Årsredovisning 2024

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#01 This is EQT #02 Financial statements #03 Sustainability notes #04 Corporate governance #05 Additional information
Workers in the value chain  
Ambitions
Equitable business practices
Ensuring equal rights and opportunities  
across all aspects of the business
       Diversity in the Boards and C-suite
       Gender balance in the top 20% earners
       Employee engagement
Transform: Operational sustainability KPIs
Employee engagement:  EQT encourages portfolio 
companies to implement employee engagement 
surveys. Enhancing employee engagement is crucial for 
organizational health and success, therefore the 
long-term ambition is top quartile employee engage -
ment results.
Information regarding current performance towards 
these ambitions, please see the Playbook - Sustainability.
EQT’s sustainability approach reflects its commitment to 
future-proofing both the EQT AB Group and the 
investments made by EQT funds. As part of this strat -
egy, three KPIs related to Equitable business practices 
have been identified as value-creation levers that may 
also promote more sustainable operations across the 
EQT funds’ investments. Due to the diverse and dynamic 
nature of the portfolio and subject to the relevant 
investment strategy, these KPIs do not have fixed target 
levels. Instead, they represent long-term ambitions to 
maintain or improve overall performance across the 
portfolio. Since priorities may vary between investments 
and strategies, each portfolio company sets its own 
focus and ambitions to ensure they are aligned with the 
local context and drive impact.
In addition, EQT aims to integrate sustainability and 
future-proofing into decision-making through account -
able leadership. For more information on EQT’s ambi -
tions and value creation levers regarding business 
specific transformational KPIs, sustainability champions 
in the Board, Signatory to the UN Global Compact 
principles and sustainability incentives to Board or 
management, please see the section Business conduct.
Diversity in the Boards and C-suite:  EQT’s long-
term ambition is to compose diverse teams and strives 
for boards and C-suites with a maximum of 60 percent 
of the same gender in the EQT funds’ portfolio compa -
nies. This is part of a broader effort to drive perfor -
mance by ensuring a balanced representation that 
brings varied perspectives and experiences to leader -
ship teams.
Gender balance in the top 20% earners:  EQT’s 
long-term ambition is for portfolio companies to work 
towards gender balance among the top 20 percent of 
earners. This ambition reflects an encouragement for 
fair and inclusive businesses which would be reflected 
in compensation and career advancement opportuni -
ties.

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#00#3.5
#01 This is EQT #02 Financial statements #03 Sustainability notes #04 Corporate governance #05 Additional information
 
Business conduct 
153  Business ethics 
 153 — EQT AB Group: Business ethics
 153 — Value Chain: Bussiness ethics in underlying investments of the  
   EQT funds
 153 — Governance
 
 153 Policies and guidelines
 153 — Code of Ethics
 154 — Anti-Bribery and Corruption Guidelines
 154 — Anti-Money Laundering and Counter Terrorist Financing Guide  
   lines and Local Policies
 154 — Business Partner Code of Conduct
 154 — EQT Responsible Investment & Ownership Policy
 155 Actions
 155 — EQT AB Group 
 156 — EQT funds
 157 Target, ambitions and metric
 157 — Target — EQT AB Group
 157 — Metric
 157 — Ambitions — EQT funds

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#01 This is EQT #02 Financial statements #03 Sustainability notes #04 Corporate governance #05 Additional information
Business conduct  
Business ethics
Strong business ethics are fundamental to 
EQT’s license to operate.  
EQT AB GROUP: BUSINESS ETHICS
EQT strives to be a positive force in society by maintain -
ing a positive corporate culture, guided by its purpose, 
values, and various programs, such as the anti-corrup -
tion compliance program. Unethical behavior poses 
significant reputational risks, which EQT is committed to 
mitigating.
As a global investment organization, EQT may 
operate in countries with different laws, regulations, 
standards and practices related to corruption and 
bribery. Therefore, the nature of its business and 
international scope inherently carries a risk of direct or 
indirect exposure to such issues.
By ensuring the protection of whistleblowers, EQT 
enables the early identification of potential unethical, 
illegal, or corrupt practices within EQT AB Group. This 
commitment enhances transparency, accountability, 
and the early detection of wrongdoing, which can help 
prevent fraud or misconduct. Protecting whistleblowers 
contributes to a culture of integrity, ethics, and compli -
ance within EQT.  
Effective management of Money Laundering/
Terrorist Financing (ML/TF) risks is crucial for maintain -
ing regulatory compliance and safeguarding EQT’s 
reputation. Failure to mitigate these risks could lead to 
regulatory fines and/or reputational harm, potentially 
impacting EQT’s license to operate and future fundrais -
ing capacity. 
VALUE CHAIN: BUSINESS ETHICS IN UNDERLYING 
INVESTMENTS OF THE EQT FUNDS
EQT is guided by comprehensive processes designed to 
maintain integrity and ethical conduct, which better 
positions us to act as a positive influence in society. To 
mitigate the negative impact associated with unethical 
behavior in the EQT funds’ investments, EQT empha -
sizes the importance of good governance and ethical 
practices throughout the investment and ownership 
process. A strong corporate culture is an enabler of 
long-term value creation across EQT fund’s invest -
ments.
Material topics related to business conduct
Material topics Value 
chain
Business 
conduct 
Business ethics
Corporate culture
Corruption and bribery
Protection of whistleblowers
Anti-money laundering
EQT AB 
Group
EQT funds
GOVERNANCE
EQT AB Group upholds high standards of business 
ethics through robust governance practices. The Risk, 
Regulatory & Compliance team, led by EQT’s Global 
Head of Risk, Regulatory & Compliance regularly 
reports to the CFO and has a direct reporting line to the 
CEO and the Board. Reporting to the Board takes place 
at least annually or as required, and includes reporting 
on risk, regulatory and compliance matters. 
All EQT staff, including members of the Executive 
Committee and the Chair of the Board of EQT AB 
Group, take part in mandatory annual training on 
business ethics, including anti-corruption. They are also 
required to annually certify that they have read and 
understood EQT’s Code of Ethics, which sets out EQT’s 
key principles for business conduct. EQT AB Group has 
zero tolerance for bribery and corruption and is 
committed to fighting corruption in all its forms. 
This section covers how EQT works with 
business ethics, both in EQT AB Group and the 
EQT funds.
EQT AB Group’s governing documents collectively form 
the foundation of its business ethics and values. The 
EQT Responsible Investment & Ownership Policy (RI&O) 
is applicable to EQT funds and their respective invest -
ment strategies. During the annual process to update 
EQT’s policies and guidelines, the document owners and 
key internal stakeholders participate and provide their 
sign-off. External experts are consulted as deemed 
appropriate.
Adherence to the governing documents applicable 
to EQT AB Group is monitored through various methods 
tailored to each specific area and process. This moni -
toring includes continuous employee training and 
awareness programs, the implementation of automated 
or manual monitoring systems, and the conduct of both 
regular and ad hoc controls. To address business ethics, 
EQT has adopted the below policies and guidelines 1).
CODE OF ETHICS
The Code of Ethics serves as the cornerstone for 
fostering a corporate culture that emphasizes ethical 
decision-making, compliance with applicable laws and 
regulations, and a commitment to acting responsibly in 
all operations. As outlined in the Code of Ethics, EQT 
has an anonymous whistleblowing channel that is 
internally and externally available, encouraging EQT 
employees and external stakeholders, including 
Policies and guidelines
1)  See website for more information regarding scope and content: 
https://eqtgroup.com/eqt-policies-and-statements 
https://eqtgroup.com/about/sustainability

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Business conduct  
business partners, to report suspected unethical 
behaviors, misconduct, and non-compliance. Whis -
tleblowing is an area that is included in both EQT’s 
Annual Ethics Training that all employees are subject to, 
as well as the compliance onboarding training that all 
new hires have to complete. For more information, 
please see the section Actions.  
The Code of Ethics applies to all EQT permanent 
employees and temporary staff 1) and is adopted by the 
Board, while the CEO, as the owner of the Code, is 
ultimately responsible for its implementation.
ANTI-BRIBERY AND CORRUPTION GUIDELINES
EQT operates in countries with differing standards and 
enforcement of anti-corruption laws and regulations, 
where bribery and corruption risks may be prevalent. 
Interactions between EQT’s investment professionals 
and public officials, such as for example during trans -
actions to facilitate investments or exits, inherently 
carry a risk of bribery and corruption. 
EQT maintains Anti-Bribery and Corruption Guide -
lines that apply to EQT AB Group and are consistent 
with the United Nations Convention against corruption.
EQT mitigates the risks of bribery and corruption 
through a risk-based approach within its anti-money 
laundering program, conducting regular risk assessments 
and maintaining a dynamic list of high-risk jurisdictions to 
focus efforts and mitigate financial crime risks effectively. 
Critical risk factors include where EQT conducts business, 
the industry sectors of EQT funds’ investment and EQT’s 
exposure to governmental authorities.
The Global Head of Risk, Regulatory & Compliance 
is responsible for the Anti-Bribery and Corruption 
Guidelines, which are approved by the Operating 
Committee by delegation of the CEO. 1)  “Temporary staff” means all temporary staff of EQT who have access to EQT 
premises and/or systems.
2) See website for more information  
 https://eqtgroup.com/eqt-policies-and-statements
ANTI-MONEY LAUNDERING AND COUNTER 
TERRORIST FINANCING GUIDELINES AND LOCAL 
POLICIES
EQT AB Group is committed to the highest standards in 
preventing money laundering (ML) and terrorism 
financing (CTF). All directors, officers, and EQT employ -
ees must adhere to these standards to protect EQT, its 
clients and its reputation. EQT implemented an anti-
money laundering and counter terrorism financing 
(AML/CFT) framework that applies to all EQT employees 
across all aspects of its operations, including, but not 
limited to, interactions with investors and investments in 
portfolio companies across various geographies.
The AML/CTF framework for EQT’s Alternative 
Investment Fund Managers (AIFMs) and regulated 
entities is subject to review by internal and/or external 
auditors, where applicable. Additionally, EQT’s AIFMs 
and regulated entities are required to report on AML/
CTF matters to their respective regulators.
The ultimate responsibility for implementing the 
AML/CFT framework lies with the Global Head of Risk, 
Regulatory & Compliance. This role oversees all 
activities related to prevention, detection and mitigation 
of ML/FT risks. It also provides guidance and acts as an 
escalation point to ensure that risks are effectively 
managed evenly across EQT. 
BUSINESS PARTNER CODE OF CONDUCT
The EQT Business Partner Code of Conduct sets out 
expectations for suppliers and business partners 
regarding legal compliance, respect for human rights, 
environmental stewardship, and ethical business 
practices. As detailed in the Business Partner Code of 
Conduct, EQT expects all business partners to oppose 
corruption in all its forms, including extortion, bribery, 
and fraud, and to avoid facilitation payments.
EQT AB Group values open communication and expects 
its business partners and suppliers to proactively inform 
EQT in cases of material misconduct to the Business 
Partner Code of Conduct, and to implement corrective 
actions. EQT provides a whistleblowing channel where 
Business Partners or their employees may report 
concerns or violations of this Code of Conduct. The 
Global Head of Sustainable Transformation is responsi -
ble for the Business Partner Code of Conduct, which is 
approved by the Board.
Furthermore, EQT Real Estate has an EQT Real 
Estate Vendor Code of Conduct that sets out similar 
requirements for its construction and property man -
agement suppliers.
EQT RESPONSIBLE INVESTMENT &  
OWNERSHIP POLICY
The EQT Responsible Investment & Ownership (RI&O) 
policy emphasizes accountable leadership and good 
governance principles across EQT funds’ investments. 
EQT aims for such governance models to include 
defined and documented corporate governance 
structures, setting action plans on material sustainabil -
ity aspects and related policies and guidelines, con -
ducting sustainability risk analyses, maintaining strong 
business ethics, complying with relevant laws and 
regulations, and that financial and non-financial 
reporting is conducted accurately and transparently.
For information regarding key initiatives, industry 
standards and memberships that shape EQT’s responsi -
ble investment and ownership approach,  please see 
the full EQT RI&O policy on EQT’s website2).
The CEO is responsible for the EQT RI&O policy, 
which is approved by the Board.
EQT Real Estate 
EQT Real Estate maintains their own individual sustain -
ability policy, which is aligned with the RI&O policy. The 
policy’s governance objectives focus on maintaining 
high standards of ethics, transparency, and compliance. 
The policy applies globally across EQT Real Estate´s 
portfolio, including North America, Europe, and 
Asia-Pacific. It covers both the upstream and down -
stream value chains, ensuring sustainable practices in 
sourcing, operations, and tenant engagement. The 
policy also promotes responsible governance in supply 
chains and tenant relationships. 
The Head of Sustainability for EQT Real Estate is 
responsible for policy implementation, in collaboration 
with the heads of each functional area of the organiza -
tion. The EQT Real Estate Management Group has 
responsibility for policy approval and oversight.

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Business conduct  
EQT AB GROUP
During the reporting period, EQT AB Group has 
implemented various actions to uphold high standards 
of business ethics, including corporate culture, anti-cor -
ruption and bribery, protection of whistleblowers and 
AML.
Monitoring of Adherence to Governing Documents
The Risk, Regulatory & Compliance team continuously 
monitors adherence to EQT’s Code of Ethics and other 
governing documents, managing risks associated with 
business ethics through regular monitoring and 
controls, and ongoing trainings and other aware -
ness-raising activities. 
EQT AB Group remains dedicated to improving 
processes that uphold ethical conduct in the years 
ahead.
Anti-Corruption Compliance Program
EQT works actively to prevent, detect, investigate, and 
respond to incidents related to corruption and bribery.
Proactive Measures:  On an annual basis, EQT performs 
a risk assessment that includes bribery and corruption 
risk, with continuous monitoring. EQT’s Anti-Bribery and 
Corruption Guidelines set internal rules on gifts and 
entertainment involving third parties, i.e., persons or 
organizations outside of the EQT AB Group. EQT has set 
processes for pre-clearance and manager approval for 
gifts and entertainment applicable to all EQT employ -
Actions
ees. EQT employees are also made aware in the 
guidelines that special caution and consideration are 
required when engaging with government officials, 
including foreign government officials.
Ongoing Monitoring and Assessment:  EQT regularly 
monitors employee’s compliance with its governing 
document, which may include controls of gifts and 
entertainment as well as anti-bribery and corruption. 
Should any suspicions of non-compliance with these 
guidelines arise, EQT’s Risk, Regulatory & Compliance 
team will launch an investigation into the matter, 
independent of the involved management chain. 
Investigation outcomes, depending on their materiality, 
will be reported as appropriate to the Audit Committee, 
Executive Committee, and the Board.
Anti-money laundering and counter terrorist financing 
Program
EQT AB Group and EQT funds have a structured 
Anti-Money Laundering (AML) and Counter Terrorist 
Financing (CTF) program designed to continuously 
identify, assess, and mitigate the risks to which EQT is 
exposed. This program outlines EQT’s obligations 
regarding suspicious activity and transaction reports, 
business relationship due diligence, ongoing monitor -
ing, and related responsibilities. To ensure a strong 
understanding of the program and EQT’s risk exposure, 
all EQT employees follow an annual training. The 
program is spearheaded by the Compliance team 
operating at AIFM level, and is overseen by EQT’s 
Global Head of Risk, Regulatory & Compliance. This 
structure underscores EQT’s commitment to maintaining 
robust controls and mitigating risks of potential AML 
violations across its operations.
During the reporting year, EQT’s AML/CTF program 
focused on the prevention and detection of money 
laundering and related activities through policies and 
procedures, including Know Your Customer (KYC) 
checks on clients, portfolio companies, and EQT entities.
EQT AB Group and the EQT funds continuously 
assess their AML strategy to ensure it remains aligned 
with strategic objectives, meets regulatory require -
ments, and responds effectively to adaptation to global 
geopolitical developments. 
Client Assessment 
EQT’s clients are continuously assessed based on a 
range of factors, including geographic exposure, 
industry sectors, sanction list screenings, exposure to 
politically exposed persons, transaction complexity, 
delivery channels, adverse media reports, and other 
relevant criteria.
As a client-centric organization, EQT prioritizes 
building long-term relationships with its fund investors, 
emphasizing engagement over exclusion. EQT is not 
willing to enter into or maintain client relationships with 
individuals or entities subject to sanctions or associated 
with countries presenting significant and systemic 
deficiencies in Anti-Money Laundering (AML) and 
Counter Terrorist Financing (CTF) compliance. 
To strengthen risk mitigation, the effectiveness of 
existing controls are regularly reviewed through 
self-assessments by process owners and/or thematic 
reviews performed by the Regulatory, Risk & Compli -
ance team. Any controls deemed ineffective or partially 
ineffective are logged and monitored until fully 
resolved. Additionally, the incident reporting process 
feeds into the internal control assessment by flagging 
any potential control issue that may have been missed 
during routine assessments.
Supplier Screening
EQT screens its business partners and suppliers on a 
regular basis against global and EU sanctions lists, 
utilizing trusted and reputable screening tools.
Whistleblowing
EQT has an anonymous whistleblowing channel 
available both internally and externally, encouraging 
EQT employees and external stakeholders to report 
suspected unethical behaviors, misconduct, and 
non-compliance.
Both EQT’s internal and external Whistleblowing 
Instructions set out fundamental principles to be 
followed regarding the right to: (i) anonymous report -
ing, (ii) confidentiality, (iii) report in good faith, and (iv) 
prohibition of retaliation.
Cases are addressed by an internal Case Handling 
Team, with the Audit Committee informed about all 
cases to ensure no retaliation against whistleblowers. 
One of the Board members of EQT AB, who is also a 
member of the Audit Committee, is the appointed 
supervisor of the Case Handling Team and supervises 
their proceedings on an ongoing basis.
EQT also has Whistleblowing Investigation Instruc -
tions in place that provide concrete guidance to the 
Case Handling Team and external parties conducting 
investigations of whistleblowing reports and other 
reports received by EQT. These instructions provide 
guidance in the different phases of an investigation and 
what should be included in each phase. EQT is subject 
to national laws transposing Directive (EU) 2019/1937 
with regard to the protection of whistleblowers.
Misconduct Assessment
Any type of action, omission or conduct that goes 
against EQT’s values, policies, guidelines, and proce -
dures are managed through EQT’s Global Disciplinary

