Årsredovisning 2024

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#01 This is EQT #02 Financial statements #03 Sustainability notes #04 Corporate governance #05 Additional information
Notes
Note 7 Employees, senior executives  
and board of directors 
GUIDELINES FOR REMUNERATION TO THE CEO 
AND OTHER SENIOR EXECUTIVES DURING 2024
At the annual shareholders’ meeting held on 27 May 
2024, it was resolved to adopt the following guidelines 
for remuneration and other terms of employment for 
the CEO and other senior executives.
Guidelines for executive remuneration
The CEO and other members of the Executive Commit -
tee (executive management) fall within the provisions of 
these guidelines. To the extent a Board member con -
ducts work for EQT, in addition to the board work, 
consulting fees and other compensation for such work 
may be paid. The guidelines are forward-looking, i.e. 
they are applicable to remuneration agreed, and 
amendments to remuneration already agreed, after 
adoption of the guidelines by the Annual Shareholders’ 
Meeting 2024. These guidelines do not apply to any 
remuneration separately decided or approved by the 
shareholders’ meeting.
EQT has a clear remuneration philosophy (including 
for variable cash) applicable across the whole group 
which also governs the remuneration to the Executive 
Committee and links compensation to the EQT AB 
Group’s business strategy, sustainability, long-term 
interests and long-term value growth for its sharehold -
ers.
Most important is to incentivize fund performance 
and ensure aligned interest with our limited partners in 
the EQT funds, EQT AB’s shareholders as well as EQT’s 
long term approach. EQT is a performance driven 
organization focused on long-term value creation in 
line with our culture. Team performance and individual 
performance are important – therefore we reward 
both. Performance is key to our success and we award 
higher performance with higher compensation.
To be able to achieve the business goals, EQT needs 
to be able to attract and retain world class talent 
suitable for each role. To achieve this, EQT applies 
market competitive total compensation. 
EQT compensates locally based on geography and 
in line with local practice and regulations, taking into 
account, to the extent possible, the overall purpose of 
these guidelines.
The principles in these guidelines enable EQT AB to 
offer the Executive Committee a competitive total 
remuneration.
For more information regarding the EQT AB Group’s 
business strategy, please see EQT AB’s webpage, 
www.eqtgroup.com.
Share-related incentive programs
The EQT Share Program and the EQT Option Program 
are implemented in the EQT AB Group. The programs 
were resolved by the Annual Shareholders’ Meeting 
2023 and are therefore excluded from these guidelines. 
The EQT Option Program includes members of the 
Executive Committee in EQT AB. The performance 
criteria used to assess the outcome of the EQT Option 
Program are tied to the individual’s current role scope 
and contribution to EQT’s performance through value 
creation and future proofing, the share price develop -
ment, adding value to the wider EQT Platform as well as 
impact on delivering on EQT’s sustainability ambitions. 
The participants will receive employee stock options 
free of charge, with an exercise period occurring during 
a one-month period. Each employee stock option 
entitles the participant to acquire one ordinary share in 
EQT AB at a price corresponding to the price per ordi -
nary share as of the date of grant, subject to a net strike 
mechanism, cap on the gain per employee stock option 
and customary recalculation mechanisms. For the EQT 
Share Program, the performance targets are tied to the 
EQT AB Group’s financial targets, EQT’s general com -
petitiveness, the individual meeting or exceeding EQT’s 
highly set expectations on adding value to the EQT 
Platform as well as impact on delivering on EQT’s 
sustainability ambitions. The program includes Partners 
and senior employees, members of the Executive 
Committee are generally not participants of the EQT 
Share Program. The participants invest a variable 
amount (financed by EQT) in ordinary shares after a 
performance year, whereupon an approximately 
three-year holding period follows. The Annual Share -
holders’ Meeting 2019 also resolved on an EQT Share 
Program, under which no new investments in EQT AB 
shares are made, with holding periods until 2026. For 
more information regarding the EQT Share program 
and EQT Option Program, including the criteria which 
the outcome depends on, please see EQT AB’s remu -
neration report, available on eqtgroup.com/sharehold -
ers/ .
Type of remuneration, etc.
The remuneration shall be on market terms and may 
consist of the following components: fixed remuneration, 
variable cash remuneration, pension benefits and other 
benefits. The shareholders’ meeting may – irrespective of 
these guidelines – resolve on, among other things, 
share-related or share price-related remuneration.
Fixed remuneration
The fixed remuneration, i.e. base salary, should be 
competitive and reflect responsibility and performance.
Variable remuneration  
The satisfaction of criteria for awarding variable cash 
remuneration, within the EQT Bonus program, shall be 
measured over a period of one year. The variable cash 
remuneration may amount to no more than 200 percent 
of the annual base salary. 
The EQT Bonus program consists of a performance 
assessment of the business as well as an individual 
performance assessment. Important business perfor -
mance factors determining the size of the bonus is the 
success of the underlying business measured by busi-
ness performance in the funds (investments and exits as 
well as portfolio and fund performance), business 
profitability, fundraising, sustainability as well as orga-
nizational development. The individual performance is 
assessed versus agreed targets as well as meeting, 
exceeding or not meeting high set individual perfor-
mance expectations for the individual in the current role. 
To which extent the criteria for awarding variable 
cash remuneration has been satisfied shall be evalu-
ated/determined when the measurement period has 
ended. The remuneration committee shall be responsi -
ble for the evaluation so far as it concerns variable 
remuneration to the CEO. For variable cash remunera-
tion to other members of the Executive Committee, the 
CEO shall be responsible for the evaluation. For financial 
objectives, the evaluation shall be based on the latest 
financial information made public by EQT AB.
The Executive Committee partly consists of owners 
of EQT AB. Owners that owned above 1.5 percent of the 
shares of EQT AB at IPO or at relevant acquisition may 
not be comprised by the EQT Bonus program, i.e. vari-
able cash remuneration, nor any of the relevant 
share-related incentive programs. Therefore, total 
remuneration for part of the Executive Committee 
consists of base salary, pension benefits and other 
benefits.

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Notes
Pension
All members of the Executive Committee shall be 
covered by defined contribution pension plans, for 
which pension premiums shall be based on the mem -
bers’ base salary and paid by the company during the 
period of employment. For current members of the 
Executive Committee pension contributions shall be 
based on base salary and follow contribution levels in 
accordance with local market practice, except for the 
application of a cap. For Sweden, this means that it 
shall be comparable to the old BTP-plan with a contri -
bution cap for base salary exceeding 40 Income base 
amounts. The pension premiums shall amount to no 
more than 25 percent of the annual base salary.
Other benefits
Other benefits, such as insurances (health, life, travel), 
sports contributions or occupational health services, 
should be payable to the extent this is considered to be 
in line with market conditions in the market concerned. 
Premiums and other costs relating to such benefits may 
amount to no more than 25 percent of the annual base 
salary. Executive Committee members who relocate for 
the purposes of the position or who work in other multi-
ple countries may also receive such remuneration and 
benefits as are reasonable to reflect the special circum -
stances associated with such arrangements, taking into 
account the overall purpose of these guidelines and 
alignment with the general policies and practices within 
EQT AB Group applicable to cross border work. 
Recommendation to invest in EQT AB shares
The Board recommends each Executive Committee 
member (who do not already have such holding) to 
acquire, over a three-year period, EQT AB shares or 
similar instruments corresponding to at least one year’s 
base salary, before taxes and excluding other remuner -
ation. 
Termination of employment and terms for severance 
pay for the CEO 
A twelve month notice period will apply if notice is given 
by the CEO or EQT AB. The CEO’s employment terms 
include a non-competition clause. If used, this would 
entitle the employee to an additional compensation 
corresponding to a maximum of twelve months’ salary, 
however, reduced by any remuneration paid by a new 
employer.  
Termination of employment and terms for severance 
pay for senior executives
In the event of notice being given by the EQT AB Group, 
a notice period of nine months applies, while in the 
event of notice being given by the senior executive a 
period of notice of six months applies. The senior 
executives’ employment terms also include a non-com -
petition clause. If used, this entitles the employee to an 
additional compensation corresponding to a maximum 
of nine months’ salary, however, reduced by any remu -
neration paid by a new employer. Base salary during 
the notice period and severance pay may not together 
exceed an amount corresponding to the base salary for 
eighteen months. When termination is made by the 
executive, the notice period may not exceed six months, 
without any right to severance pay. 
Salary and employment conditions for employees taken 
into account during preparations of these guidelines
In the preparation of the Board’s proposal for these 
remuneration guidelines, salary and employment 
conditions for employees of the EQT AB Group have 
been taken into account by including information on the 
employees’ total income, the components of the remu -
neration and increase and growth rate over time, in the 
remuneration committee’s and the Board’s basis of 
decision when evaluating whether the guidelines and 
the limitations set out herein are reasonable. 
The decision-making process to determine, review  
and implement the guidelines
The Board has established a remuneration committee. 
The committee’s tasks include preparing the Board’s 
decision to propose guidelines for executive remunera -
tion. The Board shall prepare a proposal for new guide -
lines at least every fourth year and submit it to the 
shareholders’ meeting. The guidelines shall be in force 
until new guidelines are adopted by the shareholders’ 
meeting. The remuneration committee shall also moni -
tor and evaluate programs for variable remuneration 
for the Executive Committee, the application of the 
guidelines for executive remuneration as well as the 
current remuneration structures and compensation 
levels in the EQT AB Group. The current members of the 
remuneration committee are independent of EQT AB 
and its Executive Committee. The CEO and other mem -
bers of the Executive Committee do not participate in 
the Board’s processing of and resolutions regarding 
remuneration-related matters in so far as they are 
affected by such matters. 
Deviation from the guidelines  
The Board may temporarily resolve to deviate from the 
guidelines, in whole or in part, if in a specific case there 
may be special cause for the deviation and a deviation 
should be necessary to serve the EQT AB Group’s 
business strategy, sustainability, long-term interests 
and long-term value growth for its shareholders, or to 
ensure the EQT AB Group’s financial viability. As set out 
above, the remuneration committee’s tasks include 
preparing the Board’s resolutions in remuneration-re -
lated matters. This includes any resolutions to deviate 
from the guidelines. 
Salary and remunerations to employees
EUR m 2024 2023
Salaries, bonuses and remunerations 933.6 1,021.8
Pension expenses, defined contribution 
plans 22.4 19.5
Social security expenses 59.2 53.6
1,015.2 1,094.9
Other personnel related expenses 56,6 46,8
Personnel expenses 1) 1,071.8 1,141.7
1)  W hereof EUR 228.0m (EUR 436.4m) relates to personnel expenses as a result of 
performed acquisitions.
Note 7 cont.

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Notes
Average number of employees
2024
whereof  
women 
whereof  
men 2023
whereof  
women 
whereof  
men
USA 424 38% 62% 388 38% 62%
Sweden 379 48% 52% 360 46% 54%
UK 242 50% 50% 208 52% 48%
Luxembourg 146 48% 52% 144 50% 50%
China, Hong Kong 109 55% 45% 108 54% 46%
Germany 98 40% 60% 102 41% 59%
Singapore 81 46% 54% 72 43% 57%
The Netherlands 45 45% 55% 45 37% 63%
Japan 38 33% 67% 41 34% 66%
Australia 36 31% 69% 37 27% 73%
France 31 35% 65% 29 37% 63%
Spain 30 37% 63% 30 34% 66%
Switzerland 29 38% 62% 26 44% 56%
China, Shanghai 26 47% 53% 28 48% 52%
India 26 25% 75% 21 24% 76%
South Korea 22 41% 59% 21 39% 61%
Denmark 21 62% 38% 21 64% 36%
Italy 18 44% 56% 18 47% 53%
Norway 8 36% 64% 10 39% 61%
Finland 6 32% 68% 7 27% 73%
Poland 5 19% 81% 4 25% 75%
Ireland 3 29% 71% 3 33% 67%
Austria 2 34% 66% 1 30% 70%
Mexico 1 0% 100% 2 0% 100%
Belgium 1 0% 100% 1 0% 100%
Brazil — — — 1 0% 100%
Total 1,827 44% 56% 1,727 44% 56%
Board and senior executives split by gender
Proportion of women 2024 2023
Board (parent company) 43% 29%
Senior executives 33% 33%
The EQT AB Group’s executive committee consisted of 
twelve persons in 2024. In 2024, Masoud Homayoun 
joined the executive committee and Ward Fitzgerald 
stepped down from his role as the Global Head of EQT 
Exeter. Anna Wahlström stepped down from the execu -
tive committee at year-end 2024. The senior executives 
are employed by different companies in the EQT AB 
Group.
REMUNERATION TO THE MEMBERS OF  
THE BOARD OF DIRECTORS
Board fees, including chairperson fees, are resolved by 
the annual shareholders’ meeting. At the annual share -
holders’ meeting held on 27 May 2024, it was resolved 
that EUR 304,500 shall be paid to the chairperson of the 
Board and EUR 138,500 to each of the other board 
members who are not employed by the company. In 
addition, EUR 40,000 will be paid to the chairpersons of 
the audit committee, remuneration committee and 
sustainability committee, respectively, and remunera-
tion to each of the other members of the relevant 
committees should be EUR 20,000 each. The board 
members are not entitled to any benefits following 
termination of their assignments as board members. 
The meeting further resolved that the compensation to 
the Board shall be paid in shares in EQT AB. 
Note 7 cont.
Salaries and other remunerations and pension 
expenses for the board of directors and senior 
 executives 
EUR m 2024 2023
Salaries, bonuses and remunerations 10.9 12.6
(whereof bonuses) 3.9 5.6
Equity incentive programs 13.5 10.3
Pension expenses 0.7 0.5
25.0 23.4

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#01 This is EQT #02 Financial statements #03 Sustainability notes #04 Corporate governance #05 Additional information
Notes
Salaries and other remunerations to senior executives and board of directors
2024  
EUR m
Base salary, 
board fee Bonus 
Pension 
expenses
Other  
benefits
Equity 
incentive  
programs1) Total
Chairperson of the board (Conni Jonsson)
Remuneration from parent company 0.3 — — — — 0.3
Remuneration from subsidiaries 0.1 — 0.0 — — 0.1
Board member (Marcus Wallenberg)
Remuneration from parent company 0.2 — — — — 0.2
Remuneration from subsidiaries — — — — — —
Board member (Margo Cook)
Remuneration from parent company 0.2 — — — — 0.2
Remuneration from subsidiaries — — — — — —
Board member (Johan Forssell)
Remuneration from parent company 0.1 — — — — 0.1
Remuneration from subsidiaries — — — — — —
Board member (Diony Lebot)
Remuneration from parent company 0.2 — — — — 0.2
Remuneration from subsidiaries — — — — — —
Board member (Richa Goswami) 
Remuneration from parent company 0.1 — — — — 0.1
Remuneration from subsidiaries — — — — — —
Board member (Gordon Orr)
2)
Remuneration from parent company 0.2 — — — — 0.2
Remuneration from subsidiaries — — — — — —
Board member (Brooks Entwistle)
Remuneration from parent company 0.2 — — — — 0.2
Remuneration from subsidiaries — — — — — —
CEO (Christian Sinding)
Remuneration from parent company — — — — — —
Remuneration from subsidiaries 0.6 — 0.0 0.0 — 0.7
Other senior executives
(11 persons)
Remuneration from parent company 0.9 1.2 0.2 0.0 4.1 6.3
Remuneration from subsidiaries 3.8 2.8 0.5 0.0 9.9 17.0
Total 6.9 3.9 0.7 0.0 14.0 25.5
Remuneration from parent company 2.4 1.2 0.2 0.0 4.1 7.8
Remuneration from subsidiaries 4.6 2.8 0.5 0,0 9.9 17.7
1)  T he renumeration relates to amounts awarded in relation to the EQT Share Program and the EQT Option Program. Awarded amounts for 2024 will be settled using 
options implying that the full value of the renumeration is a non-cash cost for the Group.
2)  G ordon Orr has during 2024 provided consultancy services to EQT in addition to his assignment as board member. Remuneration for such consultancy services are 
included in the column “Base salary, board fee”. For further information, see Note 23.
2023  
EUR m
Base salary, 
board fee Bonus 
Pension 
expenses
Other  
benefits
Equity  
incentive  
programs1) Total
Chairperson of the board (Conni Jonsson)
Remuneration from parent company 0.3 — — — — 0.3
Remuneration from subsidiaries 0.1 — 0.0 0.0 — 0.1
Board member (Marcus Wallenberg)
Remuneration from parent company 0.2 — — — — 0.2
Remuneration from subsidiaries — — — — — —
Board member (Margo Cook)
Remuneration from parent company 0.2 – – – – 0.2
Remuneration from subsidiaries — — — — — —
Board member (Johan Forssell)
Remuneration from parent company 0.2 — — — — 0.2
Remuneration from subsidiaries — — — — — —
Board member (Diony Lebot)
Remuneration from parent company 0.2 — — — — 0.2
Remuneration from subsidiaries — — — — — —
Board member (Nicola Kimm) 
Remuneration from parent company 0.1 — — — — 0.1
Remuneration from subsidiaries — — — — — —
Board member (Gordon Orr) 2)
Remuneration from parent company 0.2 — — — — 0.2
Remuneration from subsidiaries — — — — — —
Board member (Brooks Entwistle)
Remuneration from parent company 0.2 — — — — 0.2
Remuneration from subsidiaries — — — — — —
CEO (Christian Sinding)
Remuneration from parent company 0.2 — — — — 0.2
Remuneration from subsidiaries 0.4 — 0.0 0.0 — 0.4
Other senior executives
(11 persons)
Remuneration from parent company 0.7 0.9 0.2 0.0 2.8 4.6
Remuneration from subsidiaries 4.1 4.7 0.2 0.1 7.6 16.6
Total 6.9 5.6 0.5 0.1 10.3 23.4
Remuneration from parent company 2.4 0.9 0.2 0.0 2.8 6.2
Remuneration from subsidiaries 4.5 4.7 0.3 0.1 7.6 17.2
1)  T he renumeration relates to amounts awarded in relation to the EQT Share Program and the EQT Option Program. Awarded amounts for 2023 will be settled using 
options implying that the full value of the renumeration is a non-cash cost for the Group.
2)  G ordon Orr has during 2023 provided consultancy services to EQT in addition to his assignment as board member. Remuneration for such consultancy services are 
included in the column “Base salary, board fee”. For further information, see Note 23.
Note 7 cont.

