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

Annual and 
Sustainability
 Report 2024

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2
#01 This is EQT #02 Financial statements #03 Sustainability notes #04 Corporate governance #05 Additional information
Contents
# 01  T his is EQT
 4 Introduction
5 A d ifferentiated leader in active ownership
6  E QT at a glance
7 E QT transforms companies and industries
8   F rom a Nordic heritage, to becoming  
a global leader
9  F ive years as a listed company
 10 Reflections on 2024 and beyond
1 1  2 024 in brief 
1 2  L etter from the Chairperson
1 4  L etter from the CEO
1 6  T owards our targets 
 18 Private markets and EQT 
1 9  T he private ownership model
2 0   P rivate markets: Diversification with 
potential for higher returns
2 1  P rivate markets are set for structural growth
2 2  E QT and its clients
2 3   P roviding access to EQT’s investment 
strategies for private individuals 
 24 EQT’s strategy and financial model
2 5  S trategic developments since the IPO of EQT
2 6   S ince the IPO in 2019, EQT has introduced
t welve new strategies 
2 7   A g lobal investment platform with active 
ownership strategies 
2 8  E QT’s runway for growth
2 9  E QT’s financial model
3 0  E xplaining management fees
3 1  E xplaining carried interes   
 32 EQT Playbook
3 3  E QT Playbook
3 4  T hematic investment approach 
3 7  Local-with-locals
3 7  V alue Creation Toolbox 
3 8  G overnance model
3 8  E QT Network
3 9  T houghts from an industrial advisor 
4 0  D igitalization & AI with Motherbrain 
4 1  E QT’s approach to sustainability
 43 People 
4 4  P eople at the core of EQT’s success
4 5  D eveloping people
4 6  O ur Inclusion @ EQT
4 7  E QT Foundation
4 8  E stablishing the EQT Council 
# 02  F inancial statements 
51 B oard of directors’ report
5 4  C onsolidated financial statements with notes
8 9   P arent company financial statements with 
notes
9 7  P roposal for the distribution of net income
98 M anaging risks
1 05   S ignature of the Board of directors and 
the CEO
106 Aud itor´ s report
# 03  S ustainability notes
1 10  S ustainability notes
1 65  S ustainability-linked financing
1 66  G RI content index
1 70  Aud itor´ s limited assurance report
# 04  C orporate governance
1 71  C orporate governace report
1 72  S tatement of Purpose
1 83   Aud itor´ s report on the corporate 
governance statement
# 05  A dditional information   
1 85  T he EQT AB share 
1 88   A dditional fund information for selected 
funds
1 89  A dditional fund performance information
1 90  A lternative performance measures (APM)
 192 D efinitions
1 93  A GM information 
#01 This is EQT

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3
#01 This is EQT #02 Financial statements #03 Sustainability notes #04 Corporate governance #05 Additional information
PURPOSE
Why  
we exist
To future-proof companies and make
 a positive impact for all
OUR VALUES
What  
we stand for
High performing
Respectful
Entrepreneurial
Informal
Transparent
MISSION
What  
we do and how
With differentiated talent and  
the best global network, EQT uses a thematic 
investment strategy and distinctive value  
creation approach to create superior  
returns for EQT’s investors
VISION
What  
we strive for
To be the most reputable
investor and owner
#01 This is EQT

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4
#01 This is EQT #02 Financial statements #03 Sustainability notes #04 Corporate governance #05 Additional information
 Introduction
Nord Anglia
EQT began its partnership with Nord Anglia Education in 2008 when the company 
operated just six schools. Over the years, EQT supported its growth to over 80 schools 
across 33 countries. Under BPEA VI’s ownership, Nord Anglia established exclusive  
partnerships with institutions like UNICEF, MIT, and Juilliard, enhancing its personalized  
learning approach and elevating teaching excellence.
 In 2024, EQT formed a consortium with CPP Investments and Neuberger Berman  
Private Markets to acquire Nord Anglia through BPEA VIII at a valuation of USD 14.5 billion.  
EQT remains a key investor, continuing to drive Nord Anglia’s mission of delivering world-  
class education and supporting innovative teaching practices and global expansion.
#01 This is EQT

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#01 This is EQT #02 Financial statements #03 Sustainability notes #04 Corporate governance #05 Additional information
 
A differentiated leader  
in active ownership
EQT was founded in Stockholm, Sweden  
in 1994. With a Nordic heritage and focus  
on thematic investments, it is primed  
to build on the first 30 years, entering  
its fourth decade as a global leader in  
active ownership strategies. 
VALUE-BASED CULTURE
High-performing
Respectful
Entreprenurial
Informal
Transparent
Read more in People
NETWORK OF  
INDUSTRIAL ADVISORS 
>600 
Industrial Advisors
Read more in People
LOCAL-WITH-LOCALS  
IN COUNTRIES REPRESENTING
>80% 
of global GDP
Read more in People
GOVERNANCE MODEL 
– THE TROIKA
  
CEO
Chair-
person
EQT 
Partner
Read more in EQT Playbook
THEMATIC INVESTMENT 
FOCUS
Changing 
value chains  
Energy &  
Environmental
Digitalization 
of society
Health & 
wellbeing
Read more in EQT Playbook
A GLOBAL LEADER IN  
ACTIVE OWNERSHIP
Private Equity 
Infrastructure 
Real Estate
Read more in EQT’s strategy & 
financial model
Introduction 
#01 This is EQT

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AssetsReal Assets
6
#01 This is EQT #02 Financial statements #03 Sustainability notes #04 Corporate governance #05 Additional information
 
EURbn 16in FAUM
˜650,000
Portfolio companiesPrivate Capital
1,300  clients
EQT at a glance
EQT AB Group
 
The EQT AB Group manages, advises and invests in the 
EQT funds. EQT’s revenues comprise management fees 
from the EQT funds, a share of investment return, called 
carried interest, and investment income from the EQT 
funds.
EQT funds
 
EQT has EUR 136bn in fee-generating assets under 
management and more than 50 active EQT funds. 
Portfolio companies and assets
 
EQT’s investment advisory teams provide advisory 
services related to the EQT funds and its underlying 
investments. 
EQT is a purpose-driven global investment 
organization focused on active ownership 
strategies, responsibly investing in, owning 
and developing companies and real assets.
EQT Real Estate Square meter real estate
EQT Private Capital Europe & North America Number or portfolio companies
EQT Private Capital Asia Emplyees in portfolio companies
EQT Infrastructure Current number of buildings
EURbn 56in FAUM
˜330
EURbn 41in FAUM 2,000+
EURbn 23in FAUM 40m
Revenue1)  (EURm) 
2,355
Market cap (EURbn)3) 
38 
Employees2) 
1,941
1) Adjusted figures  2) FTE+  3) 31 January 2025
Offices in 
>25  countries
 
FAUM of 
136  EURbn
 
Total AUM of 
269  EURbn
Introduction 
#01 This is EQT

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#01 This is EQT #02 Financial statements #03 Sustainability notes #04 Corporate governance #05 Additional information
… based on an industrial approach to 
future-proofing … 
Introduction 
Private Capital  
EU & NA
Private Capital  
EU & NA
Net IRRSales CAGR Realized Gross MOICEBITDA CAGR
Private Capital  
Asia2)
Private Capital  
Asia
EQT  
Infrastructure
EQT  
Infrastructure
EQT  
Real Estate 
16%
17% 
12% 
16%
16%12%
EQT transforms companies and industries 
EQT transforms companies and industries based on an industrial approach to 
future-proofing, helping EQT secure long-term returns, to the benefit of its clients  
and the ultimate beneficiaries.
EQT transforms companies  
and industries …
 
Energy transition
 
Health & wellbeing
 
              Digitalization  
              of society
 
Changing value chains
1,300
 
active clients
Sovereign wealth funds                      Pension funds 
Financial institutions & other                      Private Wealth 
EQT  
Playbook
… creating value and  
strong returns …
… for the benefit of its clients and the ultimate  
beneficiaries 
EQT funds’ portfolio companies 1) Fund performance
1)  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. Average sales and EBITDA CAGR between entry and exit of realized portfolio companies, as per December 31, 2024. For BPEA Fund VI–VIII.  
Weighted sales and EBITDA CAGR between entry and exit of realized portfolio companies, as per December 31, 2024.
2) BPEA Funds returns are now reported under LPA GAAP Recycling Methodology to be consistent with EQT Group Reporting.
21% 2.6×
16%
15%
18%
2.6×
2.5×
2.5×
#01 This is EQT

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2024201920142009200419991994
EQT-kontor
 
Private Capital Europe and North America
EQT Infrastructure
EQT Real Estate 
Private Capital Asia
FAUM development since inception, EURbn
8
#01 This is EQT #02 Financial statements #03 Sustainability notes #04 Corporate governance #05 Additional information
 
1 1
2 2
3 3
4 4
5 5
6 6
7 7
8 8
83 124
64 103
48 99
47 78
37 62
36 60
30 59
30 52
PEI Ranking 
2019
PEI Ranking 
2024
USDbn 
raised
USDbn 
raised
Firm A Firm A
Firm B Firm C
Firm C
Firm D Firm D
Firm E Firm H
Firm F Firm B
Firm G
Firm G Firm I
 3.3x
Introduction 
From a Nordic heritage, to becoming  
a global leader
Over the past three decades, EQT has transformed from a Swedish  
firm with a Nordic focus into a global investment leader with a presence  
in over 25 countries. EQT is now the fifth largest public company in  
Europe founded in the last 50 years.1) 
1) “A Visualization of Europe’s Non-Bubbly Economy”, Andrew McAfee, December 2024
2) Private Equity International (PEI) 300 list, by USD billion raised
Since the IPO, EQT has risen to a top three player in private equity2)
FAUM of 
136 
EURbn
Presence in  
countries representing
>80% 
of global GDP
More than 
100 
nationalities
Offices in more than 
25 
countries
#01 This is EQT

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#01 This is EQT #02 Financial statements #03 Sustainability notes #04 Corporate governance #05 Additional information
Introduction 
Five years as a listed company
Since its IPO in 2019, EQT has propelled its growth, expanding its global footprint,  
scaling its client base, and significantly increasing its assets under management.  
The listing marked a pivotal step in EQT’s journey, enabling  
the firm to support new strategies, pursue consolidation,  
and drive innovation, while remaining steadfast in its  
commitment to its core principles.
EQT at the time of the IPO in 20191) EQT today2)
Countries
Market cap (EURbn)3)
Clients
FAUM (EURbn)
Adj. Revenue (EURm)
15
440
37
524
6 38
136
1,300
25
2,355
+67%
+195%
+268%
+349%
+444%
1) Excluding Credit
2) All figures as of 31 December 2024, if not otherwise mentioned
3) As of 31 January 2025. Ranking on Nasdaq Stockholm refers to companies incorporated in Sweden, by market capitalization
4) As of 31 January 2025. Share price performance including reinvested dividends, for the ordinary EQT AB share since the IPO
The EQT team, at Nasdaq in New York on 22 October 2024, marking EQT’s fifth anniversary as a company listed  
on Nasdaq Stockholm  
+474
%
Total return4)
4
TH
largest listed Swedish 
 company on Nasdaq  
Stockholm3)
#01 This is EQT

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Placeholder image
#01 This is EQT #02 Financial statements #03 Sustainability notes #04 Corporate governance #05 Additional information
010
 Reflections on 
 2024 and beyond
Galderma
Galderma, a leader in dermatology, priced its IPO on the SIX Swiss Exchange in first  
quarter of 2024. EQT retained its ownership with the liquidity benefit of having publicly  
traded shares, paving the way for realizations over time. By the end of 2024, the IPO  
had returned a 90% return for its IPO investors. 
Not only is the IPO a testament to EQT’s ability to bring high-quality businesses to  
the public market, but also an example of EQT’s value creation playbook in action.  
During the fund’s ownership, Galderma has transformed into a pure-play category leader  
in dermatology.

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Investment performance in Key funds
On plan Above plan 
EQT IX EQT VII
EQT X  EQT VIII
EQT Infrastructure IV EQT Infrastructure III
EQT Infrastructure V BPEA VII
EQT Infrastructure VI BPEA VIII
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#01 This is EQT #02 Financial statements #03 Sustainability notes #04 Corporate governance #05 Additional information
Reflections on 2024 and beyond
Fundraising
 — EQT strategies across the world completed 
fundraises in 2024 that combine to around 
EUR 30bn in total commitments 1), including 
EQT X, the largest private equity fundraise  
to be completed globally in 2024 2)
 — EQT set the hard cap for investor commit-
ments of USD 14.5bn for EQT Private Capital 
Asia’s BPEA Private Equity Fund IX
EUR269bn
Total AUM
Investment performance   
All key EQT funds are On or Above plan  
to meet Gross MOIC targets.
2024 in brief
1) EQT X (EUR 22bn), EQT Future (EUR 3.6bn), BPEA Mid-Market Growth (USD l.5bn), and EQT Active Core Infrastructure (EUR 2.9bn)
2) PEI 
Key events  
 — Two new strategies were launched: EQT    
Healthcare Growth, a dedicated healthcare   
buyout strategy, and EQT Transition Infrastruc-
ture, focused on scale-up investments building 
and enabling the next generation infrastructure
 — EQT continued to enhance its focus on the Private  
Wealth area through senior team hires, branding  
efforts, the addition of further distribution banks   
and new products
 — EQT hosted its first Capital Markets Day in   
Stockholm, followed by a Capital Markets Event   
in New York
Investments by EQT funds
Fee-generating AUM (FAUM)Gross EQT funds exits
2020 2021 2022 2023 2024
30
60
90
120
150
EUR bn
Investment and exit activity 
 — In 2024, EQT had one of its most active invest -
ment years ever with EUR 22bn of investments, 
focusing on themes such as digitalization, energy 
transition, cyber security, education, waste 
management, transportation, and logistics 
 — Exit activity increased, reaching EUR 11bn through 
diverse avenues, such as IPOs, equity sell-downs, 
minority stake sales and full exits 
2020 2021 2022 2023 2024
5
10
15
20
25
30
EUR bn
2020 2021 2022 2023 2024
8
16
24
32
40
EUR bn
EQT’s CEO, Christian 
Sinding, presenting at 
EQT’s Capital Markets 
Event in New York, 
October 2024.

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

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#01 This is EQT #02 Financial statements #03 Sustainability notes #04 Corporate governance #05 Additional information
Reflections on 2024 and beyond
Adapting in a new economic era 
Success in private markets has always required agility. Technological innovation, 
geopolitical shifts and demographic developments bring risks, but also opportunities to 
create value for our clients and societies. As the world evolves, we strive to stay ahead 
of these developments – whether through our ongoing commitment to values-driven 
leadership, our thematic investment strategies, new distribution channels, or the 
establishment of the EQT Council. EQT is standing stronger than ever, and this is a 
natural time for EQT to transition the role of CEO from Christian Sinding to Per Franzén.
Staying ahead in a world of change 
The future looks substantially different to the environ -
ment we have operated in over the last three decades. 
Global growth dynamics are shifting – for example, the 
transition to climate resilience is taking different forms 
and advancements in AI have the potential to transform 
businesses. However, strains on the public sector mean 
that the capital required to support these shifts must 
come from other sources.
As a result, the role that private markets can play in 
shaping economies is evolving. The vast majority of 
companies are private and they are staying private for 
longer. Companies are no longer required to go public 
to fund growth. Private markets firms like EQT can 
support companies from an early stage, to global 
market leaders. With long-term capital, a strong 
governance model that aligns incentives, and insights 
and experience from across the globe, scaled private 
market firms have the tools to transform businesses and 
drive long-term value. 
Since EQT went public in 2019, we have built a truly 
global platform, with local teams in markets represent -
ing more than 80 percent of the world’s GDP. Having a 
strong presence in all relevant markets gives us insights 
into innovations in almost every corner of the globe. 
Innovation that will shape the future for us all. It also 
allows us to have local insights on geopolitical develop -
ments, and we can seize opportunities that arise with 
long-term demographic trends. Our footprint is a 
source of competitive advantage, and key to  
Letter from the Chairperson

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#01 This is EQT #02 Financial statements #03 Sustainability notes #04 Corporate governance #05 Additional information
Reflections on 2024 and beyond
future-proofing both ourselves and the portfolio 
companies. It underpins our ability to secure perfor -
mance, to assess risks and opportunities. It enables us 
to deliver on our commitment to our employees, clients, 
shareholders and all other stakeholders.
To further build our global presence, we launched 
the EQT Council this year. The Council brings together 
some of EQT’s most experienced leaders with external 
expertise. It aims to strengthen our ability to create 
meaningful partnerships, provide clients with insights 
they need to succeed in the long term, and invest to 
shape a new economic era. 
Building on our core values
Success in the private markets industry requires the 
ability to attract and retain the best talent. This goes not 
only for EQT, but also our Industrial Advisor network 
and the talent we recruit to the portfolio companies. As 
a global player we believe that it is our responsibility to 
unite employees from different backgrounds across the 
world and provide the tools to make them succeed. 
That is what our common values are for; uniting and 
empowering talent. 
Every person at EQT subscribes to our values: high 
performing, respectful, entrepreneurial, informal, and 
transparent. We believe that these foster a culture 
driven by innovation, collaboration, and a strong sense 
of purpose. It is a culture where we dare to take risks, 
take action, and to learn equally from successes and 
mistakes. 
Keys to long-term success
EQT’s Executive Committee is executing on a strategy 
which will ensure that EQT stays at the forefront of the 
private markets industry. It focuses on four priorities: 
ensuring exceptional performance; growing existing 
strategies and introducing new ones; building deep 
relationships with clients both current and new, 
including by broadening our distribution channels; and 
future-proofing our own platform. Together, these will 
set EQT up for long-term success. 
Under Christian Sinding’s leadership over the past 
six years, EQT has transformed into a global leader in 
active ownership. Today, EQT is stronger than ever, and 
it is the right time for Per Franzén to become our next 
CEO and to lead the firm through its next phase of 
growth.
I would like to express my deepest appreciation to 
Christian for his transformational leadership. His vision 
and dedication have been key to EQT’s global success, 
from leading the IPO in 2019 to driving expansion and 
performance. I am very pleased he will stay on as an 
Institutional Partner and look forward to continuing to 
work together in his role as Chair of the EQT Council. 
Per’s appointment is the next logical step as we 
enter an exciting new phase of growth. He is a near 
two-decade veteran of EQT, who as Head of EQT 
Private Capital Europe & North America has proven his 
ability to build and lead a large, multi-strategy, 
international team. Per is also a role model for EQT’s 
distinct values and performance-driven culture. His 
track record of building portfolio companies is 
impeccable, and I am confident that Per will apply the 
same mindset to developing EQT to the benefit of our 
clients and shareholders.  
On behalf of the Board, I would like to express my 
appreciation to Christian, Per and the Executive 
Committee for their commitment and hard work. To all 
the EQT employees around the globe, without your ded -
ication and effort you put into everything you do, we 
would not be the number three private equity firm in the 
world1). I would also like to thank our clients for their 
continued trust, our Industrial Advisors for their expert 
support, and the Board Members and management 
teams across the EQT funds’ portfolio companies for 
their commitment to excellence.
The cornerstone of our success
Since our inception in 1994, EQT has been guided by a 
consistent commitment to active ownership, long-term 
perspectives, and a culture of transparency and 
respect. These principles have been the cornerstone of 
our success, enabling us to transform companies while 
fostering innovation and sustainable growth. We do not 
manage assets; we apply our active ownership model 
to drive transformation, performance and to create 
value for all stakeholders.
The past year was highlighted by significant 
achievements and strategic advancements, while also 
marking three decades of growth and performance. 
However, EQT is always looking ahead. I believe that we 
are well equipped to adapt to a new economic era.
Conni Jonsson
Founder and Chairperson
EQT’s five core values
High  
performing Respectful Entrepreneurial TransparentInformal
Per Franzén has been appointed the new CEO and Managing 
Partner of EQT, effective as of the Annual Shareholders’ 
Meeting on 27 May 2025.
Read more about The Council in People
1) According to PEI 300