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Business conduct  
Framework. This framework covers EQT employee 
misconduct in relation to fraud, financial and other 
crimes, legal and regulatory breaches, data breaches, 
and employment practice misconduct. The framework 
is designed to streamline and strengthen disciplinary 
processes, ensuring that misconduct is properly 
escalated and handled consistently. 
Cases are assessed, treated, and closed globally 
through an internal team involving management, HR, 
in-house employment lawyers, and local compliance 
officers, with the Audit Committee acting as a supervi -
sory body. The team handling the cases through the 
Global Disciplinary Framework investigates the case 
and issues a recommendation to the relevant manage -
ment representatives deciding on suitable actions.
On a quarterly basis, all cases handled through the 
Global Disciplinary Framework are reported to the 
Audit Committee. 
This reporting also includes the number of whis -
tleblowing cases and a high-level description of them 
from the last quarter. The Risk, Regulatory & Compli -
ance team, via the Global Head of Risk, Regulatory & 
Compliance, submits an annual report, including the 
number of whistleblowing reports in the last year, to the 
Executive Committee, Audit Committee, and Board. This 
report includes concerns about unlawful behavior or 
behavior in contradiction to the Code of Ethics.
Training and awareness
On an annual basis, all EQT employees and temporary 
staff participate in EQT’s Annual Ethics Training, which 
is based on the Code of Ethics and other governing 
documents, such as EQT’s Anti-Bribery and Corruption 
Guidelines and Internal Whistleblowing Instructions.  
Additionally, all EQT employees must annually 
certify that they have read and understood the Code of 
Ethics and other relevant governing documents. All new 
hires to EQT AB Group also go through a comprehen -
sive compliance onboarding program that includes 
training on the Code of Ethics, and other governing 
documents, e.g. the Anti-Bribery and Corruption 
Guidelines and Internal Whistleblowing Instructions. 
Additionally, new hires undergo in-depth training in 
anti-bribery and corruption, and anti-money launder -
ing and counter-terrorist financing. 
All new hires must also certify that they have read 
and understood the Code of Ethics and other relevant 
governing documents. The Annual Ethics Training and 
Annual Certifications, as well as the compliance 
onboarding training and new hire certifications, are 
mandatory for all EQT employees, including all man -
agement levels. Training is also held for newly 
appointed members in the whistleblowing process, and 
other team members may receive additional training.
EQT FUNDS
During the reporting period, the following actions have 
been taken to support a positive impact on business 
ethics, including corporate culture, in EQT funds’ 
underlying investments.
Responsible investment process
An important component of the investment process is 
the due diligence and the identification and assessment 
of material sustainability risks and impacts, alongside 
potential sustainability opportunities. This assessment 
seeks to ensure that all investments align with EQT’s 
sustainability strategy.
The outcomes of the sustainability due diligence are 
integrated by investment advisory professionals into the 
business plans of the individual assets on a case by case 
basis, aiming to mitigate material risks throughout the 
ownership period, where relevant, and leverage on 
identified opportunities.
Accountable leadership and good governance
EQT believes in adopting accountable leadership and 
good governance principles throughout its deci -
sion-making and investment process. EQT adheres to 
and instills strong sustainability governance models for 
EQT funds’ investments, adjusted to the specific 
governance position, which provides a solid foundation 
for developing and embedding sustainability ambitions, 
monitoring, and assessing performance.
The assessment of good governance practices is an 
integral part for new investments and focuses on areas 
such as management structures, legal compliance, and 
tax practices, among others. 
On an ongoing basis, clear expectations for 
transparency and accountability are established. This 
might include practices such as assessing portfolio 
companies adhere to governance standards aligned 
with global frameworks such as the UN Global 
 Compact.
Continuous oversight is maintained through active 
board engagement, where possible, for example by 
appointing a board member responsible for setting 
clear ownership around sustainability-related initia -
tives.
EQT Real Estate regularly interacts with tenants and 
residents to advance mutual sustainability ambitions. 
This includes enhancing the landlord-tenant relation -
ship to achieve sustainability ambitions through 
practices such as incorporating sustainable clauses in 
leases, energy efficiency enhancements as part of 
tenant fit outs and lease renewals, and collaborating to 
deploy on-site renewables.
Policies at portfolio company level
As an active owner, EQT promotes the development of 
robust frameworks that ensure long-term value 
creation and adherence to high governance standards 
at the level of portfolio companies. This includes 
encouragement and support in creating a comprehen -
sive set of governance and sustainability policies during 
the ownership period. Such policies include key areas 
such as a Code of Conduct, Anti-bribery and Corrup -
tion, whistleblower protection, human rights, climate 
change and occupational health and safety.
Reputational incident monitoring process
On an ongoing basis, portfolio companies are screened 
for involvement in sustainability-related adverse media 
coverage, as monitored and flagged by an external 
service provider. In addition, investment advisory 
professionals are encouraged to report potential 
incidents in EQT’s internal incident reporting tool.
Incidents are followed up by the Risk, Regulatory & 
Compliance team with the respective parties involved, 
ensuring that appropriate remediation plans are put in 
place to address any issues identified. This process not 
only mitigates reputational risks but also promotes 
accountability and ethical business practices within the 
portfolio companies, reinforcing EQT’s commitment to 
sustainable and responsible investment.

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Business conduct  
TARGET – EQT AB GROUP
No confirmed incidents of bribery or corruption within 
public legal cases or proceedings against EQT AB 
Group during the year. The target is supported by EQT’s 
Anti-Bribery and Corruption Guidelines.
METRIC
Zero confirmed incidents of bribery and corruption by 
EQT AB Group during the reporting period 1).
AMBITIONS – EQT FUNDS
EQT aims to drive operational sustainability through 
initiatives promoting accountable leadership across 
EQT funds’ portfolio companies and assets. Four 
operational sustainability KPIs have been identified as 
value-creation levers. Due to the diverse and dynamic 
nature of the portfolio, these KPIs do not have fixed 
target levels, instead they represent long-term ambi -
tions. 
Target, ambitions and metric
Accountable leadership
Integrate sustainability into 
decisionmaking, linking 
incentives and ensuring 
transparency
       Business specific transformational KPIs
       Sustainability champion in the Board
       Signatory to the UN Global Compact principles
       Sustainability incentives to Board or management
Business specific transformational KPIs:  EQT 
encourages portfolio companies to identify and focus 
on material and company specific sustainability KPIs 
with a link to value creation. 
Sustainability champion:  To ensure accountability in 
the highest decision making body, EQT encourages the 
portfolio companies to appoint sustainability champi -
ons at the board level or introduce Sustainability 
Committees.
Signatory to UN Global Compact principles:   EQT 
encourages portfolio companies to become signatory 
to the UN Global Compact principles to ensure mini -
mum standards in the areas of human rights, labor, 
environment, and anti-corruption.
Sustainability incentives:  EQT encourages portfolio 
companies to introduce sustainability-linked incentives 
to the board and/or management to embed sustain -
ability in decision-making and to align individuals’ 
incentives with long term value creation for the portfolio 
company.
For information regarding current performance 
towards these ambitions, please see the Playbook - 
Sustainability.
Transform: Operational sustainability KPIs
1) This figure also includes cases where an EQT AB Group employee is  
 involved in bribery or corruption within a portfolio company.

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Responsible investment  
approach for EQT funds
# 3.6
 159 Responsible investment approach for EQT funds
 159 Strategy
 160 Policies and guidelines
 160 — Responsible Investment & Ownership Policy (RI&O) 
 161 Actions
 161 Targets and performance

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Responsible investment approach for EQT funds
Responsible investment 
approach for EQT funds
EQT is committed to its responsible 
investment approach in the EQT funds as it 
fulfills its mission to create strong returns for 
its clients. EQT has seen an interest from 
clients seeking investment opportunities 
with a sustainability track-record as they 
allocate capital to funds.
Strategy 
 
EQT AB Group is committed to responsible investment 
and ownership principles1)  based on their ability to 
preserve and enhance the value of the EQT funds’ 
investment portfolios, and integrates sustainability 
considerations into EQT’s investment and value creation 
process, to better address downside risk protection and 
to accelerate value creation across EQT funds’ invest -
ments. In line with this responsible investment and 
ownership approach and EQT’s sustainability strategy, 
EQT AB Group’s ambition is to actively promote envi -
ronmental or social characteristics alongside good 
governance practices across the EQT funds invest -
ments. 
As a thematic investor, EQT invests behind macro 
and societal trends, which also is an integrated part of 
the development of the EQT funds’ strategies. In line 
with this, EQT is working to enhance its approach to 
impact-oriented investments that can help address 
some of the world’s most pressing challenges through 
their core products and/or services, while being 
committed to its aim to deliver superior returns to its 
investors. EQT funds’ impact strategies use the RI&O 
policy alongside additional impact management 
frameworks, which guide impact underwriting, perfor -
mance management and outcomes measurement.
1)  More information about the principles here: https://cdn.sanity.io/files/30p -
7so6x/eqt-web-prod/78f5e051c9c186b0624d404225145d031874fea6.pdf
Material topics Value chain
EQT specific Responsible 
investment 
approach for EQT 
funds
EQT AB Group
This section describes EQT’s responsible 
investment and ownership approach. To 
appropriately identify and manage risk and 
opportunities, sustainability considerations are 
integrated in the investment and value creation 
process.
EQT specific material topic

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Responsible investment approach for EQT funds
1)  Material sustainability factors are defined as those factors that EQT determines to have, or have the potential to have, a material impact on an investment’s ability to 
create, preserve or erode economic value, including as related to environmental and social value, for that organization and its stakeholders.
Policies and guidelines
EQT AB Group’s RI&O policy describes EQT’s ambition 
for responsible investments and the approach to 
integrating material sustainability topics throughout its 
investment and value creation process, consistent with 
and subject to its fiduciary duties and applicable legal, 
contractual and other requirements.
EQT RESPONSIBLE INVESTMENT & OWNERSHIP 
POLICY
Material sustainability aspects are considered as part 
of the investment analysis where EQT for example,  
avoids investing in cases where the products, services 
or practices cause environmental or social harm and 
there is no transition pathway to mitigate such negative 
impacts by active ownership on the basis that such 
material issues can erode value over time and create 
reputational issues for the EQT AB group. Appropriate 
governance procedures are also adapted to manage 
and monitor sustainability aspects throughout the 
ownership period. In cases where an EQT Fund does not 
have control or co-control, the ability to influence and 
exercise control over the investments is typically more 
limited, including influence on sustainability matters 
and application of this policy. Nonetheless, sustainabil -
ity continues to be integrated in the investment analysis 
and the sustainability approach to ownership is 
adapted in such instances, working towards ambitions 
set forth in the policy. For information about scope and 
owner of the policy, please see the section Business 
conduct. The below illustration shows how sustainability 
is integrated across different lifecycle stages. 
In an EU Sustainable Finance Disclosure Regulation 
(SFDR) context, and in line with EQT’s approach to 
sustainability, EQT’s ambition has been and continues to 
be for EQT’s main funds in scope of SFDR to either 
promote environmental and/or social characteristics 
(article 8 funds) or have sustainable investments as its 
objective (article 9).
EQT funds’ approach across the different investment lifecycle stages
Sourcing Due diligence Value creation Exit
EQT’s thematic investing approach focuses on both 
deploying capital towards innovative solutions that 
address societal and environmental challenges and 
transforming companies and assets through their 
operations as well as products and services. EQT seeks 
to avoid investing in cases where the products, 
services or practices cause environmental or social 
harm and there is no transition pathway to mitigation. 
In addition, EQT has established a negative screening 
excluding direct investments in specific industries 
where sustainability considerations have been deter -
mined to represent potentially materially adverse 
business issues that cannot adequately be managed 
within the parameters of the EQT funds’ investment 
strategies.
EQT takes into consideration material sustainability 
risk and value creation levers, in assessing investment 
opportunities through its due diligence process. 
Sector-specific exposures are considered when 
determining material sustainability factors 1). The 
outcome of the sustainability analysis is presented to 
the managers and/or general partners of the various 
EQT Funds and considered in review of the investment 
opportunity.
EQT is committed to improving the sustainability 
performance and disclosure practices for the EQT 
funds’ investments. EQT’s has a two-fold approach to 
integrating sustainability during the holding period, 
with downside risk protection as well as supporting 
value creation opportunities to create a differentiation 
within their respective markets. EQT actively engages 
with the EQT funds’ portfolio companies throughout 
the ownership period.
With transparency being one of EQT’s core values, 
material sustainability aspects typically form part of 
the vendor due diligence report, initial public offering 
prospectus or other relevant divestment process 
documentation where deemed relevant.

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

161
#01 This is EQT #02 Financial statements #03 Sustainability notes #04 Corporate governance #05 Additional information
Responsible investment approach for EQT funds
Actions Targets and performance
During the reporting period EQT AB Group has actively 
promoted environmental or social characteristics 
across its funds as well as launched thematic impact 
strategies as described by the following ongoing 
actions: 
 — Integrating sustainable considerations in the 
investment process according to the EQT Responsible 
Investment & Ownership Policy in order to seek to 
drive its value creation efforts. More specific actions 
are found under each material topic’s section.
 — Transparently disclosing sustainability performance 
and impacts to fund investors in fund reports as well 
as public disclosure of Principal Adverse Impacts 
(PAI) statement1). PAI refers to the negative impacts 
that investment decisions can have on sustainability 
factors.
 — Promoting industry standardization and ensured 
benchmarking, by being a member of the ESG Data 
Convergence Initiative (EDCI), an open partnership of 
private market stakeholders committed to streamlin -
ing the private investment industry’s historically 
fragmented approach to collecting and reporting 
sustainability data.
 — Developing sustainability and impact-driven 
strategies for relevant  EQT funds such as:
 — EQT Future, Article 9 Impact strategy with a 
thematic focus on climate & nature; health & 
wellbeing.
In Europe, the SFDR requires disclosure of sustainabili -
ty-related information in relation to financial products, 
as well as transparency with regard to the integration 
of sustainability risk. EQT’s ambition, for the main funds 
covered by SFDR, is to either promote environmental 
and/or social characteristics (article 8 funds) or have 
sustainable investments as its objective (article 9 funds), 
in line with its responsible investment approach. The 
below table shows the share of the fee-generating 
assets under management in article 8 and 9 funds. 
While the ambition is not a formal target, it highlights 
EQT AB Group’s approach to sustainability as a tool to 
future-proof, manage risk and help create value within 
the fund portfolio. Note that the SFDR is a European 
regulation and hence not applied in all jurisdictions.
Total fee-generating assets  
under  management (FAUM) 100% 136,001
FAUM Not Art. 8 nor 9 21% 28,424
Whereof not applicable to SFDR 1)  15% 20,087
FAUM Art. 8 77% 105,184
FAUM Art. 9 2% 2,394
1)  FAUM related to funds in scope of SFDR that are not art. 8, 9 or are mainly 
related to legacy funds, established prior to or in connection with the SFDR 
implementation.
 — Healthcare Growth strategy , focused on scaling 
innovative, fast-growing healthcare companies to 
help deliver positive outcomes across the value 
chain.
1)  The PAI statement is published by EQT Fund Management S.à r.l on an annual 
basis covering relevant funds under management by EQT Fund Management 
S.à r.l.