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#01 This is EQT #02 Financial statements #03 Sustainability notes #04 Corporate governance #05 Additional information
Notes
REMUNERATIONS TO SENIOR EXECUTIVES AND 
OTHER EMPLOYEES  
EQT Board and its remuneration committee resolves on 
remuneration in the form of equity-based incentive 
programs. The remuneration committee further 
resolves on the remuneration for the Executive Commit -
tee. EQT AB Group has an internal Compensation 
Committee that establishes and approves remuneration 
in the form of levels of salary, bonus, pension and other 
benefits for employees in EQT. The total remuneration 
may consist of base salary, bonus, equity-based incen -
tive programs, pension and other benefits. The bonus is 
related to annual achievement on both group wide and 
individual targets. Target achievement of bonus is 
determined in the beginning of the subsequent year. 
Most employees are part of the EQT Bonus program.
Variable remuneration for CEO and senior executives
CEO Christian Sinding has not been part of the EQT 
Bonus program. Most executive committee members 
are entitled to variable remuneration through the EQT 
Bonus program.
EQT INCENTIVE PROGRAMS  
EQT 2019 Share program
The last grant of the EQT Share Program (established in 
2019) was done in March of 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.
the three-year holding period. The option exercise 
period commences after the holding period. As part of 
the timeline adjustment during 2024 as described 
above, the timeline for the EQT Option program was 
also refined to fit into the overall process. For grants 
related to the 2024 performance year and beyond, 
allocations will take place around February and the 
calculation of the number of options to be granted will 
occur after the publication of EQT AB's year-end report. 
Further, the exercise period for options in the EQT 
Option program will begin the day after EQT AB's 
year-end report is published and will end the day 
before the closed period ahead of EQT AB’s Q1 
announcement in the year of exercise. Based on the 
number of shares as of 31 December 2022, the maxi -
mum dilution for the EQT Option Program is four per -
cent in total. EQT intends, over time, to repurchase 
shares to offset the dilution related to the EQT Option 
Program
1).
EQT share program summary (indicative) 2)
Performance 
period
Grant 
year
Shares 
granted2)
Dilution impact from 
shares granted 
2023 2024 631,547 0.05%
Performance 
period Grant year
Shares to be 
granted
 2) 3)
Dilution impact 
from shares to be 
granted 
2024 2025 855,014 0.07%
Note 7 cont.
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. 
In 2024, EQT adjusted the timeline for its performance 
and compensation review processes to better align with 
the year-end schedule. As part of this adjustment, the 
timeline for the EQT Share program was also refined to 
fit into the overall process. For grants related to the 
2024 performance year and beyond, allocations will 
take place around February and the calculation of the 
number of shares to be granted will occur after the 
publication of EQT AB's year-end report. Based on the 
number of shares as of 31 December 2022, the maxi -
mum 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
1).
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 
 
EQT option program summary
2)
Performance 
period
Grant 
year
Options  
granted2)
Current 
dilution - 
options
Max  
dilution  
- options 
2023 2024 4,430,306 0.01% 0.28%
Performance 
period
Grant 
year
Options   
to be  
granted
2)4)
Current 
dilution - 
options
Max  
dilution  
- options 
2024 2025 9,849,757 n.a. 0.62%
PERFORMANCE TARGETS AND COST
EQT 2023 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 (EUR 34.1m), of which EUR 21.2m (EUR 16.7m) 
was cash cost.
EQT 2023 Option Program
The granting of options is based on participants’ indi -
vidual fulfillment of targets in the performance frame -
work including (i) Building and developing cross-plat -
form collaboration, (ii) Responsible and appropriate 
cost management, (iii) Growth from a business line 
focused management to firm wide leadership, (iv) 
Tangible contribution to the sustainability goals of the 
company, (v) Developing new business areas for EQT. 
Total grant level recognized in 2024 was EUR 59.7m 
(EUR 24.7m)  of which none was cash cost.
Non-cash cost
The total non-cash cost for the incentive programs 2024 
amounts to EUR 93.3m (EUR 43.9m) whereof EUR 82.4m 
(EUR 42.1m) relates to granted amounts as of 2024 and 
EUR 10.9m (EUR 1.8m) relates to additional non-cash 
cost such as social charges for which cash payment is 
contingent on a gain and only due at exercise.

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Notes
Dilution
For performance year 2023, 4,430,306 options with a 
strike price of SEK 295 were granted within the EQT 
option program. The option program will only be 
dilutive in case the EQT AB share price at exercise is 
above the share price at grant. The exercise price is 
capped at 4x the share price at grant. Any gain above 
the share price at grant and up to the cap will be settled 
in shares (net strike mechanism). As such, dilution in 
relation to options granted is capped at 75% of the 
number of options granted, or 0.28%. Assuming a share 
price corresponding to end 2024 of SEK 306, current 
dilution would be 0.01%. 
For performance year 2024, assuming a share price 
corresponding to year end 2024 of SEK 306, 855,014 
shares
3) and 9,849,757 options 4) would be granted, 
respectively, in 2025. As a result, the dilution impact 
from the Share Program would be 0.07%. Max dilution 
in relation to the Option Program 2024 is capped at 75% 
of the number of options granted, or 0.62%.
1)  D uring 2024 EQT completed a repurchases of 4.2m shares.
2)  D ilution metrics calculated based on share count as of 31 December 2022  
(1,186,127,535). 
3)  I I ndicative figures assuming a share price corresponding to end 2024 of SEK 
306. To be granted in February 2025. 
4)  I ndicative figures assuming a share price of SEK 306 (end 2024) and a 
corresponding option value of SEK 70. To be granted in February 2025.
Other benefits 
EQT AB Group offers all employees a variety of 
non-monetary benefits, such as occupational health 
service, health insurance, life insurance, employee 
fitness programs and sports contributions. 
Certain investments by senior executives
Certain members of the board of EQT AB and senior 
executives of EQT AB Group, including the CEO of EQT 
AB, have invested in various carried interest and 
employee co-investment schemes related to the EQT 
funds. The returns (in the form of investment income 
and capital appreciation) are fully dependent on the 
performance of the relevant fund and the fund’s under -
lying investments.
Pension terms 
The EQT AB Group has defined contribution plans that 
generally follows a specific table for level of contribu -
tions based on age and/or income level. Wherever 
possible, the contributions are only made on base 
salary up to locally set caps. Payments to these plans 
are made on a continuous basis according to the rules 
of each plan. The expenses for defined contribution 
plans in 2024 amounted to EUR 22.4m (EUR 19.5m). 
The chairperson of the board, Conni Jonsson, has a 
defined benefit pension plan which has been secured 
through a trust. The defined benefit plan consists partly 
of a guaranteed amount corresponding to the accumu -
lated amount of historical contributions and partly of a 
variable amount corresponding to the fair value of the 
trust’s net assets in excess of the guaranteed amount. If 
the fair value of the trust’s net assets is lower than the 
guaranteed amount EQT AB Group is obliged to con -
tribute the difference. As of 31 December 2024, EQT AB 
Group’s part of the fair value of the trust’s net assets, 
converted to euro, amounted to EUR 1.5m (EUR 2.3m) 
and the guaranteed amount amounted to EUR 0.4m 
(EUR 0.6m). From January 2018, there have been no 
further contributions to the trust.
Note 7 cont.
Note 8 Audit fees and expenses
EUR m 2024 2023
KPMG
Audit services 2.4 2.2
Tax consultancy 0.1 0.1
Other services 0.1 –
Other auditors
Audit services – –
Audit services refer to the legally required examination 
of the annual report and the book-keeping, the board 
of director’s and the CEO’s management and any other 
audit examinations or agreed-upon procedures deter -
mined by contract. This includes other work assign -
ments which rest upon the Company’s auditor to con -
duct, and advising or other support justified by 
observations in the course of the audit. 
Note 9 Financial income and expenses
EUR m 2024 2023
Interest income 63.5 37.5
Translation gains 72.5 13.4
Change in fair value of contingent con -
sideration 15.7 –
Other financial income 0.1 0.1
Financial income 151.9 51.1
Interest expenses –60.5 –57.1
Translation losses –73.3 –23.9
Other financial expenses –7.0 –5.5
Financial expenses –140.7 –86.5
Net financial income and expenses 11.2 –35.5
All interest income and expenses from financial assets 
and financial  lia bilities are measured at amortized cost.

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Notes
Note 10 Income taxes
EQT AB Group has operations in different jurisdictions. 
Each jurisdiction has its own tax legislation and regula-
tions. Constant changes of the income tax rules and the 
interpretation of the legislation create exposures regard-
ing income taxes. The complexity of rules related to 
income taxes in different jurisdictions and the accounting 
for these require management’s involvement in judg-
ments and estimates. These estimates might differ from 
the actual outcome.
EQT AB Group has documented guidelines, processes 
and controls for managing both income taxes and other 
taxes. Through these processes the Group ensures that 
tax risks are identified and mitigated through tax risk 
identification  processes. 
Taxes recognized in the income statement
EUR m 2024 2023
Current tax expense (–)/tax income (+)
Current tax expense / income for the year –138.2 –115.4
Tax attributable to prior years –0.3 –0.1
–138.5 –115.5
Deferred tax expense (–)/tax income (+)
Deferred tax related to temporary 
 differences 20.5 15.3
Deferred tax related to prior years -4.8 -
15.6 15.3
Total reported income tax –122.9 –100.2
Reconciliation of effective tax rate 
EUR m 2024
2023 
restated
Profit before income tax 899.2 277.4
Tax at parent company’s statutory  
rate 20.6% (20.6%) –185.2 –57.1
Effect of: 
Foreign tax rates 1) –48.5 –42.7
Non-deductible expenses –74.2 –105.5
Non-taxable income 2) 197.0 89.2
Change in non-recognized tax losses -6.4 16.7
Tax attributable to prior years –5.1 –0.1
Global minimum tax -1,2 –
Other 0.7 –0.7
Reported effective tax –122.9 –100.2
1)  T he effect of foreign tax rates is comprised of EUR -17.2m (EUR -14.7m) relating 
to tax rates applied in subsidiary jurisdictions deviating from the parent 
company statutory tax rate and EUR -31.3m (EUR -28.0m ) relating to tax rates 
applied in purchase price accounting.
2)  N on-taxable income includes income that is not subject to taxation and income/
entities not recognized for tax purposes under the normal corporate income tax 
regime of the relevant jurisdiction, e.g. dividends and capital gains subject to 
local participation exemption regimes.
3) T he income tax expense included EUR 1.2m (EUR -m) of estimated Global   
 m inimum tax which was attributable to the EQT AB Group’s earnings in   
 Singapore.
Recognized deferred tax assets and liabilities  
Change in deferred tax in temporary differences
2024 2023
EUR m
Deferred tax 
asset
Deferred tax 
liability
Deferred tax 
asset
Deferred tax 
 liability
Property, plant and equipment 0.7 1.4 2.2 0.0
Intangible assets 26.8 332.7 60.2 360.8
Other 22.3 – 7.8 0.0
Tax loss carry-forward 23.0 – 22.0 –
72.7 334.1 92.1 360.8
The change in deferred tax in the balance sheet 
amounts to EUR 7.2m (EUR 26.5m). The change in  
deferred tax not recorded in the income statement 
predominantly relates to FX effects and other items 
recognized in equity.
Unrecognized deferred tax assets 
Accumulated tax losses and interest expense carry 
forwards for which no deferred taxes have been 
recognized amount to EUR 266.1m (EUR 201.8m). 
Deferred tax assets have not been recognized as 
there is insufficient certainty regarding the availability 
of future taxable profits against which these tax losses 
and interest expense carry forwards can be utilized. 
The EUR 266.1m comprises unrecognized tax losses of 
EUR 172.8m (EUR 151.0m) mainly related to Luxembourg 
and the US and the unrecognized interest expense carry 
forwards of EUR 93.3m (EUR 50.8m) mainly related to 
Sweden and the US. The expiry dates of the tax losses 
and net interest expense carry forwards are within the 
following intervals: 
Temporary differences expiring 2024 2023
Within 10 years  47.6  1.8 
More than 10 years  87.9  92.0 
Indefinite  130.6  108.0 
Total  266.1  201.8

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Notes
Note 11 Intangible assets
Other intangible assets
EUR m
Investor 
relation -
ships Trademark
Customer  
contracts
Other intan -
gible assets
Total Other-
intangible 
assets Goodwill
Accumulated cost
Opening balance 1.1.2024 1,472.3 191.6 2,044.7 101.9 3,810.5 2,132.6
Additions – – – - – –
Translation difference 80.9 11.1 111.0 -3.5 199.6 89.4
Closing balance 31.12.2024 1,553.2 202.7 2,155.8 98.4 4,010.1 2,222.0
Accumulated amortization and impairment
Opening balance 1.1.2024 -167.4 -42.6 –352.0 -100.9 –663.0 –
Amortization -100.3 -24.5 –240.0 - -364.8 –
Translation difference -12.6 -3.4 -27.3 2.6 –40.7 –
Closing balance 31.12.2024 -280.3 -70.4 –619.3 -98.4 –1,068.5 –
Carrying amount 31.12.2024 1,272.9 132.3 1,536.4 0.0 2,941.7 2,222.0
Accumulated cost
Opening balance 1.1.2023 1,523.0 198.6 2,114.3 101.4 3,937.3 2,172.2
Additions – – – 0.5 0.5 42.6
Translation difference -50.7 -7.0 -69.6 0.0 -127.2 -82.2
Closing balance 31.12.2023 1,472.3 191.6 2,044.7 101.9 3,810.5 2,132.6
Accumulated amortization and impairment
Opening balance 1.1.2023 -71.7 -19.3 –121.2 -100.4 –312.6 –
Amortization -100.1 -24.5 –239.5 -0.0 -364,2 –
Translation difference 4.4 1.2 8.7 -0.4 13.9 –
Closing balance 31.12.2023 -167.4 -42.6 –352.0 -100.9 –662.9 –
Carrying amount 31.12.2023 1,304.8 149.0 1,692.7 1.1 3,147.7 2,132.6
The Group’s intangible assets arise primarily from 
acquired businesses. These acquired intangible assets 
consist largely of goodwill but also trademark, customer 
contracts and investor relationship. For information on 
amortization, see the accounting policies in Note 2.
Goodwill
Goodwill is mainly attributable to performed acquisi -
tions, but also a small portion relating to the acquisition 
of EQT Partners AB, including subsidiaries, in 2007. 
Goodwill is tested for impairment at the lowest level 
within the EQT AB Group where goodwill is monitored 
for internal management purposes, which is the Real 
Asset segment EUR 1,043.0m (EUR 987.6m) and Private 
Capital segment EUR 1,179.1m (EUR 1,145.0m) respec -
tively. 
Amortization principles
The amortization is made, applying the straight-line 
method, over the estimated useful life, unless the useful 
life is indefinite. Goodwill is reviewed for impairment 
annually or more frequently if there are indications of 
any potential impairment from events or changes in 
circumstances. Intangible assets with definite useful 
lives are amortized from the point in  time they are 
available for the intended use. 
Estimated useful life:
Investor relationships 15 years
Trademark 5-8 years
Customer contracts Remaining term of contracts, 
between 3–7 years
Other 3-5 years
Amortization methods and useful lives are reviewed at 
each reporting date and adjusted if appropriate.
Impairment test of units containing goodwill
The recoverable amount was based on its value in use. 
The value in use was determined by discounting the 
expected future cash flows generated from the continu-
ing use of the operation’s net operating assets. The 
following discount rates and long-term growth rates 
were used:
Private Capital 31.12.2024 31.12.2023
Discount rate post-tax, % 9.9 9.9
Discount rate pre-tax, % 11.2 11.2
Annual cash flow growth beyond 
year 5, % 2.0 2.0
Real Assets 31.12.2024 31.12.2023
Discount rate post-tax, % 8.8 8.8
Discount rate pre-tax, % 10.0 9.9
Annual cash flow growth beyond 
year 5, % 2.0 2.0
The discount rate used in the impairment test is the 
post-tax WACC, assuming no debt financing (i.e. equal 
to the cost of equity). The cost of equity has been 
calculated according to the Capital Asset Pricing Model 
(CAPM) and is based on the risk-free interest rate with 
addition of the market risk premium multiplied with the 
assumed beta value (based on beta values of similar 
quoted companies) and a size premium. 
Cash flows were projected for a period of five 
years, assuming constant annual growth rate thereaf -
ter. The cash flow forecasts are based on the budget for 
the following year and the long term forecast for years 
two to five. The operating profit forecast was mainly 
based on expected outcome of future fundraisings and 
increase in personnel expenses.  T erminal growth rate, 
assumed from year six and onwards, is applied to an 
assumed stable cash flow in year five. 
The impairment test resulted in a value in use higher 
than the carrying amount with significant headroom. 
Management believes that any reasonably possible 
change in any of the key assumptions would not cause 
the recoverable amounts to be lower than the carrying 
values.

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Notes
Note 12 Property, plant and equipment
Owned assets
EUR m Equipment
Leasehold 
improvement
Acquisition cost
Opening balance 1.1.2024 18.3 74.8
Additions 8.0 9.5
Disposals –6.6 –0.6
Reclassification 5.4 1.0
Translation difference 0.3 1.6
Closing balance 31.12.2024 25.4 86.3
Depreciation
Opening balance 1.1.2024 –12.3 –28.2
Depreciation –3.7 –10.0
Disposals 6.4 0.5
Reclassification -5.4 -1.0
Translation difference -0.2 -0.6
Closing balance 31.12.2024 –15.2 –39.2
Carrying amount 10.1 47.1
Acquisition cost
Opening balance 1.1.2023 16.3 57.8
Additions 3.3 19.8
Disposals –0.8 –2.6
Translation difference –0.5 –0.3
Closing balance 31.12.2023 18.3 74.8
Depreciation
Opening balance 1.1.2023 –10.1 –20.3
Depreciation –3.0 –9.0
Disposals 0.5 0.8
Translation difference 0.3 0.3
Closing balance 31.12.2023 –12.3 –28.2
Carrying amount 6.0 46.6
Right-of-use assets
EUR m Office premises
Opening balance 1.1.2024 118.9
Depreciation –40.1
Other changes, net 115.8
Closing balance 31.12.2024 194.5
Opening balance 1.1.2023 126.8
Depreciation –33.7
Other changes, net 25.8
Closing balance 31.12.2023 118.9
Total Property, plant and equipment
EUR m 2024 2023
Equipment 10.1 6.0
Leasehold improvement 47.1 46.6
Office premises 194.5 118.9
Carrying amount 251.8 171.5
Depreciation principles
Depreciation is made over the asset’s estimated useful 
life using the straight-line method. Leased assets are 
also depreciated over the asset’s useful life or, if shorter, 
the term of the lease considering any extension or 
termination options, that are judged to be reasonably 
certain to be used, see Note 2 “Leases”.
The estimated useful life: 
Equipment 3 –5 years
Leasehold improvements  3 –10 years
Depreciation methods, useful lives and residual values 
are reviewed at each reporting date and adjusted if 
appropriate.
Note 13 Accounts receivable and other 
current assets
EUR m 2024 2023
Expenses to be recharged 37.1 71.5
Drawdown receivable 66.9 67.8
Other receivables on fund 162.6 104.3
Other receivables 71.4 100.1
Total other current assets 337.9 343.7
Note 14 Equity
Shares
2024 2023
Ordinary shares
Issued per 1 January 1,183,593,930 1,185,028,524
Converted C shares 348,106 365,406
Allocation of treasury shares 661,169 -
New share issue - 59,306,376
Buy-back –4,154,000 –61,106,376
Issued per 31 December – paid 1,180,449,205 1,183,593,930
Total numbers of C shares out -
standing 881,555 1,229,661
Total number of outstanding  
shares 1,181,330,760 1,184,823,591
All ordinary shares carry one vote and class C shares 
carry 0.1 vote. The class C shares carry the same eco -
nomic rights as ordinary shares.
As of 31 December 2024, EQT held 60,676,207 
(61,106,376) ordinary shares in treasury, which are not 
entitled to dividends or votes at shareholders’ meetings. 
Excluding shares held in treasury by EQT, there are 
1,181,330,760  o utstanding shares in EQT. 
During the year EQT completed a repurchase of 
4.154.000 shares, corresponding to a value of EUR 
117.9m. The objective is to, over time, offset the dilution 
impact from EQT’s Incentive Programs. Total amount 
paid for shares held in treasury amounts to EUR 155.9m.
During 2024 (based on performance 2023), and in 
line with the EQT incentive programs, 661,169 of the 
shares held by EQT has been allocated to participants 
in the programs and is hence outstanding as of 31 
December 2024. 
During 2024, EQT cancelled 3,923,000 shares held 
by EQT.
Since 24 September 2019, EQT’s ordinary shares are 
listed on Nasdaq Stockholm Large Cap. 
DIVIDEND DISTRIBUTION TO THE OWNERS  
OF THE PARENT COMPANY
The Board of directors proposes a dividend to the 
shareholders of SEK 4.30 per share for the fiscal year 
2024. The dividend is proposed to be paid out in two 
equal installments, 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 Decem -
ber 2025, respectively.
The Board of directors of EQT AB has adopted a 
dividend policy which aims to generate a steadily 
increasing annual dividend per share.
EQUITY MANAGEMENT
The EQT AB Group maintains a financial position that 
supports the confidence of investors, creditors and the 
market, and provides a basis for continued develop -
ment of business operations, and that the long-term 
returns generated to the shareholders are   s atisfactory.