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Reflections on 2024 and beyond
Our runway for growth  
in an evolving world
Performance first
Across the world, markets are picking up pace. In 
Europe, the region’s lack of competitiveness is a major 
talking point but this presents unique opportunities to 
acquire strong businesses at compelling valuations. 
Examples include the take-private of Believe, a French 
digitally-native music label, and the acquisition of a 
Universidad Europea, a private higher education 
platform in Spain and Portugal. The U.S. makes up 
around a third of our global portfolio, so we have been 
following events there closely. In 2024, we saw higher 
activity volumes and we believe a path to continued 
improvements exists. In Asia, there are also plenty of 
opportunities, in part due to relatively lower availability 
of private funding. In 2024, we for example invested in 
Nord Anglia Education, the international  
schools organization, Perficient, a global  
digital consultancy, and WSO2, a provider  
of digital transformation technologies.
A promising market environment is  
conducive to delivering strong investment  
performance for our clients. Yet we believe we  
have the tools to outperform the market over  
time, irrespective of external factors. EQT invests in 
sectors backed by secular trends and we actively work 
with the portfolio to create resilient, future-proofed 
assets. These sectors include healthcare, technology 
and infrastructure, which all require major investment 
over the coming decades. Our ability to create resilient 
portfolios is evident in our current fund valuations: all 
Private capital has evolved from a niche segment of the financial sector into a critical force 
within the global economy. Companies are staying private for longer, a greater share of value 
creation takes place in the private markets, and investors increasingly recognize the 
diversification and strong performance that private markets offer. Now the industry is changing 
as new distribution channels emerge and private capital is needed to shape a more resilient 
future. With Per Franzén preparing to become EQT’s new CEO, the firm is committed to staying 
at the forefront of this evolving industry by delivering on a four-pronged growth strategy. 
Letter from the CEO
“ The world does not stand still and nor do we.  
We believe that by executing on these four core  
strategic priorities, we will be able to continue  
delivering sustainable, long-term value.”
1) On a like-for-like basis
Value for the  
key funds grew by
18%
during 20241)

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Reflections on 2024 and beyond
To set us up for long-term success in this market, we 
have expanded the team with senior hires, explored 
new distribution partnerships, and increased our 
product offering. In 2024, our first evergreen strategy, 
EQT Nexus, was joined by EQRT, an evergreen strategy 
for US-based investors focused on direct investments in 
commercial real estate (REIT). We also recently 
launched an infrastructure-focused strategy, EQT Nexus 
Infrastructure, and are working to launch two more 
evergreen vehicles in 2025 across the globe. We expect 
over the longer term that 15 to 20 percent of future 
fundraising will come from the Private Wealth segment, 
up from nine percent currently. 
Solidifying our platform 
Our final priority is to build a world-class, scalable 
organization that facilitates growth. Much like we 
future-proof our portfolio, we are working to fu -
ture-proof ourselves. Our efforts here are focused on 
climate resilience, AI-literacy, brand, and staying 
entrepreneurial.
We believe that climate resilience is key to long-
term value creation and protecting against downside 
risks. Thus, we remain committed to setting Sci -
ence-Based Targets and currently have 52 businesses 
with validated carbon reduction targets, representing 
65 percent of our invested equity in companies. We are 
constantly working on internal AI initiatives to drive 
better ways of working and to increase our insights. We 
are also helping the portfolio companies embrace the 
technology with the help of Motherbrain Labs, amongst 
other things. 
2024 was topped off with the rebrand of EQT Exeter 
into EQT Real Estate. More than simply a name change, 
this move brings all EQT teams under a single, unified 
brand identity, which is part of our broader branding 
efforts. We recognize the importance of building a 
brand that enables us to connect with relevant 
audiences and reach a broader set of stakeholders, and 
so we are focused on having the right team and digital 
capabilities in place. 
Our unwavering focus
The world does not stand still and nor do we. We believe 
that by executing on these four core strategic priorities, 
we will be able to continue delivering sustainable, 
long-term value. We are excited about what lies ahead 
and confident that with the support of our world-class 
team, an unwavering focus on future-proofing and 
performance, and the trust of our clients, EQT is 
positioned for continued success. 
As I’m preparing to hand over to Per as the next 
CEO of EQT in May, I am filled with immense gratitude 
for what we have accomplished at EQT together as a 
firm. Going from being employee number eleven to 
having nearly two thousand fantastic colleagues in over 
twenty markets is an unforgettable journey. EQT’s 
values-driven approach has proven that exceptional 
people can drive both performance and positive 
impact. I thank Conni and the Board for their support 
and am proud to hand over to Per. As Chair of the 
Council and Global Investment Forum, as well as a 
member of several investment committees, I look 
forward to continuing to support EQT’s future success.
Christian Sinding
CEO & Managing Partner
Performance Strategies  
Clients & 
distribution 
channels   
One  
EQT  
platform   
reach its target in the first quarter of 2025, which would 
be a jump of more than 25 percent on the predecessor. 
Newer investment strategies are off to a solid start. 
EQT Private Capital Asia’s mid-market buyout fund 
closed in May with USD 1.6 billion in total commitments, 
more than double its target size. We also introduced 
EQT Transition Infrastructure, our first strategy focused 
on investing in infrastructure companies in the scale-up 
phase, and EQT Healthcare Growth, a mid-market 
buyout strategy that builds on EQT’s 30 year track 
record in healthcare and life sciences. Fundraising of 
such new strategies still takes longer than for flagship 
funds.
Strengthening client and distributor relationships
In addition to performance, the ability to expand 
existing strategies and build new ones is predicated on 
having strong relationships with our clients. We are 
currently particularly focused on expanding our 
relationship with private investors and their distributors. 
Individual investors – attracted by the possibility of 
strong returns, diversification, and greater accessibility 
– are increasingly looking to invest in private markets. 
The opportunity is nascent but we believe it will grow to 
become a key source of capital for EQT. 
Key funds continue to perform On or Above plan, after 
their value grew by 18 percent across 2024, on a 
like-for-like basis. 
Expanding our investment platform
Strong performance is the first pillar of EQT’s runway 
for growth. It forms the basis for executing on our 
second pillar: growing flagship strategies while 
establishing and launching new initiatives. We have 
made good progress on this front, despite the backdrop 
of a muted overall fundraising market in which annual 
global fundraising volumes in private equity and 
infrastructure fell.  
Within our flagship strategies, our large-cap Europe 
& North America buyout fund, EQT X, closed at EUR 22 
billion in total commitments. This represented a near 40 
percent increase on its predecessor. It was the largest 
private equity fundraise to be completed globally in 
20241), and was our largest fund ever. In Asia Pacific, 
BPEA IX, the large-cap buyout fund, set a USD 12.5 
billion target size, which we expect to approach upon 
first close in H1. This is in part thanks to strong value 
creation within the predecessor fund, BPEA VIII, which 
we upgraded to Above Plan, as presented during our 
year-end results. EQT Infrastructure VI is expected to 
EQT’s runway for growth
1) PEI  
Read more about 
EQT’s runway for 
growth in EQT’s 
strategy & financial 
model

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

2020 2021 2022 2023 2024
1
2
3
4
5
SEK per share
2.4
2.8 3.0
3.6
4.3
38 118
197 234 291 298 373
Dividend in SEK per share for the corresponding financial year,  
to be paid out the following year
Dividend paid in EURm during the financial year
Purshase of own shares in EURm during the financial year
16
#01 This is EQT #02 Financial statements #03 Sustainability notes #04 Corporate governance #05 Additional information
51% 68% 58%58%54%
250
750
1,250
1,750
2,250
EUR m
2020 2021 2022 2023 2024
385
1,100 1,226 1,359
829
Reflections on 2024 and beyond
Towards our financial targets
The Board has adopted the following financial targets.
No 1. Revenue growth
Total revenue growth is expected, over time, to exceed  
the long-term growth rate of the private markets industry.
No 2. EBITDA margin
Adjusted EBITDA margin is expected, over time,  
to be in the range of 55 percent to 65 percent.
No 3. Dividend policy
EQT AB aims to generate a steadily increasing  
annual dividend per share. 
Management fees 
Carried interest and investment income
EBITDA / EBITDA margin 1) Dividend Revenue1)
EQT’s CFO Kim Henriksson at 
EQT’s Capital Markets Day in 
Stockholm, in March 2024. At 
the Capital Markets Day, EQT 
reconfirmed EQT’s revenue 
growth and adjusted EBITDA 
margin targets, and presented 
EQT’s refined dividend growth 
target, now on a per share 
basis.
500
1,000
1,500
2,000
2,500
EUR m
2020 2021 2022 2023 2024
762
1,623 1,536
2,131
2,355
1) Adjusted figures. 
EBITDA
EBITDA  margin

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

Bahare Haghshenas, EQT’s Global Head of Sustainable 
Transformation, pictured here at the 2024 United Nations 
Climate Change Conference, COP 29.
2022 2023 2024
10
20
30
40
50
60
70
80
17
#01 This is EQT #02 Financial statements #03 Sustainability notes #04 Corporate governance #05 Additional information
Reflections on 2024 and beyond
Towards our targets:  
Sustainability
EQT continues to leverage sustainability as key to  
drive performance, resilience, and long-term growth.
2024 Sustainability highlights
Future-proofing at scale
The performance of the operational sustainability 
KPIs has been maintained or improved across the 
portfolio, relative to the 2022 baseline. 
Scaling climate tech
Using data from 3000+ climate tech companies, 
EQT Ventures initiated and launched ‘Climate Brick’, 
a framework established to de-mystify climate tech 
scaling. 
Building sustainability literacy
300+ clients have participated in global webinars 
covering key future-proofing topics hosted by EQT.
Generating renewable energy
By end of 2024, a total of 10 MW of solar photovola-
tics (PV) capacity is in place on EQT funds’ real 
estate assets3). 
AAA rating 
In 2024, EQT AB received a rating of AAA (on a scale 
AAA-CCC) in the MSCI ESG Ratings assessment.
DJSI membership
For the third consecutive year, EQT AB is included in 
the Dow Jones Sustainability Indices 4).
Route to climate transition
EQT supported the first EQT funds’ portfolio compa -
nies in getting their greenhouse gas reduction targets 
validated by Science Based Targets initiative (SBTi) in 
2022. Since then, these efforts have accelerated and 
by end of 2024, 80 EQT funds’ portfolio companies 
have been set on a decarbonization journey.
Validated
Submitted
Committed
Number of EQT funds’ portfolio companies with committed,  
submitted or validated science-based targets by end of year 2)
“ Sustainability is a key  
driver of performance and 
long-term value creation, 
ensuring companies stay 
competitive and deliver 
strong risk-adjusted 
returns for our clients.”
€40bn
 65% 
Amount of invested capital in EQT funds’ portfolio companies 
with validated science-based targets
Share of invested capital in EQT funds’portfolio companies  
with validated science-based targets 1)
1)  Based on % invested capital, according to SBTi’s guidelines for private equity 
firms. EQT includes all control/co-control strategies, calculates based on 
unrealized cost (excluding co-investment), and applies a 24-month grace 
period. Exited companies are excluded, but assets owned <24 months with 
validated SBTs are included.
2)  Defined as EQT funds’ portfolio companies with commitments or submissions  
of targets to SBTi (=17) or with validated SBTs (=63, of which 52 are not exited). 
Numbers represent data by end of 2024.
3) EQT funds’ real estate assets with a discretionary mandate.
4) Name changed to “Dow Jones Best in Class Indices” after the reporting period.
Read more in the EQT Playbook
Read more at https://climatebrick.com/

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

Reworld
EQT Infrastructure took Reworld™ private in 2021 and has since driven its rapid trans- 
formation into a leader in sustainable waste management and disposal across North America. 
Under EQT’s ownership, Reworld™ has nearly doubled its operational facilities, added 800  
employees, and now serves more than 4,600 customers. Today, Reworld™ reduces, recycles,  
and recovers over 20 million tons of waste annually.
In October, EQT announced that GIC had acquired a 25 percent minority interest in Reworld. 
EQT remains the largest shareholder, committed to driving sustainable innovation and  
supporting Reword in its mission to deliver zero-waste-to-landfill solutions and support  
the circular economy.
#01 This is EQT #02 Financial statements #03 Sustainability notes #04 Corporate governance #05 Additional information
 Private markets  
 and EQT

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

0
2,500
5,000
7,500
10,000
12,500
2000 20232004 2008 2012 2016 2020
19
#01 This is EQT #02 Financial statements #03 Sustainability notes #04 Corporate governance #05 Additional information
Private markets and EQT
The private ownership model
A larger share of value creation is taking place in private markets, as companies 
increasingly choose to stay private, supported by long-term capital and an ownership  
and governance model with distinct advantages. 
The private ownership model Large investment universe and attractive opportunities 
 
 Private ownership provides an ownership model with 
distinct advantages, for many companies and assets. 
Access to capital, deep sector and operational 
expertise, and global insights allow for rapid scaling 
and transformation of companies and assets, based  
on strong governance and aligned incentives.
Over the past 25 years, value creation has gradually 
shifted to private markets, where companies and assets 
can be developed, without the requirements and costs 
associated with a public listing. As the number of IPOs 
have decreased, the private investment universe has 
expanded, offering more attractive opportunities. 
 
 
Public vs. private equity-backed companies 1)
Private Equity backed US businesses 
Publicly listed US businesses
Number of U.S. IPOs per year 2) 
1980 - 2000 2001-2022
286
109
Aligned 
incentives 
Management’s ownership  
stake provides a stronger 
incentive for  
value creation.
Governance
Direct ownership  
and control
Systematic 
value creation 
model
Sector and operational  
expertise
Reporting  
obligations
Transparent reporting  
to fund investors
Lower costs and requirements 
than those imposed on  
listed companies
Capital
Access to equity and debt
Flexible capital structures
1) M organ Stanley, “The World in 2030 - In 10 Short Stories” (2024)  
2) J ay R. Ritter “Initial Public Offerings: Updated Statistics” (2023)

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

20
#01 This is EQT #02 Financial statements #03 Sustainability notes #04 Corporate governance #05 Additional information
Private markets: Diversification with 
potential for higher returns
Diversification
 
 
Higher returns compared to public markets2) 
 
 Private markets offer investors access to a vast 
investment universe where a large share of value 
creation takes place. Today, fewer than 15 percent of 
US companies with revenues of over USD 100 million 
are publicly listed, giving public investors narrow 
exposure to the broader economy
1).
Private markets have historically achieved high returns 
compared to public markets, even when accounting for 
the impact of fees
3). EQT’s performance has to a large 
extent been driven by its active ownership approach 
and thematic investment approach. 
Private markets have historically provided higher returns 
compared to public markets, and can offer diversification 
benefits to investors.
Number of U.S. companies with USD 100m or more in annual revenue 1) 
3 years
+4%
12%
7%
8%
5 years
+4%
16%
15%
12%
10 years
+9%
18%
13%
9%
EQT Private Equity2)
Private Equity Index3)
MSCI World Index 
 (Equities)4)Public (USD 1bn+)
Public (USD 500m - USD 1bn)
Public (USD 100m - USD 499m)
 
Private (USD 1bn+)
Private (USD 500m - USD 1bn)
Private (USD 100m - USD 499m)
 
1)  B ain, Global Private Equity Report 2023. Note: Data as of 21 March 2024 unless otherwise stated. 2)  E QT Private Equity performance includes all EQT Equity funds since inception, net of fees, 
expenses and carried interest. Private markets can, inter alia, involve different risks, lower 
liquidity, and longer investment horizons compared to public markets. Past performance is not 
indicative of future results, and individual outcomes may vary.
3)  S ource: Cambridge Associates. Data reflects actual pooled horizon return, net of fees, 
expenses and carried interest. The index is a horizon calculation based on data compiled  
from 1,122 Ex US Developed Markets private equity and venture capital funds, including fully 
liquidated partnerships, formed between 1986 and 2024.
4)  S ource: Cambridge Associates. MSCI World/MSCI All Country World Index: Data from 
1/1/1986 to 12/31/1987 represented by MSCI index gross total return. Data from 1/1/1988  
to present represented by MSCI ACWI gross total return. 
Private markets and EQT
Fewer than  
15%
  
of U.S. companies with  
revenues of over USD 100m 
 are publicly held
0%
20%
40%
60%
80%
100%

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

21
#01 This is EQT #02 Financial statements #03 Sustainability notes #04 Corporate governance #05 Additional information
Sovereign wealth funds Pension funds Private Wealth
Private markets are set for structural 
growth 
Outlook for the private markets industry  
 
 Private markets have seen strong growth in AUM over the past decades.  
The market is expected to grow further, supported by increased investment 
allocations as institutional and individual investors seek to invest in private 
markets. The market is expected to double by 2030, and then double again  
by 2040
1). 
Private markets have seen significant growth in assets under 
management during the past decades, a trend expected to 
continue as both institutional and individual investors increase 
their allocations. EQT is well-positioned to capitalize on this 
growth, leveraging its track record and global platform. 
Actively managed alternative AUM growth 1)
2020 20402030
˜2×
˜2×
~7
~15
~30
1) S ources: Bain analysis 
Private markets and EQT
EQT is well positioned to capture growth opportunities across key sectors in private markets
EQT, as an incumbent with a  
strong runway to cross-sell,  
will leverage its extensive reach  
among Sovereign wealth funds  
to deepen partnerships across  
its diverse investment strategies. 
USD ˜8tn USD ˜3tn USD ˜10tn
Pension funds, as long-term 
private market investors, are 
growing at a more modest pace, 
as their investment programs are 
typically more mature. Given its 
scale and influence in the investor 
community, EQT will aim to gain a 
larger share among US public 
pension plans.
In 2025, EQT plans to launch 
three vehicles, expanding its 
private wealth offering to five 
vehicles. To support this growth, 
EQT has strengthened its sales 
and operational capabilities, 
ensuring a seamless client 
experience and deeper 
engagement with distributors. At 
the same time, EQT is expanding 
its brand presence and promot -
ing transparency to build trust in 
private markets.
Net new capital added  
to Private Markets, 
between 2020 and 2040 
Enablers to capture 
outsized growth

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

22
#01 This is EQT #02 Financial statements #03 Sustainability notes #04 Corporate governance #05 Additional information
Private markets and EQT
EQT and its clients 
EQT is dedicated to being a long-term partner for its 
clients. It is focused on strengthening its client relation- 
ships, presenting compelling investment opportunities, 
and expanding access to its funds. Additionally, EQT 
is committed to introducing new strategies and  
successor funds.
EQT has a diverse and growing client base, with a 
focus on expanding its presence across client 
segments and regions
Looking into 2025 
“ A s we enter a new fundraising cycle, we are excited 
to further strengthen our partnerships with clients 
across all our strategies. Our focus remains on 
delivering compelling investment opportunities, 
developing innovative solutions, and supporting 
our clients in navigating an evolving market. We 
deeply appreciate the trust our clients place in us 
and look forward to creating long-term value 
together.”
Client commitments by client geography
Client commitments by client type
38%
13%
15%
11%
15%
8%
25%
20%
23%
26%
6%
2019 2024
3.0x
430
1 300
Suzanne Donohoe, 
EQT’s Chief 
Commercial Officer, 
pictured here at  
EQT’s Capital  
Markets Event  
in New York.
Since the IPO,  
EQT has grown its 
client base to 
approximately 
1,300 active clients 
Differentiated  
culture
Thematic 
investment 
approach
Clients choose to partner with EQT for a number of reasons:
   S trong performance  A ligned incentives
   T hematic investment approach   Stable investment advisory teams
   V alue-enhancing capabilities  D ifferentiated culture 
40%
21%
11%
8%
11%
9%
31%
23%
21%
12%
13%
Other
Private Wealth
Insurance companies
Asset managers
Sovereign wealth funds
Pension funds
Middle East
Nordics
Rest of Europe
Asia
Americas
2019
2019
2024
2024
Over the next cycle, EQT’s priority will be on launching:   
   N ext generation of flagship funds  
   N ew strategies  
   N ext fund generation of recently launched strategies 
  E vergreen strategies