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

#00#3.7
#01 This is EQT #02 Financial statements #03 Sustainability notes #04 Corporate governance #05 Additional information
 
  
Sustainability-themed products and services 
in the portfolio companies
 163 Sustainability-themed products and services in the portfolio   
  companies
 163 Strategy
 163 Sustainability-themed products and services
 163 Policies and guidelines 
 164 Actions
 164 — Actions planned in the fututre
 164 Targets and performance

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

163
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Sustainability-themed products and services in the portfolio companies
Sustainability-themed 
products and services in the 
portfolio companies
EQT aims to set investments up to succeed 
beyond the ownership period and believe 
that by making companies and assets more 
sustainable, make them more valuable for 
the long term. EQT helps companies address 
sustainability challenges by improving their 
operations and driving growth of relevant 
solutions through their products and 
services. As part of EQT’s thematic 
investment approach, prioritized 
sustainability themes have been identified 
that are most relevant to core sectors and 
geographies. EQT funds aim to increase the 
share of sustainability-themed products 
and services across the portfolio in order to 
capture opportunities in the sustainability 
megatrends and enhance valuations at exit.
Strategy 
Sustainability-themed products and 
services 
Guided by EQT’s thematic investment approach, EQT 
funds invest behind underlying macro trends – such as 
the growing market demand for solutions to sustain -
ability challenges – and target high-quality companies 
with growth potential in attractive industries. 
Although there are regulatory frameworks in 
certain jurisdictions defining under what circumstances 
certain economic activities are sustainable, such as the 
EU Taxonomy for Environmentally Sustainable Economic 
Activities, there is currently no global standard covering 
the full suite of environmental and social sustainability 
themes. Recognizing that there are no definitive 
answers to what is a sustainable product or service, 
EQT AB Group and relevant EQT funds have developed 
a framework of priority sustainability themes and 
sub-themes to categorize the products and services 
offered by EQT’s portfolio companies. 
The framework builds on EQT funds’ long-standing 
thematic investing approach, and is inspired by existing 
frameworks in the market that aim to measure the 
impact contribution of particular products and services.  
Forming a view on which products and services 
contribute to one of these sub-themes will help EQT 
funds’ portfolio companies to intentionally grow that 
future-focused product offering during EQT funds’ 
ownership.
EQT AB Group’s sustainability strategy accelerates its 
commitment to future-proofing EQT funds’ portfolio 
companies and assets. The strategy is twofold: it builds 
on a set of value creation levers aiming to improve 
operational sustainability and a focus on growing the 
share of sustainability-themed products and services in 
the portfolio companies.
Policies and guidelines
Policies and guidelines are currently being developed to 
govern how EQT funds will identify and support the 
growth of sustainable products and services in portfolio 
companies.
Material topics Value chain
EQT specific Sustainability-  
themed products 
and servicess in 
the portfolio 
companies
EQT funds
This section covers EQT funds’ approach to 
sustainable products and services and how EQT 
funds aim to invest in and track underlying 
macro trends such as sustainability.
EQT specific material topic

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

164
#01 This is EQT #02 Financial statements #03 Sustainability notes #04 Corporate governance #05 Additional information
Sustainability-themed products and services in the portfolio companies
As EQT AB Group’s and relevant EQT funds’ approach  
to tracking and growing sustainability-themed products 
and services is still in its early development phase, there 
are currently no metrics or targets available to report, 
and the effectiveness of the actions cannot yet be 
assessed.
During the reporting period, EQT AB Group and 
relevant EQT funds have taken, among other things, the 
following actions as part of the strategy to identify and 
grow the share of sustainability-themed products and 
services in the portfolio companies:
 — Developed a draft methodology for defining and 
identifying sustainable products and services in 
portfolio companies. The methodology has been 
inspired by existing frameworks in the market and 
developed together with leading external advisers.
 — Assessed the current portfolio companies across 
EQT’s Infrastructure and Private Capital Asia business 
lines to establish a 2024 baseline of the share of 
sustainability-themed products and services in those 
portfolios. 
ACTIONS PLANNED IN THE FUTURE
EQT AB Group and relevant EQT funds plan to take the 
following actions during next year to further develop 
the approach to track and grow the share of sustain -
ability-themed products and services in the portfolio 
companies:
 — Use the sustainability thematic framework to source 
new deals that capture sustainability megatrends 
due to the sustainability-themed profile of the 
companies’ products and services.
 — Support portfolio companies to grow sustainabili -
ty-themed revenue streams where there are 
innovation or expansion opportunities that link to 
Actions Targets and performance  
commercial growth opportunities and customer 
demand projections.
 — Design exit processes to highlight the sustainabili -
ty-themed products and services and the real-world 
outcomes that they generate, in order to capture 
investor interest in the sustainability megatrend and 
higher company valuation.
 — Aggregate and assess the effectiveness of these 
actions across the relevant fund portfolios.

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

165
#01 This is EQT #02 Financial statements #03 Sustainability notes #04 Corporate governance #05 Additional information
Sustainability-linked financing
For more information regarding the Key Performance 
Indicators (KPIs) and definitions,  please see the EQT’s 
Sustainability-linked financing frameworks on the EQT 
website1). 
SUSTAINABILITY-LINKED FINANCING
EQT AB has sustainability-linked bonds for EQT Group 
issued in 2021 and 2022, and entered in 2024 into an 
updated sustainability-linked revolving credit facility. 
Reporting towards the Sustainability Performance 
Targets (SPTs) in the EQT AB Group sustainability-linked 
bonds are provided below.
Sustainability-linked 
financing 
EUR 500 MILLION SUSTAINABILITY-LINKED BOND ISSUED IN 2021
Key Performance Indicators
Sustainability  
Performance Target Target date Status 2024
KPI 1: SBTi approved greenhouse gas emission 
reduction  targets
SPT 1: Science-based 
targets approved 31 December 2023 Fulfilled in 2021
KPI 2a: Percentage of women 
Investment Advisory Professionals SPT 2a: 28% 31 December 2026 29% 
KPI 2b: Percentage of independent women board 
members appointed at EQT funds’ portfolio companies SPT 2b: 36% 31 December 2026 35%
EUR 1,500 MILLION SUSTAINABILITY-LINKED BONDS ISSUED IN 2022
Key Performance Indicators
Sustainability  
Performance Target Target date Status 2024
KPI 1: Portfolio coverage % 1) SPT 1: 40% 31 December 2025 73%
1) Eligible EQT funds’private and listed equity portfolio companies by EUR invested capital to have set SBTis. Eligible companies where the EQT fund holds at least 25 
percent of fully diluted shares and at least 24 months have passed since the date of acquisition. Excluding EQT Private Capital Asia.
1) https://eqtgroup.com/

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

166
#01 This is EQT #02 Financial statements #03 Sustainability notes #04 Corporate governance #05 Additional information
GRI content index
GRI content 
index
Statement of use: EQT AB has reported in accordance with the 
GRI Standards for the period 2024-01-01 to 2024-12-31
GRI 1 used: Foundation 2021
Applicable GRI Sector Standard(s):  None of the published sector 
standards apply to EQT
GRI Standard/other source Disclosure Page Omission Additional comments
General disclosures
GRI 2: General Disclosures 2021 2-1 Organizational details 3, 6, 93
2-2 Entities included in the organization’s sustainability reporting 58, 81-85, 166 The entities included in the Sustainability Report are the same 
as for the Financial reporting, described in page 58 and 81-85.
2-3 Reporting period, frequency and contact point 166 EQT produces and publishes a financial report and a sustain -
ability report on an annual basis (1 January 2024 to 31 Decem -
ber 2024). Contact details: shareholderrelations@eqtpartners.
com. Date of publish: 13 March 2025.
2-4 Restatements of information 166 In the sustainability notes, EQT AB has aimed to present its 
material impacts, risks, and opportunities in a way that aligns, 
as much as possible, with the relevant requirements of the 
European Sustainability Reporting Standards (ESRS). The sus -
tainability notes is in accordance with the Global Reporting Ini -
tiative (GRI) standards.
2-5 External assurance 170 External assurance of the sustainability report is provided by a 
third party. 
2-6 Activities, value chain and other business relationships 6-9, 118
2-7 Employees 144-145
2-8 Workers who are not employees 139
2-9 Governance structure and composition 114-115, 144, 153, 179-181
2-10 Nomination and selection of the highest governance body 177, 182
2-11 Chair of the highest governance body 175
2-12 Role of the highest governance body in overseeing the management of impacts 114-115, 153, 179-181
2-13 Delegation of responsibility for managing impacts 114-115, 153, 179-181
2-14 Role of the highest governance body in sustainability reporting 114-115, 124
2-15 Conflicts of interest 153-154, 172-175, 179-183
2-16 Communication of critical concerns 115, 153-156 EQT does not report on 2-16 b.
2-17 Collective knowledge of the highest governance body 114-115
2-18 Evaluation of the performance of the highest governance body 114-115, 177-178, 182
2-19 Remuneration policies 52-53, 65-70, 115, 174, 177-178, 
182

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

167
#01 This is EQT #02 Financial statements #03 Sustainability notes #04 Corporate governance #05 Additional information
GRI content index
GRI Standard/other source Disclosure Page Omission Additional comments
2-20 Process to determine remuneration 52-53, 65-70, 115, 174, 177-178, 
182
2-21 Annual total compensation ratio 146
2-22 Statement on sustainable development strategy 17, 118-119
2-23 Policy commitments 116-117, 129, 140, 149, 153-154, 
160, 163
2-24 Embedding policy commitments 115, 130, 143-144, 150, 155-156, 
161, 164
2-25 Processes to remediate negative impacts 140, 142, 149-150, 155-156
2-26 Mechanisms for seeking advice and raising concerns 142, 150, 153-154, 155-156
2-27 Compliance with laws and regulations 153-157
2-28 Membership associations 140, 149
2-29 Approach to stakeholder engagement 120, 140-141, 149
2-30 Collective bargaining agreements 141
Material topics
GRI 3: Material Topics 2021 3-1 Process to determine material topics 120, 121-123
3-2 List of material topics 121-122
Business ethics
GRI 205: Anti-corruption 2016 3-3 Management of material topics 153-157
205-1 Operations assessed for risks related to corruption 153, 155-156
205-2 Communication and training about anti-corruption policies and procedures 153-154, 156
205-3 Confirmed incidents of corruption and actions taken 157
Energy
GRI 302: Energy 2016 3-3 Management of material topics 129-132

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

168
#01 This is EQT #02 Financial statements #03 Sustainability notes #04 Corporate governance #05 Additional information
GRI content index
GRI Standard/other source Disclosure Page Omission Additional comments
Climate change mitigation and adaptation
GRI 305: Emissions 2016 3-3 Management of material topics 129-132
305-1 Direct (Scope 1) GHG emissions 131-134
305-2 Energy indirect (Scope 2) GHG emissions 131-134
305-3 Other indirect (Scope 3) GHG emissions 131-134
305-4 GHG emissions intensity 133
305-5 Reduction of GHG emissions 130-134
Employee development, health and well-being
Working conditions and employee engagement in the value chain
GRI 401: Employment 2016 3-3 Management of material topics 139-141, 143-144, 148-151
401-1 New employee hires and employee turnover 145 EQT does not report on region and reports number in total 
and breakdowns in percentage.
401-3 Parental leave 146 EQT reports the percentage of employees entitled to take 
family-related leave; and the percentage of entitled employ -
ees that took family-related leave, by gender, but does not 
report 401-3c-e.
GRI 403: Occupational  
Health and Safety 2018
3-3 Management of material topics 139-142, 143-144, 148-151
403-1 Occupational health and safety management system 140
403-2 Hazard identification, risk assessment, and incident investigation 142, 155
403-7 Prevention and mitigation of occupational health and safety impacts  
directly linked by business relationships
150
403-8 Workers covered by an occupational health and safety management system 146 EQT does not report on workers who are not employees. The 
information presented is for permanent employees and fixed-
term employees within EQT AB Group.
GRI 404: Training and Education 2016 3-3 Management of material topics 139-141, 143-144, 148-151
404-1 Average hours of training per year per employee 146
404-3 Percentage of employees receiving regular performance and career  
development reviews
143, 146 The information on training and skills development presented, 
refers to permanent employees, hired prior to September 1th 
2024.

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

169
#01 This is EQT #02 Financial statements #03 Sustainability notes #04 Corporate governance #05 Additional information
GRI content index
GRI Standard/other source Disclosure Page Omission Additional comments
Equal treatement and opportunities for all
GRI 405: Diversity and  
Equal Opportunity 2016
3-3 Management of material topics 139-142, 143-144, 148-151
405-1 Diversity of governance bodies and employees 144-146, 175-176, 179-181 Ref. Corporate governance report.
405-2 Ratio of basic salary and remuneration of women to men 146 Omission: EQT does not measure 
ratios of standard entry-level 
wages. The gender pay include 
all employees’ gross hourly pay 
level (including all cash compen -
sation during the year) and is 
calculated as: ((Average gross 
hourly pay level of male employ -
ees - average gross hourly pay 
level of female employees) / 
Average gross hourly pay level 
of male employees) x 100
Responsible investment approach for EQT funds
GRI 3: Material Topics 2021 3-3 Management of material topics 160-161
EQT specific Responsible investment approach for EQT funds 159-161
Sustainability-themed products and services in the portfolio companies
GRI 3: Material Topics 2021 3-3 Management of material topics 163-164
EQT specific Sustainability-themed products and services in the portfolio companies 163-164

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

170
#01 This is EQT #02 Financial statements #03 Sustainability notes #04 Corporate governance #05 Additional information
Auditor’s limited assurance report 
Auditor’s Limited Assurance 
Report on EQT AB’s 
Sustainability Report and 
statement regarding the 
Statutory Sustainability 
Report
To EQT AB (publ), corp. id 556849-4180
INTRODUCTION 
We have been engaged by the Board of Directors of 
EQT AB (publ) to undertake a limited assurance 
engagement of EQT AB’s Sustainability Report for the 
year 2024. The company has defined the scopes of the 
Sustainability Report and the Statutory Sustainability 
Report on page 1 1 1 in this document.
RESPONSIBILITIES OF THE BOARD OF DIRECTORS 
AND THE MANAGING DIRECTOR 
The Board of Directors and the Executive Management 
are responsible for the preparation of the Sustainability 
Report including the Statutory Sustainability Report in 
accordance with applicable criteria and the Annual 
Accounts Act in accordance with the older wording that 
applied before 1 July 2024. The criteria are defined on 
page 1 1 1 and 1 13 in the Sustainability Report and are 
part of the Sustainability Reporting Guidelines pub -
lished by GRI (The Global Reporting Initiative), that are 
applicable to the Sustainability Report, as well as the 
accounting and calculation principles that EQT AB has 
developed. This responsibility also includes the internal 
control relevant to the preparation of Sustainability 
Report that is free from material misstatements, 
whether due to fraud or error. 
AUDITOR’S RESPONSIBILITY
Our responsibility is to express a conclusion on the 
Sustainability Report based on the limited assurance 
procedures we have performed and to express an 
opinion regarding the Statutory Sustainability Report. 
Our assignment is limited to the historical information 
that is presented and does not cover future-oriented 
information.
We conducted our limited assurance engagement in 
accordance with ISAE 3000 (Revised) Assurance 
engagements other than audits or reviews of financial 
information. A limited assurance engagement consists 
of making inquiries, primarily of persons responsible for 
the preparation of the Sustainability Report and 
applying analytical and other limited assurance 
procedures. Our examination regarding the Statutory 
Sustainability Report has been conducted in accor -
dance with FAR’s accounting standard RevR12 The 
auditor’s opinion regarding the Statutory Sustainability 
Report. A limited assurance engagement and an 
examination according to RevR 12 is different and 
substantially less in scope than an audit conducted in 
accordance with International Standards on Auditing 
and generally accepted auditing standards in Sweden. 
The firm applies International Standard on Quality 
Management 1, which requires the firm to design, 
implement and operate a system of quality manage -
ment including policies or procedures regarding 
compliance with ethical requirements, professional 
standards and applicable legal and regulatory require -
ments. We are independent of EQT AB in accordance 
with professional ethics for accountants in Sweden and 
Stockholm, 12 March 2025
KPMG AB 
 
 
Håkan Olsson Reising 
Authorized Public Accountant
Karin Sivertsson
Expert Member of FAR
have otherwise fulfilled our ethical responsibilities in 
accordance with these requirements.
The limited assurance procedures performed and the 
examination according to RevR 12 do not enable us to 
obtain assurance that we would become aware of all 
significant matters that might be identified in an audit. 
The conclusion based on a limited assurance engage -
ment and an examination according to RevR 12 does 
not provide the same level of assurance as a conclusion 
based on an audit.
Our procedures are based on the criteria defined by 
the Board of Directors and the managing director as 
described above. We consider these criteria suitable for 
the preparation of the Sustainability Report. 
We believe that the evidence obtained is sufficient 
and appropriate to provide a basis for our conclusions 
below. 
CONCLUSIONS
Based on the limited assurance procedures performed, 
nothing has come to our attention that causes us to 
believe that the Sustainability Report is not prepared, in 
all material respects, in accordance with the criteria 
defined by the Board of Directors and the managing 
director.
A Statutory Sustainability Report has been pre -
pared.

