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

Annual and 
Sustainability
Report 2025

===== SIDA 2 =====

4 Introduction
5 E QT —   a g lobal private markets firm
6 E QT transforms companies
7  E QT in numbers
8   S ince the IPO of EQT
9  F rom a Nordic heritage, to becoming a global 
 leader
1 0  E QT enters the secondaries market to meet 
e volving client needs
 11 Reflections on 2025 and beyond
1 2  2 025 in brief 
1 3  L etter from the Chairperson
1 6 L etter from the CEO
1 9  T owards our targets: Financial
2 0 T owards our targets: Sustainability
 21  A global platform built to deliver 
industry-leading returns
2 2  A s caled global platform 
2 3  H arnessing scale and global reach to deliver 
u ncorrelated alpha
2 4  A d isciplined and systematic approach to exits
 25 Private markets, EQT, and its clients
2 6  P rivate markets offer diversification with 
t he potential for higher returns
2 7   P rivate markets are set for structural growth
2 8   A c lient centric platform
2 9  C onnecting clients to the full EQT platform
3 0  D eepening client relationships through 
 co-investments
3 1   G alderma – setting a new record for capital 
gains from a single investment
3 2  E QT’s evergreen offering reaching global scale 
 33 EQT’s strategy and financial model
3 4  S trategic developments since the IPO
3 5  E QT’s long-term strategic ambition
3 6  E QT’s integrated revenue streams
3 7  E xplaining management fees & carried 
 interest in closed-ended funds
3 9  E xplaining evergreens and open-ended funds
 4 0  EQT Value Creation Playbook
4 2  T hematic investment approach
4 3  I nvesting into AI at scale in the 
E QT Infrastructure platform
4 4  L ocal-with-locals/Value creation toolbox
4 5  G overnance model/EQT Network Talent
4 6  T houghts on governance from Industrial 
 Advisors
4 8  A h olistic and systematic approach to 
A I transformation
4 9  I nvesting in AI across multiple dimensions
5 0  E QT’s approach to sustainability 
 51 People 
5 2  P eople at the core of EQT’s success
5 3  T alent development through EQT’s own 
E QT Academy
5 4  I nclusion at EQT
55  E QT Foundation  
 # 02  F inancial statements 
59 B oard of directors’ report
6 4  C onsolidated income statement with notes
9 7   P arent company financial statements with 
notes
1 05  P roposal for the distribution of net income
106 M anaging risks
1 13   S ignature of the Board of directors and 
the CEO
1 14 Aud itor’s report  
 # 03  S ustainability statements
1 20  G eneral disclosures
1 32  C limate change
1 41  O wn workforce
1 49  W orkers in the value chain
1 52  B usiness conduct
1 57  R esponsible investment approach for 
E QT funds
1 60  Aud itor’s report on the Sustainability report
 #04 C orporate governance 
163 C orporate governance report
1 66  T he Board 
1 71  T he Executive Committee 
1 75 Aud itor’s report on the  c orporate governance   
  statement
 # 05  A dditional information 
1 77  T he EQT AB share 
1 80   A dditional fund information for selected funds
1 81  A dditional fund performance information
1 82  A lternative performance measures (APM)
 184 D efinitions
1 85  A GM information  
 # 01  T his is EQT
Content
2
#03 Sustainability statement #04 Corporate governance #05 Additional information #02 Financial statements #01 This is EQT

===== SIDA 3 =====

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

===== SIDA 4 =====

EdgeConnex
EQT Infrastructure IV invested in EdgeConneX in 2020  
to back a mission-critical digital infrastructure platform 
serving hyperscale and edge-computing workloads.  
Under EQT’s ownership the business accelerated through 
strategic M&A, joint ventures and disciplined capital 
deployment, expanding into Asia, Latin America and new 
European markets. The platform tripled its data-centre 
capacity and now operates and develops some 80 sites 
across 50 markets, tailored for high-density, low-latency  
AI and cloud workloads. In 2024, EQT monetized part of  
its position via a minority stake sale while remaining the 
largest shareholder. In early 2026, EQT announced its 
inaugural open-ended continuation vehicle for Edge-  
ConneX. The open-ended structure is designed to enable 
EQT to provide long-term capital and ongoing support for 
the company’s growth. 
Introduction
#03 Sustainability statement #04 Corporate governance #05 Additional information #02 Financial statements 
Introduction
#01 This is EQT 
4

===== SIDA 5 =====

>80%
>600
Value-based culture
  High-performing 
  Respectful
   Entrepreneurial
   Informal  
  Transparent
Read more in People
Network of Industrial Advisors
Read more in EQT Value Creation Playbook
Governance model — Troika
Read more in EQT Value Creation Playbook
Chairperson 
of the 
Board
Portfolio 
company 
CEO
EQT 
Partner 
Thematic investment focus2)
  Digitalization of society  
  Changing value chains
  Health and Wellbeing
  Energy and Environmental
Read more in EQT Value Creation Playbook
1)  O n 22 January 2026, EQT announced it had signed an agreement to combine with Coller Capital, a leading global secondaries firm, marking the next step in EQT’s 
strategic evolution. The transaction is subject to customary closing conditions and is expected to close in the third quarter of 2026.
2) List of themes, not exhaustive
Since foundation, the EQT funds have invested in good companies with a mission to 
develop them into great companies. By providing access to ownership skills and 
operational expertise, EQT can help portfolio companies grow and prosper, both 
under EQT’s ownership and with future owners. In January 2026, EQT signed an 
agreement to combine with Coller Capital and thereby take the next step on its 
strategic journey by entering the secondaries market in a leading position
1).  
EQT - a global private 
markets firm
A broad client offering
P rivate Equity 
I nfrastructure 
R eal Estate
Secondaries1)
Read more in EQT’s strategy and financial model
Local-with-locals in countries representing
Read more in EQT Value Creation Playbook
of global GDP
5
#03 Sustainability statement #04 Corporate governance #05 Additional information #02 Financial statements #01 This is EQT 
Introduction — A global private markets firm

===== SIDA 6 =====

EQT Private Capital EU & NA
14 % 18  %
 
EQT Private Capital Asia  
13 % 15 % 
EQT Infrastructure  
12 % 15% 
 
 
EQT transforms companies
EQT transforms companies based on an industrial approach to 
future-proofing, with the aim of delivering strong long-term returns to 
the benefit of its clients and the ultimate beneficiaries.
… for the benefit of its clients  
 
… based on an industrial approach  … 
EQT FUNDS’ PORTFOLIO COMPANIES 1) 
… creating value and strong returns … 
 
FUND PERFORMANCE 
EQT transforms companies  …
 Sales CAGR EBITDA CAGR
EQT Private Capital EU & NA  
2 0 % 2.6× 
EQT Private Capital Asia        
14% 2.9×
 
EQT Infrastructure                  
13 % 2.4× 
EQT Real Estate                      
16 % 2.4× 
  
 Total Net IRR2)  Realized Gross MOIC
1)  For EQT Private Capital EU&NA: Refers to realized portfolio within key funds since inception. For EQT Infrastructure: Refers to realized assets within EQT Infrastructure 
I–III. Average sales and EBITDA CAGR between entry and exit of realized portfolio companies. For BPEA Fund VI–VIII. Weighted sales and EBITDA CAGR between entry 
and exit of realized portfolio companies.
2) Realized and unrealized 
Digitalization 
of society
Energy &  
Environmental
Health and 
wellbeing
Changing value  
chains
>  1 , 4 0 0
Active clients
  Pension funds  
  Sovereign wealth funds  
  Other 
  Asset managers  
  Private Wealth 
  Insurance companies  
In addition, more than 300 clients are expected to join 
the EQT platform at closing of the acquisition of Coller 
Capital. 
6
#03 Sustainability statement #04 Corporate governance #05 Additional information #02 Financial statements #01 This is EQT 
Introduction — EQT transforms companies

===== SIDA 7 =====

EQT Private Capital  EQT Private Capital  
Europe & North America Asia 
  
 
 
 
 
 
 
 
 
 
  
 
REAL ASSETS
EQT Infrastructure  EQT Real Estate
EQT funds
 
EQT has two business segments - Private Capital and Real  
Assets. EQT has more than 50 active EQT funds and EUR 141bn in  
fee-generating assets under management.  
EQT in numbers  
The EQT AB Group manages, advises and invests across a global 
platform of more than 50 active funds. The EQT investment advisory 
teams deliver specialist advice across more than 330 portfolio  
companies and more than 2,200 buildings worldwide. 
EQT AB Group
 
The EQT AB Group manages, advises and invests in  
the EQT funds. EQT’s revenues comprise fee-related 
revenue from the EQT funds, a share of investment 
return, called carried interest, and investment income 
from the EQT funds1).
Portfolio companies and assets
 
EQT’s investment advisory teams provide  
advisory services related to the EQT funds and  
their underlying investments. 
PRIVATE CAPITAL PORTFOLIO COMPANIES
Number or portfolio companies  
>330 
Employees in portfolio companies  
>550,000  
ASSETS
Number of buildings  
>2,200  
Square meter (m2) real estate  
42m
Revenue2) (EURm) 
2,732
Employees 3)  
1,863 
Offices 
>25 
EBITDA2) (EURm)   
1,642
 Market cap (EURbn)4)  
39
Clients 
>1,400
FAUM of
141
EURbn
1) As of EQT’s Year-end Report 2025, EQT has improved its financial disclosure in light of the gradually increasing share of revenues from wealth vehicles and transaction related fees, management 
fees has been split into i) management fees, ii) fee-related performance revenues, and iii) transaction, advisory and other fees 
2) Adjusted figures, for a full reconciliation, please refer to section Alternative performance measures (APM)         3) FTE          4) 31 December 2025
Total AUM of
270
EURbn
52
42
24
22
FAUM in EURbn
FAUM in EURbn
FAUM in EURbn
FAUM in EURbn
7
#03 Sustainability statement #04 Corporate governance #05 Additional information #02 Financial statements #01 This is EQT 
Introduction — EQT in numbers

===== SIDA 8 =====

Since the IPO of EQT 
 
 >25
 
 >1,400
 
 141
  
2,7 32
  
39
  
Countries 
15 
Clients 
440 
FAUM (EURbn) 
37
Revenue (EURm)3) 
524
Market cap (EURbn)4) 
6
 
EQT at the time of the IPO in 20192) EQT in 20253) 
+67%
+218%
+281%
+421%
+550%
1)  Coller Capital estimate as of 31 December 2025. The combination with Coller Capital is subject to customary closing conditions and the 
transaction is expected to close in the third quarter of 2026
2) Excluding Credit
3) Adjusted figures, for a full reconciliation, please refer to section Alternative performance measures (APM)  
4) All figures as of 31 December 2025, if not otherwise mentioned
5) As of 31 December 2025. Ranking on Nasdaq Stockholm refers to companies incorporated in Sweden, by market capitalization
6) As of  31 December 2025. Share price performance including reinvested dividends, for the ordinary EQT AB share since the IPO
 
+481%
Total return6)
4TH
 
largest listed Swedish 
 company on Nasdaq  
Stockholm5)
The IPO in 2019 marked a pivotal step for EQT, enabling the firm to 
support new strategies, pursue consolidation, and drive innovation.  
With the addition of Coller Capital, EQT is expected to add  
EUR 28 billion to its fee-generating assets under management,  
continuing its journey to create a scaled and diversified global client 
centric platform.1) 
20252024201920142009200419991994
FAUM development since inception, EURbn   
 EQT Private Capital Asia  
 EQT Real Estate 
 EQT Infrastructure  
 EQT Private Capital Europe & North America
1994 1999 2004 2009 2014 2019 2025
IPO on the 
Nasdaq 
Stockholm
 Nordic  Northern European focused  Multi-strategy and scaling globally
8
#03 Sustainability statement #04 Corporate governance #05 Additional information #02 Financial statements #01 This is EQT 
Introduction — Since the IPO of EQT

===== SIDA 9 =====

From a Nordic heritage, to becoming a global leader
EQT has evolved from a Nordic investment firm into a global leader in private 
markets. Driven by attractive returns, EQT has expanded its funds and introduced 
new investment strategies while pursuing consolidation. As a result, EQT has  
captured a larger share of global fundraising volumes, rising to number 2 in Private 
Equity globally and number 5 in Infrastructure. This success has been reinforced by 
the trend where clients allocate a larger share of commitments to fewer managers, a 
dynamic that particularly benefits scaled managers like EQT.
Firm A 
1 83
Firm B 
2 64
Firm C 
3 48
Firm D 
4 47
Firm E 
5 37
Firm F 
6 36
EQT  
7 30
Firm G 
8 30
 
Firm C 
1 118
EQT  
2 113
Firm A 
3 96
Firm G 
4 88
Firm H 
5 73
Firm D 
6 72
Firm I 
7 72
Firm J 
8 50
 
2019   2025 
 
USD 17bn   USD 51bn
2019   2025 
 
USD 3bn   USD 14bn
 
Since the IPO, EQT has risen to number two in private equity globally1) 
A top ten player in Real Estate
 
3.8×
PEI Ranking 2019 PEI Ranking 2025USDbn raised USDbn raised
  Infrastructure ranking  
 Real Estate ranking 
1) Private Equity International (PEI) 300 list, by USD billion raised
Being global is not simply about footprint, 
EQT believes it is a structural competitive 
advantage. Regional economies and sectors 
evolve at different paces, creating  
uncorrelated sources of growth and  
resilience. By connecting global sector teams 
with local expertise, EQT can identify 
emerging trends early, share best practices 
across markets, and build companies that 
lead within their industries and geographies.
Local-with-locals  
in countries representing
>80%
of global GDP
EQT offices
 
~100 
        nationalities
Offices in
>25
countries
A top five player in Infrastructure
 
 
9
#03 Sustainability statement #04 Corporate governance #05 Additional information #02 Financial statements #01 This is EQT 
Introduction — From a Nordic heritage, to becoming a global leader

===== SIDA 10 =====

EQT enters the secondaries market to meet evolving client needs
In January 2026, EQT announced that it is entering the secondaries market through the  
combination with Coller Capital2). Secondaries is a natural next step on EQT’s strategic journey  
to become the most attractive private markets firm of scale - delivering industry-leading  
performance and solutions globally. 
SECONDARIES ON THE RISE AS PRIVATE  
MARKETS CONTINUE TO EVOLVE  
 
As private markets grow in scale and maturity, client 
needs are changing, with rising liquidity demands, 
more dynamic portfolio management, and a desire  
for greater flexibility across cycles. Clients are also 
seeking to do more with fewer private markets firms, 
favoring scaled platforms that can provide primary 
investing, liquidity solutions, and portfolio construction 
in an integrated way. In parallel, new capital pools, 
particularly from insurance companies and private 
wealth investors, are increasingly allocating to 
secondaries. Together, these trends are driving strong 
long-term growth in the secondaries market and 
making it a natural extension of EQT’s client-centric 
platform. 
$226bn
Secondaries market size 20251) 
(up 41% year-over-year) 
With the combination of Coller Capital2, EQT enters the secondaries market to deepen client partnerships and scale global solutions
 
A STRATEGICALLY ALIGNED COMBINATION  
TO BUILD A SCALED SECONDARIES PLATFORM
 
  
 
 
FAUM3 Total AUM3
 
 
 
Track record 
 
 
 
FTEs3 
 
 
Net MOIC in CIP V-VIII 4
Total AUM
 
# FTEs
 
# Strategies
  
$33bn
  
35years
  
1st quartile
  
~$50bn
  
€312bn  
2 ,1 9 3  
30
  
330
  
  
  Secondaries and solutions is a strategic focus area  
  for EQT and a natural extension to strengthen its   
  client relevance and investment platform 
  Coller Capital is a pioneer in Secondaries and client  
  solutions and provides the right cultural fit, track   
  record and scale 
  Help to build further scale within evergreens & a   
  market-leading position in structured solutions for  
  the insurance channel  
  EQT can further accelerate its and Coller Capital’s  
  growth in existing strategies (Private Equity & Credit)  
  and enable its expansion into adjacent secondaries  
  strategies  
  The combination builds on aligned incentives and  
  creates a more scaled and diversified platform with  
  strong global growth opportunities 
Coller Capital was founded in 1990 by Jeremy Coller. 
Today, it is one of the largest dedicated secondaries 
firms globally with a 35-year track record of 
innovation in the fast-growing secondaries markets. 
Combined FAUM mix
+
1) Deal volume. Source: Evercore 2025 Secondary Market Highlights 
2) On 22 January 2026, EQT announced that it had signed an agreement to combine  
 with Coller Capital. The transaction is subject to customary closing conditions and  
 is expected to close in the third quarter of 2026.
3) Coller Capital estimate as of 31 December 2025 
4) Source: Preqin as of 31 December 2025 (or latest if not available). Refers to  
 weighted average net MOIC with vintage years between 2004-2023 (CIP V-VIII)  
 raised by the largest 16 secondaries managers that have a pre-GFC fund with  
 performance data, as defined by assets raised in Preqin
Jeremy Coller, Chief 
Investment Officer  
& Managing Partner 
of Coller Capital, 
together with Per 
Franzén, EQT’s CEO  
& Managing Partner
~45%
~25%
~15%
~15%
 Private Capital
 Infrastructure
 Real Estate
 Secondaries
 €169bn
10
#03 Sustainability statement #04 Corporate governance #05 Additional information #02 Financial statements #01 This is EQT 
    Introduction — EQT enters the secondaries market to meet evolving client needs

===== SIDA 11 =====

IFS
IFS is a leading global provider of cloud enterprise soft-  
ware and Industrial AI applications, serving asset- and  
service-intensive industries such as energy, aerospace,  
manufacturing, and telecom. Since EQT first invested
in 2015, IFS has transformed from a Northern European  
software vendor into a global category leader, surpassing  
EUR 1 billion in annual recurring revenue and growing  
more than 30% year-on-year. Under EQT’s long-term  
partnership, IFS expanded internationally, embraced  
AI-driven innovation, and added major customers  
worldwide.
 In 2025, EQT announced the sale of a minority stake,  
valuing IFS at over EUR 15 billion and broadening its  
shareholder base, marking the next stage of the company’s 
global growth journey.
Reflections  
on 2025 and  
beyond
#03 Sustainability statement #04 Corporate governance #05 Additional information #02 Financial statements 
Reflections on 2025 and beyond
#01 This is EQT 
11

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

5
10
15
20
25
EUR bn
2022 2023 2024 2025
1 2 3 14
Gross exits by the EQT funds
Gross investments by EQT funds
6
12
18
24
30
EUR bn
2022 2023 2024 2025
6 10 12 14
Fee-generating AUM (FAUM)
2022 2023 2024 2025
30
60
90
120
150
EUR bn
2025 in brief Fundraising 
 — EQT Infrastructure VI closed at €21.5bn in total 
commitments, including €21.3bn in fee-generating 
assets under management, exceeding its €20bn 
target and hitting its hard cap 
 — EQT launched fundraising for EQT XI, with a hard 
cap of €24bn 
 — Fundraising continued for BPEA IX, which has a 
hard cap of $14.5bn 
 — Fundraising continued for EQT Healthcare  
Growth, EQT Transition Infrastructure and  
EQT Exeter Logistics Europe V
 — EQT launched an open-ended Active Core 
Infrastructure fund for institutional investors 
Investment and exit activity 
 — EQT announced total investments of €30bn across 
focus themes including digitalization, energy and 
environment, cyber security, education, as well as 
transportation and logistics 
 — EQT announced total realizations, including for 
co-investors, of €34bn, making 2025 its most active 
exit year ever. EQT retained its position as the most 
successful private markets firm in terms of Equity 
Capital Markets activity globally 2)
Key events  
 — Per Franzén was appointed EQT’s CEO and  
Managing Partner, and Jean Eric Salata was 
proposed as EQT’s next Chairperson of the Board 
 — EQT continued to take market share, becoming no. 2 
globally in Private Equity, as measured by capital 
raised in the last five years (PEI) 
 — It was a pivotal year for EQT’s expansion into ever- 
greens for the private wealth segment with the launch 
of three new evergreen vehicles
 — In January 2026, EQT announced the combination 
with Coller Capital, a leading secondaries firm, 
marking the next step in EQT’s strategic evolution 1)
Investment performance
All Key EQT funds are On or Above plan to meet 
Gross MOIC targets.  
Expected performance in Key funds
On plan Above plan 
EQT IX EQT VII
EQT X  EQT VIII
EQT Infrastructure IV EQT Infrastructure III
EQT Infrastructure V BPEA VII
EQT Infrastructure VI BPEA VIII
BPEA IX 
EUR 270bn
Total AUM
EQT’s CEO Per Franzén, presenting at EQT’s Japan Investor Day, October 2025
1)  On 22 January 2026, EQT announced that it had signed an agreement to combine with Coller Capital. The transaction is subject to closing conditions and is 
expected to close in the third quarter of 2026. 
2) Source: Dealogic. Includes all sponsor-related deals, measured in terms of transaction volume
 Co-invest volumes 
 Realized for co-investors 12
#03 Sustainability statement #04 Corporate governance #05 Additional information #02 Financial statements #01 This is EQT 
Reflections on 2025 and beyond — 2025 in brief

===== SIDA 13 =====

Letter from the Chairperson
When we founded EQT in 1994, private markets were a far smaller part of the global financial 
system. Few could have imagined that, three decades later, this industry would sit at the center of 
how innovation is financed, how infrastructure is built, and how companies scale globally. I have 
had the privilege of growing EQT from a Nordic firm into a truly global platform, and of serving as 
CEO and then Chairperson. As EQT prepares for its next chapter, including a proposed transition 
in the Chair role, this moment feels both reflective and forward-looking.
EQT’s next chapter: 
Continuity and renewal
EQT was inspired by the Wallenberg family’s long-term 
perspective and approach to active ownership. We 
began with a single EUR 300 million fund in the Nordics, 
anchored in principles that have endured as EQT has 
grown to where we are today, a global firm managing 
EUR 270 billion with over 330 portfolio companies 
worldwide. Over the past three decades, we have 
developed close to 700 companies, while delivering 
consistent and outsized returns to our investors. Our 
current portfolio of companies altogether employ over 
550 000 people globally and, during the past 15 years 
alone, the portfolio companies have added 260 000 
employees1) during the EQT funds ownership period, 
helping to fuel the broader economy. 
Today, EQT is entering its next phase from a position 
of strength. Private markets play an increasingly 
fundamental role in society, providing long-term capital 
and active ownership to help companies and assets 
adapt to a world shaped by technological change, 
demographic shifts, and the transition to a more 
sustainable and resilient economy. That has always 
been EQT’s purpose - doing good is simply good 
business - and I am immensely proud of the combined 
value we have generated for investors, companies and 
society at large.
 
