FULLTEXT DEL 2 AV 4
Årsredovisning 2025
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Consolidated balance sheet
Consolidated balance sheet
EUR m Note 31.12.2025 31.12.2024
Assets
Non-current assets
Goodwill 11 2,040.7 2,222.0
Other intangible assets 11 2,299.1 2,941.7
Property, plant and equipment 12 266.5 251.8
Other financial assets 18 10.4 10.1
Other non-current assets 5 32.6 29.3
Deferred tax assets 10 33.6 72.7
Total non-current assets 4,682.9 5,527.6
Current assets
Current tax assets 65.8 20.2
Accounts receivable and other current assets 13, 18 295.6 337.9
Financial investments incl carried interest 18 5,172.0 4,302.3
Acquisition related prepaid personnel expenses 32.5 135.2
Other prepaid expenses and accrued income 140.6 133.9
Cash and cash equivalents 978.6 1,024.0
Total current assets 6,685.1 5,953.5
Total assets 11,368.0 11,481.1
EUR m Note 31.12.2025 31.12.2024
Equity and liabilities
Equity 14
Share capital 11.8 11.8
Other paid in capital 5,593.2 5,593.2
Reserves -725.8 –140.8
Retained earnings including net income 2,634.8 2,631.6
Total equity attributable to owners of the parent company 7,513.9 8,096.0
Non-controlling interest - –
Total equity 7,513.9 8,096.0
Liabilities
Non-current liabilities
Interest-bearing liabilities 15, 19 2,443.6 2,020.5
Lease liabilities 15, 19 163.8 161.3
Deferred tax liabilities 10 268.6 334.1
Total non-current liabilities 2,876.0 2,515.8
Current liabilities
Lease liabilities 15, 19 37.2 41.2
Current tax liabilities 95.1 57.8
Accounts payable 18 1.2 7.7
Other liabilities 16 159.6 125.6
Accrued expenses and prepaid income 5, 17 685.0 637.0
Total current liabilities 978.1 869.3
Total liabilities 3,854.1 3,385.2
Total equity and liabilities 11,368.0 11,481.1
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Consolidated statement of changes in equity
Consolidated statement of changes in equity
Attributable to owners of the parent company
EUR m
Share
capital
Other
paid in
capital
Transla-
tion
reserve
Retained
earnings
Total
equity
Non-
con-
trolling
interest
Total
equity
Opening balance at 1.1.2025 11.8 5,593.2 -140.8 2,631.6 8,096.0 - 8,096.0
Total comprehensive income for the
period
Net income 727.8 727.8 - 727.8
Other comprehensive income for the
period -585.1 -585.1 - -585.1
Total comprehensive income for the
period - - -585.1 727.8 142.8 - 142.8
Transactions with owners
of the parent company
Dividends -465.3 -465.3 - -465.3
Cancelling of shares -0.0 0.0 - - -
Bonus issue 0.0 -0.0 - - -
Equity incentive programs 36.7 36.7 - 36.7
Repurchase of own shares
and/or participations -296.0 -296.0 - -296.0
Total transactions with owners of
the parent company - - - -724.7 -724.7 - -724.7
Closing balance at 31.12.2025 11.8 5,593.2 -725.8 2,634.8 7,513.9 - 7,513.9
Attributable to owners of the parent company
EUR m
Share
capital
Other
paid in
capital
Transla-
tion
reserve
Retained
earnings
Total
equity
Non-
con-
trolling
interest
Total
equity
Opening balance at 1.1.2024 11.8 5,593.2 –450.0 2,260.5 7,415.8 — 7,415.8
Total comprehensive income for the
period
Net income 776.3 776.3 — 776.3
Other comprehensive income for the
period 309.1 309.1 — 309.1
Total comprehensive income for the
period — — 309.1 776.3 1,085.4 — 1,085.4
Transactions with owners
of the parent company
Dividends –373.4 –373.4 — –373.4
Cancelling of shares –0.0 0.0 — — —
Bonus issue 0.0 –0.0 — — —
Equity incentive programs 86.1 86.1 — 86.1
Repurchase of own shares
and/or participations –117.9 –117.9 — –117.9
Total transactions with owners of
the parent company — — — –405.2 –405.2 — –405.2
Closing balance at 31.12.2024 11.8 5,593.2 –140.8 2,631.6 8,096.0 — 8,096.0
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Consolidated statement of cash flows
Consolidated statement of cash flows
EUR m Note 2025 2024
Cash flows operating activities 20
Operating profit (EBIT) 952.8 888.0
Adjustments:
Depreciation and amortization 428.8 436.0
Changes in fair value -349.0 –548.7
Foreign currency translation differences 1.1 22.1
Other non-cash adjustments 135.2 321.2
Increase (–) /decrease (+) in accounts receivable and other receivables 35.5 –30.4
Increase (+) /decrease (–) in accounts payable and other payables 71.0 95.5
Income taxes paid -202.7 –130.3
Net cash flows from fee-related operating activities 1,072.7 1,053.3
Investments in financial investments incl carried interest 18 -1,279.9 –865.0
Proceeds from disposals of financial investments incl carried interest 18 637.5 275.6
Net cash from operating activities 430.3 463.9
Cash flows investing activities
Investment in intangible assets -0.2 —
Acquisition of property, plant and equipment -34.7 –17.5
Interest received 27.3 44.5
Investment in non-current assets -26.1 –28.7
Net cash from (+) / used in (–) investing activities -33.6 –1.7
EUR m Note 2025 2024
Cash flows financing activities
Dividends paid -461.1 –372.7
Proceeds from borrowings 427.5 -
Payment of lease liabilities -39.0 –38.6
Interest paid -56.4 –44.7
Purchase of own shares and/or participations -296.0 –117.9
Net cash from (+) / used in (–) financing activities -424.9 –573.9
Net increase (+) / decrease (–) in cash and cash equivalents -28.1 -111.7
Cash and cash equivalents at the beginning of the period 1,024.0 1,114.0
Foreign currency translation differences -17.3 21.6
Cash and cash equivalents at the end of the period 978.6 1,024.0
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Notes
#01 This is EQT #02 Financial statements #03 Sustainability statement #04 Corporate governance #05 Additional information
Note 1 General information
EQT AB (publ), reg. no. 556849-4180, is a company
domiciled in Stockholm, Sweden with its ordinary
shares listed on Nasdaq Stockholm. The visiting address
is Regeringsgatan 25, 111 53 Stockholm, Sweden. The
registered postal address is Box 16409, 103 27 Stock -
holm, Sweden.
The consolidated financial statements of the finan -
cial year ended as of 31 December 2025 comprise EQT
AB (“the Company”) and its direct and indirect subsid -
iaries, together referred to as the ”EQT AB Group”.
Note 2 Accounting policies
BASIS OF ACCOUNTING
Compliance with legislation and standards
The consolidated financial statements have been
prepared in accordance with IFRS Accounting Stan -
dards published by the International Accounting Stan -
dards Board (IASB) as adopted by the EU as of
31 December 2025. Additional disclosure requirements
in the Swedish Annual Accounts Act (1995:1554) have
been applied in accordance with RFR 1 Complementary
Accounting rules for groups issued by the Swedish
Corporate Reporting Board.
EQT AB’s consolidated financial statements were
authorized for issue by the Board of directors and the
CEO on 22 March 2026. The consolidated financial
statements are subject to approval by the annual
shareholders’ meeting on 12 May 2026.
ACCOUNTING POLICIES
There are no new or amended standards or interpreta -
tions effective as of 1 January 2025 that have had a
material impact on the EQT’s financial statements.
Standards and interpretations that have been
issued but are not yet effective have not been early
adopted and are not expected to have a material
impact on the Group’s financial statements upon adop -
tion.
Change in presentation
In the income statement, revenue from management
fees has been split into three line items - management
fees, fee-related performance revenues, and transac -
tion, advisory, and other fees. The total of these three,
“Fee-related revenue”, is equal to the previous single
line item “Management fees”. This enhances the infor -
mation about different characteristics of fee-related
revenue.
In the statement of cash flows, a sub-total for “Net
cash flows from fee-related operating activities” has
been added, which has been enabled by a change of
the order of the line items. The individual line items are
identical to the previous line items and the total cash
flow from operating activities is unchanged. This
enhances the presentation of cash flows from two
sub-types of operating activities - fee-related and
investments.
Basis of measurement
Assets and liabilities are measured at historical cost,
with the exception of financial investments which are
measured at fair value.
Use of judgments and estimates in
the financial statements
Preparation of financial statements requires the use of
judgment and accounting estimates that affect the
application of the EQT AB Group’s accounting policies
and the reported amounts of assets, liabilities, income
and expenses. Revisions of estimates are recognized
prospectively.
The judgments, made by the management when
applying IFRS Accounting Standards, which may have
significant effects on the financial statements and
estimates that may contribute to significant adjustments
in the financial statements of the following financial
year are described in Note 3 “Use of judgments and
estimates”.
STANDARDS ISSUED BUT NOT YET EFFECTIVE
IFRS 18 “Presentation and Disclosures in Financial
Statements” will replace IAS 1 “Presentation of Financial
Statements” and applies for annual reporting periods
beginning on or after 1 January 2027. EQT does not plan
to apply the standard early. The main effects of IFRS 18
concern the structure of the income statement, the
disclosure of management-defined performance
measures (MPMs), and increased guidance on aggre -
gation and disaggregation in the primary financial
statements and the notes.
EQT’s preliminary view is that the application of
IFRS 18 will not lead to any significant changes in the
group’s financial statements. It is expected that the
more significant items in the income statement will
remain within the operating category and that the
subtotals within the operating category may also
remain. This is based on EQT being expected to have
investing in financial investments including carried
interest as a specified main business activity. On a more
detailed level, some amounts may move from the
current net financial items into the operating category
and remaining net financial items will be split into an
investing and a financing category. EQT will continue to
analyse the above aspects and the other potential
effects of IFRS 18.
Other new or revised standards and interpretations
issued by the IASB and the IFRS Interpretations Com -
mittee but not yet effective, are expected to have no or
no material impact on the EQT AB Group’s financial
statements in the future periods of initial application.
BASIS OF CONSOLIDATION AND BUSINESS
COMBINATIONS
Subsidiaries and control
— Control
Subsidiaries are entities controlled directly or indirectly
by EQT AB. The EQT AB Group controls an entity when it
has power over the entity and is exposed to, or has
rights to, variable returns from its involvement with the
entity and has the ability to affect those returns through
its power over the entity.
From an IFRS 10 perspective EQT AB Group is
considered an investment entity as its purpose is to
Notes
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provide investment management services and to
generate returns through investment income and
capital appreciation.
In accordance with IFRS 10 an investment entity is
an entity whose business purpose is to invest funds
solely for returns from capital appreciation, investment
income or both and evaluate the performance of its
investments on a fair value basis. As an investment
entity EQT AB Group is exempt from consolidating
subsidiaries that are investments and measures them at
fair value through profit or loss instead. Subsidiaries
that serve in a supporting function such as investment
services continue to be consolidated in accordance with
IFRS 10 and those that are not providing investment
services will be recognized at fair value instead of being
consolidated.
— Unconsolidated structured entities
Structured entities are normally accounted for as
financial investments measured at fair value through
profit or loss. See Note 3 for further information on
significant judgments used.
— Funds
Each EQT fund, being composed of one or more Limited
Partnerships (or the equivalent) is managed by a
general partner and/or a manager (jointly “Fund
Manager”). The Fund Manager is normally a direct or
indirect subsidiary of EQT AB. The authority and powers
of the Fund Manager are defined in the Limited Part -
nership Agreement (or similar).
Determining whether or not a Fund Manager should
consolidate its managed funds is based on judgments
of whether the Fund Manager is acting as a principal or
an agent to the fund for accounting purposes. The
assessment of the EQT AB Group’s expected level of
return is based on the funds’ performance, i.e. the
variable returns. Should a fund generate variable
return EQT AB Group would be entitled to between two
and seven percent of the variable return, which is not
considered to meet the control criterion in IFRS 10 on
link between power and return. Instead, EQT AB Group
is considered to be an agent in relation to the fund
investors, for accounting purposes and, accordingly the
funds are not consolidated.
REVENUE
The EQT AB Group’s revenue is generated from fund
management services, carried interest and investment
income.
The parties of agreements of fund management
services comprise the EQT AB Group and the fund.
For fund management services there is only one
single performance obligation for each fund and its
investors. The performance obligation comprises
identifying and evaluating investment and divestment
opportunities, providing support on structuring, fund
management and monitoring and reporting on an
ongoing basis over the life of each fund. The different
activities are considered interrelated and part of the
same obligation to perform fund management services.
The following describes the different types of
revenues.
Management fees
The performance obligation of the EQT AB Group is to
manage and support the funds, through the Fund
Managers, on an ongoing basis.
To manage and support on an ongoing basis rep -
resents a series of distinct services that increments on
an ongoing basis and together is treated as one single
performance obligation. Management fees are recog-
nized over time over the life of each fund.
The management fee is based on agreements over
the life of each fund, generally with the term of 10–12
years occasionally subject to one or more 12 months’
extension periods.
The fee charged is normally based on commitments
until the termination of the commitment period and
thereafter based on the total cost of investments not yet
realized or written off. If any investments remain after
the term date management fees are charged on the
total acquisition cost of such investments but at a lower
rate for each six-month period until the agreed exten -
sion period expires.
Typically the fees during the commitment and
divestment period are payable half-yearly in advance
and adjusted in the following half-year period, should
any triggering events have occurred. Examples of
triggering events include launch of a successor fund,
commencement of the divestment period/end of com -
mitment period and multiple closings in funds in fund -
raising.
Fee-related performance revenues
Performance fees measured on a recurring basis driven
by NAV appreciation above the applicable hurdle rate
on the eligible portion of the portfolio, and which do not
require the realization of underlying assets to material -
ize. A high-watermark mechanism applies, such that
performance fees are only earned on NAV increases
above the highest level on which fees have previously
been crystallized. Performance fees crystallize and are
paid quarterly for European products and annually for
US products.
Transaction, advisory, and other fees
Comprise fees from debt and equity underwriting,
portfolio company monitoring and other capital market
and advisory activities, which are recognized in the
income statement upon transaction closing.
Carried interest and investment income
Carried interest and investment income consists pri -
marily of changes in fair value of the EQT AB Group’s
underlying fund investments. Changes in fair value are
recognized in the income statement. For further infor -
mation on accounting policies for financial instruments,
see Note 2 “Financial instruments” as well as Note 5
“Revenue”.
Cost of obtaining a contract
The EQT AB Group, on a selective basis, makes use of
placement agents or other local representatives/agents
in certain jurisdictions, where its own personnel is not
authorized to market the funds. The fee is capitalized as
a non-current asset representing cost of obtaining
contract. The cost of obtaining the contracts is expected
to be recovered over the fund commitment period. The
benefit of the cost is primarily considered to be attribut -
able to the period when the fund investments are
carried out. Therefore, the useful life of the asset is the
commitment period which is expected to be between
three to six years. The asset is amortized on a straight-
line basis.
FINANCIAL INSTRUMENTS
The EQT AB Group’s financial assets consist of financial
investments, including carried interest, accounts receiv -
able and other receivables and cash and cash
equivalents. Financial liabilities comprise accounts
payable, short and long-term interest-bearing liabilities
and other financial liabilities.
Cash and cash equivalents consist of on-demand
deposits with credit institutions.
Recognition and initial measurement
Accounts receivable are initially recognized when issued.
All other financial assets and financial liabilities are
Note 2 cont.
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initially recognized when the EQT AB Group becomes a
party to the contractual provisions of the instrument.
Financial assets (other than accounts receivable)
and financial liabilities are initially measured at fair
value plus or minus, for assets or liabilities not sub -
sequently measured at fair value through the income
statement, transaction costs that are directly attribut -
able to their acquisition or issue. Accounts receivable
are initially measured at the transaction price.
Classification and subsequent measurement of
financial assets and financial liabilities
— Financial assets
A financial asset is initially classified into one of three
measurement categories. The classification depends on
how the asset is managed (business model) and the
characteristics of the asset’s contractual cash flows.
The measurement categories for financial assets are as
follows:
— Fair value through profit or loss (FVPL)
— Fair value through other comprehensive income
(FVOCI)
— Amortized cost (AC)
Financial assets are measured at amortized cost if both
of the f ollowing conditions are met:
— The financial asset is held within a business model
whose objective is to realize the cash flows from the
financial assets by holding the financial assets and
collecting its contractual cash flows over the life of
the assets and
— The contractual terms of the financial asset give rise
to cash flows that are solely payments of principal
and interest on the principal amount outstanding.
Financial assets measured at amortized cost include
accounts receivable, other long-term as well as short-
term receivables and cash and cash equivalents.
Financial assets are measured at FVOCI if both of
the following conditions are met:
— The financial asset is held within a business model
whose objective is to realize the cash flows from the
financial assets both by collecting the contractual
cash flows and selling financial assets and
— The contractual terms of the financial asset give rise
to cash flows that are solely payments of principal
and interest on the principal amount outstanding.
The EQT AB Group does currently not have any financial
assets measured at FVOCI.
A financial asset shall be measured at FVPL unless it
is measured at amortized cost or at FVOCI.
Financial assets measured at FVPL currently include
Financial investments incl carried interest.
— Financial liabilities
Financial liabilities are either measured at amortized
cost or at FVPL. All of the EQT AB Group’s financial
liabilities are measured at amortized cost using the
effective interest rate method.
Impairment of financial assets
A loss allowance is recognized to reflect the expected
credit losses on financial assets not recognized at FVPL.
For accounts receivable and contract assets, the loss
allowance is measured at an amount equal to the
expected losses under the entire lifetime of the accounts
receivable and the contract assets. For other receiv -
ables and bank balances the loss allowance is mea -
sured at an amount equal to the 12 month expected
credit losses, as long as there has been no significant
increase in credit risk since initial recognition.