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

#01 This is EQT #02 Financial statements #03 Sustainability notes #04 Corporate governance #05 Additional information
Sustainability notes 
 000 Sustainability notes
 000 3.1 General disclosures
 000 3.2 Climate change
 000 3.3 Own workforce
 000 3.4 Workers in the value chain
 000 3.5 Business conduct
 000 3.6 Responsible investment approach for EQT funds
 000 3.7  Su stainability-themed products and services in portfolio  
companies
 000 Sustainability-linked financing 
 000 GRI content index 
 000 Auditor’s limited assurance report
These sustainability notes aim to present EQT’s material sustainability topics 
in a structured way while reflecting relevant sustainability reporting frame -
works.
#04
Corporate governance
 172 Corporate governance report
 172 Statement of Purpose
 175 The Board
 179 The Executive Committee
 183 Audi tor’s report on the  corp orate governance  st atement

===== SIDA 172 =====

Corporate governance practices refer to 
the decision-making systems through 
which owners, directly or indirectly, govern 
a company. Good corporate governance is 
not only important for EQT AB’s organiza -
tion, it is also integrated in EQT’s business 
model as it is part of the core of EQT’s 
value creation strategy when advising and 
future- proofing the portfolio companies of 
the EQT funds.
EQT AB is a Swedish limited liability 
company governed by the Swedish 
Companies Act. As a listed company on 
Nasdaq Stockholm, EQT AB further 
adheres to the Swedish Code of Corporate 
Governance (the “Code”). The Code is 
published on www.corporategovernance -
board.se, where a description of the 
Swedish Corporate Governance model can 
be found.
This Corporate Governance Report is 
submitted in accordance with the Swedish 
Annual Accounts Act and the Code. It 
explains how EQT AB has conducted its 
corporate governance activities during the 
financial year 2024.
EQT AB did not breach or deviate from 
the Nasdaq Stockholm Rule Book for 
Issuers, the Code or good stock market 
practice during the financial year 2024.
The Corporate Governance Report has 
been reviewed by EQT AB’s auditor, as 
presented on page 183. 
 Corporate governance report
172
#01 This is EQT #02 Financial statements #03 Sustainability notes #04 Corporate governance #05 Additional information
Statements of purpose
EQT is a purpose-driven global investment organization 
focused on active ownership strategies, while respon -
sibly investing in, owning and developing companies 
and real assets. As established in EQT’s articles of 
association, EQT shall strive to conduct its business in a 
way that future-proofs companies and has a positive 
impact with everything we do. 
EQT has an enduring commitment to responsible 
investment and has since inception had a multi-stake -
holder approach, with the original concept from EQT’s 
founding in 1994 of being “more than capital”. This 
concept still embodies the fundamental mindset that 
defines EQT and our active ownership approach. With 
an entrepreneurial spirit and passion for future-proo -
fing companies, EQT continues to further incorporate 
the long-term ownership philosophy of the Swedish 
Wallenberg family.
Today, EQT is a differentiated global investment 
organization with a near three-decade history of 
responsibly investing in, owning and developing com -
panies and real assets. With a Nordic heritage and a 
global mindset combined with well-grounded values 
and a deeply rooted culture, EQT funds have a track 
record of consistent and attractive returns across 
geographies, sectors and strategies.
As EQT has grown, our philosophy has been further 
ingrained into the EQT way of doing business. By taking 
an active role and working closely with management 
and boards, EQT supports its investments with 
hands-on governance and expertise, leveraged from 
both within the EQT platform and the global network of 
EQT Advisors. Providing both capital and competence 
constitutes the essence of EQT’s active ownership 
approach and is difficult to replicate. It allows us not 
only to invest but also to be part of the solution and 
make a positive impact that prevails during and after 
EQT funds’ ownership period, all while creating attrac -
tive returns for EQT funds’ investors.
Shouldering the role as an active owner is not done 
overnight. It requires trust from multiple stakeholders 
and such trust is earned over time. At EQT, we have 
always been dependent on our license to operate to 
continue carrying out our mission. This has meant a 
continuous quest to gain and preserve confidence from 
a broad set of stakeholders such as portfolio compa -
nies’ employees and customers, fund  investors, unions, 
the media, and politicians – and since the public listing, 
also EQT AB’s shareholders.
Going forward, we will develop EQT and our invest -
ments to prosper and be sustainable. We do this by 
promoting regenerative processes and equitable 
business practices and by ensuring that leadership is 
held accountable. We believe this will ensure that EQT 
stays successful and relevant for its investors and 
society as a whole for the long term.
Conni Jonsson 
Founder and Chairperson
Christian Sinding 
CEO and Managing Partner
Margo Cook
Board Member
Brooks Entwistle
Board Member
Richa Goswami
Board Member
Diony Lebot
Board Member
Gordon Orr
Board Member
Marcus Wallenberg 
Deputy Chairperson
Why  we exist
“To future-proof 
companies and make  
a positive impact  
for all.”
PURPOSE
What we strive for
“To be the most 
reputable investor  
and owner.”
VISION
What we do and how
“With differentiated talent and the best  
global network, EQT uses a thematic investment 
strategy and distinctive value creation approach 
to create superior returns for EQT’s investors.”
MISSION

===== SIDA 173 =====

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Corporate governance report
AUTHORIZATIONS
At the Annual Shareholders’ Meeting held on 27 May 
2024, the following authorizations were granted to the 
Board.
An authorization to, during the period until the 
Annual Shareholders’ Meeting 2025, on one or more 
occasions, resolve upon issuances of new shares, 
convertible bonds and/or warrants to be paid in cash, 
by way of set-off and/or in kind. Shares, convertible 
bonds and/or warrants may be issued without prefe -
rential rights for the shareholders of EQT AB. The 
number of shares, convertible bonds and/or warrants 
issued may not correspond to a dilution of more than 10 
percent of the total number of shares as of the first 
exercise of the authorization, after full exercise of the 
authorization. The purpose of the authorization is to 
provide flexibility for acquisitions of companies, busi-
nesses or parts thereof, as well as to increase financial 
flexibility for EQT and broaden the shareholder base. 
Any issue of new shares resolved upon pursuant to the 
authorization shall be made at market terms and condi-
tions, taking into account the transaction as a whole. 
Warrants may be issued free of charge.
An authorization to, during the period until the 
Annual Shareholders’ Meeting 2025, on as many occa -
sions as it deems appropriate, make purchases of the 
company’s ordinary shares. The number of shares 
purchased must at no time result in the company’s 
holding exceeding 10 percent of all the shares in the 
company. The purchases are to be made on Nasdaq 
Stockholm or in accordance with an offer to acquire 
shares directed to all shareholders of the same share 
class or through a combination of these two alternati -
ves. Acquisition of shares on Nasdaq Stockholm shall be 
made at a price per share within the price interval 
applicable at the time of acquisition. Acquisitions of 
shares by way of offers to acquire shares directed to all 
the company’s shareholders of the same share class 
shall be made at an acquisition price which is no more 
than 15 percent above the prevailing market price and 
no less than SEK 0. The purposes of the authorization 
are to enable the Board to adjust the company’s capital 
structure, enable acquisitions of companies and busi -
ness operations where payment is made with own 
shares, deliver shares to Board members as Board fee 
as well as mitigate the dilution impact from the compa -
ny’s incentive programs and acquisitions made by EQT.
SHAREHOLDERS’ MEETINGS AND THE ANNUAL 
SHAREHOLDERS’ MEETING 2025
According to EQT AB’s articles of association, sharehol -
ders’ meetings are convened by publication of the 
convening notice in the Swedish National Gazette (Sw. 
Post- och Inrikes Tidningar) and on EQT’s website. At 
the time of the notice convening a shareholders’ 
meeting, information regarding the notice shall be 
published in the Swedish daily newspaper Dagens 
Industri.
Shareholders who wish to participate in a sharehol -
ders’ meeting of EQT AB must be included in the share -
holders’ register maintained by Euroclear Sweden AB 
(“Euroclear”) on the day falling six banking days prior 
to the meeting and notify EQT AB of their participation 
no later than on the date stipulated in the notice conve -
ning the shareholders’ meeting. Shareholders may 
attend the shareholders’ meetings in person or by proxy 
and may be accompanied by a maximum of two assis -
tants. Typically, it is possible for a shareholder to regis -
ter for the shareholders’ meeting in several different 
ways as indicated in the notice of the shareholders’ 
meeting. A shareholder may vote for all shares in EQT 
AB owned or represented by the shareholder, without 
restrictions on the number of votes. 
The Annual Shareholders’ Meeting 2025 (the “AGM 
2025”) of EQT AB will take place on 27 May 2025 at 
15:00 CEST. All documents related to the AGM 2025 will 
be published on EQT’s website. 
SHARES
At year-end 2024, EQT AB had 51,659 shareholders 
according to the shareholders’ register maintained by 
Euroclear. The only shareholder representing more than 
one tenth of the shares and votes in EQT AB as of 30 
December 2024 was Investor Investments Holding 
Aktiebolag, an indirect subsidiary of Investor Aktiebo -
lag, with 14.0 percent of the capital and 14.0 percent of 
the votes. By virtue of the authorizations granted by the 
Annual Shareholders’ Meetings held on 30 May 2023 
and 27 May 2024, respectively, to repurchase EQT AB 
ordinary shares, 2,154,000 ordinary shares were repur -
chased during the course of the repurchase program 
which ended on 24 May 2024 and 2,000,000 ordinary 
shares were repurchased during the course of the 
repurchase program which ended on 23 August 2024. 
For more information about the EQT AB share and its 
largest shareholders, see section “The EQT AB share”. 
Information on EQT AB’s shareholder  s tructure is also 
available on EQT’s website.
NOMINATION COMMITTEE
Under the Code, all companies whose shares are listed 
on a regulated market in Sweden must have a nomina -
tion committee to prepare proposals regarding certain 
appointments by the shareholders’ meeting. The main 
task of the nomination committee is to propose candi -
dates for election to the Board, including the chairper -
son of the Board, and, where applicable, propose 
auditors for election to the shareholders’ meeting. 
When nominating persons for election to the Board, the 
nomination committee shall determine whether in its 
view the persons nominated for election are considered 
independent of EQT AB, its senior management and the 
major shareholders in EQT AB. In addition, the nomina -
tion committee shall propose a candidate for election 
as chairperson of the Annual Shareholders’ Meeting. 
The nomination committee shall also submit proposals 
concerning the remuneration of the chairperson of the 
Board, the other Board members and the auditors.
The nomination committee of EQT AB shall be 
appointed in accordance with the principles for 
appointment of the nomination committee. Set forth 
below are the principles for appointment of the nomi -
nation committee, adopted by the Annual Shareholders’ 
Meeting 2024.
1. T he nomination committee shall comprise one mem -
ber appointed by each of the four largest share -
holders, based on ownership in the Company on the 
last banking day of August the year before the 
annual shareholders’ meeting (based on sharehold -
er data from Euroclear Sweden AB and other 
reliable data provided to the Company) and the 
Chairperson of the Board. If any shareholder 
renounces its right to appoint a member to the 
nomination committee, such right shall transfer to 
the shareholder who is the next largest shareholder 
in the Company.
2. I f none of the four largest shareholders is (a) a 
Member in EQT Foundation’s Member Committee 
(“EQT Member”) or (b) EQT Foundation, the fourth 
largest shareholder’s right shall instead vest in EQT 
Foundation. Thus, an EQT Member or EQT Founda -
tion shall always be allowed to appoint a member of 
the nomination committee. If EQT Foundation 
renounces such right, the right shall transfer to the 
fourth largest shareholder pursuant to section 1.
3.   T he member appointed by the largest shareholder 
shall be appointed Chairperson of the nomination 
committee, unless the nomination committee 
unanimously appoints someone else. The Chairper -
son of the nomination committee shall not be a 
Board member of the Company.

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4.   I f a shareholder (pursuant to section 1 or section 2) 
that has appointed a member to the nomination 
committee is no longer one of the shareholders who 
is given such right, at any point in time up to three 
months before the annual shareholders’ meeting:
 —   t he member appointed by such shareholder shall 
resign; and
 —   t he shareholder who is the next largest sharehol -
der in the Company (that has not appointed a 
member) or EQT Foundation (pursuant to section 
2) shall have the right to appoint one member to 
the nomination committee.
Unless specific reasons suggest otherwise, the existing 
composition of the nomination committee shall, 
however, remain unchanged if such change in the 
ownership in the Company is only marginal or occurs 
during the three-month period prior to the annual 
shareholders’ meeting. If a shareholder/EQT Founda -
tion otherwise should have the right to appoint a mem -
ber due to a material change in the ownership of the 
Company at any time during the three-months period 
prior to the annual shareholders’ meeting, such share -
holder/EQT Foundation shall, in any event, have the 
right to take part in the work of the nomination commit -
tee and participate in its meetings.
5.   I f a member resigns from the nomination committee 
before his or her work is completed, the shareholder 
(pursuant to section 1 or section 2) who has 
appointed such member shall appoint a new 
member, unless section 4 is applicable.
6.   A s hareholder (pursuant to section 1 or section 2) 
who has appointed a member to the nomination 
committee shall have the right to dismiss such 
member and appoint a new member.
7 .   C hanges to the composition of the nomination 
committee shall be disclosed publicly as soon as 
possible.
8.   T he nomination committee’s appointment ends 
when the next nomination committee has been 
appointed.
9.   I f needed, the Company shall reimburse reasonable 
costs which the nomination committee deems 
necessary in order for the nomination committee to 
fulfill its assignment.
10. T hese instructions shall apply until further notice.
The composition of the nomination committee meets 
the requirements concerning the independence of the 
nomination committee. All AGM documents related to 
the nomination  c ommittee will be published on EQT’s 
website. 
Nomination committee for the AGM 2025
Members Appointed by
% of the votes per  
31 December 2024
Jacob Wallenberg  
(Chairperson) Investor AB 14.0
Cynthia Lee Jean Eric Salata 9.6
Harry Klagsbrun Conni Jonsson 3.8
Joachim Spetz Swedbank Robur Funds 1.9
Conni Jonsson Chairperson of the Board 3.8
AUDITOR
EQT AB’s auditor shall review EQT AB’s annual report 
and accounting, as well as the management of the 
Board and the CEO. Following each financial year, the 
auditor shall submit an audit report and a consolidated 
audit report to the Annual Shareholders’ Meeting.
Pursuant to EQT AB’s articles of association, EQT AB 
shall have no less than one and no more than two 
auditors with no more than two deputy auditors. Since 
2011, EQT AB’s auditor is KPMG AB.
For details on remuneration to the auditors, see 
Note 8.