A maturing industry, and a firm built for it
Private markets have evolved from a fragmented set of 
local specialists into a global ecosystem where scale, 
specialization, and client-centricity matter more each 
1) Includes FTE data post 2008 for all control investments 
13
#03 Sustainability statement #04 Corporate governance #05 Additional information #02 Financial statements #01 This is EQT 
Reflections on 2025 and beyond — Letter from the Chairperson

===== SIDA 14 =====

year. Capital is increasingly concentrating with firms 
that can demonstrate performance through cycles, 
offer diversified exposure across strategies and 
geographies, and support clients with solutions rather 
than just products.
EQT led this evolution. We expanded beyond our 
European roots to build the leading pan-Asian private 
equity franchise alongside our established positions in 
Europe and North America. Asia is today a core pillar of 
EQT’s global platform and one of our strongest engines 
of growth. We have established the region’s number  
-one private equity buyout franchise, ranking first in 
fundraising over the past five years 1). This leadership 
reflects both the depth of our local presence across 
Asia’s key markets and the scale of our broader global 
platform, with teams on the ground in countries 
representing approximately 80 percent of global GDP. 
Through combinations such as BPEA in Asia and Exeter 
in real estate, we strengthened our ability to support 
clients and companies around the world. We have 
consistently invested in local teams, digital capabilities, 
and sustainability expertise, because these are defining 
drivers of long-term value creation. In that context, 
welcoming Coller Capital into EQT today reflects a 
consistent strategic mindset: identifying structural shifts 
in the market and building capability where we see 
durable, long-term demand.
Values that continue to guide EQT
While the industry around us has changed dramatically, 
the foundations of EQT have remained consistent. From 
the beginning, our approach has been rooted in 
long-term, active ownership. We do not see ourselves 
as managing assets; we see ourselves as owners with a 
responsibility to develop companies and assets so they 
can thrive well beyond our period of ownership.
This requires time, a clear governance model, and a 
culture that encourages both accountability, risk-taking 
and collaboration. EQT’s values – high performing, 
respectful, entrepreneurial, informal and transparent 
– are not abstract ideals. They guide how we recruit, 
how we work with management teams, and how we 
partner with our clients. They also help us attract 
people who are ambitious and high-performing, yet 
EQT’s five core values
High  
performing Respectful Entrepreneurial Informal Transparent
grounded, and who believe that responsibility and 
performance reinforce one another. During three 
decades of growth, I have made it one of my highest 
priorities to ensure we never compromise on these 
standards. 
EQT has long been early in embedding sustainabili -
ty and digitalization into how we assess and develop 
businesses. Today, AI, data and advanced analytics are 
increasingly amplifying what our teams can do, both 
within EQT and across the portfolio. At the same time, 
we continue to deepen our work on governance, climate 
and social considerations as part of our approach to fu -
ture-proofing. These are not separate initiatives; they 
are integral to building resilient, competitive companies 
and assets.
Beyond how we invest, the EQT Foundation is 
another way in which we sought to embed long-term 
thinking into the fabric of the firm, to ensure long-term, 
values-driven ownership. Established by Partners at the 
time of our IPO, the Foundation plays an important role 
in safeguarding the values that define EQT, helping to 
ensure that our purpose and culture remain anchored 
as the firm grows and evolves. Through its governance 
and engagement, and by supporting early-stage 
research and innovation aimed at addressing complex 
societal challenges, the Foundation reflects the same 
belief that has guided EQT from the beginning: that 
long-term value creation and responsibility go hand in 
hand. I am proud that this work will continue and I am 
happy to remain involved in the Foundation’s work as a 
Member beyond my time as Chair.
Leadership with continuity and conviction 
One of the most important responsibilities of any board 
– particularly in a founder-led firm – is to ensure 
leadership transitions are thoughtful, orderly, and 
anchored in the long term - something we have demon -
strated repeatedly. In 2025, EQT entered its next 
“ Over thirty years later,  
EQT is larger, more 
diversified and  
more global than I could  
have imagined.”
1) Source: Preqin. Ranking based on capital raised in the last five years among private equity firms’ buyout strategies with geographical focus on APAC
14
#03 Sustainability statement #04 Corporate governance #05 Additional information #02 Financial statements #01 This is EQT 
Reflections on 2025 and beyond — Letter from the Chairperson

===== SIDA 15 =====

approval at the Annual Shareholders’ Meeting. Jean 
brings decades of leadership experience in private 
markets, deep knowledge of Asia and global capital 
flows, and strong alignment with EQT’s culture and 
long-term mindset. He will bring a global perspective 
and a deep understanding of clients’ evolving needs. 
This proposal reflects the Nomination Committee’s 
conviction that EQT is building continuity while 
preparing for its next phase of growth.
A personal reflection
This letter carries a more personal tone than most. 
When we started EQT, our ambition was to combine an 
industrial and long-term ownership approach with a 
modern, entrepreneurial investment firm, and our 
network of industrial advisors has played an integral 
role in our success. We wanted to be global yet 
grounded, performance-driven yet values-led –  
defined by the people we chose to bring in and the 
management teams we chose to partner with.   
Over thirty years later, EQT is larger, more diversi -
fied and more global than I could have imagined. What 
makes me most proud, however, is that the essence of 
the firm remains intact. I see it in the way colleagues 
collaborate across geographies and strategies, in our 
engagement with Industrial Advisors and portfolio 
company boards, and in the trust that clients place in us 
to generate performance.
I want to express my sincere gratitude: to our clients 
and shareholders for your trust; to our Industrial 
Advisors and portfolio company boards and manage -
ment teams for your commitment; to my fellow board 
members for your guidance; and to all EQT employees 
around the world. Your dedication, creativity and 
integrity are the true engine of this firm.
Looking ahead
EQT enters 2026 as a scaled, global and increasingly 
diversified private markets firm. With a broad invest -
ment platform across private equity, infrastructure and 
real estate, a growing presence in private wealth, and 
now an entry into secondaries, we are well positioned to 
serve clients across market cycles and to support 
long-term transformation.
There will be volatility and uncertainty ahead. But 
with a long-term mindset, a clear governance model, 
and a culture that combines performance with 
responsibility, I believe EQT is exceptionally well placed 
to help shape the next chapter of private markets.
It has been a privilege of a lifetime to have steered 
this firm since inception, see it grow and now hand it 
over to the next generation of leaders to take it 
chapter as Per Franzén became CEO and Managing 
Partner. A near two-decade veteran of EQT, Per has a 
proven ability to lead large, international teams. His 
track record in developing portfolio companies is 
exceptional, and he is a clear role model for EQT’s 
values and performance-driven culture. As CEO, he has 
demonstrated clarity of purpose, strong execution, and 
a strong focus on clients. I am confident that EQT is in 
very capable hands under his leadership.
In 2026, EQT also took the next step in its govern-
ance evolution to reflect the firm’s global footprint and 
ambition. The Nomination Committee announced its 
proposal to appoint Jean Eric Salata as the next 
Chairperson of EQT AB, subject to shareholder 
EQT’s Nomination Committee has proposed Jean Eric Salata, Chair of EQT Asia and founder of Baring Private 
Equity Asia, as the next Chairperson of the EQT Board. He is proposed to succeed Conni Jonsson, EQT’s 
founder and current Chairperson, at the Annual Shareholders’ Meeting in Stockholm on 12 May 2026.
forward. I look forward to supporting EQT’s next phase, 
in a different position, but with the same conviction in 
what this firm can achieve in the decades to come.
Conni Jonsson
Founder and Chairperson
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    Reflections on 2025 and beyond — Letter from the Chairperson

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

Letter from the CEO
As I stepped into the role of CEO in May 2025, having already spent 18 years with the firm, I did so 
with deep conviction of the attractive strategic positioning of EQT in the private markets industry. 
EQT has a truly global platform, a diversified offering of investment strategies across asset classes 
and a three-decade long track record of performance. During 2025 we made good progress 
further strengthening EQT’s platform, expanding our business in line with evolving client needs, 
positioning EQT as the most attractive client-centric private markets firm of scale, delivering 
industry-leading performance and solutions globally.
Leading EQT into its next phase  
of growth 
Geopolitical uncertainty and the benefits of global 
diversification
Geopolitical developments are reshaping how investors 
think about portfolio diversification. As allocations to 
private markets continue to grow, institutional investors 
are focused on achieving a better geographical 
balance in their portfolios. As the largest private 
markets firm in the world outside of the US, EQT is 
exceptionally well positioned to help private market 
investors achieve their objectives.
EQT’s global footprint remains a defining advan -
tage. Across the globe, we see idiosyncratic drivers of 
growth and value creation. In 2025, North America 
remained a powerful engine of activity for EQT and 
parts of Europe benefited from advancing reform 
agendas. Asia continued to be supported by attractive 
long term growth dynamics. 
Asia represents about half of global GDP, yet less 
than 10% of global private equity investments. Across 
our deal pipeline, we see opportunities to accelerate 
growth, drive digital transformation, and unlock value 
creation. Within the region, our pipeline for 2026 is 
particularly strong in Japan where we have continuously 
strengthened our local presence.
Putting AI at the core of our investment approach 
At EQT we are a thematic investor and we want to be 
invested in the most important trends; digitization, the 
energy transition, healthcare innovation and infrastruc -
ture modernization are forces reshaping the global 
“  EQT’s acquisition of Coller Capital marks an important  
next step in our evolution. Entering secondaries is a natural 
extension of our platform - reflecting our ambition to  
become an even more strategic partner for clients”
16
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Reflections on 2025 and beyond — Letter from the CEO

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

economy. Arguably, the most important theme of our 
generation is AI.
Our ambition is to become the world’s most 
AI-literate investment organization. We pursue this 
through a holistic approach to AI transformation: 
embedding AI across our own operations while 
integrating AI systematically into how the EQT funds 
invest and drive value creation.
AI technology is advancing rapidly and having a 
profound impact on many industries, including the 
private markets industry. AI is rapidly becoming a 
central driver of value creation, transforming business 
models across sectors. At EQT we have been investing 
in our AI capabilities for more than a decade and we 
have long assessed AI-related opportunities and risks 
across every investment, regardless of sector.
Investing through periods of rapid technological 
change requires a long-term, active ownership 
approach - backing strong management teams and 
working closely with them to navigate change. Our 
portfolio spans multiple AI-driven themes. In our 
infrastructure platform we are investing into the AI 
opportunity at scale through our data center, digital 
and energy investments. In our Private Capital 
strategies we are investing into AI-native businesses out 
of our Venture and Growth funds. In the EQT Private 
Equity funds we are leveraging those insights and 
practical applications of AI tools and processes to 
realise ambitious value creation plans in our large 
buyout investments. The focus is consistent: strengthen -
ing competitive positions, creating more resilient and 
profitable business models, and driving long-term 
sustainable value creation. This allows us to deliver 
attractive risk-adjusted returns for clients.
Building the most attractive platform for private 
market investors
The private markets industry has experienced signifi -
cant growth and - according to external studies - is 
expected to continue to grow 7-9% over the next 5 
years. For both institutional and private clients, having 
exposure to the private markets is today a core element 
of any long term portfolio strategy. Investors seek 
diversification, durable returns and, increasingly, 
flexibility and liquidity. EQT’s ambition is to lead in this 
environment by offering long-term partnerships 
through a fully integrated platform spanning geogra -
phies, asset classes and ownership structures.
As private markets have grown in importance and 
complexity, the need for sophisticated liquidity and 
portfolio management solutions has become para -
mount. Secondaries have therefore emerged as one of 
the fastest-growing segments of the industry, driven by 
longer-term ownership of assets and more sophisticat -
ed portfolio construction needs.
Against this background, EQT’s acquisition of Coller 
Capital marks an important next step in our evolution. 
Entering secondaries is a natural extension of our 
platform - reflecting our ambition to become an even 
more strategic partner for clients - as private markets 
evolve with new capital pools, ownership structures, 
and liquidity needs.
Coller Capital is highly complementary to EQT, and 
the combination represents a strong cultural fit. As one 
of the largest dedicated secondaries firms and a 
pioneer of the asset class, Coller brings origination 
depth, innovation, and a strong track record to our firm. 
By adding a leading global secondaries franchise, 
we expand our ability to provide strategic liquidity 
solutions, active portfolio management and access to 
high-quality private market exposures across cycles, 
strengthening our relevance across institutional, private 
wealth and insurance clients. Insurance represents an 
important and structurally growing channel. With Coller 
Capital’s deep origination reach and in-house  
structuring expertise, insurance could become a 
significant growth opportunity and a natural extension 
of EQT’s platform.
Per Franzén at the EQT AB Annual Shareholders’ Meeting on 27 May 2025 where he assumed the role of CEO 
and Managing Partner.
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Reflections on 2025 and beyond — Letter from the CEO

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

Post closing of the transaction, Coller Capital will be 
branded Coller EQT. We have ambitious growth plans 
for Coller EQT. Our target is to more than double Coller 
Capital’s FAUM in less than four years. This will 
accelerate EQT’s overall growth and create an even 
more diversified global platform, equipped to better 
serve clients. I am very excited to welcome Jeremy 
Coller and the entire Coller Capital team to EQT; I know 
we will achieve great things together.
At the same time, we continue to expand access to 
private markets for individual investors. To meet 
growing demand from this segment, we expanded our 
evergreens platform with three new strategies in 2025. 
We have more products in the pipeline for 2026. The 
EQT evergreen vehicles provide private wealth investors 
with access to our high-quality deal flow available to 
institutional clients.
Together, these developments strengthen EQT’s 
platform by broadening how we engage with clients - 
from primary investments to liquidity solutions, 
evergreen strategies and portfolio management -  
putting us in an even better position to be the most 
attractive long term partner to private market investors 
globally.
Consolidation of the industry is accelerating
As private markets mature, scale is becoming increas -
ingly important in order to be able to deliver attractive 
performance for investors. 
There are a number of forces driving the consolida -
tion of the industry. Distributions have slowed and 
fundraising conditions have become more challenging. 
As a result, clients are concentrating their relationships 
with firms that can help them achieve their return 
targets across cycles and can help them achieve 
attractive diversification and liquidity solutions. EQT 
stands out in this regard through our consistent ability to 
return capital to clients, deliver attractive performance 
and offer meaningful co-investment opportunities.
In the future, a limited number of globally diversi -
fied, high-performing platforms will attract the vast 
majority of the capital being allocated to private 
markets. At EQT, we want to be the most attractive 
counterparty for clients in the industry, helping investors 
achieve their portfolio objectives and building long term 
strategic partnerships. 
A year of strong execution
2025 was a year of great progress and strong execution 
for EQT. 
We navigated a volatile market environment, staying 
disciplined in our investment pacing, driving exits and 
managing cash flows on behalf of our clients.
We invested with discipline behind long-term themes 
including AI, digital transformation, healthcare 
innovation and business services, across €16bn of gross 
fund investments globally. 
We continued to provide the most attractive 
co-investment generation in our industry. EQT facilitat -
ed a record €14 billion of co-investment opportunities 
in 2025, corresponding to a co-investment ratio close to 
1:1. This reflects both the depth of our global deal 
pipeline and our continued focus on developing long 
term strategic relationships with clients.
We also had the most successful exit year in EQT’s 
history, delivering approximately €34 billion in total 
realizations, an absolutely outstanding achievement in 
a tricky exit environment, significantly outperforming 
the rest of the industry. For the second consecutive year, 
EQT was the most active private markets firm in the 
global Equity Capital Markets. 
The year also marked meaningful strategic 
progress. In addition to expanding our evergreen 
strategies, EQT introduced its first open-ended 
institutional structure, and took the strategic step to 
expand into secondaries. We implemented several 
leadership transitions, simplifying our organization, 
sharpening accountability and streamlining  
decision-making. Thanks to all these initiatives, we have 
put EQT in a better position to continue on its ambitious 
growth journey and to lead the consolidation of the 
private markets industry.
Looking forward
As EQT enters 2026, we do so with confidence, knowing 
that our group has never been better positioned to 
deliver on our mission - to create attractive risk 
adjusted returns for private markets investors. 
Across strategies we have access to a deep bench of 
talent, and we have invested in a high-quality, well 
performing, globally diversified portfolio. Post the 
combination with Coller Capital, we are in an even 
better position to deliver industry leading liquidity and 
portfolio solutions for private market investors.
My focus as CEO is clear: to ensure that we continue 
to build EQT in the best possible way for the benefit of 
our clients. I am proud of what the EQT team achieved 
and the progress we made on this journey in 2025. I 
remain grateful for the trust our clients and sharehold -
ers place in us. 
Per Franzén 
CEO & Managing Partner
18
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    Reflections on 2025 and beyond — Letter from the CEO

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

Towards our targets: Financial  
The Board has adopted the following three financial 
targets
600
1,200
1,800
2,400
3,000
2021 2022 2023 2024 2025
EURm
1,623 1,536
2,131
2,355
2,732
250
750
1,250
1,750
2,250
2021 2022 2023 2024 2025
EURm
1,100
829
1,226
1,359
1,642
68% 54% 58% 58% 60%
2021 2022 2023 2024 2025
SEKm
2,348
3,029
4,028
5,601
8,324
2.8 3.0 3.6 4.3 5.0
4,000
2,000
6,000
8,000
10,000
 Management fees 2)
 Carried interest and investment income
 EBITDA
 EBITDA margin 
 Dividend, SEK million
 Repurchase of own shares, SEK million  
 Dividend per share, SEK 
1) Adjusted figures, for a full reconciliation, please refer to section Alternative performance measures (APM)
2)  As of 2025, EQT has improved its financial disclosure in light of the gradually increasing share of revenues from wealth vehicles and transaction related fees, management fees has been split into i) management fees,  
ii) fee-related performance revenues, and iii) transaction, advisory and other fees. Read more in chapter EQT’s strategy & financial model 
Total revenue growth 
— The total revenue growth is expected, over time, to 
exceed the long-term growth rate of the private markets 
industry. 
 