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Notes
RESTRICTIONS ON TRANSFERABILITY
At the time of the listing of EQT AB in 2019, and in 
relation to various subsequent acquisitions (including 
Exeter, Life Science Partners and BPEA), certain current 
and former employees have agreed, with certain 
exceptions, to not, without the prior written consent 
from EQT AB, sell or transfer their respective share 
holdings in EQT AB during a certain period of time 
(lock-up undertaking).
In addition to the restriction on selling or transfer -
ring the shareholding, the acquisition related lock-up 
undertakings also generally include vesting conditions 
under a “leaver put option clause” or a share forfeiture 
mechanism.
The shares within the previous EQT share program 
(adopted by the shareholders 2019) constitute non-listed 
class C shares, with rights to receive dividends and with 
0.1 vote, that will be held for three years before being 
converted into ordinary shares that can be traded.
The ordinary shares allocated to participants within 
the current EQT Share Program (adopted by the share -
holders 2023) are subject to a holding period of three 
years following each relevant time of allocation. During 
such holding period, the shares can not be transferred 
or disposed.
Other than the above there are no restrictions on 
the transferability of the EQT AB shares due to statutory 
provisions, the articles of association or, as far as the 
Company is aware, any agreement.
An overview of the expiry of various lock-up undertakings can be found below.
2024 2025 2026 2027 2028
#number of shares released (in millions) Feb Sep Feb Sep Feb Sep Feb Sep Feb Sep
IPO 98 100 87 63 63
Exeter 14
LSP 2 2 4
BPEA 29 29 29 29 29
Total 2 143 – 129 – 120 – 93 – 93
% of number of shares 0.2% 11.5% – 10.4% – 9.7% – 7.5% – 7.5%
Note 14 cont.

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Notes
Note 15 Interest bearing liabilities
For more information regarding the EQT AB Group’s 
exposure to interest risks and foreign currency risks, in 
respect of interest-bearing liabilities, see Note 18.
EUR m 2024 2023
Non-current liabilities
Lease liabilities 1) 161.3 91.2
Bond loan2) 2,020.5 2,020.8
2,181.7 2,112.1
Current liabilities
Short-term loans – –
Loans from credit institutions – –
Current portion of lease liabilities
1) 41.2 34.3
41.2 34.3
1) L ease liabilities, for further information, see Note 19.
2) B ond loan, for further information, see Note 18.
Note 16 Other liabilities
EUR m 2024 2023
Other current liabilities
Drawdown 9.6 6.4
Other 116.1 107.8
125.6 114.2
Note 17 Accrued expenses and prepaid 
income
EUR m 2024 2023
Accrued personnel expenses 313.8 263.5
Accrued consultancy fees 19.7 25.7
Other accrued expenses 192.1 157.1
Prepaid income 111.5 74.1
637.0 520.5
Note 18 Financial instruments and financial 
risks 
FINANCIAL RISK MANAGEMENT FRAMEWORK
The EQT AB Group conducts a risk management frame -
work to mitigate and control EQT AB Group’s financial 
risks in a cost-efficient manner. The financial risk 
management is covered in the EQT AB Group Finance 
Policy. The policy is reviewed yearly, and any new 
version must be approved by EQT AB Group’s Board of 
directors who has the ultimate responsibility for the 
establishment and control mechanisms of the Group’s 
risk management. The EQT AB Group is exposed to the 
following financial risks:
 — Credit risk
 — Liquidity risk
 — Market risks (interest rate risk, currency risk, fair 
value risk of holdings in EQT funds)
CREDIT RISK
Credit risk arises from the potential financial loss in the 
event a counterparty to EQT AB Group is unable to fulfil 
its obligations towards the EQT AB Group. This relates 
primarily to receivables and contract assets, cash held at 
bank accounts, any derivative instruments outstanding 
with a positive fair value and any financial guarantees. 
The credit risk exposures are regularly reviewed to assess 
exposures and concentrations of risks in accordance with 
procedures set out in EQT AB Group’s Treasury Guide-
lines. 
The book value of financial assets excluding Finan -
cial investments (incl carried interest) represents the 
EQT AB Group’s maximum exposure to credit risks from 
recognised financial assets. At 31 December 2024 
financial assets amounted to EUR 5,780.1m (EUR 
4,657.1m). Financial guarantees can hypothetically also 
give rise to some credit risk. The financial guarantees 
are described below under the heading Financial 
guarantees. Financial investments (incl carried interest) 
give rise to fair value risk, not credit risk.
Receivables and contract assets
The Group’s exposure to credit risk from receivables 
and contract assets is defined by the characteristics of 
the individual counterparties, primarily consisting of 
EQT funds. Credit risks are reviewed on a regular basis 
and there are no significant credit risks identified as of 
the balance sheet date, nor have there been any during 
the reporting period.
The Group regularly reviews expected credit losses 
for receivables and contract assets, primarily based on 
historical losses. The Group has historically not suffered 
any material losses from receivables and contract 
assets and there are no receivables post due at the 
balance sheet date (none). The expected credit loss at 
the balance sheet date is therefore considered insignifi -
cant (insignificant).
Cash and cash equivalents
The financial credit risk exposure mainly arises from 
cash deposits held on bank accounts. EQT AB Group’s 
Treasury Guidelines stipulates which banks that are 
approved for cash deposits and relationships are 
closely monitored by the Group’s Treasury department. 
The minimum official credit rating for a counterparty, in 
terms of deposits, is BBB (S&P, or S&P equivalent). As of 
31 December 2024, the Group held cash and cash 
equivalents of EUR 1,024.0m (EUR 1,114.0m).
Expected credit losses are assessed on a regular 
basis primarily based on external credit ratings for the 
counterparties and information about historical losses. 
The EQT AB Group has historically not suffered any 
losses from cash and cash equivalents. As of 31 Decem -
ber 2024, the expected credit losses are considered 
insignificant and reflects the short maturities of the 
deposits and the credit quality of counterparties 
reflected in the external credit ratings (insignificant).
Distribution of cash and cash equivalents by credit 
rating of counterparties:
Credit rating 31.12.2024
A+ 82%
A– 18%
BBB 0%
Total 100%
Credit rating 31.12.2023
A+ 81%
A– 18%
BBB 1%
Total 100%
Financial guarantees
The EQT AB Group has guaranteed to cover certain 
carried interest claw-back obligations related to the 
funds EQT VIII, EQT IX, EQT X, EQT Growth, EQT Future, 
EQT Infrastructure IV, EQT Infrastructure V, EQT Infra-
structure VI, EQT Healthcare Growth and BPEA IX. 
Under the limited partnership agreement of each 
applicable fund vehicle, an assessment will be made at 
termination of the fund to determine if there has been 
an overpayment of carried interest to the Special

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Notes
Limited Partner (being the recipient of carried interest). 
Any overpayment of carried interest will in the first 
instance be satisfied by a return of amounts which are 
placed into escrow to cover a claw-back scenario. In 
the unlikely event that amounts held in escrow would be 
insufficient to cover the claw-back liability, then the 
guarantee may be called upon to cover the balance. At 
31 December 2024, no carried interest had been gener -
ated, nor paid, from EQT X, EQT Growth, EQT Future, 
EQT Infrastructure IV, EQT Infrastructure V, EQT Infra-
structure VI, EQT Healthcare Growth or BPEA IX (none). 
EQT VIII has generated and paid EUR 122.4m in carried 
interest (EUR 104.1m) and EQT IX has generated and 
paid EUR 13.1m in carried interest (EUR 0.0m). As of 31 
December 2024, it is estimated that EQT AB Group does 
not have any exposure related to these guarantees 
(none).
For the benefit of a working capital facility for a 
number of carry schemes, the EQT AB Group has issued 
a guarantee of EUR 50.0m (EUR 50.0m) to the financial 
institution providing this facility. According to the terms 
of this guarantee, the EQT AB Group will pay to the 
financial institution the relative amount due under the 
facility agreement if a carry scheme is in default on 
debt repayment, i.e. the maximum exposure to credit 
risk, at 31 December 2024 amounts to EUR 50.0m (EUR 
50.0m).
In order to facilitate certain individuals’ financing, 
through loans from a financial institution, of investments 
in carry schemes related to funds raised since 2015, the 
EQT AB Group has issued guarantees to the relevant 
financial institution. According to the terms of these 
guarantees, the EQT AB Group will pay to the lender 
any amounts due under the loan agreements due to the 
individuals being in default on debt repayment. In 
addition, the individuals have entered into agreements 
with the EQT AB Group, by which they have agreed to 
reimburse the EQT AB Group for any amount that the 
EQT AB Group has paid to the lender under the guaran -
tee. The total amount covered by the guarantees, i.e. 
the maximum exposure to credit risk, at 31 December 
2024 amounts to EUR 29.6m (EUR 28.9m).
The amounts related to financial guarantees has not 
had any significant effect on the EQT AB Group’s finan -
cial position at 31 December 2024 and has not affected 
the EQT AB Group’s profit or loss for 2024.
LIQUIDITY RISK
The EQT AB Group’s liquidity risk relates to its ability to 
meet obligations associated with liabilities and commit -
ments that are settled by cash payments. The EQT AB 
Group manages its liquidity risk by ensuring sufficient 
liquidity to meet its obligations when due under both 
normal as well as stressed conditions. The Group 
performs cash forecasting, updated at least on a 
monthly basis. On 10 July 2024, EQT extended its exist -
ing 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. 
The RCF is not limited to a specific currency, it can be 
utilized in both EUR and USD, by both EQT AB and EQT 
Treasury AB. As of 31 December 2024 the RCF was 
undrawn. On 14 May 2021, EQT AB issued a EUR 500m 
sustainability-linked bond with a maturity of 10 years. 
The annual coupon rate is 0.875 percent. On 6 April 
2022, EQT AB issued a EUR 750m sustainability-linked 
bond with a maturity of 6 years and a coupon rate of 
2.375 percent, and also a EUR 750m sustainabili -
ty-linked bond with a maturity of 10 years and a coupon 
rate of 2.875 percent. The bonds further increased the 
EQT AB Group’s financial flexibility and are used for 
corporate purposes, supporting the EQT AB Group’s 
growth initiatives and long-term strategy. Both the RCF 
and the bonds are linked to sustainability-related 
objectives, meaning that the interest rates of the bonds 
and the RCF are increased if the targets are not 
achieved, and the interest rate of the RCF is lowered if 
the targets are met. It underscores EQT’s approach to 
sustainability as an integral part of the EQT AB Group’s 
business model and the EQT funds’ portfolio companies. 
Cash and cash equivalents as of 31 December 2024 
amounted to EUR 1,024.0m (EUR 1,114.0m). 
Distribution of remaining contractual cash flows of 
the EQT AB Group’s financial liabilities:
Carrying 
amount Expected maturity
EUR m 31.12.2024 Total 2025 2026
After 
2026
Interest-bearing 
 liabilities 2,020.5 2,242.8 43.8 43.8 2,155.3
Accounts  payable 7.7 7.7 7.7 — —
Other liabilities 71.4 71.4 71.4 — —
Accrued expenses 209.4 209.4 209.4 — —
Leasing liabilities 202.5 236.0 35.6 29.1 171.3
Remaining 
 commitments 446.5
Total 2,511.4 3,213.6 367.8 72.9 2,326.6
Carrying 
amount Expected maturity
EUR m 31.12.2023 Total 2024 2025
After 
2025
Interest-bearing 
 liabilities 2,020.8 2,286.1 43.8 43.8 2,198.5
Accounts payable 12.2 12.2 12.2 — —
Other liabilities 72.9 72.9 72.9 — —
Accrued expenses 179.3 179.3 179.3 — —
Leasing liabilities 125.5 130.4 31.3 28.4 70.7
Remaining 
 commitments 527.9
Total 2,410.6 3,208.8 339.5 72.2 2,269.2
Translation into EUR of amounts denominated in foreign 
currency has been done using the exchange rate at the 
end of the reporting period. 
Accounts payables have a maturity of less than one 
year. Other payables include drawdown notices issued 
by the Special Limited Partners in the funds, normally 
with payment terms of 10 days. 
At 31 December 2024, the EQT AB Group had 
remaining commitments to invest in multiple EQT funds 
and fund related vehicles of a total amount of EUR 
446.5m (EUR 527.9m). The commitments are called over 
time, normally between one to five years following the 
commitment.
INTEREST RATE RISK
The EQT AB Group’s interest rate risk, related to fluctua-
tions in market interest rates with potential impact on 
the EQT AB Group’s net financial income, is limited as 
the Group’s only long-term interest-bearing debt as of 
31 December 2024 are the sustainability-linked bonds 
with 6- and 10-year fixed coupon rates, subject to 
sustainability-related objectives. Should the EQT AB 
Group be exposed to interest rate risk, the EQT AB 
Group Finance Policy allows for use of derivatives to 
manage the risk.
As of 31 December 2024 the EQT AB Group’s interest 
rate risk mainly relates to interest rates received/paid 
on cash deposits, which normally do not exceed the 
National bank rate for the relevant currency. Changes 
in cash deposits interest rates will affect the Group’s 
interest income. lf all interest rates on cash deposits 
would increase by 25 basis points, the EQT AB Group’s 
annual interest income would increase by EUR 2.6m 
(EUR 2.8m), assuming the same level of cash deposits 
as of the balance sheet date.
EQT AB Group is not exposed to significant cash 
flow risk due to changes of market interest rates in its 
lease liabilities, even if cashflows are subject to index 
adjustments for certain contracts. 
Note 18 cont.

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Notes
FOREIGN CURRENCY RISK
The Group’s foreign currency risk relates to potential 
changes in exchange rates with impact on the Group’s 
income statement and/or the value of its assets and 
liabilities.
The Group’s income is primarily denominated in EUR 
and/or USD and its expenses are primarily denomi -
nated in EUR, GBP, SEK and USD. Expenses are also 
denominated in AUD, BRL, CHF, CNY, CZK, DKK, HKD, 
INR, JPY, KRW, NOK, PLN and SGD. In most subsidiaries, 
the income and expenses are denominated in the same 
currency as the functional currency of the entity and 
does therefore not create any currency effects in the 
Group’s income statement. The Group’s presentation 
currency is EUR. Income and expenses denominated in 
EUR are therefore not directly affected by changes in 
exchange rates. However, when income and expenses 
arise in entities with a functional currency other than 
EUR, the Group’s operating profits will be affected by 
changes in exchange rates in the period between initial 
recognition of revenue or expense and settlement. 
The exposure to foreign currency risk is primarily 
related to the parent company, EQT AB, and the subsidi-
ary EQT Partners AB, both with the functional currency 
SEK. The currency risk arises as the majority of the 
income in these entities is denominated in EUR and the 
expenses are in SEK. In 2024, EUR 436.9m (EUR 349.8m) 
of income in these two entities (99 percent of total 
income) were denominated in EUR.
In 2024, currency effects of EUR 3.0m (EUR –0.8m) 
were recognized in the Group’s operating profit.
The Group’s exposure to foreign currency risk at the 
balance sheet date is primarily related to receivables, 
cash balances and liabilities held in currencies other 
than the functional currency of the entity. This exposure 
primarily arises in the parent company, EQT AB and in 
the subsidiaries, EQT Partners AB and BPEA EQT Hold -
ings AB, due to receivables, cash balances and liabilities 
in EUR and USD. A strengthening/weakening of the EUR 
and USD by 5 percent against SEK at 31 December 2024 
would affect the value of those assets, liabilities and the 
Group’s income statement by approximately EUR 
+/–113.3m (holding all other factors constant) (EUR+/–
112.7m). The sensitivity presented reflect the balances at 
the balance sheet date.
The Group is also exposed to currency risk when 
translating the balance sheets and income statements 
of the parent company and the subsidiaries with a func -
tional currency other than EUR into the presentation 
currency of the Group. The balance sheets are trans -
lated using the exchange rate at the balance sheet date 
and the income statements are translated using the 
average exchange rate for the period. The translation 
effect is recognized in other comprehensive income and 
accumulated in equity for the Group. The translation 
effect recognized in other comprehensive income in 
2024 was EUR 309.1m (EUR –229.7m).
Generally, the exposure to foreign currency risk is 
not hedged. However, EQT AB Group’s Finance Policy 
allows forward contracts to be used to buy future needs 
of foreign currencies in advance. 
No speculative trading with currencies is allowed 
according to the EQT AB Group Finance Policy.
FAIR VALUE RISK
The EQT AB Group is exposed to fair value risk in the 
form of changes in the Net Asset Value (NAV) for finan -
cial investments held by the EQT AB Group classified at 
fair value through profit or loss. The risk of changes in 
NAV is a natural consequence of the EQT AB Group’s 
business and the risk is not hedged in any way. The 
effect of changes in the NAV on the EQT AB Group’s 
profit or loss is presented below under the heading 
“Sensitivity analysis of fair values”.
Classification of financial assets and liabilities in measurement categories
Distribution of carrying amounts of financial assets and financial  lia bilities by measurement categories stipulated 
by IFRS 9.
31.12.2024, EUR m
Fair value through 
profit or loss
Financial assets at  
amortized cost
Financial liabilities at  
amortized cost Total
Financial assets
Other financial assets 0.0 10.1 10.1
Accounts receivable 0.0 0.0
Financial investments incl carried interest 4,302.3 0.0 4,302.3
Other current assets 337.9 337.9
Accrued income 105.8 105.8
Cash and cash equivalents 1,024.0 1,024.0
Total financial assets 4,302.3 1,477.8 — 5,780.1
Financial liabilities
Interest-bearing liabilities 2,020.5 2,020.5
Accounts payable 7.7 7.7
Other liabilities 71.4 71.4
Accrued expenses 209.4 209.4
Total financial liabilities — — 2,308.9 2,308.9
31.12.2023, EUR m
Fair value through 
profit or loss 
restated
Financial assets at  
amortized cost restated
Financial liabilities at  
amortized cost Total restated
Financial assets
Other financial assets 0.0 16.7 16.7
Accounts receivable 0.0 0.0
Financial investments incl carried interest 3,038.9 0.0 3,038.9
Other current assets 343.7 343.7
Accrued income 143.8 143.8
Cash and cash equivalents 1,114.0 1,114.0
Total financial assets 3,038.9 1,618.2 — 4,657.1
Financial liabilities
Interest-bearing liabilities 2,020.8 2,020.8
Accounts payable 12.2 12.2
Other liabilities 72.9 72.9
Accrued expenses 179.3 179.3
Total financial liabilities — — 2,285.1 2,285.1
Note 18 cont.