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The Board
CONNI JONSSON
Born 1960. Chairperson of the board since January 20122).  
Founder of EQT. 
Education:
Bachelor of Science with majors in Economic Analysis and Accounting 
& Finance from Linköping University. Studies at the Management 
Development Program, Harvard Business School.
Other current assignments:  
Chairperson of the Board of Qarlbo AB and Goldonder AB. Board 
member of EQT Foundation, Pophouse Entertainment Group AB, 
Qarlbo Biodiversity AB, Qarlbo Energy AB and Qarlbo Property AB.
Previous assignments:  
Chairperson of the Board of EQT Partnership Association. Chair-
person of the Board and Board member of EQT Partners Aktiebolag 
and Qarlbo Partners AB. Board member of Bark Partners AB.
Shareholding in EQT AB
1): 47,388,552 ordinary shares  (indir ectly).
Independent of EQT AB and executive management: No.
Independent of major shareholders: Yes.3)
MARCUS WALLENBERG 
Born 1956. Deputy Chairperson since June 2021.
Education: 
Bachelor of Science, Foreign Service, Georgetown  U niversity, 
Washington D.C USA. 
Other current assignments: 
Chairperson of the Board of SEB, Saab, FAM, Patricia Industries and 
Wallenberg Investments. Deputy Chairperson of Investor and the Knut 
and Alice Wallenberg Foundation. Board member of AstraZeneca and 
Navigare Ventures AB. Chair of The Royal Academy of Engineering 
 Sciences.
Previous assignments: 
Chairperson of Electrolux, International Chamber of Commerce and 
LKAB. CEO of Investor. Board member of Stora Enso and Temasek 
Holding. 
Shareholding in EQT AB1): 27,673 shares (indirectly).
Independent of EQT AB and executive management: Yes.
Independent of major shareholders: No.
MARGO COOK 
Born 1964. Board member since June 2021.
Education: 
Executive MBA, Columbia Business School, Bachelor’s, Finance, 
 University of Rhode Island. Chartered  Financial Analyst (CFA).
Other current assignments: 
Chairperson of the Board of University of Rhode Island Board of 
Trustees. Independent Chairperson of MerQube. Co-chairperson 
of the Board of Bridgewater Associates. Advisory Board member of 
Legalist.
Previous assignments: 
Advisory Board member of TIFIN and President of Nuveen Advisory 
Services. Vice Chairperson of the Board of All Stars Project Inc.
Shareholding in EQT AB
1): 5,048 shares. 
Independent of EQT AB and executive management: Yes.
Independent of major shareholders: Yes.
BROOKS ENTWISTLE
Born 1967. Board member since June 2022.
Education: 
Master of Business Administration, Harvard Business School, A.B., 
History, Dartmouth College.
Other current assignments: 
Board member of Aspen Institute, The John Sloan Dickey Center for 
International Understanding at Dartmouth College and Young Life.
Previous assignments: 
Managing Director and Senior Vice President International at Ripple. 
CEO Goldman Sachs India and Chairman Goldman Sachs SouthEast 
Asia. Board member of Global  S ynergy Acquisition Corp. and Chief 
Business Officer International at Uber.
Shareholding in EQT AB1): 4,010 shares.
Independent of EQT AB and executive management: Yes.
Independent of major shareholders: Yes.
1)  S hareholding as per 30 December 2024. Updated shareholding can be found on eqtgroup.com. 
2)  C onni Jonsson was the sole board member of EQT AB from 13 January 2012 until 26 August 2013, when he was elected Chairperson of the board.
3) Independent of major shareholders after Bark Partners AB distributed its shares in EQT AB to Bark Partners AB’s shareholders in August 2024.
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The Board, continued
RICHA GOSWAMI
Born 1972. Board member since May 2024.
Education: 
Master of Science in International Marketing from University of 
Strathclyde. BS in Pharmaceutical Sciences from Goa College of 
Pharmacy.
Other current assignments: 
Board member of the Mobile Marketing Association (APAC Chapter).
Previous assignments: 
Group Chief Marketing Officer at Fidelity International, Chief Cus-
tomer and Marketing Officer at HSBC, Global Chief Digital Officer 
at Johnson & Johnson and Global Head, Next Generation Banking at 
Standard Chartered Bank.
Shareholding in EQT AB
1): –
Independent of EQT AB and executive management: Yes.
Independent of major shareholders: Yes.
GORDON ORR
Born 1962. Board member since October 2018.
Education: 
Master in Engineering from Oxford University. MBA, Baker Scholar, 
Harvard Business School.
Other current assignments: 
Chairperson of the Board of Westchel Ltd. Board member of China 
Britain Business Council, Lenovo Group Ltd, Meituan Ltd, Swire 
Pacific Ltd, and Fidelity China Special Situations PLC.
Previous assignments: 
Board member of Sondrel Ltd, BioProducts Laboratory Ltd and PCH 
Ltd.
Shareholding in EQT AB1): 
36,059 shares. 
Independent of EQT AB and executive management: Yes.
Independent of major shareholders: Yes.
DIONY LEBOT
Born 1962. Board member since June 2020.
Education: 
Masters in Finance and taxation from University Pantheon Sorbonne.
Other current assignments: 
Board member of Alpha Bank and Ayvens. 
Previous assignments: 
Deputy Chief Executive Office of Societe Generale, in charge of ESG 
policies, the group’s financial services (ALD & SGEF) and Insurance 
activities of the Group.
Shareholding in EQT AB
1): 10,096 shares. 
Independent of EQT AB and executive management: Yes.
Independent of major shareholders: Yes.
1) Shareholding as per 30 December 2024. Updated shareholding can be found on eqtgroup.com. 
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According to EQT AB’s articles of association, the Board 
members elected by the shareholders’ meeting shall be 
no less than three and no more than ten without any 
deputy members.
Since the Annual Shareholders’ Meeting held on 27 
May 2024, the Board has consisted of seven members 
and no  de puty members or employee representatives. 
Six of the seven members elected at the Annual Share -
holders’ Meeting 2023 were re-elected at the Annual 
Shareholders’ Meeting 2024, Johan Forssell declined 
re-election. Richa Goswami was elected as a new 
Board member at the Annual Shareholders’ Meeting 
2024. 
The composition of EQT AB’s Board meets the 
Code’s requirements concerning independence. In the 
nomination committee’s work for the AGM 2025, the 
nomination committee will apply rule 4.1 of the Code as 
diversity policy in its nomination work with the aim to 
achieve a well-functioning composition of the Board 
when it comes to diversity and breadth, as regards inter 
alia gender, nationality, age and industry experience. 
Three of the seven members elected at the Annual 
Shareholders’ Meeting 2024 are women (43%). All 
Board members, except Conni Jonsson, are considered 
independent in relation to EQT AB and the executive 
management (86%). All Board members, except Marcus 
Wallenberg, are considered independent in relation to 
the major shareholders (86%). 
Evaluation of the Board and the CEO
The Board applies written rules of procedure, which are 
revised annually and adopted by the inaugural Board 
meeting each year. On an annual basis, the Chairper -
son of the Board initiates an evaluation of the perfor -
mance of the Board. The objective of the evaluation is 
to provide insight into the Board members’ view about 
the performance of the Board and identify measures 
that could make the work of the Board more effective. A 
secondary objective is to form an overview of the areas 
the Board believes should be afforded greater scope 
and where additional expertise might be needed within 
the Board. All Board members participated in the 2024 
evaluation. In addition, the Chairperson of the Board 
held individual conversations with each Board member 
to discuss the results of the evaluation to gain a better 
understanding of the Board’s work during the year. As 
part of the annual evaluation process, the Chairperson 
reports the results to the nomination committee. The 
Board continuously evaluates the performance of the 
CEO by monitoring the development of the business in 
relation to the established objectives. A formal perfor -
mance review is carried out once a year.
Work of the Board in 2024
During 2024, the Board held 10 Board meetings. The 
Board members’ are expected to attend board 
meetings and the attendance during 2024 is shown in 
the table below. The Head of Business Development has 
been the secretary of Board meetings. Prior to each 
meeting, the Board members were provided with 
written information on the matters that were to be 
discussed. Furthermore, there have been Board 
meetings where the Board members have had the 
opportunity to discuss matters without representatives 
of EQT AB’s management being present. The main focus 
areas for the Board’s work during 2024 have been on 
EQT’s strategic priorities, including the performance of 
the company, the brand and marketing agenda and 
global leadership position. During the year, a tempo -
rary marketing and brand committee was established 
and Richa Goswami (Chairperson), Margo Cook, 
Suzanne Donohoe and Ricardo Reyes were appointed 
as members of the committee. The purpose of the 
marketing and brand committee is to develop and 
strengthen EQT’s global brand within private markets.
Committee work is an important task performed by 
the Board. For a description of the work conducted by 
the committees during 2024, see the summary below.
In addition to participating in meetings of the audit 
committee, EQT AB’s auditor also attended a Board 
meeting during which Board members had the oppor -
tunity to pose questions to the auditor without repre -
sentatives of EQT AB’s management being present.
Board committees
In order to increase the efficiency of its work and 
enable a more detailed analysis of certain issues, the 
Board has formed an audit committee, a remuneration 
committee and a sustainability committee. The mem -
bers of the committees are normally appointed at the 
inaugural Board meeting and the committees’ duties 
and decision-making authorities are regulated in 
annually approved committee instructions. The primary 
objective of the committees is to provide preparatory 
and administrative support to the Board. The matters 
considered at committee meetings are recorded in 
minutes and reported at the following Board meeting. 
Attendance at board meetings and board remuneration in 2024 
Attendance record, board and Committee meetings 2024 Remuneration resolved by the annual shareholders’ meeting 2024 (EURk)
Member 
Board  
meetings 1)
AudCo  
meetings
RemCo  
meetings
SustCo 
 meetings
Board  
fee
Audit  
committee
 Remuneration 
committee
Sustainability 
committee Total3)
Conni Jonsson (Chairperson) 10/10 1/12) – – 304.5 – – – 304.5
Marcus Wallenberg (Deputy Chairperson) 10/10 – 2/4 – 138.5 – 20 – 158.5
Margo Cook 10/10 – 4/4 3/4 138.5 – 40 20 198.5
Brooks Entwistle 10/10 3/3 4/4 – 138.5 20 20 – 178.5
Johan Forssell 4/4 3/3 – – – – – – –
Richa Goswami 6/6 – – – 138.5 – – – 138.5
Diony Lebot 10/10 6/6 – 4/4 138.5 40 – 20 198.5
Gordon Orr 10/10 3/3 – 4/4 138.5 20 – 40 198.5
Total3)     1,135.5 80 80 80 1,375.5
1) T he record shows the attendance in relation to how many meetings each Board member or committee member was elected Board member or appointed committee member, as applicable. 
2) C onni Jonsson left the audit committee in January 2024.
3) T he column “Total” does not include other remuneration received, please see Note 23.
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Representatives from EQT AB’s central functions typi -
cally participate in committee meetings.
Diony Lebot (Chairperson), Gordon Orr and Brooks 
Entwistle were appointed as members of the audit 
committee at the inaugural Board meeting following 
the Annual Shareholders’ Meeting 2024. The audit 
committee shall perform the tasks set out in applicable 
EU rules, the Swedish Companies Act and, to the extent 
appropriate, the Code. The audit committee shall 
monitor EQT’s financial and sustainability reporting and 
the efficiency of EQT’s internal controls and risk mana -
gement as well as keep itself informed regarding the 
audit of the Annual and Sustainability Report and EQT’s 
accounts and the review of the semi-annual report and 
preparation of the quarterly statements. The audit 
committee shall also review and monitor the impartia -
lity and independence of the auditor. 
Margo Cook (Chairperson), Brooks Entwistle and 
Marcus Wallenberg were appointed as members of the 
remuneration committee at the inaugural Board 
meeting following the Annual Shareholders’ Meeting 
2024. The purpose and aim of the remuneration com -
mittee is to address remuneration matters and ensure a 
comprehensive and well prepared and supervised 
remuneration model for the EQT AB Group’s employees. 
The remuneration committee shall prepare the Board’s 
decisions on principles for remuneration, including 
sustainability considerations, and other terms of 
employment for the executive management and moni -
tor and evaluate the current remuneration structures 
and levels.
Gordon Orr (Chairperson), Margo Cook and Diony 
Lebot were appointed as members of the sustainability 
committee at the inaugural Board meeting following 
the Annual Shareholders’ Meeting 2024. The sustaina-
bility committee provides a platform for debate on 
EQT’s sustainability agenda between the Board and 
executive management, uniquely positioning the firm to 
deliver positive impact and long-term performance for 
its clients. The committee convenes on a quarterly basis 
and shall act as a sounding board to the Board on EQT’s 
sustainability strategy, ambition level and objectives, 
review the performance and progress as well as discuss 
emerging topics within the sustainability area.
Remuneration to the Board 
Board fees, including fees to the Chairperson of the 
Board, are resolved by the shareholders’ meeting. The 
shareholders’ meeting has also resolved that the Board 
fees shall be paid in shares in EQT AB. Detailed infor -
mation about remuneration, pensions and other bene -
fits for the Board is set out in Note 7 and on EQT’s 
website. The Board members are not entitled to any 
benefits following termination of their assignments as 
members of the Board. To the extent a Board member 
conducts work for EQT, in addition to the Board work, 
consulting fees and other compensation for such work 
may be paid.
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CHRISTIAN SINDING
Born 1972. CEO and Managing Partner since January 2019. Deputy 
 Managing Partner 2015–2019. Employed by EQT since 1998.
Education: 
Bachelor of Science in Commerce with Distinction,  
University of  Virginia.
Other current assignments: 
Board member of EQT Foundation, Baggins AG and Vidsjaa AS.
Previous assignments: 
Board member of Cimbria A/S, Findus AB, Flexlink AB, Gambro AB, 
ISS AB, Plantasjen AS, Vaasan & Vaasan Oy, VTI Technologies, XXL 
ASA and EQT Partnership Association.
Experience: 
Christian Sinding joined EQT in 1998 and became CEO and Managing 
Partner in 2019. Previously, he served as Deputy Managing Partner 
(2015-2018) and Head of EQT Equity (2011-2018) and worked across 
several key offices, including Stockholm, Munich, and Copenhagen. 
Before joining EQT, Christian worked for AEA Investors Inc., a U.S. 
based private equity firm.
Shareholding in EQT AB
1):  26,250,000 ordinary shares directly and 
indirectly.
LENNART BLECHER
Born 1955. Deputy Managing Partner and Chairperson of EQT Real 
Assets. Employed by EQT since 2007.
Education: 
Master of Laws, Lund University. Academy of American and 
 International Law, University of Dallas.
Other current assignments: 
Board member of White Mill AG, Nordkap Holding AG, Volito Aktie-
bolag, Volito Fastigheter Aktiebolag and Volito Industri Aktiebolag.
Previous assignments: –
Experience: 
Managing Director and Senior Banker in the investment bank of 
Unicredit/HypoVereinsbank, Munich. Managing Director at GE Com-
mercial Finance, London. Various positions in the ABB Group, Zurich, 
such as General Counsel for the ABB Financial Services Group, Pres-
ident and Business Area Manager for ABB Structured Finance and 
ABB Equity Ventures.
Shareholding in EQT AB
1): 25,000,000 ordinary shares. 
1) Shareholding as per 30 December 2024. Updated shareholding can be found on eqtgroup.com.
SUZANNE DONOHOE
Born 1970. Chief Commercial Officer and Global Head of EQT-Ext 
(CXO). Employed by EQT since 2023.
Education:
B.A. in Government magna cum laude from Georgetown University. 
M.B.A. from the Wharton School at University of Pennsylvania.
Other current assignments: 
Vice Chair of the Board and Member of the Executive Committee as 
well as Chair of the Finance Committee for Georgetown University’s 
Board. Suzanne also serves as a Vice Chair of Georgetown’s Wall 
Street Alliance which creates endowed scholarships for Georgetown 
University students.
Previous assignments: 
Board member of Global Atlantic Financial Group, KKR Capital 
Markets and PAAMCO Prisma Holdings. Chairman, trustee and pres-
ident of the Board of trustees of KKR Income Opportunities Fund.
Experience: 
Before joining EQT, Suzanne was a Partner at KKR & Co from 2009–
2022. In that capacity, she founded and led the Global Client & 
Partner Group for over eleven years and then served as the firm’s 
Global Head of Strategic Growth. Suzanne’s experience prior to 
KKR included an extensive career at Goldman Sachs where she 
served from 1992-2009. During this period, she worked in both the 
Investment Banking and Investment Management Divisions and 
worked in both New York and in London. She became a Partner in 
2000. Further, Suzanne has been involved in various philanthropic 
work, including serving as Board Member for the New York State 
chapter of the Nature  Conserv ancy and also serving on the Board of 
Fertile Hope, a charity which focused on delivering fertility resources 
to cancer patients.
Shareholding in EQT AB
1): 56,250 ordinary shares.
CHRISTINA DREWS
Born 1970. COO since 2022. Employed by EQT since 2022. 
Education:
MA from Cambridge University.
Other current assignments: –
Previous assignments:  
COO of Helios Investment Partners LLP. Global CAO of Investment 
Banking Division. EMEA CFO and COO of Investment Banking 
Division.
Experience:  
Global CAO for the Investment Banking Division (IBD), COO and CFO 
for IBD in EMEA. COO and on the Executive Committee of Helios 
Investment Partners LLP, with oversight for the firm’s strategy devel-
opment and implementation.
Shareholding in EQT AB
1): 4,119 class C shares. 
The Executive Committee
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The Executive Committee, continued
PER FRANZÉN 
Born 1976. Deputy Managing Partner since January 2022.  
Head of Private Capital since June 20211). Employed by EQT since 2007.
Education: 
M.Sc in Economics and Business Administration from the Stockholm 
School of Economics with exchange studies at the University of St 
Gallen in Switzerland.
Other current assignments: 
Chairperson of the Board of Browne Invest AB and Browne Invest 
2 AB. Board member of Anticimex Group AB, Independent Vetcare 
Limited, Lago Invest AB and Lago Holding AB.
Previous assignments: 
Board member of Academedia, Bark Partners AB, Duni, Securitas 
Direct, SSP, Automic,  E vidensia, IFS and Eton.
Experience: 
Per has worked in the Stockholm and Munich offices at EQT Partners 
and has been involved in a number of investments including IFS, 
Automic, SSP, AcadeMedia, Securitas Direct, IVC, Anticimex, Eton, 
Duni, Karo Pharma and Piab.
Shareholding in EQT AB
2): 24,596,291 ordinary shares (indirectly).
BAHARE HAGHSHENAS
Born 1979. Global Head of Sustainable Transformation since 2021. 
Education:
BS. Social Science from Mid-University in Sweden and a mini MBA 
from University of Chicago Booth School of Business in the UK.
Other current assignments: –
Previous assignments: Partner at Deloitte and Monitor Deloitte Nordic.
Experience: 
Before joining EQT, Bahare worked at Deloitte Consulting for 10 years, 
with focus on Sustainability strategy and innovation as Partner and 
Executive Director of Acacia, Deloitte’s Sustainability Innovation Hub. 
She has experience in the field of strategy, innovation and sustain-
ability and has worked within purpose led ventures for 5 years as well 
as working in multi-stakeholder environments such as Red Cross and 
humanitarian sector, both as elected president and volunteer for 15 
years. 
Shareholding in EQT AB
2): 5,190 class C shares.
KIM HENRIKSSON
Born 1968. CFO since October 2018. 
Education: 
Master of Science in Economics from Hanken School of Economics. 
Other current assignments: -
Previous assignments: -
Experience: 
Kim started his career at Morgan Stanley in 1994 and left the Nordic 
M&A team as a Managing Director in 2008. Between 2010 and 2015 
Kim held  the position as CFO at Munksjö and subsequently, he was a 
Partner and Corporate Finance Advisor at Access Partners.
Shareholding in EQT AB2): 247,676 ordinary shares and 12,394 class 
C shares.
MASOUD HOMAYOUN
Born 1980. Partner, Head of Infrastructure and Head of EQT Value-Add 
Infrastructure. Employed by EQT since 2008.
Education: 
M.Sc. degree in Industrial Engineering and Management from 
Chalmers University of Technology.
Other current assignments: -
Previous assignments: NORD, Mongstad Group, Tampnet, Hector 
Rail, GB Railfreight, GlobalConnect and IP-Only.
Experience: 
Masoud Homayoun joined EQT Partners in 2008 and is Partner and 
Head of Infrastructure and Head of EQT Value-Add Infrastructure. 
Masoud is a member of the Infrastructure Partners’ Investment 
Committee, Infrastructure Portfolio Performance Review Committee 
and has been a board member in portfolio companies across digital 
infrastructure, energy & environmental, and transport sectors. Prior 
to joining EQT, Masoud worked at Bain & Company in Stockholm.
Shareholding in EQT AB
2): 1,636,520 shares and 19,064 class C shares.
1) On 17 February 2025, EQT announced that Per Franzén will succeed Christian Sinding as CEO and 
Managing Partner, effective as of the Annual Shareholders’ Meeting on 27 May 2025.
2) Shareholding as per 30 December 2024. Updated shareholding can be found on eqtgroup.com.
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The Executive Committee, continued
RICARDO REYES
Born 1974. Global Head of Communications and External Affairs. 
Employed by EQT since 2022.
Education: 
Bachelor of Arts from Rice University.
Other current assignments: 
Co-founder and advisor to Moveable Feast.
Previous assignments: – 
Experience:  
Ricardo Reyes brings significant experience from his roles positioning 
Tesla, YouTube and most recently Dyson, where he was the Chief Commu-
nications Officer. In addition to his work in Silicon Valley, Reyes started his 
career in Washington DC, working at the White House and on policy initi-
atives. 
Shareholding in EQT AB
1): 1,961 class C shares.
GUSTAV SEGERBERG
Born 1983. Head of Business Development since 2018.  
Employed by EQT since 2016.
Education:
M.Sc. in Economics and Business Administration from the Stockholm 
School of Economics.
Other current assignments: –
Previous assignments: –
Experience: 
Gustav started his career at SEB in the Investment Banking team. He 
joined EQT in 2016 as part of the Client Relations and Capital Raising 
Advisory Team. He became Head of Business Development in 2018.
Shareholding in EQT AB1): 22,950 ordinary shares and 14,536 class C 
shares. 
JEAN ERIC SALATA
Born 1965. Head of EQT Private Capital Asia and Chairperson of  
EQT Asia. Employed by EQT since 2022.
Education:
Bachelor of Science in Finance and Economics from the Wharton 
School of the University of Pennsylvania.
Other current assignments:
Trustee of Salata Family Foundation. 
Previous assignments: 
Founding Partner and CEO of BPEA. 
Experience:
Jean Eric Salata was the Founding Partner and Chief Executive of 
BPEA. Jean has overseen all investment and divestment decisions 
made at BPEA, as well as its strategic direction, since he founded the 
Firm in 1997. Jean has previously worked as a management consultant 
with Bain & Company based in Hong Kong, Sydney and Boston, and 
has also worked as a Director of the Asian private equity investment 
arm of AIG. 
Shareholding in EQT AB1): 118,556,225 ordinary shares.
1) Shareholding as per 30 December 2024. Updated shareholding can be found on eqtgroup.com.
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The CEO is appointed by and subordinated to the Board 
and is responsible for the operative management of 
EQT AB and to coordinate EQT’s operations. The mea -
sures to be taken by the CEO and what measures that 
should be referred to the Board are set out in the CEO’s 
instructions. The CEO shall monitor and ensure that the 
items to be addressed by the Board are presented to 
the Board in accordance with applicable legislation. At 
every ordinary Board meeting, the CEO shall report on 
the execution of resolutions previously passed by the 
Board as well as on more important decisions made by 
the CEO.
According to the instructions for the financial 
reporting, the CEO is responsible for the financial 
reporting in EQT AB and consequently must ensure that 
the Board receives adequate information for the Board 
to be able to evaluate EQT AB’s financial condition 
continuously, including results, liquidity and credit 
status.
Furthermore, the CEO must continuously keep the 
Board informed of developments in EQT’s operations, 
important business events, as well as environmental, 
social and governance issues and risks and all other 
events, circumstances or conditions which can be 
assumed to be of significance to EQT AB’s shareholders.
EQT AB’s executive management, the Executive 
Committee, consisted of twelve members as of 31 
December 2024. In addition to the CEO & Managing 
Partner (Christian Sinding), the Executive Committee 
comprised, the CFO (Kim Henriksson), the COO (Chris -
tina Drews), the Leadership Strategy and Culture 
Enabler (Anna Wahlström), the Head of Private Capital 
and Deputy Managing Partner (Per Franzén), the Head 
of EQT Private Capital Asia and Chairperson of EQT 
Asia (Jean Eric Salata), the Head of Real Assets’ Advi -
sory Teams, Deputy Managing Partner and Chairper -
son of EQT Exeter (Lennart Blecher), Partner, Head of 
Infrastructure and Head of EQT Value-Add Infra -
structure (Masoud Homayoun), the Global Head of 
Sustainable Transformation (Bahare Haghshenas), the 
Head of Business Development (Gustav Segerberg), 
Global Head of Communications and External Affairs 
(Ricardo Reyes) as well as the Chief Commercial Officer 
and Global Head of EQT-Ext (Suzanne Donohoe). In 
2024, Masoud Homayoun (Partner, Head of Infra -
structure and Head of EQT Value-Add Infrastructure) 
joined the Executive Committee and Ward Fitzgerald 
stepped down from his role as the Global Head of EQT 
Exeter. At year-end 2024, Anna Wahlström stepped 
down from the Executive Committee. The Executive 
Committee meets on a  r egular basis, and the matters 
considered at the meetings are recorded in minutes. In 
2024, the Executive Committee’s work has mainly been 
focused on ensuring the execution of EQT’s strategic 
ambitions and priorities, including the development of 
EQT’s evergreen product strategy targeting the Private 
Wealth market, the further integration and leadership 
change in EQT Exeter, as well as future-proofing EQT 
with new office openings in Warsaw in Bengaluru. The 
remuneration for the CEO is determined by the Board. 
Remuneration for other members of the executive 
management is determined by the CEO and approved 
by the remuneration committee, following which the 
Board is informed. The latest adopted guidelines for 
remuneration to executive management are described 
in Note 7. The remuneration report will be presented to 
the AGM 2025 in accordance with the Swedish Compa -
nies Act and the Remuneration Rules issued by the 
Swedish Securities Market Self-Regulation Committee 
and will be published on EQT’s website.
CONTROL FUNCTIONS
EQT has an independent Global Risk, Regulatory and 
Compliance function, consisting of Regulatory & Com -
pliance, Group Risk and Portfolio Risk. The Risk, Regula -
tory and Compliance function reports to the CFO on a 
day-to-day basis and to the Executive Committee and 
the Board on at least an annual basis or on an ad-hoc 
basis. The risk management function is responsible for 
coordinating the internal reviews and reporting of 
significant risks and the effectiveness of the EQT AB 
Group’s internal controls in accordance with EQT Risk 
Management Guidelines. Material incidents are repor -
ted to the audit committee on a quarterly basis.
The Regulatory & Compliance function supports the 
EQT AB Group’s compliance with laws and regulations 
by implementing regulatory frameworks, monitoring 
compliance and training employees. 
Internal Control Framework
The EQT AB Group’s internal control framework is 
governed by the Swedish Companies Act and the Code. 
The internal control process is effectuated by the Board, 
the audit committee, the CEO, the executive manage -
ment and other employees. The internal control process 
is intended to provide reasonable assurances that the 
EQT AB Group’s objectives are met with respect to 
efficient operations, reliable reporting and compliance 
with applicable laws and regulations. With respect to 
financial reporting, internal controls are intended to 
provide reasonable assurances regarding the reliability 
of external financial reporting as well as to ensure that 
external financial reporting is prepared in accordance 
with applicable laws and regulations, applicable 
accounting standards and other requirements for EQT 
AB as a company listed on a regulated market.
The process for the EQT AB Group’s internal control 
is based on the Committee of Sponsoring Organizations 
of the Treadway Commission’s guidelines on internal 
control (COSO). The process includes control environ -
ment, risk assessment, control activities, information as 
well as communication and monitoring. The control 
environment establishes the character and provides the 
discipline and structure for the other four integral 
components of internal control.
The Board of EQT AB evaluates the need for a 
separate internal audit function on a yearly basis. EQT 
AB has not had a separate internal audit function as the 
regular internal assessments of internal controls was 
deemed to be sufficient as an oversight function. 
Control environment 
The internal control environment is built upon corporate 
values, which ensure the organization’s commitment to 
integrity and holding individuals accountable for their 
responsibilities. The Board is responsible for performing 
independent oversight of the development and execu -
tion of the EQT AB Group’s internal control framework. 
The audit committee is responsible for the quality and 
supervision of the EQT AB Group’s internal controls and 
risk management. A key aspect of the internal control 
environment is the organizational structure of the 
EQT AB Group, including its reporting lines, authorities 
and allocation of responsibilities established by the exe -
cutive management. To ensure that EQT’s values, ways 
of working and regulatory requirements are applied 
throughout the entire organization, the EQT AB Group 
has developed a number of policies, guidelines and 
instructions, including i.a. the Conflicts of Interest Policy, 
the Finance Policy, the Information Security and Data 
Privacy Policy, the Information and Trading Policy and 
the Responsible Investment & Ownership Policy with 
supporting documents. The process for managing these 
policies and allocating ownership and accountability is 
set out in the Governance Policy and the Governance 
Guidelines. In addition to Group policies, the EQT AB 
Group has a Code of Ethics with mandatory principles 
regarding management and employee behavior.
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RISK ASSESSMENT 
The EQT AB Group identifies, assesses and manages 
risks based on the EQT AB Group’s purpose, vision, 
mission and goals. Risk assessments are conducted 
continuously by way of interviews and internal reports. 
Conclusions drawn from conducted risk assessments 
are presented to key representatives of the EQT AB 
Group and used to conduct a group wide risk analysis 
of key strategic, operational, legal and financial risks, 
including environmental, social and governance risks. 
The Risk Committee reviews and discusses the risk 
framework and risk assessments on behalf of the 
Executive Committee. 
A summary of the EQT AB Group risk analysis is 
documented in a risk map and presented to the audit 
committee and the Board annually.
Using the EQT AB Group’s risk analysis, the audit 
committee determines which of the identified risks 
should be prioritized by the risk management function 
for the following year, suggests improvements and 
follows up on previously identified areas of improve -
ment.
Control activities
Control activities mitigate the risks identified and 
ensure accurate and reliable financial and sustainabi -
lity reporting. Risks are mapped out for all key business 
processes and internal controls designed and imple -
mented to cover these risks. On a periodic basis, the risk 
management function ensures that EQT’s new initiatives 
and processes are captured by the internal and control 
framework.
The EQT AB Group’s risk function uses an audit & 
risk software to coordinate the self-assessments of 
internal controls, document issues, put in place remedi -
ation plans and track progress on those.
Information and communication 
Within the EQT AB Group, information and communica -
tion regarding risks and internal controls contribute to 
ensuring that the right business decisions are made. Key 
policies and guidelines are communicated to employ -
ees, e.g. by ensuring that those are published and 
accessible through the intranet or on the shared drive. 
EQT recognizes that certain policies are also of interest 
to external stakeholders and as such publish these on 
EQT’s website. Internal controls awareness sessions are 
conducted with the persons responsible for each pro -
cess, who then ensure those controls are understood 
and performed by relevant staff.
Monitoring 
A self-assessment of the effectiveness of internal 
controls for each business process is performed annu -
ally. The Global Risk, Regulatory and Compliance 
function oversees the self-assessment process and 
reports findings and proposed next steps to the CFO, 
the audit committee and the Board. In addition, inde -
pendent reviews are conducted by the risk manage -
ment function using a risk-based approach. 
ENGAGEMENT AND RESPONSIBILITY
It is the board of directors who is responsible for the 
corporate governance statement for the year 2024 on 
pages 172 – 183 and that it has been prepared in accor -
dance with the Annual Accounts Act. 
THE SCOPE OF THE AUDIT
Our examination has been conducted in accordance 
with FAR’s auditing standard RevR 16 The auditor’s 
examination of the corporate governance statement. 
This means that our examination of the corporate 
governance statement is different and substantially less 
in scope than an audit conducted in accordance with 
International Standards on Auditing and generally 
accepted auditing standards in Sweden. We believe 
that the examination has provided us with sufficient 
basis for our opinions.
Auditor’s report on the  c orporate governance  s tatement
To the general meeting of the shareholders in EQT AB, corporate identity number 556849-4180
OPINIONS
A corporate governance statement has been prepared. 
Disclosures in accordance with chapter 6 section 6 the 
second paragraph points 2-6 the Annual Accounts Act 
and chapter 7 section 31 the second paragraph the 
same law are consistent with the annual accounts and 
the consolidated accounts and are in accordance with 
the Annual Accounts Act.
Stockholm 12 March 2025
KPMG AB
Håkan Olsson Reising
Authorized Public Accountant
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#05
Additional information
 1 85  T he EQT AB share 
 1 88  A dditional fund information for selected funds
 1 89  A dditional fund performance information
 1 90  A lternative performance measures (APM)
 192 D efinitions
 1 93  A GM information 
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The EQT AB share
The EQT AB share
Ordinary shares in EQT AB were listed on 
Nasdaq Stockholm on 24 September 2019 
with an offering price at SEK 67 .0. The total 
return, share price performance including 
reinvested dividends, for the ordinary EQT 
AB share in 2024 was 12%. The correspond-
ing return since IPO was 382%.
SHARE PERFORMANCE AND TRADING
Since its listing on Nasdaq Stockholm on 24 September 
2019 and up to the last day of trading on 30 December 
2024, the EQT AB share (ticker: EQT) delivered a 
shareholder return of 382%. Nasdaq Stockholm PI 
exhibited a return of 72% over the same period. On the 
last day of trading on 30 December 2024, the share 
price closed at SEK 306, compared to the first trade on 
2 January 2024 of SEK 286, equivalent to a share price 
increase of 7%. As of 30 December 2024, there were 
1,181,330,760 outstanding shares in EQT. EQT currently 
holds 60,676,207 ordinary shares in treasury. Including 
shares held in treasury by EQT, there were 1,241,125,412 
ordinary shares and 881,555 non-listed class C shares. 
During 2024, 229 million EQT shares were traded on 
Nasdaq Stockholm, corresponding to a traded value of 
SEK 72.3 billion over the period. The traded volume on 
all venues combined amounted to 455 million shares, 
corresponding to a value of SEK 143.3 billion. On 
average, 1.8 million EQT shares were traded daily. The 
turnover ratio for ordinary EQT AB shares amounted to 
14.5% in 2024. 
Share price and trading
Trading per venue, 2024 (%) 
Shareholder distribution by owner type,  
as of 31 December 2024 (% of capital)
Geographical shareholder distribution,  
as of 31 December 2024 (% of capital)
1) Normalized, factor 100.
Source: Bloomberg Finance LP. 
EQT1)
OMX Stockholm PI1)
Number of shares traded per month, 
million
Cboe Global Markets, 51%
Nasdaq, 31%
LSE Group, 13% 
Other, 5%
Swedish institutions, 27%
Foreign institutions, 15%  
Swedish retail, 1%
1)
Other, 57%
Sweden, 53%
United States, 10%
Chile, 10%
Norway, 6%
Germany, 5%
United Kingdom, 3%
Other, 15%
0
10
20
30
40
50
60
Number of shares, million
Dec0
25
50
75
100
125
150
NovOctSepAugJulJunMayAprMarFebJan
Ordinary share information and tickers
EQT Nasdaq Stockholm
EQT SS Equity Bloomberg
EQTAB.ST Reuters
8700 Industry Classification Benchmark (ICB)
SE0012853455 ISIN code
Share performance  
Adj. EPS, basic (SEK) 1) 0.942
EPS, basic (SEK) 1) 0.656
Year open (SEK) 286.0
Year close (SEK) 306.1
Year low (SEK)2) 257.1
Year high (SEK)2) 366.2
Beta 1.307
Annualized volatility (%) 31.9
Turnover ratio (%)3) 14.5
Average daily volume 1,812,636 
Quota value (SEK) 0.10
No. of shares outstanding 4) 1,181,330,760
Market capitalization 5) (SEK million) 361,605
1)  T he adjusted metrics are alternative performance metrics for the EQT AB 
Group. For a full reconciliation please refer to Alternative Performance 
Measures (APM). 
2) I n terms of closing price.
3)  M easures share liquidity by setting the turnover value in relation to average 
market capitalization for the period. 
4)  I n addition, EQT currently holds 60,676,207 ordinary shares in treasury, which 
are not entitled to dividend or votes at shareholders’ meetings.
5)  B ased on the total number of outstanding ordinary shares and class C shares as 
of 30 December 2024. 
1) R etail defined as shareholders owning less than 10,000 shares.
Source: Monitor