The 12 month expected credit losses are the portion
of the expected credit losses that result from default
events that are possible within 12 months after the
reporting date or a shorter period if the expected life
of the instrument is less than 12 months. If there is a
significant increase in credit risk, a loss reserve is
instead recognized to reflect the expected credit losses
under the entire lifetime of the asset.
Credit losses are measured as the present value of
all cash shortfalls, i.e. the difference between the cash
flows due to the entity in accordance with the contract
and the cash flows that the EQT AB Group expects to
receive. Expected credit losses are discounted using the
effective interest rate of the asset.
The loss allowance is deducted from the gross
carrying amount of the assets in the balance sheet.
Impairment of financial assets measured at amor -
tized cost are reversed if the expected losses decrease.
Financial guarantee contracts
Financial guarantee contracts are contracts that require
the issuer to make specified payments to reimburse the
holder for a loss that it incurs because a specified debtor
fails to make payment when it is due in accordance with
the original or modified terms of a debt instrument.
Financial guarantee contracts are initially measured
at fair value and subsequently at the higher of i) the
amount initially recognized less, when appropriate, the
cumulative amount of income recognized in accordance
with the principles of IFRS 15 “Revenue from Contracts
with Customers”, and ii) the amount of the expected
credit loss allowance determined in accordance with
IFRS 9 “Financial Instruments”.
Fair value measurement
Fair value is the price that would be received on sale of
an asset or paid to transfer a liability in an orderly
transaction between market participants at the mea -
surement date in the principal market or, in its absence,
the most advantageous market to which EQT AB Group
has access at that date.
When appropriate, the EQT AB Group measures the
fair value of an instrument using the quoted price in an
active market for that instrument. A market is regarded
as active if transactions for the asset or liability take
place with sufficient frequency and volume to provide
pricing information on an ongoing basis.
If there is no quoted price in an active market, the EQT
AB Group uses valuation techniques that maximize the use
of relevant observable inputs and minimize the use of
unobservable inputs. The chosen valuation technique
incorporates all of the factors that market participants
would take into account in pricing a transaction.
INTANGIBLE ASSETS
Goodwill
As from the acquisition date, goodwill acquired in a
business combination is allocated to each cash-gener -
ating unit (CGU) or group of cash-generating units of
the EQT AB Group expected to benefit from the syner -
gies of the combination. Goodwill is measured at cost
less accumulated impairment losses. Impairment test is
undertaken annually in the fourth quarter or more
frequently if events or changes in circumstances indi -
cate potential impairment loss, see below. Expenditures
for internally generated goodwill are recognized in the
income statement as expenses when incurred.
Other intangible assets
Other intangible assets constitutes acquired customer
contracts, investor relationships, licenses and trade -
marks and are accounted for at cost less accumulated
amortization and any accumulated impairment losses.
IMPAIRMENT
At each reporting date, the EQT AB Group reviews its
assets to determine whether there is any indication of
impairment.
Note 2 cont.
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Impairment of Property, plant and equipment, right-of-
use assets and Intangible assets
Impairment tests are performed as soon as any indica -
tions of impairment losses arise for individual assets or
cash-generating units.
Goodwill, the recoverable amount is estimated at
least annually, irrespective of any indication of impair-
ment or not.
If an asset does not generate largely independent
cash inflows and its fair value less cost of disposal
cannot be used, the assets are grouped together into
the smallest group of assets that generates cash inflows
from continuing use that are largely independent of the
cash inflows of other assets or cash-generating units.
In assessing value in use, the estimated future cash
flows after tax are discounted to their present value
using an after tax discount rate that reflects current
market assessments of the time value of money and the
risks specific to the asset or cash-generating unit. An
impairment loss is recognized if the carrying amount of
an asset or cash-generating unit exceeds its recover -
able amount. Impairment losses are recognized in the
income statement. Any impairment loss to be recog -
nized for a cash-generating unit is allocated primarily
to goodwill and secondly pro rata to other assets of the
cash- generating unit.
EQUITY
Purchase of treasury shares
Acquisitions of treasury shares are recognized as a
reduction of equity. Proceeds from the sale of treasury
shares are recognized as an increase in equity. Any
transaction costs are recognized directly in equity.
EMPLOYEE BENEFITS
Short-term employee benefits
Short-term employee benefits are estimated and are
expensed as the related service is provided. A liability is
recognized for the amount expected to be paid if the
EQT AB Group has a present legal or constructive
obligation to pay this amount as a result of past service
provided by the employee and the obligation can be
estimated reliably.
Defined contribution plans
Defined contribution plans comprise the pension-plans
in which the EQT AB Group’s obligation is limited to the
fees the EQT AB Group undertakes to pay. In that case,
the size of the employee’s pension depends on the fees
paid by the EQT AB Group to the plan or to an insurance
company and the return on capital invested. Conse -
quently, it is the employee who carries the actuarial risk
(the compensation will be lower than expected) and the
investment risk (that the invested assets will be insuffi -
cient to provide the expected benefits). Obligations for
contributions to defined contribution plans are
expensed as the related service is provided.
Defined benefit plans
Defined benefit plans are plans for post-employment
benefits other than defined contribution plans, where
the employer is obligated to pay future pensions to the
retiree on a certain benefit level.
Termination benefits
Termination benefits are expensed at the earliest of:
— When the EQT AB Group can no longer withdraw the
offer of those benefits and
— When the EQT AB Group recognizes costs for a
restructuring program including the terminations.
Benefits expected to be settled within 12 months of the
reporting date are recognized as current liabilities.
Benefits not expected to be settled within 12 months of
Note 2 cont.
the reporting date are recognized at present value as
long-term liabilities.
Share-based payments
The share incentive program with separate annual
grants during five years is recognized as an equity-
settled share-based payment. In each tranche, partici -
pants may earn a bonus during an initial performance
year, for the sole purpose of investing in shares in EQT
AB following said performance year. The shares cannot
be sold during the following three-year period. For the
2024 and 2025 grants, with certain limited exceptions,
no vesting conditions apply during this period why the
expense for each tranche is recognized over the initial
performance year, with a corresponding amount
recognized directly in equity.
Expense for social security charges is recognized in
an equivalent manner, with a corresponding entry as a
liability.
The bad leaver provision was revised during 2025 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 occurring 12
months after the grant date 2026 and annually thereafter.
The expense for each tranche is recognized over the
vesting period, with a corresponding amount directly in
equity.
The recognition of expense for social security
charges differs between jurisdictions but is mainly
recognized over the performance year.
In addition to the share program, an employee
stock option plan was implemented with an annual
grant for the years 2023–2027, the options are granted
free of charge, where the first performance year was
2023 with a subsequent three-year holding period.
Like the share program, it is classified as an equity
settled plan and an expense is recognised for the
performance period of one year except for new hires
and future leaders employed during the year, who have
a service requirement also during the holding period.
For the 2024 and 2025 grants, with certain limited
exceptions, no vesting conditions apply during the three
year holding period, why the expense for each tranche
is recognized over the initial performance year, with a
corresponding amount recognized directly in equity.
Expense for social security charges is recognized in
an equivalent manner, with a corresponding entry as a
liability.
The bad leaver provision was revised during 2025 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 occurring 12
months after the grant date 2026 and annually thereafter.
The expense for each tranche is recognized over the
vesting period, with a corresponding amount directly in
equity.
The recognition of expense for social security
charges differs between jurisdictions but is mainly
recognized over the performance year.
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Note 3 Use of judgments and estimates
The management of the EQT AB Group makes esti -
mates and assumptions concerning the future as well as
exercises judgment in applying the accounting princi -
ples when preparing financial statements. Estimates
and judgments are continually evaluated and the
assessments are based on historical experience and
other factors, including expectations of future events
that are believed to be reasonable under the circum -
stances. The resulting accounting estimates will, by
definition, seldom equal the related actual results. The
sources of estimation uncertainty in the assessments
given below refer to those that entail a significant risk of
resulting in a material adjustment to the carrying amount
of assets and liabilities within the following financial year,
together with significant judgments in the application of
the EQT AB Group’s accounting policies.
FINANCIAL INVESTMENTS INCLUDING CARRIED
INTEREST (MEASUREMENT ESTIMATES)
Carried interest and investment income consist primar -
ily of changes in fair value of the EQT AB Group’s fund
investments. Determining the fair value for the invest -
ments require subjective assessment with varying
degrees of judgement regarding e.g. liquidity, pricing
assumptions, the current economic and competitive
environment and the risks affecting the specific finan -
cial asset. EQT AB Group’s measurement of fair value of
the fund investments is based on the net asset value, i.e
as if all underlying investments were realized at the cur -
rent fair value as of such date, which consists of each
fund’s estimation of fair value of the fund’s underlying
investments. These estimations of fair value are based
on each fund’s judgment about the assumptions to
reflect what market participants would use in pricing
the asset. The valuation techniques applied by the funds
Note 4 Operating segments
The CEO of EQT AB Group has been identified as the
chief operating decision maker. EQT AB Group is
divided into operating segments based on how the CEO
reviews and evaluates the operation. The operating
segments correspond to the internal reporting used to
assess performance and to allocate resources.
OPERATING SEGMENTS
EQT’s operations are divided into two business seg -
ments: Private Capital and Real Assets. The operations
of both business segments consist of providing invest-
ment management services in the private investment
markets. The investment management services com -
prise i.a. structuring and investment advice, as well as
reporting and administrative services.
The business segment Private Capital consists of the
strategies EQT Ventures, EQT Life Sciences, EQT Health -
care Growth, EQT Growth, EQT Private Equity, EQT
Private Capital Asia and EQT Future. The business
segment Real Assets consists of the strategies EQT
Value-Add Infrastructure, EQT Active Core Infrastruc -
ture, EQT Transition Infrastructure and EQT Real Estate.
The CEO assesses the operating segments based on
the line items presented below, primarily on Revenue
and Gross segment results. Segment Revenue/ Adjusted
Revenue have been adjusted whereby carried interest is
only recognized after applying a valuation buffer
(30-50%) on the unrealized part of the underlying fund
valuations. Accordingly, Total Revenue according to
IFRS Accounting Standards reflects the carried interest
without the application of a valuation buffer and rep -
resents the short term impact of fund valuation
changes.
for valuing the financial investments are applied consis -
tently, and only change if deemed necessary to reflect a
representative fair value.
The carrying amount of financial investments,
including carried interest at 31 December 2025 was EUR
5,172.0m (EUR 4,302.3m), see Note 18.
CARRIED INTEREST (JUDGEMENT IN APPLYING
ACCOUNTING POLICIES)
EQT accounts for the entire investment in Special
Limited Partners (SLP) including carried interest, as a
financial instrument in accordance with IFRS 9 at fair
value through profit or loss. The investment in SLP is a
contract which gives the right to receive cash without a
requirement for other performance than making the
investment, and therefore meets the definition of a
financial instrument. The fair value changes are pre -
sented as Carried interest and investment income in the
consolidated income statement.
UNCONSOLIDATED STRUCTURED ENTITIES
(JUDGEMENT IN APPLYING ACCOUNTING
POLICIES)
According to IFRS 10 “Consolidation”, an investor that
has control over only specified and ring-fenced assets
and liabilities within a structured entity should, for
consolidation purposes, treat portions of the entity as a
deemed separate entity.
EQT AB is an indirect investor in each EQT fund,
typically through structured entities, one structured
entity for each EQT fund. These indirectly owned enti -
ties have different investors with different economic
rights and responsibilities.
The activities of the structured entities are directed
through partnership agreements and not through
voting rights predetermined at the outset of the investee
through agreements are not considered relevant
activities that require subsequent direction by the inves -
tor and are accordingly not consolidated.
EQT accounts for these contractual rights as finan -
cial investments in the underlying funds, including
carried interest.
FUND MANAGER AS AGENT (JUDGEMENT IN
APPLYING ACCOUNTING POLICIES)
As described in the accounting policies in Note 2, EQT
AB Group is, in accordance with the principles in IFRS
10, assessed to act as an agent rather than a principal
in relation to the funds it manages. Accordingly, the
Group does not control or consolidate these funds.
Although the fund management activities provide
EQT AB Group with power over the funds’ relevant
activities, the Group’s exposure to variability of returns
from the funds is limited relative to the total variability
of returns of the funds (see Note 2). Based on this
assessment, EQT AB Group is considered to exercise its
power on behalf of the other investors, rather than
primarily for its own benefit.
Consequently, the third control criterion in IFRS 10
– the ability to use power over an investee to affect the
amount of the investor’s returns – is not met, and the
funds are therefore not consolidated.
===== SIDA 73 =====
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REVENUE ADJUSTMENTS
Total Segment Revenue/Adjusted Revenue represents
the amount of carried interest expected to be converted
to cash in a mid term perspective (a more prudent reve -
nue recognition model). The difference between Total
Revenue (according to IFRS Accounting Standards) and
Adjusted Revenue/Total Segment Revenue is the appli -
cation of valuation buffer (30-50%) on the unrealized
part of the underlying fund valuations.
EXPENSES
Expenses directly incurred by each respective business
segment are included in Gross segment result, whereas
items reported under Central have not been allocated
to any business segment. Central consists of EQT AB
Group Management, Client Relations and Capital
Raising, Fund Operations, EQT Digital and other spe -
cialist teams such as HR and Group Finance.
ADJUSTMENT ITEMS
Adjustment items consist of revenue adjustments (see
above) as well as non-cash adjustments and items
affecting comparability.
Non-cash adjustments in 2025 relates to an adjust -
ment of the part of the acquisition considerations
subject to lock-up, amortization of identified surplus
values in relation to performed acquisition and the
non-cash portion of the equity incentive program cost.
The part of the considerations subject to lock-up is
treated as a personnel expense from an accounting
perspective and recorded in the income statement over
the lock-up period.
Non-cash adjustments in 2024 relates to an adjust -
ment of the part of the acquisition considerations
subject to lock-up, amortization of identified surplus
values in relation to performed acquisitions as well as
the non-cash portion of equity incentive program cost.
The part of the considerations subject to lock-up is
treated as a personnel expense from an accounting
perspective and recorded in the income statement over
the lock-up period.
Items affecting comparability in 2025 mainly relates
to an adjustment of costs relating to an organizational
review.
Items affecting comparability in 2024 includes an
adjustment of the associated cost, the change in fair
value of contingent considerations (earn-out) and the
revaluation of certain investments relating to US Multi -
family totaling approximately EUR 80m net of tax as
well as integration costs as a result of performed
acquisitions.
GEOGRAPHICAL AREAS
Total revenues attributed to a geographic region are
generally based on the country of domicile of each
managed EQT Fund.
2025
Fee-related
revenue
2024
Fee-related
revenue
Sweden - -
Luxembourg 1,614.5 1,417.3
Cayman Islands* 214.5 282.9
Other countries 454.4 403.8
2,283.4 2,104.0
* Relates to BPEA and is expected to decrease over time.
2025
Carried interest
and investment
income
2024
Carried interest
and investment
income
Sweden 2.4 -
Luxembourg 334.8 589.8
Other countries 11.8 -41.1
349.0 548.7
Currently there are six funds that represent 63% (68%) of
total revenue. Total revenue from these six funds
amounts to EUR 1,662.7m (EUR 1,805.9m) whereof EUR
1,104.0 (EUR 1,212.1m) relates to the segment Private
Capital and EUR 558.6m (EUR 593.8m) relates to the
segment Real Assets.
EQT’s non-current assets presented below comprise of
Goodwill, Other intangible assets, Property, plant and
equipment including right-of-use assets and Other
non-current assets. As of December 31, 2025 and 2024 the
non-current assets were held by the following countries.
2025 2024
Sweden 44.1 21.7
Hong Kong 1,809.2 2,070.7
Singapore 996.3 1,310.0
USA 1,356.8 1,602.9
Other countries 432.4 439.5
4,638.9 5,444.8
Note 4 cont.
===== SIDA 74 =====
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January–December 2025
EUR m
Private
Capital
Real
Assets Central
Total
adjusted
Revenue
adjustment
Non-
cash
adjust-
ments
Items
affecting
compar-
ability
IFRS
reported
Management fee 1,159.5 1,000.8 12.7 2,173.0 2,173.0
Fee-related performance revenues 8.9 1.5 -0.0 10.4 10.4
Transaction, advisory, and other fees 90.5 9.4 0.2 100.0 100.0
Fee-related revenue 1,258.8 1,011.7 13.0 2,283.4 2,283.4
Carried interest and investment income 376.6 34.4 37.2 448.1 -99.2 349.0
Total revenue 1,635.3 1,046.1 50.1 2,731.6 -99.2 - - 2,632.4
Personnel expenses -282.7 -230.2 -304.0 -816.9 -39.5 -25.2 -881.6
Acquisition related personnel expenses - -95.7 -95.7
Other operating expenses -28.9 -33.7 -209.8 -272.5 -1.0 -273.4
Total operating expenses -311.6 -264.0 -513.8 -1,089.4 - -135.2 -26.2 -1,250.8
Gross segment result 1) / EBITDA2) 1,323.8 782.1 -463.7 1,642.2 -99.2 -135.2 -26.2 1,381.6
Margin, % 80.9% 74.8% 60.1% 52.5%
Depreciation and amortization -79.0 -79.0
Amortization of acquisition related
intangible assets - -349.8 -349.8
EBIT 1,563.2 -99.2 -485.1 -26.2 952.8
Net financial income and expense -57.0 -57.0
whereof change in fair value of contingent
consideration - -
Income taxes -184.5 11.3 5.2 -168.0
Net income 1,321.8 -99.2 -473.8 -21.0 727.8
1) Gross segment result relate to the segments Private Capital and Real Assets.
2) EBITDA relates to Central, Total adjusted and IFRS reported.