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Notes
EQT AB has issued sustainability-linked bonds (classified 
as an interest-bearing liability in the balance sheet) with 
fixed coupon rates linked to sustainability-related objec-
tives. Fair value as of 31 December 2024 amounted to EUR 
1,906.5m (carrying amount: EUR 2,000.0m). For EQT AB 
Group’s other financial assets and liabilities (accounts 
receivables, other current assets, accrued income, cash, 
deposits, accounts payables, other liabilities and accrued 
expenses) the carrying amounts are considered reason-
able approximations of their fair values. This also holds 
for other long-term assets and interest-bearing liabilities 
since these carry variable interest and therefore the fair 
value is not significantly affected by changes in the 
market interest rates.
FAIR VALUE MEASUREMENT
Fair value is the price that would be received if an asset 
was sold, or paid if a liability was transferred in an 
orderly transaction between market participants at the 
measurement date. The EQT AB Group measures fair 
values using the following fair value hierarchy that 
reflects the significance of the inputs used in making the 
measurements:
 — Quoted prices (unadjusted) in active markets for 
identical assets or liabilities (level 1)
 — Inputs – other than quoted prices included within 
level 1 – that are observable for assets or liabilities, 
either directly (that is, as prices) or indirectly (that is, 
derived from prices) (level 2)
 — Inputs for assets or liabilities that are not based on 
observable market data (that is, unobservable 
inputs) (level 3)
EQT AB Group measures investments, including 
carried interest, at fair value in the balance sheet. 
Carried interest is a part of a financial instrument that 
the EQT AB Group acquires in an arm's length transac -
tion through its holdings in the Special Limited Partners 
(SLP). The return on carried interest is fully dependent 
on the performance of the relevant fund and is either 
payable at the end of the life of the fund or paid as 
installments at the time of realization within each fund, 
or a combination thereof.
LEVEL 3 FAIR VALUES (FINANCIAL INVESTMENTS 
INCLUDING CARRIED INTEREST)
The table below shows a reconciliation of level 3 fair 
values for financial investments including carried 
interest.
EUR m 2024
2023 
restated
Opening balance 3,038.9 2,957.6
whereof carried interest 2,308.2 2,289.2
Net change in fair value 548.7 156.3
whereof carried interest 587.1 134.0
Investments 865.0 208.3
Reclassifications 99.0 -
Realization -275.6 -283.3
whereof realized (cash) carried interest -59.1 -114.7
Translation differences 26.3 0.0
Closing balance 4,302.3 1) 3,038.9
whereof carried interest 2,862.5 2,308.2
1) whereof EUR 735m relates to strategic investments to support new initiatives.
FAIR VALUE FOR FINANCIAL INVESTMENTS  
Financial investments disclosed as level 3 financial 
instruments primarily consist of investments in EQT 
funds. The fair value of EQT AB Group’s financial invest -
ments in EQT funds are based on the net asset value 
after taking all assets and deducting all liabilities and 
provisions. The valuation processes and techniques 
described below, therefore, relate to the most signifi -
cant processes and techniques for valuing the underly -
ing holdings of the funds.  
In valuing the underlying investments, the funds 
apply the International Private Equity and Venture 
Capital Valuation Guidelines (IPEV Guidelines) when 
determining the fair values for the holdings in the funds. 
Determining the fair value requires subjective assess -
ment with varying degrees of judgment regarding what 
market participants would use in estimating the value of 
an asset, including valuation methodology, pricing 
assumptions, the current economic and competitive 
environment, and the risks affecting the specific asset.
For certain investments, primarily within real estate, 
the funds make use of external valuation agents. Valua -
tion agents within real estate operate under the Royal 
Institute of Chartered Surveyors (RICS) Valuation – 
Global Standards, which incorporate the International 
Valuation Standards as published by the International 
Valuation Standards Council (IVSC).  
The valuation methods applied by the funds are 
applied consistently from period-to-period, and only 
changed if deemed necessary to reflect a representa -
tive fair value.
EQT AB Group applies control processes to ensure 
that the fair value of the financial assets reported in the 
consolidated financial statements are in accordance 
with applicable accounting standards and determined 
on a reasonable basis. This includes ensuring that the 
underlying valuations are consistent with the IPEV 
Guidelines, where relevant, and ensuring that the 
valuations are supported by underlying documentation.
The following valuation techniques are applied by 
the funds to determine fair values of investments in line 
with IFRS 13.
Carried interest  
From a valuation perspective carried interest is valued 
as a separate component of the investment in the SLP. 
The value of the financial investments related to carried 
interest is based on a calculation of the accrued alloca -
tion of carried interest to EQT AB Group for each fund 
pursuant to the fund agreements as if all underlying 
investments were realized at the current fair value as of 
such date, i.e., the net asset value of the fund. In order 
to further validate the value EQT AB Group also takes 
into consideration additional historical information such 
as fund performance and deployment to date as well as 
forward looking information such as the expected 
future deployment of the fund including but not limited 
to the expected future pattern of drawdowns, the 
expected holding period of investments and lifetime of 
the fund. As some of the inputs in the model are not 
based on observable market data, the instrument is 
included in level 3.
Valuation of quoted investments
Investments quoted on an active market are measured 
at the latest available quoted price for the individual 
asset on the measurement date.
Valuation of unquoted investments
Unquoted investments are primarily valued with a 
multiples (market) approach or discounted cash flow 
(income) approach.
Under the multiples approach, the funds determine 
the fair value of investments with revenues, sustainable 
profits, and/or positive cash flows by applying earnings 
multiples. These multiples are derived from publicly 
traded peer companies and comparable transactions.
Under the discounted cash flow (DCF) approach, 
expected cash flows are discounted to their present 
value using a rate that reflects both the time value of 
money, and the risks associated with the specific instru -
ment. The discount rate is determined based on current 
market conditions and the expected return on the 
investment.
Unobservable inputs to valuation techniques
When measuring fair value, the funds use non-observ -
able market inputs in its valuation techniques. Signifi -
Note 18 cont.

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Notes
Note 19 Leases
AS A LESSEE
The EQT AB Group’s leases mainly consist of office 
premises. The  c arrying amount of the right-of-use 
assets for the year can be found in Note 12. The lease 
liabilities are presented in the balance sheet and  a 
maturity analysis of the lease liabilities is presented in 
Note 18. 
Amounts recognized in the income statement  
EUR m 2024 2023
Interest on lease liabilities 6.9 3.5
Depreciation on right-of-use assets 40.1 33.7
47.0 37.2
EQT AB Group recognizes short-term leases and low 
value leases directly in the income statement. The 
leasing amounts for short-term leases and low value 
leases that have been expensed during 2024 and 2023 
are not significant.
Amounts recognized in the statement of cash flows
EUR m 2024 2023
Total cash outflow for leases 39.5 35.1
Right-of-use asset in the balance sheet 
EUR m 2024 2023
Additions in the right-of-use asset 1) 112.3 35.1
1) A dditions in the right-of-use asset consists of both renewals of lease contracts 
and lease contracts added through acquisitions.
cant unobservable inputs include earnings multiples, 
discount rates, capitalization rates, and the physical 
and geographic location of assets.
SENSITIVITY ANALYSIS OF FAIR VALUES
From an EQT AB Group perspective, financial invest -
ments, including carried interest, are measured at fair 
value normally by applying their relative share of the 
net asset values. A reasonable possible change of +/- 10 
percent in the net asset value would affect the fair value 
of the investments including carried interest at 31 
December 2024 with approximately EUR +600.0m or 
EUR -800.0m respectively whereof carried interest 
represents EUR +500.0m or EUR -700.0m respectively. 
The effects of any changes in fair value, excluding 
investments and realizations, would be recognized in 
the income statement.
Although the EQT AB Group believes that its esti -
mates of fair values are appropriate, the use of differ -
ent methodologies and different unobservable inputs 
could lead to different measurements of fair value. No 
other changes in unobservable input factors would 
result in any material changes in fair value. 
Office premises leases
EQT AB Group leases office premises for its office 
space. The leases of office space typically run for a 
period of 3–10 years. Some leases of office premises 
contain extension options exercisable by the EQT AB 
Group up to 6 months before the end of the contract 
period. Where practicable, the EQT AB Group seeks to 
include extension options in the leases to provide 
operational flexibility. The extension options held are 
exercisable only by the EQT AB Group and not by the 
lessors. The EQT AB Group assesses at lease com -
mencement whether it is reasonably certain to exercise 
the extension options. This assessment is based on all 
relevant facts and circumstances that exist at the 
commencement date. EQT AB Group reassesses 
whether it is reasonably certain to exercise the options 
if there is a significant event or significant change in 
circumstances within its control.
Some leases provide for additional rent payments 
that are based on changes in local price indices. Some 
also require the EQT AB Group to make payments that 
relate to the property taxes levied on the lessor and is 
generally determined annually. 
Note 18 cont.

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Notes
Note 20 Cash flow specifications
Transactions that do not involve payments  
EUR m 2024 2023
Acquisition of assets through lease 112.3 30.4
Reconciliation of debts arising from financing activities
EUR m Lease  liabilities Short-term loan
Interest-bearing 
 liabilities 1)
Total debt arising 
from financing 
 activities
Opening balance 1.1.2024 125.5 — 2,020.8 2,146.4
Cash flows incl interest –39.5 — –43.8 –83.3
Non-cash changes:
Accrued interest 6.9 — 32.5 39.4
Other 109.6²) — 10.9 120.5
Closing balance 31.12.2024 202.6 — 2,020.5 2,223.0
EUR m Lease  liabilities Short-term loan
Interest-bearing 
 liabilities 1)
Total debt arising 
from financing 
 activities
Opening balance 1.1.2023 131.5 — 2,017.4 2,148.9
Cash flows incl interest –35.1 — –43.8 –78.9
Non-cash changes
Accrued interest 3.5 — 32.5 36.0
Other 25.6²) — 14.7 40.3
Closing balance 31.12.2023 125.5 — 2,020.8 2,146.4
1) I nterest-bearing liabilities, for further information, see Note 18.
2) O ther mainly relates to acquisition of assets through lease.
Other non-cash adjustments
Other non-cash adjustments relate to the part of the 
acquisition considerations subject to lock-up EUR 
228.0m (EUR 436.4m) as well as the non-cash portion of 
equity incentive program cost EUR 93.3m (EUR 43.9m).
Unutilized credit facilities
EUR m 2024 2023
Unutilized credit facilities 1,500.0 1,500.0
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. 
Note 21 Pledged assets and contingent 
liabilities
EQT AB Group has no pledged assets or contingent 
liabilities as of 31 December 2024 (none).
Note 22 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.

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Notes
Note 23 Related parties
Expenses for salaries, other remuneration and pensions 
for the EQT AB Group’s senior executive management 
and the Board of directors in EQT AB are presented in 
Note 7. Apart from what is stated in Note 7 there are 
certain transactions that have occurred between the 
EQT AB Group and its related parties and these are 
specified in the table below.
Transactions with related parties
EURm
Sales of goods,  
services and assets
 Purchases of  
goods and services
Receivables as 
per 31 Dec
Liabilities as  
per 31 Dec
Related parties
Board members and senior executives 2024 0.9 0.6 – –
Board members and senior executives 2023 0.9 0.0 – –
Description of transactions
In April 2019, the Company entered into a consultancy 
agreement with the Company’s board member Gordon 
Orr. In accordance with this consultancy agreement, 
Gordon Orr shall – in parallel to his assignment as a 
member of the Board of directors – provide consultancy 
services as an EQT Advisor to support EQT’s administra -
tion of the EQT Network. Gordon Orr is entitled to an 
annual fixed retainer of EUR 35,000 for the provision of 
these consultancy services. The consultancy agreement 
was initially entered into for a fixed period until 30 June 
2020 but is automatically prolonged on a yearly basis in 
accordance with the terms of the agreement. Both EQT 
AB and the consultant may terminate the consultancy 
agreement with one month’s notice.
In 2024, EQT AB Group has been invoiced by two 
companies that are indirectly controlled by a board 
member for hotel and conference services, these 
transactions amounted in total to EUR 0.5m (EUR 0.0m).
Apart from above, EQT AB Group has invoiced a 
company controlled by a board member for adminis -
trative services during 2024 and 2023. The total amount 
of these transactions amounted to EUR 0.1m (EUR 0.1m).  
During 2024, EQT AB Group has paid EUR 767,571 
(EUR 764,606), amount converted from SEK, in pension 
to the chairperson of the board, Conni Jonsson. How -
ever, EQT AB Group has historically made contributions 
to a pension trust so in conjunction with the payment 
from EQT AB Group to Conni Jonsson, EQT AB Group 
have also invoiced the corresponding amount to the 
pension trust. Thus, the payments of the pension were 
cost neutral for EQT AB Group during 2024 and 2023.
There have been no other significant transactions 
between EQT AB Group and its related parties during 
the period.
Note 24 Subsidiaries
Group companies
Name Registered office Corporate reg. no
Percentage held
31.12.2024 31.12.2023
EQT Partners AB Sweden 556233-7229 100% 100%
 E QT Partners Spain, S.L.U. Spain B01597822 100% 100%
 E QT Partners Netherlands B.V. Netherlands 77321227 100% 100%
 E QT Partners Denmark ApS Denmark 41073381 100% 100%
 E QT Partners AG Switzerland CHE-113.618.871 100% 100%
 E QT Partners AS Norway 940532981 100% 100%
 E QT Partners Australia Pty Ltd Australia 638432318 100% 100%
 E QT Partners Australia II Pty Ltd Australia 638488623 100% 100%
 E QT Partners Japan K.K. Japan 0104-01-158103 100% 100%
 E QT Partners Korea Co., Ltd. South Korea 110111-8167854 100% 100%
 E QT Partners GmbH Germany HRB 127746 100% 100%
 E QT Partners Belgium B.V. Belgium 0843.203.083 100% 100%
 E QT Partners Inc. USA 4401345 100% 100%
 E QT Partners Oy Finland 1098042-8 100% 100%
 E QT Partners Asia Limited Hong Kong 10199637 100% 100%
  E QT Partners Shanghai Limited China 310000400514790 100% 100%
 E QT Partners Poland sp. z o.o. Poland 0001068859 100% 0%
 E QT Partners Limited UK 6590781 100% 100%
  E QT Partners UK Advisors LLP UK OC338685 0% 100%
  E QT Partners UK Advisors II LLP UK OC397306 0% 100%
 E QT Partners S.R.L. Italy 10552820960 100% 100%
 E QT Partners SAS France 85392898400014 100% 100%
 E QT Partners Asia Pte. Ltd. Singapore 200004783Z 100% 100%
  E QT Partners India Private Limited India U74140MH2009PTC216794 100% 100%
   E QT Partners India Private Limited, Bengaluru Branch India - - -
 E QT Partners Capital Limited Hong Kong 2629750 100% 100%
 E QT Partners Hong Kong Limited Hong Kong 645312 100% 100%
  E QT Partners Beijing Limited China 91110105MA01N0FP32 100% 100%
  E QT Partners Hong Kong Limited Beijing Rep Office China 911100006804526911 0% 100%
  B PEA Shanghai Limited China 91310000MA1FYJ229F 100% 100%
  E QT Partners Hong Kong Shanghai Rep Office China 91310000752480166Q 100% 100%
  P T BPEA Private Advisors Indonesia AHU-AH.01.03-0376884 100% 100%
EQT Exeter Advisors Sweden AB Sweden 559296-3507 100% 100%
 E QT Exeter Advisors Netherlands B.V. Netherlands 83321047 100% 100%

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Notes
Note 24 cont
Name Registered office Corporate reg. no
Percentage held
31.12.2024 31.12.2023
 E QT Exeter Advisors Spain S.L. Spain B88285325 100% 100%
 E QT Exeter Advisors France SAS France 819960634 100% 100%
 E QT Exeter Advisors Australia Pty Ltd Australia 659318975 100% 100%
 E QT Exeter Japan K.K. Japan 0104-01-089160 100% 67%
  J LML 11 GK Japan 0104-03-021462 0% 100%
 E QT Exeter Korea Limited South Korea 465-81-00642 88% 75%
 E QT Exeter Advisors Germany GmbH Germany HRB 101640 100% 100%
 E QT Exeter Advisors Belgium B.V. Belgium 0781.995.192 100% 100%
 E QT Exeter Asia Pacific Advisors Pte. Limited Singapore 202100784Z 100% 100%
 E QT Exeter China Ventures Limited Hong Kong 71631486 100% 100%
   E QT Exeter Management Advisors (Shanghai) Co., Ltd China 91310000 100% 100%
 E QT Partners Austria GmbH Austria FN551349H 100% 100%
 E QT Exeter Advisors Italy S.r.l. Italy 11641590960 100% 100%
 E QT Exeter Advisors Poland Sp. z o.o. Poland 0000587835 100% 100%
 E QT Exeter Advisors UK Limited UK 13306870 100% 100%
 E QT Partners Ireland Limited Ireland 653468 100% 100%
 E QT Partners Czechia spol. s r.o. Czech Republic 11889756 100% 100%
 E xeter UK Advisor, LLP UK OC396135 0% 100%
 E xeter Europe (UK), Ltd UK 09284690 100% 100%
EQT Services (UK) Limited UK 07936651 100% 100%
EQT Corporate Services Netherlands B.V. Netherlands 74993097 100% 100%
EQT Treasury AB Sweden 559227-5647 100% 100%
 E QT Holdings AB Sweden 559244-1462 100% 100%
  E QT Lightspeed S.à r.l. Luxembourg B246446 100% 100%
  EEAKLV Limited South Korea 110114-0295277 100% 100%
  E QT Exeter China Investments 1 Pte. Ltd. Singapore 202217730H 100% 100%
    E QT Exeter Supply Chain (Changzhou) Company Limited China 91320411MABQC28C0W 0% 100%
 E QT Holdings III AB Sweden 559289-1864 100% 100%
 E QT Holdings S.à r.l. Luxembourg B244018 100% 100%
  E QT Growth (General Partner) S.à r.l. Luxembourg B249692 100% 100%
  E QT Growth Holding SCSp 1) Luxembourg B252708 - -
  E NIF Holdings (General Partner) S.à r.l. Luxembourg B284847 100% 0%
  E QT Infrastructure V (General Partner) S.à r.l. Luxembourg B243962 100% 100%
  E QT Infrastructure V Holding SCSp 1) Luxembourg B247380 - -
  E QT IX (General Partner) S.à r.l. Luxembourg B238938 100% 100%
   E QT IX GP LLC USA 3167396 100% 100%
  E QT IX Holding SCSp 1) Luxembourg B243133 - -
  E QT Future (General Partner) S.à r.l. Luxembourg B252846 100% 100%
  E QT Future Holding SCSp 1) Luxembourg B255163 - -
Name Registered office Corporate reg. no
Percentage held
31.12.2024 31.12.2023
  E QT X (General Partner) S.à r.l. Luxembourg B255058 100% 100%
  E QT X Holding SCSp 1) Luxembourg B256955 - -
  B PEA Private Equity GP IX S.à r.l. Luxembourg B286136 100% 0%
  E QT FC Sicar SCA 1) Luxembourg B279712 - -
  E QT Ventures III (General Partner) S.à r.l. Luxembourg B258957 100% 100%
  E QT Ventures III Holding SCSp 1) Luxembourg B259004 - -
   E QT Active Core Infrastructure (General Partner) S.à r.l. Luxembourg B260249 100% 100%
  E QT Active Core Infrastructure Holding SCSp 1) Luxembourg B259827 - -
  E QT Infrastructure VI (General Partner) S.à r.l. Luxembourg B265893 100% 100%
  E QT Infrastructure VI Holding SCSp 1) Luxembourg B271546 - -
  B PEA EQT Mid-Market Growth GP, S.à r.l. Luxembourg B272128 100% 100%
  B pea EQT Mid-Market Growth Holding SCSp 1) Luxembourg B281085 - -
  E NXF Holdings (General Partner) S.à r.l. Luxembourg B277211 100% 100%
  E QT LSP 8 (General Partner) S.à r.l. Luxembourg B288189 100% 0%
  E QT Life Sciences 8-Dementia (General Partner) S.à r.l. Luxembourg B291005 100% 0%
  E QT Real Estate Europe Living II (General Partner) S.à r.l. Luxembourg B290845 100% 0%
  E QT Future II (General Partner) S.à r.l. Luxembourg B291854 100% 0%
  E QT Growth II (General Partner) S.à r.l. Luxembourg B291856 100% 0%
  E QT Ventures IV (General Partner) S.à r.l. Luxembourg B291852 100% 0%
  E QT XI (General Partner) S.à r.l. Luxembourg B291942 100% 0%
  E QT Healthcare Growth (General Partner) S.à r.l. Luxembourg B268189 100% 100%
  E QT Healthcare Growth Holding SCSp 1) Luxembourg B281254 - -
  E QT Transition Infrastructure (General Partner) S.à r.l. Luxembourg B275352 100% 100%
  E QT Transition Infrastructure Holding SCSp 1) Luxembourg B290860 - -
  E xeter Europe GP, LLC USA 5610896 100% 100%
   Exeter Europe, LP USA 5610898 100% 100%
    E xeter Europe Value Venture III GP S.à r.l. Luxembourg B216344 100% 100%
     E xeter Europe Value Venture III Feeder GP S.à r.l. Luxembourg B220583 100% 100%
    E xeter Europe Industrial Core GP S.à r.l. Luxembourg B238532 100% 100%
     E xeter Europe Logistics Value Fund IV GP S.à r.l. Luxembourg B249708 100% 100%
    E PIP MF GP S.à r.l. Luxembourg B223215 100% 100%
    E PIP MF II GP S.à r.l. Luxembourg B237012 100% 100%
    E PIP II GP S.à r.l. Luxembourg B245662 100% 100%
    EGIP GP S.à r.l. Luxembourg B195412 100% 100%
    E GIP II GP S.à r.l. Luxembourg B191498 100% 100%
  E QT Exeter China Logistics Fund GP S.à r.l. Luxembourg B256221 100% 100%
  E QT Exeter ELC II (General Partner) S.à r.l. Luxembourg B266601 100% 100%
  E QT Exeter ELC II Holding SCSp 1) Luxembourg B271440 - -
   E QT Exeter Asia Pacific Logistics Value Fund II GP S.à r.l. Luxembourg B277597 100% 100%