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

23
#01 This is EQT #02 Financial statements #03 Sustainability notes #04 Corporate governance #05 Additional information
Private markets and EQT
Providing access to EQT’s investment 
strategies for private individuals
During 2024, EQT strengthened its platform …
 
 
Three reasons why private investors are seeking exposure to private markets … for existing and future Private Wealth-products
 
 
Strategies
Regions
U.S. EMEA & APAC
Private Equity           Infrastructure           Real Estate
EQT is accelerating its expansion into private wealth, making 
private markets more accessible than ever. With the launch of 
the EQT Nexus, EQRT, and EQT Nexus Infrastructure strategy, 
EQT is opening the door for private investors to participate in 
long-term value creation and growth opportunities. 
EQT Nexus 
Infrastructure
Nexus
EQRT
New 
product
New 
product
Ambition to go 
from 2 to 5  
Private Wealth - 
products  
during 20251)
EQT’s Private  
Wealth team reached   
~100 employees
Explored new  
distribution sources,  
such as in private  
retirement plans 
Increased  
branding efforts  
through
Private Markets investing  
aligns with the Private Wealth 
segment’s needs
— D iversification and risk   
 r eduction due to its lower   
 c orrelation with public   
 markets
— P rivate markets investing,   
 w ith its longer investment   
 t imeframes, aligns well with   
 t he multi-generational   
 h orizons of many private   
 w ealth investors
Individual investors have 
historically faced difficulties 
investing in the private 
markets industry, due to:
— L imited access 
— L arge minimum investment  
 sizes 
— L onger holding periods of  
 m ore than ten years 
— C ash distributions over time,  
 a nd the need to regularly  
 m ake new commitments to  
 funds
Increasing allocations from 
private investors
Bain (2023) projects that 
institutional capital allocated  
to alternative investments will 
grow 8 percent annually over 
the next decade. Individual 
wealth invested in alternatives, 
meanwhile, is expected to grow  
12 percent annually over that 
period, albeit from a much 
smaller base
1) O n 11 February 2025, EQT announced the launch of EQT Nexus Infrastructure

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

Placeholder image
024
idealista
EQT acquired idealista, a real estate platform in Spain, Italy, and Portugal in 2020 at a 
valuation of EUR 1.3 billion. Idealista connects private and professional advertisers with 
potential buyers and renters, facilitating property listings without intermediating in 
 negotiations or transactions. 
Additionally, idealista carries out other adjacent activities related to the real estate value 
chain such as operating an online platform for online advertisement, CRM software for real 
estate agents, and data analytics services for the real estate market. 
Under EQT’s ownership, idealista entrenched its market leadership in Spain and Portugal  
and expanded its presence in Italy through the acquisition of casa.it. In 2024, EQT sold a  
majority stake in idealista to Cinven in a transaction valuing the company at EUR 2.9 billion.  
EQT retains an 18 percent share, signaling its confidence in idealista’s future potential.
#01 This is EQT #02 Financial statements #03 Sustainability notes #04 Corporate governance #05 Additional information
 EQT’s strategy &             
financial model

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

Strategic M&A
Introduce and scale new strategies
Scale flagship funds
25
#01 This is EQT #02 Financial statements #03 Sustainability notes #04 Corporate governance #05 Additional information
EQT's strategy & financial model
 
EQT is evaluating potential growth 
opportunities to strengthen its 
platform, but the bar for M&A is high, 
with cultural fit and focus on 
performance being uncompromisable.
1
 
In recent years, EQT has introduced a 
number of new strategies, as well as 
vehicles for private wealth, which it 
intends to scale over time. In addition, 
EQT will introduce new strategies and 
strengthen its distribution channels.  
2
Based on strong performance, EQT 
has continued to scale it’s flagship 
funds.
3
Since its IPO in 2019, EQT has grown its FAUM from EUR 37bn to EUR 136bn.  
This growth has been driven by three main avenues: strategic M&A, introducing 
new strategies, and scaling its flagship funds.
Strategic developments since the IPO of EQT 
Note: The circles on this page are for illustrative purposes only and does not represent the actual size of the funds 
1)  Includes EQT X with fee-generating assets under management of 21.7bn, at closing, and EQT Infrastructure VI at its target fund size of EUR 20bn.
2018 2019 2020 2021 2022 2023 2024 2025 2026
EQT IX &  
Infra V
≈ €30bn
EQT X &  
Infra VI
≈ €40bn1)
Exited Credit
Exeter BPEA
EQT VIII & 
Infra IV
≈ €20bn
EQT 
Growth
Healthcare  
Growth
EQRTEQT 
Nexus
EQT 
Future
Transition 
Infrastructure
BPEA 
Mid Market 
Growth
EQT 
Active Core  
Infrastructure
Private Capital Europe and North America
Private Capital Asia
Vehicles for private wealth
Infrastructure
Real Estate
Credit, exited strategy
Life 
Sciences
Partners
IPO
EQT XI &  
BPEA IX &  
Infra VII

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

26
#01 This is EQT #02 Financial statements #03 Sustainability notes #04 Corporate governance #05 Additional information
EQT's strategy & financial model
6  
STRATEGIES
18 
STRATEGIES
Since its IPO, EQT has expanded from six to 18 distinct strategies, with 10 still in the early 
stages of scalability and profitability. While flagship strategies remain the primary drivers  
of long-term growth, early-stage strategies enhance sector expertise, and private wealth 
strategies broaden EQT’s client offering — both opening new pathways for future growth.
Since the IPO in 2019, EQT has introduced  
twelve new strategies
Private Wealth1) 
Private Capital Asia
Real Estate
Infrastructure
Private Capital EU & NA
2
2
51
31
64
2019 2024
Evolution of product offering since the IPO Since the IPO, EQT has more than trippled its FAUM 
4
Fully scaled and  
highly profitable
10
Early stage of 
scalability and  
profitability
2
Strategic  
importance
2
Private Wealth  
– significant  
scalability and  
profitability  
potential over timeReal Estate
Infrastructure
Private Capital Asia
Private Capital EU & NA
At the IPO
FAUM
€37bn
€56bn
€16bn
€41bn
€23bn
End of 2024
FAUM
€136bn
1)  On 11 February 2025, EQT announced the launch of EQT Nexus Infrastructure

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

27
#01 This is EQT #02 Financial statements #03 Sustainability notes #04 Corporate governance #05 Additional information
EQT's strategy & financial model
With the combination with Exeter, now EQT Real Estate, and BPEA, now Private Capital Asia, 
EQT has become a global leader in active ownership strategies, diversified across sectors 
and geographies.
A global investment platform with active ownership strategies 
across Private Equity, Infrastructure and Real Estate
 
 Mature Companies 
 
 
 
 
 
 
 
 Emerging Companies 
 
 
€16bn
 
 
€41bn€56bn €23bn
EQT Future Industrial & Logistics
Diversified Real Estate 1)
Early Stage 
– Healthcare
Private Equity
Active Core Infrastructure
Value-Add InfrastructureMid Market and Growth
Early Stage 
– Technology
Private Capital
 
 
Real Assets
 
 Asia InfrastructureEurope and North America Real Estate
1)  Diversified Real Estate includes office, life sciences, residential / living, and diversified funds
 
 
Total AUM 
269  EURbn
FAUM 136  EURbn
Transition Infrastructure

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

28
#01 This is EQT #02 Financial statements #03 Sustainability notes #04 Corporate governance #05 Additional information
EQT's strategy & financial model 
EQT’s runway for growth 
As EQT continues its journey into the next phase of growth, the focus sharpens on four core 
priorities: performance, expanding investment strategies, deepening client engagement,  
and enhancing the EQT platform. By staying committed to these areas, EQT aims to deliver 
sustainable, long-term value.
Since the IPO,  
EQT has increased the number  
of strategies from
6 to 18 
strategies, now covering products for Private 
Wealth, Private Equity, Infrastructure  
and Real Estate
By increasing the commitments 
in closed-end funds and launching 
new distribution channels, EQT expects
15 –20%
 
of future fundraising to come  
from Private Wealth
  
 
Since the IPO, EQT has increased its 
Fee-Related EBITDA margin from 
43% to 53%
EQT will maintain its leadership position in Europe, grow its presence in North America  
and aim to become the number one player in Asia. EQT will selectively pursue M&A expansion 
 to fill white space and adjacent opportunities.
Performance
 
By sharpening all the tools in the EQT Playbook, EQT 
aims to continue to secure performance for its clients 
through focus on thematic investing, using functional 
experts, global sector collaboration and sub-sector 
expertise.
Strategies
 
EQT will focus on growing its flagship funds, its cur -
rent and recently launched initiatives, while selectively 
launching new initiatives.
Clients & distribution channels
 
Continue to build strong and new client relationships 
and distribution partnerships, across institutional clients 
and Private Wealth.
One EQT platform
 
Build a world-class scalable organization to enable 
EQT’s growth, and an organization that achieves our 
vision of being the most reputable investor and owner, 
while strengthening the EQT brand. 
Private Capital  
EU & NA
21%
 
Private Capital  
Asia
16%
 
EQT Infrastructure
15%
 
EQT Real Estate 
18%
 
Net IRR

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

29
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EQT's strategy & financial model
EQT’s financial model
EQT’s financial model is simple and scalable. It is based on the delivery of consistent and 
attractive returns to fund investors. EQT AB Group’s revenues consist of two complementary 
streams: management fees as well  as carried interest and investment income.
Consistent and attractive  
client returns … 
EQT’s financial model is based on the delivery 
of consistent and attractive returns to fund 
investors.
Carried interest and  
investment income
Revenues, illustrative
Management fees
Operating expenses, illustrative
Personnel expenses
Other operating 
expenses
FAUM
2020 2021 2022 2023 20240
30
60
90
120
150
EQT Private Capital  
Europe and North America
2.6×
EQT Private Capital Asia 1)
2.6×
EQT Infrastructure
2.5×
EQT Real Estate
2.5×
Realized Gross MOIC
… drive growth in FAUM
If the EQT funds create strong relative returns, 
this will translate into investor demand for 
successor funds, growth in fee-generating assets 
under management and, consequently, growth  
 in management fees.
With complementary  
revenue streams ...
Attractive returns in the EQT funds increases  
the potential to generate carried interest and 
investment income.
... and a predictable and  
well managed cost base 
EQT’s operating expenses consist mostly of  
direct personnel expenses or operating expenses 
closely related to the personnel base and size  
of operations, such as external consultants.
1)  BPEA Funds returns are now reported under LPA GAAP Recycling Methodology 
to be consistent with EQT Group Reporting

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

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#01 This is EQT #02 Financial statements #03 Sustainability notes #04 Corporate governance #05 Additional information
EQT's strategy & financial model
A typical EQT fund life can be divided into two phases,  
a commitment period and a post-commitment period. 
The commitment period for a fund represents the time 
when the relevant EQT fund sources investments and 
calls on capital contributions from the fund investors to 
finance the acquisition of the fund investments. During 
the commitment period, the management fee is 
normally calculated as a percentage of commitments   
to the fund.
An EQT fund normally enters the post-commitment 
period at the end of a set period of time, or once 
approximately 80–90 percent of total commitments are 
invested and a successor fund is activated. During the 
post-commitment period, management fees are 
normally calculated on the invested capital.
As an EQT fund realizes investments, the fund’s 
invested capital will decline and the management fees 
will therefore decline in absolute terms, as more and 
more of the fund’s investments are realized. When fund -
raising has been completed, no further commitments 
are accepted, meaning the majority of EQT funds are 
normally closed-ended. Management fees typically do 
not depend on underlying market valuations.
Management fee generation is supported by 
increasing the size of successor funds, as well as 
developing and scaling new strategies. 
EQT AB Group is typically also entitled to a share of 
investment returns, so-called carried interest (see next 
page).
Explaining management fees
1.
1.
Year
Year
2.
2.
3.
3.
4.
4.
5.
5.
6.
6.
7.
7.
8.
8.
9.
9.
10.
10.
FAUMFAUM
Fund 1 Committed capital Invested capital
 
Fund 2   Committed capital Invested capital
 
Fund 3     Committed capital 
Management fees
Carried interest 
— Management fees are typically based on  
 committed capital when a fund sources  
 new investments and calls on capital   
 contributions.
— During the post-commitment period, fees  
 are typically based on invested capital,   
 which gradually decreases as fund   
 investments are realized.
— Management fees grow with the capital  
 committed in successor funds.
— Management fees are based on FAUM.
— All of EQT’s FAUM is fee-generating AUM.
— Recognition of carried interest under   
 IFRS® Accounting Standards depends on  
 investment returns and is only recognized  
 when minimum return requirements have  
 been met.
FAUM drives contractual management fees with good visibility
Illustrative split of revenues during the life of a fund

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

31
#01 This is EQT #02 Financial statements #03 Sustainability notes #04 Corporate governance #05 Additional information
EQT's strategy & financial model 
Carried interest aligns interests between EQT AB Group, 
the Group’s Investment Advisory Professionals and the 
fund investors through profit-sharing.
EQT AB Group, the Investment Advisory Profession -
als and other potential Carried Interest Participants 
invest in the EQT funds through a Special Limited 
Partner (SLP). In return, the carried interest participants 
are entitled to receive carried interest and investment 
income.
Subject to the relevant fund’s profits exceeding a 
certain minimum return to fund investors (“hurdle rate”), 
typically between 6–8 percent annual return, profits are 
normally split 80 percent to fund investors and 20 
percent to Carried Interest Recipients as of which EQT 
AB Group would normally be entitled to 35 percent of 
the carried interest. 
The amount is variable and fully dependent on the 
performance of the relevant EQT fund.
Explaining carried interest Explaining carried interest
Total value and invested capital
Management fees and expenses
Distribution of profits
Management fees and 
expenses
Invested capital
Fund  
profits 
Carried interest (20%) 
EQT AB (35%) 
EQT professionals and
certain advisors (65%)
Fund investors (80%) 
 
Total value at  
Gross MOIC of 2.0×
18
6
12
88
70
12
200
100
An illustrative fund realizes 
a gross return of 2.0x on 
invested capital.
Tested against the hurdle
(typically 6–8% annual return)
If fund profits exceed the hurdle, 
the entitlement to carried interest is 
based on all profits. 
EQT AB Group is entitled 35%  
of carried interest in a typical 
fund. 
Drawn commitments
incl. fees and expenses
=112
Split of  
carried interest  
in a typical
fund

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

#01 This is EQT #02 Financial statements #03 Sustainability notes #04 Corporate governance #05 Additional information
032
 EQT Playbook
IFS
EQT first acquired IFS in 2015 through EQT VII, and later reinvested through EQT VIII and IX  
in 2020, supporting the company’s transformation into a global leader in enterprise software  
and Industrial AI. Founded in 1983, IFS has evolved from a Northern European-focused vendor  
into a fast-growing cloud-based software provider with 7 ,000 employees across 90+ countries. 
    IFS’s AI-powered IFS Cloud platform enables businesses to enhance manufacturing, asset 
management, and service operations by integrating Enterprise Resource Planning, Enterprise  
Asset Management, Supply Chain Management, Information Technology Service Manage-  
ment, and Field Service Management.  
    Under EQT’s ownership, IFS has expanded its global footprint and solidified its leadership-  
position, empowering businesses to optimize productivity, efficiency, and sustainability  
through cutting-edge AI and analytics-driven solutions.

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

55%
42%
15%
-12%
57%
25%
17%
1%
66%
20%
15%
-1%
33
#01 This is EQT #02 Financial statements #03 Sustainability notes #04 Corporate governance #05 Additional information
EQT Playbook
Sales expansion 
Multiple expansion 
Margin expansion 
Debt pay-down 
EQT Playbook 
The EQT Playbook is the cornerstone of EQT’s active ownership model. It provides tools 
focused on driving growth and developing EQT funds’ investments through   digitaliza- 
tion, sustainability and operational excellence. Guided by underlying macro trends,  
the EQT funds invest in good companies and assets, striving to transform them into great, 
resilient enterprises that thrive under EQT’s ownership, and beyond.
EQT Playbook 
 
EQT transforms companies and assets with the  
support of the tools in the EQT Playbook.
 