January–December 2024
EUR m
Private
Capital
Real
Assets Central
Total
adjusted
Revenue
adjustment
Non-
cash
adjust-
ments
Items
affecting
compar-
ability
IFRS
reported
Management fee 1,129.7 907.0 16.4 2,053.1 2,053.1
Fee-related performance revenues 0.0 0.0
Transaction, advisory, and other fees 46.8 4.0 50.9 50.9
Fee-related revenue 1,176.5 907.0 20.4 2,104.0 2,104.0
Carried interest and investment income 184.9 44.8 21.0 250.8 411.5 -113.7 548.7
Total revenue 1,361.4 951.9 41.5 2,354.8 411.5 – –113.7 2,652.6
Personnel expenses -280.9 -215.7 -250.8 –747.5 -93.3 -3.0 –843.8
Acquisition related personnel expenses – -228.0 –228.0
Other operating expenses -32.3 -35.6 -180.7 –248.6 -8.2 –256.8
Total operating expenses –313.3 –251.3 –431.5 –996.1 – -321.3 -11.2 –1,328.6
Gross segment result 1) / EBITDA2) 1,048.2 700.6 –390.0 1,358.7 411.5 -321.3 –124.9 1,324.0
Margin, % 77.0% 73.6% 57.7% 49.9%
Depreciation and amortization –71.2 –71.2
Amortization of acquisition related
intangible assets – -364.8 –364.8
EBIT 1,287.5 411.5 -686.1 –124.9 888.0
Net financial income and expense –4.5 15.7 11.2
whereof change in fair value of contingent
consideration – 15.7 15.7
Income taxes –167.8 21.6 23.4 –122.9
Net income 1,115.1 411.5 -664.6 –85.8 776.3
1) Gross segment result relate to the segments Private Capital and Real Assets.
2) EBITDA relates to Central, Total adjusted and IFRS reported.
Note 4 cont.
===== SIDA 75 =====
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Note 5 Revenue
FEE-RELATED REVENUE
Management fee
The EQT AB Group earns management fees for fund
management services, typically based on agreements
over the life of each fund, generally with a term of 10–12
years. Management fee is a recurring revenue and the
fees are predominately based on the committed capital
during the commitment period and the cost of invested
capital during the divestment period.
The management fee is payable half-yearly in
advance and adjusted in the following half-year period
should any triggering events occur. Examples of trigger-
ing events include launch of a successor fund, com-
mencement of the divestment period/end of commitment
period and multiple closings in funds in fundraising.
Fee-related performance revenues
Performance fees measured on a recurring basis driven
by NAV appreciation above the applicable hurdle rate
on the eligible portion of the portfolio, and which do not
require the realization of underlying assets to material -
ize. A high-watermark mechanism applies, such that
performance fees are only earned on NAV increases
above the highest level on which fees have previously
been crystallized. Performance fees crystallize and are
paid quarterly for European products and annually for
US products.
Transaction, advisory, and other fees
Comprise fees from debt and equity underwriting,
portfolio company monitoring and other capital market
and advisory activities, which are recognized in the
income statement upon transaction closing.
For further information of the EQT AB Group’s
management fee, see Note 2 section “Revenue”.
CONTRACT ASSETS AND CONTRACT LIABILITIES
Contract assets are reported within Other prepaid
expenses and accrued income. Contract liabilities are
reported within Accrued expenses and prepaid income,
see Note 17.
Deferred income and accrued income are reported
as contract assets and contract liabilities, respectively.
The EQT AB Group presents contract assets and liabili-
Specifications of changes in contract assets and contract liabilities related to fee-related revenue
2025 2024
EUR m
Contract
assets
Contract
liabilities
Contract
assets
Contract
liabilities
Opening balance 105.5 -104.8 126.6 –67.2
Transfers from contract assets recognized at the beginning of the
period to receivables -105.5 –126.6
Revenue recognized that was included in the contract liability balance
at the beginning of the period 104.8 67.2
Revenue recognized during the period not yet invoiced/not yet
chargeable 107.9 105.5
Payment in advance during the period for performance obligations not
yet performed -133.5 –104.8
Closing balance 107.9 -133.5 105.5 –104.8
ties relating to fee-related revenue. The contract asset
and liability regarding fee-related revenue arise from
timing differences between the time of generating the
revenues and payment. The timing difference is mainly
related to the beginning of the life of a fund, before the
final close of a fund, or after the end of the commitment
period of the fund.
Note 6 Other operating expenses
EUR m 2025 2024
External services and consultants 102.8 103.5
IT expenses and Office expenses 54.8 55.4
Administrative expenses 115.8 97.8
Total other operating expenses 273.4 256.8
In 2025 items affecting comparability of EUR 1.0m
(External services and consultants) relates mainly to
costs relating to an organizational review.
In 2024 items affecting comparability of EUR 8.2m
(Administrative expenses) relate to integration costs as
a result of performed acquisitions.
CARRIED INTEREST AND INVESTMENT INCOME
Investment income consists primarily of changes in fair
value of the EQT AB Group’s underlying fund invest -
ments. Carried interest is a share of return on invest -
ments that the EQT AB Group receives through its
holdings in the Special Limited Partners based on the
returns of the relevant fund and the development of the
fund’s underlying investments. The EQT AB Group is
entitled to an agreed share of accumulated returns
exceeding agreed thresholds (“hurdles”) over the life of
each individual fund. Changes in fair value are recog -
nized in the income statement. Capital gains on realized
investments are normally distributed within 3–5 days of
an exit. Sensitivity analysis with regards to changes in
fair value of financial investments, including carried
interest is presented in Note 18.
LONG-TERM CONTRACTS
Management fee is normally calculated on the underly -
ing EQT funds’ committed capital during the commit -
ment period, between 3–6 years, depending on fund
duration. After the commitment period has ended, the
investment cost is used as basis for calculating man -
agement fee. During this period, management fee is
based on the respective fund’s remaining invested
capital measured at cost.
Cost of obtaining a contract
EUR m 2025 2024
Opening balance 29.3 17.8
Additions 26.1 28.7
Amortization -22.7 –17.2
Closing balance 32.6 29.3
===== SIDA 76 =====
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Note 7 Employees, senior executives and board of
directors
GUIDELINES FOR REMUNERATION TO THE CEO
AND OTHER SENIOR EXECUTIVES DURING 2025
At the annual shareholders’ meeting held on 27 May
2024, it was resolved to adopt the following guidelines
for remuneration and other terms of employment for
the CEO and other senior executives.
Guidelines for executive remuneration
The CEO and other members of the Executive Commit -
tee (executive management) fall within the provisions of
these guidelines. To the extent a Board member con -
ducts work for EQT, in addition to the board work,
consulting fees and other compensation for such work
may be paid. The guidelines are forward-looking, i.e.
they are applicable to remuneration agreed, and
amendments to remuneration already agreed, after
adoption of the guidelines by the Annual Shareholders’
Meeting 2024. These guidelines do not apply to any
remuneration separately decided or approved by the
shareholders’ meeting.
EQT has a clear remuneration philosophy (including
for variable cash) applicable across the whole group
which also governs the remuneration to the Executive
Committee and links compensation to the EQT AB
Group’s business strategy, sustainability, long-term
interests and long-term value growth for its sharehold -
ers.
Most important is to incentivize fund performance
and ensure aligned interest with our limited partners in
the EQT funds, EQT AB’s shareholders as well as EQT’s
long term approach. EQT is a performance driven
organization focused on long-term value creation in
line with our culture. Team performance and individual
performance are important – therefore we reward
both. Performance is key to our success and we award
higher performance with higher compensation.
To be able to achieve the business goals, EQT needs
to be able to attract and retain world class talent
suitable for each role. To achieve this, EQT applies
market competitive total compensation.
EQT compensates locally based on geography and
in line with local practice and regulations, taking into
account, to the extent possible, the overall purpose of
these guidelines.
The principles in these guidelines enable EQT AB to
offer the Executive Committee a competitive total
remuneration.
For more information regarding the EQT AB Group’s
business strategy, please see EQT AB’s webpage,
www.eqtgroup.com.
Share-related incentive programs
The EQT Share Program and the EQT Option Program
were resolved by the Annual Shareholders’ Meeting
2023 and are therefore excluded from these guidelines.
The EQT Option Program includes members of the
Executive Committee in EQT AB. The performance
criteria used to assess the outcome of the EQT Option
Program are tied to the individual’s current role scope
and contribution to EQT’s performance through value
creation and future proofing, the share price develop -
ment, adding value to the wider EQT Platform as well as
impact on delivering on EQT’s sustainability ambitions.
The participants will receive employee stock options
free of charge, with an exercise period occurring during
a one-month period. Each employee stock option
entitles the participant to acquire one ordinary share in
EQT AB at a price corresponding to the price per ordi -
nary share as of the date of grant, subject to a net strike
mechanism, cap on the gain per employee stock option
and customary recalculation mechanisms. For the EQT
Share Program, the performance targets are tied to the
EQT AB Group’s financial targets, EQT’s general com -
petitiveness, the individual meeting or exceeding EQT’s
highly set expectations on adding value to the EQT
Platform as well as impact on delivering on EQT’s
sustainability ambitions. The program includes Partners
and senior employees, members of the Executive
Committee are generally not participants of the EQT
Share Program. The participants invest a variable
amount (financed by EQT) in ordinary shares after a
performance year, whereupon an approximately
three-year holding period follows. The Annual Share -
holders’ Meeting 2019 also resolved on an EQT Share
Program, under which no new investments in EQT AB
shares are made, with holding periods until 2026. For
more information regarding the EQT Share Program
and EQT Option Program, including the criteria which
the outcome depends on, please see EQT AB’s remu -
neration report, available on eqtgroup.com/sharehold -
ers/ .
Type of remuneration, etc.
The remuneration shall be on market terms and may
consist of the following components: fixed remuneration,
variable cash remuneration, pension benefits and other
benefits. The shareholders’ meeting may – irrespective of
these guidelines – resolve on, among other things,
share-related or share price-related remuneration.
Fixed remuneration
The fixed remuneration, i.e. base salary, should be
competitive and reflect responsibility and performance.
Variable remuneration
The satisfaction of criteria for awarding variable cash
remuneration, within the EQT Bonus program, shall be
measured over a period of one year. The variable cash
remuneration may amount to no more than 200 percent
of the annual base salary.
The EQT Bonus program consists of a performance
assessment of the business as well as an individual
performance assessment. Important business perfor -
mance factors determining the size of the bonus is the
success of the underlying business measured by busi-
ness performance in the funds (investments and exits as
well as portfolio and fund performance), business
profitability, fundraising, sustainability as well as orga-
nizational development. The individual performance is
assessed versus agreed targets as well as meeting,
exceeding or not meeting high set individual perfor-
mance expectations for the individual in the current role.
To which extent the criteria for awarding variable
cash remuneration has been satisfied shall be evalu-
ated/determined when the measurement period has
ended. The remuneration committee shall be responsi -
ble for the evaluation so far as it concerns variable
remuneration to the CEO. For variable cash remunera-
tion to other members of the Executive Committee, the
CEO shall be responsible for the evaluation. For financial
objectives, the evaluation shall be based on the latest
financial information made public by EQT AB.
The Executive Committee partly consists of owners
of EQT AB. Owners that owned above 1.5 percent of the
shares of EQT AB at IPO or at relevant acquisition may
not be comprised by the EQT Bonus program, i.e. vari-
able cash remuneration, nor any of the relevant
share-related incentive programs. Therefore, total
remuneration for part of the Executive Committee
consists of base salary, pension benefits and other
benefits.
===== SIDA 77 =====
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Pension
All members of the Executive Committee shall be
covered by defined contribution pension plans, for
which pension premiums shall be based on the mem -
bers’ base salary and paid by the company during the
period of employment. For current members of the
Executive Committee pension contributions shall be
based on base salary and follow contribution levels in
accordance with local market practice, except for the
application of a cap. For Sweden, this means that it
shall be comparable to the old BTP-plan with a contri -
bution cap for base salary exceeding 40 Income base
amounts. The pension premiums shall amount to no
more than 25 percent of the annual base salary.
Other benefits
Other benefits, such as insurances (health, life, travel),
sports contributions or occupational health services,
should be payable to the extent this is considered to be
in line with market conditions in the market concerned.
Premiums and other costs relating to such benefits may
amount to no more than 25 percent of the annual base
salary. Executive Committee members who relocate for
the purposes of the position or who work in other multi-
ple countries may also receive such remuneration and
benefits as are reasonable to reflect the special circum -
stances associated with such arrangements, taking into
account the overall purpose of these guidelines and
alignment with the general policies and practices within
EQT AB Group applicable to cross border work.
Recommendation to invest in EQT AB shares
The Board recommends each Executive Committee
member (who do not already have such holding) to
acquire, over a three-year period, EQT AB shares or
similar instruments corresponding to at least one year’s
base salary, before taxes and excluding other remuner -
ation.
Termination of employment and terms for severance
pay for the CEO
A twelve month notice period will apply if notice is given
by the CEO or EQT AB. The CEO’s employment terms
include a non-competition clause. If used, this would
entitle the employee to an additional compensation
corresponding to a maximum of twelve months’ salary,
however, reduced by any remuneration paid by a new
employer.
Termination of employment and terms for severance
pay for senior executives
In the event of notice being given by the EQT AB Group,
a notice period of nine months applies, while in the
event of notice being given by the senior executive a
period of notice of six months applies. The senior
executives’ employment terms also include a non-com -
petition clause. If used, this entitles the employee to an
additional compensation corresponding to a maximum
of nine months’ salary, however, reduced by any remu -
neration paid by a new employer. Base salary during
the notice period and severance pay may not together
exceed an amount corresponding to the base salary for
eighteen months. When termination is made by the
executive, the notice period may not exceed six months,
without any right to severance pay.
Salary and employment conditions for employees taken
into account during preparations of these guidelines
In the preparation of the Board’s proposal for these
remuneration guidelines, salary and employment
conditions for employees of the EQT AB Group have
been taken into account by including information on the
employees’ total income, the components of the remu -
neration and increase and growth rate over time, in the
remuneration committee’s and the Board’s basis of
decision when evaluating whether the guidelines and
the limitations set out herein are reasonable.
The decision-making process to determine, review
and implement the guidelines
The Board has established a remuneration committee.
The committee’s tasks include preparing the Board’s
decision to propose guidelines for executive remunera -
tion. The Board shall prepare a proposal for new guide -
lines at least every fourth year and submit it to the
shareholders’ meeting. The guidelines shall be in force
until new guidelines are adopted by the shareholders’
meeting. The remuneration committee shall also moni -
tor and evaluate programs for variable remuneration
for the Executive Committee, the application of the
guidelines for executive remuneration as well as the
current remuneration structures and compensation
levels in the EQT AB Group. The current members of the
remuneration committee are independent of EQT AB
and its Executive Committee. The CEO and other mem -
bers of the Executive Committee do not participate in
the Board’s processing of and resolutions regarding
remuneration-related matters in so far as they are
affected by such matters.
Deviation from the guidelines
The Board may temporarily resolve to deviate from the
guidelines, in whole or in part, if in a specific case there
may be special cause for the deviation and a deviation
should be necessary to serve the EQT AB Group’s
business strategy, sustainability, long-term interests
and long-term value growth for its shareholders, or to
ensure the EQT AB Group’s financial viability. As set out
above, the remuneration committee’s tasks include
preparing the Board’s resolutions in remuneration-re -
lated matters. This includes any resolutions to deviate
from the guidelines.
Proposal guidelines for executive remuneration
(remuneration policy)
For guidelines for executive remuneration (remunera -
tion policy) that are to be resolved by the Annual Share -
holders’ Meeting 2026, see the full proposal in the
“Board of Directors’ Report”.
Salary and remunerations to employees
EUR m 2025 2024
Salaries, bonuses and remunerations 826.2 933.6
Pension expenses, defined contribution
plans 24.1 22.4
Social security expenses 71.7 59.2
922.0 1,015.2
Other personnel related expenses 55.4 56.6
Personnel expenses 1) 977.3 1,071.8
1) Whereof EUR 95.7m (EUR 228.0m) relates to personnel expenses as a result of
performed acquisitions.
Note 7 cont.
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Average number of employees
2025
whereof
women
whereof
men 2024
whereof
women
whereof
men
USA 435 39% 61% 424 38% 62%
Sweden 382 51% 49% 379 48% 52%
UK 289 50% 50% 242 50% 50%
Luxembourg 143 47% 53% 146 48% 52%
China, Hong Kong 115 59% 41% 109 55% 45%
Germany 95 40% 60% 98 40% 60%
Singapore 86 46% 54% 81 46% 54%
The Netherlands 41 51% 49% 45 45% 55%
Australia 40 40% 60% 36 31% 69%
Japan 36 29% 71% 38 33% 67%
India 35 29% 71% 26 25% 75%
Spain 34 42% 59% 30 37% 63%
Switzerland 31 44% 56% 29 38% 62%
France 30 36% 64% 31 35% 65%
China, Shanghai 23 44% 56% 26 47% 53%
South Korea 21 47% 53% 22 41% 59%
Denmark 18 57% 43% 21 62% 38%
Italy 18 47% 53% 18 44% 56%
Poland 10 24% 76% 5 19% 81%
Norway 5 49% 51% 8 36% 64%
Finland 4 29% 71% 6 32% 68%
Ireland 4 25% 75% 3 29% 71%
Mexico 4 17% 83% 1 0% 100%
Austria 2 50% 50% 2 34% 66%
Belgium 1 0% 100% 1 0% 100%
United Arab Emirates 0 100% 0% — — —
Total 1,903 45% 55% 1,827 44% 56%
Board and senior executives split by gender
Proportion of women 2025 2024
Board (parent company) 38% 43%
Senior executives 13% 33%
As of 31 December 2024, women represented 43% of the
Board of Directors. Following the appointment of Jacob
Wallenberg Jr., female representation on the Board as
of 31 December 2025 changed to 38%.