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The EQT AB share
Top 25 largest shareholders in EQT  
Shareholder
Number of 
ordinary 
shares
Number  
of class  
C shares
 Share  
capital  
(%)
Votes  
(%)
Investor 174,288,016 14.0% 14.0%
Jean Eric Salata 118,556,225 9.5% 9.6%
Conni Jonsson 47,388,552 3.8% 3.8%
Thomas von Koch 31,844,862 2.6% 2.6%
Norges Bank Investment Management 30,787,232 2.5% 2.5%
Vanguard 28,475,858 2.3% 2.3%
Marcus Brennecke 26,653,246 2.1% 2.1%
Christian Sinding 26,250,000 2.1% 2.1%
Harry Klagsbrun 25,972,251 2.1% 2.1%
Lennart Blecher 25,000,000 2.0% 2.0%
Per Franzén 24,596,291 2.0% 2.0%
BlackRock 24,585,359 2.0% 2.0%
Caspar Callerström 24,500,000 2.0% 2.0%
Fredrik Åtting 23,818,559 1.9% 1.9%
Swedbank Robur Fonder 23,649,772 1.9% 1.9%
Wallenberg Investments 22,766,801 1.8% 1.8%
Andreas Huber 20,003,034 1.6% 1.6%
Stefan Glevén 19,271,732 1.6% 1.6%
Jan Ståhlberg 15,877,656 1.3% 1.3%
Handelsbanken Fonder 15,655,093 1.3% 1.3%
Edward Fitzgerald with family 15,350,515 1.2% 1.2%
Morten Hummelmose 14,752,990 1.2% 1.2%
AMF Pension & Fonder 14,437,004 1.2% 1.2%
Kristiaan Nieuwenburg 14,000,000 1.1% 1.1%
Government of Singapore (GIC) 12,919,881 1.0% 1.0%
Total top 25  821,400,929 66.1% 66.2%
Number of EQT AB shares  
owned by EQT AB1) 60,676,207 4.9% 4.9%
Others  359,048,276 881,555 29.0% 28.9%
Number of issued shares 1,241,125,412 881,555 100.0% 100.0%
1) S hares held by EQT are not entitled to dividends and carry no votes.
As of 30 December 2024
Ordinary shares Class C shares 1) Total
Number of issued shares 2)  1,241,125,412  881,555 1,242,006,967
Number of EQT AB shares owned by EQT AB 3) 60,676,207 – 60,676,207
Number of outstanding shares 1,180,449,205 881,555 1,181,330,760
1) C arry one tenth (1/10) of a vote. 
2) Total number of shares in EQT AB, i.e. including the number of shares owned by EQT AB and the number of shares outstanding.
3) Shares held by EQT are not entitled to dividends and carry no votes.
Share capital development
Time  Event
Change in 
 number of  
ordinary shares
Change in 
 number of  
class C shares
Number of 
 ordinary shares  
after the 
 transaction
Number of class 
C shares after 
the  transaction
Share capital (SEK)
Change Total
2019-09-24
New Share Issue  
in connection with the Offering 86,634,900  – 952,983,900  – 8,663,490 95,298,390
2019-11-14  
Issue and Repurchase of class C shares  
for the EQT Share program
 – 8,663,490  952,983,900 8,663,490 866,349 96,164,739
2021-04-08 Share Issue 1) 33,296,240 – 986,280,140 8,663,490 3,329,624 99,494,363
2022-01-03 Share Issue 2) 7,548,384 – 993,828,524 8,663,490 754,838.40 100,249,201.40
2022-10-19 Share issue 3) 191,200,000 – 1,185,028,524 8,663,490 19,120,000 119,369,201.40
2023-03-31 The conversion of class C shares to ordinary shares 365,406 -365,406 1,185,393,930 8,298,084 – 119,369,201.40
2023-06-21 Cancellation of class C shares and bonus issue 4) – -7,068,423 1,185,393,930 1,229,661 – 119,369,201.40
2023-12-20
Issue and repurchase of class C2 shares and con -
version of all class C2 shares to ordinary shares for 
the EQT Share and Option programs 59,306,376 – 1,244,700,306 1,229,661 5,965,964.94 125,335,166.34
2024-03-06 The conversion of class C shares to ordinary shares 348,106 -348,106 1,245,048,412 881,555 – 125,335,166.34
2024-05-27 Cancellation of ordinary shares and bonus issue 5) -3,923,000 - 1,241,125,412 881,555 – 125,335,166.34
1)  P aid in kind which was recorded in the company’s balance sheet to SEK 6,785,107,787.20, corresponding to SEK 203.78 per share. The purpose of the share issue in kind was to ensure delivery of 
shares in accordance with the obligations set forth in the purchase agreements relating to the combination with Exeter Property Group.
2)  P aid by way of set-off of claim amounting to approximately SEK 3,489,345,219.41, corresponding to a subscription price of approximately SEK 462.26 per share. The purpose of the set-off share 
issue was to ensure delivery of shares in accordance with the obligations set forth in the purchase agreement relating to the combination with LSP.
3)  P aid in kind which was recorded in the company’s balance sheet to SEK 38,450,320,000, corresponding to SEK 201.10 per share. The purpose of the share issue in kind was  
to ensure delivery of shares in accordance with the obligations set forth in the purchase agreement relating to the acquisition of Baring Private Equity Asia.
4) T hrough the cancellation, the share capitel was decreased by SEK 706,842.30, and through the simultaneous bonus issue, the share capital was restored and overall unchanged.
5) Through the cancellation, the share capital was decreased by SEK 394,636.84, and through the simultaneous bonus issue, the share capital was restored and overall unchanged.

