Årsredovisning 2023

Data Privacy
EQT is committed to protecting the personal data of its 
employees, investors and contacts and using it in an appropri-
ate manner aligned with the rights afforded to individuals by 
data protection legislation.
EQT has established and maintained an adequate record  
of processing activities, data privacy policy and guidelines, 
enhanced its agreement review process with third parties and 
established adequate data privacy incident response process. 
Data and customer privacy is paramount for EQT, and the ways 
of working include a collaboration between internal functions 
and the Virtual Data Protection Office. The working group 
reports to the Data Protection Steering Committee, which 
determines the strategy and the plan and identifies the risk 
appetite. The Data Protection Steering Committee consists of 
representatives from the Executive committee, Risk, Regula-
tory & Compliance, Corporate Legal and IT Security. The data 
privacy team is also subject to external reviews when deemed 
necessary.
All EQT employees must complete an annual information 
security training to ensure they are aware of the risks, require-
ments and consequences of non-compliance in regards to 
data privacy management and information security. 
Substantiated complaints concerning breaches of 
customer privacy and losses of customer data 2023
During the reporting period, no substantiated complaints 
regarding breaches of customer privacy and losses of 
 customer data were identified.
Responsible marketing
Marketing of alternative investment funds, such as EQT funds, 
are generally subject to certain legal and regulatory restric-
tions in all key jurisdictions, the specifics of which vary by 
 jurisdiction and investor type. 
EQT has a global, well-diversified fund investor base con-
sisting of institutional and other sophisticated investors. Any 
marketing of interests in an EQT fund will generally take place 
on a private placement basis to pre-targeted investors, and 
with proper consideration to the specific requirements that  
are relevant to a certain jurisdiction and/or fund investor. 
EQT is subject to relevant restrictions on public disclosures 
relating to funds in fundraising. As of 2023, EQT has a fund 
which enables public offering of interests in this fund. EQT is 
therefore subject to additional marketing and communication 
considerations in relation to this fund which EQT adheres to.
 
Incidents of non-compliance concerning marketing 
communications 2023
During the reporting period, no instances of non-compliance 
with regulations or voluntary codes concerning marketing 
activities resulting in fines or non-monetary sanctions from 
competent authorities were identified.
Whistleblowing
EQT fosters an open and honest culture where all employees 
are encouraged to speak their mind and communicate if they 
have any concern regarding potential risk to themselves, their 
colleagues, EQT’s business or reputation, or to any other stake-
holder. Consequently, EQT expects everyone to raise concerns 
regarding suspected unethical behaviors, misconducts and 
non-compliance with laws, regulations and policies. To this 
end, EQT encourages employees to contact their manager  
or the Global Head of Risk, Regulatory & Compliance to seek 
advice or report concerns about unethical and lawful behavior 
and/or organizational integrity. 
In addition, EQT has made available an anonymous whistle-
blowing channel both internally on the intranet and externally 
on its website. All cases reported, may it be through the 
whistle blowing channel or otherwise, are addressed by a Case 
Handling Team and the Head of the Audit Committee (and 
therefore indirectly the Board) is informed about all cases. The 
cases are also reported on an aggregated level to the Audit 
Committee. Under no circumstances is retaliation against 
whistleblowers tolerated and a robust management of these 
cases have been set in place to ensure legal protection for  
the whistleblowers. 
The whistleblowing channel has been used during the year 
and all cases have been handled and reported in accordance 
with internal processes. No case has been deemed critical for 
EQT’s business. 
Finally, EQT has established and implemented effective and 
appropriate procedures for a reasonable and prompt handling 
of complaints received from fund investors.
EQT Annual and Sustainability Report 2023 / Page 132Sustainability 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 134 =====

EUR 500 million sustainability-linked bond issued in 2021
Key Performance Indicators (KPIs)
Sustainability Performance 
Target (SPT) Target date Status 2023
KPI 1: SBTi approved greenhouse gas emission reduction 
 targets
SPT 1: Science-based targets 
approved
31 December 2023 Fulfilled in 2021
KPI 2a: Percentage of women  
Investment Advisory Professionals
SPT 2a: 28% 31 December 2026 30.6% 
KPI 2b: Percentage of independent women board members 
appointed at EQT funds’ portfolio companies
SPT 2b: 36% 31 December 2026 37%
EUR 1,500 million sustainability-linked bonds issued in 2022
Key Performance Indicators (KPIs)
Sustainability Performance 
Target (SPT) Target date Status 2023
KPI 1: Portfolio coverage %1) SPT 1: 40% 31 December 2025 49%
1) Eligible EQT funds’ private and listed equity portfolio companies by EUR invested capital to have set SBTs approved by the SBTi. Eligible companies where the EQT fund holds at 
least 25% of fully diluted shares and at least 24 months have passed since the date of acquisition. Excluding EQT Private Capital Asia. 
SUSTAINABILITY-LINKED INCENTIVES
The incorporation of relevant sustainability KPIs into incentive 
schemes, such as remuneration policies, supports a sound sus -
tainability strategy. Via incentives for financing, the sustain -
ability objectives can further be highlighted and support the 
overall sustainability ambitions.
Sustainability-linked incentives for employees
EQT has a clear remuneration philosophy (including for 
 variable cash), which also governs the remuneration to the 
Executive Committee and links compensation to EQT AB 
Group’s business strategy, sustainability, long-term interests 
and long-term value growth for its shareholders. Given EQT’s 
philosophy around sustainability and how this is ingrained in  
its purpose, sustainability criteria are also integrated in other 
parts of the evaluation. For details, please refer to the remu-
neration policy in the board of directors’ report.
On a team level, EQT links variable pay to sustainability 
using sustainability-related target achievement as a basis for 
bonus pool size decision for teams. In 2023, the variable cash 
component was linked to a qualitative assessment and, partly, 
quantitative climate-related targets, specified separately for 
different functions.
In 2023, sustainability-linked incentives was included in the 
EQT AB share program based on a qualitative assessment of 
this year’s sustainability performance.
Sustainability-linked financing
Following successful establishments of ESG-linked credit facili -
ties for EQT funds, EQT AB has issued sustainability-linked 
financings for EQT AB Group, in the format of an ESG-linked 
revolving credit facility (2020) and sustainability-linked bonds 
(2021 and 2022). Reporting towards the Sustainability Perfor-
mance Targets in the EQT AB Group sustainability-linked 
bonds are provided below. 
For more information on the KPIs and definitions, please refer 
to EQT’s Sustainability-linked financing frameworks on the  
EQT website.
EQT Annual and Sustainability Report 2023 / Page 133Sustainability 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 135 =====

Lead
Partnerships with a diversity of perspectives enables the 
development of new solutions to sustainability problems. EQT 
aims to lead change in the industry and beyond by sharing 
insights from learnings, advocating for change and driving 
innovation.  
LEARNING, PARTNERSHIPS AND ADVOCACY
Leveraging the power of innovation and partnerships is a way 
for EQT to gain new insights and perspectives as well as to con-
tribute to create change in its industry. Advocating for change 
and driving sustainable innovation can also impact EQT inter-
nally through increased engagement and collaboration from 
employees that further fuels the sustainability ambitions. 
EQT established in 2023 a client collaboration platform to 
enable it to drive sustainable transformation at scale- EQT 
thinQ Client Academy. Read more about EQT’s collaboration 
with clients in  Private Markets
Collaboration and partnerships
To promote sustainability in the ecosystem, EQT continues to be 
an active participant in industry associations, working groups 
and initiatives. Recent topics of focus have been: 
• Climate & Biodiversity 
• Diversity, Equity and Inclusions (DE&I) and Human Rights 
• Industry initiatives for impact investing 
• ESG Data, disclosures and regulation 
EQT is a signatory/supporter of: 
• UN Principles of Responsible Investment
• UN Global Compact
• Science-based targets initiative 
• Task Force on Climate-Related Financial Disclosures 
• Operating Principles for Impact Management 
• Initiative Climat International 
• Glasgow Financial Alliance for net zero 
• World Economic Forum Stakeholder Capitalism Metrics 
• Global ESG Benchmark for Real Assets 
EQT is a member of: 
• Investor’s Council of the Global Impact Investing Network
• ESG Data Convergence Initiative 
• FCLTGlobal
• World Economic Forum CEO Climate Alliance
• Impact Capital Managers 
• ILPA Diversity in Action
• 2X Global
• Private Equity SMI Task Force
• Invest Europe
• BSR
• UK Green Building Council
• INREV
• ULI Greenprint Center for Building Performance
• VenturesESG
• European Biotech Social Pact
Please visit EQT’s website and EQT Foundation for more infor-
mation on current partnerships aiming to support the wider 
society including local communities, and to inspire change in 
the broader industry.
Direct economic value generated 
and distributed
50+37+13+E
 Direct economic value generated 
(revenues), EUR 2,122m 
 Economic value distributed, EUR 1,568m 
 Economic value retained, EUR 544m 
Economic value distributed 
by category
69+18+13+E
 Employees, EUR 1 088m 
 Suppliers, EUR 288m 
 Payments to governments,  
EUR 193m 
REPORTING AND TRANSPARENCY
Continued development and tracking of metrics for key sus-
tainability objectives is a prerequisite for EQT to drive systemic 
and sustainable change but also to account for social and envi-
ronmental performance, value the contribution to society and 
establish credibility with stakeholders. To promote sustainabil -
ity data transparency and comparability, EQT has engaged in 
various initiatives such as the ESG Data Convergence Initiative 
(EDCI), an initiative to generate useful, performance-based 
and comparable ESG data for the private equity industry. 
Economic value for society
EQT generates direct economic value for society through its 
business activities. In 2023, EQT AB Group distributed a total of 
EUR 1,568m between employees, suppliers and governments, 
whereas EUR 544m was retained or distributed to owners. Eco-
nomic value generated and distributed for authorities is pre-
sented in accordance with EQT’s financial reporting. See charts 
on the next page for further breakdown of the period’s tax 
costs. Please see also section Financial statements for EQT’s 
financial reporting and generated revenue.
EQT Annual and Sustainability Report 2023 / Page 134Sustainability 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 136 =====

Approach to Taxes
The EQT tax strategy, applicable to EQT AB Group, is aligned 
with EQT’s business strategy. EQT’s tax affairs shall be man-
aged in light of EQT’s commercial objectives and long-term 
sustainable behavior. EQT recognizes that tax is at the core  
of its corporate responsibility and plays an important part in 
continuing to deliver exceptional value to the society as a whole 
and making a positive impact. By paying taxes companies 
 contribute to societies in which they operate. EQT aims to take 
decisions regarding tax in compliance with applicable tax 
laws, tax treaties and relevant international guidance. EQT’s 
fiduciary duty vis-à-vis its shareholders extends to managing 
its tax affairs in a responsible and sustainable way. Hence, EQT 
strives to protect its brand and reputation and does not engage 
in unacceptable tax practices that can erode our stakeholder 
trust and, in the long-term, our license to operate.
EQT has robust documented guidelines, processes and 
 controls for managing taxes throughout the EQT platform, with 
a purpose to ensure that all material tax risks are identified 
and mitigated. Tax & Structuring is responsible for ensuring 
that tax risk management is part of the internal control systems 
and that there are escalation protocols in place for material 
tax issues. All material tax risks and areas of uncertainty shall 
be escalated to Tax & Structuring. All material transactions or 
events where the potential tax effects are uncertain are con-
sidered in the light of a tax technical analysis, financial materi-
ality, accounting and regulatory disclosure requirements, 
operational risk, reputational risk and compatibility with the 
goal of creating long-term, sustainable value. Significant tax 
risks and other tax matters of strategic importance shall be 
reported by Tax & Structuring to key decision-making bodies.
The key principles according to which tax affairs within EQT 
shall be managed are set out in the Finance Policy. The Finance 
Policy is adopted by the EQT AB Board and reviewed annually. 
The EQT AB Group Tax Guidelines supports the key tax princi-
ples set out in the Finance Policy and outlines how tax is man-
aged at EQT on a day-to-day basis. The Tax Guidelines are 
adopted and reviewed on an annual basis by the EQT Opera-
tions Committee, by delegation from the CEO and owned by 
the Global Head of Tax & Structuring who is responsible for 
ensuring that these principles are understood, consistently 
implemented and maintained and developed. The Finance 
 Policy and the Tax Guidelines are available on the EQT website.
EQT strives to deal with tax authorities in a respectful and 
professional way in all countries it operates in order to ensure 
EQT’s tax affairs are reported accurately. EQT seeks to pro-
actively achieve certainty when appropriate and to resolve  
tax disputes efficiently and effectively, without recourse to 
 litigation wherever possible. 
EQT expects everyone to raise concerns regarding sus-
pected unethical behaviors, misconducts and non-compliance 
with laws, regulations and policies in relation to tax matters, 
and in accordance with EQT’s regular reporting and whis-
tleblowing process, that also applies to tax related matters. 
EQT is a member of the Swedish Private Equity & Venture 
Capital Association, the industry association for the private 
equity industry in Sweden. One part of this association’s work is 
to act as a consultation body in legislative processes around 
tax, but also to advocate in public for reasonable tax treatment 
of the private equity industry. 
The EQT funds are established and maintained in a manner 
that meets operational efficiency, long-term sustainable 
requirements and commercial considerations for the EQT 
funds’ investors. EQT expects all investors in the EQT funds to 
be taxed on the returns and gains from the EQT funds in accor-
dance with the tax legislation in the jurisdiction in which the 
fund investors reside.
Reported taxes by type
60+12+28+E
 Corporate income tax, EUR 115m
 Non-recoverable VAT, EUR 24m
 Social security, EUR 54m
Reported taxes by region
75+14+11+E
 Europe, EUR 144m
 APAC, EUR 27m
 Americas, EUR 21m
Reported corporate income tax 
by region
64+23+13+E
 Europe, EUR 74m
 APAC, EUR 26m
 Americas, EUR 15m
EQT Annual and Sustainability Report 2023 / Page 135Sustainability 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 137 =====

Proportion of turnover from products or services associated with Taxonomy-aligned economic activities 
 Financial year 2023 2023 Substantial contribution criteria DNSH criteria (“Does Not Significantly Harm”)
Economic Activities 
Code(s) Turnover 
Proportion 
of turnover
Climate Change 
 Mitigation 
Climate Change 
 Adaptation 
Water
Pollution 
Circular Economy 
Biodiversity 
Climate Change 
 Mitigation 
Climate Change 
 Adaptation 
Water 
Pollution 
Circular Economy 
Biodiversity 
Minimum Safeguards 
Proportion of 
Taxonomy- 
aligned (A.1.) or 
-eligible (A.2.) 
turnover, year 
2022 
Category 
enabling 
 activity 
Category 
transitional 
activity 
EUR m %
Y; N; N/
EL
Y; N; N/
EL
Y; N; N/
EL
Y; N; N/
EL
Y; N; N/
EL
Y; N; N/
EL Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-  aligned)
-
Turnover of environmentally sustainable activities 
(Taxonomy-aligned) (A.1)
Of which enabling
Of which transitional
A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL
-
Turnover of Taxonomy- eligible but not 
 environmentally sustainable activities  
(not Taxonomy-aligned activities) (A.2)
A. Turnover of Taxonomy-eligible activities 
(A.1+A.2)
B. TAXONOMY NON-ELIGIBLE  ACTIVITIES
Turnover of Taxonomy- non-eligible  activities 2,084 100%
TOTAL 2,084 100%
EU TAXONOMY STATEMENT
The EU Taxonomy aims to provide a common understanding  
of economic activities that make a substantial contribution to 
the EU’s environmental goals. As EQT AB Group follows under 
NFRD (non-financial reporting directive), EQT is obliged to 
report its share of taxonomy-eligible and taxonomy-aligned 
activities covering financial year 2023.
EQT AB has reviewed the economic activities that are cur-
rently covered in the EU Taxonomy together with a third party 
expert and concluded that there is little to none of EQT AB’s 
activities that can be assessed as taxonomy-eligible based  
on the definitions set out. The specific activities covered within 
the EU Taxonomy’s financial and insurance sector currently 
only includes insurance activities. Note that an economic 
 activity can contribute to more than one environmental goal. 
To avoid risk of double counting, EQT has made assessments 
where contribution only is attributable to one environmental 
goal per economic activity.
Turnover 
EQT AB Group’s revenues relate to management fees, carried 
interest and investment income. While sustainability is an inte-
grated service in EQT’s operating model, a share of Taxonomy- 
eligible activities cannot be directly derived from management 
fees. Carried interest and investment income relates to invest-
ments in EQT funds and are hence pure financial. Thus the 
share of eligible turnover is zero. Please refer to the Consoli-
dated Income Statement and Note 5 Revenue for further details.
EQT Annual and Sustainability Report 2023 / Page 136Sustainability 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 138 =====

