EQT’s Anti-Money Laundering program consists of policies 
and procedures designed to prevent and detect money laun-
dering and related activities. Part of that program is a set-up  
to perform KYC (know your customer) on fund clients, EQT 
funds’ portfolio companies and EQT entities. EQT reviews its 
Anti-Money Laundering (AML) and Countering of Financial 
Crime and Terrorist Financing (CTF) strategies, goals and 
objectives on an ongoing basis.
EQT is committed to combating financial crime and imple-
menting appropriate controls to mitigate the risk that invest-
ments are in breach of the AML/CTF Laws, namely for the pur-
poses of money laundering, terrorism financing, bribery and 
fraud events.
All EQT employees must complete initial training on EQT 
Business Ethics, Anti-Bribery & Corruption and Anti-Money 
Laundering when starting at EQT to ensure they are aware of 
the risks, requirements and consequences of non-compliance. 
EQT conducts an annual ethics training focusing on topics 
related to EQTs business ethics practice including Anti-Bribery 
& Corruption and Anti-Money Laundering. The training is man-
datory for all employees including members of the EQT Execu-
tive Committee, consultants and temporary staff. Some regions 
and countries receive training more often, face-to-face and/or 
in greater depth in line with local regulatory requirements. In 
some jurisdictions mandatory training is also provided by exter-
nal specialized firms or by our local compliance officers spe-
cialized in these areas to further comply with regulatory 
requirements.
 
Confirmed incidents of corruption  
and actions taken 2023
During the reporting period, there were no confirmed incidents 
of corruption or material breaches of business ethics, and no 
employees were dismissed or disciplined for corruption.
Confirmed incidents of Money Laundering  
and actions taken 2023
During the reporting period, there were no confirmed incidents 
of money laundering or material breaches of business ethics.
Conflicts of interest
EQT is committed to identifying, preventing, managing and 
monitoring actual and potential conflicts of interest that can 
arise in the course of the management of EQT funds and as 
part of the ordinary course of business for members of the  
EQT AB Group.
EQT has a Group Conflict of Interest Policy in place as well 
as underlying documents to govern more specific situations. 
These include for example an Instruction regarding Allocation 
of Investments and Related Matters, Cross-Fund Transactions 
and Related Matters, Conflict of Interest Instruction of EQT AB 
Balance Sheet Investments and governing documents intended 
to mitigate conflict of interests between EQT and its employees 
such as the Personal Trading Guidelines and the Outside Busi-
ness Activities Guidelines. The regulated entities within EQT 
may have additional Conflicts of Interest policies as well.
The Global Head of Risk, Regulatory & Compliance together 
with the local compliance officer is responsible for implement-
ing systems to identify actual and potential material conflicts  
of interest by and among the EQT funds, and between the EQT 
funds and the EQT AB Group. EQT also has a Conflict of Interest 
Committee.
EQT further maintains a global conflict of interest register 
and each fund has its own investor committee where matters 
of conflict of interest may be raised. 
Confirmed incidents of conflict of interests  
and actions taken 2023
During the reporting period there were no confirmed breaches 
of the EQT Conflict of interest policy for EQT group.
Information security
EQT AB Group’s mission-critical infrastructure is cloud-based, 
and critical vendors comply with the highest security standards 
in each area (ISO27001, SOC2). 
EQT’s information security program is shaped by insights 
from international standards, including ISO27001, NIST, and 
Cobit 2019, tailored to meet EQT’s unique requirements, char-
acteristics, and approach to risk management. All EQT staff 
are subject to an employee awareness program to continu-
ously strengthen the security culture and achieve a high level  
of resilience to cyber-attacks. The awareness program 
includes mandatory new-joiner training, an annual awareness 
course and regular phishing tests (three in 2023). EQT has in 
place an Information security steering committee composing 
of selected of members of the Executive Committee. The steer-
ing committee recieves reports from CISO on a quarterly basis 
with summaries being reported to the Group risk function, the 
Audit committee and the Board.
EQT follows a mandatory software procurement process, 
including information security aspects, applicable for any 
 significant software or application being introduced to the  
EQT environment. EQT has in place a framework for IT General 
Controls (ITGC), against which all business critical applications 
are audited on a biannual basis. 
EQT Annual and Sustainability Report 2023 / Page 131Sustainability notes
 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
Sustainability notes  113
Sustainability notes   114
GRI content index   139
Auditor’s Limited Assurance Report   143
Corporate governance   144
Additional information   158

===== SIDA 133 =====