FULLTEXT DEL 1 AV 4
Årsredovisning 2025
===== 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
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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
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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
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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
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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
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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
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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
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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
15
#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 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
#03 Sustainability statement #04 Corporate governance #05 Additional information #02 Financial statements #01 This is EQT
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.
17
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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
#03 Sustainability statement #04 Corporate governance #05 Additional information #02 Financial statements #01 This is EQT
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
#03 Sustainability statement #04 Corporate governance #05 Additional information #02 Financial statements #01 This is EQT
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
20
#03 Sustainability statement #04 Corporate governance #05 Additional information #02 Financial statements #01 This is EQT
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
22
#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
#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 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
#03 Sustainability statement #04 Corporate governance #05 Additional information #02 Financial statements
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.
49
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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
50
#03 Sustainability statement #04 Corporate governance #05 Additional information #02 Financial statements
#01 This is EQT
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.
51
#03 Sustainability statement #04 Corporate governance #05 Additional information #02 Financial statements
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
52
#03 Sustainability statement #04 Corporate governance #05 Additional information #02 Financial statements #01 This is EQT
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
53
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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
#03 Sustainability statement #04 Corporate governance #05 Additional information #02 Financial statements
#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
#03 Sustainability statement #04 Corporate governance #05 Additional information #02 Financial statements
#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
56
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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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