In 2025, adjusted total revenue amounted to EUR 2,732m,  
an increase of 16%. 
Adjusted EBITDA margin
— Adjusted EBITDA margin is expected, over time, to be in 
the range of 55 percent to 65 percent.
 
In 2025, adjusted EBITDA amounted to EUR 1,642m, 
corresponding to an adjusted EBITDA margin of 60%. 
Dividend policy
— EQT AB aims to generate a steadily increasing annual 
dividend per share.
 
The Board has proposed a dividend per share of
SEK 5.00, an increase of 16% compared to 2024. 
NO. 1 
  
NO. 2 
   
NO. 3 
   
Revenue1) EBITDA and EBITDA margin1) Dividend 
19
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Reflections on 2025 and beyond — Towards our targets: Financial

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

Towards our targets: Sustainability 
EQT continues to leverage sustainability as a key driver for value creation, 
resilience, and long-term growth.
Science-based targets performance
In 2022, EQT supported the first EQT funds’ portfolio companies in getting their green- 
house gas emission reduction targets validated by the Science Based Targets initiative  
(SBTi). Since then, 100 portfolio companies across the EQT funds have embarked on a 
decarbonization journey.
2025 Sustainability highlights
Nature value creation
EQT hosted a 3-month accelerator program where 11 of EQT funds’ 
portfolio companies participated to develop new commercial and 
nature-positive initiatives.
Generating renewable energy in EQT Real Estate
By the end of 2025, a total of 37 MW of solar photovoltaics (PV)  
capacity is installed on EQT funds’ real estate assets3).
Strengthening social topics
Through engagement with organizations such as the UN Global  
Compact and Business for Social Responsibility (BSR), EQT has elevated 
its work to respect human rights.
74% 
Share of EQT funds’ invested 
capital in portfolio companies with 
validated science-based targets 1) External recognitions
 
MSCI AAA  
EQT AB has an AAA rating in the MSCI ESG Ratings Assessment.  
Dow Jones Best-in-Class Indices  
EQT AB is included in Dow Jones Best-in-Class World and Europe 
indices, based on its results in the S&P Global Corporate Sustainability 
Assessment.  
Number of EQT funds’ portfolio companies with 
committed, submitted or validated science-based 
targets by end of year 2)
2023 2024 2025
20
40
60
80
100
 Validated      Submitted      Committed
 
“ Together with Madison  
Energy Infrastructure,  
a portfolio company in EQT 
Infrastructure VI, we have 
completed a 711-kilowatt  
rooftop solar project in  
Maryland, US. This is show- 
casing the power of the EQT 
platform and how we can  
deliver clean, affordable  
energy while advancing our 
commitment to more  
sustainable and resilient  
real estate.”
 Matt Praske, 
 Head of Sustainability EQT Real Estate
1)  Based on percentage of invested capital for eligible investments, according to SBTi’s guidelines for 
private equity firms. EQT includes all control/co-control strategies, calculates based on unrealized  
cost (excluding co-investment), and applies a 24-month grace period. Exited companies are excluded, 
but assets owned <24 months with validated SBTs are included
2)  Defined as EQT funds’ portfolio companies with commitments / submissions of targets to SBTi (=21)  
or with validated SBTs (=79), of which 81 are currently in the portfolio. Numbers represent data by end 
of 2025
3) EQT funds’ real estate assets with a discretionary mandate.
4)  European Sustainability Reporting Standards (ESRS) introduced under the Corporate Sustainability 
Reporting Directive (CSRD)
TARGETS   
2027      
 
 
 
2030  
 
 
 
70%
100%
Read more about EQT’s sustainability approach, actions and performance in the 
Sustainability statement, which from FY2025 is prepared according to the ESRS 4). 
2025
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Reflections on 2025 and beyond — Towards our targets: Sustainability

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

Sana 
Sana is an AI-native enterprise platform that unifies  
learning, knowledge sharing, and AI assistance — a  
clear match for EQT Ventures’ thesis to back category-  
defining, AI-first software. In December 2020, EQT  
Ventures led Sana’s Series A, recognizing the platform’s 
strong founder–market fit and the potential to personalize  
enterprise learning at scale. Over the next five years,  
EQT supported the company through rapid scaling,  
including go-to-market strategy, talent benchmarking,  
and customer introductions via EQT’s global network.  
Sana’s product matured into a leading enterprise AI suite,  
underpinned by strong ARR growth and adoption by major  
corporations. In September 2025, Workday acquired Sana for 
approximately USD 1.1 billion, marking one of Europe’s  
largest AI exits to date. The Sana journey exemplifies EQT’s  
ability to identify and scale transformative AI companies from 
early-stage investment through to successful global exit.
A global  
platform built  
to deliver 
industry-leading 
returns  
21
#03 Sustainability statement #04 Corporate governance #05 Additional information #02 Financial statements 
A global platform built to deliver industry-leading returns
#01 This is EQT

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

1)  On 22 January 2026, EQT announced it had signed an agreement to combine with Coller Capital. The transaction is subject to customary closing conditions and is expected to close in the third 
quarter of 2026. Upon closing, Secondaries will become a separate business segment. FAUM: Estimate by Coller Capital as of 31 Dec 2025  
2) Diversified Real Estate includes office, life sciences, residential / living, and diversified funds
A scaled global platform
EQT offers strategies spanning from ventures to mature stages and across regions 
worldwide, covering private equity, infrastructure, real estate, and, after the  
combination with Coller Capital, secondaries1). This breadth of expertise underpins 
EQT’s ambition to build the most attractive platform in the industry.
Secondaries1) 
 
COLLER CAPITAL 
€   28bn
  
€ 24bn €  42bn€  52bn €   22bn
Private Capital
 
ASIA  EUROPE & NORTH AMERICA
Real Assets
 
INFRASTRUCTURE  REAL ESTATE
EQT Future Industrial & LogisticsActive Core Infrastructure
Diversified Real Estate 2)Value-Add Infrastructure
Transition Infrastructure
Early Stage 
— Technology
Early Stage 
— Healthcare
Private Equity
Mid Market and Growth
  
Private Equity Secondaries 
Private Credit Secondaries
 
 
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#03 Sustainability statement #04 Corporate governance #05 Additional information #02 Financial statements 
    
#01 This is EQT 
A global platform built to deliver industry-leading returns — A scaled global platform

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

Harnessing scale and global reach to deliver uncorrelated alpha
EQT’s scale and global platform are core to its ability to deliver industry-leading performance.  
By combining global sector teams with local execution, EQT can provide diversified exposure and 
uncorrelated value creation opportunities.
A portfolio diversified across geographies and sectors
Illustrative sector split based on invested capital
Examples of uncorrelated alpha opportunities in Asia
 
EQT’s global platform is designed to identify and capture 
opportunities across regions and sectors through a differentiated 
sourcing approach that unlocks attractive deal flow. As the 
second largest private equity firm globally 1), EQT provides clients 
with broad exposure to thematic investments across Europe, 
North America and Asia. This diversified footprint allows EQT to 
benefit from idiosyncratic drivers of growth and value creation 
across the globe. 
India benefits from powerful demographic tailwinds, an evolving capital markets 
framework and deepening domestic liquidity, supporting a rapidly expanding 
controlled buyout opportunity. Japan presents value creation potential through 
operational and governance transformation. 
Through this global and diversified approach, EQT enables clients to rebalance 
portfolios toward underrepresented markets and benefit from differentiated sources 
of structural and uncorrelated alpha. 
NORTH AMERICA
 ~60
portfolio companies
 ~34%
of total invested  
capital
~2302)
portfolio companies
 ~50%
of total invested  
capital
~50 
portfolio companies
 ~16%
of total invested  
capital
EUROPE APAC
In 2025, EQT took Fujitec private, a scalable elevator- 
and-service platform in Japan. Japan is a strategic growth 
market where structural shifts and an increased focus on 
governance and shareholder value create strong tailwinds.
HDFC Credila is India’s largest specialist education-  
finance platform. It operates in a large, fastgrowing 
foreign-education finance market, driven by India’s rising 
middle class, and strong demand for overseas higher 
education.
VetPartners is the largest provider of veterinary and animal 
health services in Australia and New Zealand. The ANZ 
veterinary market is underpinned by rising pet ownership, 
“pet humanization,” and service premiumization that 
support steady demand. The market remains highly 
fragmented, enabling a sustained roll-up opportunity. 
 Healthcare   Technology  Services   Real Estate  Energy & Environmental  Digital Infrastructure  
 Early Stage 3)  Social Infrastructure   Transport & Logistics  Industrial Technology
1) Private Equity International (PEI) 300 list, by USD billion raised 
2) Of which ~175 in Early stage Tech or Healthcare
3) Early Stage Healthcare and Early Stage Technology 23
#03 Sustainability statement #04 Corporate governance #05 Additional information #02 Financial statements 
    
#01 This is EQT 
A global platform built to deliver industry-leading returns — Harnessing scale and global reach to deliver uncorrelated alpha

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

2022 2023 2024 2025
EUR bn 1 1431
5
10
15
20
14
7
11
19
11% 21% 34% 35%
A disciplined and systematic approach to portfolio 
construction and exits
EQT’s diversified portfolio and its firm-wide Exit & Liquidity framework support exit 
optionality and the delivery of resilient, risk-adjusted returns across market cycles. 
Gross exits by the EQT funds during the past four years  
 
Systematic approach to portfolio construction  
 Minority sales & secondary buyout  
 Public market exits 
 Sale to strategic  
 Real Estate & Other
 Europe
 Asia
 North America
 < 1.0×      1.0×–2.0×      2.0×–3.0×      > 3.0×
2025 was a record realization year2) for EQT, reflecting 
both the quality of the portfolio and the firm’s ability  
to create liquidity across varying market conditions. 
EQT announced €19 billion in fund realizations, and 
€14 billion of realizations for co-investors.
EQT was the most active private markets firm 
globally in Equity Capital Markets 3), executing public 
market sell-downs in companies such as Horizon 
Robotics in Hong Kong, Waystar and Kodiak Gas 
Services in the United States, and Galderma in 
Switzerland.
EQT maintains diversfied funds, and works actively 
with portfolio construction as part of its value creation 
model. EQT’s co-invest program enables EQT to 
syndicate investments to maintain appropriate 
diversification. 
A typical EQT fund will have a few ”winners” which 
can drive outsized returns for a fund. Historically, 
about 35% of EQT’s investments have delivered more 
than 3x gross MOIC. Through minority sales - often to 
its co-investor clients - EQT can realize part of its 
returns, while continuing the value creation journey. 
Recent examples include IFS and EdgeConnex. 
EQT’s firm-wide Exit and Liquidity Committee 
reviews exit priorities across the EQT funds, and the 
appropriate exit path for each company and asset. 
This ensures the right balance between delivering 
liquidity to EQT’s clients, while managing the funds to 
optimise returns. 
Split of exit types in 2025 Split of exits by region in 2025
1)  Private Capital Europe & North America: EQT VII-EQT X. Excluding Consumer Goods, as this sector team was discontinued in 2019. Private Capital Asia: BPEA Fund I-VIII. 
Including large-cap buyout strategy defined as control investments in core sectors with more than $300 million invested capital including co-investment. EQT 
Infrastructure: Includes funds I-V 
2) Including fund exits and realizations for co-investors
3) Source: Dealogic. Includes all sponsor-related deals, measured in terms of transaction volume
 Realized for co-investors 
Realized Gross MOICs by invested capital 1) 
 “ In our Equity strategy in 2025, we sent back close to  
  30 percent of NA V to our clients, which is approximately  
  three times the industry average.”
  Per Franzén, CEO & Managing Partner
24
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#01 This is EQT 
A global platform built to deliver industry-leading returns — A disciplined and systematic approach to exits

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

Nord Anglia  
EQT’s partnership with Nord Anglia Education began  
in 2008, when the group operated just six schools. With  
EQT’s support, Nord Anglia expanded to more than 80  
schools across 33 countries. During BPEA VI’s ownership  
the company formed exclusive collaborations with  
UNICEF, MIT and Juilliard, strengthening its personalized-  
learning model and raising teaching standards. In 2025,  
a consortium led by BPEA VIII, alongside Neuberger  
Berman Private Markets and CPP Investments, completed  
the acquisition of Nord Anglia, valuing the company at  
USD 14.5 billion. EQT remains a major investor, continuing  
to back the company’s mission to deliver world-class-  
education and scale innovative teaching practices  
globally.
Private markets, 
EQT, and its 
clients 
25
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Private markets, EQT, and its clients
#01 This is EQT

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

Private markets offer diversification with the potential for higher returns
A larger share of value creation is taking place in private markets, as companies 
increasingly choose to stay private, supported by long-term capital and an owner-
ship and governance model with distinct advantages.
The case for investing 
in private markets
A large investment universe with attractive opportunities that offer 
diversification benefit
Number of private companies versus publicly listed companies
EQT’s ownership model has delivered superior risk- 
adjusted returns
Higher returns compared  
to the public markets1)
Diversification benefits 2)
Large investment universe 
1)  Source: Preqin and MSCI as of 30 June 2025. Preqin Private Equity Index, 
measures the performance of up to 9,328 private equity funds globally. MSCI 
World Index (USD), captures large and mid-cap representation across 23 
Developed Markets countries with 1,320 constituents, the index covers 
approximately 85% of the free float-adjusted market capitalization in each 
country 
2) Source: UBS “Enhance your portfolio: Private markets and their benefits”   
 (2024)
Number of private U.S. companies 3)
 ~725,000
Number of U.S. publicly listed companies
 ~4,000
+2% +5% +5%
  EQT Private Equity 4)      Private Equity Index (Preqin) 5)      MSCI World Index (USD) 6
5 years 10 years 15 years
17% 13% 15% 16% 12% 11% 13% 12%17%
Note: Data as of 30 September 2025. The indices selected are used for comparison purposes only, for the asset classes 
of Private Equity and Public Equities
4)  EQT Private Equity performance: Annualized net return of realized and unrealized performance of all EQT Equity 
fund vintages since inception, net of fees, expenses and carried interest
5) Source: Preqin Private Equity Index, measures the performance of up to 9,328 private equity funds globally
6)  Source: MSCI World Index (USD), captures large and mid-cap representation across 23 Developed Markets countries 
with 1,320 constituents, the index covers approximately 85% of the freefloat-adjusted market capitalization  
in each country
3) Morgan Stanley, 2025
#03 Sustainability statement #04 Corporate governance #05 Additional information #02 Financial statements 
26
#01 This is EQT 
Private markets, EQT, and its clients — Private markets offer diversification with the potential for higher returns

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

Private markets are set for structural growth
Private markets have seen significant growth in assets under management 
during the past decades, a trend expected to continue as both institutional and 
individual investors increase their allocations. EQT is well-positioned to capitalize 
on this growth, leveraging its track record and global client-centric platform.
… primarily driven by increased allocations from sovereign wealth funds,  
pension funds and private wealth 
EQT is well positioned to capture growth opportunities across key sectors in private markets
Private markets have experienced  
substantial growth ... 
Public market  
2×
 
World equities capitalization  
growth 2004–2024  
USD ~90tn2)
Private market  
11×
 
Private Equity AUM  
growth 2004–2024  
USD ~8tn1)
… and are set for  
structural growth ... 
Private Markets AUM, 2024–2030, $tn3)
Sovereign wealth funds Pension fund Insurance Private wealth
Share of absolute growth  
in global alternatives AUM 
(2023-2033)4) ~35% ~20% ~10% ~25%
Enablers to capture  
outsized growth
EQT will leverage its local- 
with-locals presence and 
global scale to deepen 
partnerships with sover-  
eign wealth funds, for 
example through cross- 
selling, capturing their 
increasing allocations to 
private markets across 
its diversified strategies.
Pension funds are long-  
term allocators to private 
markets, characterized  
by mature programs and 
consistent investment 
pacing. EQT will build on 
its scale, local presence, 
and trusted relationships 
to deepen partnerships 
and capture a larger 
share of commitments, 
especially among major 
U.S. public plans.
To participate at scale in 
the insurance channel, 
managers need exposure 
to credit, secondaries and 
strong structuring 
capabilities. With the 
signed acquisition of 
Coller Capital5) – a 
preferred partner to 
insurance clients with 
in-house structuring 
expertise – insurance is a 
significant growth 
opportunity for EQT.
In 2025, EQT reached an 
inflection point in scaling 
its evergreen platform for 
private wealth. To further 
support the build-out of 
its platform, EQT will 
continue to strenghening 
its distribution and
introduce new products, 
while building its brand 
and marketing functions. 
2024 2030
~14
~22
7–9%  
p.a.
 