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Notes
Note 24 cont
Name Registered office Corporate reg. no
Percentage held
31.12.2024 31.12.2023
   E QT Exeter Europe Logistics Value Fund V GP S.à r.l. Luxembourg B289408 100% 0%
 E QT Life Sciences Group B.V. Netherlands 863653698 100% 100%
  L SP Health Economics Fund Management B.V. Netherlands 858137501 100% 100%
  L SP V Management B.V. Netherlands 854065155 100% 100%
  L SP HEF 2 Management B.V. Netherlands 858137501 100% 100%
  L SP 6 Management B.V. Netherlands 858491783 100% 100%
  L SP Dementia Fund Management B.V. Netherlands 862010469 100% 100%
  L SP 7 Management B.V. Netherlands 862751007 100% 100%
  E QT Health Economics 3 Management B.V. Netherlands 865324281 100% 100%
  L SP Advisory B.V. Netherlands 819117481 100% 100%
 E QT Procurement S.à r.l. Luxembourg B201525 100% 100%
EQT Exeter Holdings US, Inc. USA 5402675 100% 100%
 E xeter Property Group, LLC USA 4207665 100% 100%
  E xeter Big Box AM Platform, LLC USA 5854337 100% 100%
   E xeter Big Box Asset Manager, LLC USA 5854341 100% 100%
  E xeter FeeCo I, LLC USA 6912131 100% 100%
   E QT Exeterfeeco Mexico S. de R. L. de C. V. Mexico 2018078689 100% 100%
  E xeter FeeCo II, LLC USA 6912346 100% 100%
  E QT Exeter US GP Solutions, LLC USA 7399251 100% 100%
 E xeter Property Group Advisors, LLC USA 4214673 100% 100%
  E xeter Big Box Property Manager, LLC USA 5854344 100% 100%
 E xeter US Advisor, LLC USA 5610899 100% 100%
  E QT Exeter Brazil Platform, LLC USA 3065333 100% 100%
   E QT Exeter Brazil Ventures, LLC USA 7961465 100% 100%
    E QT Exeter Brasil Investimentos Ltda. Brazil 3523622040-2 100% 100%
  E xeter China Ventures, LLC USA 7713778 100% 100%
 E QTE Brokerage LLC USA 6939462 100% 100%
BPEA EQT Holdings AB Sweden 559374-8691 100% 100%
 B PEA GP III Limited Cayman Islands 137871 100% 100%
 B PEA Hong Kong Growth Fund GP Limited Hong Kong 3074863 100% 100%
 B PEA Private Equity GP IV Limited Cayman Islands 192622 100% 100%
 B PEA Private Equity GP V Limited Cayman Islands 244752 100% 100%
 B PEA Private Equity GP VI Limited Cayman Islands 288217 100% 100%
 B PEA Private Equity GP VII Limited Cayman Islands 332034 100% 100%
 B PEA Private Equity GP VII S.à r.l. Luxembourg B222407 100% 100%
 B PEA Private Equity GP VIII Limited Cayman Islands 373499 100% 100%
 B PEA Private Equity GP VIII S.à r.l. Luxembourg B254359 100% 100%
 B PEA General Partner Limited Cayman Islands 355832 100% 100%
 B PEA TFO Partnership GP Limited Cayman Islands 317126 100% 100%
Name Registered office Corporate reg. no
Percentage held
31.12.2024 31.12.2023
 B PEA Asia Real Estate GP Limited Cayman Islands 268444 100% 100%
 B PEA Asia Real Estate GP II Limited Cayman Islands 325315 100% 100%
 B PEA Real Estate GP II S.à r.l. Luxembourg B222040 100% 100%
BAKPDC3 Pte. Ltd. Singapore 201708595C 100% 100%
EQT Fund Management S.à r.l. Luxembourg B167972 100% 100%
 E QT Fund Management S.à r.l. German Branch Germany - - -
EQT Infrastructure II (GP) Limited UK SC416498 100% 100%
EQT Mid Market (GP) Limited UK SC436969 100% 100%
EQT VII Co-Investment (General Partner) S.à r.l. Luxembourg B217579 100% 100%
EQT Co-Investment (GP) S.à r.l. Luxembourg B209598 100% 100%
EQT VII International Holdings B.V. Netherlands 69473129 100% 100%
 E QT VII Luxembourg (General Partner) S.à r.l. Luxembourg B214397 100% 100%
 E QT VII Netherlands (General Partner) B.V. Netherlands 68608195 100% 100%
EQT Real Estate Limited UK SC504628 100% 100%
EQT Ventures (General Partner) S.à r.l. Luxembourg B196578 100% 100%
EQT Mid Market US (General Partner) Limited UK SC500973 100% 100%
EQT Mid Market Asia III (General Partner) Limited UK SC521109 100% 100%
EQT Mid Market Europe (General Partner) Limited UK SC521108 100% 100%
EQT Infrastructure III (General Partner) S.à r.l. Luxembourg B207225 100% 100%
EQT VIII (General Partner) S.à r.l. Luxembourg B215816 100% 100%
EQT Management S.à r.l. Luxembourg B145067 100% 100%
 E QT Luxembourg Management S.à r.l. Luxembourg B217192 100% 100%
 E QT RA Management S.à r.l. Luxembourg B240358 100% 100%
 E QT Infrastructure II (General Partner) S.à r.l. Luxembourg B244690 100% 100%
  E I II GP C.V. Netherlands 78485266 100% 100%
 E QT Mid Market (General Partner) S.à r.l. Luxembourg B244691 100% 100%
  E MM GP C.V. Netherlands 78485622 100% 100%
 E QT Public Value (General Partner) S.à r.l. Luxembourg B225269 100% 100%
 E QT Mid Market US (General Partner) S.à r.l. Luxembourg B243106 100% 100%
  E MMUS GP C.V. Netherlands 78484804 100% 100%
  E QT Mid Market Asia III (General Partner) S.à r.l. Luxembourg B243105 100% 100%
  E MMASIA III GP C.V. Netherlands 78484316 100% 100%
  E QT Mid Market Europe (General Partner) S.à r.l. Luxembourg B243128 100% 100%
  E MMEU GP C.V. Netherlands 78484030 100% 100%
 E QT Infrastructure IV (General Partner) S.à r.l. Luxembourg B225708 100% 100%
 E QT Ventures II (General Partner) S.à r.l. Luxembourg B232970 100% 100%
 E QT Real Estate II (General Partner) S.à r.l. Luxembourg B225704 100% 100%
  E QT Services (General Partner) Limited UK 07936703 100% 100%
 E QT Exeter Services Luxembourg S.à r.l. Luxembourg B229258 100% 100%

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Notes
Name Registered office Corporate reg. no
Percentage held
31.12.2024 31.12.2023
  T SG Luxembourg S.à r.l. Luxembourg B283381 100% 0%
EQT Management SG Pte. Ltd. Singapore 2021226838H 100% 100%
EQT Holdings B.V. Netherlands 54467861 100% 100%
 E QT Holdings II B.V. 1) Netherlands 55502903 - -
  E QT Infrastructure II GP B.V. Netherlands 54468701 100% 100%
 E QT Holdings III B.V. 1) Netherlands 56497490 - -
  E QT Mid Market Immigration GP B.V. Netherlands 71283730 100% 100%
  E QT Mid Market GP B.V. Netherlands 55314295 100% 100%
 E QT Public Value Holding SCSp 1) Luxembourg B225503 - -
 E QT Holdings VII B.V. 1) Netherlands 63039818 - -
  E QT VII (General Partner) LP UK SL019045 100% 100%
 E QT Holdings Real Estate B.V. 1) Netherlands 63243687 - -
  E QT Real Estate I (General Partner) LP UK SL020800 100% 100%
 E QT Holdings Ventures B.V. 1) Netherlands 63191334 - -
  E QT Ventures (GP) SCS Luxembourg B196905 100% 100%
 E QT Holdings MMUS B.V. 1) Netherlands 63039729 - -
  E QT Mid Market US GP B.V. Netherlands 62863223 100% 100%
 E QT Mid Market Asia III Holding SCSp 1) Luxembourg B227416 - -
  E QT Mid Market Asia III GP B.V. Netherlands 64683869 100% 100%
 E QT Holdings MM Europe B.V. 1) Netherlands 65104153 - -
  E QT Mid Market Europe GP B.V. Netherlands 64683796 100% 100%
 E QT Holdings Infrastructure III B.V. 1) Netherlands 66262844 - -
  E QT Infrastructure III (GP) SCS Luxembourg B207350 100% 100%
 E QT VIII Holding SCSp 1) Luxembourg B215898 - -
  E QT VIII (GP) SCS Luxembourg B215860 100% 100%
 E QT Infrastructure IV Holding SCSp 1) Luxembourg B228288 - -
  E QT Infrastructure IV (GP) SCS Luxembourg B225827 100% 100%
 E QT Ventures II Holding SCSp 1) Luxembourg B234431 - -
  E QT Ventures II (GP) SCS Luxembourg B233027 100% 100%
 E QT Real Estate II Holding SCSp 1) Luxembourg B227912 - -
  E QT Real Estate II (GP) SCS Luxembourg B226491 100% 100%
EQT Investment Verwaltungs-GmbH Germany HRB 194327 100% 100%
 E QT Active Core Infrastructure GmbH & Co. KG Germany HRA 114883 97% 97%
 E QT Active Core Infrastructure Side Car GmbH & Co. KG Germany HRA 117622 98% 98%
 E QT Equity Investment GmbH & Co. KG Germany HRA 103524 97% 97%
 E QT Equity Kiwi Investments GmbH & Co. KG Germany HRA 110788 97% 97%
 E QT Future GmbH & Co. KG Germany HRA 114368 97% 97%
 E QT Growth GmbH & Co. KG Germany HRA 114254 97% 97%
 E QT Healthcare Growth GmbH & Co. KG Germany HRA 117587 98% 98%
Name Registered office Corporate reg. no
Percentage held
31.12.2024 31.12.2023
 E QT Infrastructure III Investment GmbH & Co. KG Germany HRA 106439 97% 97%
 E QT Infrastructure IV GmbH & Co. KG Germany HRA 109499 97% 97%
 E QT Infrastructure IV Side Car GmbH & Co. KG Germany HRA 111708 97% 97%
 E QT Infrastructure V GmbH & Co. KG Germany HRA 112378 97% 97%
 E QT Infrastructure VI GmbH & Co. KG Germany HRA 116470 98% 98%
 E QT Infrastructure VI Side Car GmbH & Co. KG Germany HRA 117225 98% 98%
 E QT Infrastructure VI Soteria Side Car GmbH & Co. KG Germany HRA 117789 98% 98%
 E QT Investment GmbH & Co. KG Germany HRA 98727 97% 97%
 E QT Leverage Employee GP GmbH & Co. KG Germany HRA 117586 98% 98%
 E QT Mid Market Asia III GmbH & Co. KG Germany HRA 106294 97% 97%
 E QT Mid Market Europe GmbH & Co. KG Germany HRA 105565 97% 97%
 E QT Mid Market Investment GmbH & Co. KG Germany HRA 96874 97% 97%
 E QT Mid Market US GmbH & Co. KG Germany HRA 103658 97% 97%
 E QT Public Value GmbH & Co. KG Germany HRA 109578 97% 97%
 E QT Transition Infrastructure GmbH & Co. KG Germany HRA 119979 98% 0%
 E QT Ventures II GmbH & Co. KG Germany HRA 110584 97% 97%
 E QT Ventures Investment GmbH & Co. KG Germany HRA 104817 97% 97%
 E QT VIII GmbH & Co. KG Germany HRA 107356 97% 97%
 E QT VIII Side Car GmbH & Co. KG Germany HRA 110252 97% 97%
 E QT IX GmbH & Co. KG Germany HRA 111687 97% 97%
 E QT IX Side Car GmbH & Co. KG Germany HRA 113956 97% 97%
 E QT X GmbH & Co. KG Germany HRA 115219 98% 98%
 E QT X Side Car GmbH & Co. KG Germany HRA 116468 98% 98%
EQT HC Holdings I B.V. Netherlands 58187898 100% 100%
EQT HC Holdings II B.V. Netherlands 58188177 100% 100%
White Mill Two AG Switzerland CHE-195.379.514 100% 100%
1)  T he EQT AB Group controls only specified and ring-fenced assets and liabilities within the entity (a silo), see Note 2 and Note 3 regarding unconsolidated structured 
entities.
Note 24 cont

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Notes
Note 25 Earnings per share
EUR 2024
2023 
restated
Earnings per share, before dilution 0.656 0.142
– of which continued operations 0.656 0.149
Earnings per share, after dilution 0.656 0.142
– of which continued operations 0.656 0.149
The calculation of earnings per share has been based 
on the net income attributable to the shareholders and 
the weighted average number of shares outstanding. 
The amounts used in the numerator and denominator 
are presented below together with some additional 
information. 
Net income attributable to ordinary shareholders and 
outstanding class C shares, basic and diluted
EUR m 2024
2023 
restated
Net income attributable to shareholders, 
basic 776.3 167.9
Net income attributable to  s hareholders, 
diluted 776.3 167.9
Weighted average number of shares, basic and diluted
Number of shares 2024 2023
Weighted average number of 
 shares, basic 1,183,153,914 1,185,754,323
Number of dilutive shares 1,012,485 679,983
Weighted average number of 
 shares, diluted 1,184,166,399 1,186,434,306
INTERESTS IN UNCONSOLIDATED STRUCTURED 
ENTITIES
Silos not controlled and accordingly not consolidated by 
the EQT AB Group consist of investments in EQT funds, 
including carried interest, facilitated through structured 
entities. The EQT AB Group has economic interests 
relating to transactions with unconsolidated silos of 
structured entities with reference to the Group’s finan -
cial investments including carried interest.
The EQT AB Group’s investments including carried 
interests are recognized in the balance sheet as "Finan -
cial investments incl carried interest", measured at fair 
value and changes in fair value are recognized as 
"Carried interest and investment income" in the income 
statement. Disclosures of the investments are presented 
in Note 18. 
The EQT AB Group’s maximum risk exposure relat -
ing to silos are represented by the amount recognized 
in the balance sheet as "Financial investments incl 
carried interest". In addition, EQT AB Group is exposed 
to the risk of claw-backs on carried interest as 
described in Note 18.
INVESTMENT ENTITY
From an IFRS 10 perspective EQT AB Group is consid -
ered 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 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 consoli -
dated. 
Note 24 cont

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Notes
Consolidated income statement, restated
EUR m
Previously  
reported 2023 Restatement
2023  
restated
Management fee 1,966.1 1,966.1
   Carried interest and investment income 118.4 38.0 156.3
Total revenue 2,084.4 38.0 2,122.4
   Personnel expenses   –705.3 –705,3
Acquisition related personnel expenses –436.4 –436.4
Other operating expenses –249.7 –249.7
Total operating expenses –1,391.4 — –1,391.4
Operating profit before depreciation and amortization (EBITDA) 693.1 38.0 731.0
Depreciation and amortization –54.1 –54.1
Amortization of acquisition related intangible assets    –364.1 –364.1
Operating profit (EBIT) 274.9 38.0 312.8
Net financial income and expenses –35.5 –35.5
Profit before income tax (EBT) 239.4 38.0 277.4
Income taxes –100.2 –100.2
Net income for the period from continuing operations 139.2 38.0 177.2
Net income for the period from discontinued operations –9.3 –9.3
Net income 129.9 38.0 167.9
Earnings per share, EUR
before dilution 0.110 0.142
- of which continued operations 0.117 0.149
after dilution 0.109 0.142
- of which continued operations 0.117 0.149
The single effect on the IFRS consolidated income statement of the restatement, due to the change in accounting 
policy regarding carried interest, is that the Carried interest and investment income line increased with the below 
amounts due to the positive change in fair value attributable to the period. 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.
Note 26 Changes in accounting policy 
regarding carried interest
Following an analysis of EQT's investment in Special 
Limited Partners (SLP), it was concluded that the entire 
investment should be classified as a financial instru -
ment in accordance with IFRS 9 "Financial instruments". 
The investment in SLP is a contract which gives the right 
to receive cash, and it therefore meets the definition of 
a financial instrument.
Previously the investment has been divided into two 
parts, one financial instrument which has been recog -
nized at fair value in the balance sheet and one part 
that related to the carried interest which has been 
accounted for in accordance with IFRS 15 "Revenue 
from contracts with customers" 1).
As of 1 January 2024, EQT accounts for the entire 
investment, including carried interest, as a financial 
instrument 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 restatement is done in accordance with IAS 8 
"Accounting policies, changes in accounting estimates 
and errors" and the comparative period is restated.
The financial investments including carried interest 
is part of EQT's operating activities and is realized on a 
continuous basis. These investments have no contrac -
tual duration and is realized in  the normal operating 
cycle which has led to the conclusion that these invest -
ments are presented as current assets. Restatement is 
made of the comparative period. Consequently, also 
the cash flow from financial investments is classified in 
operating activities and reclassified from investing 
activities.
The effects of the change regarding accounting for 
carried interest, and reclassification of cash flows for 
financial investments have the following retrospective 
effects in the financial statements for the comparative 
period the fiscal year 2023.
1) The previous accounting policy for carried interest in accordance with IFRS 15 is 
presented in the annual report for 2023 on page 61.