Proportion of CapEx from products or services associated with Taxonomy-aligned economic activities – disclosure covering year 2023 
 Financial year 2023 2023 Substantial contribution criteria DNSH criteria (“Does Not Significantly Harm”)
Economic Activities 
Code(s) CapEx 
Proportion 
of CapEx, 
year 2023 
Climate Change 
 Mitigation 
Climate Change 
 Adaptation 
Water 
Pollution 
Circular Economy 
Biodiversity 
Climate Change 
 Mitigation 
Climate Change 
 Adaptation 
Water 
Pollution 
Circular Economy 
Biodiversity 
Minimum Safeguards
Proportion of 
Taxonomy- 
aligned (A.1.) or 
-eligible (A.2.) 
CapEx, year 
2022 
Category 
enabling 
 activity 
Category 
transitional 
activity 
EUR m %
Y; N; N/
EL
Y; N; N/
EL
Y; N; N/
EL
Y; N; N/
EL
Y; N; N/
EL
Y; N; N/
EL Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-  aligned)
Acquisition and ownership of building CCM 7.7 7.6 13.0% Y N/EL N/EL N/EL N/EL N/EL - Y - - - - Y 0.0% - -
CapEx of environmentally sustainable activities  
 (Taxonomy-aligned) (A.1) 7.6 13.0% 13.0% 0.0% 0.0% 0.0% 0.0% 0.0% - Y - - - - Y 0.0%
Of which enabling - - - - - - - - - - - - - - - - E
Of which transitional - - - - - - - - - - - T
A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL
Acquisition and ownership of building CCM 7.7 47.2 81.3% EL N/EL N/EL N/EL N/EL N/EL 1.7%
CapEx of Taxonomy- eligible but not environmentally 
 sustainable activities (not Taxonomy-aligned activities) (A.2) 47.2 81.3% 81.3% - - - - - 1.7%
A. CapEx of Taxonomy-eligible activities (A.1+A.2) 54.7 94.3% 94,3% - - - - - 1.8%
B. TAXONOMY NON-ELIGIBLE  ACTIVITIES
CapEx of Taxonomy- non-eligible activities 3.3 5.7%
TOTAL 58.0 100.0%
Capex
EQT AB Group’s Capex as defined by the EU Taxonomy consists 
of intangible assets related to business combinations, equip -
ment and office leases, either for new offices or newly admit-
ted contracts as well as leasehold improvements. The amounts 
related to intangible assets related to business combinations 
and equipment are found in the Consolidated financial state-
ments as Additions in Note 11 and Note 12, respectively, and 
lease-related amounts are not reported separately, but are 
part of Right-of-use assets and Additions in Note 12. Purchases 
of output from Taxonomy-eligible economic activities of sup-
pliers has been reported as eligible Capex regardless of EQT 
having a target activity that is eligible, hence all capex related 
to office leases and the leasehold improvements have also this 
year been reported as eligible. To define whether the amounts 
are considered aligned according to Taxonomy criteria, EQT 
has requested information from its landlords whether the 
office buildings which EQT leases are meeting 1) the substantial 
contribution criteria and 2) if the landlords are meeting the 
DNSH-criteria (do no significant harm criteria) as well as the 
minimum safeguards. The request was only sent out to land-
lords in the EU, as it is an EU-based regulation, accounting for 
around 40% of the eligible Capex. Still, some European land-
lords could not officially respond to the request and the associ-
ated capex were by default considered as not aligned.
EQT Annual and Sustainability Report 2023 / Page 137Sustainability 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 139 =====

Proportion of OpEx from products or services associated with Taxonomy-aligned economic activities – disclosure covering year 2023
 Financial year 2023 2023 Substantial contribution criteria DNSH criteria (“Does Not Significantly Harm”)
Economic Activities 
Code OpEx 
Proportion 
of OpEx, 
year N 
Climate Change 
 Mitigation 
Climate Change 
 Adaptation 
Water 
Pollution 
Circular Economy 
Biodiversity 
Climate Change 
 Mitigation 
Climate Change 
 Adaptation 
Water 
Pollution 
Circular Economy 
Biodiversity 
Minimum Safeguards 
Proportion of 
Taxonomy- 
aligned (A.1.) or 
-eligible (A.2.) 
OpEx, year 2022 
Category 
enabling 
 activity 
Category 
transitional 
activity 
EUR m %
Y; N; N/
EL
Y; N; N/
EL
Y; N; N/
EL
Y; N; N/
EL
Y; N; N/
EL
Y; N; N/
EL Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-  aligned)
-
CapEx of environmentally sustainable activities  
(Taxonomy-aligned) (A.1)
Of which enabling
Of which transitional
A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
- EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL
OpEx of Taxonomy- eligible but not environmentally 
 sustainable activities (not Taxonomy-aligned activities) (A.2)
A. OpEx of Taxonomy-eligible activities (A.1+A.2)
B. TAXONOMY NON-ELIGIBLE  ACTIVITIES
OpEx of Taxonomy- non-eligible activities -
TOTAL -
Nuclear and fossil gas related activities  
Nuclear energy related activities
1. The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation facilities that produce energy 
from nuclear processes with minimal waste from the fuel cycle.
NO
2. The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the purposes 
of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies.
NO
3. The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district 
heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades.
NO
Fossil gas related activities
4. The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels. NO
5. The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous fuels. NO
6. The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels. NO
Opex
EQT AB Groups does not take up any R&D costs and as offices 
are leased the only potential Opex relates to maintaining and 
repairing e.g. technology hardware, which is negligible. 
EQT’s exposure to nuclear and fossil gas related activities
From the financial year 2023, non-financial companies are 
required to report their exposure to activities related to nuclear 
power and fossil gas as part of the taxonomy reporting. EQT 
has made an assessment where it is concluded that EQT does 
not have any exposure to activities related to nuclear power 
and fossil gas.
EQT Annual and Sustainability Report 2023 / Page 138Sustainability 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 140 =====

GRI content index 
Statement of use: EQT AB has reported in accordance with the GRI Standards for the period 2023-01-01 – 2023-12-31
GRI 1 used: GRI 1: Foundation 2021
Applicable GRI Sector Standard(s): None of the published sector standards apply to EQT.
GRI Standard/other source Disclosure Page Omission Additional comments
General disclosures
GRI 2: General Disclosures 2021 2-1 Organizational details 2, 5, 95
2-2 Entities included in the organization’s sustainability reporting 60, 84-87, 139 The entities included in the Sustainability Report 
are the same as for the Financial reporting, 
described in page 60 and 84-87. 
2-3 Reporting period, frequency and contact point 139 EQT produces and publishes a financial report and 
a sustainability report on an annual basis (1 Janu -
ary 2023 to 31 December 2023). Contact person: 
Julia Wikmark. Date of publish: 18 March 2024.
2-4 Restatements of information 139 There have been no restatments of information. 
2-5 External assurance 143 External assurance of the sustainability report is 
provided by a third party. 
2-6 Activities, value chain and other business relationships 5 -7, 28
2-7 Employees 126-127
2-8 Workers who are not employees 126
2-9 Governance structure and composition 127, 129, 152-155
2-10 Nomination and selection of the highest governance body 150, 156
2-11 Chair of the highest governance body 148
2-12 Role of the highest governance body in overseeing the management of impacts 129, 156
2-13 Delegation of responsibility for managing impacts 129, 156
2-14 Role of the highest governance body in sustainability reporting 129, 156
2-15 Conflicts of interest 130-131, 152-155, 159-161
2-16 Communication of critical concerns 132, 139 EQT does not report on 2-16 b.
2-17 Collective knowledge of the highest governance body 129
2-18 Evaluation of the performance of the highest governance body 129, 150, 156
2-19 Remuneration policies 53-54, 67-69,147,  
150-151, 156
2-20 Process to determine remuneration 53-54, 67-69,147,  
150-151, 157
2-21 Annual total compensation ratio 128
2-22 Statement on sustainable development strategy 9-11
2-23 Policy commitments 126, 130
2-24 Embedding policy commitments 130-133
EQT Annual and Sustainability Report 2023 / Page 139Sustainability 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 141 =====

GRI Standard/other source Disclosure Page Omission Additional comments
GRI 2: General Disclosures 2021 2-25 Processes to remediate negative impacts 119, 129-133
2-26 Mechanisms for seeking advice and raising concerns 132
2-27 Compliance with laws and regulations 131-132
2-28 Membership associations 134
2-29 Approach to stakeholder engagement 115
2-30 Collective bargaining agreements 126
Material topics
GRI 3: Material Topics 2021 3-1 Process to determine material topics 115-116
3-2 List of material topics 115
Investment and value creation process
GRI 3: Material Topics 2021 3-3 Management of material topics 117-118
EQT specific Sustainability as a tool for value creation 40
Sustainability governance & Business ethics
GRI 3: Material Topics 2021 3-3 Management of material topics 129-136
GRI 201: Economic Performance 2016 201-1 Direct economic value generated and distributed 134  
GRI 205: Anti-corruption 2016 205-2 Communication and training about anti-corruption policies and procedures 130-132
205-3- Total number of confirmed corruption cases 131
GRI 207: Tax 2019 207-1 Approach to tax 135
207-2 Tax governance, control, and risk management 135
207-3 Stakeholder engagement and management of concerns related to tax 135
GRI 417: Marketing and Labeling 2016 417-3 Incidents of non-compliance concerning marketing communications 132
GRI 418: Customer Privacy 2016 418-1 Substantiated complaints concerning breaches of customer privacy and 
losses of customer data
132
Renewable energy
GRI 3: Material Topics 2021 3-3 Management of material topics 122
GRI 302: Energy 2016 302-1 Energy consumption within the organization 122
302-3 Energy intensity 122
Circularity  
GRI 3: Material Topics 2021 3-3 Management of material topics 122
303-5 Water consumption n.a Omission: EQT cannot comply 
with the topic specific disclosures 
in GRI 303-5 Water consumption.
The reason for omission is that 
information is unavailable/
incomplete, in accordance with 
GRI-1, Requirement 6.
EQT is investigating how its work and management 
approach of circularity will take shape, with the 
main impact being through the EQT funds’ port -
folio companies.
306-3 Waste generated n.a Omission: EQT cannot comply with 
the topic specific disclosures in GRI 
306-3 Waste generated.The reason 
for omission is that information is 
unavailable/incomplete, in accor-
dance with GRI-1, Requirement 6.
EQT is investigating how its work and management 
approach of circularity will take shape, with the 
main impact being through the EQT funds’ port -
folio companies.
EQT Annual and Sustainability Report 2023 / Page 140Sustainability 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 142 =====

GRI Standard/other source Disclosure Page Omission Additional comments
Biodiversity and nature
GRI 3: Material Topics 2021 3-3 Management of material topics 122
GRI 304: Biodiversity 2016 304-1 Operational sites owned, leased, managed in, or adjacent to, protected 
areas and areas of high biodiversity value outside protected areas
n.a Omission: EQT cannot comply 
with the topic specific disclosures 
in GRI 304: Biodiversity. The rea-
son for omission is that informa-
tion is unavailable/incomplete,  
 in accordance with GRI-1, 
Requirement 6. 
EQT is investigating how its work and manage-
ment approach of biodiversity will take shape. 
Decarbonization & Climate adaptation
GRI 3: Material Topics 2021 3-3 Management of material topics 122-123
GRI 305: Emissions 2016 305-1 Direct (Scope 1) GHG emissions 120-121
305-2 Energy indirect (Scope 2) GHG emissions 120-121
305-3 Other indirect (Scope 3) GHG emissions 120-121
305-4 GHG emissions intensity 120-121
Employee development, health and well-being
GRI 3: Material Topics 2021 3-3 Management of material topics 14, 46-48, 125-126
GRI 401: Employment 2016 401-1 New employee hires and employee turnover 127-128
401-3 Parental leave 128 EQT reports number of weeks of parental leave by 
gender but does not yet report 401-3c-e.
GRI 403: Occupational Health and 
Safety 2018
403-1 Occupational health and safety management system 125-126
403-2 Hazard identification, risk assessment, and incident investigation 125
403-3 Occupational health services 125-128
403-4 Worker participation, consultation, and communication on occupational 
health and safety
125-128
403-5 Worker training on occupational health and safety 125-126, 130
403-6 Promotion of worker health 125-131
403-7 Prevention and mitigation of occupational health and safety impacts directly 
linked by business relationships
125-132 EQT does not currently have a formal process  
for preventing or mitigating significant negative 
occupational health and safety impacts that are 
directly linked to its products or services.
403-10 Work-related ill health 128 Omission: EQT cannot comply 
with the topic specific disclosures 
in GRI 403-10 Work-related ill 
health. The reason for omission is 
that information is unavailable/
incomplete, in accordance with 
GRI-1, Requrement 6
EQT reports sickness absence.
GRI 404: Training and Education 2016 404-1 Average hours of training per year per employee 125
404-3 Percentage of employees receiving regular performance and career 
 development reviews
125 The structured 360-degree feedback secures that 
all employees are offered regular performance 
and career development reviews. 
EQT Annual and Sustainability Report 2023 / Page 141Sustainability 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 143 =====

GRI Standard/other source Disclosure Page Omission Additional comments
Diversity, equity and inclusion
GRI 3: Material Topics 2021 3-3 Management of material topics 126, 128
GRI 405: Diversity and Equal 
 Opportunity 2016
405-1 Diversity of governance bodies and employees 127 Ref. Corporate governance report.
405-2 Ratio of basic salary and remuneration of women to men 128 Omission: EQT does not measure 
ratios of standard entry-level 
wages. EQT has reported the 
Unadjusted gender pay gap in 
line with PAI indicator, i.e., calcu-
lated as the difference between 
avergae gross cash compensa -
tion of male vs. female employ-
ees as a percentage of average 
gross cash compensation of male 
employees (average FTEs). 
Human rights incl. labour rights  
GRI 3: Material Topics 2021 3-3 Management of material topics 126-127
Collective bargaining agreements 2-30 Collective bargaining agreements 126
Sustainability-linked incentives
GRI 3: Material Topics 2021 3-3 Management of material topics 133
EQT specific Sustainability-linked financings 67, 133
Reporting and transparency
GRI 3: Material Topics 2021 3-3 Management of material topics 134
EQT specific Annual sustainability reporting n.a EQT’s annual and sustainability report is the basis 
for transparent reporting and disclosures, where 
EQT strives to disclose imperfect learnings and 
results, including areas such as: Tax, Business  
Ethics, Cases of breaches and data from EQT 
funds’ portfolio companies.
Learning, partnerships and advocacy
GRI 3: Material Topics 2021 3-3 Management of material topics 134
GRI 2- General disclosures GRI 2-28 Memberships associations 134
EQT Annual and Sustainability Report 2023 / Page 142Sustainability 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 144 =====