1) World Bank Data, Securities Industry and Financial Markets Association 
2) McKinsey Global Private Markets Report 2025 
3) Bain, 2025
4) Bain Global Private Equity Report 2025 
5) On 22 January 2026, EQT announced it had signed an agreement to combine with Coller Capital, a leading global secondaries firm, marking the next step in EQT’s strategic evolution. The transaction is subject to customary closing conditions and is expected to close in the third quarter of 2026 27
#03 Sustainability statement #04 Corporate governance #05 Additional information #02 Financial statements 
Private markets, EQT, and its clients — Private markets are set for structural growth
#01 This is EQT

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

WHAT ARE YOUR KEY PRIORITIES AS HEAD  
OF GLOBAL CLIENT SOLUTIONS?
To continue executing strongly on our fundraising 
agenda and to deepen relationships with both existing 
and new clients. With EQT’s broad and growing set of 
strategies across regions and asset classes, we see a 
meaningful opportunity to support clients who are 
looking for global, diversified exposure. Many investors 
today participate in just one of our strategies, and we 
believe there is significant value in offering them the 
possibility to access multiple parts of the EQT platform. 
We are also broadening our global reach, strengthening 
our presence in North America and Asia, while building 
on our strong foundation in Europe and the Middle East. 
Over the past year, we have welcomed 70 new institu -
tional investors, and we are continuing to invest in 
regional leadership and teams to support this 
 momentum.
In 2025, EQT merged its teams working with client 
relations, capital raising, and capital markets into one 
platform, to further support clients through integrated 
fundraising and capital markets solutions. 
Two questions for James Yu, Head of Global Client 
Solutions 
HOW DOES THE NEW STRUCTURE STRENGTHEN 
EQT’S ABILITY TO SERVE CLIENTS? 
By bringing together our teams, we can offer a more 
seamless and holistic client experience across the EQT 
platform. The integration enables closer collaboration 
between fundraising and capital markets, allowing us to 
drive innovation at the intersection of these two areas. 
This means we can better coordinate our efforts, 
respond more effectively to client needs, and deliver 
tailored solutions. Ultimately, it positions us to build 
deeper partnerships and create even more value for 
our clients.
EQT aims to be a trusted, long-term partner to its clients, focused  
on strengthening relationships, delivering compelling investment  
opportunities, and expanding access to its platform.
A client centric platform 
More than 1,400 clients globally 
 
EQT has a diverse and growing client base, with more than 1,400 clients globally. EQT is continiously working 
towards expanding its presence across new regions, strengthening its presence in North America and Asia, while 
building on its strong foundation in Europe and the Middle East. Following the closing of the combination with Coller 
Capital1), more than 300 new client relationships will be added to the EQT platform. Over time, EQT expects the 
private wealth segment to contribute a significantly larger share of client commitments, underpinned by an 
expanding suite of products.
James Yu, Partner, Head of Global Client Solutions 
25%
20%
23%
26%
6%
38%
13%
15%
15%
11%
8%
31%
23%
21%
11%
14%
40 %
22%
11%
11%
7%
9%
 Middle East
 Nordics
 Rest of Europe
 APAC
 Americas
 Insurance 
 companies
 Private Wealth
 Other
 Asset managers
 Sovereign wealth 
 funds 
 Pension funds2019 20192025 2025
 
1)  On 22 January 2026, EQT announced it had signed an agreement to combine with Coller Capital, a leading global secondaries firm, marking the next step in EQT’s 
strategic evolution. The transaction is subject to customary closing conditions and is expected to close in the third quarter of 2026
Client commitments by client geography Client commitments by client type 
28
#03 Sustainability statement #04 Corporate governance #05 Additional information #02 Financial statements #01 This is EQT 
Private markets, EQT, and its clients — A client centric platform

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

Connecting clients to the full EQT platform
Institutional investors are consolidating relationships with scaled managers that can 
offer a wide range of strategies. EQT connects clients to its full platform, providing 
tailored access and diversified private market exposure.
Scaled managers are taking share Connecting clients to the full EQT platform
 
 Top 10 funds
 Other funds
1) Bank of America Global Research, Preqin
Clients are increasingly consolidating relationships with 
larger managers, where scale enables innovation and 
access to multiple strategies, supporting diversification 
within a single partnership. Global fundraising 
concentration is at its highest level in over a decade 1), 
reflecting investors’ continued shift toward the largest 
firms. 
Over the past five years, around two-thirds of EQT’s 
clients have invested in only one strategy, representing 
a meaningful opportunity to deepen relationships 
across the platform. By presenting a unified global 
offering, EQT aims to be a one-stop partner for private 
marketS solutions, giving clients access to a broader set 
of opportunities, from early-stage funds to funds invest -
ing in mature companies. 
54%
46%
Share of private markets fundraising in 2025 1)
 
  
>1,400 
Active EQT clients
  
~2 / 3 Clients that have only 
invested in one strategy over 
the past five years 
 
  
~70% 
Of the commitments to EQT 
Infrastructure VI came  
from existing clients in 
Infrastructure V
  
~25% Commitments in BPEA IX 
came from new clients 
previously only invested  
with EQT funds 
Open-ended strategies for institutional investors 
In 2025, EQT introduced its first institutional open-ended strategy with the Active Core Infrastructure fund, 
targeting long-term, yield-oriented infrastructure opportunities that require extended holding periods.  
   Open-ended structures provide institutional clients with more flexible access to private markets compared to 
traditional closed-ended funds. They also allow EQT to maintain exposure to high-conviction assets beyond a 
standard fund life, preserving potential upside, while providing investors choice around realization and allocation.
EQT has launched 15 new strategies since the IPO
 Private Capital Europe & North America     Private Capital Asia      Infrastructure      Real Estate       Evergreens
2025
2019 1 1
6
4
5 532
29
#03 Sustainability statement #04 Corporate governance #05 Additional information #02 Financial statements #01 This is EQT 
Private markets, EQT, and its clients — Connecting clients to the full EQT platform

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

Strengthening partnerships through co-investments 
 
       
Retaining exposure beyond a traditional fund holding 
period preserves potential upside while creating 
liquidity and choice for clients. 
EQT uses continuation vehicles, private-IPO-  
transactions, bespoke solutions and co-investments to 
strike the right balance: unlocking near-term liquidity 
for long-standing fund investors, broadening ownership 
to long-term capital, and allowing EQT to remain 
committed where conviction and growth prospects are 
high. The approach strengthens long-term client 
partnerships and enables responsible fund-level 
liquidity management without fully realizing companies 
whose trajectories warrant continued support.
Total co-investment volumes (EUR bn)
 
       
Continuing to stay invested in winning assets
 
       
Co-investments give clients direct access to EQT’s 
opportunities on aligned terms. By participating 
alongside EQT’s funds, investors can increase exposure 
to select companies, while retaining the option to 
realize capital, rebalance or deepen exposure. 
Co-investing enhances transparency and alignment  
of interests, and deepens strategic client relationships. 
Balancing client liquidity and continued value creation 
EQT’s partnership with Nord Anglia began in 2008 
when the group operated six schools. Today, Nord 
Anglia runs more than 80 schools across 33 countries. 
In 2024, EQT led a consortium with CPP Investments 
and Neuberger Berman Private Markets to acquire 
Nord Anglia through BPEA VIII at a USD 14.5 billion 
valuation. The transaction, structured as a private-IPO, 
provided meaningful liquidity to BPEA VI’s investors, 
delivering a 3.5x MOIC. It broadened the shareholder 
base to more than 70 investors and created co-invest -
ment opportunities for EQT’s clients, while allowing  
EQT to remain invested. 
Deepening client relationships through co-investments 
Staying invested in winning assets preserves and amplifies long-term value for 
clients, co-investors and the EQT funds. This strategic approach strengthens fund 
performance, deepens client partnerships and supports sustained, value creation  
in portfolio companies.
2022
3
6
9
12
15
2023 2024 2025
30
#03 Sustainability statement #04 Corporate governance #05 Additional information #02 Financial statements 
   
#01 This is EQT 
Private markets, EQT, and its clients — Deepening client relationships through co-investments

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

$26bn 
Total amount distributed  
to date 
Value creation and exit highlights 
 
       
Share price performance vs SIX Indices Return Index since Galderma’s IPO on 22 March 2024 (rebased to 100)
 
       
EQT VIII acquired Galderma with co-investors Abu  Dhabi 
Investment Authority (ADIA), Auba Investment Pte. Ltd., 
GIC, and PSP Investments, and several others. The trans-
action illustrated the key benefits of co- investments, 
allowing EQT to target larger deals, maintain diversifi-
cation and strengthen client relationships.
Under EQT’s ownership, Galderma accelerated 
growth through increased investment in innovation and 
digitalization, and a sharpened commercial strategy 
across aesthetics, prescription, and skincare. The 
investment leveraged EQT’s extensive knowledge of the 
specialty pharma sub-sector, its local-with-locals 
approach and a strong set up of key EQT Advisors. 
Since the IPO in 2024, the EQT-led consortium has 
carried out seven public market sell-downs and sold a 
total stake of 20% to L’Oréal in two tranches. In 2025 
alone, EQT realized more than USD 9 billion of proceeds 
to fund and co-investors. 4) In total, the investment in 
Galderma has generated more than USD 20 billion in 
capital gains to EQT fund and co-investors. 2)
Galderma – setting a new record for capital gains from a single investment
EQT VIII and co-investors acquired Galderma in a corporate carve-out from Nestlé in 2019 and 
transformed it from a non-core division into an independent, global dermatology leader. In 2024, 
Galderma listed on the SIX Swiss Exchange in one of Europe’s largest IPOs that year. EQT 
believes this to be the industry’s most successful private equity buyout to date in terms of capital 
gain out of a single fund.1) 
1) To fund and co-investors 
2) To fund and co-investors. Realized capital gains to clients based on Galderma’s share price close as of 10 March 2026
3) For EQT VIII, as of 10 March 2026
4) Closed amounts as of 31 December 2025
5) Final sell-down in March 2026 
 
  
$20bn+ 
Total capital gains2)
 
  
4.3× 
Total realized  
Gross MOIC 3)
50
100
150
200
250
300
350
Dec-25Sep-25Jun-25Mar-25Dec-24Sep-24Jun-24Mar-24
+192%
+16%
Galderma
IPO
1st L’Oréal 
stake sale
Sell-down
Sell-down
SIX Indices Return Index
Sell-down
Sell-down
Sell-down
Sell-down
Sell-down
2nd L’Oréal 
stake sale
 
  
$ 6.3 b n 
Largest secondary 
sell-down from a private 
equity firm ever placed in 
the public market 5)
31
#03 Sustainability statement #04 Corporate governance #05 Additional information #02 Financial statements 
    
#01 This is EQT 
Private markets, EQT, and its clients — Galderma — setting a new record for capital gains from a single investment

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

Private Equity Infrastructure Real Estate
Secondaries 3)
Private Equity Private Credit
US           
Europe  
and APAC
EQT’s evergreen offering for private wealth reaching global scale 
EQT has continued to expand its evergreen platform, which reached five  
products in 2025. Designed to meet local investor needs, the platform now 
operates at global scale through a growing suite of regionally anchored  
offerings.
Product development for the private wealth segment 
during 2025 
 
EQT has expanded its evergreen suite from two 
products in 2024 to five active products by year-
end 20252). 
The evergreen platform demonstrated accelerating 
momentum throughout the year 
 
Inflows evergreens, EURm1)
With the addition of Coller Capital3), EQT will have 10 active products in 2026 across Private Equity, Infrastructure, 
Real Estate and Secondaries
April 2025 
EQT Nexus Infrastructure, providing access to EQT’s 
infrastructure platform for investors in EMEA, Asia 
and Canada
July 2025 
US private equity evergreen vehicle, offering investors 
global exposure to EQT’s private capital investments
September 2025  
EQT Nexus PE ELTIF, broadening access to individual 
investors across Europe through a European 
Long-Term Investment Fund structure with lower 
minimum thresholds
January 20262) 
US infrastructure evergreen vehicle, offering investors 
global exposure to EQT’s infrastructure investments 
Q4
2024
~200
~250
~450
~500
~700
Q1
2025
Q2
2025
Q3
2025
Q4
2025
NORTH AMERICA EUROPE APAC
1) Please note that only direct co-investments by EQT Nexus and EQT Nexus Infrastructure are incremental to EQT AB’s FAUM
2) In January 2026, EQT introduced another US-domiciled evergreen vehicle that enables access to its global infrastructure platform
3) On 22 January 2026, EQT announced it had signed an agreement to combine with Coller Capital, a leading global secondaries firm, marking the next step in EQT’s strategic evolution. The transaction is subject to customary closing conditions and is expected to close in the third quarter of 2026
 EQT      Coller Capital  
32
#03 Sustainability statement #04 Corporate governance #05 Additional information #02 Financial statements 
Private markets, EQT, and its clients — EQT’s evergreen offering reaching global scale
#01 This is EQT

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

Kodiak Gas Services
Kodiak Gas Services is a leading US-based provider of  
contract compression infrastructure supporting upstream  
and midstream energy operations. First acquired by EQT  
Infrastructure III in 2019, Kodiak delivers mission-critical  
services under primarily fixed-revenue contracts, enabling  
the production and transportation of natural gas and oil.
Under EQT’s ownership, Kodiak expanded its operations  
across key US basins and enhanced its capacity to serve  
large-scale, high-demand energy customers. In 2023,  
Kodiak became EQT Infrastructure’s first-ever IPO globally.  
EQT has since executed disciplined public market sell-  
downs, marking a successful exit trajectory and re-  
inforcing EQT’s ability to scale infrastructure assets and  
create long-term value in public markets. In December  
2025, EQT Infrastructure completed the final exit from  
Kodiak Gas Services.  
EQT’s strategy  
and financial  
model
#03 Sustainability statement #04 Corporate governance #05 Additional information #02 Financial statements 
EQT’s strategy and financial model
#01 This is EQT 
33

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

Note: The circles on this page, as well as their place along the horizontal axis, are for illustrative purposes only and does not represent the actual size of the funds or the timing of the fundraisings
1)  On 22 January 2026, EQT announced that it had signed an agreement to combine with Coller Capital, a leading global secondaries firm, marking the next step in EQT’s strategic evolution.  
The transaction is subject to closing conditions and is expected to close in the third quarter of 2026
2) In 2025, EQT introduced its first open-ended structure for institutional clients, the second generation of its Active Core Infrastructure strategy 
3) In January 2026, EQT introduced another US-domiciled evergreen vehicle that enables access to its global infrastructure platform
4) EQT XI has a hard cap to EUR 24bn. BPEA IX is expected to close at its hard cap of USD 14.5bn in early 2026. EQT Infrastructure VII is expected to be activated around year-end 2026
Strategic developments since the IPO 
Since going public, EQT has broadened its platform through selective acquisitions, the launch of new strategies, and 
the continued scaling of its flagship funds. EQT has remained disciplined in its strategic choices, including the decision 
to exit Credit, focusing instead on areas where EQT has a distinct competitive advantage. Today, EQT operates a 
diversified and resilient platform, with secondaries set to be added through the combination with Coller Capital1).
2019 2020 2021 2022 2023 2024 2025 2026
IPO on the 
Nasdaq 
Stockholm
2018
Strategic M&A
 
EQT is evaluating potential growth 
opportunities to strengthen its plat-  
form, but the bar for M&A is high,  
with cultural fit and focus on perfor-  
mance being uncompromisable.
Introduce and scale new strategies
 
In recent years, EQT has introduced 
a number of new strategies, as well  
as evergreen vehicles for private 
wealth, which it intends to scale over 
time. 
Scale flagship funds 
 
Based on strong performance,  
EQT has continued to scale it’s 
flagship funds.
1
2
3
Exited Credit
Exeter
BPEA
Life 
Sciences
Partners
EQT 
Growth
Healthcare  
Growth
EQRTEQT 
Nexus
EQT Nexus 
Infrastructure
EQT Nexus  
PE ELTIF
US private equity  
evergreen vehicle
EQT 
Future
Transition 
Infrastructure
BPEA 
Mid  
Market 
Growth
EQT 
Active Core  
Infrastructure 2)
EQT IX &  
Infra V
> €30bn
EQT X &  
Infra VI
> €40bn
EQT VIII & 
Infra IV
≈ €20bn
EQT XI &  
BPEA IX & 
Infra VII4)
  EQT Private Capital Europe  
and North America
 EQT Private Capital Asia
 Evergreen vehicles
 EQT Infrastructure
 EQT Real Estate
 Credit, exited strategy
 Coller Capital 2)
US infrastructure 
evergreen vehicle 3)
Coller  
Capital1)
34
#03 Sustainability statement #04 Corporate governance #05 Additional information #02 Financial statements #01 This is EQT 
EQT’s strategy and financial model — Strategic developments since the IPO

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

EQT’s long-term strategic ambition
EQT’s long-term strategic ambition is to be the most attractive private markets firm of scale - 
delivering industry-leading performance and solutions globally for clients. The ambition is 
underpinned by three pillars: Delivering Alpha, Client Centricity, and People & Culture.
Being a scaled private markets firm enables EQT to offer 
clients a broad range of investment opportunities 
globally, operate a truly global deal origination 
platform, and leverage the resources and insights 
required to create value through cycles and technologi-
cal shifts.
Infrastructure represents one of the most significant 
investment opportunities, and EQT has introduced 
several new strategies to capture that potential. Across 
Asia, EQT’s local teams invest in domestic businesses 
exposed to structural growth opportunities. EQT Real 
Estate - today mainly focused on industrial and logistics 
assets - sees scope to scale by expanding into new 
verticals, including through acquisitions.
In 2026, EQT will add Secondaries to its platform 
through the combination with Coller Capital1). The 
acquisition enhances scale and diversification across 
strategies and client segments and introduces counter 
cyclical strategies. Secondaries will initially represent 
around 15% of FAUM, with EQT aiming to double Coller 
Capital’s FAUM in less than four years.
Together, these developments are expected to result 
in a more diversified fundraising and fee profile, with 
open-ended strategies playing an increasingly 
important role for both institutional and private wealth 
clients.
"By continuing to be a client-centric firm focused on delivering 
attractive risk-adjusted returns for investors, EQT can attract 
the best talent in the industry to its organization and portfolio 
companies"
Lead in thematic investing 
and continuously sharpen 
the value creation toolbox 
 Build the most AI literate 
investment organization
 
Targeted geographic 
expansion (EU, APAC, 
and US)
Deepen institutional 
relationships and strategic 
partnerships 
 Scale Private Wealth 
franchise 
 
Industry leading  
co-investment ratio 
Attract and retain  
top talent
 Strengthen leadership and 
capabilities across all levels
 
Value-driven culture  
that enables performance, 
scale, and cross-firm 
collaboration
 Delivering Alpha  Client Centricity  People & Culture
1)  On 22 January 2026, EQT announced that it had signed an agreement to combine with Coller Capital, a leading global secondaries firm, marking the next step in 
EQT’s strategic evolution. The transaction is subject to closing conditions and is expected to close in the third quarter of 2026. Upon closing, Secondaries will 
become a seperate business segment
2) EQT and Coller Capital combined, 31 December 2025. Coller Capital estimate as of 31 December 2025
3) As share of FAUM
 Private Capital      Infrastructure      Real Estate      Secondaries
€169bn
~45%~15%
~15%
~25%
40+ 
strategies
~35%~20%
~15%
~30%
Illustrative FAUM mix - Future
FAUM split
Open-ended 
strategies3) ~4% ~25%
Combined FAUM mix - Today2) 
35
#03 Sustainability statement #04 Corporate governance #05 Additional information #02 Financial statements 
    
#01 This is EQT 
EQT’s strategy and financial model - EQT's long-term strategic ambition

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

EQT’s integrated revenue streams
EQT’s financial model is simple and scalable. It is based on the delivery of consistent  
and attractive returns to fund investors. EQT AB Group’s revenues consist of two  
complementary streams: fee-related revenues and carried interest and investment income.
 