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Notes
Note 26 cont
The change in accounting policy regarding measurement, classification and presentation of carried interest leads 
to the following effects in the consolidated balance sheet.
Reclassifications
Financial investments under Non-current asset together with Accrued but yet not paid carried interest has been
 reclassified into one single amount and presented as financial investments under the headline Current assets.
Effects on Retained earnings including net income
The change in accounting policy has generated a net increase of financial investments with a corresponding 
increase in Retained earnings including net income.
Consolidated balance sheet, restated
EUR m
Previously reported  
31 December 2023 Restatement
31 December 2023 
restated
ASSETS
Non-current assets
Goodwill 2,132.6 2,132.6
Other intangible assets 3,147.7 3,147.7
Property, plant and equipment 171.5 171.5
Financial investments 730.7 –730.7 —
Other financial assets 16.7 16.7
Other non-current assets 17.8 17.8
Deferred tax assets 92.1 92.1
Total non-current assets 6,309.1 –730.7 5,578.4
Current assets
Current tax assets 30.5 30.5
Accounts receivable and other current assets 343.7 343.7
Financial investments incl carried interest — 3,038.9 3,038.9
Accrued but yet not paid carried interest 896.1 –896.1 —
Acquisition related prepaid personnel expenses 344.7 344.7
Other prepaid expenses and accrued income 170.2 170.2
Cash and cash equivalents 1,114.0 1,114.0
Total current assets 2,899.2 2,142.8 5,042.0
Total assets 9,208.3 1,412.1 10,620.4
Equity and liabilities
Equity
Share capital 11.8 11.8
Other paid in capital 5,593.2 5,593.2
Reserves –450.0 –450.0
Retained earnings including net income 848.4 1,412.1 2,260,5
Total equity attributable to owners of the parent company 6,003.6 1,412.1 7,415.8
Non-controlling interest — — —
Total equity 6,003.6 1,412.1 7,415.8
Consolidated balance sheet, restated
EUR m
Previously reported  
1 January 2023 Restatement
1 January 2023 
restated
Assets
Non-current assets
Goodwill 2,172.2 2,172.2
Other intangible assets 3,624.7 3,624.7
Property, plant and equipment 170.5 170.5
Financial investments 668.4 –668.4 —
Other financial assets 40.4 40.4
Other non-current assets 15.2 15.2
Deferred tax assets 110.2 110.2
Total non-current assets 6,801.5 –668.4 6,133.1
Current assets
Current tax assets 29.4 29.4
Accounts receivable and other current assets 350.4 350.4
Financial investments incl carried interest — 2,957.6 2,957.6
Accrued but yet not paid carried interest 915.0 –915.0 —
Acquisition related prepaid personnel expenses 791.0 791.0
Other prepaid expenses and accrued income 70.4 70.4
Cash and cash equivalents 644.9 644.9
Total current assets 2,801.1 2,042.6 4,843.7
Total assets 9,602.6 1,374.2 10,976.8
Equity and liabilities
Equity
Share capital 11.2 11.2
Other paid in capital 5,593.2 5,593.2
Reserves –220.4 –220.4
Retained earnings including net income 1,014.7 1,374.2 2,388.9
Total equity attributable to owners of the parent company 6,398.7 1,374.2 7,772.9
Non-controlling interest — — —
Total equity 6,398.7 1,374.2 7,772.9

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Notes
Note 26 cont
Consolidated statement of cash flow, restated
EUR m
Previously 
reported  2023 Restatement
2023  
restated
Cash flows from operating activities
Operating profit (EBIT), continuing operations 274.9 38.0 312.8
Adjustments:
Depreciation and amortization 418.2 418.2
Changes in fair value –22.5 –133.8 –156.3
Foreign currency exchange differences –15.0 –15.0
Other non-cash adjustments 479.5 479.5
Investments in financial investments incl carried interest — –208.3 –208.3
Recorded, yet not paid carried interest –95.8 95.8 —
Paid carried interest 114.7 –114.7 —
Proceeds from disposals of financial investments incl carried interest — 283.3 283.3
Increase (-) /decrease (+) in accounts receivable and other receivables –121.5 –121.5
Increase (+) /decrease (-) in accounts payable and other payables 17.6 17.6
Income taxes paid –105.3 –105.3
Net cash from operating activities 944.8 –39.7 905.0
Cash flows from investing activities
Investment in intangible assets –0.5 –0.5
Acquisition of property, plant and equipment –23.1 –23.1
Investments in financial investments –208.3 208.3 —
Proceeds from disposals of financial investments 168.6 –168.6 —
Interest received 24.3 24.3
Final earn-out divestment Credit 11.2 11.2
Investment in non-current assets –11.0 –11.0
Net cash from (+) / used in (-) investing activities –38.8 39.7 0.9
Cash flows from financing activities
Dividends paid –298.4 –298.4
Payment of lease liabilities –31.6 –31.6
Interest paid –47.7 –47.7
Share issue 0.5 0.5
Purchase of own shares and/or participations –38.0 –38.0
Net cash from (+) / used in (-) financing activities –415.2 — –415.2
Net increase (+) / decrease (-) in cash and cash equivalents 490.8 490.8
Cash and cash equivalents at the beginning of the period 644.9 644.9
Foreign currency translation difference –21.7 –21.7
Cash and cash equivalents at the end of the period 1,114.0 — 1,114.0
The change in accounting policy has the following 
effect on the consolidated statement of cash flows.
As the change in accounting policy has affected 
operating profit positively due to the changes in fair 
value, consolidated statement of cash flow is starting 
from a restated operating profit and consequently, as 
the fair value change is not a cash generating transac -
tion, the increase is reversed on the line item Changes in 
fair value. The remaining changes due to the change in 
accounting policy are reclassifications as described 
below.
Reclassifications
As all financial investments including carried interest 
are presented as one single line item in the balance 
sheet, the non-cash adjustment for Recorded, not yet 
paid carried interest is presented as part of Changes in 
fair value. Furthermore, as it has been deemed that 
cash flow from Financial investments including carried 
interest is part of EQT's operating activities, the cash 
flow has been reclassified from investing activities to 
operating activities and that Paid carried interest is 
presented as part of proceeds from Financial invest -
ments including carried interest.

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Parent company income statement
Parent company income statement
1 January — 31 December
SEK m Note 2024 2023
Net sales 2 2,198.2 2,091.8
Other operating income 3 - -
Total revenue 2,198.2 2,091.8
Personnel expenses 5 –730.6 –585.5
Other external costs 6, 7 –1,402.8 –1,192.7
Other operating expenses 4 –3.1 –7.2
Depreciation and amortization 12 –13.7 –11.5
Operating profit/loss 48.0 294.9
Profit/loss from financial items
Profit/loss from participation in subsidiaries 8 5,982.7 5,097.9
Interest income and similar profit/loss items 9 415.0 320.2
Interest expense and similar profit/loss items 10 –1,970.0 –759.7
Profit/loss after financial items 4,475.7 4,953.3
Group contribution 577.9 257.9
Profit/loss before tax 5,053.6 5,211.3
Income taxes 11 -19.6 115.2
Net income 5,033.9 5,326.5
Net income corresponds to total comprehensive income.

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Parent company balance sheet
Parent company balance sheet
SEK m Note 31.12.2024 31.12.2023
Assets
Non-current assets
PROPERTY, PLANT AND EQUIPMENT
Leasehold improvements 12 34.0 44.2
Equipment 12 7.9 11.4
41.9 55.6
FINANCIAL ASSETS
Participation in subsidiaries 13 93,276.1 89,920.6
Long-term loans, subsidiaries 6,535.6 5,970.4
Other securities held as non-current assets 14 13.8 14.3
Deferred tax assets 11 111.6 116.4
Other long-term receivables 16 1.1 4.8
99,938.1 96,026.5
Total non-current assets 99,980.0 96,082.1
Current assets
CURRENT RECEIVABLES
Accounts receivable 525.0 7.3
Receivables from subsidiaries 3,008.3 1,788.3
Current tax assets 44.3 58.6
Other receivables 114.9 256.4
Prepaid expenses and accrued income 17 208.6 146.7
3,901.1 2,257.3
Cash and bank 18 181.2 215.1
Total current assets 4,082.3 2,472.4
Total assets 104,062.3 98,554.5
SEK m Note 31.12.2024 31.12.2023
Equity and liabilities 
Equity 19
RESTRICTED EQUITY
Share capital 125.3 125.3
125.3 125.3
NON-RESTRICTED EQUITY
Share premium reserve 58,703.7 60,051.5
Profit or loss brought forward 142.6 –1,901.6
Net income 5,033.9 5,326.5
63,880.2 63,476.4
Total equity 64,005.6 63,601.7
NON-CURRENT LIABILITIES
Interest-bearing liabilities 20 23,150.5 22,423.6
Long-term loans, subsidiaries 11,694.2 10,683.1
Total non-current liabilities 34,844.7 33,106.7
CURRENT LIABILITIES
Accounts payable 34.0 50.1
Liabilities to subsidiaries 3,450.8 1,178.2
Tax liabilities 14.4 —
Other liabilities 127.3 170.8
Accrued expenses and prepaid income 21 1,586.1 447.0
Total current liabilities 5,212.5 1,846.1
Total liabilities 40,057.2 34,952.8
Total equity and liabilities 104,062.3 98,554.5

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Parent company balance sheet
Parent company statement of changes in equity
Restricted equity Non-restricted equity
MSEK Share capital 1)
Share  
premium 
reserve
Retained 
 earnings incl. 
profit for the year Total equity
Opening balance at 1.1.2024 125.3 60,051.5 3,424.9 63,601.7
Net income — — 5,033.9 5,033.9
Transactions with owners
Dividend - — -4,256.4 -4,256.4
Cancelling of C shares -0.3 — — -0.3
Bonus issue 0.3 — — 0.3
Equity incentive programs - — 974.1 974.1
Repurchase of own shares /and or participations - –1,347.8 — –1,347.8
Total - –1,347.8 -3,282.3 –4,630.1
Closing balance at 31.12.2024 125.3 58,703.7 5,176.5 64,005.6
1) T he share capital amounts to SEK 125,335,166. 
Restricted equity Non-restricted equity
MSEK Share capital 1)
Share  
premium 
reserve
Retained  
earnings incl. 
profit for the year Total equity
Opening balance at 1.1.2023 119.4 60,487.8 1,186.1 61,793.3
Net income — — 5,326.5 5,326.5
Transactions with owners
Dividend — — –3,557.2 –3,557.2
Share issue 6.0 — — 6.0
Cancelling of C shares –0.7 — — –0.7
Bonus issue 0.7 — — 0.7
Equity incentive programs — — 469.5 469.5
Repurchase of own shares /and or participations — –436.4 — –436.4
Total 6.0 –436.4 –3,087.6 –3,518.0
Closing balance at 31.12.2023 125.3 60,051.5 3,424.9 63,601.7
1) T he share capital amounts to SEK 125,335,166.

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Parent company balance sheet
Parent company statement of cash flows
SEK m 2024 2023
Cash flows from operating activities
Operating profit (EBIT) 48.0 294.9
Adjustments:
Depreciation and amortization 13.7 11.5
Foreign currency exchange differences 3.0 7.2
Other non-cash adjustments 118.5 31.5
Increase (–) /decrease (+) in account receivables and other receivables -791.3 2,543.3
Increase (+) /decrease (–) in account payables and other payables 1,974.9 –292.5
Dividends received 5,446.1 1,983.7
Income taxes paid 13.5 –1.6
Net cash from operating activities 6,826.5 4,578.0
Cash flows from investing activities
Investment in subsidiaries/Group contributions paid -147.7 –79.6
Investment in subsidiaries - —
Divestment of subsidiaries - 56.1
Acquisition of property, plant and equipment - –8.1
Investment in non current assets - –0.4
Divestment of non current assets 4.2 0.7
Interest received 130.1 37.4
Final earn-out divestment Credit - 131.2
Net cash from investing activities -13.4 137.2
Cash flows from financing activities
Dividends paid -4,256.4 –3,557.2
Proceeds from borrowings — —
Interest paid -800.7 –515.6
Purchase of own shares and/or participations -1,347.8 –430.4
Net cash flows from financing activities -6,404.9 –4,503.3
Net increase/decrease in cash and cash equivalents 408.2 211.9
Cash and cash equivalents at the beginning of the period 215.1 84.0
Foreign currency exchange differences on cash and cash equivalents -442.1 –80.8
Cash and cash equivalents at the end of the period 181.3 215.1

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Parent company notes
Note 1 Accounting principles
GENERAL INFORMATION 
EQT AB, reg.no 556849-4180, is a Swedish registered 
limited company domiciled in Stockholm. The registered 
postal address is Box 16409, 103  27 Stockholm. The 
visiting address is Regeringsgatan 25, Stockholm. 
The annual report and consolidated financial 
statements have been approved for issuance by the 
Board of directors on 12 March 2025. The consolidated 
income statement and balance sheet and the Parent 
 company’s income statement and balance sheet will 
be presented for approval at the annual shareholders’ 
meeting on 27 May 2025. 
Amounts are presented in SEKm unless otherwise 
stated. The accounting policies are unchanged compa-
red with the annual report 2023.
STANDARDS ISSUED BUT NOT YET EFFECTIVE 
Revised standards and interpretations issued by the 
IASB and the IFRS Interpretations Committee but not yet 
effective, are expected to have an immaterial impact 
on the Parent company’s financial statements in the 
future periods of initial application. 
DIFFERENCES BETWEEN THE GROUP’S AND THE 
PARENT COMPANY’S ACCOUNTING PRINCIPLES 
Classification and presentation 
The income statement and balance sheet of the Parent 
company are prepared in accordance with the schedu -
les of the Annual Accounts Act, while the statement of 
income and other comprehensive income, the state -
ment of changes in equity, and the statement of cash 
flows are based on IAS 1 "Presentation of Financial 
Statements" and IAS 7 "Statement of Cash Flows".
Subsidiaries 
Shares in subsidiaries are recognized at cost. Transaction 
costs are included in the carrying amount of shares in 
subsidiaries. In the consolidated financial statements, 
transaction costs attributable to business  c ombinations are 
recognized directly in the income statement as incurred. 
Contingent considerations are measured based on 
the probability that the consideration will be paid. Any 
changes in the provision/receivable is  a dded to/reduces 
the cost of the shares in subsidiaries. In the consolidated 
financial statements, contingent considerations are 
measured at fair value and changes in fair value are 
recognized in the income statement. 
Investments in certain foreign entities with different 
types of share classes and with ring-fenced assets and 
liabilities attributable to each type of class, are treated 
as separate units, so called silos, within each entity. Only 
the share classes attributable to silos that are controlled 
by EQT AB are recognized as shares in subsidiaries. 
Functional and accounting currency 
The Parent company does not apply the Group’s prin -
ciples for determining the functional currency. Instead, 
the Annual Accounts Act’s rules on accounting currency 
are applied, which means that the Parent company has 
SEK as its accounting and reporting currency. 
Anticipated dividends 
Anticipated dividends from subsidiaries are recognized 
in cases where the Parent company alone has the right 
to decide the size of the dividend and the Parent com -
pany has decided on the size of the dividend before the 
Parent company has published its financial statements. 
Tax 
Unlike the consolidated financial statements, the Parent 
company recognizes untaxed reserves in the balance 
sheet without allocating it to equity and deferred tax 
liability. Similarly, no part of the appropriation is alloca -
ted to deferred tax expenses in the Parent company’s 
income statement.
Leases
The Parent company does not apply IFRS 16 "Leases". 
Instead, all lease contracts where EQT acts as a lessee, 
the lease payments are recognized as an expense 
according to the straight-line method over the lease 
term. Accordingly, no right of use assets nor lease 
liabilities are recognized in the balance sheet.
Research and development
In the Parent company, all development costs are 
recognized as expenses in the income statement as 
incurred. In the consolidated financial statements, 
development costs are capitalized when certain crite -
rias are met.
Financial instruments
The Parent company has, in accordance with RFR 2, 
chosen not to apply IFRS 9 "Financial Instruments" for 
financial instruments, which means that financial 
non-current assets are measured at cost or amortized 
cost less any impairment losses and financial current 
assets are measured according to the lower of cost or 
market. 
However, some of the principles in IFRS 9 are appli -
cable – such as impairment losses and credit losses, 
recognition/derecognition, and the  effective interest 
method for interest income and expenses. 
The cost of interest-bearing instruments is adjusted 
for the accrued difference between the amount that 
was initially paid, after addition/deduction of transac -
tion costs, and the amount paid on maturity, i.e. 
the premium and discount respectively. 
Impairment losses on financial assets measured at 
amortized cost are recognized in accordance with IFRS 
9, in the same manner as the consolidated financial 
statements.
Impairment losses on investments in equity instru-
ments are recognized if the fair value is less than the 
carrying amount.
Financial guarantees
The Parent company’s issued financial guarantee 
contracts consist partly of guarantees in favor of subsi -
diaries. Financial guarantees require the company to 
reimburse the holder of a debt instrument for losses 
that it incurs because a specified debtor fails to make 
payment when it is due in accordance with the terms of 
the contract. 
The Parent company applies the allowed exemption 
to IFRS 9 as  p ermitted by the Swedish Financial 
Reporting Board (RFR) for financial guarantees. The 
exemption relates to financial guarantee contracts 
issued in favor of, among others, subsidiaries. The 
Parent company  r ecognizes financial guarantee con -
tracts as provisions in the balance sheet when the 
company has a commitment for which it is probable that 
a payment will be required to settle the commitment.
Parent company financial 
statements with notes

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Parent company notes
Note 1 cont
Note 2 Revenue
Revenue derives from contracts to provide services for 
other companies, mainly subsidiaries. The services 
relate to management and support functions and are 
considered to be interrelated and therefore constitute a 
single performance obligation that is fulfilled over time 
to the customer. The transaction price for the services is 
determined by a  method based on the arm’s length 
principle.
Revenue is recognized over time as the assignment 
is performed based on costs incurred and the fulfillment 
of the performance  obl igations.
The fee is invoiced on an ongoing basis based on a 
preliminary cost  estimate with a final settlement at year 
end, payment is due within 10 days from invoicing.
Note 3 Other operating income
2024 2023
Foreign currency gains on operating 
receivables/liabilities — —
— —
Note 4 Other operating expenses
2024 2023
Foreign currency losses on operating 
receivables/liabilities –3.1 –7.2
–3.1 –7.2
Note 5 Employees and personnel expenses
Average number 
of employees 2024
 whereof 
women 2023
 whereof 
women
Sweden 217 44% 211 43%
Disclosures regarding the company’s Board of directors 
and senior executives are presented in the Group’s 
Note 7.
Note 6 Audit fees and expenses
2024 2023
KPMG
Audit services 7.0 6.7
Other services 1.7 1.7
8.7 8.4
Audit services refer to the legally required examination 
of the annual report and the book-keeping, as well as 
the Board of directors and the CEO’s management and 
any other audit examinations or agreed-upon procedu -
res determined by contract. This includes their work 
assignments which rest upon the company’s auditor to 
conduct, and advising or other support justified by 
observations in the course of examination or execution 
of such other work assignments.
Note 7 Operating leases
Lease contracts where the Company is the lessee
2024 2023
Future minimum lease payments under 
non-cancellable operating leases
Within one year 49.3 37.6
Between one and five years 148.3 137.5
Later than five years - 32.0
197.6 207.1
2024 2023
Lease expenses recognized 33.8 38.1
Office rent is included in future lease expenses. The 
lease agreement has a lease term of 10 years. Part of 
the office rent is recharged to the subsidiaries EQT 
Partners AB, EQT Exeter Advisors Sweden AB and EQT 
Treasury AB and is therefore not recognized in the lease 
expenses during the year.
Note 8 Profit/loss from participations  
in subsidiaries
2024 2023
Capital gain on divested subsidiaries - 161.7
Profit/loss from participations in subsidi -
aries -10.2 -
Impairment of shares in subsidiaries –74.2 –5.5
Dividends from subsidiaries 6,067.2 4,941.8
5,982.7 5,097.9
Shareholders’ contributions 
Provided shareholders’ contributions are recognized as 
an increase in the carrying amount of the shares/
participation. Repaid shareholders’ contributions are 
recognized as dividends followed by an impairment test 
of shares in subsidiaries.
Group contributions 
Both group contributions received and paid are recog -
nized as  a ppropriations.
Salaries, other remunerations and social security 
expenses, including pension expenses
2024 2023
Salaries  
and remu-
nerations
Social 
security 
expenses
Salaries  
and remu-
nerations
Social 
security 
expenses
464.7 208.4 370.0 165.9
(of which pen-
sion expenses) 60.1 51.7
Remunerations to the company’s CEO and other senior 
executives are presented in the Group’s Note 7.