The EQT AB Group’s Executive Committee consisted
of eight persons in 2025. In May Christian Sinding
stepped down as CEO and Per Franzén assumed the
role of CEO. In June 2025, James Yu joined the Executive
Committee, while Suzanne Donohoe, Ricardo Reyes and
Bahare Haghshenas stepped down from the Executive
Committee. The senior executives are employed by
different companies in the EQT AB Group.
REMUNERATION TO THE MEMBERS OF
THE BOARD OF DIRECTORS
Board fees, including Chairperson fees, are resolved by
the Annual Shareholders’ meeting. At the Annual
Shareholders’ meeting held on 27 May 2025, it was
resolved that EUR 331,500 shall be paid to the Chairper -
son of the Board and EUR 150,500 to each of the other
Board members who are not employed by the com -
pany. In addition, EUR 42,000 will be paid to the Chair -
person of the audit committee and EUR 21,000 to each
of the other audit committee members, as well as EUR
40,000 to the chairperson of the remuneration commit -
tee and EUR 20,000 to each of the other remuneration
committee members. The board members are not
entitled to any benefits following termination of their
assignments as board members. The Annual General
Meeting further resolved that the remuneration to the
Board of Directors shall be settled in EQT AB shares at
the end of the term of office.
Note 7 cont.
Salaries and other remunerations and pension
expenses for the board of directors and senior
executives
EUR m 2025 2024
Salaries, bonuses and remunerations 10.9 10.9
(whereof bonuses) 3.1 3.9
Equity incentive programs 11.9 14.0
Pension expenses 0.4 0.7
23.2 25.5
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Salaries and other remunerations to senior executives and board of directors
2025
EUR m
Base salary,
board fee Bonus
Pension
expenses
Other
benefits
Equity
incentive
programs1) Total
Chairperson of the board (Conni Jonsson)
Remuneration from parent company 0.3 - - - - 0.3
Remuneration from subsidiaries 0.1 - 0.0 0.0 - 0.1
Board member (Marcus Wallenberg)
Remuneration from parent company 0.2 - - - - 0.2
Remuneration from subsidiaries - - - - - -
Board member (Margo Cook)
Remuneration from parent company 0.2 - - - - 0.2
Remuneration from subsidiaries - - - - - -
Board member (Jacob Wallenberg Jr)
Remuneration from parent company 0.1 - - - - 0.1
Remuneration from subsidiaries - - - - - -
Board member (Diony Lebot)
Remuneration from parent company 0.2 - - - - 0.2
Remuneration from subsidiaries - - - - - -
Board member (Richa Goswami)
Remuneration from parent company 0.2 - - - - 0.2
Remuneration from subsidiaries - - - - - -
Board member (Gordon Orr) 2)
Remuneration from parent company 0.2 - - - - 0.2
Remuneration from subsidiaries
Board member (Brooks Entwistle)
Remuneration from parent company 0.2 - - - - 0.2
Remuneration from subsidiaries - - - - - -
CEO (Christian Sinding)
Remuneration from parent company - - - - - -
Remuneration from subsidiaries 0.3 - 0.0 0.0 - 0.3
CEO (Per Franzén)
Remuneration from parent company 0.3 - - 0.1 - 0.4
Remuneration from subsidiaries 0.1 - - 0.0 - 0.1
Other senior executives
(7 persons)
Remuneration from parent company 0.3 0.4 0.1 0.0 2.4 3.3
Remuneration from subsidiaries 4.1 2.7 0.2 0.9 9.5 17.4
Total 6.7 3.1 0.4 1.0 11.9 23.2
Remuneration from parent company 2.2 0.4 0.1 0.1 2.4 5.2
Remuneration from subsidiaries 4.6 2.7 0.3 0.9 9.5 18.0
1) The remuneration relates to amounts awarded in relation to the EQT Share Program and the EQT Option Program. Awarded amounts for 2025 will be settled using
options implying that the full value of the remuneration is a non-cash cost for the Group.
2) Gordon Orr has during 2025 provided consultancy services to EQT in addition to his assignment as board member. Remuneration for such consultancy services are
included in the column “Base salary, board fee”. For further information, see Note 23.
2024
EUR m
Base salary,
board fee Bonus
Pension
expenses
Other
benefits
Equity
incentive
programs1) Total
Chairperson of the board (Conni Jonsson)
Remuneration from parent company 0.3 — — — — 0.3
Remuneration from subsidiaries 0.1 — 0.0 — — 0.1
Board member (Marcus Wallenberg)
Remuneration from parent company 0.2 — — — — 0.2
Remuneration from subsidiaries — — — — — —
Board member (Margo Cook)
Remuneration from parent company 0.2 — — — — 0.2
Remuneration from subsidiaries — — — — — —
Board member (Johan Forssell)
Remuneration from parent company 0.1 — — — — 0.1
Remuneration from subsidiaries — — — — — —
Board member (Diony Lebot)
Remuneration from parent company 0.2 — — — — 0.2
Remuneration from subsidiaries — — — — — —
Board member (Richa Goswami)
Remuneration from parent company 0.1 — — — — 0.1
Remuneration from subsidiaries — — — — — —
Board member (Gordon Orr) 2)
Remuneration from parent company 0.2 — — — — 0.2
Remuneration from subsidiaries — — — — — —
Board member (Brooks Entwistle)
Remuneration from parent company 0.2 — — — — 0.2
Remuneration from subsidiaries — — — — — —
CEO (Christian Sinding)
Remuneration from parent company — — — — — —
Remuneration from subsidiaries 0.6 — 0.0 0.0 — 0.7
Other senior executives
(11 persons)
Remuneration from parent company 0.9 1.2 0.2 0.0 4.1 6.3
Remuneration from subsidiaries 3.8 2.8 0.5 0.0 9.9 17.0
Total 6.9 3.9 0.7 0.0 14.0 25.5
Remuneration from parent company 2.4 1.2 0.2 0.0 4.1 7.8
Remuneration from subsidiaries 4.6 2.8 0.5 0.0 9.9 17.7
1) The remuneration relates to amounts awarded in relation to the EQT Share Program and the EQT Option Program. Awarded amounts for 2024 will be settled using
options implying that the full value of the remuneration is a non-cash cost for the Group.
2) Gordon Orr has during 2024 provided consultancy services to EQT in addition to his assignment as board member. Remuneration for such consultancy services are
included in the column “Base salary, board fee”. For further information, see Note 23.
Note 7 cont.
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REMUNERATIONS TO SENIOR EXECUTIVES AND
OTHER EMPLOYEES
EQT Board and its Remuneration Committee resolves
on remuneration in the form of equity-based incentive
programs. The Remuneration Committee further
resolves on the remuneration for the Executive Commit -
tee. EQT AB Group has an internal Compensation
Committee that establishes and approves remuneration
in the form of levels of salary, bonus, pension and other
benefits for employees in EQT. The total remuneration
may consist of base salary, bonus, equity-based incen -
tive programs, pension and other benefits. The bonus is
related to annual achievement on both group wide and
individual targets. Target achievement of bonus is
determined in the beginning of the subsequent year.
Most employees are part of the EQT Bonus program.
Variable remuneration for CEO and senior executives
Neither the former CEO, Christian Sinding, nor the
current CEO, Per Franzén, has participated in EQT’s
bonus program. Most Executive Committee members
are entitled to variable remuneration through the EQT
Bonus program.
EQT INCENTIVE PROGRAMS
EQT Share Program
The last grant of the EQT Share Program (established in
2019 and amended in 2025) 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.
The EQT Share Program (established in 2023) con-
sists 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 perfor -
mance targets during the performance year, an amount
Based on the number of shares as of 31 December 2022, the maximum dilution for the EQT Option Program is
four percent in total. EQT intends, over time, to repurchase shares to offset the dilution related to the EQT Option
Program1).
EQT Share Program2)
Performance period Grant year
Shares to be
granted
Dilution impact from
shares to be granted
2023 2024 631,547 0.05%
2024 2025 752,016 0.06%
Total 1,383,563 0.12%
Performance period Grant year
Shares to be
granted 3)
Dilution impact from
shares to be granted
2025 2026 1,103,354 0.09%
EQT Option Program2)
Performance period Grant year
Options to be
granted Strike price (SEK)
Current dilution
– options
Max dilution
– options
2023 2024 4,430,306 295 0.07% 0.28%
2024 2025 8,238,670 360 0.01% 0.52%
Total 12,668,976 0.08% 0.80%
Performance period Grant year
Options to be
granted4)
Strike price
(SEK)4)
Current dilution
– options
Max dilution
– options
2025 2026 8,287,795 364 n.a. 0.52%
Note 7 cont.
may be awarded which after the performance period is
settled in the total number of outstanding shares in EQT
AB that corresponds to the amount awarded. 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 instal-
ments of 33% with the first vesting occurring 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 repur -
chase shares to offset the dilution related to the EQT
Share Program1).
EQT 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 perfor -
mance 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 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.
form collaboration, (ii) Responsible and appropriate
cost management, (iii) Growth from a business line
focused management to firm wide leadership, (iv)
Tangible contribution to the sustainability goals of the
company, (v) Developing new business areas for EQT.
Total option grant level was EUR 61.4m (EUR 59.7m) of
which grant cost recognized in 2025 was EUR 23.5m
(EUR 59.7m) of which none (none) was cash cost.
PERFORMANCE TARGETS AND COST
EQT Share Program
Performance in relation to targets for Adjusted Revenue
growth, Adjusted EBITDA margin and a Science-Based
Targets has resulted in a gross share grant level of EUR
71.4m for 2025 (EUR 44.0m), of which EUR 34.3m (EUR
21.2m) was cash cost. Grant cost recognized in 2025 was
EUR 40.4m (EUR 44.0m) of which EUR 27.0m (EUR
21.2m) was cash cost.
EQT Option Program
The granting of options is based on participants’ indi -
vidual fulfillment of targets in the performance frame -
work including (i) Building and developing cross-plat -
1) During 2025 EQT completed a repurchases of 10.5m shares.
2) Dilution metrics calculated based on share count as of 31 December 2022
(1,186,127,535).
3) Indicative figures assuming a share price corresponding to end 2025 of SEK
364. To be granted in February 2026.
4) Indicative figures assuming a share price of SEK 364 (end 2025) and a
corresponding option value of SEK 80. To be granted in February 2026.
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Non-cash cost
The total non-cash cost recognized in 2025 for the
incentive programs amounts to EUR 39.5m (EUR 93.3m)
whereof EUR 37.0m (EUR 82.4m) relates to granted
amounts in 2026 and EUR 2.5m (EUR 10.9m) relates to
additional non-cash cost such as social charges for
which cash payment is contingent on a gain and only
due at exercise.
Dilution1)
For performance years 2023 and 2024, 1,383,563 shares
were granted within the EQT Share Program, corre-
sponding to a dilution impact of 0.12% and 12,668,976
options were granted within the EQT Option Program.
The Option Program will only be dilutive in case the EQT
AB share price at exercise is above the share price at
grant. The exercise price is capped at 4x the share price
at grant. Any gain above the share price at grant and up
to the cap will be settled in shares (net strike mechanism).
As such, dilution in relation to options granted is capped
at 75% of the number of total options granted, or 0.80%.
Assuming a share price corresponding to end 2025
of SEK 364, current total dilution for options granted
would be 0.08%
For the performance year 2025, assuming grant
levels as of 2025 and a share price corresponding to 31
December 2025 of SEK 364, 1,103,354 shares 2) and
8,287,795 options3) would be granted, respectively. As a
result, the dilution impact from the share program
would be 0.09% . Max dilution in relation to the option
program 2025 is capped at 75% of the number of
options granted, or 0.52%.
Other benefits
EQT AB Group offers all employees a variety of
non-monetary benefits, such as occupational health
service, health insurance, life insurance, employee
fitness programs and sports contributions.
Certain investments by senior executives
Certain members of the board of EQT AB and senior
executives of EQT AB Group, including the CEO of EQT
AB, have invested in various carried interest and
employee co-investment schemes related to the EQT
funds. The returns (in the form of investment income
and capital appreciation) are fully dependent on the
performance of the relevant fund and the fund’s under -
lying investments.
Pension terms
The EQT AB Group has defined contribution plans that
generally follows a specific table for level of contribu -
tions based on age and/or income level. Wherever
possible, the contributions are only made on base
salary up to locally set caps. Payments to these plans
are made on a continuous basis according to the rules
of each plan. The expenses for defined contribution
plans in 2025 amounted to EUR 24.1m (EUR 22.4m).
The chairperson of the board, Conni Jonsson, has a
defined benefit pension plan which has been secured
through a trust. The defined benefit plan consisted
partly of a guaranteed amount corresponding to the
accumulated amount of historical contributions and
partly of a variable amount corresponding to the fair
value of the trust’s net assets in excess of the guaran -
teed amount. If the fair value of the trust’s net assets
was lower than the guaranteed amount EQT AB Group
was obliged to contribute the difference. As of 31
December 2025, EQT AB Group’s part of the fair value
of the trust’s net assets, converted to euro, amounted to
EUR 0.0m (EUR 1.5m) and the guaranteed amount
amounted to EUR 0.0m (EUR 0.4m). From January 2018,
there have been no further contributions to the trust. As
of 31 December 2025, all scheduled payments have
been made and the trust has been liquidated.
Note 7 cont.
Note 8 Audit fees and expenses
EUR m 2025 2024
KPMG
Audit services 2.3 2.4
Tax consultancy 0.0 0.1
Other services 0.1 0.1
Other auditors
Audit services - –
Audit services refer to the legally required examination
of the annual report and the book-keeping, the board
of director’s and the CEO’s management and any other
audit examinations or agreed-upon procedures deter -
mined by contract. This includes other work assign -
ments which rest upon the Company’s auditor to con -
duct, and advising or other support justified by
observations in the course of the audit.
Note 9 Financial income and expenses
EUR m 2025 2024
Interest income 27.4 63.5
Translation gains 130.4 72.5
Change in fair value of contingent con -
sideration - 15.7
Other financial income 0.0 0.1
Financial income 157.8 151.9
Interest expenses -69.8 –60.5
Translation losses -139.5 –73.3
Other financial expenses -5.4 –7.0
Financial expenses -214.7 –140.7
Net financial income and expenses -57.0 11.2
All interest income and expenses from financial assets
and financial liabilities are measured at amortized cost.
1) During 2025 EQT completed a repurchases of 10.5m shares.
2) Indicative figures assuming a share price corresponding to end 2025 of SEK
364. To be granted in February 2026.
3) Indicative figures assuming a share price of SEK 364 (end 2025) and a
corresponding option value of SEK 80. To be granted in February 2026.
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Note 10 Income taxes
EQT AB Group has operations in different jurisdictions.
Each jurisdiction has its own tax legislation and regula-
tions. Constant changes of the income tax rules and the
interpretation of the legislation create exposures regard-
ing income taxes. The complexity of rules related to
income taxes in different jurisdictions and the accounting
for these require management’s involvement in judg-
ments and estimates. These estimates might differ from
the actual outcome.
EQT AB Group has documented guidelines, processes
and controls for managing both income taxes and other
taxes. Through these processes the Group ensures that
tax risks are identified and mitigated through tax risk
identification processes.
Throughout 2025, the Global Minimum Tax (GMT)
legislation and related OECD guidance have been
subject to continuous development. Estimated tax
expenses during the period associated with the GMT
rules amounted to EUR 0.7m (EUR 1.2m). In relative
terms, this level of top-up tax is representative of the
estimated impact of the GMT rules in the short to
medium term, subject to developments of the rules. The
EQT AB Group applies the exception to recognize and
disclose information about deferred tax assets and
liabilities related to Global Minimum Tax, as provided in
the amendments to IAS 12 issued in May 2023.
Taxes recognized in the income statement
EUR m 2025 2024
Current tax expense (–)/tax income (+)
Current tax expense / income for the year -158.4 –138.2
Tax attributable to prior years -25.4 –0.3
-183.9 –138.5
Deferred tax expense (–)/tax income (+)
Deferred tax related to temporary
differences 15.3 20.5
Deferred tax related to prior years 0.5 -4.8
15.8 15.6
Total reported income tax -168.0 –122.9
Reconciliation of effective tax rate
EUR m 2025 2024
Profit before income tax 895.9 899.2
Tax at parent company’s statutory
rate 20.6% (20.6%) -184.5 –185.2
Effect of:
Foreign tax rates 1) -51.8 –48.5
Non-deductible expenses -21.6 –74.2
Non-taxable income 2) 125.7 197.0
Increase in non-recognized tax losses -14.3 -8.8
Decrease in non-recognized tax losses 6.8 2.4
Tax attributable to prior years -24.9 –5.1
Global minimum tax -0.7 -1.2
Other -2.5 0.7
Reported effective tax -168.0 –122.9
1) The effect of foreign tax rates is comprised of EUR -20.5m (EUR -17.2m) relating
to tax rates applied in subsidiary jurisdictions deviating from the parent
company statutory tax rate and EUR -31.3m (EUR -31.3m ) relating to tax rates
applied in purchase price accounting.
2) Non-taxable income includes income that is not subject to taxation and income/
entities not recognized for tax purposes under the normal corporate income tax
regime of the relevant jurisdiction, e.g. dividends and capital gains subject to
local participation exemption regimes.
Recognized deferred tax assets and liabilities
Change in deferred tax in temporary differences
2025 2024
EUR m
Deferred tax
asset
Deferred tax
liability
Deferred tax
asset
Deferred tax
liability
Property, plant and equipment 0.5 0.4 0.7 1.4
Intangible assets 0.0 270.6 26.8 332.7
Other 21.7 -2.5 22.3 –
Tax loss carry-forward 11.5 - 23.0 –
33.6 268.6 72.7 334.1
The change in deferred tax in the balance sheet
amounts to EUR 26.4m (EUR 7.2m). The change in
deferred tax not recorded in the income statement
predominantly relates to FX effects and other items
recognized in equity.