Auditor’s Limited Assurance Report on EQT AB’s Sustainability Report  
and statement regarding the Statutory Sustainability Report
NTRODUCTION
We have been engaged by the Board of Directors of EQT AB 
(publ) to undertake a limited assurance engagement of EQT 
AB’s Sustainability Report for the year 2023. The company has 
defined the scopes of the Sustainability Report and the Statu-
tory Sustainability Report on page 1 in this document.
RESPONSIBILITIES OF THE BOARD OF DIRECTORS AND THE 
MANAGING DIRECTOR 
The Board of Directors and the managing director are respon-
sible for the preparation of the Sustainability Report including 
the Statutory Sustainability Report in accordance with appli -
cable criteria and the Annual Accounts Act respectively. The 
criteria are defined on page 1 in the Sustainability Report and 
are part of the Sustainability Reporting Guidelines published 
by GRI (The Global Reporting Initiative), that are applicable to 
the Sustainability Report, as well as the accounting and calcu-
lation principles that EQT AB has developed. This responsibility 
also includes the internal control relevant to the preparation of 
Sustainability Report that is free from material misstatements, 
whether due to fraud or error. 
AUDITOR’S RESPONSIBILITY
Our responsibility is to express a conclusion on the Sustainabil-
ity Report based on the limited assurance procedures we have 
performed and to express an opinion regarding the Statutory 
Sustainability Report. Our assignment is limited to the histori -
cal information that is presented and does not cover 
future-oriented information.
We conducted our limited assurance engagement in accor-
dance with ISAE 3000 Assurance engagements other than 
audits or reviews of historical financial information (revised).  
A limited assurance engagement consists of making inquiries, 
primarily of persons responsible for the preparation of the 
Sustainability Report and applying analytical and other lim -
ited assurance procedures. Our examination regarding the 
Statutory Sustainability Report has been conducted in accor -
dance with FAR’s accounting standard RevR12 The auditor’s 
opinion regarding the Statutory Sustainability Report. A lim -
ited assurance engagement and an examination according  
to RevR 12 is different and substantially less in scope than an 
audit conducted in accordance with International Standards 
on Auditing and generally accepted auditing standards in 
Sweden. 
The firm applies ISQM 1 (International Standard on Quality 
Management 1), which requires the firm to design, implement 
and operate a system of quality management including poli-
cies or procedures regarding compliance with ethical require-
ments, professional standards and applicable legal and 
 regulatory requirements. We are independent of EQT AB in 
accordance with professional ethics for accountants in Sweden 
and have otherwise fulfilled our ethical responsibilities in 
accordance with these requirements.
The limited assurance procedures performed and the 
examination according to RevR 12 do not enable us to obtain 
assurance that we would become aware of all significant mat-
ters that might be identified in an audit. The conclusion based 
on a limited assurance engagement and an examination 
according to RevR 12 does not provide the same level of 
 assurance as a conclusion based on an audit.
Our procedures are based on the criteria defined by the 
Board of Directors and the managing director as described 
above. We consider these criteria suitable for the preparation 
of the Sustainability Report. 
We believe that the evidence obtained is sufficient and 
appropriate to provide a basis for our conclusions below. 
CONCLUSIONS
Based on the limited assurance procedures performed, nothing 
has come to our attention that causes us to believe that the 
Sustainability Report is not prepared, in all material respects, 
in accordance with the criteria defined by the Board of Direc-
tors and the managing director.
A Statutory Sustainability Report has been prepared. 
 
Stockholm, 15 March 2024
KPMG AB
 
 
 Håkan Olsson Reising Karin Sivertsson
 Authorized Public Accountant Expert Member of FAR
To EQT AB (publ), corp. id 556849-4180
EQT Annual and Sustainability Report 2023 / Page 143Sustainability 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 145 =====

10
Corporate  
governance
145  Corporate governance report
145  Statement of Purpose 
Active Core Infrastructure 
Radius Global
EQT Active Core Infrastructure announced its first invest-
ment, acquiring Radius Global Infrastructure with Public 
Pension Investment Board (PSP), for an enterprise value 
of approximately $3.0 billion. Radius owns and acquires 
critical digital infrastructure, including ground, tower, 
rooftop, and cell sites, in over 20 countries across North 
and South America, Europe, and Australia. 
 EQT believes Radius will benefit from long-term tail-
winds supported by growing demand for data. EQT will 
support the Company’s expansion efforts by leveraging 
its global scale and experience with digital infrastructure 
assets to expand Radius’ portfolio and enter new markets.

===== SIDA 146 =====

Corporate governance report
Corporate governance practices refer 
to the decision-making systems through 
which owners, directly or indirectly, 
govern a company. Good corporate 
governance is not only important for 
EQT AB’s organization, it is also inte-
grated in EQT’s business model as it is 
part of the core of EQT’s value creation 
strategy when advising and future- 
proofing the portfolio companies of  
the EQT funds.
EQT AB is a Swedish limited liability 
company governed by the Swedish 
Companies Act. As a listed company on 
Nasdaq Stockholm, EQT AB further 
adheres to the Swedish Code of Corpo-
rate Governance (the “Code”). The 
Code is published on www.corporate-
governanceboard.se, where a descrip -
tion of the Swedish Corporate Gover-
nance model can be found.
This Corporate Governance Report 
is submitted in accordance with the 
Swedish Annual Accounts Act and the 
Code. It explains how EQT AB has con-
ducted its corporate governance activi-
ties during the financial year 2023.
EQT AB did not breach or deviate 
from the Nasdaq Stockholm Rule Book 
for Issuers, the Code or good stock 
market practice during the financial 
year 2023.
The Corporate Governance Report 
has been reviewed by EQT AB’s auditor, 
as presented on page 157. 
 
EQT is a purpose-driven global investment 
organization focused on active ownership 
strategies, while responsibly investing in, own -
ing and developing companies and real assets. 
As established in EQT’s articles of association, 
EQT shall strive to conduct its business in a way 
that future-proofs companies and has a posi-
tive impact with everything we do. 
EQT has an enduring commitment to re-
sponsible investment and has since inception 
had a multi-stakeholder approach, with the 
original concept from EQT’s founding in 1994  
of being “more than capital”. This concept still 
embodies the fundamental mindset that de-
fines EQT and our active ownership approach. 
With an entrepreneurial spirit and passion for 
future-proofing companies, EQT continues to 
further incorporate the long-term ownership 
philosophy of the Swedish Wallenberg family.
Today, EQT is a differentiated global invest-
ment organization with a near three-decade 
history of responsibly investing in, owning and 
developing companies and real assets. With a 
Nordic heritage and a global mindset com-
bined with well-grounded values and a deeply 
rooted culture, EQT funds have a track record 
of consistent and attractive returns across ge-
ographies, sectors and strategies. We do this 
by making a real difference. The sales CAGR 
under EQT’s ownership has been 17% for Pri-
vate Capital EU & NA, 13% for Private Capital 
Asia, and 12% for EQT Infrastructure. The 
EBITDA CAGR amounts to 19%, 18%, and 16%,  
respectively 1). 
As EQT has grown, our philosophy has been 
further ingrained into the EQT way of doing 
business. By taking an active role and working 
closely with management and boards, EQT 
supports its investments with hands-on gover-
nance and expertise, leveraged from both 
within the EQT platform and the global net-
work of EQT Advisors. Providing both capital 
and competence constitutes the essence of 
EQT’s active ownership approach and is diffi-
cult to replicate. It allows us not only to invest 
but also to be part of the solution and make a 
positive impact that prevails during and after 
EQT funds’ ownership period, all while creating 
attractive returns for EQT funds’ investors.
Shouldering the role as an active owner is 
not done overnight. It requires trust from mul-
tiple stakeholders and such trust is earned over 
time. At EQT, we have always been dependent 
on our license to operate to continue carrying 
out our mission. This has meant a continuous 
quest to gain and preserve confidence from  
a broad set of stakeholders such as portfolio 
companies’ employees and customers, fund 
 investors, unions, the media, and politicians – 
and since the public listing, also EQT AB’s 
shareholders.
Going forward, we will develop EQT and our 
investments to prosper and be sustainable. We 
do this by promoting regenerative processes 
and equitable business practices and by en-
suring that leadership is held accountable. We 
believe this will ensure that EQT stays successful 
and relevant for its investors and society as a 
whole for the long term.
Conni Jonsson 
Founder and Chairperson
Christian Sinding  
CEO and Managing Partner
Margo Cook
Board Member
Brooks Entwistle
Board Member
Johan Forssell
Board Member
Diony Lebot
Board Member
Gordon Orr
Board Member
Marcus Wallenberg 
Deputy Chairperson
Statement of Purpose
Purpose – why we exist: 
“To future-proof companies 
and make a positive impact”
Mission – what we do and how:
“With the best talent and network around the world, EQT uses a thematic investment 
strategy and distinctive value creation approach to future-proof companies, creating 
superior returns to EQT’s investors and making a positive impact with everything we do” 
Vision – what we strive for:
“To be the most reputable 
investor and owner”
1) Average sales and EBITDA between entry and exit of realized portfolio companies, as per December 31, 2023. For EQT Private Capital EU&NA: Refers to realized assets within EQT Mid Market strategy and EQT V-VIII.   
For EQT Infrastructure: Refers to realized assets within EQT Infrastructure I-III.  
For BPEA Fund VI-VIII: Weighted sales and EBITDA CAGR between entry and exit of realized portfolio companies, as per December 31, 2023. 
EQT Annual and Sustainability Report 2023 / Page 145Corporate governance 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
Sustainability notes  113
Corporate governance   144
Corporate governance report   145
Statement of Purpose   145
Additional information   158

===== SIDA 147 =====

AUTHORIZATIONS
At the Annual Shareholders’ Meeting held on 30 May 2023,  
the following authorizations were granted to the Board.
 An authorization to, during the period until the Annual 
Shareholders’ Meeting 2024, on one or more occasions, 
resolve upon issuances of new shares and/or warrants to be 
paid in cash, by way of set-off and/or in kind. Shares and/or 
warrants may be issued without preferential rights for the 
shareholders of EQT AB. The number of shares and/or war-
rants issued may not correspond to a dilution of more than 10 
percent of the total number of shares as of the first exercise of 
the authorization, after full exercise of the authorization. The 
purpose of the authorization is to provide flexibility for acqui-
sitions of companies, businesses or parts thereof, as well as to 
increase financial flexibility for EQT and broaden the share-
holder base. Any issue of new shares resolved upon pursuant 
to the authorization shall be made at market terms and condi-
tions, taking into account the transaction as a whole. Warrants 
may be issued free of charge.
 An authorization to, during the period until the Annual 
Shareholders’ Meeting 2024, on as many occasions as it 
deems appropriate, make purchases of the company’s ordi-
nary shares. The number of shares purchased must at no time 
result in the company’s holding exceeding 10 percent of all the 
shares in the company. The purchases are to be made on Nas-
daq Stockholm or in accordance with an offer to acquire 
shares directed to all shareholders of the same share class or 
through a combination of these two alternatives. Acquisition  
of shares on Nasdaq Stockholm shall be made at a price per 
share within the price interval applicable at the time of acqui-
sition. Acquisitions of shares by way of offers to acquire shares 
directed to all the company’s shareholders of the same share 
class shall be made at an acquisition price which is no more 
than 15 percent above the prevailing market price and no less 
than SEK 0. The purposes of the authorization are to enable 
the Board to adjust the company’s capital structure, enable 
acquisitions of companies and business operations where 
payment is made with own shares, deliver shares to Board 
members as Board fee as well as mitigate the dilution impact 
from the company’s incentive programs and acquisitions 
made by EQT.
Two authorizations to, during the period until the Annual 
Shareholders’ Meeting 2024, on one or more occasions, 
increase EQT AB’s share capital by issuing class C2 shares. 
With deviation from the shareholders’ pre-emption rights, a 
participating bank was entitled to subscribe for the new class 
C2 shares at a subscription price corresponding to the quota 
value of the shares. The purpose of the authorizations and the 
reason for the deviation from the shareholders’ pre-emption 
rights in connection with the issue of class C2 shares were to 
ensure delivery of ordinary shares under the EQT Share Pro-
gram and the EQT Option Program, respectively. The authori-
zation within the framework of the EQT Share Program com-
prised the issuance of a maximum of 11,861,275 class C2 shares 
and the authorization within the framework of the EQT Option 
Program comprised the issuance of a maximum of 47,445,101 
class C2 shares, or the higher number of shares required to 
fulfill the company’s commitment under the EQT Share Pro-
gram and the EQT Option Program, respectively. The number 
of shares that could be issued could thus be subject to recalcu-
lation in accordance with market practice, inter alia in case of 
a bonus issue, new issue of shares, conversion of convertible 
instruments, share split or reverse share split and in certain 
other cases. The authorizations have been fully utilized.
 Two authorizations to, during the period until the Annual 
Shareholders’ Meeting 2024, on one or more occasions, repur-
chase its own class C2 shares. The repurchases could only be 
effectuated through an offer directed to all holders of class C2 
shares and shall comprise all outstanding class C2 shares. 
Repurchases shall be effectuated at a purchase price corre-
sponding to the quota value. Payment for the repurchased 
class C2 shares were to be made in cash. The purpose of the 
repurchase authorizations was to ensure delivery of ordinary 
shares under the EQT Share Program and the EQT Option 
 Program, respectively, and the class C2 shares was therefore 
reclassified to ordinary shares after the repurchase. The num-
ber of class C2 shares that could be repurchased were subject 
to recalculation in accordance with market practice, inter alia 
in case of a bonus issue, new issue of shares, conversion of con-
vertible instruments, share split or reverse share split and in 
certain other cases. The authorizations have been fully utilized.
SHAREHOLDERS’ MEETINGS AND THE ANNUAL 
SHAREHOLDERS’ MEETING 2024
According to EQT AB’s articles of association, shareholders’ 
meetings are convened by publication of the convening notice in 
the Swedish National Gazette (Sw. Post- och Inrikes Tidningar) 
and on EQT’s website. At the time of the notice convening a 
shareholders’ meeting, information regarding the notice shall 
be published in the Swedish daily newspaper Dagens Industri.
Shareholders who wish to participate in a shareholders’ 
meeting of EQT AB must be included in the shareholders’ regis-
ter maintained by Euroclear Sweden AB (“Euroclear”) on the 
day falling six banking days prior to the meeting and notify EQT 
AB of their participation no later than on the date stipulated in 
the notice convening the shareholders’ meeting. Shareholders 
may attend the shareholders’ meetings in person or by proxy 
and may be accompanied by a maximum of two assistants. 
Typically, it is possible for a shareholder to register for the 
shareholders’ meeting in several different ways as indicated  
in the notice of the shareholders’ meeting. A shareholder may 
vote for all shares in EQT AB owned or represented by the 
shareholder, without restrictions on the number of votes. 
The Annual Shareholders’ Meeting 2024 (the “AGM 2024”) 
of EQT AB will take place on 27 May 2024 at 14:00 CEST. All 
documents related to the AGM 2024 will be published on  
EQT’s website. 
SHARES
At year-end 2023, EQT AB had 55,362 shareholders according 
to the shareholders’ register maintained by Euroclear. The 
only shareholders representing more than one tenth of the 
shares and votes in EQT AB were Investor Investments Holding 
Aktiebolag, an indirect subsidiary of Investor Aktiebolag, with 
13.99 percent of the capital and 14.0 percent of the votes and 
Bark Partners AB, an entity owned by Conni Jonsson, Thomas 
von Koch, Harry Klagsbrun and Per Franzén, with 11.0 percent 
of the capital and 11.01 percent of the votes. At the Annual 
Shareholders’ Meeting held on 30 May 2023, the Board was 
authorized to repurchase EQT AB ordinary shares and to issue 
C2 shares for subsequent reclassification to ordinary shares. 
On 14 July 2023, the Board resolved on a repurchase program 
by virtue of the authorization granted by the Annual Share-
EQT Annual and Sustainability Report 2023 / Page 146Corporate governance 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
Sustainability notes  113
Corporate governance   144
Corporate governance report   145
Statement of Purpose   145
Additional information   158