 
EQT supports the portfolio companies with the 
implementation of strategies geared towards 
growth and operational excellence. Sales growth 
and margin expansion are pursued through multiple 
strategies, including geographic expansion, new 
products, acquisitions and strategic re-orientation. 
With a strong track record of consistent and 
attractive returns across geographies, sectors, and 
strategies, EQT develops investments into long-term 
success stories.
Sources of value creation1)
1) Exited companies from all EQT Equity Funds, BPEA Fund III-VIII, Infrastructure I-V. Outliers excluded 
2) 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. Average sales and EBITDA CAGR between entry and exit of realized 
portfolio companies, as per December 31, 2024. For BPEA Fund VI-VIII. Weighted sales and EBITDA CAGR between entry and exit of realized portfolio companies, as per December 31, 2024. 
EQT  
Playbook
EQT  
Private Capital  
Europe &  
North America
EQT  
Private Capital  
Europe &  
North America
Net IRRSales CAGR Realized Gross MOICEBITDA CAGR
EQT  
Private Capital  
Asia 
EQT  
Private Capital  
Asia
EQT  
Infrastructure
EQT  
Infrastructure
EQT  
Real Estate
21%16% 2.6×17%
2.6×16%
2.5×16%
2.5×
16%12%
15%12%
18%
Fund performance 
EQT  
Private Capital  
Europe & 
North America
EQT  
Private Capital  
Asia
EQT 
Infrastructure
EQT funds’ portfolio companies2)

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

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EQT Playbook
Healthcare
— MedTech
— Life Science Tools/ 
 Diagnostics
— Pharma & Related Services
— Healthcare IT
Services
— Critical capability  
 outsourcing
— Network Services
— Tech Services
Technology
— Software
— Consumer Internet
— Digital Media & 
 Entertainment
Industrial Tech
— Automation/internet  
 of Things
— Sustainability Tech
— Food Tech
41%
31%
5%
23%
2%
27%
16%
15%
8%
32%
Climate & Nature
Health & Wellbeing
Access & Equality
Resilience & Transparency
Our Connected World
Modularization 
of Technology
Distributed ownership 
& Decentralization
Healthcare
Technology
Services 
Industrial  
technology
Services
Tech Services
Technology
Healthcare
Industrial Tech
Other
Thematic investment approach 
– EQT Private Capital 
EQT’s business segment Private Capital invests with a thematic approach combined with 
deep sector expertise, focused on leading non-cyclical companies. 
Themes
 
Digitalization
Sustainability
Sector split of the portfolio, by percent 
invested
EQT Private Capital  
Europe & North America
EQT Private Capital Asia
EQT  
Playbook
Sectors and sub-sectors
Placeholder - recent investment by PC EU & NA, 
showing thematic invesment approach 
Placeholder - recent 
investment by PC Asia, 
showing thematic 
invesment approach 
In 2024, EQT announced the acquisition of Avetta, a global 
leader in supply chain risk management, positioning the 
company for its next phase of growth. Avetta’s innovative 
SaaS platform helps customers navigate the complexities 
of supply chain risks, including health, safety, and sustai-
nability.
Founded in 2003 and headquartered in Lehi, Utah, 
Avetta connects 500 hiring clients and 130,000 suppliers 
across 130 countries, reducing accidents, improving 
compliance, and driving operational and ethical 
excellence at scale.
EQT will support Avetta’s growth and innovation 
journey by fostering new technologies, adopting AI and 
automation, and accelerating global expansion to make 
supply chains more resilient, safe, and sustainable. 
In May 2024, EQT Private Capital Asia acquired WSO2,  
a provider of application development and software.  
Founded in Asia, WSO2 serves a global clientele, with over 
80 percent of its revenue derived from blue-chip customers 
in the Americas and EMEA. 
WSO2’s comprehensive portfolio includes API 
Management, API Integration, and Identity and Access 
Management solutions, enabling enterprises—including 
major corporations, universities, and governments—to ac -
celerate their digital transformation securely and 
efficiently. EQT plans to leverage its extensive experience 
in the software sector to support WSO2’s next phase of 
growth and innovation. 
Thematic investment approach in 2024: EQT Private Capital Europe & North America    
 
Thematic investment approach in 2024: EQT Private Capital Asia

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

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EQT Playbook
Digital
— Fast & reliable connectivity
— Edge & Latency-limitations
— Internet of Things
— Network Sharing
— Cloud Adoption
Social
— Healthcare Consumerization
— Global Population Growth
— Changing Demographics
— Health & Wellbeing
Transport & Logistics
— Sustainable Supply Chains
— Accessible Mobility
— E-Commerce
— Connectivity
— Automation
Energy & Environment
— Resource Efficiency
— Circular Economy
— Energy Transition
— Decarbonization
— Decentralization
— Electrification
35%
19%
34%
12%
Digital
Social
Transport & Logistics
Energy & Environmental
Thematic investment approach 
– EQT Infrastructure 
EQT Infrastructure seeks to identify infrastructure 
companies that provide an essential service to society,   
have long-term stable or growing underlying demand, 
predictable cash flows and a stable business model.
Sectors and sub-sectors
 
Sector split of the portfolio by percent invested for EQT Infrastructure   
Historical 
Underinvestment
in Europe and US have  
led to USD 2.7tn  
investment gap in 
infrastructure 1
Energy 
Transition
accelerated shift away  
from fossil-based energy  
to achieve the climate  
goals
Digital 
Transition
accelerated  
digitalization of society  
and the adaption  
of AI
Constrained 
Public Sector
government spending  
is limited due to balance 
sheet pressures
Growing 
Private Market
infrastructure is one  
of the fastest growing 
alternative asset  
classes
Themes and trends that drive infrastructure investing 
 
EQT  
Playbook
Thematic investment approach in 2024: EQT Infrastructure
 
In 2024, EQT Infrastructure VI acquired OX2, a European renewable energy deve-
loper, marking a major step in EQT’s commitment to driving the energy transition. 
OX2 operates across onshore and offshore wind, solar, and energy storage, with a 
strong presence in 11 European markets and recent expansion into Australia. 
    Under EQT’s ownership, EQT will aim to support OX2 from a pure developer into 
an integrated renewables developer and asset owner, while retaining its ability to 
sell projects. EQT will leverage its deep expertise in renewables and infrastructure 
investment to support OX2’s transformation and accelerate its growth in response 
to the increasing demand for green electricity. 
    This acquisition positions OX2 to play a key role in Europe’s decarbonization 
journey, with EQT providing additional investment to expand its renewables pipeline 
and strengthen its market leadership.
1) Source: Global Infrastructure Outlook

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

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EQT Playbook
53%
27%
20%
Value-add 
Core1)
Core+
Thematic investment approach 
– EQT Real Estate 
EQT Real Estate acquires, develops, and manages logistics, office, life science, and  
residential real estate properties that meet the changing needs of tenants based on logistical, 
commercial, and demographic trends. 
EQT Real Estate delivers performance by “doing” real estate 
 
EQT Real Estate (previously EQT Exeter) has a vertically integrated operator heritage, which is the ”bricks” of its success 
A diversified portfolio tilted towards a thematic sector    
 
FAUM by strategy
 
EQT  
Playbook
EQT Real Estate offers 
strategies across the 
spectrum, from core,  
core+ to value-add. 
Almost 90 percent of EQT 
Real Estate is dedicated to 
Industrial & Logistics, a 
thematic sector driven  
by consumption and 
e-commerce growth in 
combination with global 
supply chain expansion. 
EQT Real Estate plans to 
maintain its position as  
a leader in North America, 
expand its strong position  
in Europe and increase its 
focus on unlocking Asia. 
87%
13%
Industrial & Logistics
Other2) 
FAUM by sector
 
65%
8%
27%
North America
Europe
Asia
FAUM by region
 
Legacy
Wallenberg Family and 
Rouse Family ethic of 
industrialists and 
operators
Local-with- 
locals
440+ employees  
in over 50 locations
Design & 
 develops
Vertically integrated 
construction and 
property  
management
In-house  
leasing
Robust & experienced 
team of investment 
leasing officers
High volume, 
small cap deals
Over 1,000  
investments  
 (2,000+ properties)
1) Core strategy allocation consists of funds, SMAs, joint ventures, and co-investments. 
2) Includes office, life sciences, residential / living, and diversified funds
In May 2024, EQT Real Estate announced the acquisition of 20 industrial properties  
in Minneapolis, Minnesota, totaling over five million square feet. The assemblage 
comprises bulk, light industrial, and last-mile facilities, with an average building  
size exceeding 200,000 square feet. Strategically located across four prime logistics 
submarkets, these properties offer proximate access to the I-494/I-694 beltway,  
a key logistics route in the Minneapolis-St. Paul metropolitan area. 
At the time of acquisition, the properties were 90 percent leased to 54 unique 
tenants, approximately 20 percent of whom were existing tenants within EQT Real 
Estate’s portfolio, highlighting the depth of their global tenant relationships. EQT 
Real Estate plans to leverage its vertically integrated operating platform to upgrade, 
reposition, and re-lease the assemblage. This acquisition underscores EQT Real Esta-
te's conviction in the industrial sector and its commitment to investing in high-quality 
assets globally.
Thematic investment approach in 2024: EQT Real Estate

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EQT Playbook
Local-with-locals Value Creation Toolbox
EQT believes that local knowledge, local business 
relationships, local presence and access to local deal  
flow are all critical to securing a competitive 
edge in private markets. This approach has  
resulted in close, long-term relationships  
between EQT, private owners and  
companies. 
EQT’s value creation framework leverages strategies 
such as revenue enhancements, management changes, 
pricing optimization, cost improvements, and transfor -
mational levers like strategic realignment and add-on 
acquisitions.
From the moment of signing, EQT applies its 
in-house Business Mobilization System, originally devel -
oped by Barings Private Equity Asia, now known as EQT 
Private Capital Asia. This systematic process acceler -
ates onboarding, establishes governance, and creates 
a sense of urgency in the first 100 days to “get the 
house in order,” laying the foundation for long-term 
value creation.
The Value Creation Toolbox also delivers tailored 
tools to achieve each portfolio company’s Full Potential 
Plans (FPPs). Developed with management and the 
board, these plans focus on critical growth levers. The 
toolbox, refined over three decades, integrates 
sustainability, digitalization, and operational excellence, 
driving robust returns through sales growth, margin 
expansion, and strategic M&A.
Sustainability
Sector and sub-sector playbooks 
Full Potential Plan (FPP)
Functional excellence
Digitalization
Pricing ProcurementG&A  
Fitness
Crises 
management
Best-in-class 
finance
EQT  
Playbook
EQT  
Playbook
Healthcare Industrial TechTechnology Services
Talent Management
Offices in
>25
countries
100
nationalities  
represented
Presence in  
countries representnig
>80%
of Global GDP

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

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Industrial  
chairperson & board
Informality
Aligned incentives
Fast decision- making  
and CEO empowerment
EQT Playbook
EQT’s governance model fosters accountability, fast decision-making,  
and empowers portfolio company CEOs, while encouraging free-thinking. 
At its core is the TROIKA forum comprising the portfolio company’s 
Chairperson (often an Industrial Advisor from the EQT Network), a 
responsible EQT investment advisory professional partner, and the portfolio 
company’s CEO. The TROIKA acts as a sparring partner for the CEO, 
discussing strategic decisions, and acquisitions, while ensuring EQT stays 
well-informed of the performance of the portfolio company.
Boards are carefully constructed with a focus on transformation and 
expertise. Chairpersons are typically former executives with relevant 
industry backgrounds, complemented by specialists in areas like finance 
and operations. External board members align their interests by investing 
their own capital.
Additionally, regular Portfolio Performance Reviews allows the 
responsible EQT partners to monitor investments, address challenges,  
and provide resources to drive value creation and mitigate risks.
Since its foundation, EQT has built a global network of advisors with a 
variety of backgrounds, including entrepreneurs and current or former 
executives of major international corporations. Many of these relationships 
have evolved from EQT’s connection with the Wallenbergs and its global 
network that spans across industries and sectors. The advisors in the EQT 
Network add operational and strategic expertise and experience to the EQT 
funds’ portfolio companies. 
To further strengthen EQT’s position as market-leader, dedicated 
capabilities have been developed to support investment advisory profes -
sionals and portfolio companies in executive and board-level talent 
acquisition. This includes facilitating C-suite and board member search 
mandates, as well as conducting management and board assessment 
processes to ensure strong leadership across the portfolio.
Governance model  EQT Network
Chairperson  
of the Board
EQT  
Partner
Portfolio 
company 
CEO
EQT  
Playbook
EQT  
Playbook
Shared principles of governance The governance model in practise, called the TROIKA  
A panel discussion at the EQT Network EMEA Chairperson & Senior Advisor  
Meeting in June in Stockholm, featuring with Andrew Fitzmaurice, Jarl Dahlfors  
and Magdalena Persson. 
Expanding the EQT Network in 2024 
 
Since its launch in 2021, the virtual EQT Network Forums have become a vital  
platform for portfolio companies to connect, exchange insights, and share best  
practices. Co-hosted by leading industry experts, the Forums saw over 700  
participants in 2024, with many attending multiple sessions—demonstrating a high  
level of engagement. Attendees included technology and digital transformation 
leaders, procurement and sustainability experts, CFOs, CHROs, and EQT Industrial 
Advisors from across the portfolio.
Building on this momentum, EQT introduced the EQT Board Academy in 2024,  
a dedicated digital platform for portfolio company board members. The Academy 
offers essential tools, governance frameworks, and best practices on value crea-
tion, sustainability, and digital transformation, equipping board members to drive  
strategic impact and strengthen leadership across the portfolio.

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

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EQT Playbook
Thoughts from an industrial 
advisor
Independent Industrial Advisors play a 
crucial role in EQT’s value creation model. 
Sheri McCoy, a seasoned Industrial Advisor 
and chairperson, shares insights into her 
roles with EQT, focusing on due diligence, 
talent acquisition, and portfolio leadership. 
Excerpt from the interview
PER FRANZÉN:
One of EQT’s most effective chairpersons is Sheri, who 
has chaired several of EQT’s healthcare investments, 
including Aldevron and Certara. Sheri recently took on 
the chair role at Dechra, the largest investment to date 
in EQT X. Sheri, could you tell us a bit about your role as 
an Industrial Advisor and buy-in chair with EQT?
SHERI MCCOY:
Thank you Per! I’ve thoroughly enjoyed working with 
EQT over the past several years as an Industrial Advisor. 
My role generally falls into three key areas:
1. Due Diligence: I support EQT’s healthcare teams   
 during due diligence, offering real-world insights  
 that complement their analytical work. Some deals  
 progress, while others don’t, but this early involve- 
 ment often leads to me joining boards or taking on  
 the role of the chair.
2. Talent Acquisition: Finding the right leaders is critical.  
 I frequently assist EQT in recruiting CEOs, board   
 members, and other executives who can drive   
 growth and transformation within portfolio  
 companies.
3. Portfolio Company Leadership: Once I assume a   
 chair role, my focus shifts to shaping the manage - 
 ment team, discussing the value creation plan with  
 EQT, and ensuring the board and CEO are aligned 
 to execute that plan effectively. Much of my time is  
 spent working with CEOs and Partners to make   
 sure we’re all moving in the same direction.
PER FRANZÉN:
Thank you, Sheri. And speaking of value creation and 
portfolio company work. Can you give us some concrete 
examples of initiatives that you’ve implemented in the 
investments that you’ve been involved with? Just to 
make it a little bit more concrete for everyone.
SHERI MCCOY:
Sure, I will. One common theme across all portfolio 
companies, whether I’m chairing or serving as a 
director, is that the right CEO and management team 
are essential for value creation. The EQT model relies 
on strong leadership to drive growth, and if we’re late in 
finding the right CEO, it can delay our progress.
A great example is Aldevron. When EQT first 
invested, it was a small company focused on producing 
plasmid DNA for gene therapy research. EQT’s priority 
was to bring in a management team that could scale 
the business and ensure manufacturing quality - key 
factors moving into phase three clinical trials. We 
aligned on a plan to heavily invest in manufacturing 
capabilities and quality control, even partnering with 
the FDA and brought in a consultant for process 
improvement.
The board also approved the investment in a 
second plant, despite uncertainty about approval 
timelines. Fortunately, this decision positioned the 
company perfectly when the demand for mRNA 
technology surged during the COVID-19 pandemic. The 
groundwork we laid allowed Aldevron to scale rapidly, 
supporting vaccine production. Without those early 
changes, the company wouldn’t have been able to 
capitalize on that opportunity.
Sheri McCoy, Industrial Advisor to EQT, together with Michael Bauer, Global Co-Head of Healthcare, Private 
Capital, and Per Franzén, Deputy Managing Partner and Head of Private Capital Europe & North America. 
Pictured here at a panel discussion during the Capital Markets Day in Stockholm.
You can watch the full panel discussion from the 
Capital Markets Day on EQT’s YouTube channel

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

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EQT Playbook
 
Digitalization and AI are core to EQT’s value creation strategy. These capabilities are deeply 
embedded in EQT’s operations, equipping its investment advisory teams and portfolio 
companies with the tools to succeed in an increasingly complex, data-driven world.
By leveraging EQT’s global reach, local expertise, and sector-specific 
insights, Motherbrain has been enhancing the organization’s capabilities 
since 2016 with advanced AI and data solutions. 
Today, EQT is integrating AI across all aspects of its operations to 
enhance efficiency, internal processes, and value creation. This includes 
leveraging AI for fundraising, deal sourcing, due diligence, and portfolio 
company growth - driving better decision-making, automation, and 
innovation in private markets.
Embedded within the investment process, the Motherbrain-team 
ensures that every algorithm and dataset aligns with the practical realities 
of deal-making and value creation. This close integration connects 
technical capabilities with tangible business outcomes. 
The team brings together expertise in data science, machine learning, 
user experience, and operational expertise. With professionals from leading 
global tech and financial companies, the Motherbrain-team works closely 
with EQT’s investment advisory teams to ensure technology and human 
judgment complement each other seamlessly. At Motherbrain, data alone 
isn’t enough - EQT emphasizes collaboration between engineers, data 
scientists, and dealmakers to ensure that AI supports, rather than replaces, 
human decision-making.
Finding unseen opportunities  
By combining internal portfolio data with external market 
intelligence in a proprietary tool, Motherbrain reveals cross  
-portfolio opportunities. The tool is used by investment advisory 
professionals to assess how potential assets fit within the 
broader EQT platform or to identify cross-selling opportunities.
Pinpointing inefficiencies
Motherbrain analyzed clinic scheduling patterns and identified 
inefficiencies, such as misaligned opening hours and understaffing 
during peak demand. This enabled a more balanced distribution 
of appointments, ensuring better resource utilization, increasing 
vet utilization by 4.3 percent in clinics using the tool. 
Digitalization & AI with Motherbrain
Identifying cross-portfolio  
opportunities — Utilization  
across Real Assets
Optimizing the vet’s time
— Private Capital Europe & 
North America 
“By 2023, we established AI maturity 
and explored its potential. In 2024, 
there was a clear shift to execution 
and business impact at scale.”  
Alexandra Lutz,  
Head of Motherbrain, 
presenting at EQT’s 
Capital Markets Day, 
in New York, October 
2024
Using AI to identify M&A targets 
The Motherbrain team, in collaboration with the investment 
advisory team and EQT Digital, worked with the Nord Anglia 
Education team to leverage external data and generative AI to 
find potential M&A targets, focusing on Italy.
Identifying M&A targets with AI
— Private Capital Asia 
EQT  
Playbook

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

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EQT Playbook
EQT’s approach to sustainability
EQT believes that doing good is good 
business. Its sustainability efforts are aimed 
at driving performance and ensuring that 
companies remain competitive for the long 
term. Ultimately, this will deliver strong 
risk-adjusted returns to clients.
EQT supports EQT funds’ portfolio companies and assets to integrate and 
improve sustainability in their operations through:
Guided by EQT’s thematic investment approach, EQT 
funds invest in high-quality companies with growth 
potential, aligned with macro trends in attractive 
industries. EQT funds aim to increase the share of 
sustainability-themed products and services across the 
portfolio. Work is ongoing to define and measure 
sustainability-themed revenue streams.
Improving operational sustainability Growing sustainability-themed revenue streams Future-proofed  
companies with 
premium  
valuations
Accountable  
leadership
Integrating sustainability into 
 decision-making, linking incentives  
and ensuring transparency.
Regenerative 
processes
Respecting and restoring  
nature and promoting climate 
resilience.
Equitable  
business
Ensuring equal rights and  
opportunities across all aspects  
of the business.
+ =
EQT’s sustainability ambitions are aligned with EQT’s 
commitment to future-proofing EQT funds’ portfolio 
companies and assets. The ambition is twofold, built to 
enhance value creation by improving operational 
 sustainability and growing revenues from sustainability 
-themed products and services.
EQT  
Playbook
Read more about the integration of sustainability in the 
investment and value creation process in  S ustainability Notes 
and EQT’s Responsible Investment & Ownership Policy

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

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EQT Playbook
Improving operational sustainability and 
growing sustainability-themed revenues 
Performance of EQT funds’ portfolio companies across  
the operational sustainability KPIs linked to EQT’s long-term ambitions1) 
Growing sustainability-themed revenues across the portfolio  
through product innovation and targeted growth planning
Accountable leadership Equitable business  Regenerative processes
Transformational KPI
88% have identified a business 
specific transformational KPI
Sustainability champion
92% have appointed board 
sustainability champions to ensure 
accountability
UNGC signatories
26% are formal signatories of the 
United Nations Global Compact
Sustainability incentives
32% have sustainability-linked 
incentives to Board or manage -
ment2)   
Diversity in Boards and C-suite
average share
Board of Directors:  
23% women / 77% men
C-suite2):
25% women / 75% men
Gender distribution 
among top 20% earners, average 
share2)
31% women / 69% men
Employee engagement
89% have conducted an employee 
engagement survey 2)
Climate Transition
80 of EQT funds’ portfolio  
companies have started their  
decarbonization journey3)
52% of floor area owned by EQT 
Real Estate, have LED lighting 
installed4) 
Renewable electricity
61% average share renewable 
electricity in EQT funds’ portfolio 
companies2)
10 MW of installed solar PV  
capacity at properties owned by 
EQT Real Estate4)
1) The metrics cover EQT funds’ portfolio companies with data by December 31, 2024. Includes EQT VII-X, EQT Mid Market Europe, EQT Future, EQT Infrastructure  II-VI, 
BPEA Fund  VI-VIII, BPEA Mid Market Growth, EQT Mid Market Asia III. For EQT funds’ real estate assets, only regenerative processes are applicable.
2) Data as per December 31, 2023.
3) Total cumulative number of EQT funds’ portfolio companies with committed, submitted or validated science based targets, including exited portfolio companies.
4) EQT funds’ real estate assets with a discretionary mandate.
Private Capital Asia
Affordable housing financing for 
low-income homeowners
Private Capital EU & NA
Sustainability management 
software for asset heavy industries
Infrastructure
Electrifying high-speed ferries‘
and accelerating the transition  
to eco-friendly fuel alternatives
Sustainability-themed examples from EQT funds’ portfolio companies
Climate & Nature
Access & Equality Sustainability tech  
& Transparency
Private Capital Asia 
Fertility services and reproductive
health support
Health & Wellbeing

