FULLTEXT DEL 1 AV 4
Årsredovisning 2024
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Annual and
Sustainability
Report 2024
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#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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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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#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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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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… 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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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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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.
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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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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 =====
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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 =====
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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 =====
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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 =====
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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 =====
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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 =====
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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 =====
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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 =====
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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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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 =====
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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 =====
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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
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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
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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
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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
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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
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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
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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
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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
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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 =====
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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 =====
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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
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#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.
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#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).
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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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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
===== SIDA 58 =====
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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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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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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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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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