===== SIDA 148 =====

holders’ Meeting held on 30 May 2023 and 1,800,000 ordinary 
shares were repurchased during the course of the repurchase 
program which ended on 25 August 2023. On 19 December 
2023, the Board resolved to (i) issue 59,306,376 class C2 shares, 
(ii) repurchase all class C2 shares and (iii) reclassify all 
59,306,376 class C2 shares into ordinary shares. For more 
information about the EQT AB share and its largest sharehold-
ers, see page 160. Information on EQT AB’s shareholder 
 structure is also available on EQT’s website.
NOMINATION COMMITTEE
Under the Code, all companies whose shares are listed on a 
regulated market in Sweden must have a nomination commit-
tee to prepare proposals regarding certain appointments by 
the shareholders’ meeting. The main task of the nomination 
committee is to propose candidates for election to the Board, 
including the chairperson of the Board, and, where applicable, 
propose auditors for election to the shareholders’ meeting. 
When nominating persons for election to the Board, the nomi-
nation committee shall determine whether in its view the per-
sons nominated for election are considered independent of 
EQT AB, its senior management and the major shareholders in 
EQT AB. In addition, the nomination committee shall propose a 
candidate for election as chairperson of the Annual Share-
holders’ Meeting. The nomination committee shall also submit 
proposals concerning the remuneration of the chairperson of 
the Board, the other Board members and the auditors.
The nomination committee of EQT AB shall be appointed in 
accordance with the principles for appointment of the nomina-
tion committee. Set forth below are the principles for appoint-
ment of the nomination committee, adopted by the Annual 
Shareholders’ Meeting 2023.
1. The nomination committee shall comprise one member 
appointed by each of the four largest shareholders, based 
on ownership in the Company on the last banking day of 
August the year before the annual shareholders’ meeting, 
and the Chairperson of the Board. If any shareholder 
renounces its right to appoint a member to the nomination 
committee, such right shall transfer to the shareholder who 
is the next largest shareholder in the Company.
2. If none of the four largest shareholders is (a) a Member in 
EQT Foundation’s Member Committee (“EQT Member”) or 
(b) EQT Foundation, the fourth largest shareholder’s right 
shall instead vest in EQT Foundation. Thus, an EQT Member 
or EQT Foundation shall always be allowed to appoint a 
member of the nomination committee. If EQT Foundation 
renounces such right, the right shall transfer to the fourth 
largest shareholder pursuant to section 1.
3.   The member appointed by the largest shareholder shall be 
appointed Chairperson of the nomination committee, unless 
the nomination committee unanimously appoints someone 
else. The Chairperson of the nomination committee shall not 
be a Board member of the Company.
4.   If a shareholder (pursuant to section 1 or section 2) that has 
appointed a member to the nomination committee is no  
longer one of the shareholders who is given such right, at 
any point in time up to three months before the annual 
shareholders’ meeting:
 •  the member appointed by such shareholder shall resign; 
and
 •  the shareholder who is the next largest shareholder in the 
Company (that has not appointed a member) or EQT 
Foundation (pursuant to section 2) shall have the right to 
appoint one member to the nomination committee.
Unless specific reasons suggest otherwise, the existing compo -
sition of the nomination committee shall, however, remain 
unchanged if such change in the ownership in the Company is 
only marginal or occurs during the three-month period prior to 
the annual shareholders’ meeting. If a shareholder/EQT Foun-
dation otherwise should have the right to appoint a member 
due to a material change in the ownership of the Company at 
any time during the three-months period prior to the annual 
shareholders’ meeting, such shareholder/EQT Foundation 
shall, in any event, have the right to take part in the work of  
the nomination committee and participate in its meetings.
5.   If a member resigns from the nomination committee before 
his or her work is completed, the shareholder (pursuant to 
section 1 or section 2) who has appointed such member shall 
appoint a new member, unless section 4 is applicable.
6.   A shareholder (pursuant to section 1 or section 2) who has 
appointed a member to the nomination committee shall 
have the right to dismiss such member and appoint a new 
member.
7.   Changes to the composition of the nomination committee 
shall be disclosed publicly as soon as possible.
8.   The nomination committee’s appointment ends when the 
next nomination committee has been appointed.
9.   If needed, the Company shall reimburse reasonable costs 
which the nomination committee deems necessary in order 
for the nomination committee to fulfill its assignment.
10. These instructions shall apply until further notice.
The composition of the nomination committee meets the 
requirements concerning the independence of the nomination 
committee. All AGM documents related to the nomination 
 committee will be published on EQT’s website. 
Nomination committee for the AGM 2024
 
Members Appointed by
% of the votes per  
31 December 2023
Jacob Wallenberg  
(Chairperson)
Investor AB 14.0
Harry Klagsbrun Bark Partners AB 11.0
Cynthia Lee Jean Eric Salata 9.5
Anders Oscarsson AMF Pension & Funds 0.9
Conni Jonsson Chairperson of the Board 0.11)
1) In total, Conni Jonsson holds 47,383,981 shares representing 3.8 percent of the votes 
and shares, whereof 794,072 shares representing 0.1 percent of the votes and shares 
are held through Qarlbo Associates SA, and the remainder of the shares are held 
through Bark Partners AB.
AUDITOR
EQT AB’s auditor shall review EQT AB’s annual report and 
accounting, as well as the management of the Board and the 
CEO. Following each financial year, the auditor shall submit  
an audit report and a consolidated audit report to the Annual 
Shareholders’ Meeting.
Pursuant to EQT AB’s articles of association, EQT AB shall 
have no less than one and no more than two auditors with no 
more than two deputy auditors. Since 2011, EQT AB’s auditor  
is KPMG AB.
For details on remuneration to the auditors, see Note 8.
EQT Annual and Sustainability Report 2023 / Page 147Corporate governance 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
Sustainability notes  113
Corporate governance   144
Corporate governance report   145
Statement of Purpose   145
Additional information   158

===== SIDA 149 =====

The Board
1) Shareholding as per 29 December 2023. Updated shareholding can be found on eqtgroup.com. 
2) Conni Jonsson was the sole board member of EQT AB from 13 January 2012 until 26 August 2013, when he was elected Chairperson of the board.
CONNI JONSSON
Born 1960. Chairperson of the board since January 
20122). Founder of EQT.
Education:
Bachelor of Science with majors in Economic Analysis 
and Accounting & Finance from Linköping University. 
Studies at the Management Development Program, 
Harvard Business School.
Other current assignments:   
Chairperson of the Board of EQT Foundation and 
Qarlbo AB. Board member of Bark Partners AB, Elins 
Lund AB, Pophouse Entertainment Group AB, Qarlbo 
Natural Asset Company AB, Silver Life AB, Goldonder 
AB and Qarlbo Energy AB.
Previous assignments:  
Chairperson of the Board of EQT Partnership Associa -
tion. Chairperson of the Board and Board member of 
EQT Partners Aktiebolag and Qarlbo Partners AB.
Shareholding in EQT AB 1): 47,383,981 ordinary shares 
 (indirectly).
Independent of EQT AB and executive management:  
No.
Independent of major shareholders:  No.
MARCUS WALLENBERG
Born 1956. Deputy Chairperson since June 2021.
Education:
Bachelor of Science, Foreign Service, Georgetown 
 University, Washington D.C USA.
Other current assignments:
Chairperson of the Board of SEB, Saab, FAM, Patricia 
Industries and Wallenberg Investments. Deputy Chair -
person of Investor and the Knut and Alice Wallenberg 
Foundation. Board member of AstraZeneca. Chair of 
The Royal Academy of Engineering Sciences.
Previous assignments:  
Chairperson of Electrolux, International Chamber of 
Commerce and LKAB. President and CEO of Investor. 
Board member of Stora Enso and Temasek Holding.
Shareholding in EQT AB 1): 25,000 shares (indirectly)
Independent of EQT AB and executive management:  
Yes.
Independent of major shareholders:  No.
MARGO COOK
Born 1964. Board member since June 2021.
Education:
Executive MBA, Columbia Business School, Bache -
lor’s, Finance,  University of  Rhode Island. Chartered 
 Financial Analyst (CFA).
Other current assignments:
Chairperson of the Board of University of Rhode 
Island Board of Trustees. Independent Chairperson 
of MerQube. Co-chairperson of the Board of Bridge -
water Associates. Vice Chairperson of the Board of All 
Stars Project Inc. Advisory Board member of Velocity 
and Legalist.
Previous assignments: Advisory Board member of 
TIFIN and President of Nuveen Advisory Services.
Shareholding in EQT AB 1): – 
Independent of EQT AB and  executive management:  
Yes.
Independent of major shareholders:  Yes.
BROOKS ENTWISTLE
Born 1967. Board member since June 2022. 
Education:  
Master of Business Administration, Harvard  
Business School, A.B., History, Dartmouth College.
Other current assignments:
Managing Director at Ripple and Senior Vice  
President of Global Customer Success. Board  
member of Aspen Institute, EmancipAction, The John 
Sloan Dickey Center for International Understanding  
at Dartmouth College and Young Life.
Previous assignments:
CEO Goldman Sachs India and Chairman Goldman 
Sachs SouthEast Asia. Board member of Global 
 Synergy Acquisition Corp. and Chief Business  
Officer International at Uber.
Shareholding in EQT AB 1): –
Independent of EQT AB and executive management:  
Yes.
Independent of major shareholders:  Yes.
EQT Annual and Sustainability Report 2023 / Page 148Corporate governance 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
Sustainability notes  113
Corporate governance   144
Corporate governance report   145
Statement of Purpose   145
Additional information   158

===== SIDA 150 =====

The Board, continued
JOHAN FORSSELL
Born 1971. Board member since August 2015.
Education:
Master of Science in Economics and Business Admin -
istration from Stockholm School of Economics.
Other current assignments:
CEO and board member of Investor AB. Board mem-
ber of Atlas Copco AB, Epiroc AB, Wärtsilä Oyj Abp, 
Patricia Industries, and Confederation of Swedish 
Enterprise. Member of The Royal Swedish Academy 
of Engineering Sciences (IVA).
Previous assignments: Board member of Stockholm 
School of Economics and SAAB Aktiebolag.
Shareholding in EQT AB 1): 3,000 shares
Independent of EQT AB and executive management:  
Yes.
Independent of major shareholders:  No.
GORDON ORR
Born 1962. Board member since October 2018.
Education:
Master in Engineering from Oxford University. MBA, 
Baker Scholar, Harvard Business School.
Other current assignments:
Chairperson of the Board of Westchel Ltd. Board 
member of China Britain Business Council, Lenovo 
Group Ltd, Meituan Ltd, Swire Pacific Ltd, and Fidelity 
China Special Situations PLC.
Previous assignments:
Board member of Sondrel Ltd, BioProducts  
Laboratory Ltd and PCH Ltd. 
Shareholding in EQT AB 1): 31,530 ordinary shares 
(directly).
Independent of EQT AB and executive management:  
Yes.
Independent of major shareholders:  Yes.
DIONY LEBOT
Born 1962. Board member since June 2020.
Education:
Masters in Finance and taxation from University  
Pantheon Sorbonne.
Other current assignments:
Board member of Alpha Bank and Ayvens
Previous assignments:   
Deputy Chief Executive Office of Societe Generale, in 
charge of ESG policies, the group’s financial services 
(ALD & SGEF) and Insurance activities of the Group
Shareholding in EQT AB 1): – 
Independent of EQT AB and executive management: 
Yes.
Independent of major shareholders : Yes.
 
1) Shareholding as per 29 December 2023. Updated shareholding can be found on eqtgroup.com. 
EQT Annual and Sustainability Report 2023 / Page 149Corporate governance 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
Sustainability notes  113
Corporate governance   144
Corporate governance report   145
Statement of Purpose   145
Additional information   158

===== SIDA 151 =====

According to EQT AB’s articles of association, the Board mem-
bers elected by the shareholders’ meeting shall be no less than 
three and no more than ten without any deputy members.
Since the Annual Shareholders’ Meeting held on 30 May 
2023, the Board has consisted of seven members and no 
 deputy members. Seven of the eight members elected at the 
Annual Shareholders’ Meeting 2022 were re-elected at the 
Annual Shareholders’ Meeting 2023, Nicola Kimm declined 
re-election. 
The composition of EQT AB’s Board meets the Code’s 
requirements concerning independence. In the nomination 
committee’s work for the AGM 2024, the nomination committee 
will apply rule 4.1 of the Code as diversity policy in its nomina-
tion work with the aim to achieve a well-functioning composi-
tion of the Board when it comes to diversity and breadth, as 
regards inter alia gender, nationality, age and industry  
experience.
Evaluation of the Board and the CEO
The Board applies written rules of procedure, which are 
revised annually and adopted by the inaugural Board meeting 
each year. On an annual basis, the Chairperson of the Board 
initiates an evaluation of the performance of the Board. The 
objective of the evaluation is to provide insight into the Board 
members’ view about the performance of the Board and iden-
tify measures that could make the work of the Board more 
effective. A secondary objective is to form an overview of the 
areas the Board believes should be afforded greater scope 
and where additional expertise might be needed within the 
Board. All Board members participated in the 2023 evaluation. 
In addition, each Board member completed a survey as part of 
the evaluation and the Chairperson of the Board held individ-
ual conversations with each Board member to discuss the 
results of the survey to gain a better understanding of the 
Board’s work during the year. As part of the annual evaluation 
process, the Chairperson reports the results to the nomination 
committee. The Board continuously evaluates the performance 
Attendance at board meetings and board remuneration in 2023 
Attendance record, board and  
Committee meetings 2023 
Remuneration resolved by the annual  
shareholders’ meeting 2023 (EURk)
Member 
Board  
meetings 1)
AudCo  
meetings 
RemCo  
meetings
SustCo 
 meetings
Board  
fee
Audit  
committee
 Remuneration 
committee
 