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

Placeholder image
EdgeConneX
EdgeConneX specializes in sustainable, energy-efficient data centers optimized for AI and  
cloud deployments. Since EQT’s initial investment in 2020, EdgeConneX has executed on five  
key acquisitions and joint ventures that have accelerated growth. EdgeConnex has tripled  
its data center capacity and expanded into Asia, Latin America, and new European markets,  
now operating or developing 80 data centers across 50 global markets.
       In the September 2024, EQT Infrastructure announced the sale of a minority stake in  
EdgeConneX, while remaining the largest shareholder. EQT aims to help accelerate Edge-  
ConneX’s ability to meet the rising demand for cutting-edge data center solutions, positioning 
the company at the forefront of the global AI and digital infrastructure revolution.
#01 This is EQT #02 Financial statements #03 Sustainability notes #04 Corporate governance #05 Additional information
 People

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

44
#01 This is EQT #02 Financial statements #03 Sustainability notes #04 Corporate governance #05 Additional information
People
People at the core of EQT’s success
With the considerable growth in the number of employees 
and geographic footprint in the last five years, EQT’s values 
are more important than ever.
Values 
EQT’s values have fostered an organization that consistently delivers high 
performance. They influence collaboration, how EQT advises the portfolio 
companies, and how EQT positively impacts the world. It is imperative that 
these values continue to underpin the performance of a global EQT.
EQT’s continued growth and success will be enabled by a continued 
emphasis on humility, collaboration, accountability, and continuous 
improvement. EQT believes that encouraging people to be themselves 
contributes to a more diverse and inclusive workplace where individuals 
feel valued for who they are.
EQT’s core values apply globally with a local flavor and are embedded 
in EQT’s strategic focus, people management, and development programs. 
Consistently applying the same set of values across the world reinforces 
EQT’s culture, protects its ability to perform for clients, and retains its 
heritage, whilst embracing a global mindset.
Employees by region and segment
Americas
APAC
Nordics
Rest of 
Europe
Respectful
Acting with integrity and  
humility. Through our actions, 
we show regard and gratitude  
towards our stakeholders  
and colleagues.
High performing
Maximizing our effort and  
results through collaboration.  
Wefeel an urgency to take  
action and make an impact – 
everything can be improved  
at all times.
Entrepreneurial
Being innovative and  
accountable. We take risks,  
persevere through  
challenges and learn from  
our mistakes to succeed in 
the long run.
Transparent
Being open and honest, with  
each other as well as with  
external stakeholders. We  
raise issues and face reality  
when difficulties arise.
Real Assets
Private  
Capital
Central
20202019 2021 2022 2023 20240
500
1,000
1,500
2,000
665
1,9411,8381,790
1,160
710
Informal
Being inclusive and non-hierarchical 
– everyone is encouraged to be 
themselves and is expected to speak  
their mind. We all contribute  
to an engaging, friendly and  
fun work environment.
In the fall of 2024, EQT celebrated its 30-year anniversary with events across  
the world focused on people, culture and values.
Employee growth since the IPO

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

45
#01 This is EQT #02 Financial statements #03 Sustainability notes #04 Corporate governance #05 Additional information
People
Developing people through the 
EQT Academy
EQT is continuously working to develop talent, and the EQT Academy is a core part of  
that strategy. For over a decade, the EQT Academy has supported employees through 
personal and professional development, to advance portfolio companies and the whole  
EQT organization.
EQT Academy
 
 EQT Academy supports individuals in developing the skills to lead themselves, lead others, and lead the business,  
actively contributing to the growth of EQT’s global operations, business areas, and functions. It offers development through:
Academy 
Flagship
Core programs designed  
to support progressive  
skill and development 
advancement
Academy 
Glocal
Global learning programs 
tailored for  
local development
Academy  
on Demand
Targeted open  
catalogue learning,  
supporting individual  
 and team needs
E-cademy
Digital learning  
focused on business  
priorities, embedded  
into the daily  
workflow
23 , 000
E-learnings  
completed during 
2024
Leadership & Culture 
Over the past two years, EQT has launched a range of innovative programs 
and pilot projects to strengthen learning and development - with the goal 
of creating real impact across the organization. Through a combination of 
local and team-driven initiatives, as well as tailored programs for new 
Partners and experienced leaders, we are building a culture where 
knowledge is turned into action. 
   With a business-oriented and hands-on approach, where internal 
resources and mentors play a key role, we ensure that EQT’s unique culture 
is not only preserved but also continuously developed. As we expand 
globally, we are equipping our leadership for a dynamic, international 
environment.
High Performance & Sustained transformation
Through targeted pilots on individual and team performance, we’ve  
refined our approach to empower individuals to excel and shape high- 
performing teams. This strategy tailors work environments to local business 
needs, driving sustained, impactful results for portfolio companies and 
clients. By focusing on practical applications, we accelerate time to impact, 
foster a culture of continuous learning, and equip teams to proactively 
transform. This enables them to set clear trajectories and sustain growth 
through tools and processes for ongoing, self-driven improvement.
Collaboration and discussions across teams during the EQT30 celebrations.

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

46
#01 This is EQT #02 Financial statements #03 Sustainability notes #04 Corporate governance #05 Additional information
People
Our Inclusion @ EQT 
Our commitment to inclusion is not just about fairness; 
We understand and believe that being a great place  
to work drives the best performance. At EQT, inclusion  
is a business imperative and it's embedded into our 
talent strategy, decision-making, and culture to ensure 
that every individual and team operates at their full 
potential. By doing so, we unlock better collaboration, 
stronger innovation, and superior investment outcomes.
Strengthening our capabilities globally and locally
EQT balances global and local in its approach to 
Inclusion. We embed our global values into all aspects 
of our work, while also tailoring our initiatives to the 
unique dynamics of our offices across the globe. 
Listening to our people and taking action
We listen to our employees and actively seek out high 
levels of engagement, which we measure through our 
annual employee engagement survey, EQT Voice. We 
commit to taking targeted and meaningful action based 
on feedback, with a lens on holistically improving all 
EQTarians’ experiences, thus enabling them to perform 
their best.
Our vision for EQT employees is to build high performing & engaged teams.  
Our competitive edge comes from fostering an environment where every individual  
feels valued, empowered, and motivated to drive business impact.
— Inc lusive Representation    
 E levating workplace unity by    
 e nsuring that a broad range of    
 p erspectives and backgrounds    
 ar e heard and valued
— F air Work Practices     
 A dvocating for fairness and    
 i nclusivity in every aspect of our   
 operations
— C elebrating our unique backgrounds  
 V aluing and acknowledging    
 i ndividual and local contributions   
 t o enrich our collective workplace   
 experience
— C ontinuous Learning
 C ultivating a culture of collaboration 
 t hat appreciates the complexity of 
 ou r global scale
2024 and 2025: Reinforcing our commitment  
to Inclusion
During 2024, a group of HR leaders and Inclusion advocates teamed up to support  
a set of strategic initiatives focused on four pillars: 
In Q4 2024, EQT established the role of Global Head of Inclusion & Business Impact to 
strengthen the link between inclusive practices and business impact. Additionally, in Q1 
2025, EQT formally announced its new Global Head of HR. These two roles will work closely 
together to enhance the structure and coordination of people-related processes and 
initiatives, reinforcing EQT’s commitment to fostering a great workplace.
Workshops, discussions, and celebrations at EQT30 in Stockholm and Philadelphia.

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

47
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People
EQT Foundation – Safeguarding EQT Values and supporting 
breakthrough science 
Steward Ownership 
Through EQT Foundation’s ownership in EQT, the 
Members of the Foundation support EQT in fostering a 
purpose-driven company with a high-performing 
culture that remains deeply rooted in the values and 
pursuit of delivering positive impact for all. Senior 
leaders who exemplify these values and act as role 
models within the firm are eligible for election to the 
Membership, and join the governance committee of the 
Foundation which controls the long-term shareholding 
in EQT. In 2024, the group welcomed four new mem-
bers; Anna Sundell, Matthias Fackler, Michael Bauer, 
and Jack Hennessy.  
Catalytic Capital 
EQT Foundation supports scientists and entrepreneurs 
bringing breakthrough solutions to market, deploying 
catalytic capital to help close funding gaps together 
with pro-bono support from EQT employees. Aligned 
with EQT’s thematic approach, the Foundation backs 
novel climate technologies needed for the green 
transition, and exponential health technologies that 
increase access to and drive down the cost of health -
care. The EQT Foundation provides flexible grant 
funding for researchers to validate scientific break -
throughs, and patient investment capital for early- 
stage impact entrepreneurs. 
Employee engagement
Each scientist or entrepreneur supported by the 
Foundation is paired with a team of EQT employees 
who collaborate across business lines and geographies.  
This fosters knowledge exchange, cross-collaboration, 
and supports the career development of EQTarians. 
 
About EQT Foundation
Established in 2019, the EQT Foundation owns 
approximately 1% of EQT AB and receives 1% of carry 
from Partners at EQT Funds 1). Operating outside 
EQT’s investment mandates in areas where catalytic 
capital can help de-risk breakthrough solutions to 
climate and health, the Foundation focuses on 
underfunded and high-impact areas, bridging 
early-stage funding gaps to support scientists, 
non-profits and entrepreneurs.  
Through its ownership in EQT, the Foundation and its 
Membership, consisting of senior EQT leaders and 
alumni, have a prospective right to appoint a member 
of the Nomination Committee of EQT AB. Every year, 
the founders and members of EQT Foundation elect 
new senior leaders at EQT to join them as role models 
and guardians of the values. The setup is inspired by 
steward ownership, and aims to provide a strategic 
forum where active leaders and culture carriers in the 
organization can spar with alumni to ensure that 
EQT's purpose and values remain at the center of the 
organization's development.
Being a responsible long-term owner means giving back to the local societies and global 
communities we operate in. This commitment builds on the Wallenberg heritage of giving back 
through supporting science and fostering society’s ability to renew itself. The EQT Foundation 
anchors us to what we stand for and empowers EQTarians to give back by sharing their time, 
expertise and network.
1) S enior Partners at EQT Funds have the option at fund establishment to allocate a portion of their investment  
 i n the carried interest, the profit-sharing mechanism of the fund, to the EQT Foundation.
 
EQT Foundation  
aims to bring
100  
breakthrough  
solutions to market  
by 2030
 
In 2024, 
EQT Foundation 
supported
&13
scientists 
6
entrepreneurs
New members appointed to the EQT Foundation Membership
A warm welcome to our new members! 
Michael Bauer  
Partner, Global Co-Head of Healthcare, 
Private Capital, Zürich 
Anna Sundell  
Partner, Infrastructure Europe, 
London 
Jack Hennessy  
Partner, Chairperson of ANZ & Cross 
Border, Private Capital Asia, Singapore
Mathias Fackler  
Partner, Head of Infrastructure 
Europe, Munich
 
Stewardship  
Ownership
24  members
Read more about the scientists and entrepreneurs supported  
in EQT Foundation’s annual report.

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

48
#01 This is EQT #02 Financial statements #03 Sustainability notes #04 Corporate governance #05 Additional information
People
Establishing the EQT Council to strengthen  
global strategic relationships 
The EQT Council unites the firm’s most experienced 
leaders with renowned external experts, providing 
strategic insights to navigate an evolving financial 
landscape. While not a governance body, decision-
making forum, or operational function, the Council 
plays a pivotal role in shaping EQT’s long-term vision. 
By aligning EQT’s strategic agenda with global market 
trends, the Council helps unlock new commercial 
opportunities, strengthen private-public partnerships, 
and drive sustainable investment growth. Through 
these efforts, it is expected to catalyze multi-billion- 
dollar partnerships and reinforce EQT’s position as a 
global leader in private markets.
 
In 2025, EQT launched The EQT Council, a high-level strategic initiative designed  
to enhance global client relationships to create closer partnerships and unlock new  
pools of capital and investment opportunities. 
The EQT Council
 
The EQT Council focuses on five key objectives:
 
1
2
3
4
5
Deepening relationships with top institutional investors across 
North America, Europe, Asia, and the Middle East
Expanding access to private wealth and family offices, leveraging 
EQT’s strategic capital initiative
Developing private-public partnerships, positioning private capital 
as a driver in energy transition and AI-driven infrastructure
Improving internal coordination to maximize the impact of EQT’s 
most senior leadership
Optimizing engagement with external networks and global forums
Christian Sinding  
CEO and Managing Partner
Conni Jonsson  
Chairperson of the Board
Marcus Wallenberg
Deputy Chairperson of the Board
Lennart Blecher
Deputy Managing Partner and  
Chairperson of EQT Real Assets

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

#02
Financial statements
 5 1  B oard of directors’ report
 5 4  C onsolidated financial statements with notes
 8 9  P arent company financial statements with notes
 9 7  P roposal for the distribution of net income
 9 8  M anaging risks
 1 05  S ignatures of the board of directors and the CEO
 1 06  Aud itor’s report
#01 This is EQT #03 Sustainability notes
 
#04 Corporate governance #05 Additional information#02 Financial statements

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

50
#01 This is EQT #03 Sustainability notes #04 Corporate governance #05 Additional information
 
#02 Financial statements
Contents
 #02 
 51 Board of directors’ report
 54 Financial statements
 54 Con solidated income statement 
 54  Con solidated statement of comprehensive 
income
 55 Con solidated balance sheet
 56 Co nsolidated statement of changes in equity
 57 Co nsolidated statement of cash flows
 58 Notes to the financial statements    Note
 58 Ge neral information   1
 58 Ac counting policies   2
 61 Use  of judgements and estimates    3
 62 Op erating segments   4
 64 Re venue   5
 64 Other operating expenses   6
 65  Em ployees, senior executives  
and board of directors   7
 70 Au dit fees and expenses    8
 70 Fi nancial income and expenses   9
 71 In come taxes   10
 72 In tangible assets   11
 73 Pr operty, plant and equipment    12
 73 Ac counts receivable and other current  
  assets  13
 73  E quity  14
 75 In terest bearing liabilities   15
 75  O ther liabilities   16
 75 Ac crued expenses and prepaid income   17
 75  Fin ancial instruments and financial risks  18
 79  L eases   19
 80  Ca sh flow specifications    20
 80 Pl edged assets and contingent liabilities   21
 80  Ev ents after the reporting period    22
 81  Re lated parties   23
 81 S ubsidiaries   24
 85  Ea rnings per share   25
 86 Ch anges in accounting policy  
  re garding carried interest   26
 89 Parent company financial statements
 89  Pa rent company income statement
 90  Pa rent company balance sheet
 91  Pa rent company statement of changes in 
equity
 92  Pa rent company statement of cash flows
 93  Parent company notes No te
 93  A ccounting policies   1
 94  Re venue  2
 94  Ot her operating income   3
 94  Ot her operating expenses    4
 94  Em ployees and personnel expenses    5
  94  Au dit fees and expenses    6
 94  O perating leases   7
 94 Pr ofit/loss from participations in  
   subsidiaries    8
 95  In terest income and similar profit/loss  
items    9
 95 In terest expense and similar profit/loss  
  items   10
 95  I ncome taxes  11
 95  Pr operty, plant and equipment   12
 95 Pa rticipations in subsidiaries   13
 96   Ot her securities held as non-current  
asset   14
 96 Fin ancial instruments and financial risks    15
 97 Ot her long-term receivables   16
 97  Pr epaid expenses and accrued income   17
 97  Rev olving credit facility   18
 97  Nu mber of shares and quota value   19
 97  In terest bearing liabilities   20
 97  Ac crued expenses and prepaid income   21
 97  Pl edged assets and contingent liabilities   22
 97  Rel ated parties    23
 97  Ev ents after the reporting period   24
 97 Proposal for the distribution of net income  
 98 Managing risks 
 105  Signatures of the Board of directors  
  an d the CEO 
 106 Auditor’s report