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The EQT AB share
Shareholding distribution
Holding
Number of 
shareholders
Number of 
 ordinary shares
Number of 
class C shares Capital (%) Votes (%)
1–500 47,543 3,995,327 0 0.32 0.32
501–1,000 1,966 1,522,212 0 0.12 0.12
1,001–5,000 1,528 3,231,337 0 0.26 0.26
5,001–10,000 158 1,140,863 0 0.09 0.09
10,001–15,000 59 725,962 0 0.06 0.06
15,001–20,000 36 632,347 0 0.05 0.05
20,001– 369 1,229,877,364 881,555 99.09 99.09
Total 51,659 1,241,125,421 881,555 100.0 100.0
Source: Euroclear Sweden
OWNERSHIP STRUCTURE
As of 30 December 2024, EQT AB had 51,659 share-
holders according to Euroclear Sweden. At the end of 
2024, approximately 27 percent of the shares were held 
by Swedish institutions, 15 percent by foreign institu -
tions and 1 percent were held by Swedish retail 
investors. As of 30 December 2024, the 25 largest 
shareholders held 66.1 percent of the capital and 66.2 
percent of the votes in EQT AB. On 30 December 2024, 
Investor AB, through Investor Investments Holding AB 
was the largest shareholder in EQT AB, both in terms of 
capital and votes. 
SHARE CAPITAL
As of 30 December 2024, the share capital of EQT AB 
amounted to SEK 125,335,166 distributed over 
1,242,006,967 shares, including the 881,555 class C 
shares. 
DIVIDEND POLICY AND DISTRIBUTION  
OF COMPANY FUNDS
The dividend policy of EQT is to “generate a steadily 
increasing annual dividend per share”. The policy is 
adopted by the board of directors of EQT. The board of 
directors proposes a dividend of SEK 4.30 per share in 
respect of the fiscal year of 2024, payable in 2025. The 
dividend will be paid in two installments, SEK 2.15 in 
June 2025 and SEK 2.15 in December 2025. Holders of 
ordinary shares and class C shares are equally entitled 
to dividend.
The dividend will be based on the number of shares 
outstanding at the date the dividend will be deter -
mined.
VOTING RIGHTS
Each ordinary share in EQT entitles the holder to one 
vote at the shareholders’ meetings and one class C 
share entitles the holder to one tenth vote at sharehold -
ers’ meetings. Each shareholder holds voting rights 
equal to the number of shares held by the shareholder 
in the company.
Shareholder contact:
Olof Svensson
Head of Shareholder Relations 
Phone +46 72 989 09 15
shareholderrelations@eqtpartners.com 
9%
40%
2%
1%
22%
15%
6%
15%
Investor AB
Executive Committee & Board - shares not 
under lock-up
Executive Committee & Board - shares  
under lock-up
Other individuals
2 - shares under lock-up
EQT Foundation
Wallenberg Invest AB
Other free float
1) B ased on total number of outstanding shares    
 (1,181,330,760) 
2) Cu rrent and former employees’ shares under    
 l ock-up (i.e. excl. members of Executive Committee & Board)
EQT’s ownership structure (December 2024)1

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Additional fund information
Additional fund information 
for selected funds
THE BELOW FIGUERS ARE AS OF 31 DECEMBER 2024
EQT Ventures
Fund Vintage
Committed 
capital FAUM Status
EQT Ventures 2016 EUR 0.5bn EUR 0.3bn Developing
EQT Ventures II 2019 EUR 0.6bn EUR 0.5bn Developing
EQT Ventures III 2022 EUR 1.1bn EUR 1.1bn Investing
EQT Life Sciences
Fund Vintage
Committed 
capital FAUM Status
LSP HEF 2012 EUR 0.1bn EUR 0.1bn Developing
LSP 5 2014 EUR 0.2bn EUR 0.2bn Developing
LSP 6 2018 EUR 0.6bn EUR 0.6bn Developing
LSP HEF 2 2018 EUR 0.3bn EUR 0.3bn Developing
LSP Dementia 2021 EUR 0.3bn EUR 0.3bn Developing
LSP 7 2021 EUR 1.0bn EUR 1.0bn Investing
EQT Growth
Fund Vintage
Committed 
capital FAUM Status
EQT Growth 2021 EUR 2.3bn EUR 2.3bn Investing
EQT Private Equity
Fund Vintage
Committed 
capital FAUM Status
EQT VII 2015 EUR 6.9bn EUR 2.6bn Developing
EQT VIII 2018 EUR 10.9bn EUR 7.4bn Developing
EQT IX 2020 EUR 15.6bn EUR 14.1bn Developing
EQT X 2022 EUR 21.7bn EUR 21.9bn Investing
EQT Mid Market Asia III 2016 EUR 0.7bn EUR 0.4bn Developing
EQT Mid Market Europe 2016 EUR 1.6bn EUR 0.4bn Developing
EQT Future
Fund Vintage
Committed 
capital FAUM Status
EQT Future  2021 EUR 3.6bn EUR 2.4bn Investing
Private Capital Asia
Fund Vintage
Committed 
 capital FAUM Status
BPEA Fund VI 2014 USD 3.9bn EUR 1.4bn Developing
BPEA Fund VII 2018 USD 6.3bn EUR 4.0bn Developing
BPEA Fund VIII 2021 USD 10.5bn EUR 9.7bn Developing
Hong Kong Growth Fund 2022 USD 0.5bn EUR 0.5bn Investing
BPEA Mid Market Growth 2022 USD 1.5bn EUR 0.2bn Investing
EQT Infrastructure
Fund Vintage
Committed 
capital FAUM Status
EQT Infrastructure II 2012 EUR 1.9bn EUR 0.3bn Developing
EQT Infrastructure III 2016 EUR 4.0bn EUR 0.8bn Developing
EQT Infrastructure IV 2018 EUR 9.1bn EUR 7.1bn Developing
EQT Infrastructure V 2020 EUR 15.7bn EUR 13.0bn Developing
EQT Infrastructure VI 2023 EUR 18.1bn EUR 18.1bn Investing
EQT Active Core  
Infrastructure 2023 EUR 2.9bn EUR 1.3bn Investing
EQT Real Estate
Fund Vintage
Committed 
 capital FAUM Status
BPEA Real Estate Fund I 2013 USD 0.4bn EUR 0.2bn Developing
Exeter Industrial Core Fund II 2016 USD 0.6bn EUR 0.5bn Developing
EQT Real Estate I 2016 EUR 0.4bn EUR 0.2bn Developing
BPEA Real Estate Fund II 2017 USD 1.0bn EUR 0.9bn Developing
Exeter Industrial Core Fund III 2019 USD 1.3bn EUR 1.1bn Developing
EQT Real Estate II 2019 EUR 1.1bn EUR 0.6bn Developing
Exeter Industrial Value Fund V 2020 USD 2.0bn EUR 1.6bn Developing
Exeter Europe Industrial Core Fund I 2020 EUR 1.0bn EUR 0.8bn Developing
EQT Exeter Industrial Core-Plus Fund IV 2021 USD 3.0bn EUR 1.7bn Investing
Exeter Europe Logistics Value Fund IV 2021 EUR 2.2bn EUR 2.1bn Investing
China Fund I 2021 EUR 0.1bn EUR 0.1bn Developing
EQT Exeter Industrial Value Fund VI 2022 USD 4.9bn EUR 4.5bn Investing