Sustainability 
committee Total3)
Conni Jonsson (Chairperson) 11/11 4/4 1/1 2/2 295.80 202) – – 315.8
Marcus Wallenberg  
(Deputy Chairperson) 11/11 – 4/4 – 134.64 – 20 – 154.64
Margo Cook 9/11 – 4/4 4/4 134.64 – 40 20 194.64
Brooks Entwistle 10/11 – 3/3 – 134.64 – 20 – 154.64
Johan Forssell 9/11 4/4 – – 134.64 20 – – 154.64
Nicola Kimm 4/5 – – 2/2 – – – – –
Diony Lebot 11/11 4/4 – 2/2 134.64 40 – 20 194.64
Gordon Orr 11/11 3/3 – 3/3 134.64 – – 40 174.64
Total3)     1,103.64 80 80 80 1,343,64
1) The record shows the attendance in relation to how many meetings each Board member or committee member was elected Board member or appointed committee member, 
as applicable. 
2) Conni Jonsson left the audit committee in January 2024. Remuneration will be adjusted accordingly.
3) The column “Total” does not include other remuneration received, please see Note 23.
of the CEO by monitoring the development of the business in 
relation to the established objectives. A formal performance 
review is carried out once a year.
Work of the Board in 2023
During 2023, the Board held 11 Board meetings. The Board 
members’ are expected to attend board meetings and the 
attendance during 2023 is shown in the table below. The Head 
of Business Development, has been the secretary of Board 
meetings. Prior to each meeting, the Board members were 
provided with written information on the matters that were to 
be discussed. Furthermore, there have been Board meetings 
where the Board members have had the opportunity to discuss 
matters without representatives of EQT AB’s management 
being present. The main focus areas for the Board’s work 
during 2023 have been on EQT’s strategic priorities, including 
the sustainability agenda and future-proofing performance, 
while navigating through a year of uncertainty. 
Committee work is an important task performed by the 
Board. For a description of the work conducted by the commit-
tees during 2023, see the summary below.
In addition to participating in meetings of the audit commit-
tee, EQT AB’s auditor also attended a Board meeting during 
which Board members had the opportunity to pose questions 
to the auditor without representatives of EQT AB’s manage-
ment being present.
Board committees
In order to increase the efficiency of its work and enable a 
more detailed analysis of certain issues, the Board has formed 
an audit committee, a remuneration committee and a sustain-
ability committee. The members of the committees are nor-
mally appointed at the inaugural Board meeting and the com-
mittees’ duties and decision-making authorities are regulated 
in annually approved committee instructions. The primary 
objective of the committees is to provide preparatory and 
administrative support to the Board. The matters considered 
at committee meetings are recorded in minutes and reported 
at the following Board meeting. Representatives from EQT AB’s 
central functions typically participate in committee meetings.
Diony Lebot (Chairperson), Johan Forssell and Conni Jons-
son were appointed as members of the audit committee at the 
EQT Annual and Sustainability Report 2023 / Page 150Corporate governance 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
Sustainability notes  113
Corporate governance   144
Corporate governance report   145
Statement of Purpose   145
Additional information   158

===== SIDA 152 =====

inaugural Board meeting following the Annual Shareholders’ 
Meeting 2023. Conni Jonsson resigned as a member of the 
audit committee in January 2024. The audit committee shall 
perform the tasks set out in applicable EU rules, the Swedish 
Companies Act and, to the extent appropriate, the Code. The 
audit committee shall monitor EQT’s financial and sustainabil-
ity reporting and the efficiency of EQT’s internal controls and 
risk management as well as keep itself informed regarding the 
audit of the Annual Report and EQT’s accounts and the review 
of the semi-annual report and preparation of the quarterly 
statements. The audit committee shall also review and monitor 
the impartiality and independence of the auditor. 
Margo Cook (Chairperson), Brooks Entwistle and Marcus 
Wallenberg were appointed as members of the remuneration 
committee at the inaugural Board meeting following the 
Annual Shareholders’ Meeting 2023. The purpose and aim  
of the remuneration committee is to address remuneration 
matters and ensure a comprehensive and well prepared  
and supervised remuneration model for the EQT AB Group’s 
employees. The remuneration committee shall prepare the 
Board’s decisions on principles for remuneration, including 
sustainability considerations, and other terms of employment 
for the executive management and monitor and evaluate the 
current remuneration structures and levels.
Gordon Orr (Chairperson), Margo Cook and Diony Lebot were 
appointed as members of the sustainability committee at the 
inaugural Board meeting following the Annual Shareholders’ 
Meeting 2023. The sustainability committee provides a plat-
form for debate on EQT’s sustainability agenda between the 
Board and executive management, uniquely positioning the 
firm to deliver positive impact and long-term performance for 
its clients. The committee convenes on a quarterly basis and 
shall act as a sounding board to the Board on EQT’s sustain-
ability strategy, ambition level and objectives, review the  
performance and progress as well as discuss emerging  
topics within the sustainability area.
Remuneration to the Board 
Board fees, including fees to the Chairperson of the Board,  
are resolved by the shareholders’ meeting. The shareholders’ 
meeting has also resolved that the Board fees shall be paid in 
shares in EQT AB. Detailed information about remuneration, 
pensions and other benefits for the Board is set out in Note 7 
and on EQT’s website. The Board members are not entitled to 
any benefits following termination of their assignments as 
members of the Board. To the extent a Board member con-
ducts work for EQT, in addition to the Board work, consulting 
fees and other compensation for such work may be paid.
EQT Annual and Sustainability Report 2023 / Page 151Corporate governance 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
Sustainability notes  113
Corporate governance   144
Corporate governance report   145
Statement of Purpose   145
Additional information   158

===== SIDA 153 =====

The Executive Committee
CHRISTIAN SINDING
Born 1972. CEO and Managing Partner since January 2019. Deputy  Managing 
Partner 2015–2019. Employed by EQT since 1998.
Education: 
Bachelor of Science in Commerce with Distinction, University of Virginia.
Other current assignments: 
Board member of EQT Foundation, Baggins AG and Vidsjaa AS.  
Previous assignments:
Board member of Cimbria A/S, Findus AB, Flexlink AB, Gambro AB, ISS AB, 
Plantasjen AS, Vaasan & Vaasan Oy, VTI Technologies, XXL ASA and EQT  
Partnership Association.
Experience:
Joined EQT Partners from AEA Investors Inc., a leading U.S. based private 
equity firm. Previously, Christian was a financial analyst with Bowles Hollowell 
Conner & Co. Christian has worked in the Stockholm-, Munich- and Copen-
hagen offices of EQT Partners and opened the Oslo office in 2007. Christian 
was Head of Equity between 2011–2018. 
Shareholding in EQT AB 1): 28,120,000 ordinary shares (indirectly).
LENNART BLECHER
Born 1955. Deputy Managing Partner since August 2013. Head of Real Assets 
Advisory Team since January 2015. Employed by EQT since 2007.
Education: 
Master of Laws, Lund University. Academy of American and International Law, 
University of Dallas.
Other current assignments: 
Board member of White Mill AG, Nordkap Holding AG, Volito Aktiebolag,  
Volito Fastigheter Aktiebolag and Volito Industri Aktiebolag.
Previous assignments:  –
Experience: 
Managing Director and Senior Banker in the investment bank of Unicredit/
HypoVereinsbank, Munich. Managing Director at GE Commercial Finance, 
London. Various positions in the ABB Group, Zurich, such as General Counsel 
for the ABB Financial Services Group, President and Business Area Manager 
for ABB Structured Finance and ABB Equity Ventures.
Shareholding in EQT AB 1): 29,203,556 ordinary shares (directly and  indirectly).
SUZANNE DONOHOE
Born 1970. Chief Commercial Officer and Global Head of EQT-Ext (CXO). 
Employed by EQT since 2023.
Education:
B.A. in Government magna cum laude from Georgetown University. M.B.A. 
from the Wharton School at University of Pennsylvania.
Other current assignments:
Board Member of EQT Partners Inc.Vice Chair of the Board and Member 
of the Executive Committee as well as Chair of the Finance Committee for 
Georgetown University’s Board. Suzanne also serves as a Vice Chair of 
Georgetown’s Wall Street Alliance which creates endowed scholarships for 
Georgetown University students.
Previous assignments: 
Board member of Global Atlantic Financial Group, KKR Capital Markets and 
PAAMCO Prisma Holdings. Chairman, trustee and president of the Board of 
trustees of KKR Income Opportunities Fund.
Experience:
Before joining EQT, Suzanne was a Partner at KKR & Co from 2009–2022. In 
that capacity, she founded and led the Global Client & Partner Group for over 
eleven years and then served as the firm’s Global Head of Strategic Growth. 
Suzanne’s experience prior to KKR included an extensive career at Goldman 
Sachs where she served from 1992-2009. During this period, she worked in 
both the Investment Banking and Investment Management Divisions and 
worked in both New York and in London. She became a Partner in 2000. 
Further, Suzanne has been involved in various philanthropic work, including 
serving as Board Member for the New York State chapter of the Nature 
 Conservancy and also serving on the Board of Fertile Hope, a charity which 
focused on delivering fertility resources to cancer patients.
Shareholding in EQT AB 1): 56,250 ordinary shares.
1) Shareholding as per 29 December 2023. Updated shareholding can be found on eqtgroup.com. 
EQT Annual and Sustainability Report 2023 / Page 152Corporate governance 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
Sustainability notes  113
Corporate governance   144
Corporate governance report   145
Statement of Purpose   145
Additional information   158

===== SIDA 154 =====

WARD FITZGERALD
Born 1963. Partner and Head of EQT Exeter since April 2021.
Education:
MBA from Harvard Business School and BA in Business Administration from 
the University of Notre Dame.
Other current assignments:
Board member of Jefferson Hospital, The Ehlers Danlos Society, The Papal 
Foundation, The National Centre for Padre Pio, I AM Mercy Foundation (a/k/a 
I AM the Vine Foundation), the Business Advisory Council and Catholic Lead-
ership Institute (CLI). Chairperson of the Institute of Real Estate at the Uni-
versity of Notre Dame Partner. Partner and member of the management in 
Our Lady’s Retreat Home LLC, 1480 Eaves Spring Investment LLC, EPG Equity 
Holdings LLC, EPG Equity Parent LLC, Everlasting Summer Ltd, NexeterP LLC, 
NexeterPR LLC, NexeterS LLC and Real Estate Services International LLC. 
He serves on the Advisory Council at Jefferson University Hospital Neurology 
Institute and its Raphael Center for Neurorestoration, and supports Project 
Home and its Inn of Amazing Mercy.
Previous assignments: 
CEO of Exeter Property Group. Board member of the Handmaids of the 
Sacred Heart, Fields Design and Development Committee Notre Dame 
Academy in Villanova, Real Estate Board for the Archdiocese of Philadel -
phia and the Board of Trustees for LaSalle College High School.
Experience:
Prior to Exeter, Ward began as a senior management team member with 
Rouse/Liberty Property Trust, a $7B publicly traded office and industrial REIT, 
which he helped take public in 1994. Ward has held the position of Chief Exec-
utive Officer and Senior Managing Principal of Exeter Property Group since 
the founding of the firms in 2006.
Shareholding in EQT AB 1): 17,402,730 ordinary shares.
The Executive Committee, continued
PER FRANZÉN 
Born 1976. Deputy Managing Partner since January 2022. Head of Private 
Capital since June 2021. Employed by EQT since 2007.
Education: 
M.Sc in Economics and Business Administration from the Stockholm School of 
Economics with exchange studies at the University of St Gallen in Switzerland.
Other current assignments: 
Chairperson of the Board of Browne Invest AB and Browne Invest 2 AB. Board 
member of Anticimex Group AB, Bark Partners AB, Independent Vetcare 
Limited, Lago Invest AB and Lago Holding AB.
Previous assignments: 
Board member of Academedia, Duni, Securitas Direct, SSP, Automic, 
 Evidensia, IFS and Eton.
Experience: 
Per has worked in the Stockholm and Munich offices at EQT Partners and has 
been involved in a number of investments including IFS, Automic, SSP, Acade-
Media, Securitas Direct, IVC, Anticimex, Eton, Duni, Karo Pharma and Piab.
Shareholding in EQT AB 1): 27,596,291 ordinary shares (indirectly).
CHRISTINA DREWS
Born 1970. COO since 2022. Employed by EQT since 2022. 
Education: 
MA from Cambridge University.
Other current assignments: –
Previous assignments: 
COO of Helios Investment Partners LLP. Global CAO of Investment Banking 
Division. EMEA CFO and COO of Investment Banking Division.
Experience: 
Global CAO for the Investment Banking Division (IBD), COO and CFO for IBD 
in EMEA. COO and on the Executive Committee of Helios Investment Partners 
LLP, with oversight for the firm’s strategy development and implementation.
Shareholding in EQT AB 1): 4,119 class C shares.
1) Shareholding as per 29 December 2023. Updated shareholding can be found on eqtgroup.com. 
EQT Annual and Sustainability Report 2023 / Page 153Corporate governance 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
Sustainability notes  113
Corporate governance   144
Corporate governance report   145
Statement of Purpose   145
Additional information   158

===== SIDA 155 =====

The Executive Committee, continued
KIM HENRIKSSON
Born 1968. CFO since October 2018. 
Education: 
Master of Science in Economics from Hanken School of Economics.
Other current assignments: –
Previous assignments: –
Experience: 
Kim started his career at Morgan Stanley in 1994 and left the Nordic M&A 
team as a Managing Director in 2008. Between 2010 and 2015 Kim held  
the position as CFO at Munksjö and subsequently, he was a Partner and 
Corporate Finance Advisor at Access Partners.
Shareholding in EQT AB 1): 242,475 ordinary shares (directly) and 17,555 
class C shares.
BAHARE HAGHSHENAS
Born 1979. Global Head of Sustainable Transformation.
Education:
BS. Social Science from Mid-University in Sweden and a mini MBA from  
University of Chicago Booth School of Business in the UK.
Other current assignments: -
Previous assignments: 
Partner at Deloitte and Monitor Deloitte Nordic.
Experience:
Before joining EQT, Bahare worked at Deloitte Consulting for 10 years, with 
focus on Sustainability strategy and innovation as Partner and Executive 
Director of Acacia, Deloitte’s Sustainability Innovation Hub. She has expe-
rience in the field of strategy, innovation and sustainability and has worked 
within purpose led ventures for 5 years as well as working in multi-stakeholder 
environments such as Red Cross and humanitarian sector, both as elected 
president and volunteer for 15 years. 
Shareholding in EQT AB 1): 5,190 class C shares.
RICARDO REYES
Born 1974. Global Head of Communications and External Affairs. Employed  
by EQT since 2022.
Education:
Bachelor of Arts from Rice University.
Other current assignments:
Co-founder and advisor to Moveable Feast.
Previous assignments: –
Experience:
Ricardo Reyes brings significant experience from his roles positioning Tesla, 
YouTube and most recently Dyson, where he was the Chief Communications 
Officer. In addition to his work in Silicon Valley, Reyes started his career in 
Washington DC, working at the White House and on policy initiatives. 
Shareholding in EQT AB 1):  
1,961 class C shares.
1) Shareholding as per 29 December 2023. Updated shareholding can be found on eqtgroup.com. 
EQT Annual and Sustainability Report 2023 / Page 154Corporate governance 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
Sustainability notes  113
Corporate governance   144
Corporate governance report   145
Statement of Purpose   145
Additional information   158