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

The Board of directors and the CEO of EQT AB (publ) 
(reg. no. 556849-4180) with its registered office in 
Stockholm, Sweden submit the annual report and 
consolidated financial statements for the 2024 financial 
year.
REVENUES AND NET INCOME
As of 1 January 2024, EQT has, in accordance with IAS 8, 
changed accounting principles relating to IFRS Account -
ing Standards reported carried interest, see Note 26. 
The principles for Adjusted Revenue is unchanged 
compared to prior periods, whereby carried interest is 
only recognized after applying a valuation buffer 
(30-50%) on the unrealized part of the underlying fund 
valuations, see Note 4. 
Total revenue for the period increased to EUR 
2,652.6m (EUR 2,122.4m). Carried interest and invest -
ment income amounted to EUR 548.7m (156.3m). 
Adjusted total revenue amounted to EUR 2,354.8m 
(EUR 2,130.8m). In addition to the revenue adjustments 
(see Note 4), Adjusted total revenue has been adjusted 
with an item affecting comparability (see Note 4) 
relating to the revaluation of certain Multifamily invest -
ments made with the support of EQT’s balance sheet, 
see section “Significant events during the year”. 
Impact on adjusted revenues from foreign exchange 
rate differences (using fixed foreign exchange rates), 
amounted to negative EUR 1.0m. 
Total operating expenses during the year amounted 
to EUR 1,328.6m (EUR 1,391.4m). 
EBITDA increased to EUR 1,324.0m (EUR 731.0m) 
corresponding to a margin of 49.9% (34.4%). Adjusted 
EBITDA amounted to EUR 1,358.7m (EUR 1,226.4m) 
corresponding to a margin of 57.7% (57.6%). 
Impact on adjusted EBITDA from foreign exchange 
rate differences (using fixed foreign exchange rates), 
amounted to negative EUR 4.0m.
Depreciation and amortization amounted to 
EUR 71.2m (EUR 54.1m), primarily related to facility 
lease agreements and placement agent fees. Amortiza -
tion of acquisition related intangible assets amounted to 
EUR 364.8m (EUR 364.1m) and relates to amortization of 
identified surplus values in performed acquisitions. 
Net financial income and expenses amounted to 
EUR 11.2m (EUR -35.5m). In addition to the change in 
fair value of contingent considerations (earn-out) 
relating to Multifamily (see section “Significant events 
during the year”) that is treated as an Item affecting 
comparability of EUR 15.7m this is primarily comprised 
of interest expenses of EUR -42.2m (EUR -42.2m) relat -
ing to the sustainability-linked bonds issued by EQT AB 
in April 2022 and May 2021, interest income as well as 
currency translation differences. 
Income taxes amounted to EUR -122.9m (EUR 
-100.2m). The income tax expense included EUR 1.2m 
(EUR -m) of estimated Global Minimum Tax which was 
attributable to the EQT AB Group’s earnings in Singa -
pore, see section “Significant events during the year”.
Net income for the period from continuing opera -
tions increased to EUR 776.3m (EUR 177.2m). Adjustment 
items affecting net income from  c ontinuing operations, 
including tax effects, amounted to EUR 338.8m 
(EUR 842.2m). Adjusted net income for the period from 
 continuing operations amounted to EUR 1,115.1m 
(EUR 1,019.4m). 
Earnings per share for continuing operations before 
and after dilution amounted to EUR 0.656 (EUR 0.149) 
and EUR 0.656 (EUR 0.149), respectively. Adjusted 
earnings per share for continuing operations before 
and after dilution amounted to EUR 0.942 (EUR 0.860) 
and EUR 0.942 (EUR 0.859), respectively. 
Adjustment items affecting EBITDA in 2024 (see 
Note 4) amounted to EUR 34.7m and relates to:
 — Revenue adjustments, whereby carried interest is 
only recognized after applying a valuation buffer 
(30-50%) on the unrealized part of the underlying 
fund valuations.
 — Non-cash adjustments, which relates to the part of 
the acquisition considerations subject to lock-up as 
well as the non-cash portion of equity incentive 
program cost. The part of the considerations subject 
to lock-up is treated as a personnel expense from an 
accounting perspective and recorded in the income 
statement over the lock-up period.
 — Items affecting comparability, which in 2024 includes 
an adjustment of the associated cost and the 
revaluation of certain investments relating to US 
Multifamily (see section “Significant events during the 
year”) as well as integration costs relating to 
previously performed acquisitions.
 Adjustment items affecting EBITDA in 2023 (see 
Note 4) amounted to EUR 495.4m and relates to:
 —  Revenue adjustments, whereby carried interest is 
only recognized after applying a valuation buffer 
(30-50%) on the unrealized part of the underlying 
fund valuations.
 — Non-cash adjustments which relates to the part of 
the acquisition considerations subject to lock-up as 
well as the non-cash portion of equity incentive 
program cost. The part of the considerations subject 
to lock-up is treated as a personnel expense from an 
accounting perspective and recorded in the income 
statement over the lock-up period. 
 — Items affecting comparability in 2023 include 
integration costs as a result of performed acquisi -
tions. 
CASH FLOW AND FINANCIAL POSITION
Goodwill and Other intangible assets amounted to EUR 
5,163.8m (EUR 5,280.3m). The decrease of EUR 116.5m is 
mainly driven by amortization and exchange rate 
differences. 
Property, plant and equipment amounted to EUR 
251.8m (EUR 171.5m). 
Current assets amounted to EUR 5,953.5m (EUR 
5,042.0m). The increase is mainly driven by an increase 
in Financial investments including carried interest which 
increased by EUR 1,263.4m to EUR 4,302.3m (EUR 
3,038.9m) primarily driven by increased investments 
from EQT AB Group into EQT funds, strategic invest -
ments to support new initiatives and fair value increase 
relating to carried interest, see Note 18. 
51
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Board of directors’ report
#02 Financial statements
Board of directors’ report

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

Cash and cash equivalents at the end of the period 
amounted to EUR 1,024.0m (EUR 1,114.0m). Net debt 
amounted to EUR 976.0m (EUR 886.0m in net debt).
Equity increased to EUR 8,096.0m (EUR 7,415.8m). 
The increase is mainly explained by current period net 
income. 
Non-current liabilities amounted to EUR 2,515.8m 
(EUR 2,472.9m).  
Current liabilities amounted to EUR 869.3m 
(EUR 731.8m).
EXPECTATIONS FOR 2025  
In 2025, EQT will continue fundraising for its flagship 
funds within certain strategies, including EQT Infra -
structure VI and BPEA IX. EQT will also continue fund -
raising for newly launched strategies, such as EQT 
Healthcare Growth and EQT Transition Infrastructure. 
EQT continues to build its private wealth platform by 
introducing new strategies, engaging with distributors 
and strengthening EQT’s brand. During 2025, EQT 
expects to launch three additional evergreen vehicles, 
and thereby have five evergreen vehicles available for 
Private Wealth. 
In 2025, EQT will continue to make thematic invest -
ments, and drive performance across the EQT funds’ 
portfolio companies, while maintaining a rigorous focus 
on exits. 
PERSONNEL 
The number of full-time equivalent employees (FTE), at 
year-end 2024, amounted to 1,886 (1,777). New hires in 
2024 were made to strengthen the capital raising 
platform as well as the investment teams to enable 
scalable future growth.
SIGNIFICANT EVENTS DURING THE YEAR
Significant events and transactions
Accounting standards
As of 1 January 2024, EQT accounts for the entire invest -
ment, including carried interest, as a financial instru -
ment in accordance with IFRS 9 at fair value in the 
balance sheet. The fair value changes will continue to 
be presented as Carried interest and investment income 
in the consolidated income statement.
The impact of this change on historical periods is 
presented in Note 26.
In addition, EQT will (unchanged compared to prior 
periods) continue to report Adjusted Revenue whereby 
carried interest is only recognized after applying a 
valuation buffer (30-50%) on the unrealized part of the 
underlying fund valuations.
As a result, EQT will provide a highly transparent 
carried interest reporting including:
 — The short-term impact of fund valuation changes 
(Reported Revenue according to IFRS Accounting 
Standards)
 — The amount of carried interest expected to be 
converted to cash in a mid term perspective 
(Adjusted Revenue). See further in Note 4
 — The actual cash flows relating to carried interest 
(realized (cash) carried interest)
EQT Exeter 
EQT Exeter, which will operate under the EQT Real 
Estate brand going forward, will continue to focus 
primarily on industrial (logistics) real estate. The US 
Multifamily fund initiative has been discontinued, and 
the associated costs such as redundancies and the 
revaluations of certain investments made with the 
support of EQT’s balance sheet - totaling approximately 
EUR 80m net of tax - are reported in the period as an 
item affecting comparability (see Note 4). EQT Real 
Estate has also decided not to pursue further invest -
ments in the office and life sciences property sector for 
the time being.
Tax
During 2024 the Swedish Tax Agency issued draft 
decisions to EQT proposing to levy social security 
charges on carried interest distributions made to 
certain current and former EQT employees for certain 
historical periods and EQT funds. EQT and the relevant 
individuals have filed taxes in accordance with existing 
case law and any decision levying social security 
charges in this regard will be appealed and tried in 
court. This matter relates to historical periods and is not 
expected to have a material impact for EQT AB Group. 
For further information see section “Events after the 
reporting period”. 
Throughout 2024, the Global Minimum Tax (GMT) 
legislation and related OECD guidance have been 
subject to continuous development. Estimated tax 
expenses during the period associated with the GMT 
rules amounted to EUR 1.2m. In relative terms, this level 
of top-up tax is representative of the estimated impact 
of the GMT rules in the short to medium term, subject to 
further developments of the rules. 
EQT applies the exception to recognizing and 
disclosing information about deferred tax assets and 
liabilities related to Global Minimum Tax, as provided in 
the amendments to IAS 12 issued in May 2023.
Fundraising
During the period, EQT X closed at EUR 22bn in total 
commitments, of which EUR 21.7bn are fee-generating 
assets under management, hitting the hard cap. EQT’s 
Private Capital strategies across the world have com -
pleted fundraises in 2024 that combine to more than 
EUR 30bn in total commitments. 
EQT Infrastructure VI had fee-generating commit -
ments of EUR 18.lbn. The fund is expected to reach its 
target size upon its final close in the first quarter of 
2025.
Balance sheet and liquidity
As previously communicated, EQT expects to execute 
share buyback programs twice a year to offset the 
dilution impact from EQT’s Incentive Programs. EQT 
repurchased 4.2m shares during the year.
On 10 July 2024, EQT extended its existing EUR 1.5 
billion sustainability-linked revolving credit facility 
(RCF) for 5 years, with two 1-year extension options. 
The RCF was originally signed on 21 December 2020 
and increased to EUR 1.5 billion on 25 April 2022.
On 10 July 2024, S&P Global Ratings assigned EQT a 
credit rating of ‘A-’ with a stable outlook, reflecting 
EQT’s operational strength and robust financial posi -
tion. The rating complements the existing rating from 
Fitch (A-/ Stable).
INCENTIVE PROGRAMS 
EQT 2019 Share program
The last grant of the EQT Share program (established in 
2019) was done in March 2023. Each annual grant 
consisted of amounts to be converted to class C shares 
in EQT AB. All class C shares allotted are subject to a 
three-year holding period, with no vesting conditions, 
after which the class C shares are converted into 
ordinary shares. The class C shares carry the same 
economic rights as ordinary shares in the company and 
carry one-tenth (0.1) vote each. During 2019, a share 
issue of 8,663,490 class C shares was carried out and 
subsequently repurchased for the purpose of delivering 
class C shares within the scope of the share program. 
Participants were allotted a total of 1,595,067 class C 
shares during 2020-2023: 365,406 class C shares in 
2020 (2019 grant), 348,106 class C shares in 2021 (2020 
grant), 385,499 class C shares in 2022 (2021 grant), and 
496,056 class C shares in 2023 (2022 grant). 
52
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#02 Financial statements

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

EQT 2023 Share program
The EQT Share Program (established in 2023) consists 
of ordinary shares in EQT AB. The Program is divided 
into five separate annual grants, each subject to a 
one-year performance period and a three-year holding 
period. Depending on the achievement of certain 
performance targets during the performance year, an 
amount may be awarded which after the performance 
period is settled in the total number of outstanding 
shares in EQT AB that corresponds to the amount 
awarded. With certain limited exceptions, no vesting 
conditions apply during the three-year holding period. 
Based on the number of shares as of 31 December 2022, 
the maximum dilution for the EQT Share Program is one 
percent in total. EQT intends, over time, to repurchase 
shares to offset the dilution related to the EQT Share 
Program. Performance in relation to targets for 
Adjusted Revenue growth, Adjusted EBITDA margin and 
a sustainability assessment has resulted in a gross 
share grant level of EUR 44.0m, of which EUR 21.2m was 
cash cost. In relation to the 2023 grant, 631,547 ordinary 
shares were allotted to the participants in the beginning 
of 2024.
EQT 2023 Option program
The EQT Option Program (established in 2023) consists 
of options which upon exercise entitle the option holders 
to acquire ordinary shares in EQT AB. The Program is 
divided into five separate annual grants, each subject 
to a one-year performance period and a three-year 
holding period. Depending on the achievement of 
certain performance targets during the performance 
year, an amount may be awarded which after the 
performance period is settled in the number of options 
that corresponds to the amount awarded. With certain 
limited exceptions, no vesting conditions apply during 
the three-year holding period. The option exercise 
period commences after the holding period. Based on 
the number of shares as of 31 December 2022, the 
maximum dilution for the EQT Option Program is four 
percent in total. EQT intends, over time, to repurchase 
shares to offset the dilution related to the EQT Option 
Program. Total grant level for EQT Option program 
recognized in 2024 was EUR 59.7m of which none was 
cash cost. In relation to the 2023 grant, 4,430,306 
employee stock options were allotted to the participants 
in the beginning of 2024.
RELATED PARTIES
No significant related party transactions have occurred 
during the period.
EVENTS AFTER THE REPORTING PERIOD  
In January 2025 the Swedish Tax Agency issued deci -
sions to EQT levying social security charges on carried 
interest distributions to individuals. The decisions, which 
are in line with the draft decisions previously issued, 
have been appealed by EQT and will be tried in court. 
This matter relates to historical periods and is not 
expected to have a material impact on the EQT AB 
Group.
In February 2025, Per Franzén was appointed as 
new CEO and Managing Partner of EQT, effective as of 
the Annual Shareholders’ Meeting on 27 May 2025. 
Christian Sinding will remain as CEO and Managing 
Partner during the transition period and thereafter 
become an Institutional Partner. Christian will Chair the 
EQT Council and continue to lead the Global Investment 
Forum and remain a member of several EQT fund 
Investment Committees. 
PARENT COMPANY
The parent company’s profit before tax amounted to 
SEK 5,053.6m (SEK 5,211.3m). The decrease is mainly 
explained by a timing effect of dividends from subsidi -
aries as well as currency translation differences.
THE SHARE 
EQT AB’s ordinary shares are listed on Nasdaq 
 Stockholm in the Large Cap segment. As of 31 Decem -
ber 2024, there were 1,181,330,760 outstanding shares in 
EQT AB and EQT AB held 60,676,207 ordinary shares in 
treasury. Including shares held in treasury by EQT AB, 
there were 1,241,125,412 ordinary shares and 881,555 
non-listed class C shares. Ordinary shares carry 1 vote 
per share and class C shares carry 0.1 vote per share. 
The quota value of the shares is SEK 0.1. See Note 14 for 
further information. 
In addition to what is disclosed in Note 14 there are 
no restrictions on the transferability of shares due to 
statutory provisions, articles of association or, as far as 
EQT AB is aware, in shareholders agreements.
For information regarding changes in EQT’s share 
capital and lock ups entered into, please refer to the 
heading “Events after the  reporting period” and 
“Restrictions on transferability above”.
SUSTAINABILITY 
In accordance with Chapter 6, Section 11 of the Swedish 
Annual Accounts Act, EQT has elected to prepare the 
statutory sustainability report separately from the 
Board of directors’ report. The scope of the statutory 
sustainability report is given on page 111.
GUIDELINES FOR EXECUTIVE REMUNERATION 
(REMUNERATION POLICY)
The guidelines for executive remuneration approved by
the Annual Shareholders’ Meeting 2024 are presented
in Note 7. During 2024, there were no deviations from
the guidelines.
CORPORATE GOVERNANCE 
EQT prepares its Corporate Governance Report as a 
separate document from the statutory annual report. 
Please see page 172.
PROPOSAL FOR THE DISTRIBUTION  
OF NET INCOME
The Board of directors proposes a dividend for 2024 of 
SEK 4.30 per share, to be paid out in two equal install -
ments, SEK 2.15 with record date 30 May 2025, and SEK 
2.15 with record date 1 December 2025. Should the 
Annual Shareholders’ Meeting decide in favor of the 
proposal, payment of the dividend is expected to be 
made on 4 June 2025 and on 4 December 2025, respec -
tively.
Holders of ordinary shares and Class C shares are 
equally entitled to dividend. The dividend will be based on 
the number of shares outstanding as of each record date. 
Standing at the disposal (in SEK) of the annual 
shareholders’ meeting, in accordance with the balance 
sheet of EQT AB:
Share premium reserve 58,703,698,468
Profit brought forward 142,596,937
Net income 5,033,944,911
Total 63,880,240,316
The board proposes that, following approval of the 
balance sheet of EQT AB for the financial year 2024, the 
annual  s hareholders’ meeting should distribute the 
earnings as follows:
Dividend to shareholders:
SEK 4.30 per share 5,079,722,268 1)
Retained earnings 58,800,518,048
Total 63,880,240,316
1)  B ased on the number of outstanding shares at 31 December 2024. The amount 
of the dividend may change up until each record date.
It is the Board’s opinion that the proposed dividend is 
 justifiable taking into consideration the demands that 
the nature, scope and risks of EQT’s operations place on 
the size of EQT AB’s and EQT AB Group’s equity, and 
EQT AB’s and EQT AB Group’s consolidation needs, 
liquidity and financial position in general.
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Board of directors’ report
#02 Financial statements

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#01 This is EQT #03 Sustainability notes #04 Corporate governance #05 Additional information
Consolidated income statement
#02 Financial statements
Consolidated income statement
1 January — 31 December 
EUR m Note 2024 2023 restated
Management fees 5 2,104.0 1,966.1
Carried interest and investment income 5, 18 548.7 156.3
Total revenue 2,652.6 2,122.4
Personnel expenses 7 –843.8 –705.3
Acquisition related personnel expenses 7 –228.0 –436.4
Other operating expenses 6, 8 –256.8 –249.7
Total operating expenses –1,328.6 –1,391.4
Operating profit before depreciation and amortization (EBITDA) 1,324.0 731.0
Depreciation and amortization 5, 11, 12 –71.2 –54.1
Amortization of acquisition related intangible assets –364.8 –364.1
Operating profit (EBIT) 888.0 312.8
Net financial income and expenses 9 11.2 –35.5
whereof change in fair value of contingent consideration 15.7 —
Profit before income tax (EBT) 899.2 277.4
Income taxes 10 –122.9 –100.2
Net income for the period from continuing operations 776.3 177.2
Net income for the period from discontinued operations – –9.3
Net income 776.3 167.9
ATTRIBUTABLE TO:
Owners of the parent company 776.3 167.9
Non-controlling interests — —
776.3 167.9
EARNINGS PER SHARE, EUR 25
before dilution 0.656 0.142
of which continued operations 0.656 0.149
after dilution 0.656 0.142
of which continued operations 0.656 0.149
AVERAGE NUMBER OF SHARES
before dilution 1,183,153,914 1,185,754,323
after dilution 1,184,166,399 1,186,434,306
Consolidated statement of comprehensive income
1 January — 31 December
EUR m 2024 2023 restated
Net income 776.3 167.9
Other comprehensive income
Items that are or may be reclassified subsequently to the income statement
Foreign operations – foreign currency translation differences net of tax 309.1 –229.7
Other comprehensive income for the period  309.1  –229.7
Total comprehensive income for the period 1,085.4 –61.8
ATTRIBUTABLE TO:
Owners of the parent company 1,085.4 –61.8
Non-controlling interests — —
1,085.4 –61.8

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Consolidated balance sheet
Consolidated balance sheet
EUR m Note 31.12.2024 31.12.2023 restated
Assets
Non-current assets
Goodwill 11 2,222.0 2,132.6
Other intangible assets 11 2,941.7 3,147.7
Property, plant and equipment 12 251.8 171.5
Other financial assets 18 10.1 16.7
Other non-current assets 5 29.3 17.8
Deferred tax assets 10 72.7 92.1
Total non-current assets 5,527.6 5,578.4
Current assets
Current tax assets 20.2 30.5
Accounts receivable and other current assets 13, 18 337.9 343.7
Financial investments incl carried interest 18 4,302.3 3,038.9
Acquisition related prepaid personnel expenses 135.2 344.7
Other prepaid expenses and accrued income 133.9 170.2
Cash and cash equivalents 1,024.0 1,114.0
Total current assets 5,953.5 5,042.0
Total assets 11,481.1 10,620.4
EUR m Note 31.12.2024 31.12.2023 restated
Equity and liabilities
Equity 14
Share capital 11.8 11.8
Other paid in capital 5,593.2 5,593.2
Reserves –140.8 –450.0
Retained earnings including net income 2,631.6 2,260.5
Total equity attributable to owners of the parent company 8,096.0 7,415.8
Non-controlling interest – –
Total equity 8,096.0 7,415.8
Liabilities
Non-current liabilities
Interest-bearing liabilities 15, 19 2,020.5 2,020.8
Lease liabilities 15, 19 161.3 91.2
Deferred tax liabilities 10 334.1 360.8
Total non-current liabilities 2,515.8 2,472.9
Current liabilities
Lease liabilities 15, 19 41.2 34.3
Current tax liabilities 57.8 50.6
Accounts payable 18 7.7 12.2
Other liabilities 16 125.6 114.2
Accrued expenses and prepaid income 5, 17 637.0 520.5
Total current liabilities 869.3 731.8
Total liabilities 3,385.2 3,204.6
Total equity and liabilities 11,481.1 10,620.4