Unrecognized deferred tax assets
Accumulated tax losses and interest expense carry
forwards for which no deferred taxes have been
recognized amount to EUR 307.1m (EUR 266.1m).
Deferred tax assets have not been recognized as
there is insufficient certainty regarding the availability
of future taxable profits against which these tax losses
and interest expense carry forwards can be utilized.
The EUR 307.1m comprises unrecognized tax losses of
EUR 244.6m (EUR 172.8m) mainly related to Luxem -
bourg and the US and the unrecognized interest
expense carry forwards of EUR 62.5m (EUR 93.3m)
mainly related to Sweden and the US. The expiry dates
of the tax losses and net interest expense carry for -
wards are within the following intervals:
Tax losses and interest expense carry
forwards expiring 2025 2024
Within 10 years 3.5 47.6
More than 10 years 81.4 87.9
Indefinite 222.2 130.6
Total 307.1 266.1
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Note 11 Intangible assets
Other intangible assets
EUR m
Investor
relation -
ships Trademark
Customer
contracts
Other intan -
gible assets
Total Other-
intangible
assets Goodwill
Accumulated cost
Opening balance 1.1.2025 1,553.2 202.7 2,155.8 98.4 4,010.1 2,222.0
Additions - - - 0.2 0.2 -
Disposals - - - -0.8 -0.8 -
Reclassification - - - 1.7 1.7 -
Translation difference -162.3 -22.3 -222.6 6.6 -400.6 -181.4
Closing balance 31.12.2025 1,390.9 180.4 1,933.1 106.1 3,610.5 2,040.7
Accumulated amortization and impairment
Opening balance 1.1.2025 -280.3 -70.4 -619.3 -98.4 -1,068.5 -
Amortization -96.2 -23.4 -230.2 -2.6 -352.5 -
Disposals 0.8 0.8 -
Reclassifications -0.9 -0.9 -
Translation difference 32.7 8.7 72.4 -4.1 109.7 -
Closing balance 31.12.2025 -343.8 -85.2 -777.1 -105.3 -1,311.4 -
Carrying amount 31.12.2025 1,047.1 95.2 1,156.0 0.8 2,299.1 2,040.7
Accumulated cost
Opening balance 1.1.2024 1,472.3 191.6 2,044.7 101.9 3,810.5 2,132.6
Additions – – – - – –
Translation difference 80.9 11.1 111.0 -3.5 199.6 89.4
Closing balance 31.12.2024 1,553.2 202.7 2,155.8 98.4 4,010.1 2,222.0
Accumulated amortization and impairment
Opening balance 1.1.2024 -167.4 -42.6 –352.0 -100.9 –663.0 –
Amortization -100.3 -24.5 –240.0 - -364.8 –
Translation difference -12.6 -3.4 -27.3 2.6 –40.7 –
Closing balance 31.12.2024 -280.3 -70.4 –619.3 -98.4 –1,068.5 –
Carrying amount 31.12.2024 1,272.9 132.3 1,536.4 0.0 2,941.7 2,222.0
The Group’s intangible assets arise primarily from
acquired businesses. These acquired intangible assets
consist largely of goodwill but also trademark, customer
contracts and investor relationship. For information on
amortization, see the accounting policies in Note 2.
Goodwill
Goodwill is attributable to performed acquisitions.
Goodwill is tested for impairment at the lowest level
within the EQT AB Group where goodwill is monitored
for internal management purposes, which is the Real
Asset segment EUR 931.9m (EUR 1,043.0m) and Private
Capital segment EUR 1,108.8m (EUR 1,179.1m) respec -
tively.
Amortization principles
The amortization is made, applying the straight-line
method, over the estimated useful life, unless the useful
life is indefinite. Goodwill is reviewed for impairment
annually or more frequently if there are indications of
any potential impairment from events or changes in
circumstances. Intangible assets with definite useful
lives are amortized from the point in time they are
available for the intended use.
Estimated useful life:
Investor relationships 15 years
Trademark 5-8 years
Customer contracts Remaining term of contracts,
between 3–7 years
Other 3-5 years
Amortization methods and useful lives are reviewed at
each reporting date and adjusted if appropriate.
Impairment test of units containing goodwill
The recoverable amount was based on its value in use.
The value in use was determined by discounting the
expected future cash flows generated from the continu-
ing use of the operation’s net operating assets. The
following discount rates and long-term growth rates
were used:
Private Capital 31.12.2025 31.12.2024
Discount rate post-tax, % 9.9 9.9
Discount rate pre-tax, % 11.1 11.2
Annual cash flow growth beyond
year 5, % 2.0 2.0
Real Assets 31.12.2025 31.12.2024
Discount rate post-tax, % 8.8 8.8
Discount rate pre-tax, % 10.0 10.0
Annual cash flow growth beyond
year 5, % 2.0 2.0
The discount rate used in the impairment test is the
post-tax WACC, assuming no debt financing (i.e. equal
to the cost of equity). The cost of equity has been
calculated according to the Capital Asset Pricing Model
(CAPM) and is based on the risk-free interest rate with
addition of the market risk premium multiplied with the
assumed beta value (based on beta values of similar
quoted companies) and a size premium.
Cash flows were projected for a period of five
years, assuming constant annual growth rate thereaf -
ter. The cash flow forecasts are based on the budget for
the following year and the long term forecast for years
two to five. The operating profit forecast was mainly
based on expected outcome of future fundraisings and
increase in personnel expenses. Terminal growth rate,
assumed from year six and onwards, is applied to an
assumed stable cash flow in year five.
The impairment test resulted in a value in use higher
than the carrying amount with significant headroom.
Management believes that any reasonably possible
change in any of the key assumptions would not cause
the recoverable amounts to be lower than the carrying
values.
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Note 12 Property, plant and equipment
Owned assets
EUR m Equipment
Leasehold
improvement
Acquisition cost
Opening balance 1.1.2025 25.4 86.3
Additions 4.8 29.9
Disposals -1.8 -6.3
Reclassification 0.1 -1.8
Translation difference -1.9 -4.2
Closing balance 31.12.2025 26.5 103.9
Depreciation
Opening balance 1.1.2025 -15.2 -39.2
Depreciation -3.1 -10.6
Disposals 1.7 6.3
Reclassification -0.3 1.2
Translation difference 1.0 1.6
Closing balance 31.12.2025 -15.9 -40.6
Carrying amount 10.6 63.3
Acquisition cost
Opening balance 1.1.2024 18.3 74.8
Additions 8.0 9.5
Disposals –6.6 –0.6
Reclassification 5.4 1.0
Translation difference 0.3 1.6
Closing balance 31.12.2024 25.4 86.3
Depreciation
Opening balance 1.1.2024 –12.3 –28.2
Depreciation –3.7 –10.0
Disposals 6.4 0.5
Reclassification -5.4 -1.0
Translation difference -0.2 -0.6
Closing balance 31.12.2024 –15.2 –39.2
Carrying amount 10.1 47.1
Right-of-use assets
EUR m Office premises
Opening balance 1.1.2025 194.5
Depreciation -40.0
Other changes, net 38.1
Closing balance 31.12.2025 192.6
Opening balance 1.1.2024 118.9
Depreciation –40.1
Other changes, net 115.8
Closing balance 31.12.2024 194.5
Total Property, plant and equipment
EUR m 2025 2024
Equipment 10.6 10.1
Leasehold improvement 63.3 47.1
Office premises 192.6 194.5
Carrying amount 266.5 251.8
Depreciation principles
Depreciation is made over the asset’s estimated useful
life using the straight-line method. Leased assets are
also depreciated over the asset’s useful life or, if shorter,
the term of the lease considering any extension or
termination options, that are judged to be reasonably
certain to be used, see Note 2 “Leases”.
The estimated useful life:
Equipment 3–5 years
Leasehold improvements 3–10 years
Depreciation methods, useful lives and residual values
are reviewed at each reporting date and adjusted if
appropriate.
Note 13 Accounts receivable and other current assets
EUR m 2025 2024
Expenses to be recharged 57.3 37.1
Drawdown receivable 3.7 66.9
Other receivables on fund 166.8 162.6
Other receivables 67.8 71.4
Total other current assets 295.6 337.9
Note 14 Equity
Shares
2025 2024
Ordinary shares
Issued per 1 January 1,180,449,205 1,183,593,930
Converted C shares 385,499 348,106
Allocation of treasury shares 785,604 661,169
Buy-back -10,466,539 –4,154,000
Issued per 31 December – paid 1,171,153,769 1,180,449,205
Total numbers of C shares out -
standing 496,056 881,555
Total number of outstanding
shares 1,171,649,825 1,181,330,760
All ordinary shares carry one vote and class C shares
carry 0.1 vote. The class C shares carry the same eco -
nomic rights as ordinary shares.
As of 31 December 2025, EQT held 63,458,131
(60,676,207) ordinary shares in treasury, which are not
entitled to dividends or votes at shareholders’ meetings.
Excluding shares held in treasury by EQT, there are
1,171,649,825 outstanding shares in EQT.
During the year EQT completed a repurchase of
10,466,539 shares, corresponding to a value of EUR
296.0m. The objective is to, over time, offset the dilution
impact from EQT’s Incentive Programs. Total amount
paid for shares held in treasury amounts to EUR 451.9m.
During 2025 (based on performance 2024), and in
line with the EQT incentive programs, 785,604 of the
shares held by EQT has been allocated to participants
in the programs and is hence outstanding as of 31
December 2025.
Since 24 September 2019, EQT’s ordinary shares are
listed on Nasdaq Stockholm Large Cap.
DIVIDEND DISTRIBUTION TO THE OWNERS
OF THE PARENT COMPANY
The Board of directors proposes a dividend to the
shareholders of SEK 5.00 per share for the fiscal year
2025. The dividend is proposed to be paid out in two
equal installments, 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 Decem -
ber 2026, respectively.
The Board of directors of EQT AB has adopted a
dividend policy which aims to generate a steadily
increasing annual dividend per share.
EQUITY MANAGEMENT
The EQT AB Group maintains a financial position that
supports the confidence of investors, creditors and the
market, and provides a basis for continued develop -
ment of business operations, and that the long-term
returns generated to the shareholders are satisfactory.
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RESTRICTIONS ON TRANSFERABILITY
At the time of the listing of EQT AB in 2019, and in
relation to various subsequent acquisitions (including
Exeter, Life Science Partners and BPEA), certain current
and former employees have agreed, with certain
exceptions, to not, without the prior written consent
from EQT AB, sell or transfer their respective share
holdings in EQT AB during a certain period of time
(lock-up undertaking).
In addition to the restriction on selling or transfer -
ring the shareholding, the acquisition related lock-up
undertakings also generally include vesting conditions
under a “leaver put option clause” or a share forfeiture
mechanism.
The shares within the previous EQT share program
(adopted by the Annual Shareholders’ Meeting in 2019
and amended by the Annual Shareholders’ Meeting in
2025) constitute non-listed class C shares, with rights to
receive dividends and with 0.1 vote, that will be held for
three years before being converted into ordinary shares
that can be traded.
The ordinary shares allocated to participants within
the current EQT Share Program (adopted by the share -
holders 2023) are subject to a holding period of three
years following each relevant time of allocation. During
such holding period, the shares can not be transferred
or disposed.
Other than the above there are no restrictions on the transferability of the EQT AB shares due to statutory
provisions, the articles of association or, as far as the Company is aware, any agreement.
An overview of the expiry of various lock-up undertakings can be found below.
2026 2027 2028
#number of shares released (in millions) Feb Sep Feb Sep Feb Sep
IPO - 87 - 63 - 63
Exeter - - - - - -
LSP 4 - - - - -
BPEA - 29 - 29 - 29
Total 4 116 – 93 – 93
% of number of shares 0.3% 9.9% – 7.9% – 7.9%
Note 14 cont.
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Note 15 Interest bearing liabilities
For more information regarding the EQT AB Group’s
exposure to interest risks and foreign currency risks, in
respect of interest-bearing liabilities, see Note 18.
EUR m 2025 2024
Non-current liabilities
Lease liabilities 1) 163.8 161.3
Bond loan2) 2,443.6 2,020.5
2,607.4 2,181.7
Current liabilities
Short-term loans - –
Loans from credit institutions - –
Current portion of lease liabilities 1) 37.2 41.2
37.2 41.2
1) Lease liabilities, for further information, see Note 19.
2) Bond loan, for further information, see Note 18.
Note 16 Other liabilities
EUR m 2025 2024
Other current liabilities
Drawdown 2.5 9.6
Other 157.1 116.1
159.6 125.6
Note 17 Accrued expenses and prepaid income
EUR m 2025 2024
Accrued personnel expenses 342.5 313.8
Accrued consultancy fees 10.8 19.7
Other accrued expenses 191.7 192.1
Prepaid income 140.0 111.5
685.0 637.0
Note 18 Financial instruments and financial risks
FINANCIAL RISK MANAGEMENT FRAMEWORK
The EQT AB Group conducts a risk management frame -
work to mitigate and control EQT AB Group’s financial
risks in a cost-efficient manner. The financial risk
management is covered in the EQT AB Group Finance
Policy. The policy is reviewed yearly, and any new
version must be approved by EQT AB Group’s Board of
directors who has the ultimate responsibility for the
establishment and control mechanisms of the Group’s
risk management. The EQT AB Group is exposed to the
following financial risks:
— Credit risk
— Liquidity risk
— Market risks (interest rate risk, currency risk, fair
value risk of holdings in EQT funds)
CREDIT RISK
Credit risk arises from the potential financial loss in the
event a counterparty to EQT AB Group is unable to fulfil
its obligations towards the EQT AB Group. This relates
primarily to receivables and contract assets, cash held at
bank accounts, any derivative instruments outstanding
with a positive fair value and any financial guarantees.
The credit risk exposures are regularly reviewed to assess
exposures and concentrations of risks in accordance with
procedures set out in EQT AB Group’s Treasury Guide-
lines.
The book value of financial assets excluding Finan -
cial investments (incl carried interest) represents the
EQT AB Group’s maximum exposure to credit risks from
recognised financial assets. At 31 December 2025
financial assets amounted to EUR 6,564.8m (EUR
5,780.1m). Financial guarantees can hypothetically also
give rise to some credit risk. The financial guarantees
are described below under the heading Financial
guarantees. Financial investments (incl carried interest)
give rise to fair value risk, not credit risk.
Receivables and contract assets
The Group’s exposure to credit risk from receivables
and contract assets is defined by the characteristics of
the individual counterparties, primarily consisting of
EQT funds. Credit risks are reviewed on a regular basis
and there are no significant credit risks identified as of
the balance sheet date, nor have there been any during
the reporting period.
The Group regularly reviews expected credit losses
for receivables and contract assets, primarily based on
historical losses. The Group has historically not suffered
any material losses from receivables and contract
assets and there are no receivables post due at the
balance sheet date (none). The expected credit loss at
the balance sheet date is therefore considered insignifi -
cant (insignificant).
Cash and cash equivalents
The financial credit risk exposure mainly arises from
cash deposits held on bank accounts. EQT AB Group’s
Treasury Guidelines stipulates which banks that are
approved for cash deposits and relationships are
closely monitored by the Group’s Treasury department.
The minimum official credit rating for a counterparty, in
terms of deposits, is BBB (S&P, or S&P equivalent). As of
31 December 2025, the Group held cash and cash
equivalents of EUR 978.6m (EUR 1,024.0m).
Expected credit losses are assessed on a regular
basis primarily based on external credit ratings for the
counterparties and information about historical losses.
The EQT AB Group has historically not suffered any
losses from cash and cash equivalents. As of 31 Decem -
ber 2025, the expected credit losses are considered
insignificant and reflects the short maturities of the
deposits and the credit quality of counterparties
reflected in the external credit ratings (insignificant).
Distribution of cash and cash equivalents by credit
rating of counterparties:
Credit rating 31.12.2025
A+ 94%
A– 6%
BBB 0%
Total 100%
Credit rating 31.12.2024
A+ 82%
A– 18%
BBB 0%
Total 100%
Financial guarantees
The EQT AB Group has guaranteed to cover certain
carried interest claw-back obligations related to the
funds EQT VIII, EQT IX, EQT X, EQT Growth, EQT Future,
EQT Infrastructure IV, EQT Infrastructure V, EQT Infra-
structure VI, EQT Healthcare Growth and BPEA IX.
Under the limited partnership agreement of each
applicable fund vehicle, an assessment will be made at
termination of the fund to determine if there has been
an overpayment of carried interest to the Special
Limited Partner (being the recipient of carried interest).
Any overpayment of carried interest will in the first
instance be satisfied by a return of amounts which are
placed into escrow to cover a claw-back scenario. In
the unlikely event that amounts held in escrow would be
insufficient to cover the claw-back liability, then the
guarantee may be called upon to cover the balance. At
31 December 2025, no carried interest had been gener -
ated, nor paid, from EQT X, EQT Growth, EQT Future,
EQT Infrastructure V, EQT Infrastructure VI, EQT Health -
care Growth or BPEA IX (none). EQT VIII has generated
and paid EUR 144.7m in carried interest (EUR 122.4m),
EQT IX has generated and paid EUR 46.5m in carried
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interest (EUR 13.1m) and EQT Infrastructure IV has
generated and paid EUR 10.9m in carried interest (EUR
0.0). As of 31 December 2025, it is estimated that EQT
AB Group does not have any exposure related to these
guarantees (none).
On April 17, 2025, the Issuer (EQT AB) entered into a
guarantee arrangement in relation to a EUR 600.0m,
five year multicurrency revolving credit facility for the
purpose of funding employee investments.