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Parent company notes
Note 11 Income taxes
2024 2023
Current tax expense/income -14.4 -
Deferred tax expense/income 103.8 116.4
Tax attributable to prior years -109.0 –1.1
-19.6 115.2
The deferred tax income of 103.8 MSEK in 2024 prima -
rily relates to the recognition of tax loss carryforwards, 
based on an assessment that sufficient taxable profits 
will arise in the future.
Reconciliation of effective tax rate
2024 2023
Profit before tax 5,053.6 5,211.3
Tax at Parent company’s  s tatutory rate, 
20.6% (20.6%) -1,041.0 –1,073.5
Non-deductible expenses -105.2 –79.5
Non-taxable income 1,250.0 1,051.4
Change in non-recognized tax losses - 218.0
Global minimum tax -14.4 -
Tax attributable to prior years -109.0 –1.1
Reported effective tax -19.6 115.2
Note 12 Property plant and equipment
Note 13 Participations in subsidiaries
2024 2023
Accumulated cost
Opening balance 94,727.9 87,841.8
Acquisitions - 0.0
Divestment of subsidiaries - –56.1
Shareholders’ contributions 3,429.7 6,942.2
Closing balance 98,157.7 94,727.9
Accumulated impairments
Opening balance -4,807.7 –4,804.3
Impairment -74.5 –3.4
Closing balance -4,881.9 –4,807.7
Carrying amount at year-end 93,276.1 89,920.6
Leasehold 
improvements Equipment Total
Accumulated cost
Opening balance 01.01.2024 90.6 19.7 110.4
Acquisitions - – -
Closing balance 31.12.2024 90.6 19.7 110.4
Accumulated depreciation
Opening balance 01.01.2024 -46.4 -8,3 -54.6
Depreciation –10.3 –3.5 –13.7
Closing balance 31.12.2024 –56.7 –11.7 –68.3
Carrying amount at  
year-end 31.12.2024 34.0 7.9 41.9
Leasehold 
improvements Equipment Total
Accumulated cost
Opening balance 01.01.2023 90.3 11.9 102.2
Acquisitions 8.2 – 8.2
Reclassification -7,9 7,9 0.0
Closing balance 31.12.2023 90,6 19.7 110.4
Accumulated depreciation
Opening balance 01.01.2023 –36.0 –7.2 –43.2
Depreciation –10.4 –1.1 –11.5
Closing balance 31.12.2023 –46.4 –8.3 –54.7
Carrying amount at  
year-end 31.12.2023 44.2 11.4 55.6
Leasehold improvements relate to the headquarter 
office. 
Note 10 Interest expense and similar  
profit/loss items
2024 2023
Interest expenses, subsidiaries –303.0 –151.6
Interest expenses, other –529.7 –534.4
Foreign currency losses –1,137.2 –73.7
–1,970.0 –759.8
Note 9 Interest income and similar  
profit/loss items
2024 2023
Interest income, subsidiaries 288.0 309.5
Interest income, other 126.1 10.5
Foreign currency gains — —
Other 0.9 0.3
415.0 320.2

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Parent company notes
Note 14 cont.
Specification of Participations in subsidiaries
31.12.2024 31.12.2023
Subsidiary / Corp. reg. no./ Registered office
Number of 
shares
Share  
in %1)
Carrying 
amount
Carrying 
amount
EQT Services (UK) Limited. Reg. no. 07936651, London 725 100.0 25.2 24.9
EQT Holdings B.V. Reg. no. 54467861, Amsterdam 1,800,000 100.0 2,282.0 2,290.4
EQT Investment Verwaltungs-GmbH. Reg. no. HRB 194327, Munich 25,000 100.0 - 17.3
EQT Infrastructure II (GP) Limited. Reg. no. 416498, Edinburgh 100 100.0 2) 0.0 0.0
EQT Fund Management S.à r.l. Reg. no. B167972, Luxembourg 1,627 100.0 424.6 310.1
EQT Mid Market (GP) Limited. Reg. no. 436969, Edinburgh 100 100.0 2) 5.9 5.5
EQT Management S.à r.l. Reg. no. B145067, Luxembourg 12,500 100.0 68.0 68.0
EQT Partners AB. Reg. no. 556233-7229, Stockholm 5,000 100.0 51,062.8 49,412.4
EQT Mid Market US (General Partner) Ltd. Reg. no. SC500973, Edinburgh 1 100.0 2) 3.9 0.0
EQT Real Estate Limited. Reg. no. SC504628, Edinburgh 1 100.0 2) 0.0 0.0
EQT Ventures (General Partner) S.à r.l. Reg. no. B0196578,  L uxembourg 12,500 100.0 0.4 0.4
EQT Infrastructure III (General Partner) S.à r.l. Reg. no. B207225,  L uxembourg 12,500 100.0 0.1 0.1
EQT Co-Investment (GP) S.à r.l. Reg. no. B209598, Luxembourg 1,200,000 100.0 0.6 0.6
EQT Mid Market Asia III (General Partner) Limited. Reg. no. SC521109, Edinburgh 1 100.0 2) 0.0 0.0
EQT Mid Market Europe (General Partner) Limited. Reg. no. SC521108, Edinburgh 1 100.0 2) 0.0 0.0
EQT VII International Holdings B.V. Reg. no. 69473129, Amsterdam 12,000 100.0 1.2 0.6
EQT VIII (General Partner) S.à r.l. Reg. no. B215816,  L uxembourg 12,000 100.0 10.1 10.1
EQT VII Co-Investment (General Partner) S.à r.l. Reg. no. B217579, Luxembourg 12,000 100.0 4.2 1.4
EQT HC Holdings I B.V. Reg. no. 85291747, Amsterdam 308,642 100.0 — —
EQT HC Holdings II B.V. Reg. no. 852917387, Amsterdam 308,642 100.0 — —
White Mill Two AG. Reg. no. CH-0203035230-6, Wollerau 308,642 100.0 — —
EQT Corporate Services Netherlands B.V. Reg. no. 74993097, Amsterdam 1.0 100.0 0.0 0.0
EQT Treasury AB. Reg. no. 559227-5647, Stockholm 6,500 100.0 24,670.7 24,078.9
EQT Exeter Holdings US, Inc. Reg. no. 5402675, Dover 100 100.0 11,661.4 11,661.4
EQT Exeter Advisors Sweden AB Reg. no. 559296-3507, Stockholm 25,000 100.0 283.2 234.3
EQT Management SG Pte. Ltd. Reg. no. 2021226838H,  S ingapore 1.0 100.0 - 0.0
BPEA EQT Holdings AB. Reg.no. 559374-8691, Stockholm 25,000 100.0 2,771.3 1,753.5
BAKPDC3 Pte.Ltd. Reg.no. 201708595C, Singapore 54,291 100.0 - 50.6
93,276.1 89,920.6
1) R eferring to the owners’ share of the capital, which is equivalent to the share of the votes for the total amount of shares.
2) T he value amounts to 1 GBP each for these companies.
Note 14 Other securities held as  
non-current assets
2024 2023
Accumulated cost
Opening balance 14.3 13.8
Additional assets 0.4 0.6
Divestment -0.9 –0.1
Closing balance 13.8 14.3
Carrying amount at year-end 13.8 14.3
Note 15 Financial instruments and  
financial risks
FINANCIAL RISKS AND FINANCIAL RISK  
MANAGEMENT
The description of financial risks and financial risk 
management for the Group – Note 18 "Financial instru -
ments and financial risks", is in all material aspects also 
applicable for the Parent company. 
FINANCIAL ASSETS AND FINANCIAL LIABILITIES
The table below presents the Parent company’s finan -
cial assets and liabilities.  
2024 2023
Financial assets
Long-term loans, subsidiaries 6,535.6 5,970.4
Other securities held as non-current 
assets 13.8 14.3
Other non-current receivables 1.1 4.8
Accounts receivables 525.0 7.3
Receivables from subsidiaries 3,008.3 1,788.3
Other receivables 114.9 256.4
Cash and bank 181.2 215.1
Total financial assets 10,379.9 8,256.6
Financial liabilities
Interest-bearing liabilities 23,150.5 22,423.6
Long-term loans, subsidiaries 11,694.2 10,683.1
Accounts payable 34.0 50.1
Liabilities to subsidiaries 3,450.8 1,178.2
Other liabilities 127.3 170.8
Accrued expenses 1,360.4 272.9
Total financial liabilities 39,817.1 34,778.6
All financial assets are recognized at amortized cost. 
For short-term financial assets and liabilities (accounts 
receivables, receivables and liabilities from group 
companies, other receivables and liabilities, accrued 
income and expenses, cash and bank, and accounts 
payable) the carrying amounts are considered to be 
reasonable approximations of their fair value. For a 
description and disclosures about the fair value of other 
securities held as non-current assets, see  the Group’s 
Note 18.

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Parent company notes
Note 18 Revolving credit facility
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. The RCF increases the 
financial flexibility of EQT and is used for corporate 
purposes, supporting the EQT AB Group’s growth 
initiatives and long-term strategy. The RCF is not limited 
to a specific currency, it can be utilized in both EUR and 
USD, by both EQT AB and EQT Treasury AB. As of 31 
December 2024, the RCF was unused. The RCF also 
incorporates a pricing mechanism linked to sustainabili -
ty-related objectives, lowering the interest rates if 
targets are met, and increasing them if targets are not 
achieved. It is thus in line with EQT’s overall approach of 
integrating sustainability throughout its activities, both 
on EQT AB Group level and within funds  advised by 
EQT.
Note 19 Number of shares and quota value
For further information regarding Number of shares and 
quota value, see the Group’s Note 14 Equity.
Note 20 Interest bearing liabilities
For further information regarding Interest bearing 
liabilities, see the Group’s Note 15 Interest bearing liabili-
ties.
Note 21 Accrued expenses and prepaid 
income
2024 2023
Accrued personnel expenses 225.7 174.1
Accrued consultancy fees 152.4 196.1
Other accrued expenses 1,208.0 76.7
1,586.1 447.0
Note 22 Pledged assets and contingent 
liabilities
As of 31 December 2024 the Parent company does not 
have any general guarantee commitments (SEK 0.0), 
pledged assets or contingent  lia bilities.  
Note 23 Related parties
Related 
parties Year
Sales of 
services
Purchases 
of services Other 
Recei-
vables 
Liabili-
ties 
Subsi-
diaries 2024 2,032.6 235.3 6,052.1 9,543.9 15,145.0
Subsi-
diaries 2023 2,090.1 214.3 5,099.6 7,758.7 11,861.2
Note 24 Events after the reporting period
For disclosures regarding events after the reporting 
period, see the Group’s Note 22.
PROPOSAL FOR THE DISTRIBUTION OF NET INCOME
Standing at the disposal (in SEK) of the annual share -
holders’ 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 shareholders’ 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.
Note 17 Prepaid expenses and accrued 
income
2024 2023
Insurance 8,7 25.0
Pensions 5.9 1.3
Licenses 104.9 69.7
Accrued income 46.6 -
Other 42.5 50.6
208.6 146.7
Note 16 Other long-term receivables
2024 2023
Accumulated cost
Opening balance 4.8 5.4
Additional receivables – –
Divestment of receivables -3.7 –0.6
Carrying amount at the year-end 1.1 4.8

===== SIDA 98 =====

EQT faces a variety of risks and uncertainties, which 
could materially affect its operations, reputation, 
financial position or its earnings. Effective oversight and 
management of risks are essential for EQT to achieve its 
strategic objectives. EQT’s ability to generate superior 
risk-adjusted returns for its funds’ investors requires a 
full understanding of investment risks and opportunities 
as well as a disciplined approach to manage those 
throughout the investment and ownership phases.
EQT’s risk appetite is reviewed by the Risk Commit -
tee
1) and covers the principal risks that the Group is 
facing. At least twice a year the risk team reviews the 
list and ranking of risks using a likelihood and impact 
framework and decides whether any new risks should 
be incorporated into the Group’s risk map. These 
include risks that would threaten the company’s perfor -
mance or reputation, as well as those with a higher 
likelihood and greater impact on strategic objectives. 
The Risk Committee reviews and validates any changes 
in risk ratings. Risks with higher ratings are prioritized 
through extensive monitoring and thematic reviews. 
In addition, the risk team continuously monitors and 
assesses emerging risks and their potential impact on 
EQT’s strategic objectives.
1)  A  committee of senior managers responsible for discussing risk matters and reviewing EQT’s risk management framework on behalf of the Executive Committee.
2) EQT’s sustainability risks deemed material in accordance with EQT:s double materiality assessment are disclosed as part of the Sustainability notes.
Risk type EQT’s principal risks2)
External risks
Macro and market risk
Operational & financial disruptions related to adverse events
Strategic risks
Fund performance risk
Fundraising risk
Challenges in attracting, retaining and managing talent
Unsuccessful execution of new initiatives
Operational &  C ompliance risks
Failure to adequately scale the operating platform
Regulatory & compliance risks
Financial risks Market, credit and liquidity risks
Emerging risks
Increasing shift towards a multipolar world
Threats posed by emerging technology
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Managing risks
Managing risks

===== SIDA 99 =====

External Risks
Macro & market risk
Risks derived from a variety of economic factors and market volatility that can impact portfolio performance, valuations, and 
investment outcomes.
Potential impact:
 — Valuation uncertainties resulting in slower investment and 
exit pace.
 — Performance or financial issues in portfolio companies.
 — Tightened financing conditions for new deals.
 — IPO markets dislocation limiting potential exit routes, 
leading to longer holding periods.
 — Carried interest postponed or not achieved.
 — Extended fundraising timelines.
2024 & outlook
The macro landscape in 2024 painted a mixed picture with 
the US economy showing resilience through strong wages 
and demand, APAC driving global growth with robust 
activity and exports, and Europe facing challenges with 
slowing productivity and growth concerns.
Overall, market conditions improved during the year, 
driving broad-based investment activity across EQT’s global 
platform, alongside an increase in exits driven by a gradual 
recovery in the exit environment. However, the fundraising 
environment remained challenging.
With global election outcomes bringing clarity and 
shifting fiscal and regulatory dynamics, the deal environ -
ment is expected to improve in 2025. However, geopolitical 
uncertainties remain a significant risk, with protectionist 
policies potentially creating inflationary pressures and 
challenges for global trade.
Risk management & mitigation
EQT’s thematic investment approach is based 
on investing in companies and assets with strong market 
positions in resilient sectors benefiting from long-term 
secular trends, thus being less  c orrelated with the economic 
cycle. 
EQT has a disciplined approach to leverage and very 
strong relationships with banks and private credit funds, 
through its dedicated Global Capital Markets team, which 
helps the funds’ ability to obtain favorable debt financing, 
with the majority of the financing being covenant-lite. 
Additionally, the Capital Markets team is working continu -
ously to manage portfolio company financing, ensuring a 
robust maturity profile across the EQT platform, with over 
75% of portfolio debt maturing in 2028 and beyond.
In buyout strategies, the EQT governance model and 
control ownership enables EQT to work closely with portfolio 
companies, take quick decisions and manage challenges 
effectively.
Further, the Capital Markets and investment advisory 
teams regularly conduct sensitivity analyses on cash flows to 
proactively manage liquidity at investment level.
Finally, EQT’s value creation approach mitigates the 
impact of macroeconomic risks by prioritizing operational 
enhancements, with a strong emphasis on driving sales and 
earnings growth at the investment level.
External Risks
Operational & financial disruptions related to adverse events 
Interruptions in business activities and financial performance caused by unforeseen external factors such as natural disasters, 
geopolitical conflicts, pandemics, regulatory changes, or supply chain disruptions.
Potential impact:
 — Damage to EQT’s reputation.
 — Large financial costs for EQT.
 — Unforeseen financial consequences for EQT or  t he EQT 
funds’ investments.
2024 & outlook
As EQT has grown more global, its exposure to worldwide 
challenges, including geopolitical and climate risks, has 
expanded throughout 2024. In response to this development, 
EQT continues to review the adequacy and resilience of its 
technology infrastructure as the business grows, while 
staying close to its portfolio companies to assess potential 
impacts and prepare for various scenarios.
Risk management & mitigation
EQT maintains a strong balance sheet and solid liquidity, 
ensuring high resilience during crises. Its robust incident and 
crisis management process enables swift mobilization of all 
relevant stakeholders. EQT works closely with specialist risk 
consulting firms to enhance its crisis management 
 capabilities.
Additionally, the diversified exposures of EQT funds 
further bolster the Group’s ability to navigate adverse events 
effectively.
In buyout strategies, the EQT governance model enables 
EQT to work closely with portfolio companies, supporting 
them in preparing for various scenarios and managing 
crises. 
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Managing risks

===== SIDA 100 =====

Strategic Risks
Fund performance risk 
Risk of the fund not meeting its overall performance objectives, benchmarks, or investor expectations.
Potential impact:
 — Reduced carried interest and investment income 
received by EQT.
 — Reduced ability to raise future funds.
 — Damage to EQT’s brand, reputation, and long-term 
prospects.
2024 & outlook
As the market backdrop improved in 2024, EQT maintained a 
strong focus on exits, achieving approximately 30 exit events 
during the year while investment activity continued at a 
strong pace. EQT’s track record of generating liquidity 
remains a competitive advantage, supported by a systematic 
approach to assessing assets and balancing long-term value 
creation with liquidity needs.
The portfolio demonstrated healthy value creation, with 
EBITDA growth exceeding revenue growth in key sectors such 
as healthcare, technology, and industrial tech. Operational 
improvements and cost efficiencies delivered positive results, 
while underperformance in a few areas remained isolated 
and non-systematic. All key funds are performing On or 
Above plan.
With the majority of the portfolio still in value creation 
mode, many assets require additional time to mature before 
becoming exit-ready. However, proactive exit preparations 
and strong investment momentum position EQT well to 
capitalize on favorable market conditions as they arise.
Investment activity in Real Estate accelerated throughout 
the year. EQT Real Estate has selectively capitalized on 
market opportunities in attractive locations to deploy capital 
and has continued to drive value through strategic leasing 
and tenant improvement initiatives.
Risk management & mitigation
As part of EQT’s active ownership model, the EQT Playbook 
is a key driver of fund performance, fostering growth 
through digitalization, sustainability, and operational 
excellence. EQT’s governance model enables EQT to support 
the execution of business plans within portfolio companies 
including sustainability value creation drivers (please refer 
to #3.6 in the Sustainability notes for more information). 
EQT’s local-with-local approach, spanning more than 25 
countries and supported by global sector teams, ensures a 
consistent and performance-focused strategy.
Portfolio company performance and sustainability 
metrics are continuously monitored through the Portfolio 
Performance Review (PPR), which tracks the progress of 
each investment, identifies opportunities and warning signs 
early, and provides actionable recommendations. Concen -
tration limits at the investment level further mitigate risk by 
ensuring no single underperforming asset materially 
impacts a fund. In addition, EQT performs portfolio re-un -
derwriting periodically, reassessing various factors to 
proactively prepare its portfolio for potential macroeco -
nomic challenges.
Additionally, the Global Investment Forum (GIF) evalu -
ates overall performance and exposures across all EQT 
funds, promoting consistency in investment approaches and 
disciplined performance management. To strengthen 
oversight of exits and liquidity, EQT has implemented an Exit 
and Liquidity Committee across the organization. This 
committee systematically reviews exit priorities and executes 
liquidity strategies through various methods, ensuring a 
thoughtful and client-focused approach to liquidity and 
solutions. EQT also assumes exits at long-term average 
multiples to ensure a disciplined and consistent approach to 
valuation and exit planning.
Strategic Risks
Fundraising risk  
Risk of not achieving fundraising targets due to uncertainties around investor commitments, and market conditions.
Potential impact:
 — Reduced revenues due to lower FAUM and  m anagement 
fees, and over time, realized carry. 
 — Loss of market share. 
 — Potential pressure on  ma nagement fees.
2024 & outlook
The fundraising environment continued to face challenges in 
2024 despite an improving market backdrop. Geopolitical 
uncertainty and low levels of realizations across private 
markets over recent years are leading to extended fundrais-
ing periods. Despite this, as a result of EQT’s strong track 
record, fundraising has progressed well for EQT’s established 
strategies, with EQT X closing at its hard cap during 2024.
As exit volumes begin to recover, the fundraising market is 
expected to gain momentum. Increased liquidity through 
primary and secondary markets and increased demand 
coming from private wealth will likely support healthier and 
faster fundraising conditions.
In 2025, EQT will continue fundraising for its flagship funds 
alongside newer strategies, including its evergreen offerings 
tailored to the private wealth market. 
Risk management & mitigation
EQT’s focus on fund performance and returning cash to 
investors are critical drivers of its fundraising success.  
EQT’s strong co-investment platform strengthens existing 
client relationships and positions EQT as a preferred partner 
for new investors, enhancing its ability to attract additional 
capital and support future fundraising success. With a global 
client base of more than 1,300 investors, EQT leverages its 
expansive network to drive scale and build long-term 
partnerships.
While EQT does not control external macroeconomic 
factors, EQT’s project-based fundraising processes and 
performance culture help minimize the risk of not meeting 
fundraising targets. 
To ensure adequate resources are allocated to fundrais -
ing projects, the Capital Raising team maintains ongoing 
dialogues with the business lines and updates the fundrais -
ing plans accordingly. 
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Managing risks