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Consolidated statement of changes in equity
Consolidated statement of changes in equity
Attributable to owners of the parent company
EUR m
Share 
 capital
Other  
paid in  
capital
Translation 
reserve
Retained  
earnings
Total  
equity
Non- 
controlling  
interest
Total 
equity
Opening balance at 1.1.2024 11.8 5,593.2 –450.0 2,260.5 7,415.8 — 7,415.8
Total comprehensive income for the period
Net income 776.3 776.3 — 776.3
Other comprehensive income for the period 309.1 309.1 — 309.1
Total comprehensive income for the period — — 309.1 776.3 1,085.4 — 1,085.4
Transactions with owners 
of the parent company
Dividends –373.4 –373.4 — –373.4
Cancelling of C shares –0.0 0.0 — — —
Bonus issue 0.0 –0.0 — — —
Equity incentive programs 86.1 86.1 — 86.1
Repurchase of own shares  
and/or participations –117.9 –117.9 — –117.9
Total transactions with owners of  
the parent company — — — –405.2 –405.2 — –405.2
Closing balance at 31.12.2024 11.8 5,593.2 –140.8 2,631.6 8,096.0 — 8,096.0
Attributable to owners of the parent company
EUR m
Share 
 capital
Other  
paid in  
capital
Translation 
reserve
Retained  
earnings
Total  
equity
Non- 
controlling  
interest
Total 
equity
Opening balance at 1.1.2023 11.2 5,593.2 –220.4 1,014.7 6,398.7 — 6,398.7
Restatement 1,374.2 1,374.2 1,374.2
Restated opening balance at 1.1.2023 11.2 5,593.2 –220.4 2,388.9 7,772.9 — 7,772.9
Total comprehensive income for the period
Net income 167.9 167.9 — 167.9
Other comprehensive income for the period –229.7 –229.7 — –229.7
Total comprehensive income for the period — — –229.7 167.9 –61.8 — –61.8
Transactions with owners  
of the parent company
Dividends –298.5 –298.5 — –298.5
Share issue 0.5 — 0.5 — 0.5
Cancelling of C shares –0.0 0.0 — — —
Bonus issue 0.0 –0.0 — — —
Equity incentive programs 40.6 40.6 — 40.6
Repurchase of own shares  
and/or participations –38.0 –38.0 — –38.0
Total transactions with owners of  
the parent company 0.5 – — –295.8 –295.3 — –295.3
Restated closing balance at 31.12.2023 11.8 5,593.2 –450.0 2,260.5 7,415.8 — 7,415.8

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Consolidated statement of cash flows
Consolidated statement of cash flows
EUR m Note 2024 2023 restated
Cash flows operating activities 20
Operating profit (EBIT), continuing operations 888.0 312.8
Adjustments:
Depreciation and amortization 436.0 418.2
Changes in fair value –548.7 –156.3
Foreign currency translation differences 22.1 –15.0
Other non-cash adjustments 321.2 479.5
Investments in financial investments incl carried interest 18 –865.0 –208.3
Proceeds from disposals of financial investments incl carried interest 18 275.6 283.3
Increase (–) /decrease (+) in accounts receivable and other receivables –30.4 –121.5
Increase (+) /decrease (–) in accounts payable and other payables 95.5 17.6
Income taxes paid –130.3 –105.3
Net cash from operating activities 463.9 905.0
Cash flows investing activities
Investment in intangible assets — –0.5
Acquisition of property, plant and equipment –17.5 –23.1
Interest received 44.5 24.3
Final earn-out divestment Credit — 11.2
Investment in non-current assets –28.7 –11.0
Net cash from (+) / used in (–) investing activities –1.7 0.9
EUR m Note 2024 2023 restated
Cash flows financing activities
Dividends paid –372.7 –298.4
Payment of lease liabilities –38.6 –31.6
Interest paid –44.7 –47.7
Share issues — 0.5
Purchase of own shares and/or participations –117.9 –38.0
Net cash from (+) / used in (–) financing activities –573.9 –415.2
Net increase (+) / decrease (–) in cash and cash equivalents -111.7 490.8
Cash and cash equivalents at the beginning of the period 1,114.0 644.9
Foreign currency translation differences 21.6 –21.7
Cash and cash equivalents at the end of the period 1,024.0 1,114.0

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#01 This is EQT #02 Financial statements #03 Sustainability notes #04 Corporate governance #05 Additional information
Notes
Note 1 General information
EQT AB (publ), reg. no. 556849-4180, is a company 
domiciled in Stockholm, Sweden with its ordinary 
shares listed on Nasdaq Stockholm. The visiting address 
is Regeringsgatan 25, 111 53 Stockholm, Sweden. The 
registered postal address is Box 16409, 103 27 Stock -
holm, Sweden. 
The consolidated financial statements of the finan -
cial year ended as of 31 December 2024 comprise EQT 
AB (“the Company”) and its direct and indirect subsid -
iaries, together referred to as the ”EQT AB Group”.
Note 2 Accounting policies
BASIS OF ACCOUNTING
Compliance with legislation and standards
The consolidated financial statements have been 
prepared in accordance with IFRS Accounting Stan -
dards published by the International Accounting Stan -
dards Board (IASB) as adopted by the EU as of  
31 December 2024. Additional disclosure requirements 
in the Swedish Annual Accounts Act (1995:1554) have 
been applied in accordance with RFR 1 Complementary 
Accounting rules for groups issued by the Swedish 
Corporate Reporting Board. 
EQT AB’s consolidated financial statements were 
authorized for issue by the Board of directors and the 
CEO on 12 March 2025. The consolidated financial 
statements are subject to approval by the annual 
shareholders’ meeting on 27 May 2025.
ACCOUNTING POLICIES 
The accounting policies applied in these consolidated 
financial statements are the same as those applied in 
the annual report 2023, except for the change in 
accounting policy regarding carried interest as 
described in Note 26. 
Changes in IFRS Accounting Standards that were 
effective from 2024 have had no material effect on the 
EQT AB Group’s financial statements.
Throughout 2024, the Global Minimum Tax (GMT) 
legislation and related OECD guidance have been 
subject to continuous development. Estimated tax 
expenses during the period associated with the GMT 
rules amounted to EUR 1.2m. In relative terms, this level 
of top-up tax is representative of the estimated impact 
of the GMT rules in the short to medium term, subject to 
developments of the rules. The EQT AB Group applies 
the exception to recognize and disclose information 
about deferred tax assets and liabilities related to 
Global Minimum Tax, as provided in the amendments to 
IAS 12 issued in May 2023.
Basis of measurement
Assets and liabilities are measured at historical cost, 
with the exception of financial investments which are 
measured at fair value.
Use of judgments and estimates in  
the financial statements
Preparation of financial statements requires the use of 
judgment and accounting estimates that affect the 
application of the EQT AB Group’s accounting policies 
and the reported amounts of assets, liabilities, income 
and expenses. Revisions of estimates are recognized 
 prospectively. 
The judgments, made by the management when 
applying IFRS Accounting Standards, which may have 
significant effects on the financial statements and 
 estimates that may contribute to significant adjustments 
in the financial statements of the following financial 
year are described in Note 3 "Use of  judgments and 
estimates".
STANDARDS ISSUED BUT NOT YET EFFECTIVE
IFRS 18 "Presentation and Disclosures in Financial 
Statements" will replace IAS 1 "Presentation of Financial 
Statements" and applies for annual reporting periods 
beginning on or after 1 January 2027. EQT does currently 
not plan to apply the standard early. The main effects 
of IFRS 18 concern the structure of the income state -
ment, the disclosure of management-defined perfor -
mance measures (MPMs), and increased guidance on 
aggregation and disaggregation in the primary finan -
cial statements and the notes.
EQT's preliminary view is that the application of 
IFRS 18 will not lead to any significant changes in the 
group's financial statements. It is expected that the 
more noticeable items in the income statement will 
remain within the operating category and that the 
subtotals within the operating category may also 
remain. This is based on EQT being expected to have 
investing in financial investments including carried 
interest as a specified main business activity. On a more 
detailed level, some amounts may move from the 
current net financial items into the operating category 
and remaining net financial items will be split into an 
investing and a financing category. EQT will continue to 
analyse the above aspects and the other potential 
effects of IFRS 18. 
Other new or revised standards and interpretations 
issued by the IASB and the IFRS Interpretations Com -
mittee but not yet effective, are expected to have an 
immaterial impact on the EQT AB Group’s financial 
statements in the future periods of initial application.
BASIS OF CONSOLIDATION AND BUSINESS 
 COMBINATIONS
Subsidiaries and control
— Control
Subsidiaries are entities controlled directly or indirectly 
by EQT AB. The EQT AB Group controls an entity when it  
has power over the entity and is exposed to, or has 
rights to, variable returns from its involvement with the 
entity and has the ability to affect those returns through 
its power over the entity. 
From an IFRS 10 perspective EQT AB Group is 
considered an investment entity.
In accordance with IFRS 10 an investment entity is 
an entity whose business purpose is to invest funds 
solely for returns from capital appreciation, investment 
income or both and evaluate the performance of its 
investments on a fair value basis. As an investment 
entity EQT AB Group is exempt from consolidating 
subsidiaries that are investments and measures them at 
fair value through profit or loss instead. Subsidiaries 
that serve in a supporting function such as investment 
services continue to be consolidated in accordance with 
IFRS 10 and those that are not providing investment 
services will be recognized at fair value instead of being 
 consolidated.
— Unconsolidated structured entities
According to IFRS 10 "Consolidation", an investor that 
has control over only specified and ring-fenced assets 
and liabilities within an entity, should, for consolidation 
purposes, treat portions of the entity as a deemed 
separate entity (silo). The specified assets of one silo 
Notes

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Notes
are not available to meet obligations of other parts of 
the entity, including in the event of insolvency. Each 
silo’s assets are the only source of payment for specified 
obligations of the silo. Silos that are not directly or 
indirectly controlled by EQT AB are not considered to be 
subsidiaries and are accordingly not consolidated. Such 
silos of structured entities are normally accounted for 
as financial investments measured at fair value through 
profit or loss. See Note 3 for further information of 
significant judgments used.
— Funds
Each EQT fund, being composed of one or more Limited 
Partnerships (or the equivalent) is managed by a 
general partner and/or a manager (jointly “Fund 
Manager”). The Fund Manager is normally a direct or 
indirect subsidiary of EQT AB. The authority and powers 
of the Fund Manager are defined in the Limited Part -
nership Agreement  ( or similar).
Determining whether or not a Fund Manager should 
consolidate its managed funds is based on judgments 
of whether the Fund Manager is acting as a principal or 
an agent to the fund for accounting purposes. The 
assessment of the EQT AB Group’s expected level of 
return is based on the funds’ performance, i.e. the 
variable returns. Should a fund generate variable 
return EQT AB Group would be entitled to between two 
and seven percent of the variable return, which is not 
considered to meet the control criterion in IFRS 10 on 
link between power and return. Instead, EQT AB Group 
is considered to be an agent in relation to the fund 
investors, for accounting purposes and, accordingly the 
funds are not consolidated.
REVENUE
The EQT AB Group’s revenue is generated from fund 
management  se rvices, carried interest and investment 
income. 
The parties of agreements of fund management 
services comprise the EQT AB Group and the fund. 
For fund management services there is only one 
single performance obligation for each fund and its 
investors. The performance obligation comprises 
identifying and evaluating investment and divestment 
opportunities, providing support on structuring, fund 
management and monitoring and reporting on an 
ongoing basis over the life of each fund. The different 
activities are considered interrelated and part of the 
same  obl igation to perform fund management services. 
The following describes the different types of 
revenues.
Management fees
The performance obligation of the EQT AB Group is to 
manage and support the funds, through the Fund 
Managers, on an ongoing basis.
To manage and support on an ongoing basis rep -
resents a series of distinct services that increments on 
an ongoing basis and together is treated as one single 
performance obligation. Management fees are  recog-
nized over time over the life of each fund. 
The management fee is based on agreements over 
the life of each fund, generally with the term of 10–12 
years occasionally subject to one or more 12 months’ 
extension periods. 
The fee charged is normally based on commitments 
until the termination of the commitment period and 
thereafter based on the total cost of investments not yet 
realized or written off. If any investments remain after 
the term date management fees are charged on the 
total acquisition cost of such investments but at a lower 
rate for each six-month period until the agreed exten -
sion period expires. 
Typically the fees during the commitment and 
divestment period are payable half-yearly in advance 
and adjusted in the following half-year period, should 
any triggering events have occurred. Examples of 
triggering events include launch of a successor fund, 
commencement of the divestment period/end of com -
mitment period and multiple closings in  funds in fund-
raising. 
Carried interest and investment income 
Carried interest and investment income consists pri -
marily of changes in fair value of the EQT  AB Group’s 
underlying fund investments. Changes in fair value are 
recognized in the income statement. For further infor -
mation on accounting policies for financial instruments, 
see Note 2 “Financial instruments” as well as Note 5 
"Revenue".
Cost of obtaining a contract
The EQT AB Group, on a selective basis, makes use of 
placement agents or other local  r epresentatives/agents 
in certain jurisdictions, where its own personnel is not 
authorized to market the funds. The fee is capitalized as 
a non-current asset representing cost of obtaining 
contract. The cost of obtaining the contracts is expected 
to be recovered over the fund commitment period. The 
benefit of the cost is primarily considered to be attribut -
able to the period when the fund investments are 
carried out. Therefore, the useful life of the asset is the 
commitment period which is expected to be between 
three to six years. The asset is amortized on a straight-
line basis.
FINANCIAL INCOME AND FINANCIAL EXPENSES
Financial income comprises primarily translation gains. 
Financial income also comprises interest on bank 
balances. Financial expense comprises translation 
losses and interest on interest-bearing liabilities and 
finance lease liabilities. Other financial income and 
expenses are insignificant.
FINANCIAL INSTRUMENTS
The EQT AB Group’s financial assets consist of financial 
investments, including carried interest, accounts receiv -
able and other receivables and cash and cash 
 equivalents. Financial liabilities comprise accounts 
payable, short and long-term interest-bearing liabilities 
and other financial liabilities.
Cash and cash equivalents consist of on-demand 
deposits with credit institutions. 
Recognition and initial measurement
Accounts receivable are initially recognized when 
issued. All other financial assets and financial liabilities 
are initially recognized when the  EQT AB Group 
becomes a party to the contractual provisions of the 
instrument. 
Financial assets (other than accounts receivable) 
and financial liabilities are initially measured at fair 
value plus, for assets or liabilities not sub  s equently 
measured at fair value through the income statement, 
transaction costs that are directly attributable to their 
acquisition or issue. Accounts receivable are initially 
measured at the transaction price.
Classification and subsequent measurement of finan-
cial assets and financial liabilities 
— Financial assets
A financial asset is initially classified into one of three 
measurement  c ategories. The classification depends on 
how the asset is managed (business model) and the 
characteristics of the asset’s contractual cash flows. 
The measurement categories for financial assets are as 
follows:
 — Fair value through profit or loss (FVPL) 
 — Fair value through other comprehensive income 
(FVOCI)
 — Amortized cost (AC)
Note 2 cont.

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Notes
Financial assets are measured at amortized cost if both 
of the  f ol lowing conditions are met:
 — The financial asset is held within a business model 
whose objective is to realize the cash flows from the 
financial assets by  holding the financial assets and 
collecting its contractual cash  flows over the life of 
the assets and
 — The contractual terms of the financial asset give rise 
to cash flows that are solely payments of principal 
and interest on the principal amount outstanding.
Financial assets measured at amortized cost include 
accounts receivable, other long-term as well as short-
term receivables and cash  and cash equivalents.
Financial assets are measured at FVOCI if both of the 
following  c onditions are met:
 — The financial asset is held within a business model 
whose objective is to realize the cash flows from the 
financial assets both by collecting the contractual 
cash flows and selling financial assets and
 — The contractual terms of the financial asset give rise 
to cash flows that are solely payments of principal 
and interest on the principal amount outstanding.
The EQT AB Group does currently not have any financial 
assets  m easured at FVOCI.
A financial asset shall be measured at FVPL unless it 
is measured at amortized cost or at FVOCI.
Financial assets measured at FVPL currently include 
Financial  in vestments incl carried interest.
— Financial liabilities
Financial liabilities are either measured at amortized 
cost or at FVPL. All  of the EQT AB Group’s financial 
liabilities are measured at amortized cost using the 
effective interest rate method.
Impairment of financial assets
A loss allowance is recognized to reflect the expected 
credit losses on financial assets not recognized at FVPL. 
For accounts receivable and contract assets, the loss 
allowance is measured at an amount equal to the 
expected losses under the entire lifetime of the accounts 
receivable and the contract assets. For other receiv -
ables and bank balances the loss allowance is mea -
sured at an amount equal to the 12 month expected 
credit losses, as long as there has been no significant 
increase in credit risk since initial recognition.
The 12 month expected credit losses are the portion 
of the expected credit losses that result from default 
events that are possible within 12 months after the 
reporting date or a shorter period if the expected life 
of the instrument is less than 12 months. If there is a 
significant increase in credit risk, a loss reserve is 
instead recognized to reflect the expected credit losses 
under the entire lifetime of the asset.
Credit losses are measured as the present value of 
all cash shortfalls, i.e. the difference between the cash 
flows due to the entity in accordance with the contract 
and the cash flows that the EQT AB Group expects to 
receive. Expected credit losses are discounted using the 
effective interest rate of the asset.
The loss allowance is deducted from the gross 
carrying amount of the assets in the balance sheet.
Impairment of financial assets measured at amor -
tized cost are reversed if the expected losses decrease.
Financial guarantee contracts
Financial guarantee contracts are contracts that 
require the issuer to make specified payments to reim -
burse the holder for a loss that it incurs because a spec -
ified debtor fails to make payment when it is due in 
accordance with the original or modified terms of a 
debt instrument.
Financial guarantee contracts are initially measured 
at fair value and subsequently at the higher of i) the 
amount initially recognized less, when appropriate, the 
cumulative amount of income recognized in accordance 
with the principles of IFRS 15 "Revenue from Contracts 
with Customers", and ii) the amount of the expected 
credit loss allowance determined in accordance with 
IFRS 9 "Financial Instruments".
Fair value measurement
Fair value is the price that would be received on sale of 
an asset or paid to transfer a liability in an orderly 
transaction between market participants at the mea -
surement date in the principal market or, in its absence, 
the most advantageous market to which EQT AB Group 
has access at that date.
When appropriate, the EQT AB Group measures the 
fair value of an instrument using the quoted price in an 
active market for that instrument. A market is regarded 
as active if transactions for the asset or liability take 
place with sufficient frequency and volume to  provide 
pricing  i nformation on an ongoing basis.
If there is no quoted price in an active market, the 
EQT AB Group uses valuation techniques that maximize 
the use of relevant observable inputs and minimize the 
use of unobservable inputs. The chosen valuation 
 technique incorporates all of the factors that market 
participants would take into account in pricing a trans -
action.
INTANGIBLE ASSETS
Goodwill
As from the acquisition date, goodwill acquired in a 
business combination is allocated to each cash-gener -
ating unit (CGU) or group of cash-generating units of 
the EQT AB Group expected to benefit from the syner -
gies of the combination. Goodwill is measured at cost 
less accumulated impairment losses. Impairment test is 
undertaken annually in the fourth quarter or more 
frequently if events or changes in circumstances indi -
cate potential impairment loss, see below. Expenditures 
for internally generated goodwill are recognized in the 
income statement as expenses when incurred.
Other intangible assets
Other intangible assets constitutes acquired customer 
contracts, investor relationships, licenses and trade -
marks and are accounted for at cost less accumulated 
amortization and any accumulated impairment losses.
IMPAIRMENT
At each reporting date, the EQT AB Group reviews its 
assets to determine whether there is any indication of 
impairment. 
Impairment of Property, plant and equipment, right-of- 
use assets and Intangible assets
Impairment tests are  performed as soon as any indica -
tions of impairment losses arise for  individual assets or 
cash-generating units. 
Goodwill, the recoverable amount is estimated at 
least annually,  ir respective of any indication of impair-
ment or not.
If an asset does not generate largely independent 
cash inflows and its fair value less cost of disposal 
cannot be used, the assets are grouped together into 
the smallest group of assets that generates cash inflows 
from continuing use that are largely independent of the 
cash inflows of other assets or cash-generating units. 
In assessing value in use, the estimated future cash 
flows after tax are discounted to their present value 
using an after tax discount rate that reflects current 
market assessments of the time value of money and the 
Note 2 cont.