In order to facilitate certain individuals’ financing,
through loans from a financial institution, of investments
in carry schemes related to funds raised since 2015, the
EQT AB Group has issued guarantees to the relevant
financial institution. According to the terms of these
guarantees, the EQT AB Group will pay to the lender
any amounts due under the loan agreements due to the
individuals being in default on debt repayment. In
addition, the individuals have entered into agreements
with the EQT AB Group, by which they have agreed to
reimburse the EQT AB Group for any amount that the
EQT AB Group has paid to the lender under the guaran -
tee. The total amount covered by the guarantees, i.e.
the maximum exposure to credit risk, at 31 December
2025 amounts to EUR 18.0m (EUR 29.6m).
The amounts related to financial guarantees has not
had any significant effect on the EQT AB Group’s finan -
cial position at 31 December 2025 and has not affected
the EQT AB Group’s profit or loss for 2025.
LIQUIDITY RISK
The EQT AB Group’s liquidity risk relates to its ability to
meet obligations associated with liabilities and commit -
ments that are settled by cash payments. The EQT AB
Group manages its liquidity risk by ensuring sufficient
liquidity to meet its obligations when due under both
normal as well as stressed conditions. The Group
performs cash forecasting, updated at least on a
monthly basis. On 10 July 2024, EQT extended its exist -
ing EUR 1.5 billion sustainability-linked revolving credit
facility (RCF) for 5 years, with two 1-year extension
options. The RCF was originally signed on 21 December
2020 and increased to EUR 1.5 billion on 25 April 2022.
The RCF is not limited to a specific currency, it can be
utilized in both EUR and USD, by both EQT AB and EQT
Treasury AB. As of 31 December 2025 the RCF was
undrawn. On 14 May 2021, EQT AB issued a EUR 500m
sustainability-linked bond with a maturity of 10 years.
The annual coupon rate is 0.875 percent. On 6 April
2022, EQT AB issued a EUR 750m sustainability-linked
bond with a maturity of 6 years and a coupon rate of
2.375 percent, and also a EUR 750m sustainabili -
ty-linked bond with a maturity of 10 years and a coupon
rate of 2.875 percent. On 1 May 2025, EQT AB issued a
USD 500m bond with a maturity of 10 years with an
annual coupon rate of 5,850 percent. The bond further
increased the EQT AB Group’s financial flexibility and
are used for corporate purposes, supporting the EQT
AB Group’s growth initiatives and long-term strategy.
The RCF and the bonds that were issued in May 2021
and April 2022 are linked to sustainability-related
objectives, meaning that the interest rates of the bonds
and the RCF are increased if the targets are not
achieved, and the interest rate of the RCF is lowered if
the targets are met. It underscores EQT’s approach to
sustainability as an integral part of the EQT AB Group’s
business model and the EQT funds’ portfolio companies.
Cash and cash equivalents as of 31 December 2025
amounted to EUR 978.6m (EUR 1,024.0m).
Distribution of remaining contractual cash flows of
the EQT AB Group’s financial liabilities:
Carrying
amount Expected maturity
EUR m 31.12.2025 Total 2026 2027
After
2027
Interest-bearing
liabilities 2,443.6 2,857.1 68.6 68.6 2,719.8
Accounts payable 1.2 1.2 1.2 - -
Other liabilities 93.1 93.1 93.1 - -
Accrued expenses 200.2 200.2 200.2 - -
Leasing liabilities 201.0 237.1 34.4 30.5 172.3
Remaining
commitments 296.0
Total 2,939.1 3,684.7 397.5 99.1 2,892.1
Carrying
amount Expected maturity
EUR m 31.12.2024 Total 2025 2026
After
2026
Interest-bearing
liabilities 2,020.5 2,242.8 43.8 43.8 2,155.3
Accounts payable 7.7 7.7 7.7 — —
Other liabilities 71.4 71.4 71.4 — —
Accrued expenses 209.4 209.4 209.4 — —
Leasing liabilities 202.5 236.0 35.6 29.1 171.3
Remaining
commitments 446.5
Total 2,511.4 3,213.6 367.8 72.9 2,326.6
Translation into EUR of amounts denominated in foreign
currency has been done using the exchange rate at the
end of the reporting period.
Accounts payables have a maturity of less than one
year. Other payables include drawdown notices issued
by the Special Limited Partners in the funds, normally
with payment terms of 10 days.
At 31 December 2025, the EQT AB Group had remain-
ing commitments to invest in multiple EQT funds and fund
related vehicles of a total amount of EUR 296.0m (EUR
446.5m). The commitments are called over time, nor-
mally between one to five years following the commit-
ment.
INTEREST RATE RISK
The EQT AB Group’s interest rate risk, related to fluctua-
tions in market interest rates with potential impact on
the EQT AB Group’s net financial income, is limited as
the Group’s only long-term interest-bearing debt as of
31 December 2025 are the sustainability-linked bonds
with 6- and 10-year fixed coupon rates, subject to
sustainability-related objectives, as well as USD bond of
$500m with fixed coupon rate. Should the EQT AB
Group be exposed to interest rate risk, the EQT AB
Group Finance Policy allows for use of derivatives to
manage the risk.
As of 31 December 2025 the EQT AB Group’s interest
rate risk mainly relates to interest rates received/paid
on cash deposits, which normally do not exceed the
National bank rate for the relevant currency. Changes
in cash deposits interest rates will affect the Group’s
interest income. lf all interest rates on cash deposits
would increase by 25 basis points, the EQT AB Group’s
annual interest income would increase by EUR 2.4m
(EUR 2.6m), assuming the same level of cash deposits as
of the balance sheet date.
EQT AB Group is not exposed to significant cash
flow risk due to changes of market interest rates in its
lease liabilities, even if cashflows are subject to index
adjustments for certain contracts.
Note 18 cont.
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FOREIGN CURRENCY RISK
The Group’s foreign currency risk relates to potential
changes in exchange rates with impact on the Group’s
income statement and/or the value of its assets and
liabilities.
The Group’s income is primarily denominated in EUR
and/or USD and its expenses are primarily denomi -
nated in EUR, GBP, SEK and USD. Expenses are also
denominated in AUD, BRL, CHF, CNY, CZK, DKK, HKD,
INR, JPY, KRW, NOK, PLN and SGD. In most subsidiaries,
the income and expenses are denominated in the same
currency as the functional currency of the entity and
does therefore not create any currency effects in the
Group’s income statement. The Group’s presentation
currency is EUR. Income and expenses denominated in
EUR are therefore not directly affected by changes in
exchange rates. However, when income and expenses
arise in entities with a functional currency other than
EUR, the Group’s operating profits will be affected by
changes in exchange rates in the period between initial
recognition of revenue or expense and settlement.
The exposure to foreign currency risk is primarily
related to the parent company, EQT AB, and the subsidi-
ary EQT Partners AB, both with the functional currency
SEK. The currency risk arises as the majority of the
income in these entities is denominated in EUR and the
expenses are in SEK. In 2025, EUR 522.0m (EUR 436.9m)
of income in these two entities (99 percent of total
income) were denominated in EUR.
In 2025, currency effects of EUR -8.2m (EUR 3.0m)
were recognized in the Group’s operating profit.
The Group’s exposure to foreign currency risk at the
balance sheet date is primarily related to receivables,
cash balances and liabilities held in currencies other
than the functional currency of the entity. This exposure
primarily arises in the parent company, EQT AB and in
the subsidiaries, EQT Partners AB and BPEA EQT Hold -
ings AB, due to receivables, cash balances and liabilities
in EUR and USD. A strengthening/weakening of the EUR
and USD by 5 percent against SEK at 31 December 2025
would affect the value of those assets, liabilities and the
Group’s income statement by approximately EUR
+/–115.1m (holding all other factors constant) (EUR+/–
113.1m). The sensitivity presented reflect the balances at
the balance sheet date.
The Group is also exposed to currency risk when
translating the balance sheets and income statements
of the parent company and the subsidiaries with a func -
tional currency other than EUR into the presentation
currency of the Group. The balance sheets are trans -
lated using the exchange rate at the balance sheet date
and the income statements are translated using the
average exchange rate for the period. The translation
effect is recognized in other comprehensive income and
accumulated in equity for the Group. The translation
effect recognized in other comprehensive income in
2025 was EUR -585.1m (EUR 309.1m).
Generally, the exposure to foreign currency risk is
not hedged. However, EQT AB Group’s Finance Policy
allows forward contracts to be used to buy future needs
of foreign currencies in advance.
No speculative trading with currencies is allowed
according to the EQT AB Group Finance Policy.
FAIR VALUE RISK
The EQT AB Group is exposed to fair value risk in the
form of changes in the Net Asset Value (NAV) for finan -
cial investments held by the EQT AB Group classified at
fair value through profit or loss. The risk of changes in
NAV is a natural consequence of the EQT AB Group’s
business and the risk is not hedged in any way. The
effect of changes in the NAV on the EQT AB Group’s
profit or loss is presented below under the heading
“Sensitivity analysis of fair values”.
Classification of financial assets and liabilities in measurement categories
Distribution of carrying amounts of financial assets and financial liabilities by measurement categories stipulated
by IFRS 9.
31.12.2025, EUR m
Fair value through
profit or loss
Financial assets at
amortized cost
Financial liabilities at
amortized cost Total
Financial assets
Other financial assets 0.0 10.4 10.4
Accounts receivable 0.0 0.0
Financial investments incl carried interest 5,172.0 0.0 5,172.0
Other current assets 295.6 295.6
Accrued income 108.2 108.2
Cash and cash equivalents 978.6 978.6
Total financial assets 5,172.0 1,392.8 - 6,564.8
Financial liabilities
Interest-bearing liabilities 2,443.6 2,443.6
Accounts payable 1.2 1.2
Other liabilities 93.1 93.1
Accrued expenses 200.2 200.2
Total financial liabilities - - 2,738.1 2,738.1
31.12.2024, EUR m
Fair value through
profit or loss
Financial assets at
amortized cost
Financial liabilities at
amortized cost Total
Financial assets
Other financial assets 0.0 10.1 10.1
Accounts receivable 0.0 0.0
Financial investments incl carried interest 4,302.3 0.0 4,302.3
Other current assets 337.9 337.9
Accrued income 105.8 105.8
Cash and cash equivalents 1,024.0 1,024.0
Total financial assets 4,302.3 1,477.8 — 5,780.1
Financial liabilities
Interest-bearing liabilities 2,020.5 2,020.5
Accounts payable 7.7 7.7
Other liabilities 71.4 71.4
Accrued expenses 209.4 209.4
Total financial liabilities — — 2,308.9 2,308.9
Note 18 cont.
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EQT AB has issued sustainability-linked bonds (classified
as an interest-bearing liability in the balance sheet) with
fixed coupon rates linked to sustainability-related objec-
tives as well as a USD bond of $500m (also classified as
an interest-bearing liability in the balance sheet) with a
fixed coupon rate. Fair value in accordance with Level 1 in
the fair value hierarchy as of 31 December 2025
amounted to EUR 2,377.2m (carrying amount: EUR
2,427.0m). For EQT AB Group’s other financial assets and
liabilities (accounts receivables, other current assets,
accrued income, cash, deposits, accounts payables, other
liabilities and accrued expenses) the carrying amounts
are considered reasonable approximations of their fair
values. This also holds for other long-term assets and
interest-bearing liabilities since these carry variable
interest and therefore the fair value is not significantly
affected by changes in the market interest rates.
FAIR VALUE MEASUREMENT
Fair value is the price that would be received if an asset
was sold, or paid if a liability was transferred in an
orderly transaction between market participants at the
measurement date. The EQT AB Group measures fair
values using the following fair value hierarchy that
reflects the significance of the inputs used in making the
measurements:
— Quoted prices (unadjusted) in active markets for
identical assets or liabilities (level 1)
— Inputs – other than quoted prices included within
level 1 – that are observable for assets or liabilities,
either directly (that is, as prices) or indirectly (that is,
derived from prices) (level 2)
— Inputs for assets or liabilities that are not based on
observable market data (that is, unobservable
inputs) (level 3)
EQT AB Group measures investments, including
carried interest, at fair value in the balance sheet.
Carried interest is a part of a financial instrument that
the EQT AB Group acquires in an arm's length transac -
tion through its holdings in the Special Limited Partners
(SLP). The return on carried interest is fully dependent
on the performance of the relevant fund and is either
payable at the end of the life of the fund or paid as
installments at the time of realization within each fund,
or a combination thereof.
LEVEL 3 FAIR VALUES (FINANCIAL INVESTMENTS
INCLUDING CARRIED INTEREST)
The table below shows a reconciliation of level 3 fair
values for financial investments including carried
interest.
FAIR VALUE FOR FINANCIAL INVESTMENTS
Financial investments disclosed as level 3 financial
instruments consist of investments in EQT funds as well
as strategic investments. The fair value of EQT AB
Group’s financial investments are based on the net
asset value after taking all assets and deducting all
liabilities and provisions. The valuation processes and
techniques described below, therefore, relate to the
most significant processes and techniques for valuing
the underlying holdings.
In valuing the underlying investments, the Interna -
tional Private Equity and Venture Capital Valuation
Guidelines (IPEV Guidelines) are applied when deter -
mining the fair values. Determining the fair value
requires subjective assessment with varying degrees of
judgment regarding what market participants would
use in estimating the value of an asset, including valua -
tion methodology, pricing assumptions, the current
economic and competitive environment, and the risks
affecting the specific asset.
For certain investments, primarily within real estate,
the funds make use of external valuation agents. Valua -
tion agents within real estate operate under the Royal
Institute of Chartered Surveyors (RICS) Valuation –
Global Standards, which incorporate the International
Valuation Standards as published by the International
Valuation Standards Council (IVSC).
The valuation methods applied are consistently
from period-to-period, and only changed if deemed
necessary to reflect a representative fair value.
EQT AB Group applies control processes to ensure
that the fair value of the financial assets reported in the
consolidated financial statements are in accordance
with applicable accounting standards and determined
on a reasonable basis. This includes ensuring that the
underlying valuations are consistent with the IPEV
Guidelines, where relevant, and ensuring that the
valuations are supported by underlying documentation.
Carried interest
From a valuation perspective carried interest is valued
as a separate component of the investment in the SLP.
The value of the financial investments related to carried
interest is based on a calculation of the accrued alloca -
tion of carried interest to EQT AB Group for each fund
pursuant to the fund agreements as if all underlying
investments were realized at the current fair value as of
such date, i.e., the net asset value of the fund. In order
to further validate the value EQT AB Group also takes
into consideration additional historical information such
as fund performance and deployment to date as well as
forward looking information such as the expected
Note 18 cont.
2025
Carried
interest
Strategic
investments
Fund
investments Total
Opening balance at 1 January 2025 2,862.5 734.7 705.1 4,302.3
Net change in fair value 279.1 42.4 27.6 349.0
Investments - 1,109.0 170.9 1,279.9
Reclassifications - - - -
Realization (cash) -169.9 -398.0 -69.5 -637.5
Translation differences -75.1 -39.1 -7.5 -121.7
Closing balance at 31 December 2025 2,896.5 1,449.0 826.5 5,172.0
2024
Carried
interest
Strategic
investments
Fund
investments Total
Opening balance at 1 January 2024 2,308.2 252.3 478.4 3,038.9
Net change in fair value 587.1 -60.1 21.7 548.7
Investments - 643.5 221.5 865.0
Reclassifications - 99.0 - 99.0
Realization (cash) -59.1 -200.0 -16.5 -275.6
Translation differences 26.3 0,0 0,0 26.3
Closing balance at 31 December 2024 2,862.5 734.7 705.1 4,302.3
===== SIDA 90 =====
90
Notes
#01 This is EQT #02 Financial statements #03 Sustainability statement #04 Corporate governance #05 Additional information
Note 19 Leases
AS A LESSEE
The EQT AB Group’s leases mainly consist of office
premises. The carrying amount of the right-of-use
assets for the year can be found in Note 12. The lease
liabilities are presented in the balance sheet and a
maturity analysis of the lease liabilities is presented in
Note 18.
Amounts recognized in the income statement
EUR m 2025 2024
Interest on lease liabilities 6.2 6.9
Depreciation on right-of-use assets 40.0 40.1
46.2 47.0
EQT AB Group recognizes short-term leases and low
value leases directly in the income statement. The
leasing amounts for short-term leases and low value
leases that have been expensed during 2025 and 2024
are not significant.
Amounts recognized in the statement of cash flows
EUR m 2025 2024
Total cash outflow for leases 39.0 39.5
Right-of-use asset in the balance sheet
EUR m 2025 2024
Additions in the right-of-use asset 1) 52.2 112.3
1) Additions in the right-of-use asset consists of both renewals of lease contracts
and lease contracts added through acquisitions.
future deployment of the fund including but not limited
to the expected future pattern of drawdowns, the
expected holding period of investments and lifetime of
the fund. As some of the inputs in the model are not
based on observable market data, the instrument is
included in level 3.
The EQT AB Group’s maximum risk exposure relat -
ing to carried interest are represented by the amount
recognized in the balance sheet as “Financial invest -
ments incl carried interest”. In addition, EQT AB Group is
exposed to the risk of claw-backs on carried interest as
described in section “Financial guarantees”.
Valuation of quoted investments
Investments quoted on an active market are measured
at the latest available quoted price for the individual
asset on the measurement date.
Valuation of unquoted investments
Unquoted investments are primarily valued with a
multiples (market) approach or discounted cash flow
(income) approach.
Under the multiples approach, the funds determine
the fair value of investments with revenues, sustainable
profits, and/or positive cash flows by applying earnings
multiples. These multiples are derived from publicly
traded peer companies and comparable transactions.