CONSISTENT AND  
ATTRACTIVE CLIENT  
RETURNS …  
EQT’s financial model is based 
on the delivery of consistent 
and attractive returns to fund 
investors.
… DRIVE GROWTH IN FAUM
If the EQT funds create strong relative returns, 
this will translate into investor demand for 
successor funds, growth in fee-generating 
assets under management (FAUM) and, 
consequently, growth in management fees.
COMPLEMENTARY AND INTEGRATED REVENUE STREAMS
 
30
60
90
120
150
2021 2022 2023 2024 2025
FAUM
EUR bn
Description
  
 Transaction, advisory, and other fees
 —  Driven by transaction fees such as 
placement and debt refinancing fees   
 Fee-related performance revenues  
 —  Performance fees on EQT’s 
evergreen vehicles, growing with 
evergreen NAV  
 Management fees  
 —  Ordinary management fees on  
EQT’s closed- and open-ended 
funds, growing with FAUM   
  
EQT’s integrated revenue streams  Fee-related revenue
Total revenue
Management fees 1)
Fee-related performance revenues 2)
Transaction, advisory, and other fees 3)
Carried interest
Investment income
Fee-related 
revenues
 
Attractive returns in the EQT funds increase the 
potential to generate carried interest and investment 
income, as well as fee-related performance fees.  
In recent years, EQT has broadened its revenue base,  
with increasing contributions from private wealth  
and transaction-related fees. Reflecting this, EQT has 
enhanced its financial disclosure. As of 2025, EQT’s  
 
evergreen performance fees, Fee-related per-
formance revenues, as well as Transaction, advisory  
and other fees are reported separately as part of 
Fee-related revenue. With these changes, EQT aims 
to provide a more transparent picture of the drivers 
and development of the various fee-related revenue 
streams.
1) Ordinary management fees on EQT’s closed- and open-ended funds, growing with FAUM 
2) Performance fees on EQT’s evergreen vehicles, growing with evergreen NAV
3) Driven by transaction fees such as placement and debt refinancing fees
Realized Gross MOIC
Since inception
EQT Private Capital  
Europe & North America: 2.6×
EQT Private Capital Asia: 2.9×
EQT Infrastructure: 2.4 ×
EQT Real Estate: 2.4 ×
2024 20252024 2025
#03 Sustainability statement #04 Corporate governance #05 Additional information #02 Financial statements 
    
36
#01 This is EQT 
EQT’s strategy and financial model — EQT’s integrated revenue streams

===== SIDA 37 =====

Explaining management fees 
in closed-ended funds 
Closed-ended funds make up the majority of EQT's 
fee-generating assets under management. 
Closed-ended means that the fund life is determined 
from the start. At EQT, the typical duration for a 
closed-ended fund is 10 years, with two additional 
years at EQT's discretion. The typical fund life can be 
divided into two phases, a commitment period and a 
post-commitment period. The commitment period for a 
fund represents the time when the relevant EQT fund 
sources investments and calls on capital contributions 
from the fund investors to finance the acquisition of the 
fund investments. During the commitment period, the 
management fee is normally calculated as a 
 percentage of commitments to the fund.
An EQT fund normally enters the post-commitment 
period at the end of a set period of time, or once 
approximately 80–90 percent of total commitments  
are invested and a successor fund is activated. During 
the post-commitment period, management fees are 
normally calculated on the invested capital.
As an EQT fund realizes investments, the fund’s 
invested capital will decline and the management fees 
will therefore decline in absolute terms, as more and 
more of the fund’s investments are realized. When  
fundraising has been completed, no further commit -
ments are accepted.  
Management fee generation in closed-ended funds 
is supported by increasing the size of successor funds, 
as well as developing and scaling new strategies. 
EQT AB Group is typically also entitled to a share 
of investment returns, so-called carried interest.
FAUM from closed-ended funds drives contractual management fees with good visibility
— M anagement fees are typically 
b ased on committed capital when 
a c losed-ended fund sources new 
i nvestments and calls on capital  
 contributions.
— D uring the post-commitment 
p eriod, fees are typically based 
o n invested capital, which  
g radually decreases as fund  
i nvestments are realized.
— A n closed-ended EQT fund 
n ormally enters the  
p ost-commitment period at the  
e nd of a set period of time, or  
o nce approximately 80-90% of  
t otal commitments are invested  
a nd a successor fund is activated.
Fund 1 Committ ed capital  In vested capital
Fund 2 Committ ed capital Invested capital
Fund 3 Committ ed capital  
Year
FAUM
1. 2. 3. 4. 5. 6. 7. 8. 9. 10.
37
#03 Sustainability statement #04 Corporate governance #05 Additional information #02 Financial statements #01 This is EQT 
EQT’s strategy and financial model — Explaining management fees in closed-ended funds

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

Explaining carried interest in  
closed-ended funds 
Carried interest aligns interests between EQT AB Group, 
the Group’s Investment Advisory Professionals and the 
fund investors through profit-sharing.
EQT AB Group, the Investment Advisory Profession -
als and other potential Carried Interest Participants 
invest in the EQT funds. In return, the carried interest 
participants are entitled to receive carried interest and 
investment income.
Subject to the relevant fund’s profits exceeding a 
certain minimum return to fund investors (“hurdle rate”), 
typically between 6–8 percent annual return, profits are 
normally split 80 percent to fund investors and 20 
percent to Carried Interest Recipients as of which EQT 
AB Group would normally be entitled to 35 percent of 
the carried interest. 
The amount is variable and fully dependent on the 
performance of the relevant EQT fund.
Explaining carried interest
  
Management fees  
and expenses
Invested  
capital
Fund profits Carried  
interest (20%) 
Fund investors 
(80%) 
EQT AB (35%) 
EQT professionals 
are entitled to 
(65%)
  
 
Total value  
at Gross  
MOIC of 2.0×
88 18 6
12
70
12
100
= 112
200
Drawn commitments
incl. fees and expenses
Split of  
carried interest  
in a typical
fund
An illustrative closed-ended 
fund realizes a gross return 
of 2.0x on invested capital.
Tested against the hurdle
(typically 6–8% annual return)
If fund profits exceed the hurdle, 
the entitlement to carried interest  
is based on all profits.
EQT AB Group is entitled  
35% of carried interest in a 
typical closed-ended fund. 
 Total value and invested capital
 Management fees and expenses
 Distribution of profits
Illustrative split of revenues during the life of a closed-ended fund
 
— Rule of thumb for initial adjusted
 carried interest recognition (post
 fund valuation buffer):
 — ~1.7x–1.8x MOIC reached and
  usually a few exits
 — ~4–6 years after first investment
 — A few material exits 
  
FAUM
Year
 Management fees    
 Carried interest
1. 2. 3. 4. 5. 6. 7. 8. 9. 10.
#03 Sustainability statement #04 Corporate governance #05 Additional information #02 Financial statements #01 This is EQT 
EQT’s strategy and financial model — Explaining carried interest in closed-ended funds
38

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

Explaining evergreens and 
open-ended funds
Highly illustrative 
and simplified
Highly illustrative 
and simplified
EQT introduced its first open-ended fund in 2023 
through the launch of EQT Nexus, an evergreen vehicle 
for private wealth. Today EQT manages six evergreen 
vehicles across its platform. The vehicles invest in EQT’s 
closed-ended funds (“fund-of-fund investments”) and/
or in EQT portfolio companies alongside the EQT funds 
(“direct investments”).
In 2025, EQT also launched an open-ended 
structure for institutional investors with the latest Active 
Core Infrastructure strategy.
Unlike closed-ended funds with a certain commit -
ment period and pre-determined end date, investors  
in open-ended funds can invest on a regular basis.  
Subscriptions are often monthly, and redemptions can 
be made on a quarterly basis (subject to terms). 
EQT charges management fees and fee-related 
performance revenues on its open-ended funds. 
Management fees are charged on NAV
 
— Management fees are charged  
 on Net Asset Value (“NAV”),  
 meaning that value appreciation  
 in the funds are part of the fee  
 base. However, only the direct  
 investments are incremental to  
 EQT’s FAUM, as fees from the  
 fund-of-fund investments have  
 already been included as part of  
 the closed-ended FAUM. The  
 management fee is typically  
 lower than in closed-ended funds.
Fee-related performance revenues are measured and received on a recurring basis
 
— The funds charge performance  
 fees of 12-15% on returns above a  
 5% annual hurdle rate, with a  
 100% high watermark ensuring  
 fees are never charged twice on  
 the same gain. Of these perfor 
 mance fees, EQT AB is generally  
 entitled to 35%. However,   
 performance fees are only  
 recognized on direct investments  
 by the open-ended funds.
  High watermark 
 
 
 
135
120
105107
NAV
Time
NAV increases to 107,  
exceeding the 5% hurdle  .  
High watermark set at 107  
and performance fee 
crystallized  
NAV rises to 120, >107 high 
watermark — performance  
fee on gains above 107  ;  
high watermark set at 120
NAV ends at 105, below  
the 107 high watermark  
— no performance fee
 
 
 
NAV
Time
Fee
base
#03 Sustainability statement #04 Corporate governance #05 Additional information #02 Financial statements #01 This is EQT 
EQT’s strategy and financial model — Explaining evergreens and open-ended funds
39

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

Sagility 
In 2022, EQT carved out and acquired the healthcare  
division of Hinduja Global Solutions (HGS) and rebranded  
it as Sagility. The company has since grown into a tech-  
enabled healthcare services platform focused on the US  
payer market, delivering cost containment and improved  
member experiences through solutions in clinical operations,  
claims integrity, provider enablement, and analytics. With  
scaled delivery out of India and a strong nearshore/onshore 
presence, Sagility serves a blue-chip client base of leading  
US healthcare payers.
 In November 2024, Sagility was listed on the Indian  
stock exchanges, marking the first liquidity event for BPEA  
Fund VIII. In 2025, EQT completed multiple sell-downs, while 
remaining the majority shareholder. 
EQT Value  
Creation  
Playbook
#03 Sustainability statement #04 Corporate governance #05 Additional information #02 Financial statements 
EQT Value Creation Playbook
#01 This is EQT 
40

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

The EQT Playbook is the cornerstone of EQT’s active ownership model. It provides repeatable 
tools focused on driving growth and developing EQT funds’ investments through   digitalization, 
sustainability and operational excellence. Guided by underlying macro trends, the EQT 
funds invest in good companies and assets, striving to transform them into great, resilient  
enterprises that thrive under EQT’s ownership, and beyond.
Introduction to the EQT Value Creation Playbook 
EQT Value Creation Playbook
 
EQT transforms companies and assets with the  
support of the tools in the EQT Value Creation 
Playbook.
  
Sources of value creation1) EQT funds’ portfolio companies2)
 
 Sales  EBITDA  
 CAGR CAGR
Fund performance 
 
 Total  Realized  
 Net IRR3) Gross MOIC
EQT supports portfolio companies with the implemen -
tation of strategies geared towards growth and 
operational excellence. Sales growth and margin 
expansion are pursued through multiple strategies, 
including geographic expansion, new products, 
acquisitions and strategic re-orientation. With a strong 
track record of consistent and attractive returns across 
geographies, sectors, and strategies, EQT develops 
investments into long-term success stories.
41%
53%
15%
–9%
61%
25%
16%
–2%
72%
21%
14%
–7%
EQT Private  
Capital Europe & 
North America
EQT Private 
Capital Asia
EQT Infrastructure
 Sales expansion   Multiple expansion
 Margin expansion  Debt pay-down
 
 
 
 
EQT  
Private Capital  
Europe &  
North America
EQT  
Private Capital  
Europe &  
North America
EQT  
Private Capital  
Asia
EQT  
Private Capital  
Asia
EQT  
Infrastructure
EQT  
Infrastructure
EQT  
Real Estate
  
15% 
  
2.9× 
  
18% 
  
2.6× 
  
15% 
  
2.4× 
  
2.4× 
14% 20%
13% 14%
12% 13%
16%
1) Exited companies from all EQT Equity Funds, BPEA Fund III-VIII, Infrastructure I-V. Outliers excluded  
2)  For EQT Private Capital EU&NA: Refers to realized assets within key funds since inception. For EQT Infrastructure: Refers to realized assets within EQT Infrastructure I-III. Average sales and EBITDA CAGR between entry and exit of realized portfolio 
companies. For BPEA Fund VI-VIII. Weighted sales and EBITDA CAGR between entry and exit of realized portfolio companies.
3) Realized and unrealized  
41
#03 Sustainability statement #04 Corporate governance #05 Additional information #02 Financial statements 
    
#01 This is EQT 
EQT Value Creation Playbook

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

Health & well-being
 Modularization of technology 
 Distributed ownership &  
 decentralization
 Access & equality
 Our connected world  
 Resilience & transparency
 Climate & nature
 
— Aging population
— Increased data leverage
— Proliferation of content
— Digitalization of distribution
— Decarbonization
— Increasing regulatory & data  
 complexity
— Consumerization of healthcare
— Widespread AI adoption
— Cloud transition
— Nearshoring & labor  
 competitiveness
— Urbanization
— Nature & biodiversity protection
EQT invests in companies supported by long-term secular growth trends. Through deep sector 
expertise, a strong local-with-locals presence, and an active ownership approach, EQT partners 
with high-quality, resilient businesses to help them grow under EQT’s ownership and beyond.
Thematic investment approach  
Megatrends and secular drivers shaping EQT’s investment priorities1)Thematic and sector-based approach 
 
   
Key sectors per business segment 
 
  EQT applies a thematic mindset in deal sourcing. 
Guided by underlying macro trends, EQT targets 
high-quality companies with significant sustainable 
growth potential in attractive industries with secular 
growth drivers and strong downside protection.
The thematic approach is combined with deep 
sector and sub-sector expertise. Within the identified 
sectors, EQT sources investment opportunities in 
market-leading companies with good prospects for 
future growth and operational improvements.
By investing behind long-term macro trends, EQT 
focuses on sectors where its expertise can drive 
meaningful value. A thematic, sector-based approach 
combined with active ownership enables EQT to 
support resilient businesses and contribute to solutions 
for society’s most pressing challenges.
 
 
MEGATRENDS AND THEMES …
 
PRIVATE CAPITAL 
 
REAL ASSETS 
 
… UNDERPINNED BY SECULAR GROWTH DRIVERS
1) List of themes, not exhaustive
2) FAUM by sector. Key funds for Private Capital EU & NA, Private Capital Asia and EQT Infrastructure. Dry powder: Figure also includes undrawn capital in funds post commitment period  
3) Figure also includes undrawn capital in funds post commitment period
  Technology 
  Healthcare  
  Services
  Digital infrastructure
   Energy &  
Environmental
  Social Infrastructure  
EQT Infrastructure 
Digital 
Energy & Environmental  
Social
Transport & Logistics  
 
Private Capital EU & NA  
Healthcare  
Technology 
Services
Industrial Tech
EQT Real Estate 
Industrial  
Living 
Other
Private Capital Asia  
Healthcare  
Technology 
Services
Industrial Technology  
Tech Services
 
FAUM BY SECTOR 2) 
  Early Stage 
   Transport &  
Logistics
  Industrial Tech 
  Real Estate 
  Dry powder3 
42
#03 Sustainability statement #04 Corporate governance #05 Additional information #02 Financial statements 
    
#01 This is EQT 
EQT Value Creation Playbook — Thematic investment approach

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

Structural underinvestment, the energy transition, and rapid digitalization are driving a sharp rise 
in infrastructure demand. At the same time, cloud computing and AI are reshaping energy and 
connectivity needs, creating significant opportunities for scaled infrastructure investors like EQT.
Investing into AI at scale in the EQT Infrastructure platform
AI-driven digital growth is creating major opportunities in infrastructure, and EQT is positioning itself to be one of the major beneficiaries Powering AI and electrification: EdgeConneX & Cypress Creek
  
 Intermittent renewables increase 
system volatility, reinforcing the 
need for storage and distributed 
energy solutions. 
  
Hyperscalers are committing to 
24/7 carbon-free energy, while 
governments accelerate net-zero 
and energy transition policies. 
 
Continued structural growth in 
hyperscaler led public cloud 
expansion as well as AI-driven 
compute demand are accelerating 
sustained demand for data center 
capacity.
  
Data center expansion intensifies 
competition for firm power  
across constrained grids; clean 
power is at a premium. 
  
Low-latency fiber connectivity is 
foundational to hyperscaler and 
enterprise cloud infrastructure. 
  
Long-duration capacity commit-
ments from hyperscalers support 
durable growth for leading data 
center platforms.  
  
 AI workloads materially increase 
compute density and site-level 
power requirements versus 
traditional cloud. 
  
Supports accelerated  
deployment and premium  
pricing for renewable generation. 
 EdgeConneX
EQT Infrastructure IV invested in EdgeConneX in 
2020 to back a mission-critical digital infrastruc -
ture platform serving hyperscale and edge-  
computing workloads. Under EQT’s ownership the 
business accelerated through strategic M&A, 
joint ventures, expanding into Asia, Latin America 
and new European markets. The platform has 
expanded its data-centre contracted capacity 5x 
and now operates or develops some 80 sites 
across 50 markets, tailored for high-density, 
low-latency AI and cloud workloads.
 Cypress Creek
EQT Infrastructure V acquired Cypress Creek in 
2021. Cypress Creek develops, owns and operates 
utility-scale solar and storage across the US. It 
has transformed from a regional developer into a 
large, integrated solar and storage platform. 
Cypress Creek is well positioned to serve growing 
clusters of AI-driven data centers in regions with 
strong solar resources and growing load centers.
 
  
3.2 GW 
owned fleet across more than 
200 projects in 13 US states 
 
  
>50 
markets
 
  
>392, 000 
homes powered from owned 
operating projects in 2025
 
  
>80 
data center sites 
43
#03 Sustainability statement #04 Corporate governance #05 Additional information #02 Financial statements 
    
#01 This is EQT 
EQT Value Creation Playbook — Investing into AI at scale in the EQT Infrastructure platform

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

Sustainability Digitalization Talent Management
Healthcare Industrial TechTechnology Services
Functional excellence
Pricing Procurement
G&A  
Fitness
Crises 
management
Best-in-class 
finance
EQT believes that local knowledge, local business 
relationships, local presence and access to local deal 
flow are all critical to securing a competitive edge  
in private markets. This approach has fostered close, 
long-term relationships between EQT, private owners 
and companies around the world.  
EQT’s local-with-locals model is a key enabler  
of its global platform, allowing it to generate 
differentiated outcomes for clients. 
EQT’s value creation framework leverages strategies 
such as revenue enhancements, management changes, 
pricing optimization, cost improvements, and transfor-
mational levers like strategic realignment and add-on 
acquisitions. From the moment of signing, EQT applies  
its in-house Business Mobilization System. This syste- 
matic process accelerates onboarding, establishes 
governance, and creates a sense of urgency in the first 
100 days to “get the house in order,” laying the founda-
tion for long-term value creation. 
The Value Creation Toolbox also  
delivers tailored tools to achieve each portfolio 
company’s Full Potential Plans (FPPs). Developed 
with management and the board, these plans focus  
on critical growth levers. The toolbox, refined over 
three decades, integrates sustainability, digitalization, 
and operational excellence, driving robust returns 
through sales growth, margin expansion, and strategic 
M&A.
Local-with-locals Value Creation Toolbox
EQT offices
 
Full Potential Plan (FPP)
Sector and sub-sector playbooks
~100
nationalities  
represented
 
Presence in 
countries representing 
>80%
of global GDP
Offices in more than
25
countries
44
#03 Sustainability statement #04 Corporate governance #05 Additional information #02 Financial statements 
    
#01 This is EQT 
EQT Value Creation Playbook — Local-with-locals   / Value Creation Toolbox

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

Chair- 
person of 
the Board
Portfolio 
company 
CEO
EQT  
Partner
EQT’s governance model fosters accountability, fast 
decision-making, and empowers portfolio company CEOs, while  
encouraging free-thinking. At its core is the TROIKA forum comprising the 
portfolio company’s Chairperson (often an Industrial Advisor from the EQT 
Network), a responsible EQT investment advisory professional partner, and 
the portfolio company’s CEO. The TROIKA acts as a sparring partner for the 
CEO, discussing strategic decisions, and acquisitions, while ensuring EQT 
stays well-informed of the performance of the portfolio company.
Boards are carefully constructed with a focus on transformation and 
expertise. Chairpersons are typically former executives with relevant 
industry backgrounds, complemented by specialists in areas like finance 
and operations. External board members align their interests by investing 
their own capital.
Additionally, regular Portfolio Performance Reviews allows the 
responsible EQT partners to monitor investments, address challenges,  
and provide resources to drive value creation and mitigate risks.
Since its foundation, EQT has built a global network of advisors with a 
variety of backgrounds, including entrepreneurs and current or former 
executives of major international corporations. Many of these relationships 
have evolved from EQT’s connection with the Wallenbergs and its global 
network that spans across industries and sectors. The advisors in the EQT 
Network add operational and strategic expertise and experience to the  
EQT funds’ portfolio companies. 
EQT has dedicated capabilities that drive best-in-class executive and 
board-level talent acquisition and development through structured 
processes, enabling high-quality outcomes for portfolio companies. This 
includes facilitating C-suite and board member search mandates, as well 
as conducting management and board assessment processes to ensure 
strong leadership across the portfolio. In 2025, demand for support from 
the EQT Network Talent team more than doubled, reflecting the high 
demand for robust leadership and governance capabilities across the 
portfolio.
In 2025, The EQT Network Forums hosted 29 virtual peer-to-peer sessions 
designed to connect portfolio company leaders, facilitating knowledge 
sharing and supporting upskilling across key functional and leadership 
areas. 
    The Network Forums brought together CFOs, CEOs, General Counsels, 
and CHROs, and attracted more than 750 participants across multiple  
sessions, reflecting strong and repeat engagement, including the newly 
launched AI-focused webinar series for all EQT-appointed board 
members, which will continue into 2026.
    Building on the introduction of the EQT Board Academy in 2024, the 
platform continues to support the boards, offering tools, governance 
frameworks, and best practices and is now utilized by more than 70% of all 
EQT-appointed board members, further strengthening governance and 
leadership effectiveness across the portfolio.
Governance model EQT Network Talent 
The governance model in practise, called the TROIKA  Geographic split of EQT Network’s Industrial Advisors 
Expanding the EQT Network Talent in 2025 
Placeholder image
Picture from EQT’s annual EMEA Chairperson & Senior Advisor Meeting, Stockholm 
2025.
 Europe, 52%
 APAC, 20%
 North America, 28%
45
#03 Sustainability statement #04 Corporate governance #05 Additional information #02 Financial statements 
    