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Notes
risks specific to the asset or cash-generating unit. An 
impairment loss is recognized if the carrying amount of 
an asset or cash-generating unit exceeds its recover -
able amount. Impairment losses are recognized in the 
income statement. Any impairment loss to be recog -
nized for a cash-generating unit is allocated primarily 
to goodwill and secondly pro  rata to other assets of the 
cash- generating unit.
EQUITY
Purchase of treasury shares 
Acquisitions of treasury shares are recognized as a 
reduction of equity. Proceeds from the sale of treasury 
shares are recognized as an increase in equity. Any 
transaction costs are recognized directly in equity.
EMPLOYEE BENEFITS
Short-term employee benefits
Short-term employee benefits are estimated and are 
expensed as the related service is provided. A liability is 
recognized for the amount expected to be paid if the 
EQT AB Group has a present legal or  c onstructive 
obligation to pay this amount as a result of past service 
 provided by the employee and the obligation can be 
estimated reliably.
Defined contribution plans
Defined contribution plans comprise the pension-plans 
in which the EQT AB Group’s obligation is limited to the 
fees the EQT AB Group undertakes to pay. In that case, 
the size of the employee’s pension depends on the fees 
paid by the EQT AB Group to the plan or to an insurance 
company and the return on capital invested. Conse -
quently, it is the employee who carries the actuarial risk 
(the compensation will be lower than expected) and the 
investment risk (that the invested assets will be insuffi -
cient to provide the expected benefits). Obligations for 
contributions to defined contribution plans are 
expensed as the related service is provided.
Defined benefit plans
Defined benefit plans are plans for post-employment 
benefits other than defined contribution plans, where 
the employer is obligated to pay future pensions to the 
retiree on a certain benefit level. 
Termination benefits
Termination benefits are expensed at the earliest of: 
 — When the EQT AB Group can no longer withdraw the 
offer of those benefits and 
 — When the EQT AB Group recognizes costs for a 
restructuring program including the terminations.
Benefits expected to be settled within 12 months of the 
reporting date are recognized as current liabilities. 
Benefits not expected to be settled within 12 months of 
the reporting date are recognized at present value as 
long-term liabilities.
Share-based payments  
The share incentive program with separate annual 
grants during five years is recognized as an equity-  
settled share-based payment. In each tranche, partici -
pants may earn a bonus during an initial performance 
year, for the sole purpose of investing in shares in EQT 
AB following said performance year. The shares cannot 
be sold during the following three-year period. No 
vesting conditions apply during this period. The expense 
is for each tranche recognized over the initial perfor -
mance year, with a corresponding amount recognized 
directly in equity. Expense for social security charges is 
recognized in an equivalent manner, with a 
 corresponding entry as a liability.
During 2023, in addition to the share program, an 
employee stock option plan was implemented with an 
annual grant for the years 2023–2027, the options are 
granted free of charge, where the first performance 
year was 2023 with a subsequent three-year holding 
period.
Like the share program, it is classified as an equity 
settled plan and an expense is recognised for the 
performance period of one year except for new hires 
and future leaders employed during the year, who have 
a service requirement also during the holding period. 
Note 2 cont.
Note 3 Use of judgments and estimates
The management of the EQT AB Group makes esti -
mates and assumptions concerning the future as well as 
exercises judgment in applying the accounting princi -
ples when preparing financial statements. Estimates 
and judgments are continually evaluated and the 
assessments are based on historical experience and 
other factors, including expectations of future events 
that are believed to be reasonable under the circum -
stances. The resulting accounting estimates will, by 
definition, seldom equal the related actual results. The 
sources of estimation uncertainty in the assessments 
given below refer to those that entail a significant risk of 
resulting in a material adjustment to the carrying amount 
of assets and liabilities within the following financial year, 
together with significant judgments in the application of 
the EQT AB Group’s accounting  p olicies.
FINANCIAL INVESTMENTS INCLUDING CARRIED 
INTEREST (MEASUREMENT ESTIMATES)
Carried interest and investment income consist primar -
ily of changes in fair value of the EQT AB Group’s fund 
investments. Determining the fair value for the invest -
ments require subjective assessment with varying 
degrees of judgement regarding e.g. liquidity, pricing 
assumptions, the current economic and competitive 
environment and the risks affecting the specific finan -
cial asset. EQT AB Group's measurement of fair value of 
the fund investments is based on the net asset value, i.e 
as if all underlying investments were realized at the 
current fair value as of such date, which consists of 
each fund's estimation of fair value of the fund's under -
lying investments. These estimations of fair value are 
based on each fund's judgment about the assumptions 
to reflect what market participants would use in pricing 
the asset. The valuation techniques applied by the funds 
for valuing the financial investments are applied consis -
tently, and only change if deemed necessary to reflect a 
representative fair value.
The carrying amount of financial investments, 
including carried interest at 31 December 2024 was EUR 
4,302.3 (EUR 3,038.9m), see Note 18.
CARRIED INTEREST (JUDGEMENT IN APPLYING 
ACCOUNTING POLICIES)
EQT accounts for the entire investment in Special 
Limited Partners (SLP) including carried interest, as a 
financial instrument in accordance with IFRS 9 at fair 
value through profit or loss. The investment in SLP is a 
contract which gives the right to receive cash without a 
requirement for other performance than making the 
investment, and therefore meets the definition of a 
financial instrument. The fair value changes are pre -
sented as Carried interest and investment income in the 
consolidated income statement.
UNCONSOLIDATED STRUCTURED ENTITIES 
(JUDGEMENT IN APPLYING ACCOUNTING POLI -
CIES)
According to IFRS 10 "Consolidation", an investor that 
has control over only specified and ring-fenced assets 
and liabilities within a structured entity, should, for 
consolidation purposes, treat portions of the entity as a 
deemed separate entity, a so called “silo”. The silo

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Notes
concept means that the EQT AB Group only recognizes 
the assets of the silo, and any liabilities belonging to 
these assets, that are controlled by EQT. The specified 
assets of one silo is not available to meet obligations of 
other parts of the structured entity. Each silo’s assets 
are the only source of payment for specified obligations 
of the silo. 
Silos that are not directly or indirectly controlled by 
EQT AB are not considered to be subsidiaries and are 
accordingly not consolidated. 
EQT AB is an indirect investor in each EQT fund, 
typically through structured entities, one structured  
entity for each EQT fund. These indirectly owned enti -
ties have different investors with different economic 
rights and responsibilities attributable to silos embed -
ded in these structured entities. The assessment of 
control is made at the level of each identified individual 
silo.
The activities of the structured entities and their 
silos are directed through partnership agreements and 
not through voting rights. Silos with activities predeter -
mined at the outset of the investee through agreements 
are not considered relevant activities that require 
subsequent direction by the investor and are accord -
ingly not consolidated .  
Structured entities through Dutch B.V.´s are legal 
entities that include a silo for EQT as the General Part -
ner (GP). The GP silos comprise relevant activities 
requiring direction by EQT. The silos comprising GP are 
consolidated. EQT’s investments in B.V. silos comprise 
minority investments recognized as financial assets 
measured at fair value through profit or loss.   
SCSp:s and SICAR SCA:s, domiciled in Luxembourg, 
are not legal entities and do not include the General 
Partner. There is one silo for each investor’s invest -
ments. In substance each investor directly controls its 
own silo investment. EQT accounts for its contractual 
rights as investment in the underlying fund.  
Note 4 Operating segments
The CEO of EQT AB Group has been identified as the 
chief operating decision maker. EQT AB Group is 
divided into operating segments based on how the CEO 
reviews and evaluates the operation. The operating 
segments correspond to the internal reporting used to 
assess performance and to allocate resources.
EQT’s operations are divided into two business 
segments: Private Capital and Real Assets. The opera -
tions of both business segments  c onsist of providing 
investment management services in the private invest -
ment markets. The investment management services 
comprise i.a. structuring and investment advice, as well 
as reporting and administrative services. 
The business segment Private Capital consists of the 
strategies EQT Ventures, EQT Life Sciences, EQT Health -
care Growth, EQT Growth, EQT Private Equity, EQT 
Private Capital Asia and EQT Future. The business 
segment Real Assets consists of the strategies EQT 
Value-Add Infrastructure, EQT Active Core Infrastruc -
ture, EQT Transition Infrastructure and EQT Real Estate. 
The CEO assesses the operating segments based on 
the line items presented below, primarily on Revenue 
and Gross segment results. Segment Revenue/ Adjusted 
Revenue have been adjusted whereby carried interest is 
only recognized after applying a valuation buffer 
(30-50%) on the unrealized part of the underlying fund 
valuations. Accordingly, Total Revenue according to 
IFRS Accounting Standards reflects the carried interest 
without the application of a valuation buffer and rep -
resents the short term impact of fund valuation 
changes. 
Total Segment Revenue/Adjusted Revenue rep-
resents the amount of carried interest expected to be 
converted to cash in a mid term perspective (a more 
prudent revenue recognition model). The difference 
between Total Revenue (according to IFRS Accounting 
Standards) and Adjusted Revenue/Total Segment 
Revenue is the application of valuation buffer (30-50%) 
on the unrealized part of the underlying fund valua -
tions.
Expenses directly incurred by each respective 
business segment are included in Gross segment result, 
whereas items reported under Central have not been 
allocated to any business segment. Central consists of 
EQT AB Group Management, Client Relations and 
Capital Raising, Fund Operations, EQT Digital and other 
specialist teams such as HR and Group Finance. 
Adjustment items consists of revenue adjustments 
(see above) as well as non-cash adjustments and items 
affecting comparability. 
Non-cash adjustments in 2023 relates to an adjust -
ment of the part of the acquisition considerations 
subject to lock-up, amortization of identified surplus 
values in relation to performed acquisition and the 
non-cash portion of the equity incentive program cost. 
The part of the considerations subject to lock-up is 
treated as a personnel expense from an accounting 
perspective and recorded in the income statement over 
the lock-up period. 
Non-cash adjustments in 2024 relates to an adjust -
ment of the part of the acquisition considerations 
subject to lock-up, amortization of identified surplus 
values in relation to performed acquisitions as well as 
the non-cash portion of equity incentive program cost. 
The part of the considerations subject to lock-up is 
treated as a personnel expense from an accounting 
perspective and recorded in the income statement over 
the lock-up period.
Items affecting comparability in 2023 relates to 
integration costs as a result of performed acquisitions.
Items affecting comparability in 2024 relates to an 
adjustment of the associated cost, the change in fair 
value of contingent considerations (earn-out) and the 
revaluation of certain investments relating to US Multi -
family totaling approximately EUR 80m net of tax (see 
section "Significant events during the year") as well as 
integration costs as a result of performed acquisitions.
GEOGRAPHICAL AREAS 
Total revenues attributed to a geographic region are 
generally based on the country of domicile of each 
managed EQT Fund. 
2024 
Management fee
2023 
Management fee
Sweden - -
Luxembourg 1,417.3 1,242.0
Cayman Islands* 282.9 293.8
Other countries 403.8 430.3
2,104.0 1,966.1
* R elates to BPEA and is expected to decrease over time.
2024 
Carried interest 
and investment 
income
2023 
Carried interest 
and investment 
income
Sweden - -
Luxembourg 589.8 161.2
Other countries -41.1 -4.9
548.7 156.3
Currently there are six funds that represent 68% (58%) of 
total revenue. Total revenue from these six funds 
amounts to EUR 1,805.9m (EUR 1,231.7m) whereof EUR 
1,212.1m (EUR 686.5m) relates to the segment Private 
Capital and EUR 593.8m (EUR 545.3m) relates to the 
segment Real Assets.
EQT’s non-current assets presented below comprise of 
Goodwill, Other intangible assets, Property, plant and 
equipment including right-of-use assets and Other 
Note 3 cont.

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Notes
January–December 2024  
EUR m
Private 
Capital
Real 
Assets Central
Total  
adjusted
Revenue 
adjustment
Non-
cash 
adjust-
ments
Items  
affecting 
compar-
ability
IFRS 
reported 
Total revenue 1,361.4 951.9 41.5 2,354.8 411.5 –113.7 2,652.6
Personnel expenses –747.5 -93.3 -3,0 –843.8
Acquisition related personnel expenses – -228.0 –228.0
Other operating expenses –248.6 -8,2 –256.8
Total operating expenses –313.3 –251.3 –431.5 –996.1 – -321.3 -11.2 –1,328.6
Gross segment result 1) / EBITDA2) 1,048.2 700.6 –390.0 1,358.7 411.5 -321.3 –124.9 1,324.0
Margin, % 77.0% 73.6% 57.7% 49.9%
Depreciation and amortization –71.2 –71.2
Amortization of acquisition related  
intangible assets – -364.8 –364.8
EBIT 1,287.5 411.5 -686.1 –124.9 888.0
Net financial income and expense –4.5 15.7 11.2
whereof change in fair value of contingent 
consideration – 15.7 15.7
Income taxes –167.8 21.6 23.4 –122.9
Net income for the period from continuing 
operations 1,115.1 411.5 -664.6 –85.8 776.3
Net income for the period from discontinued 
operations – –
Net income 1,115.1 411.5 -664.6 –85.8 776.3
1) G ross segment result relate to the segments Private Capital and Real Assets.  
2) E BITDA relates to Central, Total adjusted and IFRS reported.
January–December 2023  
EUR m
Private 
Capital
Real 
Assets Central
Total  
adjusted
Revenue 
adjustment
Non-
cash 
adjust-
ments
Items  
affecting 
compar-
ability
IFRS 
reported 3) 
Total revenue 1,255.9 836.7 38.2 2,130.8 -8,5 2,122.4
Personnel expenses –658.8 -43.9 -2.6 –705.3
Acquisition related personnel expenses – -436.4 –436.4
Other operating expenses –245.6 -4.0 –249.7
Total operating expenses –296.9 –226.3 –381.2 –904.4 – -480.3 -6.6 –1,391.4
Gross segment result 1) / EBITDA2) 958.9 610.4 –342.9 1,226.4 –8.5 -480.3 –6.6 731.0
Margin, % 76.4% 73.0% 57.6% 34.4%
Depreciation and amortization –54.1 –54.1
Amortization of acquisition related  i ntangible 
assets – -364.1 –364.1
EBIT 1,172.3 –8.5 -844.4 –6.6 312.8
Net financial income and expense –35.5 –35.5
whereof change in fair value of contingent 
consideration – –
Income taxes –117.4 17.3 –100.2
Net income for the period from continuing 
operations 1,019.4 –8.5 -827.1 –6.6 177.2
Net income for the period from discontinued 
operations – -9.3 –9.3
Net income 1,019.4 –8.5 -827.1 –15.9 167.9
1) G ross segment result relate to the segments Private Capital and Real Assets.  
2) E BITDA relates to Central, Total adjusted and IFRS reported.
3) Restated.
Note 4 cont.
non-current assets. As of December 31, 2024 and 2023 the 
non-current assets was held by the following countries.
2024 2023
Sweden 21.7 28.1
Hong Kong 2,070.7 2,063.1
Singapore 1,310.0 1,423.9
USA 1,602.9 1,488.8
Other countries 439.5 465.8
5,444.8 5,469.6

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Notes
Note 5 Revenue
MANAGEMENT FEES
The EQT AB Group earns management fees for fund 
management services, typically based on agreements 
over the life of each fund, generally with a term of 10–12 
years. Management fee is a recurring revenue and the 
fees are predominately based on the committed capital 
during the commitment period and the cost of invested 
capital during the divestment period.
The management fee is payable half-yearly in 
advance and adjusted in the following half-year period 
should any triggering events occur. Examples of trig -
gering events include launch of a  su ccessor fund, 
commencement of the divestment period/end of com -
mitment period and multiple closings in funds in fund -
raising.
For further information of the EQT AB Group’s 
management fee, see Note 2 “Management fees”.
CONTRACT ASSETS AND CONTRACT LIABILITIES
Contract assets are reported within Other prepaid 
expenses and accrued income. Contract liabilities are 
reported within Accrued expenses and prepaid income, 
see Note 17.
Deferred income and accrued income are reported 
as contract assets and contract liabilities, respectively. 
The EQT AB Group presents contract assets and liabili-
ties relating to manage  m ent fee. The contract asset and 
liability regarding management fee arise from timing 
differences between the time of generating the revenues 
and payment. The timing difference is mainly related to  
the beginning of the life of a fund, before the final close 
of a fund, or after the end of the  c ommitment period of 
the fund.
Specifications of changes in contract assets and contract liabilities related to management fee
2024 2023
EUR m
Contract 
assets
Contract 
 liabilities
Contract 
assets
Contract 
 liabilities
Opening balance 126.6 –67.2 41.0 –23.6
Transfers from contract assets recognized at the beginning of the 
period to receivables –126.6 –41.0
Revenue recognized that was included in the contract liability balance 
at the beginning of the period 67.2 23.6
Revenue recognized during the period not yet invoiced/not yet  
chargeable 87.9 126.6
Payment in advance during the period for performance obligations not 
yet performed –104.8 –67.2
Closing balance 87.9 –104.8 126.6 –67.2
LONG-TERM CONTRACTS
Management fee is normally calculated on the underly -
ing EQT funds’ committed capital during the commit -
ment period, between 3–6 years, depending on fund 
duration. After the commitment period has  ended, the 
investment cost is used as basis for calculating man -
agement fee. During this period, management fee is 
based on the respective fund’s remaining invested 
capital measured at cost. 
Cost of obtaining a contract
EUR m 2024 2023
Opening balance 17.8 15.2
Additions 28.7 11.0
Amortization –17.2 –8.3
Closing balance 29.3 17.8
CARRIED INTEREST AND INVESTMENT INCOME
Investment income consists primarily of changes in fair 
value of the EQT AB Group’s underlying fund invest -
ments. Carried interest is a share of return on invest -
ments that the EQT AB Group receives through its 
holdings in the Special Limited Partners based on the 
returns of the relevant fund and the development of the 
fund’s underlying investments. The EQT AB Group is 
entitled to an agreed share of accumulated returns 
exceeding agreed thresholds (“hurdles”) over the life of 
each individual fund. Changes in fair value are recog -
nized in the income statement. Capital gains on realized 
investments are normally distributed within 3–5 days of 
an exit. Sensitivity analysis with regards to changes in 
fair value of financial investments, including carried 
interest is presented in Note 18.
Note 6 Other operating expenses
EUR m 2024 2023
External services and consultants 1) 103.5 107.1
IT expenses and Office expenses 55.4 53.2
Administrative expenses 1) 97.8 89.4
Total other operating expenses 256.8 249.7
1)  Summary of items affecting comparability   
In 2024 items affecting comparability of EUR 8.2m (External services and 
consultants) relate to integration costs as a result of performed acquisitions.  
In 2023 items affecting comparability of EUR 3.3m (External services and 
consultants) and EUR 0.5m (Administrative expenses) relate to integration costs 
as a result of performed acquisitions.

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