Under the discounted cash flow (DCF) approach,
expected cash flows are discounted to their present
value using a rate that reflects both the time value of
money, and the risks associated with the specific instru -
ment. The discount rate is determined based on current
market conditions and the expected return on the
investment.
Office premises leases
EQT AB Group leases office premises for its office
space. The leases of office space typically run for a
period of 3–10 years. Some leases of office premises
contain extension options exercisable by the EQT AB
Group up to 6 months before the end of the contract
period. Where practicable, the EQT AB Group seeks to
include extension options in the leases to provide
operational flexibility. The extension options held are
exercisable only by the EQT AB Group and not by the
lessors. The EQT AB Group assesses at lease com -
mencement whether it is reasonably certain to exercise
the extension options. This assessment is based on all
relevant facts and circumstances that exist at the
commencement date. EQT AB Group reassesses
whether it is reasonably certain to exercise the options
if there is a significant event or significant change in
circumstances within its control.
Some leases provide for additional rent payments
that are based on changes in local price indices. Effects
of such increases in rents are included in the lease
liability and added to the right of use asset when the
new rent level takes effect. Some also require the EQT
AB Group to make payments that relate to the property
taxes levied on the lessor and is generally determined
annually. Payments related to property taxes are
recognised as expense when incurred.
Note 18 cont.
Unobservable inputs to valuation techniques
When measuring fair value, the funds use non-observ -
able market inputs in its valuation techniques. Signifi -
cant unobservable inputs include earnings multiples,
discount rates, capitalization rates, and the physical
and geographic location of assets.
SENSITIVITY ANALYSIS OF FAIR VALUES
From an EQT AB Group perspective, financial invest -
ments, including carried interest, are measured at fair
value normally by applying their relative share of the
net asset values. A reasonable possible change of +/- 10
percent in the net asset value would affect the fair value
of the investments including carried interest at 31
December 2025 with approximately EUR +700.0m or
EUR -1,100.0m respectively (EUR +600.0m or EUR
-800.0m) whereof carried interest represents EUR
+400.0m or EUR -900.0m respectively (EUR +500.0m or
EUR -700.0m). The effects of any changes in fair value,
excluding investments and realizations, would be
recognized in the income statement.
Although the EQT AB Group believes that its esti -
mates of fair values are appropriate, the use of differ -
ent methodologies and different unobservable inputs
could lead to different measurements of fair value. No
other changes in unobservable input factors would
result in any material changes in fair value.
===== SIDA 91 =====
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 Capital’s completion accounts
91
Notes
#01 This is EQT #02 Financial statements #03 Sustainability statement #04 Corporate governance #05 Additional information
Note 20 Cash flow specifications
Transactions that do not involve payments
EUR m 2025 2024
Acquisition of assets through lease 52.2 112.3
Reconciliation of debts arising from financing activities
EUR m Lease liabilities Short-term loan
Interest-bearing
liabilities1)
Total debt arising
from financing
activities
Opening balance 1.1.2025 202.6 - 2,020.5 2,223.0
Cash flows incl interest -39.0 - 371.1 332.1
Non-cash changes:
Accrued interest 6.2 - 36.2 42.3
Other 31.3²) - 15.9 47.2
Closing balance 31.12.2025 201.0 - 2,443.6 2,644.6
EUR m Lease liabilities Short-term loan
Interest-bearing
liabilities1)
Total debt arising
from financing
activities
Opening balance 1.1.2024 125.5 — 2,020.8 2,146.4
Cash flows incl interest –39.5 — –43.8 –83.3
Non-cash changes:
Accrued interest 6.9 — 32.5 39.4
Other 109.6²) — 10.9 120.5
Closing balance 31.12.2024 202.6 — 2,020.5 2,223.0
1) Interest-bearing liabilities, for further information, see Note 18.
2) Other mainly relates to acquisition of assets through lease.
Note 21 Pledged assets and contingent liabilities
EQT AB Group has no pledged assets or contingent
liabilities as of 31 December 2025 (none).
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.
Note 22 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.
Other non-cash adjustments
Other non-cash adjustments relate to the part of the
acquisition considerations subject to lock-up EUR 95.7m
(EUR 228.0m) as well as the non-cash portion of equity
incentive program cost EUR 39.5m (EUR 93.3m).
Unutilized credit facilities
EUR m 2025 2024
Unutilized credit facilities 1,500.0 1,500.0
On 10 July 2024, EQT extended its existing EUR 1.5 billion
sustainability-linked revolving credit facility (RCF) for 5
years, with two 1-year extension options. The RCF was
originally signed on 21 December 2020 and increased to
EUR 1.5 billion on 25 April 2022.
===== SIDA 92 =====
92
Notes
#01 This is EQT #02 Financial statements #03 Sustainability statement #04 Corporate governance #05 Additional information
Note 23 Related parties
Expenses for salaries, other remuneration and pensions
for the EQT AB Group’s senior executive management
and the Board of directors in EQT AB are presented in
Note 7. Apart from what is stated in Note 7 there are
certain transactions that have occurred between the
EQT AB Group and its related parties and these are
specified in the table below.
Transactions with related parties
EUR m
Sales of goods,
services and assets
Purchases of
goods and services
Receivables as
per 31 Dec
Liabilities as
per 31 Dec
Related parties
Board members and senior executives 2025 1.8 0.0 – –
Board members and senior executives 2024 0.9 0.6 – –
Description of transactions
In April 2019, the Company entered into a consultancy
agreement with the Company’s board member Gordon
Orr. In accordance with this consultancy agreement,
Gordon Orr shall – in parallel to his assignment as a
member of the Board of directors – provide consultancy
services as an EQT Advisor to support EQT’s administra -
tion of the EQT Network. Gordon Orr is entitled to an
annual fixed retainer of EUR 35,000 for the provision of
these consultancy services. The consultancy agreement
was initially entered into for a fixed period until 30 June
2020 but is automatically prolonged on a yearly basis in
accordance with the terms of the agreement. Both EQT
AB and the consultant may terminate the consultancy
agreement with one month’s notice.
In 2025, EQT AB Group has been invoiced by one
company that is indirectly controlled by a board mem -
ber for hotel and conference services, these transac -
tions amounted in total to EUR 0.0m (EUR 0.5m).
Apart from above, EQT AB Group has invoiced a
company controlled by a board member for adminis -
trative services during 2025 and 2024. The total amount
of these transactions amounted to EUR 0.1m (EUR 0.1m).
During 2025, EQT AB Group has paid EUR 1,675,361
(EUR 767,571), amount converted from SEK, in pension to
the chairperson of the board, Conni Jonsson. However,
EQT AB Group has historically made contributions to a
pension trust so in conjunction with the payment from
EQT AB Group to Conni Jonsson, EQT AB Group have
also invoiced the corresponding amount to the pension
trust. Thus, the payments of the pension were cost
neutral for EQT AB Group during 2025 and 2024. As of
31 December 2025, all scheduled payments have been
made and the trust has been liquidated
There have been no other significant transactions
between EQT AB Group and its related parties during
the period.
Note 24 Subsidiaries
Group companies
Name Registered office Corporate reg. no
Percentage held
31.12.2025 31.12.2024
EQT Partners AB Sweden 556233-7229 100% 100%
EQT Partners Spain, S.L.U. Spain B01597822 100% 100%
EQT Partners Netherlands B.V. Netherlands 77321227 100% 100%
EQT Partners Denmark ApS Denmark 41073381 100% 100%
EQT Partners AG Switzerland CHE-113.618.871 100% 100%
EQT Partners AS Norway 940532981 100% 100%
EQT Partners Australia Pty Ltd Australia 638432318 100% 100%
EQT Partners Australia II Pty Ltd Australia 638488623 100% 100%
EQT Partners Japan K.K. Japan 0104-01-158103 100% 100%
EQT Partners Korea Co., Ltd. South Korea 110111-8167854 100% 100%
EQT Partners GmbH Germany HRB 127746 100% 100%
EQT Partners Belgium B.V. Belgium 0843.203.083 100% 100%
EQT Partners Inc. USA 4401345 100% 100%
EQT Partners Oy Finland 1098042-8 100% 100%
EQT Partners Asia Limited Hong Kong 10199637 100% 100%
EQT Partners Shanghai Limited China 310000400514790 0% 100%
EQT Partners Poland sp. z o.o. Poland 0001068859 100% 100%
EQT Partners Limited UK 6590781 100% 100%
EQT Partners S.R.L. Italy 10552820960 100% 100%
EQT Partners SAS France 85392898400014 100% 100%
EQT Partners Asia Pte. Ltd. Singapore 200004783Z 100% 100%
EQT Partners India Private Limited India U74140MH2009PTC216794 100% 100%
EQT Partners India Private Limited, Bengaluru Branch India 29AADCB7999P1ZH 100% -
EQT Partners Capital Limited Hong Kong 2629750 100% 100%
EQT (Beijing) Private Fund Management Limited China 91110105MAEJTGDK87 100% 0%
EQT Partners Hong Kong Limited Hong Kong 645312 100% 100%
EQT Partners Beijing Limited China 91110105MA01N0FP32 100% 100%
BPEA Shanghai Limited China 91310000MA1FYJ229F 100% 100%
EQT Partners Hong Kong Shanghai Rep Office China 91310000752480166Q 0% 100%
PT BPEA Private Advisors Indonesia AHU-AH.01.03-0376884 100% 100%
EQT Middle East Ltd.
United Arab
Emirates 28959 100% 0%
EQT Exeter Advisors Sweden AB Sweden 559296-3507 0% 100%
EQT Exeter Advisors Netherlands B.V. Netherlands 83321047 0% 100%
EQT Exeter Advisors Spain S.L. Spain B88285325 0% 100%
===== SIDA 93 =====
93
Notes
#01 This is EQT #02 Financial statements #03 Sustainability statement #04 Corporate governance #05 Additional information
Note 24 cont
Name Registered office Corporate reg. no
Percentage held
31.12.2025 31.12.2024
EQT Exeter Advisors France SAS France 819960634 0% 100%
EQT Exeter Advisors Australia Pty Ltd Australia 659318975 100% 100%
EQT Exeter Japan K.K. Japan 0104-01-089160 100% 100%
EQT Exeter Korea Limited South Korea 465-81-00642 88% 88%
EQT Exeter Advisors Germany GmbH Germany HRB 101640 0% 100%
EQT Exeter Advisors Belgium B.V. Belgium 0781.995.192 0% 100%
EQT Exeter Asia Pacific Advisors Pte. Limited Singapore 202100784Z 0% 100%
EQT Exeter China Ventures Limited Hong Kong 71631486 100% 100%
EQT Exeter Management Advisors (Shanghai) Co., Ltd China 91310000 100% 100%
EQT Partners Austria GmbH Austria FN551349H 100% 100%
EQT Exeter Advisors Italy S.r.l. Italy 11641590960 0% 100%
EQT Exeter Advisors Poland Sp. z o.o. Poland 0000587835 0% 100%
EQT Exeter Advisors UK Limited UK 13306870 100% 100%
EQT Partners Ireland Limited Ireland 653468 100% 100%
EQT Partners Czechia spol. s r.o. Czech Republic 11889756 100% 100%
Exeter Europe (UK), Ltd UK 09284690 0% 100%
EQT Services (UK) Limited UK 07936651 100% 100%
EQT Corporate Services Netherlands B.V. Netherlands 74993097 100% 100%
EQT Treasury AB Sweden 559227-5647 100% 100%
EQT Holdings AB 1) Sweden 559244-1462 100% 100%
EQT Holdings III AB Sweden 559289-1864 100% 100%
EQT Holdings S.à r.l.1) Luxembourg B244018 100% 100%
EQT Growth (General Partner) S.à r.l. Luxembourg B249692 100% 100%
ENIF Holdings (General Partner) S.à r.l. Luxembourg B284847 100% 100%
EQT Infrastructure V (General Partner) S.à r.l. Luxembourg B243962 100% 100%
EQT IX (General Partner) S.à r.l. Luxembourg B238938 100% 100%
EQT IX GP LLC USA 3167396 100% 100%
EQT Future (General Partner) S.à r.l. Luxembourg B252846 100% 100%
EQT X (General Partner) S.à r.l. Luxembourg B255058 100% 100%
BPEA Private Equity GP IX S.à r.l. Luxembourg B286136 100% 100%
EQT Ventures III (General Partner) S.à r.l. Luxembourg B258957 100% 100%
EQT Active Core Infrastructure I (General Partner) S.à r.l. Luxembourg B260249 100% 100%
EQT Infrastructure VI (General Partner) S.à r.l. Luxembourg B265893 100% 100%
BPEA EQT Mid-Market Growth GP, S.à r.l. Luxembourg B272128 100% 100%
ENXF Holdings (General Partner) S.à r.l. Luxembourg B277211 100% 100%
EQT LSP 8 (General Partner) S.à r.l. Luxembourg B288189 100% 100%
EQT Life Sciences 8-Dementia (General Partner) S.à r.l. Luxembourg B291005 100% 100%
EQT Real Estate Europe Living II (General Partner) S.à r.l. Luxembourg B290845 100% 100%
Name Registered office Corporate reg. no
Percentage held
31.12.2025 31.12.2024
EQT Future II (General Partner) S.à r.l. Luxembourg B291854 100% 100%
EQT Growth II (General Partner) S.à r.l. Luxembourg B291856 100% 100%
EQT Ventures IV (General Partner) S.à r.l. Luxembourg B291852 100% 100%
EQT XI (General Partner) S.à r.l. Luxembourg B291942 100% 100%
EQT Healthcare Growth (General Partner) S.à r.l. Luxembourg B268189 100% 100%
EQT Transition Infrastructure (General Partner) S.à r.l. Luxembourg B275352 100% 100%
Exeter Europe GP, LLC USA 5610896 0% 100%
Exeter Europe, LP USA 5610898 0% 100%
Exeter Europe Value Venture III GP S.à r.l. Luxembourg B216344 100% 100%
Exeter Europe Value Venture III Feeder GP S.à r.l. Luxembourg B220583 100% 100%
Exeter Europe Industrial Core GP S.à r.l. Luxembourg B238532 100% 100%
Exeter Europe Logistics Value Fund IV GP S.à r.l. Luxembourg B249708 100% 100%
EPIP MF GP S.à r.l. Luxembourg B223215 100% 100%
EPIP MF II GP S.à r.l. Luxembourg B237012 100% 100%
EPIP II GP S.à r.l. Luxembourg B245662 100% 100%
EGIP GP S.à r.l. Luxembourg B195412 100% 100%
EGIP II GP S.à r.l. Luxembourg B191498 100% 100%
EQT Exeter China Logistics Fund GP S.à r.l. Luxembourg B256221 100% 100%
EQT Exeter ELC II (General Partner) S.à r.l. Luxembourg B266601 100% 100%
EQT Exeter Asia Pacific Logistics Value Fund II GP S.à r.l. Luxembourg B277597 100% 100%
EQT Exeter Europe Logistics Value Fund V GP S.à r.l. Luxembourg B289408 100% 100%
EQT Life Sciences Group B.V. Netherlands 863653698 100% 100%
LSP Health Economics Fund Management B.V. Netherlands 858137501 100% 100%
LSP V Management B.V. Netherlands 854065155 100% 100%
LSP HEF 2 Management B.V. Netherlands 858137501 100% 100%
LSP 6 Management B.V. Netherlands 858491783 100% 100%
LSP Dementia Fund Management B.V. Netherlands 862010469 100% 100%
LSP 7 Management B.V. Netherlands 862751007 100% 100%
EQT Health Economics 3 Management B.V. Netherlands 865324281 100% 100%
LSP Advisory B.V. Netherlands 819117481 100% 100%
EQT Life Sciences 8 Director B.V. Netherlands 868019859 100% 0%
EQT Procurement S.à r.l. Luxembourg B201525 100% 100%
EQT Active Core Infrastructure (General Partner) S.à r.l. Luxembourg B293028 100% 0%
EQT Active Core Infrastructure (General Partner) LLC USA 10243174 100% 0%
EQT Eden (General Partner) S.à r.l. Luxembourg B298650 100% 0%
NXTF Holdings (General Partner) S.à r.l. Luxembourg B293710 100% 0%
EQT Infrastructure VII (General Partner) S.à r.l Luxembourg B299898 100% 0%
EQT AI Infrastructure (General Partner) S.à r.l. Luxembourg B301537 100% 0%
1) IThe subsidiary is not consolidated but recognised at fair value, see the accounting principles for investment entities below.