#01 This is EQT 
EQT Value Creation Playbook — Governance model/EQT Network

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

TO START, HOW DOES YOUR GOVERNANCE  
PRIORITIES EVOLVE THROUGHOUT THE OWNERSHIP 
JOURNEY? 
Kate Swann: 
Don’t think of governance as ticking boxes – it’s how you 
run the business and create value. EQT boards are 
chaired by an independent and usually have more 
Industrial Advisors than deal team members. That mix 
brings real operating leverage to the management 
team and strengthens the value-creation plan.
And with the Troika, CEOs get weekly access to 
owners and experienced operators. It builds alignment, 
enables quick, flexible decisions, and lets you refresh 
the board and leadership as the business scales — 
passing the baton to the runner best suited for the next 
stage.
Jonas Persson: 
In my opinion, what EQT is really good at is staying 
close to companies without interfering. EQT’s got this 
intrinsically good model where there are very strong 
industrial advisors who know their role and their 
value-add. Their job is to coach, guide, lead, challenge, 
inspect the leadership team. But they never tell the 
team exactly what to do, which means that we get this 
great dynamic in the board and it’s clear what the 
Partner is doing, what the Chairman is doing, and what 
the Board is doing.
Dorothy Thompson: 
When I first met EQT, what stood out was a genuinely 
strong and ethical culture — something I truly believe in. 
In the industrial businesses I’m involved with, you need 
really good operations, management and strategy. 
With the first two: operations and management — some 
companies don’t respect that enough, don’t proactively 
seek continious improvement or aren’t willing to change 
soon enough. At EQT, there is a strong drive to ensure 
that high quality of operations, management and 
strategy. This underpin every EQT investment.
Kate Swann 
Kate is Chairperson of IVC Evidensia, ParquesReunidos, 
and Beijer Ref, bringing deep leadership experience 
from a career spanning major UK and international 
businesses. She previously led WH Smith and SSP as 
CEO, earning multiple accolades for business transfor -
mation and leadership across the retail and consumer 
sectors.
Dorothy Thompson  
Dorothy brings decades of leadership in the energy 
sector, having served as CEO of Drax Group and held 
senior board roles across public and private companies. 
She currently chairs StateraEnergy and sits on the 
boards of Eaton Corporation and InstaVolt, following 
her tenure as Senior Independent Director of the Bank 
of England.
Jonas Persson  
Jonas spends most of his time as a senior advisor to  
EQT on software and technology. He serves as Chair of 
several EQT companies such as WSO2, Ardoq, and 
Acumatica. He is also a board member of CluePoints. 
He has previously chaired SUSE and IFS. Outside of 
EQT, Jonas works on advances in quantum computing 
and related applications.
Excerpt from the interview 
The three EQT Industrial Advisors attending the panel
At EQT’s Capital Markets Day, in May 2025, a panel of experienced chairs and  
Industrial Advisors discussed how EQT’s governance model drives alignment, 
empowers leaders, and turns active ownership into long-term value creation.
Thoughts on governance from Industrial Advisors 
46
#03 Sustainability statement #04 Corporate governance #05 Additional information #02 Financial statements #01 This is EQT 
EQT Value Creation Playbook — Thoughts on governance from Industrial advisors

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

At EQT’s Capital Markets Event in London, May 2025, Anna Sundell (Partner, EQT Infrastructure) and Kristiaan Nieuwenburg (Partner & Head of 
Performance, Private Capital Europe & North America) led an engaging panel discussion on governance and value creation. They were joined on  
stage by EQT Industrial Advisors Kate Swann, Dorothy Thompson, and Jonas Persson — bringing deep operational experience and unique perspectives 
on how active ownership drives long-term performance.
You can watch the full panel discussion from the Capital Markets event on EQT’s YouTube channel
WHAT HAS YOUR EXPERIENCE BEEN OF THE TROIKA?  
Dorothy Thompson: 
I really like the Troika model, I actually also chair a listed 
company in the UK and to be honest, I now use a similar 
approach for that company. At EQT, you have the 
advantage of a far more agile investor than in a listed 
company. Listed companies must move with the market, 
so you want a board structure that fits that pace. And in 
my experience, the EQT boards are smaller than public 
boards. I find that with small boards it is easier to foster 
good challenges and debate and quicker to make 
decisions. You can get some excellent people on public 
boards as well. So, whether private equity or a listed 
board, I think it’s about getting the right people around 
the table. This is something EQT does very well. 
Kate Swann: 
I’ve sat on the Troika as a CEO and as a chair. And what 
it means as a CEO is, you have weekly access to the 
people who own your business. You also have frequent 
access to people like me who’ve pretty much done those 
things before — owners and people who’ve been 
through the same loop you’re going through. I think that 
really helps build alignment, drive performance, and 
from a CEO point of view, you can make quick, flexible 
decisions. 
Jonas Persson: 
Meeting EQT for the first time, I saw that this firm has 
the best of both worlds when it comes to its unique 
governance model. My job and number one priority is 
very clear. I need to hire the best CEO for the business. 
My second priority in governance is to make sure we 
unlock the potential of each of the board members so 
they can make the CEO empowered to go and execute, 
right. I think that’s fundamental in the equity govern -
ance and something I really appreciate. 
47
#03 Sustainability statement #04 Corporate governance #05 Additional information #02 Financial statements #01 This is EQT 
EQT Value Creation Playbook — Thoughts on governance from Industrial advisors

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

How EQT operates — Building internal capacity to lead with AI How EQT invests — Back and build AI winners through ínvestments in the EQT funds
EQT’s ambition is to become the world’s most AI-literate investment organization. This ambition is 
pursued through a holistic approach to AI transformation, spanning both EQT’s internal operations 
and the way the EQT funds invest.
A holistic and systematic approach to AI transformation
 
1
 
AI adoption and 
upskilling
 
EQT continues to scale the  
adoption and effective use  
of AI tools across the firm, to 
integrate AI into day-to-day 
workflows, enabling productivity 
gains for the whole firm. This 
includes piloting of new  
AI-powered solutions  
tailored to EQT’s operational 
context.
 
2
 
Future-proof  
with emerging 
technologies
 
EQT continues to evolve its  
AI infrastructure and assess 
emerging technologies to stay  
at the forefront of innovation. 
Priorities include building shared  
AI capabilities, enhancing 
cross-collaboration between  
tech teams, and ensuring  
readiness for future AI break -
throughs.
 
3
 
AI transformed  
processes  
and data
 
EQT is embedding AI into  
core processes to make it an 
integrated element of  
decision-making and value 
creation. These efforts aim to 
generate high-quality data 
outputs, enhance analytics, 
increase decision velocity, and 
strengthen competitive  
intelligence across the firm.
 
4
 
Partnerships
 
EQT is expanding strategic 
partnerships across the AI 
ecosystem, including with  
innovators, hyperscalers, and 
advisors, to enable joint  
investments in AI infrastructure. 
These collaborations enhance  
EQT’s access to cutting-edge 
expertise and support the 
accelerated deployment of AI  
across the portfolio.
 
5
 
Deal selection
 
EQT is deepening its under-  
standing of AI’s impact across 
sub-sectors to better capture 
opportunities and manage risk. 
This includes reassessing 
sub-sector attractiveness, 
identifying emerging investment 
themes, and updating due 
diligence frameworks to reflect 
AI-driven disruption.
 
6
 
Value creation
 
EQT supports digital and  
AI maturity across its portfolio  
to drive scalable value creation, 
improve performance, and  
boost efficiency. By embedding  
AI into operations, companies  
are better positioned for long-  
term success and can command 
premium valuation multiples.
48
#03 Sustainability statement #04 Corporate governance #05 Additional information #02 Financial statements #01 This is EQT 
EQT Value Creation Playbook — A holistic and systematic approach to AI transformation

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

EQT backs AI-native companies, invests in critical infrastructure powering the AI economy,  
and supports portfolio companies in the implementation of tailored AI solutions. By combining 
deep sector knowledge with digital expertise, EQT enables businesses to capture AI opportunities,  
whether they are early disruptors or mature platforms evolving in a changing landscape.
Investing in AI across multiple dimensions
From AI-native disruptors to mature adopters: selected EQT cases
 
BACKING AN AI-NATIVE PORTFOLIO 
COMPANY
 
INVESTING IN INFRASTRUCTURE TO 
ENABLE THE AI TRANSFORMATION
 
ACCELERATING THE SHIFT TO CLOUD 
AND AN AI-POWERED PLATFORM 
 
INTEGRATING AI AND ADVANCED 
ANALYTICS INTO MANUFACTURING
 
AI ACCELERATION IN A MATURE 
COMPANY
 
EQT Ventures 
EQT Ventures invested in Sana Labs  
in December 2020, attracted by an 
AI-native platform that unifies personal -
ized enterprise learning, knowledge 
sharing, workflow automation and an  
AI assistant into a single system poised  
to define a new category of knowledge 
tools. In September 2025, EQT announ-  
ced that Workday had acquired Sana  
for ~$1.1 billion, becoming Europe’s 
largest AI exit to date. 
 
EQT Infrastructure  
EQT Infrastructure IV acquired Edge-  
ConneX in 2020, a leading provider of 
purpose-built data centers. The invest -
ment aligned with EQT’s focus on 
mission-critical digital infrastructure  
amid growing demand from cloud  
and AI applications. As AI adoption 
accelerates, EdgeConneX is expanding  
its high-capacity facilities to support 
increasingly intensive computing needs. 
Under EQT’s ownership, the platform 
continues to grow contracted capacity, 
positioning it as a key enabler of 
next-generation digital infrastructure.
 
EQT Private Equity 
IFS is an enterprise-software leader 
across Enterprise Resource Planning 
(ERP), Enterprise Asset Management 
(EAM) and Field Service Management 
(FSM). EQT first acquired IFS in 2015  
and re-invested in 2020 to accelerate  
the shift to IFS Cloud and Industrial AI, 
transforming a regional ERP vendor  
into a global, AI-powered platform 
provider. In 2025, IFS was valued at  
~€15 billion, surpassing €1 billion in  
ARR, demonstrating how AI-native 
capabilities accelerate recurring-  
revenue expansion and customer value.
 
EQT Private Equity  
Zeus designs and manufactures ad -
vanced polymer components and 
catheter solutions for medical device  
and industrial companies. EQT Digital  
has supported Zeus’ AI and technology 
transformation, from recruiting a new 
CIO to helping shape a value-driven 
digital strategy. Building on a strong 
digital foundation, EQT Digital helped 
integrate AI and advanced analytics  
into manufacturing, improving yield  
and reducing waste. A pilot using 
historical production data to predict 
outcomes and support real-time 
decision-making delivered measurable 
cost savings and efficiency gains.
 
Private Capital Asia 
Vistra helps clients navigate legal  
entity management, financial, HR 
operations and fund administration.
EQT Digital, together with Vistra and  
a strategic partner established a team  
to explore AI use cases for fundamental 
business processes. This included the 
launch of Geni, the world’s first global  
AI compliance advisor that lets users 
describe needs in plain language,  
then queries Vistra’s data to execute 
routine actions such as statutory filings  
or KYC refreshes.
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EQT Value Creation Playbook — Investing in AI across multiple dimensions

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

BUSINESS LINE
Data-driven insights and priorities at EQT Infrastructure
During the year, EQT Infrastructure reviewed more 
than 1,000 sustainability data points and worked 
with the EQT Infrastructure funds’ portfolio compa -
nies to define key priorities for the next 18 months.  
A proprietary Sustainability Maturity Survey was 
also introduced as a practical tool to support port-  
folio companies in advancing their sustainability 
performance and identify improvement areas across 
the portfolio.
SECTOR
Sustainability workshop with tech services companies in India
In September 2025, Private Capital Asia hosted the 
third EQT India Tech Services Sustainability 
Workshop in Bengaluru with nine portfolio compa -
nies, focusing on sector priorities such as climate 
action and talent management.  
The workshop provided a platform for companies to 
share best practices, strengthening their capabilities 
to integrate focused sustainability initiatives into 
business strategies and drive long-term value 
creation.
TOPICAL
Aligning commercial goals with sustainability ambitions through stronger supplier engagement
A webinar hosted by EQT Sustainability Network  
in December 2025 gathered 50+ participants from 
EQT funds’ portfolio companies, addressing how  
to integrate sustainability in supply chains and 
strengthen supplier engagement across the organi-  
zation. Subject matter experts provided an over-  
view of market expectations and explored practical 
ways to collaborate with suppliers while balancing 
commercial and sustainability objectives.
Sustainability underpins EQT’s value creation strategy. It is  
embedded across EQT’s operations, enabling investment advisory 
teams and portfolio companies to drive performance, resilience,  
and long-term value creation in a transforming global economy.
EQT’s approach to sustainability
+
=
At EQT, sustainability is a lens through which value creation is understood 
and delivered. It helps identify and manage material risks, uncover new 
opportunities, and strengthen the resilience of both businesses and 
investment strategies. By integrating sustainability into every stage of the 
investment process, from due diligence and underwriting to ownership and 
exit, EQT aims to future-proof companies and assets and by that strengthen 
its ability to deliver superior risk adjusted returns for the long-term.
EQT’s approach focuses on what truly drives outcomes: clear priorities, 
measurable progress, and accountability. Climate, people, and governance 
are key dimensions of focus, and a materiality-driven model enables invest -
ment advisory teams to direct effort where it matters most: improving 
operational sustainability  and/or growing sustainability-themed revenues . 
EQT’s key firm-wide sustainability objective, to strengthen climate resilience 
and advance decarbonization, is underpinned by EQT’s 2030 near-term 
science-based target (SBT), covering both EQT’s own operations and 
investments across the EQT funds. Since starting the program in 2022, 100 
portfolio companies  have had their decarbonization targets committed, 
submitted or validated - and thereby embarked on a decarbonization 
journey.
Future-proofed  
companies
Improving  
operational sustainability
Growing  
sustainability-themed 
revenue streams
Read more about the integration of sustainability in the investment and value 
creation process in the Sustainability Statement
Read more about EQT’s SBT performance and highlights from 2025 in Towards our 
targets: Sustainability  
Examples of sustainability engagement in the portfolio   
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EQT Value Creation Playbook — EQT’s approach to sustainability

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

People
AGS Health
AGS Health is an AI-enabled revenue-cycle manage-  
ment (RCM) provider for top U.S. hospitals and health 
systems, operating a global delivery footprint of more  
than 14,000 employees. Founded in India in 201 1, AGS  
was acquired by BPEA Private Equity VII in 2019. EQT 
supported AGS through strategic M&A, geographic 
expansion, and a technology-led transformation, while 
professionalizing governance and the leadership team.  
EQT also supported the scaling of the AGS AI Platform  
and the commercialisation of SaaS products that  
materially improved efficiency, margins and cash  
generation. A full exit was signed in May 2025, delivering  
a successful realisation of the value created under  
EQT’s ownership. 
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People
#01 This is EQT

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

EQT’s values foster a culture of performance, 
collaboration and transparency, all prerequisites 
to be able to combine a global thematic invest-
ment approach with a strong local presence in 
EQT’s target geographies.
People at the core of EQT’s success
Values that power EQT’s performance
EQT’s values have fostered an organization that 
consistently delivers high performance. They influence 
collaboration, how EQT supports the portfolio compa -
nies, and how EQT positively impacts the world through 
its operations. EQT’s continued growth and success  
will be enabled by a continued emphasis on humility, 
collaboration, accountability, and continuous improve -
ment.
EQT’s core values are globally consistent yet locally 
nuanced, embedded in the firm’s strategic focus, 
people management, and development programs. 
While the values themselves are non-negotiable, EQT 
embraces local differences in how they manifest, 
reflecting the power of being local with locals. This 
balance reinforces EQT’s culture, protects its ability to 
deliver for clients, and combines heritage with global 
perspective.
In 2025, values were identified as the second 
strongest driver of employee engagement in EQT’s 
employee survey, EQT Voice 2025. Going into 2026,  
EQT will place an even stronger focus on its values as  
a key global action. Each Business Line is already 
working with its own results and action plans, with  
focus groups to pinpoint their top local engagement 
drivers, highlighting the importance of business-led 
initiatives in shaping EQT’s culture.
FTE development and organizational priorities Employee by region and segment
2021 2022 2023 2024 2025
1,059
1,669
1,777
1,886 1,863
500
1000
1500
2000 In 2025, EQT undertook a firm- 
wide organizational review to 
improve efficiency, accountability 
and collaboration. This included 
simplifying parts of the operating 
model, merging teams and re-  
ducing complexity. At the same 
time, EQT continues to selectively 
invest in strategic growth areas, 
and hiring will continue in areas 
such as Private Wealth, Capital 
Raising and regions such as Asia 
and the US.
 Europe
 Americas
 APAC 
 Central
 Real Assets
 Private Capital
Respectful
Acting with integrity and  
humility. Through our actions, 
we show regard and gratitude  
towards our stakeholders  
and colleagues.
High performing
Maximizing our effort and  
results through collaboration.  
We feel an urgency to take  
action and make an impact  
— everything can be improved  
at all times.
Entrepreneurial
Being innovative and  
accountable. We take risks,  
persevere through challenges  
and learn from our mistakes  
to succeed in the long run.
Transparent
Being open and honest,  
with each other as well as  
with external stakeholders.  
We raise issues and face reality  
when difficulties arise.
Informal
Being inclusive and non-hierarchical 
— everyone is encouraged to be 
themselves and is expected to speak  
their mind. We all contribute  
to an engaging, friendly and  
fun work environment.
 
 
In 2025, values were  
identified as the second  
strongest  driver of employee 
engagement  in EQT’s 
employee survey,  
 EQT Voice 2025
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People — People at the core of EQT’s success

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

Talent development through EQT’s own EQT Academy
Leadership & Culture 
In recent years, EQT has launched a range of inno-  
vative programs and targeted initiatives to strengthen 
learning and development. Through a combination  
of local and team-driven initiatives, as well as tailored 
programs for new Partners and experienced leaders, 
EQT has built a culture where continuous development 
and knowledge sharing is encouraged and promoted. 
   With a business-oriented and hands-on approach, 
where internal resources and mentors play a key role, 
EQT ensures that its unique culture is not only pre -
served, but also continuously developed. As the firm 
expands globally, EQT is equipping its leaders for a 
dynamic and international environment.
High-Performance & Sustained transformation 
Through targeted initiatives aimed at enhancing 
individual and team performance, EQT has continued  
to refine its approach to building high-performing 
teams. The strategy adapts learning and development 
efforts to local business needs, ensuring that every 
initiative drives relevant and future focused growth  
to support lasting results for portfolio companies and 
clients. By emphasizing hands-on application and 
business relevance, EQT has shortened the time from 
learning to impact and fosters a culture of continuous 
improvement and learning. This approach empowers 
EQTarians not only to perform at their best today,  
but also to lead transformation and growth over the 
long term.
EQT Academy supports individuals in developing the skills to lead themselves, lead others, and lead the 
business, actively contributing to the growth of EQT’s global operations, business areas, and functions. 
It offers development through the following four areas.
EQT is continuously working to develop talent, and the EQT Academy is at the core 
of this effort. For over a decade, the EQT Academy has supported employees through  
personal and professional development, to advance the whole EQT organization.
EQT Academy: Four areas
Academy 
Flagship
Core programs designed  
to support progressive  
skill and development  
advancement
Academy 
Glocal
Global learning  
programs tailored for  
local development
Academy 
on Demand
Targeted open  
catalogue learning,  
supporting individual  
and team needs
E- 
cademy
Digital learning focused  
on business priorities,  
embedded into  
the daily workflow
An EQT Academy training in Stockholm, in 2025
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#01 This is EQT 
People — Talent development through EQT’s own EQT Academy

===== SIDA 54 =====

EQT’s commitment to inclusion is not just about fair-  
ness. At EQT, inclusion is a business imperative, and  
it's embedded into the talent strategy, decision-making, 
and culture to ensure that every individual and team 
operates at their full potential. By doing so, EQT unlocks 
better collaboration, stronger innovation, and superior 
investment outcomes.
Strengthening capabilities globally and locally
EQT balances global and local in its approach to 
inclusion. Global values are embedded into all aspects 
of its operations, while also tailoring initiatives to the 
unique dynamics of offices across the globe. 
Listening and taking action
EQT actively seeks employee input and strives for high 
levels of engagement, measured through the annual 
employee engagement survey, EQT Voice. The firm is 
committed to taking targeted and meaningful action 
based on feedback, with a lens on holistically improving 
all EQTarians’ experiences, thus enabling them to 
perform at their best.
Reinforcing EQT’s commitment  
to inclusion 
In 2024, EQT established four strategic pillars, 
reinforcing the firm’s commitment to inclusion:
— Inclusive Representation 
 Elevating workplace unity by ensuring that a   
 broad range of perspectives and backgrounds   
 are heard and valued
— Fair Work Practices 
 Elevating workplace unity by ensuring that a   
 broad range of perspectives and backgrounds   
 are heard and valued
— Celebrating our unique backgrounds
 Valuing and acknowledging individual and  
 local contributions to enrich our collective   
 workplace experience
— Continuous Learnings
 Cultivating a culture of collaboration that   
 appreciates the complexity of our global scale
In 2025, EQT continued to strengthen the link 
between inclusive practices and business impact. 
Key initiatives included launching community 
engagement programs globally, expanding 
inclusive leadership training, and introducing new 
corporate sponsorships for EQT’s three networks: 
EQT WIN, EQT Pride, and DiverseMinds. Together, 
these initiatives reinforce EQT’s commitment to 
fostering an inclusive culture and a great place to 
work.
Inclusion at EQT 
EQT’s vision for its employees is to build 
high-performing & engaged teams. The 
competitive edge comes from fostering  
an environment where every individual  
feels valued, empowered, and motivated  
to drive business impact.
 