===== SIDA 101 =====

Strategic Risks
Challenges in attracting, retaining, and managing talent  
Risk staffing challenges, including employee turnover, skill gaps, succession planning, and the potential impact of personnel 
issues on operational performance and strategic goals.
Potential impact:
 — Insufficient resources to meet strategic objectives.
 — Loss of talent, affecting the success of investment and 
fundraising activities.
2024 & outlook
Attracting and nurturing a diverse, world-class EQT team and 
network is essential for long-term success, with a motivated 
and well-supported workforce driving productivity, fostering 
innovation, and ensuring overall success. This is evident by a 
low regrettable turnover across the organization.
For many years, EQT has focused on increasing the ratio 
of women and has improved gender balance in boards and 
management, in both EQT and across portfolio companies. 
While significant progress has been made in this area, it 
remains an important focus area for EQT.
Risk management & mitigation
EQT’s ability to attract, retain, and develop talent is sup -
ported by a comprehensive strategy that includes a well-de -
fined recruitment process, competitive and long-term 
compensation, and structured development opportunities 
through the EQT Academy. The EQT Academy delivers a 
wide range of growth and development programs ranging 
from general onboarding programs to career progression 
and personal development programs to future-proof 
talents.
An annual succession planning process is conducted to 
assess key personnel, identify successors, and ensure 
leadership strength for the continued success of the busi -
ness. 
A new equity-linked incentive program was recently 
introduced to ensure alignment between employee perfor -
mance and the wider EQT. This initiative improves EQT’s 
ability to recruit, motivate, and retain top talent, which is 
essential for EQT AB to achieve long-term value growth for 
its shareholders.
At EQT, inclusion is a business imperative and it’s embed -
ded 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.
EQT fosters inclusion through its affiliation networks like 
DiverseMinds, EQT Pride and EQT Win to help people 
connect, become better allies, learn, develop professionally 
and participate in a safe space.
Regular engagement surveys provide insights into 
workplace dynamics, enabling EQT to address concerns, 
enhance employee satisfaction, and mitigate risks of 
attrition or disengagement. EQT ensures a collaborative 
environment where employees are motivated and empow -
ered to drive organizational success by prioritizing inclusive 
leadership practices and employee well-being.
Further details are described in #3.3 in the Sustainability 
notes. 
Strategic Risks
Unsuccessful execution of new initiatives  
Failure to implement or scale new projects, strategies, or programs effectively and in line with the firm’s strategic and financial 
objectives.
Potential impact:
 — Failure to capitalize on market opportunities, which 
impacts EQT’s long-term competitiveness, market 
position, and stakeholder confidence.
 — Failure to diversify revenue streams, increasing reliance 
on flagship funds.
2024 & outlook
Scaling recent initiatives, while building new initiatives are 
essential drivers for EQT’s growth ambitions. During the year, 
EQT has continued to focus on fundraising for new strategies, 
particularly in the private wealth segment, which presents 
significant opportunities. However, in a challenging fundrais-
ing environment, fundraising timelines for certain strategies 
are taking longer.
Looking ahead to 2025, EQT plans to introduce additional 
initiatives while continuing to drive fundraising momentum for 
its recently launched evergreen strategies.
Risk management & mitigation
EQT’s strong balance sheet is a key enabler for executing on 
new and recently launched strategies. In recent years, 
substantial efforts have been directed toward strengthening 
the private wealth platform through significant hiring across 
various departments in all regions.
To support its fundraising efforts, EQT is actively pursu -
ing new distribution channels and enhancing branding 
initiatives to increase market visibility and extend its reach.
To identify challenges at an early stage, EQT has estab -
lished a governance framework that ensures oversight of 
new initiatives. This framework includes a dedicated busi -
ness development team that regularly reports to the Execu -
tive Committee and Board.
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Managing risks

===== SIDA 102 =====

Operational & compliance risks
Failure to adequately scale the operating platform  
Risk of operational inefficiencies or reputational harm due to the inability to scale systems, processes, and infrastructure 
effectively in line with EQT’s growth ambitions.
Potential impact:
 — Operational failures leading to reputational damage or 
non-compliance.
 — Higher costs of doing business. 
2024 & outlook
In pursuing its growth ambitions, EQT must constantly adapt 
its operational processes to improve the efficiency and 
scalability of its operating platform.
As part of its day-to-day operations, EQT processes large 
amounts of transactions and data, making it vulnerable to 
errors or delays.
The expansion into private wealth, with multiple new 
products combined with EQT’s geographic expansion into the 
US market, introduces additional complexity to its operations. 
Successfully scaling the private wealth and US platforms 
will require EQT to balance operational efficiency with robust 
support for a growing client base, ensuring consistent service 
quality, regulatory compliance, and operational resilience 
across its expanding global footprint.
Risk management & mitigation
All functions within EQT, particularly the Fund Operations 
team and Central Functions’ Specialist teams, are responsi -
ble for developing and maintaining robust policies & proce -
dures to ensure the quality, resiliency, and scalability of 
EQT’s operations. The internal control framework is reviewed 
annually to identify and remedy control issues. In addition, 
EQT has prioritized enhancing the efficiency and scalability 
of its operating platform as a strategic focus, managed 
through its program management process under the 
oversight of the Operating Committee.
To address the specific challenges of private wealth 
expansion and entry into the US market, EQT has bolstered 
its operational foundation by increasing its workforce in key 
areas. These targeted hires are part of a broader strategy 
to build specialized expertise across regions, support the 
unique needs of private wealth clients, and navigate com -
plex regulatory landscapes in markets like the US.
Operational & compliance risks
Regulatory & compliance risks  
Failure to adhere to laws, regulations, industry standards, or internal policies.
Potential impact:
 — Financial costs of regulatory fines, damage to EQT’s 
brand and long-term prospects.
 — Increased compliance costs, reducing the attractiveness 
of certain jurisdictions or growth initiatives.
2024 & outlook
As the private markets industry continues to grow and is 
becoming increasingly more accessible for non-institutional 
clients, EQT expects to navigate an evolving regulatory 
landscape in which regulators increase their focus on the 
industry, particularly on investor protection, transparency, 
and sustainability. EQT’s strategic initiative to scale and grow 
within the private wealth client segment increases EQT’s 
regulatory exposure. Furthermore, an increasing global focus 
on private equity taxation with continued uncertainty on how 
carried interest is treated may lead to increased costs for 
EQT. 
Risk management & mitigation
EQT has made significant hiring efforts over the last few 
years to bolster its Central Functions’ Specialist teams 
globally to support the organization in navigating an 
increasingly complex regulatory landscape.
EQT has implemented a Regulatory Watch Model to 
ensure that new regulatory initiatives and trends are 
identified and assessed promptly to secure business objec -
tives and continuous compliance. 
EQT’s global compliance monitoring program ensures 
adherence to business ethics standards by identifying 
compliance risks, fostering integrity, and aligning operations 
with laws and EQT’s Code of Conduct as further described in 
#3.5 in the Sustainability notes.
EQT has robust documented guidelines, processes, and 
controls for managing taxes throughout the EQT platform, 
with the purpose of ensuring that all material tax risks are 
identified and mitigated through tax risk identification 
processes.
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Managing risks

===== SIDA 103 =====

Financial risks
Market, credit and liquidity risks  
Risk of financial loss or reduced earnings arising from market volatility, counterparty credit defaults, liquidity shortfalls, or 
revaluation of investments.
Potential impact:
 — Reduced earnings, if market fluctuations impact interest 
rates, currency exchange rates or the valuation of EQT 
AB Group’s investments.
 — Credit losses, in the event of a failure of a counterparty. 
2024 & outlook
EQT continues to leverage its balance sheet to drive growth 
initiatives and execute on its long-term strategy. Over the 
recent years, EQT has enhanced its financial flexibility by 
increasing its sustainability-linked Revolving Credit Facility 
and issued a number of sustainability-linked bonds. 
EQT’s interest rate risk is limited as the sustainabili-
ty-linked bonds have fixed coupons, subject to sustainabili-
ty-related objectives. During 2024, S&P assigned an A- (Sta-
ble) credit rating to EQT, complementing the existing rating 
from Fitch at the same level. 
Risk management & mitigation
The EQT AB Group uses risk mitigation tools, such as mini -
mum credit ratings, rigorous cash forecasting and liquidity 
facilities. See more information under Note 18.
The Treasury team monitors and reports on those risk 
exposures on a monthly basis. 
EQT has implemented a robust governance and approval  
process for balance sheet investments, which includes 
approval from both ExCom and the Board.
Emerging risks 
Increasing shift towards a multipolar world  
Risk of constrained investment and value creation opportunities driven by geopolitical tensions, protectionist policies, and 
fragmented global markets, affecting fundraising, portfolio performance, and cross-border activities.
Potential impact:
 — Certain sectors and geographies, where EQT funds have 
invested, become less attractive, which could make EQT 
less competitive in raising funds over the long term.
 — Reduced performance of portfolio companies with 
global supply chains.
 — Restrictions on certain deals in strategic sectors and 
geographies may reduce exit options for the EQT funds.
 — May affect EQT’s ability to attract capital from investors 
in certain countries or regions in the long-run. 
The global landscape is becoming increasingly fragmented 
as geopolitical tensions, potential trade wars, and supply 
chain disruptions accelerate the transition to a multipolar 
world. National security and protectionist policies are likely to 
reshape international trade, which may create complexities 
for EQT’s portfolio companies. Over time, rising tariffs, 
increasing regulatory scrutiny, and restrictions on cross-bor-
der trade and investments are expected to drive up costs and 
operational risks, while heightened cybersecurity threats 
pose ongoing challenges.
These dynamics may create sustained complexities in 
conducting deals across certain regions and present ongoing 
challenges for fundraising efforts in affected markets. As 
investors grow increasingly cautious about long-term stability 
and cross-border opportunities, EQT must adapt to these 
evolving geopolitical realities to ensure resilience and contin-
ued success.
Risk management & mitigation
Risk diversification across strategies and assets is a key 
mitigation to manage this emerging risk. Overall perfor -
mance and exposures are monitored by the Global Invest -
ment Forum (“GIF”) on a regular basis. In addition, EQT’s 
local-with-local approach, supported by 600+ high-profile 
industrial advisors within the EQT Network, will help EQT 
funds’ portfolio companies adjust their strategies to such 
challenges. Furthermore, all proposed investments go 
through a thorough due diligence and approval process 
during which all key aspects and outlooks of the transac -
tions, company and industry are discussed. 
In response to the increasingly complex geopolitical 
landscape, EQT has been engaging with geopolitical experts 
and risk specialists to further strengthen its threat intelli -
gence and adapt its risk management approach.
Finally, the emergence of a multipolar world also pre -
sents new opportunities leading to successful investments, 
thereby reducing the impact of investments that have been 
negatively impacted.
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Managing risks

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

Emerging risks 
Threats posed by emerging technologies 
Risk of data breaches, operational disruptions or errors arising from emerging technologies or poor implementation thereof, 
as well as competitive disadvantages arising from the late adoption of AI technologies.
Potential impact:
 — Loss of sensitive financial, personal, or proprietary data 
leading to damage to EQT’s brand.
 — Material financial costs arising from legal fees and 
remediation costs.
 — Operational disruptions impacting EQT’s ability to run its 
day-to-day operations.
 — Failure in decision-making processes dependent on such 
technologies, leading to regulatory, financial, or reputa -
tional repercussions. 
 — Competitive disadvantages and missed opportunities 
caused by slow or inadequate adoption of AI.
The emergence of AI and quantum computing technologies 
presents both transformative opportunities and long-term 
risks. Leveraging digital technology is essential to 
future-proofing EQT and its portfolio companies, supported 
by significant investment in digital capabilities in recent years. 
While these technologies enhance detection, response 
capabilities, and operational efficiency, they also introduce 
challenges such as cybersecurity vulnerabilities, regulatory 
scrutiny, and risks related to data governance and AI bias. 
Quantum computing also represents an emerging risk to 
existing cryptographic standards, necessitating the develop-
ment of quantum- r esistant security frameworks. 
Moreover, the ongoing exploitation of supply chains, 
exacerbated by the increased reliance on vendor services 
and cloud technologies, expands the potential areas of 
vulnerability for EQT. As a firm engaging with numerous 
third-party providers, EQT must enforce rigorous due dili-
gence, robust AI governance, and continuous monitoring of 
supply chain security is required to mitigate this emerging 
risk. 
Risk management & mitigation
EQT continuously defines and implements the best cyber 
solutions for its environment and runs a threat detection and 
incident response program. Regular cyber security training 
for all employees, including phishing tests raises awareness 
and mitigates risks. Through its threat intelligence process, 
new trends are continuously monitored and reported to the 
Information Security Steering Committee on a quarterly 
basis, with summaries being reported to the Group Risk 
function, the Audit Committee, and the Board. A designated 
board member oversees the information security strategy 
and meets with EQT’s CISO twice a year.
To address the emergence of AI risk, EQT has established 
an AI Governance Steering Committee to ensure responsible 
AI adoption, regulatory compliance, and robust oversight of 
all AI applications.
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===== SIDA 105 =====

EQT AB
Corp. id 556849-4180
The board and CEO assure that the Annual Report has 
been prepared in accordance with generally accepted 
accounting principles in Sweden and the consolidated 
accounts have been prepared in accordance with 
International Accounting Standards, stated in the 
regulation of the European Parliament and the Council 
of Ministers (EG) no 1606/2002 of 19 July 2002, concern -
ing the application of international accounting stand -
ards. The Annual Report and the consolidated accounts 
give a true and fair view of the parent company as well 
as of the EQT AB Group’s position and result. The Board 
of directors’ report for the parent company and the EQT 
AB Group gives a true and fair view of the parent 
company’s and Group’s business development, position 
and result. It also describes the major risks and uncer -
tainty factors facing the parent company and Group 
companies.
Conni Jonsson
Chairperson
Christian Sinding
CEO
Brooks Entwistle Diony Lebot  Gordon Orr
Marcus Wallenberg Margo Cook Richa Goswami
Stockholm 12 March 2025 The Annual Report and the consolidated accounts have 
been approved for publication by the Board of directors 
and the Chief Executive Officer on 12 March 2025 . The 
consolidated income statement and balance sheet and 
the parent company’s income statement and balance 
sheet will be presented for adoption by the Annual 
Shareholders’ Meeting on 27 May 2025.
Our audit report has been submitted on 12 March 2025
KPMG AB 
Håkan Olsson Reising
Authorized public accountant
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Signatures

===== SIDA 106 =====

#01 This is EQT #02 Financial statements #03 Sustainability notes #04 Corporate governance #05 Additional information
106
Auditor’s report
Auditor’s report
REPORT ON THE ANNUAL ACCOUNTS AND 
CONSOLIDATED ACCOUNTS
Opinions
We have audited the annual accounts and consolidated 
accounts of EQT AB for the year 2024. The annual 
accounts and consolidated accounts of the company 
are included on pages 49-105 in this document. 
In our opinion, the annual accounts have been 
prepared in accordance with the Annual Accounts Act, 
and present fairly, in all material respects, the financial 
position of the parent company as of 31 December 2024 
and its financial performance and cash flow for the year 
then ended in accordance with the Annual Accounts Act. 
The consolidated accounts have been prepared in 
accordance with the Annual Accounts Act and present 
fairly, in all material respects, the financial position of the 
group as of 31 December 2024 and their financial 
performance and cash flow for the year then ended in 
accordance with IFRS Accounting Standards, as adopted 
by the EU, and the Annual Accounts Act. The statutory 
administration report is consistent with the other parts of 
the annual accounts and consolidated accounts.
We therefore recommend that the general meeting 
of shareholders adopts the income statement and 
balance sheet for the parent company and the group.
Our opinions in this report on the the annual accounts 
and consolidated accounts are consistent with the 
content of the additional report that has been submitted 
to the parent company’s audit committee in accordance 
with the Audit Regulation (537/2014) Article 1 1. 
 
Basis for Opinions
We conducted our audit in accordance with Internation -
al Standards on Auditing (ISA) and generally accepted 
auditing standards in Sweden. Our responsibilities 
under those standards are further described in the 
Auditor’s Responsibilities section. We are independent 
of the parent company and the group in accordance 
with professional ethics for accountants in Sweden and 
have otherwise fulfilled our ethical responsibilities in 
accordance with these requirements.This includes that, 
based on the best of our knowledge and belief, no 
prohibited services referred to in the Audit Regulation 
(537/2014) Article 5.1 have been provided to the 
audited company or, where applicable, its parent 
company or its controlled companies within the EU.
We believe that the audit evidence we have 
obtained is sufficient and appropriate to provide a 
basis for our opinions.
Key Audit Matters 
Key audit matters of the audit are those matters that, in 
our professional judgment, were of most significance in 
our audit of the annual accounts and consolidated 
accounts of the current period. These matters were 
addressed in the context of our audit of, and in forming 
our opinion thereon, the annual accounts and consoli -
dated accounts as a whole, but we do not provide a 
separate opinion on these matters. 
To the general meeting of the shareholders of EQT AB, 
corp. id 556849-4180
Carried interest 
See disclosure 3, 5, 18, 26 and accounting principles on page 59 in the annual account and consolidated accounts for 
detailed information and description of the matter.
Description of key audit matter
As of 31 December 2024 the group reported carried 
interest of EUR 2 862 million in the balance sheet and 
income from remeasurement of carried interest of EUR 
587 million in the income statement.
As of 1 January 2024 EQT has changed its account -
ing policy for carried interest:
 — From being considered part of consideration for 
investment management services with a revenue 
recognition approach applying IFRS 15 Revenue from 
Contracts with Customers (Service Provider Model)
 — To being considered part of the investment in funds 
measured at fair value applying IFRS 9 Financial 
Instruments and IFRS 13 Fair Value Measurement 
(Ownership Model)
The change has been implemented retrospectively with 
restatement of comparative figures.
Carried interest is a share of returns that EQT AB 
Group receives through its holdings in the Special 
Limited Partners based on the performance of the 
relevant fund and the development of the funds 
underlying investments. EQT AB Group is entitled to an 
agreed share of accumulated returns exceeding agreed 
thresholds over the life of each individual fund. The 
underlying valuations, on which the carried interest is 
based, are complex and include significant levels of 
judgement.
Response in the audit 
Our audit procedures included, but were not limited to:
 — We have reviewed the company’s restatement of 
carried interest from service provider model to 
ownership model (fair value model). 
 — We have reviewed the company´s model for 
calculation of carried interest and  obtained an 
understanding of the valuation process and key 
controls in this process, 
 — We have assessed the development of the funds 
underlying investments to conclude whether these were 
performed in accordance with the prescribed method, 
 — We tested that the methodology and consistency 
applied in the valuation of the portfolio companies is 
in accordance with the International Private Equity 
and Venture Capital Valuation Guidelines,
 — We assessed the relevance of multiples used against 
market multiples from relevant transactions or 
market data, 
 — We have involved internal valuations- and account -
ing specialists to assess the current unrealized fund 
values and also to evaluate the accuracy of the 
disclosures of carried interest in the annual accounts 
and consolidated accounts.
 — We assessed the change in accounting method to 
ensure it is in line with what is stipulated in IFRS 
Accounting Standards.

===== SIDA 107 =====