===== SIDA 156 =====

ANNA WAHLSTRÖM
Born 1976. Chief People Officer since October 2017. Employed by EQT  
since 2013.
Education:
Master of Social Science and Human Resources with a major in Sociology from 
Uppsala University.
Other current assignments:
Board member of Inannut AB.
Previous assignments: –
Experience:
Before joining EQT, Anna was CEO at Propell, a recruitment agency that she 
founded in 2004 together with Investor and Novare. Prior to that, she worked 
as an HR consultant for Investor’s HR firm Novare for four years. Earlier in her 
career Anna worked with project management and HR at StepStone.
Shareholding in EQT AB 1): 433,335 ordinary shares (directly) and 4,391 class 
C shares.
The Executive Committee, continued
GUSTAV SEGERBERG
Born 1983. Head of Business Development since 2018. Employed by EQT  
since 2016.
Education:
M.Sc. in Economics and Business Administration from the Stockholm School 
of Economics.
Other current assignments: –
Previous assignments: –
Experience:
Gustav started his career at SEB in the Investment Banking team, lastly as a 
Vice President. At EQT, he started in the Client Relations and Capital Raising 
Advisory Team.
Shareholding in EQT AB 1): 18,047 ordinary shares and 24,939 class C shares. 
JEAN ERIC SALATA
Born 1965. Head of EQT Private Capital Asia and Chairperson of EQT Asia. 
Employed by EQT since 2022.
Education: 
Bachelor of Science in Finance and Economics from the Wharton School of the 
University of Pennsylvania.
Other current assignments: 
Trustee of Salata Family Foundation. Trustee of the Carnegie Hall. 
Previous assignments: 
Founding Partner and CEO of BPEA. 
Experience: 
Jean Eric Salata was the Founding Partner and Chief Executive of BPEA. Jean 
has overseen all investment and divestment decisions made at BPEA, as well 
as its strategic direction, since he founded the Firm in 1997. Jean has previously 
worked as a management consultant with Bain & Company based in Hong 
Kong, Sydney and Boston, and has also worked as a Director of the  
Asian private equity investment arm of AIG. 
Shareholding in EQT AB 1): 115,906,128 ordinary shares (indirectly).
1) Shareholding as per 29 December 2023. Updated shareholding can be found on eqtgroup.com. 
EQT Annual and Sustainability Report 2023 / Page 155Corporate governance 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
Sustainability notes  113
Corporate governance   144
Corporate governance report   145
Statement of Purpose   145
Additional information   158

===== SIDA 157 =====

The CEO is appointed by and subordinated to the Board and is 
responsible for the operative management of EQT AB and to 
coordinate EQT’s operations. The measures to be taken by the 
CEO and what measures that should be referred to the Board 
are set out in the CEO’s instructions. The CEO shall monitor and 
ensure that the items to be addressed by the Board are pre-
sented to the Board in accordance with applicable legislation. 
At every ordinary Board meeting, the CEO shall report on the 
execution of resolutions previously passed by the Board as well 
as on more important decisions made by the CEO.
According to the instructions for the financial reporting, the 
CEO is responsible for the financial reporting in EQT AB and 
consequently must ensure that the Board receives adequate 
information for the Board to be able to evaluate EQT AB’s 
financial condition continuously, including results, liquidity  
and credit status.
Furthermore, the CEO must continuously keep the Board 
informed of developments in EQT’s operations, important busi-
ness events, as well as environmental, social and governance 
issues and risks and all other events, circumstances or condi-
tions which can be assumed to be of significance to EQT AB’s 
shareholders.
EQT AB’s executive management, the Executive Committee, 
consisted of twelve members as of 31 December 2023. In addi-
tion to the CEO/ Managing Partner (Christian Sinding), the 
Executive Committee comprised, as of 31 December 2023, the 
CFO (Kim Henriksson), the COO (Christina Drews), the Chief 
People Officer (Anna Wahlström), the Head of Private Capital 
and Deputy Managing Partner (Per Franzén), the Head of EQT 
Private Capital Asia and Chairperson of EQT Asia (Jean Eric 
Salata), the Head of Real Assets’ Advisory Teams and Deputy 
Managing Partner (Lennart Blecher), the Partner and Head of 
EQT Exeter (Ward Fitzgerald), the Global Head of Sustainable 
Transformation (Bahare Haghshenas), the Head of Business 
Development (Gustav Segerberg), Global Head of Communi -
cations and External Affairs (Ricardo Reyes) as well as the 
Chief Commercial Officer and Global Head of EQT-Ext 
(Suzanne Donohoe). The Executive Committee meets on a 
 regular basis, and the matters considered at the meetings are 
recorded in minutes. In 2023, the Executive Committee’s work 
has mainly been focused on developing a full potential plan 
setting out strategic ambitions and priorities for EQT until 2033, 
the integration of BPEA and Exeter, where BPEA is now fully 
integrated in EQT, and on private wealth which remains a key 
strategic area, marked by the launch of EQTs first fund target-
ing individual investors in Europe and Asia in June 2023. The 
remuneration for the CEO is determined by the Board. Remu-
neration for other members of the executive management is 
determined by the CEO and approved by the remuneration 
committee, following which the Board is informed. The latest 
adopted guidelines for remuneration to executive manage -
ment are described in Note 7. The remuneration report will be 
presented to the AGM 2024 in accordance with the Swedish 
Companies Act and the Remuneration Rules issued by the 
Swedish Securities Market Self-Regulation Committee and  
will be published on EQT’s website.
CONTROL FUNCTIONS
EQT has an independent Global Risk, Regulatory and Compli-
ance function, consisting of Regulatory & Compliance, Group 
Risk and Portfolio Risk. The Risk, Regulatory and Compliance 
function reports to the CFO on a day-to-day basis and to the 
Executive Committee and the Board on at least an annual  
basis or on an ad-hoc basis.The risk management function is 
responsible for coordinating the internal reviews and reporting 
of significant risks and the effectiveness of the EQT AB Group’s 
internal controls. Material incidents are reported to the audit 
committee on a quarterly basis.
The Regulatory & Compliance function supports the EQT AB 
Group’s compliance with laws and regulations by implement-
ing regulatory frameworks, monitoring compliance and train -
ing employees. 
Internal Control Framework
The EQT AB Group’s internal control framework is governed by 
the Swedish Companies Act and the Code. The internal control 
process is effectuated by the Board, the audit committee, the 
CEO, the executive management and other employees. The 
internal control process is intended to provide reasonable 
assurances that the EQT AB Group’s objectives are met with 
respect to efficient operations, reliable reporting and compli -
ance with applicable laws and regulations. With respect to 
financial reporting, internal controls are intended to provide 
reasonable assurances regarding the reliability of external 
financial reporting as well as to ensure that external financial 
reporting is prepared in accordance with applicable laws  
and regulations, applicable accounting standards and other 
requirements for EQT AB as a company listed on a regulated 
market.
The process for the EQT AB Group’s internal control is based 
on the Committee of Sponsoring Organizations of the Tread-
way Commission’s guidelines on internal control (COSO). The 
process includes control environment, risk assessment, control 
activities, information as well as communication and monitor-
ing. The control environment establishes the character and 
provides the discipline and structure for the other four integral 
components of internal control.
The Board of EQT AB evaluates the need for a separate 
internal audit function on a yearly basis. EQT AB has not had a 
separate internal audit function as the regular internal assess -
ments of internal controls was deemed to be sufficient as an 
oversight function. 
Control environment 
The internal control environment is built upon corporate values, 
which ensure the organization’s commitment to integrity and 
holding individuals accountable for their responsibilities. The 
Board is responsible for performing independent oversight of 
the development and execution of the EQT AB Group’s internal 
control framework. The audit committee is responsible for the 
quality and supervision of the EQT AB Group’s internal controls 
and risk management. A key aspect of the internal control  
environment is the organizational structure of the EQT AB 
Group, including its reporting lines, authorities and allocation 
of responsibilities established by the executive management. 
To ensure that EQT’s values, ways of working and regulatory 
requirements are applied throughout the entire organization, 
the EQT AB Group has developed a number of policies, guide-
lines and instructions, including i.a. the Conflicts of Interest  
Policy, the Finance Policy, the Information Security and Data 
EQT Annual and Sustainability Report 2023 / Page 156Corporate governance 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
Sustainability notes  113
Corporate governance   144
Corporate governance report   145
Statement of Purpose   145
Additional information   158

===== SIDA 158 =====

Privacy Policy, the Information and Trading Policy and the 
Responsible Investment & Ownership Policy with supporting 
documents. The process for managing these policies and allo-
cating ownership and accountability is set out in the Gover-
nance Policy and the Governance Guidelines. In addition to 
Group policies, the EQT AB Group has a Code of Ethics with 
mandatory principles regarding management and employee 
behavior.
RISK ASSESSMENT 
The EQT AB Group identifies, assesses and manages risks 
based on the EQT AB Group’s purpose, vision, mission and 
goals. Risk assessments are conducted continuously by way of 
interviews and internal reports. Conclusions drawn from con -
ducted risk assessments are presented to key representatives 
of the EQT AB Group and used to conduct a group wide risk 
analysis of key strategic, operational, legal and financial risks, 
including environmental, social and governance risks. The Risk 
Committee reviews and discusses the risk framework and risk 
assessments on behalf of the Executive Committee. 
A summary of the EQT AB Group risk analysis is documented 
in a risk map and presented to the audit committee and the 
Board annually.
Using the EQT AB Group’s risk analysis, the audit committee 
determines which of the identified risks should be prioritized by 
the risk management function for the following year, suggests 
improvements and follows up on previously identified areas of 
improvement.
Control activities
Control activities mitigate the risks identified and ensure accu-
rate and reliable financial and sustainability reporting. Risks 
are mapped out for all key business processes and internal 
controls designed and implemented to cover these risks. On  
a periodic basis, the risk management function ensures that 
EQT’s new initiatives and processes are captured by the inter-
nal and control framework.
The EQT AB Group’s risk function uses an audit & risk soft-
ware to coordinate the self-assessments of internal controls, 
document issues, put in place remediation plans and track 
progress on those.
Information and communication 
Within the EQT AB Group, information and communication 
regarding risks and internal controls contribute to ensuring 
that the right business decisions are made. Key policies and 
guidelines are communicated to employees, e.g. by ensuring 
that those are published and accessible through the intranet or 
on the shared drive. EQT recognizes that certain policies are 
also of interest to external stakeholders and as such publish 
these on EQT’s website. Internal controls awareness sessions 
are conducted with the persons responsible for each process, 
who then ensure those controls are understood and performed 
by relevant staff.
Monitoring 
A self-assessment of the effectiveness of internal controls for 
each business process is performed annually. The Global Risk, 
Regulatory and Compliance function oversees the self-assess-
ment process and reports findings and proposed next steps  
to the CFO, the audit committee and the Board.. In addition, 
independent reviews are conducted by the risk management 
function using a risk-based approach. 
ENGAGEMENT AND RESPONSIBILITY
It is the board of directors who is responsible for the corpo-
rate governance statement for the year 2023 on pages  
144–157 and that it has been prepared in accordance with  
the Annual Accounts Act. 
THE SCOPE OF THE AUDIT
Our examination has been conducted in accordance with 
FAR’s auditing standard RevR 16 The auditor’s examination 
of the corporate governance statement. This means that  
our examination of the corporate governance statement  
is different and substantially less in scope than an audit  
conducted in accordance with International Standards  
on Auditing and generally accepted auditing standards  
in Sweden. We believe that the examination has provided  
us with sufficient basis for our opinions.
OPINIONS
A corporate governance statement has been prepared.  
Disclosures in accordance with chapter 6 section 6 the  
second paragraph points 2-6 the Annual Accounts Act and 
chapter 7 section 31 the second paragraph the same law  
are consistent with the annual accounts and the consoli-
dated accounts and are in accordance with the Annual 
Accounts Act.
Stockholm 15 March 2024
KPMG AB
Håkan Olsson Reising
Authorized Public Accountant
Auditor’s report on  
the  corporate  
governance  statement
To the general meeting of the shareholders in EQT AB,  
corporate identity number 556849-4180
EQT Annual and Sustainability Report 2023 / Page 157Corporate governance 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
Sustainability notes  113
Corporate governance   144
Corporate governance report   145
Statement of Purpose   145
Additional information   158

===== SIDA 159 =====

11
Additional  
information 
159 The EQT AB share
162  Additional fund information for selected funds
164  Additional fund performance   information 
165 APM
168  Definitions
169 AGM-information
EQT Future
BLOOM Fresh International
In August 2023, EQT Future closed the acquisition of SNFL 
and IFG and merged the companies into a new UK-based 
entity, Bloom Fresh International.
 Today, BLOOM is a global leader in fruit innovation, 
using natural and non-GMO new breeding practices to 
help create a healthier, tastier, and more sustainable 
future for growers and consumers worldwide. It is one of 
the largest fruit breeding companies in the world, currently 
focused on creating more resistant, productive and 
adaptable varieties of grapes, cherries and raisins. 
BLOOM has over 1,000 customers across over 20  
countries, with more than 100 patented fruit varieties.

===== SIDA 160 =====

The EQT AB share
Share performance and trading
Since its listing on Nasdaq Stockholm on 24 
September 2019 and up to the last day of 
trading on 29 December 2023, the EQT AB 
share (ticker: EQT) delivered a shareholder 
return of 344%. Nasdaq Stockholm PI 
exhibited a return of 59% over the same 
period. On the last day of trading on 29 
December 2023, the share price closed at SEK 
285, compared to the first trade on 2 January 
2023 of SEK 225, equivalent to a share price 
increase of 27%.
As of 29 December 2023, there were 
1,184,823,591 outstanding shares in EQT. EQT 
currently holds 61,106,376 ordinary shares in 
treasury. Including shares held in treasury by 
EQT, there were 1,244,700,306 ordinary 
shares and 1,229,661 non-listed class C shares.
During 2023, 274 million EQT shares were 
traded on Nasdaq Stockholm, corresponding 
to a traded value of SEK 61.7 billion over the 
period. The traded volume on all venues com-
bined amounted to 530 million shares, corre-
sponding to a value of SEK 119.6 billion. On 
average, 2.1 million EQT shares were traded 
daily. The turnover ratio for ordinary EQT AB 
shares amounted to 17.7% in 2023. 
Ordinary share information and tickers
EQT Nasdaq Stockholm
EQT SS Equity Bloomberg
EQTAB.ST Reuters
8700 Industry Classification 
Benchmark (ICB)
SE0012853455 ISIN code
Share performance
Adj. EPS, basic (SEK)1) 0.634
EPS, basic (SEK)1) 0.171
Year open (SEK) 224.6
Year close (SEK) 285.0
Year low (SEK)2) 192.1
Year high (SEK)2) 286.1
Beta 1.719
Annualized volatility (%) 42.3
Turnover ratio (%)3) 17.7
Average daily volume 2,111,483
Quota value (SEK) 0.10
No. of shares outstanding4) 1,184,823,591
Market capitalization5)  
(SEK million)  337,675 
1) The adjusted metrics are alternative performance metrics 
for the EQT AB Group. For a full reconciliation please refer 
to Alternative Performance Measures (APM). 
2) In terms of closing price.
3) Measures share liquidity by setting the turnover value in 
relation to average market capitalization for the period. 
4) In addition, EQT currently holds 61,106,376 ordinary 
shares in treasury, which are not entitled to dividend or 
votes at shareholders’ meetings.
5) Based on the total number of outstanding ordinary shares 
and class C shares as of 29 December 2023.  
Share price and trading
 EQT2)    OMX Stockholm PI2)    Number of shares traded per month, million
1) As of 29 December 2023. 
2) Normalized, factor 100.
3) Partners’ sale of shares during October 2023 included.
Source: Bloomberg Finance L.P.
Ordinary shares in EQT AB were listed on Nasdaq Stockholm on 24 Sep-
tember 2019 with an offering price at SEK 67.0. The total return, share price 
performance including reinvested dividends, for the ordinary EQT AB 
share in 2023 was 29%. The corresponding return since IPO was 344%.1)
 Sweden, 52%
 Chile, 10%
 United States, 8%
 Germany, 5%
 Norway, 5%
 Hong Kong, 3%
 Other, 17%
Trading per venue, 2023 (%) 
53+30+12+5+E
Shareholder distribution by owner type, 
as of 31 December 2023 (% of capital)
25+11+1+63+E
Geographical shareholder distribution, 
as of 31 December 2023 (% of capital)
52+10+8+5+5+3+17+E
 Cboe Global Markets, 53%
 Nasdaq, 30%
 LSE Group, 12% 
 Other, 5%
 Swedish institutions, 25%
 Foreign institutions, 11%  
 Swedish retail, 1%6)
 Other, 63%
Source: Monitor
Source: Monitor
Number of shares, million
0
25
50
75
100
125
DecNovOct 3)SepAugJulyJuneMayAprMarFebJan
0
10
20
30
40
50
6) Retail defined as shareholders owning less than 
10,000 shares.
EQT Annual and Sustainability Report 2023 / Page 159The share
 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
Corporate governance   144
Additional information   158
The EQT AB share   159
Additional fund information for  
selected funds   162
Additional fund performance  
information   164
Alternative performance  
measures (APM)   165
Definitions   168
AGM-information   169