54
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#01 This is EQT 
People — Inclusion at EQT

===== SIDA 55 =====

EQT Foundation — Safeguarding EQT’s core values
Alongside the Foundation’s formal governance, the EQT 
Foundation Membership brings together senior EQT 
leaders and EQT alumni to support the Foundation’s 
purpose through values, stewardship and long-term 
continuity. Members are elected based on their 
long-standing commitment to EQT and their demon -
strated role as values-driven leaders. Together, they 
form a strategic forum that reviews EQT’s development 
through the lens of its values, and supports EQT’s CEO 
as a sparring partner and accountability mechanism. 
The EQT Foundation owns almost one percent of the 
shares in EQT AB and holds the right to a prospective 
seat on EQT AB’s Nomination Committee1).
The Membership further embodies EQT’s culture in 
practice. Members act as role models across the 
organization, reinforcing EQT’s entrepreneurial, 
respectful, transparent, informal, and high-performing 
culture through their leadership and engagement.
In 2025, the Foundation welcomed five new 
Members, further strengthening the collective 
stewardship of EQT’s values and ensuring continuity 
across generations of leaders. Through this long-term, 
values-aligned ownership and active guardianship, the 
EQT Foundation helps protect what makes EQT, EQT.
The EQT Foundation was established to ensure that EQT’s long-term growth 
remains firmly anchored in the values that have defined the firm from the 
beginning. Through its long-term shareholding in EQT, the Foundation provides 
an ownership structure that safeguards EQT’s purpose, culture, and way of 
working across generations of leadership. 
Bert JanssensAndreas Aschenbrenner Jimmy Mahtani
Victor EnglessonKosmo Kalliarekos
In 2025, the EQT Foundation Membership welcomed five new members
EQT’s CEO
Resposible for  
EQT’s  values 
The EQT 
Foundation  
Membership
Presents status of  
EQT’s core values
Provides feedback 
and support
1) EQT Foundation has a right to appoint a Nomination Committee member if none of the four largest shareholders as per the record date is a member in EQT Foundation’s 
Member Committee (or is the EQT Foundation itself) 55
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#01 This is EQT 
People — EQT Foundation — Safeguarding EQT’s core values

===== SIDA 56 =====

EQT Foundation — Giving back to society
The EQT Foundation supports founders at critical inflection 
points in their journey. It provides flexible grants to 
scientific founders, and funding for infrastructure needed 
to scale promising solutions. In addition, the Foundation, 
through the EQT Foundation Fund, invests in early-stage 
startups with the potential for meaningful impact within 
climate and health. This patient, risk-tolerant capital helps 
bridge funding and commercialization gaps that traditional 
markets often cannot address.
Catalytic capital is not just financial. Each Founda -
tion-supported project is paired with EQT employees who 
contribute their time, experience, and network. These 
collaborations strengthen founders’ ability to scale while 
allowing EQT employees to sharpen their understanding of 
emerging technologies and deepen their connection to 
EQT’s purpose.
The Foundation is on track to support 100 initiatives 
with the potential for high-impact, with a combined grants 
and investment budget of over EUR 6 million in 2026 alone.
By combining philanthropic capital, EQT’s investment 
expertise, and deep employee engagement, the EQT 
Foundation helps make the impossible possible, turning 
frontier ideas into scalable solutions that can help deliver 
meaningful impact for society.
The EQT Foundation deploys catalytic capital to support 
solutions with the potential for outsized societal impact to  
move from scientific discovery to real-world application.
 
Expertise
 Sharing EQT’s  
expertise as responsible 
owners and  
operators
Network
Acess to sector  
knowledge, pilot  
customers, and  
mentorship
Jean Salata, Head of EQT Private Capital Asia and Chairperson of EQT Asia, together with  
the winners of the EQT Impact Challenge 2025 in Hong Kong. This pitch competition  
supports early-stage deeptech startups in climate and health. The winning teams receive  
an investment from the EQT Foundation and support from EQT’s global network.
Philanthropy
 A flexible pool of capital  
that can be used to fulfill  
social and environmental 
purposes
Catalytic Capital
 Helping bridge critical funding  
and commercialization gaps  
for scientists and entrepreneurs 
is one of the most effective  
ways for EQT Foundation  
to deliver impact 
to society
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#01 This is EQT 
People — EQT Foundation — Giving back to society

===== SIDA 57 =====

#01 This is EQT #02 Financial statements #04 Corporate governance #05 Additional information#03 Sustainability statement 
Financial statements
 59 Board of directors’ report
 64 Consolidated financial statements with notes
 97  Parent company financial statements with 
notes
 105 Proposal for the distribution of net income
 106 Managing risks
 1 13  Signatures of the board of directors and 
  the CEO
 1 14 Auditor’s report
#02

===== SIDA 58 =====

#01 This is EQT #02 Financial statements #03 Sustainability statement #04 Corporate governance #05 Additional information
 #02 Financial statements 
 
 59 Board of directors’ report
 64 Financial statements
 64 Consolidated income statement 
 64  Consolidated statement of comprehensive 
income
 65 Consolidated balance sheet
 66 Consolidated statement of changes in equity
 67 Consolidated statement of cash flows
 68 Notes to the financial statements       Note
 68 General information     1
 68 Accounting policies   2
 72 Use of judgements and estimates   3
 72 Operating segments   4
 75 Revenue   5
 75 Other operating expenses   6
 76  Employees, senior executives  
and board of directors   7
 81 Audit fees and expenses   8
 81 Financial income and expenses   9
 82 Income taxes   10
 83 Intangible assets   11
 84 Property, plant and equipment   12
 84 Accounts receivable and other current  
  assets   13
 84  Equity   14
 86 Interest bearing liabilities   15
 86 Other liabilities   16
 86 Accrued expenses and prepaid income   17
 86  Financial instruments and financial risks   18
 90  Leases   19
 91   Cash flow specifications   20
 91 Pledged assets and contingent liabilities   21
 91   Events after the reporting period   22
 92  Related parties   23
 92  Subsidiaries   24
 96  Earnings per share   25
 
 97  Parent company financial statements
 97  Parent company income statement
 98  Parent company balance sheet
 99  Parent company statement of changes in 
equity
 100  Parent company statement of cash flows
  
 101  Parent company notes   Note
 101  Accounting policies   1
 102  Revenue   2
 102  Other operating income   3
 102  Other operating expenses   4
 102  Employees and personnel expenses   5
 102  Audit fees and expenses   6
 102   Operating leases   7
 102 Profit/loss from participations in  
   subsidiaries   8
 103  Interest income and similar profit/loss  
  items    9
 103 Interest expense and similar profit/loss  
  items   10
 103 Income taxes   11
 103  Property, plant and equipment   12
 103 Participations in subsidiaries   13
 104   Other securities held as non-current  
asset   14
 104 Financial instruments and financial risks   15
 105  Other long-term receivables   16
 105  Prepaid expenses and accrued income   17
 105  Revolving credit facility   18
 105  Number of shares and quota value   19
 105   Interest bearing liabilities   20
 105 Accrued expenses and prepaid income   21
 105   Pledged assets and contingent liabilities   22
 105  Related parties   23
 105   Events after the reporting period    24
 105 Proposal for the distribution of net income
 106 Managing risks
 113 Signatures of the Board of directors  
  and the CEO
 114 Auditor’s report
Content

===== SIDA 59 =====

The Board of directors and the CEO of EQT AB (publ) 
(reg. no. 556849-4180) with its registered office in 
Stockholm, Sweden submit the annual report and 
consolidated financial statements for the 2025 financial 
year.
REVENUES AND NET INCOME
Total revenue for the period amounted to EUR 2,632.4m 
(EUR 2,652.6m), a decrease of 0.8%. Fee-related reve -
nue amounted to EUR 2,283.4m (EUR 2,104.0m), driven 
by new closed out commitments. Carried interest and 
investment income decreased to EUR 349.0m (EUR 
548.7m), reflecting a slightly lower net change in fair 
value compared to 2024. 
Adjusted total revenue amounted to EUR 2,731.6m 
(EUR 2,354.8m), an increase of 16.0%. Adjusted Fee-re -
lated revenue grew by 8.5% to EUR 2,283.4m (EUR 
2,104.0m), driven by new closed out commitments. 
Adjusted carried interest and investment income 
increased to EUR 448.1m (EUR 250.8m), primarily driven 
by EQT VIII, BPEA VII and BPEA VI. Impact on adjusted 
revenues from foreign exchange rate differences (using 
fixed foreign exchange rates), amounted to negative 
EUR 53.4m (EUR 1.0m). 
Total operating expenses during the year amounted 
to EUR 1,250.8m (EUR 1,328.6m). 
EBITDA amounted to EUR 1,381.6m (EUR 1,324.0m), 
corresponding to a margin of 52.5% (49.9%). Adjusted 
EBITDA amounted to EUR 1,642.2m (EUR 1,358.7m), 
corresponding to a margin of 60.1% (57.7%). 
Impact on adjusted EBITDA from foreign exchange 
rate differences (using fixed foreign exchange rates), 
amounted to negative EUR 39.1m (EUR 4.0m).
Adjustment items affecting EBITDA in 2025 (see Note 4) 
amounted to EUR 260.6m and relates to:
 — Revenue adjustments, whereby carried interest is 
only recognized after applying a valuation buffer 
(30-50%) on the unrealized part of the underlying 
fund valuations.
 — Non-cash adjustments, which relates to the part of 
the acquisition considerations subject to lock-up as 
well as the non-cash portion of equity incentive 
program cost. The part of the considerations subject 
to lock-up is treated as a personnel expense from an 
accounting perspective and recorded in the income 
statement over the lock-up period.
 — Items affecting comparability, which in 2025 mainly 
includes an adjustment of costs relating to an 
organizational review.
Adjustment items affecting EBITDA in 2024 (see Note 4) 
amounted to EUR 34.7m and relates to:
 —  Revenue adjustments, whereby carried interest is 
only recognized after applying a valuation buffer 
(30-50%) on the unrealized part of the underlying 
fund valuations.
 — Non-cash adjustments which relates to the part of 
the acquisition considerations subject to lock-up as 
well as the non-cash portion of equity incentive 
program cost. The part of the considerations subject 
to lock-up is treated as a personnel expense from an 
accounting perspective and recorded in the income 
statement over the lock-up period. 
 — Items affecting comparability, which in 2024 includes 
an adjustment of the associated cost and the 
revaluation of certain investments relating to US 
Multifamily as well as integration costs relating to 
previously performed acquisitions.
Depreciation and amortization amounted to 
EUR 79.0m (EUR 71.2m), primarily related to facility 
lease agreements and placement agent fees. Amortiza -
tion of acquisition related intangible assets amounted to 
EUR 349.8m (EUR 364.8m) and relates to amortization 
of identified surplus values in performed acquisitions. 
Net financial income and expenses amounted to 
EUR -57.0m (EUR 11.2m). This is primarily comprised of 
interest expenses of EUR -58.3m (EUR -42.2m) relating 
to the sustainability-linked bonds issued by EQT AB in 
April 2022 and May 2021 and the USD bond issued in 
May 2025, interest income as well as currency 
exchange rate differences. 
Income taxes amounted to EUR -168.0m (EUR 
-122.9m). The income tax expense included EUR 0.7m 
(EUR 1.2m) of estimated Global Minimum Tax which was 
attributable to the EQT AB Group’s earnings in 
Hong Kong.
Net income for the period amounted to EUR 727.8m 
(EUR 776.3m). Adjustment items affecting net income, 
including tax effects, amounted to EUR 593.9m 
(EUR 338.8m). Adjusted net income for the period 
amounted to EUR 1,321.8m (EUR 1,115.1m). 
Earnings per share before and after dilution 
amounted to EUR 0.619 (EUR 0.656) and EUR 0.618 (EUR 
0.656), respectively. Adjusted earnings per share before 
and after dilution amounted to EUR 1.123 (EUR 0.942) 
and EUR 1.122 (EUR 0.942), respectively. 
CASH FLOW AND FINANCIAL POSITION
Goodwill and Other intangible assets amounted to EUR 
4,339.8m (EUR 5,163.8m). The decrease of EUR 824.0m 
is mainly driven by amortization and exchange rate 
differences. 
Current assets amounted to EUR 6,685.1m (EUR 
5,953.5m). The increase is mainly driven by an increase 
in Financial investments including carried interest which 
increased by EUR 869.7m to EUR 5,172.0m (EUR 
4,302.3m) primarily driven by increased investments 
from EQT AB Group into EQT funds, strategic invest -
ments to support new initiatives and fair value increase 
relating to carried interest, see Note 18. 
Cash and cash equivalents at the end of the period 
amounted to EUR 978.6m (EUR 1,024.0m). Net debt 
amounted to EUR 1,448.4m (EUR 976.0m in net debt).
Equity decreased to EUR 7,513.9m (EUR 8,096.0m). 
The decrease is mainly explained by in 2025 decided 
dividend, currency translation differences and repur -
chase of own shares which is partly offset by current 
period net income. 
Non-current liabilities amounted to EUR 2,876.0m 
(EUR 2,515.8m). Non-current liabilities increased as a 
result of the $500m bond issued as of 1 of May 2025, 
see “Significant events during the period”.
Current liabilities amounted to EUR 978.1m 
(EUR 869.3m).
EXPECTATIONS FOR 2026
EQT expects to finalize fundraising for BPEA IX, which 
has a hard cap of USD 14.5bn. Fundraising will continue 
for EQT XI, with a EUR 24bn hard cap, and EQT expects 
to launch fundraising for EQT Infrastructure VII. EQT will 
also continue fundraising for its other strategies, such 
as EQT Healthcare Growth and EQT Transition Infra -
structure, and its open-ended Active Core Infrastruc -
ture strategy. 
EQT launched three new evergreen vehicles availa -
ble for the private wealth segment in 2025, and an 
additional vehicle in January 2026. In 2026, EQT expects 
inflows from its evergreen vehicles to increase, as EQT 
continues to introduce new products, build out its 
distribution, and increase its brand and marketing 
efforts.  
EQT expects to continue to make thematic invest -
ments across its Private Equity and Real Assets strate -
gies globally, while continuing to execute realisations, 
with an increased focus on realisations within its Infra -
structure strategies. 
In January 2026, EQT announced that it had signed 
an agreement with Coller Capital and was entering the 
59
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Board of directors’ report