===== SIDA 189 =====

189
#01 This is EQT #02 Financial statements #03 Sustainability notes #04 Corporate governance #05 Additional information
Additional fund performance information 
Additional fund performance information
Performance across EQT’s business segment Private Capital since inception Performance across EQT’s business segment Real Assets since inception
EQT Private Equity EQT Infrastructure  
Private Capital Asia1) EQT Real Estate 
1995 2004 2006 2011 2021Start date
Realized Developing Investing
I IV V VI IXFund
65%
1998
II
16% 19% 11% 16% 11%
2022
X
(NM)Net IRR
5.3x
3.1x 2.8x
2.5x
2.0x
2001
III
15%
2.1x 2.0x
3.0x
2015
VII
20%
2.1x
3.3x
2018
VIII
22%
2.1x
1.5x
1.1x
2.6x 2.5x
1.6x
1.1x
Realized Developing Investing
2.5x
2.1x
2.8x
1.9x
1.5x
2.6x
0.6 x
2.8x
1.9x
2.7x
1.5x
1.1x
1.1x 
1.6x2.4x
2016 2018Start date
III IVFund
2008
I
17% 23% 11%
2020
V
11%
2023
VI
(NM)Net IRR
2013
II
17%
2005 2014 2018 2022Start date
Realized Developing Investing
III VI VII VIIIFund
54%
2007
IV
9% 13% 20% 23%Net IRR
3.5x
2.2x 2.0×
1.3x
2011
V
8%
2.2x
2.5x 2.8x
2.3x
2.0x1.7x
2.3x
2.5x
2.3x
1.3x
2.2x
2007 2014 2014 2015Start date
Realized
US Value I US Value III EU Value I EU Value IIFund
11%
2011
US Value II
30% 29% 33% 27%Net IRR
2.1x 2.4x
1.6x
2.6x
3.7x
2.8x 2.5x 2.7x
2012
US Core I
22%
2017
US Value IV
30%
2018
EU Value III
49%
Realized
Unrealized
1) B PEA Funds returns are now reported under LPA GAAP Recycling Methodology to be consistent with EQT Group Reporting

===== SIDA 190 =====

190
#01 This is EQT #02 Financial statements #03 Sustainability notes #04 Corporate governance #05 Additional information
Alternative performance measures (APM)
Alternative performance measures (APM)
To increase the understanding of 
the development of the operations 
and the financial position of EQT AB 
Group, EQT presents some 
alternative performance measures 
in addition to financial measures 
defined by IFRS Accounting 
Standards. EQT believes these 
measures provide a better 
understanding of the trends of the 
financial performance and that 
such measures, which are not 
calculated in accordance with IFRS 
Accounting Standards are useful 
information to investors combined 
with other measures that are 
calculated in accordance with IFRS 
Accounting Standards. These 
alternative performance measures 
should not be considered in 
isolation or as a substitute to 
performance measures derived in 
accordance with IFRS Accounting 
Standards. In addition, such 
measures, as defined by EQT, may 
not be comparable to other 
similarly titled measures used by 
other companies.
Definition Reason for use
Adjusted Total Revenue
Total Revenue adjusted for items affecting
comparability and revenue adjustments. Revenue
adjustments relates to an adjustment of revenue
whereby carried interest is only recognized after
applying a valuation buffer (30-50%) on the
unrealized part of the underlying fund valuations.
Items affecting comparability means items that are
reported separately due to their character and
amount. For a specification of items affecting
comparability and revenue adjustments, see Note 4.
Total Revenue according to IFRS Accounting Stan -
dards includes the carried interest without the appli -
cation of a valuation buffer and represents the short 
term impact of fund valuation changes. Adjusted Total 
Revenue includes the amount of carried interest 
expected to be converted to cash in a mid term per -
spective (a more prudent revenue recognition model). 
The difference between Total Revenue (according to 
IFRS Accounting Standards) and Adjusted Total Reve -
nue is the application of a valuation buffer (30-50%) 
on the unrealized part of the underlying fund valua -
tions.
Gross segment result
Total Revenue adjusted whereby carried interest is
only recognized after applying a valuation buffer
(30-50%) on the unrealized part of the underlying
fund valuations less directly incurred expenses by
business segment. For revenue adjustments, see 
Note 4.
Gross segment result provides an overview of the 
direct contribution of each business segment.
Gross segment margin
Gross segment result divided by Adjusted Total 
 Revenue by business segment.
Gross segment margin provides an overview of the 
profitability by each business segment.
EBITDA
EBIT excluding depreciation and amortization of 
property plant and equipment and intangible assets  
and amortization of acquisition related intangible 
assets.
EBITDA provides an overview of the profitability of the 
operations.
EBITDA margin, %
EBITDA divided by Total Revenue. EBITDA margin is a useful measure for showing the 
profitability of the operations relative to total revenue 
generated by the Group during the period.
Definition Reason for use
Adjusted EBITDA
EBITDA adjusted for items affecting comparability, 
non-cash adjustments and revenue adjustments. 
Items affecting comparability means items that
are reported separately due to their character and 
amount. For a specification of items affecting compa -
rability, non-cash adjustments and revenue adjust -
ments, see Note 4.
Adjusted EBITDA is a useful measure for showing 
profitability of the operations and increases the com -
parability between periods.
Adjusted EBITDA margin, %
Adjusted EBITDA divided by Adjusted Total Revenue. Adjusted EBITDA margin is a useful measure for 
showing the profitability of the operations and 
increases the comparability between periods, relative 
to total revenue generated by the Group during the 
period.
Adjusted Fee-related EBITDA
Adjusted EBITDA less adjusted carried interest and 
investment income.
Adjusted Fee-related EBITDA is a useful measure that 
presents the recurring fee-related profitability.
Adjusted Fee-related EBITDA margin, %
Adjusted Fee-related EBITDA divided by management 
fees.
Adjusted Fee-related EBITDA margin is a useful mea -
sure that presents the recurring fee-related profit -
ability, relative to management fees generated by the 
Group during the period.
Adjusted EBT excluding carried interest and investment income
Adjusted Fee-related EBITDA less depreciation and 
amortization and net financial income and expenses.
Adjusted EBT excluding carried interest and invest -
ment income is a useful measure in establishing a like-
for-like measurable adjusted Effective Tax Rate (ETR) 
over time.
Adjusted net income
Net income adjusted for items affecting comparability, 
non-cash adjustments and revenue adjustments. 
Adjusted net income is a useful measure for showing 
the profitability generated by the Group as this mea -
sure is adjusted for items affecting comparability 
between periods.
Adjusted earnings per share
Adjusted net income in relation to average number of 
shares.
Adjusted earnings per share is a useful measure for 
showing the profitability per share generated by the 
Group as this measure is adjusted for items affecting 
comparability between periods.
Financial net cash / net debt
Cash, cash equivalents and short-term loan receiv -
able less interest-bearing liabilities (current and non 
current).
Financial net cash / (net debt) is used to assess the 
Group’s financial position in terms of the possibility to 
make strategic investments, payment of dividend and 
fulfillment of financial commitments.

===== SIDA 191 =====

191
#01 This is EQT #02 Financial statements #03 Sustainability notes #04 Corporate governance #05 Additional information
Alternative performance measures (APM)
ADJUSTED TOTAL REVENUE
EUR m 2024
2023 
restated
Total revenue 2,652.6 2,122.4
Items affecting comparability 113.7 -
Non-cash adjustments - -
Revenue adjustments -411.5 8.5
Adjusted total revenue 2,354.8 2,130.8
ADJUSTED EBITDA / ADJUSTED NET INCOME
EUR m 2024
2023 
restated
Net income 776.3 177.2
Income taxes 122.9 100.2
Net financial income and expenses -11.2 35.5
Operating profit (EBIT) 888.0 312.8
Amortization of acquisition related 
intangible assets 364.8 364.1
Depreciation and amortization 71.2 54.1
EBITDA 1,324.0 731.0
Revenue adjustments -411.5 8.5
Non-cash adjustments 321.3 480.3
Items affecting comparability 124.9 6.6
Adjusted EBITDA 1,358.7 1,226.4
Less adjusted carried interest and 
 investment income -250.8 –164.8
Adjusted fee-related EBITDA 1,107.9 1,061.6
Depreciation and amortization -71.2 –54.1
Net financial income and expenses -4.5 –35.5
Adjusted EBT excluding adjusted carried 
interest and investment income 1,032.1 972.1
Adjusted carried interest and investment 
income 250.8 164.8
Income taxes -167.8 –117.4
Adjusted net income for  
the period from continuing operations 1,115.1 1,019.4
ADJUSTED EARNINGS PER SHARE, BASIC
2024 2023
Adjusted net income, EUR m 1,115.1 1,019.4
Average number of shares, basic 1,183,153,914 1,185,754,323
Adjusted earnings per share, 
basic, EUR 0.942 0.860
ADJUSTED EARNINGS PER SHARE, DILUTED
2024 2023
Adjusted net income, EUR m 1,115.1 1,019.4
Average number of shares, 
diluted 1,184,166,399 1,186,434,306
Adjusted earnings per share, 
diluted, EUR 0.942 0.859
FINANCIAL NET CASH / (NET DEBT)
EUR m 2024 2023
Cash and cash equivalents 1,024.0 1,114.0
Interest-bearing liabilities – 
non-current
1) -2,000.0 -2,000.0
Financial net cash / (Net debt) -976.0 -886.0
1) N ominal amount.

===== SIDA 192 =====

192
#01 This is EQT #02 Financial statements #03 Sustainability notes #04 Corporate governance #05 Additional information
Definitions
Definitions
Active funds Funds currently investing or with not yet 
realized investments.
Business line As the context requires, the EQT fund or 
funds investing under any of the business lines, or the 
team of EQT Partners Investment Advisory Professionals 
who advise the General Partners and/or managers of 
the EQT funds within that business line.
Committed capital The total amounts that fund 
investors agree to make available to a fund during a 
specified time period.
Commitment period / Investment period  First phase of 
a fund lifecycle after fundraising, in which most of a 
fund’s committed capital is invested into portfolio 
companies. Management fees are normally based on 
committed capital during this period.
Current Gross MOIC (Multiple of Invested Capital) A 
fund’s Gross MOIC based on the current total value and 
invested capital.
Effective management fee rate Weighted average 
management fee rate for all EQT funds contributing to 
FAUM in a specific period.
EQT Where used on its own, is an umbrella term and 
may refer interchangeably to the EQT AB Group and/or 
EQT funds, as the context requires.
EQT AB Group or the Group EQT AB and/or any one or 
more of its direct or indirect subsidiaries (for the 
avoidance of doubt excluding the EQT funds and their 
portfolio companies).
Exits Cost amount of realized investments (realized 
cost) from an EQT fund.
Expected Gross MOIC  A fund’s expected Gross MOIC at 
termination, when a fund is fully realized, based on the 
estimated total value and invested capital upon 
realization.
Fee-generating Asses Under Management (“FAUM”)  
Represents the total assets and commitments from fund 
investors based on which the EQT AB Group is entitled 
to receive management fees.
Final close The date determined for each fund upon 
which admissions to the fund by investors are last 
accepted by the fund manager.
FTE The number of full-time equivalent personnel on 
EQT AB Group’s payroll.
FTE+ The number of full-time equivalent personnel and 
contracted personnel working for EQT AB Group.
Fund size Total committed capital for a specific fund.
Gross inflows New commitments through fundraising 
activities or increased investments in funds charging 
fees on net invested capital.
Gross fund exits Value of realized investments (realized 
value) from an EQT fund. Refers to signed realizations in 
a given period.
Gross MOIC Total value of investments divided by total 
invested capital.
Invested capital Committed capital that fund investors 
have invested in a fund.
Investment level / % Invested Measures the share of o 
fund’s total commitments that hos been utilized. 
Calculated os the sum of (i) closed ond/or signed 
investments, including announced public offers, (ii) ony 
earn-outs and/or purchase price adjustments and (iii) 
less ony expected syndication, as a% of a fund’s 
committed capital. 
Investments Signed investments by an EQT fund.
Key funds Funds with commitments that represent more 
than 5% of total commitments in active funds.
Net invested capital Invested capital not yet realized 
(remaining cost). Management fees are generally 
based on net invested capital after the commitment 
period / investment period.
Post-commitment period / Divestment period  Phase of 
a fund lifecycle after the commitment period, in which 
most of a fund’s investments are realized. Management 
fees are normally based on the net invested capital 
during the period.
Private Capital Business segment comprised of 
strategies EQT Ventures, EQT Life Sciences, EQT 
Healthcare Growth, EQT Growth, EQT Private Equity, 
EQT Private Capital Asia, and EQT Future. 
Real Assets Business segment comprised of strategies 
EQT Value-Add Infrastructure, EQT Active Core 
Infrastructure, EQT Transition Infrastructure, and EQT 
Real Estate.
Realized value / (Realized cost) Value (cost) of an 
investment, or parts of an investment, that at the time 
has been realized.
Remaining value / (Remaining cost)  Value (cost) of an 
investment, or parts of an investment, currently owned 
by the EQT funds.
Share of invested capital with validated science-based 
targets Based on share of invested capital according to 
the Science-Based Targets Initiative’s (SBTi) guidelines 
for private equity firms. EQT includes all control/
co-control strategies, calculated based on unrealized 
cost (excluding co-investment), ond applies a 24-month 
grace period. Exited companies are excluded, but 
assets owned less than 24 months with validated SBTs 
are included. 
Start date A fund’s start date is the earlier of the first 
investment or the date when management fees are 
charged from fund investors.
Step-down
 Step-downs in AUM generally resulting from 
the end of the investment period in an existing fund or 
when a subsequent fund starts to invest. Fees in a 
specific fund will normally be charged on net invested 
capital post step-down.
Target Gross MOIC Measure used in fundraising of an 
EQT fund as a fund’s target level of investment return 
based on Gross MOIC.
Total AUM Total Assets Under Management (“Total 
AUM”) represents the sum of (i) FAUM, (ii) value 
appreciation (depreciation) of investments in funds on 
which FAUM is calculated upon, (iii) fair market value of 
non-fee-generating co-investments as well as (iv) 
committed but undrawn capital from fund investors on 
which EQT AB Group is not currently entitled to receive 
management fees but that, following investment, would 
be fee generating.
Value creation Change in value between opening and 
closing balance, excluding any added or deducted 
invested capital during the period, equivalent to the 
like-for-like fund performance.

===== SIDA 193 =====

193
#01 This is EQT #02 Financial statements #03 Sustainability notes #04 Corporate governance #05 Additional information
AGM information
AGM information
EQT AB’s Annual Shareholders’ Meeting 2025 will be 
held on Tuesday, 27 May 2025. The notice convening 
the Annual Shareholders’ Meeting and the other 
documents will be held available on EQT’s website, 
www.eqtgroup.com.
Financial calendar
16 April 2025 Quarterly announcement January-March 2025 
27 May 2025 Annual Shareholders’ Meeting 2025, to be held in Stockholm
17 July 2025 Half-year report January-June 2025

===== SIDA 194 =====

EQT AB (Publ.) © EQT AB 2024
Registrated office in Stockholm, Sweden
Registration number: 556849-4180
Visit our website: eqtgroup.com
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