===== SIDA 161 =====

As of 29 December 2023
Ordinary shares Class C shares2) Total
Number of issued shares 1,244,700,306 1,229,661 1,245,929,967
Number of EQT AB shares owned by EQT AB1) 61,106,376 0 61,106,376
Number of outstanding shares 1,183,593,930 1,229,661 1,184,823,591
1)  EQT AB shares owned by EQT AB are not entitled to dividends or carry votes at shareholders’ meetings.
2)  Carry one tenth (1/10) of a vote. Shares owned by EQT AB carry no votes.
Share capital development
Share capital (SEK)
Time  Event
Change in number 
of ordinary shares
Change in number 
of class C shares
Number of 
ordinary shares  
after the 
 transaction     
Number of class C 
shares after the 
transaction Change Total     
2019-09-24 New Share Issue  
in connection with 
the Offering 86,634,900  – 952,983,900  – 8,663,490 95,298,390
2019-11-14 Issue and Repur-
chase of class C 
shares for the EQT 
Share program  – 8,663,490  952,983,900 8,663,490 866,349 96,164,739
2021-04-08 Share Issue1) 33,296,240 – 986,280,140 8,663,490 3,329,624 99,494,363
2022-01-03 Share Issue2) 7,548,384 – 993,828,524 8,663,490 754,838.40 100,249,201.40
2022-10-19 Share issue3) 191,200,000 – 1,185,028,524 8,663,490 19,120,000 119,369,201.40
2023-03-31 The conversion of 
class C shares to 
ordinary shares 365,406 – 365,406 1,185,393,930 8,298,084 – 119,369,201.40
2023-06-21 Cancellation of 
class C shares and 
bonus issue4) – –7,068,423 1,185,393,930 1,229,661 – 119,369,201.40
2023-12-20 Issue and 
repurchase of 
class C2 shares 
and conversion of 
all class C2 shares 
to ordinary shares 
for the EQT Share 
and Option  
programs 59,306,376 – 1,244,700,306 1,229,661 5,965,964.94 125,335,166.34
1) Paid in kind which was recorded in the company’s balance sheet to SEK 6,785,107,787.20, corresponding to SEK 203.78 per share. The purpose of the share issue in kind was 
to ensure delivery of shares in accordance with the obligations set forth in the purchase agreements relating to the combination with Exeter Property Group.
2) Paid by way of set-off of claim amounting to approximately SEK 3,489,345,219.41, corresponding to a subscription price of approximately SEK 462.26 per share. The purpose 
of the set-off share issue was to ensure delivery of shares in accordance with the obligations set forth in the purchase agreement relating to the combination with LSP.
3) Paid in kind which was recorded in the company’s balance sheet to SEK 38,450,320,000, corresponding to SEK 201.10 per share. The purpose of the share issue in kind was  
to ensure delivery of shares in accordance with the obligations set forth in the purchase agreement relating to the acquisition of Baring Private Equity Asia.
4) Through the cancellation, the share capitel was decreased by SEK 706,842.30, and through the simultaneous bonus issue, the share capital was restored and overall 
unchanged.
Top 25 largest shareholders in EQT 
Shareholder
Number of 
ordinary shares
Number  
of class  
C shares
 Share  
capital  
(%)
Votes  
(%)
Investor1) 174,288,016 14.0% 14.0%
Bark Partners AB2) 137,003,313 11.0% 11.0%
Jean Eric Salata3) 117,597,297 9.4% 9.4%
Lennart Blecher 29,203,556 2.3% 2.3%
Christian Sinding4) 28,120,000 2.3% 2.3%
Marcus Brennecke 26,653,246 2.1% 2.1%
Caspar Callerström 26,500,000 2.1% 2.1%
Fredrik Åtting 24,818,559 2.0% 2.0%
Norges Bank 23,272,900 1.9% 1.9%
Wallenberg Investments 22,766,801 1.8% 1.8%
Andreas Huber 21,703,034 1.7% 1.7%
Morten Hummelmose5) 20,110,627 1.6% 1.6%
Jan Ståhlberg 19,777,656 1.6% 1.6%
Stefan Glevén 19,777,642 1.6% 1.6%
BlackRock 17,360,906 1.4% 1.4%
Edward Fitzgerald With Family 17,402,730 1.4% 1.4%
Swedbank Robur Fonder 15,896,234 1.3% 1.3%
Vanguard 15,542,337 1.2% 1.2%
Kristiaan Nieuwenburg 14,000,000 1.1% 1.1%
Anders Misund6) 13,888,890 1.1% 1.1%
Alecta Tjänstepension 14,310,799 1.1% 1.1%
Government Of Singapore (GIC) 12,682,934 1.0% 1.0%
Handelsbanken Fonder 12,292,171 1.0% 1.0%
AMF Pension & Fonder 11,714,664 0.9% 0.9%
Paul De Rome 11,095,812 0.9% 0.9%
Total top 25 847,780,124 68.0% 68.1%
Number of EQT AB shares owned 
by EQT AB7) 61,106,376 4.9% 4.9%
Others 335,813,806  1,229,661 27.1% 27.0%
Number of issued shares 1,244,700,306  1,229,661 100.0% 100.0%
1) Investor AB holds shares indirectly. 
2) Indirectly controlled by Conni Jonsson, Thomas Von Koch, Harry Klagsbrun and Per Franzén. 
3) Jean Eric Salata indirectly controls the shares. 
4) Christian Sinding holds shares indirectly.
5) Morten Hummelmose holds shares indirectly. 
6) Anders Misund holds shares indirectly.
7) EQT AB shares owned by EQT AB are not entitled to dividends or carry votes at shareholders’ 
meetings.
Based on monitor and adjusted for share issue as per 20 December 2023.
EQT Annual and Sustainability Report 2023 / Page 160The share
 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
Corporate governance   144
Additional information   158
The EQT AB share   159
Additional fund information for  
selected funds   162
Additional fund performance  
information   164
Alternative performance  
measures (APM)   165
Definitions   168
AGM-information   169

===== SIDA 162 =====

Dividend policy and distribution of company funds
The dividend policy of EQT is to “generate a steadily increasing annual 
dividend per share” . The policy is adopted by the Board of EQT. The 
Board proposes a dividend of SEK 3.60 per share in respect of the fiscal 
year of 2023, payable in 2024. The dividend will be paid in two install-
ments, SEK 1.80 in June 2024 and SEK 1.80 in December 2024. Holders  
of ordinary shares and class C shares are equally entitled to dividend.
The dividend will be based on the number of shares outstanding  
as of each record date.
Voting rights
Each ordinary share in EQT entitles the holder to one vote at the share-
holders’ meetings and one class C share entitles the holder to one tenth 
vote at shareholders’ meetings. Each shareholder holds voting rights 
equal to the number of shares held by the shareholder in the company.
Shareholder contact: 
OLOF SVENSSON
Head of Shareholder Relations 
Phone +46 72 989 09 15
shareholderrelations@eqtpartners.com 
Shareholding distribution
Holding
Number of 
shareholders
Number of 
 ordinary shares
Number 
class C of 
shares Capital (%) Votes (%)
1–500 50,749 4,209,308 0 0.34 0.34
501–1,000 2,259 1,761,147 0 0.14 0.14
1,001–5,000 1,718 3,603, 704 0 0.29 0.29
5,001–10,000 180 1,317,595 0 0.11 0.11
10,001–15,000 58 713,445 0 0.06 0.06
15,001–20,000 41 724,367 0 0.06 0.06
20,001– 357 1,232,288,740 1,229,661 99.00 99.00
Total 55,362 1,244,700,306 1,229,661 100.0 100.0
Source: Euroclear Sweden
Ownership structure
As of 29 December 2023, EQT AB had 55,362 shareholders according to 
Euroclear Sweden. At the end of 2023, approximately 25 percent of the 
shares were held by Swedish institutions, 11 percent by foreign institutions 
and 1 percent were held by Swedish retail investors. As of 29 December 
2023, the 25 largest shareholders held 68.0 percent of the capital and 
68.1 percent of the votes in EQT AB. On 29 December 2023, Investor AB, 
through Investor Investments Holding AB was the largest shareholder  
in EQT AB, both in terms of capital and votes. 
Share capital
As of 29 December 2023, the share capital of EQT AB amounts to SEK 
125,335,166 distributed over 1,245,929,967 shares, including the 1,229,661 
class C shares.   
EQT Annual and Sustainability Report 2023 / Page 161The share
 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
Corporate governance   144
Additional information   158
The EQT AB share   159
Additional fund information for  
selected funds   162
Additional fund performance  
information   164
Alternative performance  
measures (APM)   165
Definitions   168
AGM-information   169

===== SIDA 163 =====

Additional fund information for selected funds
EQT Ventures
Fund Vintage Committed capital FAUM Status
EQT Ventures 2016 EUR 0.5bn EUR 0.4bn Developing
EQT Ventures II 2019 EUR 0.6bn EUR 0.5bn Developing
EQT Ventures III 2022 EUR 1.1bn EUR1.1bn Investing
EQT Life Sciences
Fund Vintage Committed capital FAUM Status
LSP HEF 2012 EUR 0.1bn EUR 0.1bn Developing
LSP 5 2014 EUR 0.2bn EUR 0.2bn Developing
LSP 6 2018 EUR 0.6bn EUR 0.6bn Developing
LSP HEF 2 2018 EUR 0.3bn EUR 0.3bn Investing
LSP Dementia 2021 EUR 0.3bn EUR 0.3bn Investing
LSP 7 2021 EUR 1.0bn EUR 1.0bn Investing
EQT Growth
Fund Vintage Committed capital FAUM Status
EQT Growth 2021 EUR 2.3bn EUR 2.3bn Investing
EQT Public Value
Fund Vintage Committed capital FAUM Status
EQT Public Value 2018 - EUR 0.5bn Open-ended
EQT Private Equity
Fund Vintage Committed capital FAUM Status
EQT VII 2015 EUR 6.9bn EUR 3.1bn Developing
EQT VIII 2018 EUR 10.9bn EUR 7.7bn Developing
EQT IX 2020 EUR 15.6bn EUR 14.1bn Developing
EQT X 2022 EUR 20.1bn EUR 20.1bn Investing
EQT Mid Market 2013 EUR 1.1bn EUR 0.0bn Developing
EQT Mid Market Asia III 2016 EUR 0.7bn EUR 0.5bn Developing
EQT Mid Market Europe 2016 EUR 1.6bn EUR 0.8bn Developing
EQT Future
Fund Vintage Committed capital FAUM Status
EQT Future  2021 EUR 2.6bn EUR 2.3bn Investing
Private Capital Asia
Fund Vintage Committed  capital FAUM Status
BPEA Fund VI 2014 EUR 3.6bn EUR 1.5bn Developing
BPEA Fund VII 2018 EUR 5.7bn EUR 4.3bn Developing
BPEA Fund VIII 2021 EUR 9.7bn EUR 9.5bn Investing
Hong Kong Growth Fund 2022 EUR 0.5bn EUR 0.5bn Investing
BPEA Mid Market Growth 2022 EUR 0.5bn EUR 0.1bn Investing
The below figuers are as of 31 December 2023
EQT Annual and Sustainability Report 2023 / Page 162Additional fund information
 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
Corporate governance   144
Additional information   158
The EQT AB share   159
Additional fund information for  
selected funds   162
Additional fund performance  
information   164
Alternative performance  
measures (APM)   165
Definitions   168
AGM-information   169

===== SIDA 164 =====

EQT Exeter
Fund Vintage Committed  capital FAUM Status
BPEA Real Estate Fund I 2013 EUR 0.3bn EUR 0.2bn Developing
Exeter Core Industrial Club Fund II, L.P. 2016 EUR 0.5bn EUR 0.5bn Developing
EQT Real Estate I 2016 EUR 0.4bn EUR 0.2bn Developing
BPEA Real Estate Fund II 2017 EUR 0.9bn EUR 0.9bn Developing
Exeter Office Value Fund I 2018 EUR 0.1bn EUR 0.1bn Developing
Exeter Europe Multi-Family I S.C.Sp. 2018 EUR 0.0bn EUR 0.0bn Developing
Exeter Industrial Core Fund III, L.P. 2019 EUR 1.2bn EUR 1.2bn Developing
Exeter Europe Multi-Family II S.C.Sp. 2019 EUR 0.0bn EUR 0.0bn Developing
EQT Real Estate II 2019 EUR 1.1bn EUR 1.0bn Investing
Exeter Industrial Value Fund V, L.P. 2020 EUR 1.8bn EUR 1.8bn Developing
Exeter Europe Industrial Core Fund S.C.Sp. 2020 EUR 1.0bn EUR 1.0bn Developing
EQT Exeter Industrial Core-Plus Fund IV 2021 EUR 2.9bn EUR 0.3bn Investing
Exeter Office Value Fund II, L.P. 2021 EUR 0.7bn EUR 0.7bn Investing
Exeter Europe Logistics Value Fund IV S.C.Sp. 2021 EUR 2.2bn EUR 2.1bn Investing
China Fund I 2021 EUR 0.1bn EUR 0.0bn Investing
Exeter Europe Logistics Value Fund IV S.C.Sp. 2021 EUR 2.2bn EUR 2.1bn Investing 
EQT Exeter Industrial Value Fund VI 2022 EUR 4.4bn EUR 4.4bn Investing 
EQT Infrastructure
Fund Vintage Committed capital FAUM Status
EQT Infrastructure II 2012 EUR 1.9bn EUR 0.3bn Developing
EQT Infrastructure III 2016 EUR 4.0bn EUR 1.3bn Developing
EQT Infrastructure IV 2018 EUR 9.1bn EUR 7.1bn Developing
EQT Infrastructure V 2020 EUR 15.7bn EUR 12.8bn Developing
EQT Infrastructure VI 2023 EUR 13.7bn EUR 13.7bn Investing 
The below figures are as of 31 December 2023
EQT Annual and Sustainability Report 2023 / Page 163Additional fund information
 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
Corporate governance   144
Additional information   158
The EQT AB share   159
Additional fund information for  
selected funds   162
Additional fund performance  
information   164
Alternative performance  
measures (APM)   165
Definitions   168
AGM-information   169