===== SIDA 60 =====

secondaries market through the combination. The 
transaction is subject to customary closing conditions 
and is expected to close during the third quarter of 
2026. Upon the closing of the transaction, Coller Capital 
is expected to form part of a new Secondaries business 
segment, alongside EQT’s existing Private Capital and 
Real Assets segments.
 See also “Events after the reporting period”.
PERSONNEL
The number of full-time equivalent employees (FTE), at 
year-end 2025, amounted to 1,863 (1,886). New hires in 
2025 were made to strengthen the investment teams to 
enable scalable future growth.
SIGNIFICANT EVENTS DURING THE YEAR
Significant events and transactions
Per Franzén appointed new CEO of EQT AB and Jean 
Eric Salata proposed as new Chairperson of the EQT 
AB Board
On 17 February 2025, EQT announced that the Board of 
Directors had appointed Per Franzén as new CEO and 
Managing Partner, effective as of the Annual Share -
holders’ Meeting on 27 May 2025. 
On 5 October 2025, EQT’s Nomination Committee 
proposed Jean Eric Salata, Chair of EQT Asia and 
founder of Baring Private Equity Asia, as the next 
Chairperson of the EQT Board. He is proposed to 
succeed EQT’s founder and current Chairperson, Conni 
Jonsson, at the Annual Shareholders’ Meeting on 12 May 
2026.
Fundraising
During the period, EQT Infrastructure VI closed at €21.5 
billion in total commitments, including €21.3 billion in 
fee-generating assets under management, exceeding 
the €20 billion target and hitting hard cap. This repre -
sents a 35% increase on the fund’s predecessor, owing 
to strong support from both existing and new investors. 
EQT Private Capital Asia’s BPEA Private Equity Fund 
IX (“BPEA IX”) was activated on 1 March 2025. EQT 
expects to have secured commitments corresponding to 
the $14.5bn hard cap in the first quarter of 2026. 
Fundraising for EQT XI was launched in June 2025, 
with a target fund size of €23 billion. In November, EQT 
set the hard cap for EQT XI at €24 billion. The fund is 
expected to be activated mid-2026
Balance sheet, liquidity, and distributions to  
shareholders
On 1 May 2025, EQT announced that it had priced its 
inaugural offering of $500 million aggregate principal 
amount of 5.850% Senior Notes due 2035 at a price 
equal to 99.783% of the aggregate principal amount 
thereof. Interest will be payable semiannually. EQT 
intends to use the net proceeds for general corporate 
purposes.
As previously communicated, EQT intends to execute 
share buyback programs twice a year to offset, over 
time, the dilution impact from EQT’s equity incentive 
programs. During the period, EQT repurchased 10.5 
million shares, corresponding to €296.0 million.
INCENTIVE PROGRAMS 
EQT 2019 Share program 
The last grant of the EQT Share Program (established in 
2019) was done in March 2023. Each annual grant 
consisted of amounts to be invested in class C shares in 
EQT AB. After a three-year holding period, the class C 
shares are converted into ordinary shares. In 2025, 
385,499 class C shares were converted into ordinary 
shares. From the last grant in 2023, 496,056 class C 
shares were converted into ordinary shares in March 
2026. 
EQT 2023 Share program
The EQT Share Program (established in 2023 and 
amended in 2025) consists of ordinary shares in EQT 
AB. The Program is divided into five separate annual 
grants, each subject to a one-year performance period 
and a three-year holding period. Depending on the 
achievement of certain performance targets during the 
performance year, an amount may be awarded which 
after the performance period is settled in the total num -
ber of outstanding shares in EQT AB that corresponds to 
the amount awarded. For the 2024 and 2025 grants, 
with certain limited exceptions, no vesting conditions 
apply during the three-year holding period. The bad 
leaver provision was revised during the period to 
include a vesting condition, with a post-grant service 
condition. Under this provision, shares will vest in 
annual instalments of 33% with the first vesting occur -
ring 12 months after the grant date 2026 and annually 
thereafter. Based on the number of shares as of 31 
December 2022, the maximum dilution for the EQT 
Share Program is one percent in total. EQT intends, over 
time, to repurchase shares to offset the dilution related 
to the EQT Share Program. Performance in relation to 
targets for Adjusted Revenue growth, Adjusted EBITDA 
margin and a sustainability assessment has resulted in 
a gross share grant level of EUR 71.4m, of which EUR 
34.3m was cash. Grant cost recognized in 2025 was EUR 
    40  .4m of which EUR     27  .0m was cash cost. In relation to 
the performance year 2023 grant, 631,547 ordinary 
shares were allotted to the participants in the beginning 
of 2024. In relation to the performance year 2024 grant, 
752,016 ordinary shares were allotted to the partici -
pants in the beginning of 2025, see Note 7.
EQT 2023 Option program
The EQT Option Program (established in 2023 and 
amended in 2025) consists of options which upon 
exercise entitle the option holders to acquire ordinary 
shares in EQT AB. The Program is divided into five 
separate annual grants, each subject to a one-year 
performance period and a three-year holding period. 
Depending on the achievement of certain performance 
targets during the performance year, an amount may 
be awarded which after the performance period is 
settled in the number of options that corresponds to the 
amount awarded. For the 2024 and 2025 with certain 
limited exceptions, no vesting conditions apply during 
the three-year holding period. The bad leaver provision 
was revised during the period to include a vesting 
condition, with a post-grant service condition. Under 
this provision, options will vest in annual instalments of 
33% with the first vesting occurring 12 months after the 
grant date 2026 and annually thereafter. The option 
exercise period commences after the holding period. 
Based on the number of shares as of 31 December 2022, 
the maximum dilution for the EQT Option Program is 
four percent in total. EQT intends, over time, to repur -
chase shares to offset the dilution related to the EQT 
Option Program. Total grant level for EQT Option 
program 2025 was EUR 61.4m of which none was cash. 
Grant cost recognized in 2025 was EUR    23 .5m of which 
none was cash cost. In relation to the performance year 
2023 grant, 4,430,306 employee stock options were 
allotted to the participants in the beginning of 2024. In 
relation to the performance year 2024 grant, 8,238,670 
employee stock options were allotted to the participants 
in the beginning of 2025, see Note 7.
RELATED PARTIES
No significant related party transactions have occurred 
during the period, see Note 23.
RISK MANAGEMENT
The EQT AB Group is exposed to a number of business, 
strategic, legal, tax, operational and financial risks. For 
further information see section “Managing risks”.
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EVENTS AFTER THE REPORTING PERIOD
Alexandra Edlund, former Head of HR Real Assets, has 
been appointed Chief People Officer. Alexandra will be 
part of the Executive Committee and report directly to 
Per Franzén, CEO.
Combination with Coller Capital
On 22 January 2026, EQT announced that it had signed 
an agreement to acquire Coller Capital, a leading 
global secondaries firm with $33 billion in fee-generat -
ing assets under management 1).
Founded in 1990, Coller Capital is one of the largest 
dedicated secondaries firms globally, with a 35-year 
track record in private equity and private credit sec -
ondaries. 
Headquartered in the UK, Coller Capital has a 
global team of approximately 330 professionals across 
11 offices. 
Coller Capital generated approximately $330m in 
fee-related revenues and $145m in fee-related EBITDA 
in 20251). The transaction aligns to EQT’s strategy to 
broaden its private markets platform through the 
addition of secondaries capabilities. 
Under the terms of the transaction, EQT will acquire 
100% of the management company, the general partner 
entities which control the Coller Capital funds, and 10% 
of the carried interest in the most recent flagship fund 
(CIP IX). EQT will also invest in and be entitled to 35% of 
the carried interest in Coller Capital’s all future closed-
ended funds, in line with existing EQT policy.
The total base consideration amounts to $3.2 billion 
on a cash - and debt - free basis, to be funded through 
the issuance of new EQT AB ordinary shares 2) at a set 
price of SEK 355 per share, corresponding to approxi -
mately 81 million shares (corresponding to approxi -
mately 7% of shares outstanding). In addition, a contin -
gent consideration of up to $500 million may be 
payable in cash, based on Coller Capital’s business 
performance in the 12 months to and including March 
2029.
The transaction is subject to customary closing 
conditions, including regulatory approvals and certain 
Coller Capital fund investor consent approvals. The 
Transaction is expected to close in Q3 2026.
PARENT COMPANY
The parent company’s profit before tax amounted to 
SEK 9,485.1m (SEK 5,053.6m). The increase is mainly 
explained by increased revenues, dividends from 
subsidiaries and exchange rate differences.
THE SHARE 
EQT AB’s ordinary shares are listed on Nasdaq 
 Stockholm in the Large Cap segment. As of 31 Decem -
ber 2025, there were 1,171,649,825 outstanding shares in 
EQT AB and EQT AB held 63,458,131 ordinary shares in 
treasury. Including shares held in treasury by EQT AB, 
there were 1,234,611,900 ordinary shares and 496,056 
non-listed class C shares issued in total as of 31 Decem -
ber 2025. Ordinary shares carry 1 vote per share and 
class C shares carry 0.1 vote per share. The quota value 
of the shares is SEK 0.1. See Note 14 for further informa -
tion. 
In addition to what is disclosed in Note 14 there are 
no restrictions on the transferability of shares due to 
statutory provisions, articles of association or, as far as 
EQT AB is aware, in shareholders agreements.
For information regarding changes in EQT’s share 
capital and lock ups entered into, please refer to the 
heading “Events after the reporting period” and 
“Restrictions on transferability above”.
SUSTAINABILITY 
The Sustainability Statement, prepared in accordance 
with the Corporate Sustainability Reporting Directive 
(CSRD) and the Annual Accounts Act, is included in the 
board of directors report and can be found on page 119.
GUIDELINES FOR EXECUTIVE REMUNERATION 
(REMUNERATION POLICY)
The guidelines for executive remuneration approved by 
the Annual Shareholders’ Meeting 2024 are presented 
in Note 7. During 2025, there were no deviations from 
the guidelines. Set forth below are the board’s pro -
posed guidelines for executive remuneration, to be 
adopted by the Annual Shareholders’ Meeting 2026. 
The CEO and other members of the Executive 
Committee (executive management) fall within the 
provisions of these guidelines. 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. The guidelines are for -
ward-looking, i.e. they are applicable to remuneration 
agreed, and amendments to remuneration already 
agreed, after adoption of the guidelines by the Annual 
Shareholders’ Meeting 2026. These guidelines do not 
apply to any remuneration separately decided or 
approved by the shareholders’ meeting.
EQT has a clear remuneration philosophy (including 
for variable cash) applicable across the whole group 
which also governs the remuneration to the Executive 
Committee and links compensation to the EQT AB 
Group’s business strategy, sustainability, long-term 
interests and long-term value growth for its sharehold -
ers.
Most important is to incentivize fund performance 
and ensure aligned interest with our limited partners in 
the EQT funds, EQT AB’s shareholders as well as EQT’s 
long term approach. EQT is a performance driven 
organization focused on long-term value creation in 
1)  Unaudited GAAP accounts adjusted for go - forward transaction parameter and 
with estimated 2025 figures. Rounding of management fe es and fee - related 
EBITDA to the closest USD 5 million 
2)  Approximately $65m of the base consideration is payable in cash at completion. 
The final share portion of the base considerat ion is subject to customary 
purchase price adjustments based on Coller Cap
line with our culture. Team performance and individual 
performance are important – therefore we reward 
both. Performance is key to our success and we award 
higher performance with higher compensation.
To be able to achieve the business goals, EQT needs 
to be able to attract and retain world class talent 
suitable for each role. To achieve this, EQT applies 
market competitive total compensation. 
EQT compensates locally based on geography and 
in line with local practice and regulations, taking into 
account, to the extent possible, the overall purpose of 
these guidelines.
The principles in these guidelines enable EQT AB to 
offer the Executive Committee a competitive total 
remuneration.
For more information regarding the EQT AB Group’s 
business strategy, please see EQT AB’s webpage, 
www.eqtgroup.com. 
Share-related incentive programs
The EQT Share Program, the EQT Option Program are 
implemented in the EQT AB Group. The programs were 
resolved by the Annual Shareholders’ Meeting and are 
therefore excluded from these guidelines. The EQT 
Option Program includes members of the Executive 
Committee in EQT AB. The performance criteria used to 
assess the outcome of the EQT Option Program are tied 
to the individual’s current role scope and contribution to 
EQT’s performance through value creation and future 
proofing, the share price development, adding value to 
the wider EQT Platform as well as impact on delivering 
on EQT’s sustainability ambitions. The participants will 
receive employee stock options free of charge, with an 
exercise period occurring during a one-month period. 
Each employee stock option entitles the participant to 
acquire one ordinary share in EQT AB at a price corre -
sponding to the price per ordinary share as of the date 
of grant, subject to a net strike mechanism, cap on the 
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gain per employee stock option and customary recalcu -
lation mechanisms. For the EQT Share Program, the 
performance targets are tied to the EQT AB Group’s 
financial targets, EQT’s general competitiveness, the 
individual meeting or exceeding EQT’s highly set expec -
tations on adding value to the EQT Platform as well as 
impact on delivering on EQT’s sustainability ambition. 
The program includes Partners and senior employees 
performing in a similar manner, which could include 
members of the Executive Committee. The participants 
invest a variable amount (financed by EQT) in ordinary 
shares after a performance year, whereupon an 
approximately three-year holding period follows. The 
Annual Shareholders’ Meeting 2019 also resolved on an 
EQT Share Program, under which no new investments in 
EQT AB shares are made, with holding periods until 
2026. For more information regarding the EQT Share 
Program and EQT Option Program, including the 
criteria which the outcome depends on, please see EQT 
AB’s remuneration report, available on eqtgroup.com/
shareholders/ .
Types of remuneration, etc.
The remuneration shall be on market terms and may 
consist of the following components: fixed remunera -
tion, variable cash remuneration, pension benefits and 
other benefits. The shareholders’ meeting may – irre -
spective of these guidelines – resolve on, among other 
things, share-related or share price-related remunera -
tion. 
Fixed remuneration
The fixed remuneration, i.e. base salary, should be 
competitive and reflect responsibility and performance.
Variable remuneration
The satisfaction of criteria for awarding variable cash 
remuneration, within the EQT Bonus program, shall be 
measured over a period of one year. The variable cash 
remuneration may amount to no more than 200 percent 
of the annual base salary.
The EQT Bonus program consists of a performance 
assessment of the business as well as an individual 
performance assessment. Important business perfor -
mance factors determining the size of the bonus is the 
success of the underlying business measured by busi -
ness performance in the funds (investments and exits as 
well as portfolio and fund performance), business 
profitability, fundraising, sustainability as well as 
organizational development. The individual perfor -
mance is assessed versus agreed targets as well as 
meeting, exceeding or not meeting high set individual 
performance expectations for the individual in the 
current role.
To which extent the criteria for awarding variable 
cash remuneration has been satisfied shall be evalu -
ated/determined when the measurement period has 
ended. The remuneration committee shall be responsi -
ble for the evaluation so far as it concerns variable 
remuneration to the CEO. For variable cash remunera -
tion to other members of the Executive Committee, the 
CEO shall be responsible for the evaluation. For finan -
cial objectives, the evaluation shall be based on the 
latest financial information made public by EQT AB.
Pension
All members of the Executive Committee shall be 
covered by defined contribution pension plans, for 
which pension premiums shall be based on the mem -
bers’ base salary and paid by the company during the 
period of employment. For current members of the 
Executive Committee pension contributions shall be 
based on base salary and follow contribution levels in 
accordance with local market practice, except for the 
application of a cap. For Sweden, this means that it 
shall be comparable to the old BTP-plan with a contri -
bution cap for base salary exceeding 40 Income base 
amounts. The pension premiums shall amount to no 
more than 25 percent of the annual base salary.
Other benefits
Other benefits, such as insurances (health, life, travel), 
sports contributions or occupational health services, 
should be payable to the extent this is considered to be 
in line with market conditions in the market concerned. 
Premiums and other costs relating to such benefits may 
amount to no more than 25 percent of the annual base 
salary. Executive Committee members who relocate for 
the purposes of the position or who work in other 
multiple countries may also receive such remuneration 
and benefits as are reasonable to reflect the special 
circumstances associated with such arrangements, 
taking into account the overall purpose of these guide -
lines and alignment with the general policies and 
practices within EQT AB Group applicable to cross 
border work.
Recommendation to invest in EQT AB shares 
The Board recommends each Executive Committee 
member (who do not already have such holding) to 
acquire, over a three-year period, EQT AB shares or 
similar instruments corresponding to at least one year’s 
base salary, before taxes and excluding other remuner -
ation.
Termination of employment and terms for severance 
pay for the CEO
A twelve month notice period will apply if notice is given 
by the CEO or EQT AB. The CEO’s employment terms 
include a non-competition clause. If used, this would 
entitle the employee to an additional compensation 
corresponding to a maximum of twelve months’ salary, 
however, reduced by any remuneration paid by a new 
employer.
Termination of employment and terms for severance 
pay for senior executives
In the event of notice being given by the EQT AB Group, 
a notice period of nine months applies, while in the 
event of notice being given by the senior executive a 
period of notice of six months applies. The senior 
executives’ employment terms also include a non-com -
petition clause. If used, this entitles the employee to an 
additional compensation corresponding to a maximum 
of nine months’ salary, however, reduced by any remu -
neration paid by a new employer. Base salary during 
the notice period and severance pay may not together 
exceed an amount corresponding to the base salary for 
eighteen months. When termination is made by the 
executive, the notice period may not exceed six months, 
without any right to severance pay.
Salary and employment conditions for employees taken 
into account during preparations of these guidelines
In the preparation of the Board’s proposal for these 
remuneration guidelines, salary and employment 
conditions for employees of the EQT AB Group have 
been taken into account by including information on the 
employees’ total income, the components of the remu -
neration and increase and growth rate over time, in the 
remuneration committee’s and the Board’s basis of 
decision when evaluating whether the guidelines and 
the limitations set out herein are reasonable.
The decision-making process to determine, review and 
implement the guidelines
The Board has established a remuneration committee. 
The committee’s tasks include preparing the Board’s 
decision to propose guidelines for executive remunera -
tion. The Board shall prepare a proposal for new guide -
lines at least every fourth year and submit it to the 
shareholders’ meeting. The guidelines shall be in force 
until new guidelines are adopted by the shareholders’ 
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meeting. The remuneration committee shall also moni -
tor and evaluate programs for variable remuneration 
for the Executive Committee, the application of the 
guidelines for executive remuneration as well as the 
current remuneration structures and compensation 
levels in the EQT AB Group. The current members of the 
remuneration committee are independent of EQT AB 
and its Executive Committee. The CEO and other mem -
bers of the Executive Committee do not participate in 
the Board’s processing of and resolutions regarding 
remuneration-related matters in so far as they are 
affected by such matters.
Deviation from the guidelines
The Board may temporarily resolve to deviate from the 
guidelines, in whole or in part, if in a specific case there 
may be special cause for the deviation and a deviation 
should be necessary to serve the EQT AB Group’s 
business strategy, sustainability, long-term interests 
and long-term value growth for its shareholders, or to 
ensure the EQT AB Group’s financial viability. As set out 
above, the remuneration committee’s tasks include 
preparing the Board’s resolutions in remuneration-re -
lated matters. This includes any resolutions to deviate 
from the guidelines.
Description of material changes to the guidelines and 
how the views of shareholders’ have been taken into 
consideration
Compared to the guidelines previously adopted the 
following material changes have been made. The 
guidelines have been adjusted to remove the previous 
1.5% share ownership cap and apply a consistent remu -
neration structure across the Executive Committee, 
allowing all Executive Committee members to partici -
pate in variable remuneration and equity incentive 
programs (including clarifying that members of the 
Executive Committee can participate in the EQT Share 
program).
CORPORATE GOVERNANCE 
EQT prepares its Corporate Governance Report as a 
separate document from the statutory annual report. 
Please see page 163.
PROPOSAL FOR THE DISTRIBUTION  
OF NET INCOME
The Board of directors proposes a dividend for 2025 of 
SEK 5.00 per share, to be paid out in two equal install -
ments, SEK 2.50 with record date 15 May 2026, and SEK 
2.50 with record date 1 December 2026. Should the 
Annual Shareholders’ Meeting decide in favor of the 
proposal, payment of the dividend is expected to be 
made on 20 May 2026 and on 4 December 2026, 
respectively.
Holders of ordinary shares and Class C shares are 
equally entitled to dividend. The dividend will be based 
on the number of shares outstanding as of each record 
date. 
Standing at the disposal (in SEK) of the annual share -
holders’ meeting, in accordance with the balance sheet 
of EQT AB:
Share premium reserve 55,427,958,446
Profit brought forward 531,085,246
Net income 9,089,213,032
Total 65,048,256,723
The board proposes that, following approval of the 
balance sheet of EQT AB for the financial year 2025, the 
annual  shareholders’ meeting should distribute the 
earnings as follows:
Dividend to shareholders:
SEK 5.00 per share 5,858,249,125 1)
Retained earnings 59,190,007,598
Total 65,048,256,723
1)  Based on the number of outstanding shares at 31 December 2025. The amount 
of the dividend may change up until each record date.
It is the Board’s opinion that the proposed dividend is 
 justifiable taking into consideration the demands that 
the nature, scope and risks of EQT’s operations place on 
the size of EQT AB’s and EQT AB Group’s equity, and 
EQT AB’s and EQT AB Group’s consolidation needs, 
liquidity and financial position in general.
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Consolidated income statement
#03 Sustainability statement 
Consolidated income statement
1 January — 31 December 
EUR m Note 2025 2024
Management fees 5 2,173.0 2,053.1
Fee-related performance revenues 5 10.4 0.0
Transaction, advisory, and other fees 5 100.0 50.9
Fee-related revenue 5 2,283.4 2,104.0
Carried interest and investment income 5, 18 349.0 548.7
Total revenue 2,632.4 2,652.6
Personnel expenses 7 -881.6 –843.8
Acquisition related personnel expenses 7 -95.7 –228.0
Other operating expenses 6, 8 -273.4 –256.8
Total operating expenses -1,250.8 –1,328.6
Operating profit before depreciation and amortization (EBITDA) 1,381.6 1,324.0
Depreciation and amortization 5, 11, 12 -79.0 –71.2
Amortization of acquisition related intangible assets -349.8 –364.8
Operating profit (EBIT) 952.8 888.0
Net financial income and expenses 9 -57.0 11.2
whereof change in fair value of contingent consideration - 15.7
Profit before income tax (EBT) 895.9 899.2
Income taxes 10 -168.0 -122.9
Net income 727.8 776.3
ATTRIBUTABLE TO:
Owners of the parent company 727.8 776.3
Non-controlling interests - —
727.8 776.3
EARNINGS PER SHARE, EUR 25
before dilution 0.619 0.656
after dilution 0.618 0.656
AVERAGE NUMBER OF SHARES
before dilution 1,176,544,588 1,183,153,914
after dilution 1,178,560,097 1,184,166,399
Consolidated statement of comprehensive income
1 January — 31 December
EUR m 2025 2024
Net income 727.8 776.3
Other comprehensive income
Items that are or may be reclassified subsequently to the income statement
Foreign operations – foreign currency translation differences net of tax -585.1 309.1
Other comprehensive income for the period -585.1  309.1
Total comprehensive income for the period 142.8 1,085.4
ATTRIBUTABLE TO:
Owners of the parent company 142.8 1,085.4
Non-controlling interests - —
142.8 1,085.4

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