===== SIDA 165 =====

Private Capital Asia
EQT Private Equity 1) 
1995 2004 2006 2011 2021Start 
date
Realized Developing Investing
I IV V VI IXFund
65%
1998
II
16% 19% 11% 16% 8%
2022
X
N/ANet IRR
5.3x
3.1x 2.8x 2.5x 2.6x
1.1x
2.0x
2001
III
15%
2.1x 1.6x
3.5x
2015
VII
21%
2.2x
3.4x
1.9x
2018
VIII
23%
1.3x
1.8x
1.3x
1.1x
1) Note that EQT I, EQT II, EQT III, EQT IV and EQT V are not managed by the EQT AB Group. EQT VI is not managed or 
operated by the EQT AB Group, however, it is included due to the change of entitlement for revenue from EQT VI.
 Realized Gross MOIC   Unrealized Gross MOIC
 Realized Gross MOIC   Unrealized Gross MOIC
2005 2014 2018 2022Start 
date
Realized Developing Investing
III VI VII VIIIFund
54%
2007
IV
9% 14% 24% 16%Net IRR
3.2x
2.2x 2.2x 2.0x
1.3x
2011
V
9%
1.9x
2.3x 2.5x1)
2.1x
2.5x
1.9x
1.3x
Performance across EQT’s business segment Private Capital since inception
1) BPEA VII has conducted several recapitalizations which are completed on a 1:1 basis in terms of realized value and 
realized cost. The blended MOIC is 2.5x for Fund VII’s fully and partially realized assets.
EQT Exeter
2007 2014 2014 2015Start 
date
Realized
US Value I US Value III EU Value I EU Value IIFund
11%
2011
US Value II
30% 29% 33% 27%Net IRR
2.1x 2.4x
1.6x
2.6x
3.7x
2.8x 2.5x 2.7x
2012
US Core I
22%
2017
US Value IV
30%
2018
EU Value III
49%
EQT Infrastructure 1) 
1) EQT Infrastructure I is not managed by the EQT AB Group.
 Realized Gross MOIC   Unrealized Gross MOIC
 Total Gross MOIC   
Performance across EQT’s business segment Real Assets since inception  
Realized Developing Investing
2.5x
2.1x
2.7x
1.7x
1.0x
1.4x
2.4x
0.6x
2.7x
1.7x
1.4x 1.0x1.3x2.4x
2016 2018Start 
date
III IVFund
2008
I
17% 22% 11%
2020
V
12%
2022
VI
N/ANet IRR
2013
II
17%
Additional fund performance information 
EQT Annual and Sustainability Report 2023 / Page 164Additional fund information
 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
Corporate governance   144
Additional information   158
The EQT AB share   159
Additional fund information for  
selected funds   162
Additional fund performance  
information   164
Alternative performance  
measures (APM)   165
Definitions   168
AGM-information   169

===== SIDA 166 =====

To increase the understanding of the development 
of the operations and the financial position of EQT 
AB Group, EQT presents some alternative per-
formance measures in addition to financial mea-
sures defined by IFRS. EQT believes these mea-
sures provide a better understanding of the trends 
of the financial performance and that such mea-
sures, which are not calculated in accordance 
with IFRS are useful information to investors com-
bined with other measures that are calculated in 
accordance with IFRS. These alternative perfor-
mance measures should not be considered in iso-
lation or as a substitute to performance measures 
derived in accordance with IFRS. In addition, such 
measures, as defined by EQT, may not be com-
parable to other similarly titled measures used by 
other companies.
Definition Reason for use
Adjusted total revenue
Total revenue adjusted for fair value step-up on 
acquired contractual right to carried interest.
For revenue adjustments related to the accounting 
treatment of change of entitlement to revenue, see 
Note 4.
Total revenue adjusted for fair value step-up on 
acquired contractual right to carried interest, implying 
that (i) revenue recognition from the date of the 
acquisition will be consistent with the valuation 
 principles used for previously owned right to carried 
interest entitlements and (ii) closer correlation 
between recognized revenues from carried interest 
and investment income and expected cash to be 
received.
Gross segment result
Total revenue adjusted for fair value step-up on 
acquired contractual rights to carried interest less 
directly incurred expenses by business segment.
For revenue adjustments related to the accounting 
treatment of change of entitlement to revenue, see 
Note 4.
Gross segment result provides an overview of the 
direct contribution of each business segment.
Gross segment margin
Gross segment result divided by Adjusted total 
 revenues by business segment.
Gross segment margin provides an overview of the 
profitability by each business segment.
EBITDA
EBIT excluding depreciation and amortization of 
property plant and equipment and intangible assets  
and amortization of acquisition related intangible 
assets.
EBITDA provides an overview of the profitability of the 
operations.
EBITDA margin, %
EBITDA divided by Total revenue. EBITDA margin is a useful measure for showing the 
profitability of the operations relative to total revenue 
generated by the Group during the period.
Alternative performance measures (APM)
EQT Annual and Sustainability Report 2023 / Page 165Alternative performance measures
 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
Corporate governance   144
Additional information   158
The EQT AB share   159
Additional fund information for  
selected funds   162
Additional fund performance  
information   164
Alternative performance  
measures (APM)   165
Definitions   168
AGM-information   169

===== SIDA 167 =====

Definition Reason for use
Adjusted net income
Net income adjusted for items affecting compara-
bility and revenue adjustments.
Items affecting comparability means items that 
are reported separately due to their character and 
amount, see Note 4.
Revenue adjustments related to the accounting 
treatment of change of entitlement to revenue, see 
Note 4.
Adjusted net income is a useful measure for showing the 
profitability generated by the Group as this measure is 
adjusted for items affecting comparability between 
periods.
Adjusted earnings per share
Adjusted net income in relation to average number 
of shares.
Adjusted earnings per share is a useful measure for 
showing the profitability per share generated by the 
Group as this measure is adjusted for items affecting 
comparability between periods.
Financial net cash / net debt
Cash, cash equivalents and short-term loan 
receivable less interest-bearing liabilities (current 
and non current).
Financial net cash / (net debt) is used to assess the 
Group’s financial position in terms of the possibility to 
make strategic investments, payment of dividend and 
fulfillment of financial commitments.
Definition Reason for use
Adjusted EBITDA
EBITDA adjusted for items affecting comparability 
and revenue adjustments.
Items affecting comparability means items that 
are reported separately due to their character and 
amount. For a specification of items affecting 
com parability, see Note 4.
For revenue adjustments related to the accounting 
treatment of change of entitlement to revenue, see 
Note 4.
Adjusted EBITDA is a useful measure for showing profit-
ability of the operations and increases the comparability 
between periods.
Adjusted EBITDA margin, %
Adjusted EBITDA divided by Adjusted total 
revenue.
Adjusted EBITDA margin is a useful measure for showing 
the profitability of the operations and increases the 
comparability between periods, relative to total revenue 
generated by the Group during the period.
Fee-related EBITDA
Adjusted EBITDA less adjusted carried interest and 
investment income.
Fee-related EBITDA is a useful measure that presents 
the recurring fee-related profitability.
Fee-related EBITDA margin, %
Fee-related EBITDA divided by management fees. Fee-related EBITDA margin is a useful measure that 
presents the recurring fee-related profitability, relative 
to management fees generated by the Group during the 
period.
Adjusted EBT excluding carried interest and 
investment income
Fee-related EBITDA less depreciation and amorti-
zation and net financial income and expenses.
Adjusted EBT excluding carried interest and investment 
income is a useful measure in establishing a like-for-like 
measurable adjusted Effective Tax Rate (ETR) over time.
EQT Annual and Sustainability Report 2023 / Page 166Alternative performance measures
 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
Corporate governance   144
Additional information   158
The EQT AB share   159
Additional fund information for  
selected funds   162
Additional fund performance  
information   164
Alternative performance  
measures (APM)   165
Definitions   168
AGM-information   169

===== SIDA 168 =====

Adjusted total revenue
EUR m 2023 2022
Total revenue 2,084.4 1,497.3
Revenue adjustments 46.4 39.2
Adjusted total revenue 2,130.8 1,536.5
Adjusted EBITDA / Adjusted net income
2023 2022
Net income 139.2 176.2
Income taxes 100.2 86.9
Net financial income and expenses 35.5 45.6
Operating profit (EBIT) 274.9 308.7
Amortization of acquisition related intangible assets 364.1 153.6
Depreciation and amortization 54.1 43.8
EBITDA 693.1 506.1
Revenue adjustments 46.4 39.2
Items affecting comparability 486.9 284.2
Adjusted EBITDA 1,226.4 829.5
Less adjusted carried interest and investment income –164.8 –208.0
Adjusted fee-related EBITDA 1,061.6 621.4
Depreciation and amortization –54.1 –43.8
Net financial income and expenses –35.5 –45.6
Adjusted EBT excluding adjusted carried interest and 
investment income 972.1 532.0
Adjusted carried interest and investment income 164.8 208.0
Income taxes –117.4 –85.8
Adjusted net income for the period from  
continuing operations 1,019.4 654.2
Adjusted earnings per share, basic
2023 2022
Adjusted net income, EUR m 1,019.4 654.2
Average number of shares, basic 1,185,754,323 1,031,955,891
Adjusted earnings per share, basic, EUR 0.860 0.634
Adjusted earnings per share, diluted
2023 2022
Adjusted net income, EUR m 1,019.4 654.2
Average number of shares, diluted 1,186,434,306 1,032,594,481
Adjusted earnings per share, diluted, EUR 0.859 0.634
Financial net cash / (Net debt)
EUR m 2023 2022
Cash and cash equivalents 1,114.0 644.9
Interest-bearing liabilities – non-current1) -2,000.0 –2,000.0
Financial net cash / (Net debt) -886.0 –1,355.1
1) Nominal amount.
EQT Annual and Sustainability Report 2023 / Page 167Alternative performance measures
 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
Corporate governance   144
Additional information   158
The EQT AB share   159
Additional fund information for  
selected funds   162
Additional fund performance  
information   164
Alternative performance  
measures (APM)   165
Definitions   168
AGM-information   169

===== SIDA 169 =====

Definitions
Active funds Funds currently investing or with not yet 
realized investments.
Committed capital The total amounts that fund 
investors agree to make available to a fund during a 
specified time period.
Commitment period / Investment period First 
phase of a fund lifecycle after fundraising, in which 
most of a fund’s committed capital is invested into 
portfolio companies. Management fees are normally 
based on committed capital during this period.
Current Gross MOIC (Multiple of Invested 
Capital) A fund’s Gross MOIC based on the current 
total value and invested capital.
Effective management fee rate Weighted average 
management fee rate for all EQT funds contributing to 
AUM in a specific period.
EQT Where used on its own, is an umbrella term and 
may refer interchangeably to the EQT AB Group, SEP 
Holdings Group and/or EQT funds, as the context 
requires.
EQT AB Group or the Group EQT AB and/or any one 
or more of its direct or indirect subsidiaries (for the 
avoidance of doubt excluding the EQT funds and their 
portfolio companies).
Exits Cost amount of realized investments (realized 
cost) from an EQT fund.
Expected Gross MOIC A fund’s expected Gross 
MOIC at termination, when a fund is fully realized, 
based on the estimated total value and invested capital 
upon realization.
FAUM Fee-generating Assets Under Management 
(“FAUM”) represents the total assets and commitments 
from fund investors based on which the EQT AB Group 
is entitled to receive management fees
Final close The date determined for each fund upon 
which admissions to the fund by investors are last 
accepted by the fund manager.
FTE The number of full-time equivalent personnel on 
EQT AB Group’s payroll.
FTE+ The number of full-time equivalent personnel 
and contracted personnel working for EQT AB Group.
Fund size Total committed capital for a specific fund.
Gross inflows New commitments through fundraising 
activities or increased investments in funds charging 
fees on net invested capital.
Gross fund exits Value of realized investments 
(realized value) from an EQT fund. Refers to signed 
realizations in a given period.
Gross MOIC Total value of investments divided by 
total invested capital.
Invested capital Committed capital that fund 
investors have invested in a fund.
Investment level / % Invested Measures the share 
of a fund’s total commitments that has been utilized. 
Calculated as the sum of (i) closed and/or signed 
investments, including announced public offers, (ii) any 
earn-outs and/or purchase price adjustments and (iii) 
less any expected syndication, as a % of a fund’s com-
mitted capital.
Investments Signed investments by an EQT fund.
Key funds Funds with commitments that represent 
more than 5% of total commitments in active funds, 
respectively, as well as EQT Infrastructure II.
Net invested capital Invested capital not yet realized 
(remaining cost). Management fees are generally 
based on net invested capital after the commitment 
period / investment period.
Post-commitment period / Divestment period 
Phase of a fund lifecycle after the commitment period, 
in which most of a fund’s investments are realized. 
Management fees are normally based on the net 
invested capital during the period.
Private Capital Business segment comprised of 
business lines EQT Ventures, EQT Life Sciences, EQT 
Growth, EQT Healthcare Growth. EQT Private Equity, 
Private Capital Asia, EQT Public Value and EQT Future.
Real Assets Business segment comprised of business 
lines EQT Value-Add Infrastructure, EQT Active Core 
Infrastructure and EQT Exeter.
Realized value / (Realized cost) Value (cost) of an 
investment, or parts of an investment, that at the time 
has been realized.
Remaining value / (Remaining cost) Value (cost) 
of an investment, or parts of an investment, currently 
owned by the EQT funds.
Start date A fund’s start date is the earlier of the first 
investment or the date when management fees are 
charged from fund investors.
Step-down Step-downs in AUM generally resulting 
from the end of the investment period in an existing 
fund or when a subsequent fund starts to invest. Fees in 
a specific fund will normally be charged on net 
invested capital post step-down.
Target Gross MOIC Measure used in fundraising of 
an EQT fund as a fund’s target level of investment 
return based on Gross MOIC.
Total AUM Total Assets Under Management (“Total 
AUM”) represents the sum of (i) FAUM, (ii) value appre-
ciation (depreciation) of investments in funds on which 
FAUM is calculated upon, (iii) fair market value of 
non-fee-generating co-investments as well as (iv) 
committed but undrawn capital from fund investors on 
which EQT AB Group is not currently entitled to receive 
management fees but that, following investment, 
would be fee generating.
EQT Annual and Sustainability Report 2023 / Page 168Definitions
 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
Corporate governance   144
Additional information   158
The EQT AB share   159
Additional fund information for  
selected funds   162
Additional fund performance  
information   164
Alternative performance  
measures (APM)   165
Definitions   168
AGM-information   169

===== SIDA 170 =====

EQT AB’s Annual Shareholders’ Meeting 2024 will be held on 
Monday, 27 May 2024. The notice convening the Annual Share-
holders’ Meeting and the other documents will be held available  
on EQT’s website, www.eqtgroup.com.
AGM-information
Financial calendar
2024
18 April  Quarterly Announcement January–March 2024
27 May  Annual Shareholders’ Meeting 2024
18 July   Half-year Report 2024
17 October    Quarterly Announcement July–September 2024
AGM-information EQT Annual and Sustainability Report 2023 / Page 169
 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
Corporate governance   144
Additional information   158
The EQT AB share   159
Additional fund information for  
selected funds   162
Additional fund performance  
information   164
Alternative performance  
measures (APM)   165
Definitions   168
AGM-information   169

===== SIDA 171 =====

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