===== SIDA 94 =====
94
Notes
#01 This is EQT #02 Financial statements #03 Sustainability statement #04 Corporate governance #05 Additional information
Note 24 cont
Name Registered office Corporate reg. no
Percentage held
31.12.2025 31.12.2024
EQT Continuity EST (General Partner) S.à r.l. Luxembourg B302381 100% 0%
EQT Real Estate Holdings US, Inc. USA 5402675 100% 100%
EQT Real Estate, LLC USA 4207665 100% 100%
Exeter Big Box AM Platform, LLC USA 5854337 100% 100%
Exeter Big Box Asset Manager, LLC USA 5854341 100% 100%
Exeter FeeCo I, LLC USA 6912131 100% 100%
EQT Exeterfeeco Mexico S. de R. L. de C. V. Mexico 2018078689 100% 100%
Exeter FeeCo II, LLC USA 6912346 100% 100%
EQT Exeter US GP Solutions, LLC USA 7399251 100% 100%
EQT Real Estate Advisors, LLC USA 4214673 100% 100%
Exeter Big Box Property Manager, LLC USA 5854344 100% 100%
EQT Real Estate US Advisors, LLC USA 5610899 100% 100%
EQT Exeter Brazil Platform, LLC USA 3065333 100% 100%
EQT Exeter Brazil Ventures, LLC USA 7961465 100% 100%
EQT Exeter Brasil Investimentos Ltda. Brazil 3523622040-2 100% 100%
Exeter China Ventures, LLC USA 7713778 100% 100%
EQT Partners BD, LLC USA 6939462 100% 100%
BPEA EQT Holdings AB Sweden 559374-8691 100% 100%
BPEA GP III Limited Cayman Islands 137871 100% 100%
BPEA Hong Kong Growth Fund GP Limited Hong Kong 3074863 100% 100%
BPEA Private Equity GP IV Limited Cayman Islands 192622 100% 100%
BPEA Private Equity GP V Limited Cayman Islands 244752 100% 100%
BPEA Private Equity GP VI Limited Cayman Islands 288217 100% 100%
BPEA Private Equity GP VII Limited Cayman Islands 332034 100% 100%
BPEA Private Equity GP VII S.à r.l. Luxembourg B222407 100% 100%
BPEA Private Equity GP VIII Limited Cayman Islands 373499 100% 100%
BPEA Private Equity GP VIII S.à r.l. Luxembourg B254359 100% 100%
BPEA General Partner Limited Cayman Islands 355832 100% 100%
BPEA TFO Partnership GP Limited Cayman Islands 317126 100% 100%
BPEA Asia Real Estate GP Limited Cayman Islands 268444 100% 100%
BPEA Asia Real Estate GP II Limited Cayman Islands 325315 100% 100%
BPEA Real Estate GP II S.à r.l. Luxembourg B222040 100% 100%
BAKPDC3 Pte. Ltd. Singapore 201708595C 0% 100%
EQT Fund Management S.à r.l. Luxembourg B167972 100% 100%
EQT Fund Management S.à r.l. German Branch Germany - - -
EQT Infrastructure II (GP) Limited UK SC416498 100% 100%
EQT Mid Market (GP) Limited UK SC436969 100% 100%
EQT VII Co-Investment (General Partner) S.à r.l. Luxembourg B217579 100% 100%
EQT Co-Investment (GP) S.à r.l. Luxembourg B209598 100% 100%
Name Registered office Corporate reg. no
Percentage held
31.12.2025 31.12.2024
EQT VII International Holdings B.V. Netherlands 69473129 0% 100%
EQT Real Estate Limited UK SC504628 100% 100%
EQT Ventures (General Partner) S.à r.l. Luxembourg B196578 100% 100%
EQT Mid Market US (General Partner) Limited UK SC500973 100% 100%
EQT Mid Market Asia III (General Partner) Limited UK SC521109 100% 100%
EQT Mid Market Europe (General Partner) Limited UK SC521108 100% 100%
EQT Infrastructure III (General Partner) S.à r.l. Luxembourg B207225 100% 100%
EQT VIII (General Partner) S.à r.l. Luxembourg B215816 100% 100%
EQT Management S.à r.l. Luxembourg B145067 100% 100%
EQT Luxembourg Management S.à r.l. Luxembourg B217192 100% 100%
EQT RA Management S.à r.l. Luxembourg B240358 100% 100%
EQT Infrastructure II (General Partner) S.à r.l. Luxembourg B244690 100% 100%
EI II GP C.V. Netherlands 78485266 100% 100%
EQT Mid Market (General Partner) S.à r.l. Luxembourg B244691 100% 100%
EMM GP C.V. Netherlands 78485622 100% 100%
EQT Public Value (General Partner) S.à r.l. Luxembourg B225269 100% 100%
EQT Mid Market US (General Partner) S.à r.l. Luxembourg B243106 100% 100%
EMMUS GP C.V. Netherlands 78484804 0% 100%
EQT Mid Market Asia III (General Partner) S.à r.l. Luxembourg B243105 100% 100%
EMMASIA III GP C.V. Netherlands 78484316 100% 100%
EQT Mid Market Europe (General Partner) S.à r.l. Luxembourg B243128 100% 100%
EMMEU GP C.V. Netherlands 78484030 100% 100%
EQT Infrastructure IV (General Partner) S.à r.l. Luxembourg B225708 100% 100%
EQT Ventures II (General Partner) S.à r.l. Luxembourg B232970 100% 100%
EQT Real Estate II (General Partner) S.à r.l. Luxembourg B225704 100% 100%
EQT Services (General Partner) Limited UK 07936703 100% 100%
EQT Exeter Services Luxembourg S.à r.l. Luxembourg B229258 100% 100%
TSG Luxembourg S.à r.l. Luxembourg B283381 100% 100%
EQT Delaware GP LLC USA 10205675 100% 0%
EQT Management SG Pte. Ltd. Singapore 2021226838H 0% 100%
EQT Holdings B.V.1) Netherlands 54467861 100% 100%
EQT VII Luxembourg (General Partner) S.à r.l Luxembourg B214397 100% 100%
EQT VII Netherlands (General Partner) B.V. Netherlands 68608195 100% 100%
EQT Infrastructure II GP B.V. Netherlands 54468701 100% 100%
EQT Mid Market Immigration GP B.V. Netherlands 71283730 100% 100%
EQT Mid Market GP B.V. Netherlands 55314295 100% 100%
EQT VII (General Partner) LP UK SL019045 100% 100%
EQT Real Estate I (General Partner) LP UK SL020800 100% 100%
EQT Ventures (GP) SCS Luxembourg B196905 100% 100%
1) The subsidiary is not consolidated but recognised at fair value, see the accounting principles for investment entities below.
===== SIDA 95 =====
95
Notes
#01 This is EQT #02 Financial statements #03 Sustainability statement #04 Corporate governance #05 Additional information
Name Registered office Corporate reg. no
Percentage held
31.12.2025 31.12.2024
EQT Mid Market US GP B.V. Netherlands 62863223 100% 100%
EQT Mid Market Asia III GP B.V. Netherlands 64683869 100% 100%
EQT Mid Market Europe GP B.V. Netherlands 64683796 100% 100%
EQT Infrastructure III (GP) SCS Luxembourg B207350 100% 100%
EQT VIII (GP) SCS Luxembourg B215860 100% 100%
EQT Infrastructure IV (GP) SCS Luxembourg B225827 100% 100%
EQT Ventures II (GP) SCS Luxembourg B233027 100% 100%
EQT Real Estate II (GP) SCS Luxembourg B226491 100% 100%
EQT Investment Verwaltungs-GmbH Germany HRB 194327 100% 100%
EQT Active Core Infrastructure GmbH & Co. KG Germany HRA 114883 97% 97%
EQT Active Core Infrastructure Side Car GmbH & Co. KG Germany HRA 117622 98% 98%
EQT Equity Investment GmbH & Co. KG Germany HRA 103524 97% 97%
EQT Equity Kiwi Investments GmbH & Co. KG Germany HRA 110788 97% 97%
EQT Future GmbH & Co. KG Germany HRA 114368 97% 97%
EQT Growth GmbH & Co. KG Germany HRA 114254 97% 97%
EQT Healthcare Growth GmbH & Co. KG Germany HRA 117587 98% 98%
EQT Infrastructure III Investment GmbH & Co. KG Germany HRA 106439 97% 97%
EQT Infrastructure IV GmbH & Co. KG Germany HRA 109499 97% 97%
EQT Infrastructure IV Side Car GmbH & Co. KG Germany HRA 111708 97% 97%
EQT Infrastructure V GmbH & Co. KG Germany HRA 112378 97% 97%
EQT Infrastructure VI GmbH & Co. KG Germany HRA 116470 98% 98%
EQT Infrastructure VI Side Car GmbH & Co. KG Germany HRA 117225 98% 98%
EQT Infrastructure VI Soteria Side Car GmbH & Co. KG Germany HRA 117789 98% 98%
EQT Investment GmbH & Co. KG Germany HRA 98727 97% 97%
EQT Leverage Employee GP GmbH & Co. KG Germany HRA 117586 98% 98%
EQT Mid Market Asia III GmbH & Co. KG Germany HRA 106294 97% 97%
EQT Mid Market Europe GmbH & Co. KG Germany HRA 105565 97% 97%
EQT Mid Market Investment GmbH & Co. KG Germany HRA 96874 97% 97%
EQT Mid Market US GmbH & Co. KG Germany HRA 103658 0% 97%
EQT Public Value GmbH & Co. KG Germany HRA 109578 0% 97%
EQT Transition Infrastructure GmbH & Co. KG Germany HRA 119979 98% 98%
EQT Ventures II GmbH & Co. KG Germany HRA 110584 97% 97%
EQT Ventures Investment GmbH & Co. KG Germany HRA 104817 97% 97%
EQT VIII GmbH & Co. KG Germany HRA 107356 97% 97%
EQT VIII Side Car GmbH & Co. KG Germany HRA 110252 97% 97%
EQT IX GmbH & Co. KG Germany HRA 111687 97% 97%
EQT IX Side Car GmbH & Co. KG Germany HRA 113956 97% 97%
EQT X GmbH & Co. KG Germany HRA 115219 98% 98%
EQT X Side Car GmbH & Co. KG Germany HRA 116468 98% 98%
Name Registered office Corporate reg. no
Percentage held
31.12.2025 31.12.2024
EQT XI GmbH & Co. KG Germany HRA 121232 98% 0%
EQT HC Holdings I B.V. Netherlands 58187898 100% 100%
EQT HC Holdings II B.V. Netherlands 58188177 100% 100%
White Mill Two AG Switzerland CHE-195.379.514 0% 100%
INVESTMENT ENTITY
From an IFRS 10 perspective EQT AB Group is considered an investment entity.
In accordance with IFRS 10 an investment entity is an entity whose business purpose is to invest funds solely for
returns from capital appreciation, investment income or both and evaluate the performance of its investments on a
fair value basis. As an investment entity EQT AB is exempt from consolidating subsidiaries that are investments and
measures them at fair value through profit or loss instead. Subsidiaries that serve in a supporting function such as
investment services continue to be consolidated in accordance with IFRS 10 and those that are not providing invest -
ment services will be recognized at fair value instead of being consolidated.
Note 24 cont
===== SIDA 96 =====
96
Notes
#01 This is EQT #02 Financial statements #03 Sustainability statement #04 Corporate governance #05 Additional information
Note 25 Earnings per share
EUR 2025 2024
Earnings per share, before dilution 0.619 0.656
Earnings per share, after dilution 0.618 0.656
The calculation of earnings per share has been based
on the net income attributable to the shareholders and
the weighted average number of shares outstanding.
The amounts used in the numerator and denominator
are presented below together with some additional
information.
Net income attributable to ordinary shareholders and
outstanding class C shares, basic and diluted
EUR m 2025 2024
Net income attributable to shareholders,
basic 727.8 776.3
Net income attributable to shareholders,
diluted 727.8 776.3
Weighted average number of shares, basic and diluted
Number of shares 2025 2024
Weighted average number of
shares, basic 1,176,544,588 1,183,153,914
Number of dilutive shares 2,015,509 1,012,485
Weighted average number of
shares, diluted 1,178,560,097 1,184,166,399
===== SIDA 97 =====
97
Parent company income statement
#01 This is EQT #02 Financial statements #03 Sustainability statement #04 Corporate governance #05 Additional information
Parent company income statement
1 January — 31 December
SEK m Note 2025 2024
Net sales 2 3,017.6 2,198.2
Other operating income 3 - -
Total revenue 3,017.6 2,198.2
Personnel expenses 5 -773.1 –730.6
Other external costs 6, 7 -1,709.0 –1,402.8
Other operating expenses 4 -42.3 –3.1
Depreciation and amortization 12 -8.9 –13.7
Operating profit/loss 484.3 48.0
Profit/loss from financial items
Profit/loss from participation in subsidiaries 8 7,315.7 5,982.7
Interest income and similar profit/loss items 9 2,686.2 415.0
Interest expense and similar profit/loss items 10 -778.4 –1,970.0
Profit/loss after financial items 9,707.7 4,475.7
Group contribution -222.6 577.9
Profit/loss before tax 9,485.1 5,053.6
Income taxes 11 -395.9 -19.6
Net income 9,089.2 5,033.9
Net income corresponds to total comprehensive income.
===== SIDA 98 =====
98
Parent company balance sheet
#01 This is EQT #02 Financial statements #03 Sustainability statement #04 Corporate governance #05 Additional information
Parent company balance sheet
SEK m Note 31.12.2025 31.12.2024
Assets
Non-current assets
Property, plant and equipment
Leasehold improvements 12 51.3 34.0
Equipment 12 7.9 7.9
59.2 41.9
Financial assets
Participation in subsidiaries 13 91,235.6 93,276.1
Long-term loans, subsidiaries - 6,535.6
Other securities held as non-current assets 14 13.2 13.8
Deferred tax assets 11 8.7 111.6
Other long-term receivables 16 1.1 1.1
91,258.6 99,938.1
Total non-current assets 91,317.9 99,980.0
Current assets
Current receivables
Accounts receivable 432.7 525.0
Receivables from subsidiaries 2,044.9 3,008.3
Current tax assets - 44.3
Other receivables 272.4 114.9
Prepaid expenses and accrued income 17 234.8 208.6
2,984.8 3,901.1
Cash and bank 18 184.1 181.2
Total current assets 3,168.9 4,082.3
Total assets 94,486.8 104,062.3
SEK m Note 31.12.2025 31.12.2024
Equity and liabilities
Equity 19
Restricted equity
Share capital 125.3 125.3
125.3 125.3
Non-restricted equity
Share premium reserve 55,427.9 58,703.7
Profit or loss brought forward 531.1 142.6
Net income 9,089.2 5,033.9
65,048.2 63,880.2
Total equity 65,173.6 64,005.6
Non-current liabilities
Interest-bearing liabilities 20 26,407.9 23,150.5
Long-term loans, subsidiaries - 11,694.2
Total non-current liabilities 26,407.9 34,844.7
Current liabilities
Accounts payable 20.4 34.0
Liabilities to subsidiaries 1,328.0 3,450.8
Current tax liabilities 294.1 14.4
Other liabilities 105.8 127.3
Accrued expenses and prepaid income 21 1,157.1 1,586.1
Total current liabilities 2,905.3 5,212.5
Total liabilities 29,313.2 40,057.2
Total equity and liabilities 94,486.8 104,062.3
===== SIDA 99 =====
99
#01 This is EQT #02 Financial statements #03 Sustainability statement #04 Corporate governance #05 Additional information
Parent company statement of changes in equity
Parent company statement of changes in equity
Restricted equity Non-restricted equity
MSEK Share capital 1)
Share
premium
reserve
Retained
earnings incl.
profit for the year Total equity
Opening balance at 1.1.2025 125.3 58,703.7 5,176.5 64,005.6
Net income - - 9,089.2 9,089.2
Transactions with owners
Dividend - - -5,050.0 -5,050.0
Cancelling of shares -0.4 - 0.4 -
Bonus issue 0.4 - -0.4 -
Equity incentive programs - - 404.5 404.5
Repurchase of own shares /and or participations - -3,275.7 - -3,275.7
Total - -3,275.7 -4,645.5 -7,921.2
Closing balance at 31.12.2025 125.3 55,427.9 9,620.3 65,173.6
1) The share capital amounts to SEK 125,335,166.
Restricted equity Non-restricted equity
MSEK Share capital 1)
Share
premium
reserve
Retained
earnings incl.
profit for the year Total equity
Opening balance at 1.1.2024 125.3 60,051.5 3,424.9 63,601.7
Net income — — 5,033.9 5,033.9
Transactions with owners
Dividend - — -4,256.4 -4,256.4
Cancelling of shares -0.3 — 0.3 -
Bonus issue 0.3 — -0.3 -
Equity incentive programs - — 974.1 974.1
Repurchase of own shares /and or participations - –1,347.8 — –1,347.8
Total - –1,347.8 -3,282.3 –4,630.1
Closing balance at 31.12.2024 125.3 58,703.7 5,176.5 64,005.6
1) The share capital amounts to SEK 125,335,166.
===== SIDA 100 =====
100
#01 This is EQT #02 Financial statements #03 Sustainability statement #04 Corporate governance #05 Additional information
Parent company statement of cash flows
Parent company statement of cash flows
SEK m 2025 2024
Cash flows from operating activities
Operating profit (EBIT) 484.3 48.0
Adjustments:
Depreciation and amortization 8.9 13.7
Foreign currency exchange differences 42.2 3.0
Other non-cash adjustments 64.4 118.5
Increase (–) /decrease (+) in account receivables and other receivables 7,574.2 -791.3
Increase (+) /decrease (–) in account payables and other payables -13,693.9 1,974.9
Dividends received 9,608.0 5,446.1
Income taxes paid 31.0 13.5
Net cash from operating activities 4,119.1 6,826.5
Cash flows from investing activities
Investment in subsidiaries/Group contributions paid 55.4 -147.7
Investment in subsidiaries - -
Divestment of subsidiaries - -
Acquisition of property, plant and equipment -26.2 -
Investment in non current assets - -
Divestment of non current assets 0.6 4.2
Interest received 262.5 130.1
Net cash from investing activities 292.3 -13.4
Cash flows from financing activities
Dividends paid -5,050.0 -4,256.4
Proceeds from borrowings 4,720.7 —
Interest paid -702.7 -800.7
Purchase of own shares and/or participations -3,275.7 -1,347.8
Net cash flows from financing activities -4,307.8 -6,404.9
Net increase/decrease in cash and cash equivalents 103.6 408.2
Cash and cash equivalents at the beginning of the period 181.1 215.1
Foreign currency exchange differences on cash and cash equivalents -100.6 -442.1
Cash and cash equivalents at the end of the period 184.1 181.2
===== SIDA 101 =====
101
Parent company notes
#01 This is EQT #02 Financial statements #03 Sustainability statement #04 Corporate governance #05 Additional information
Note 1 Accounting principles
GENERAL INFORMATION
EQT AB, reg.no 556849-4180, is a Swedish registered
limited company domiciled in Stockholm. The registered
postal address is Box 16409, 103 27 Stockholm. The
visiting address is Regeringsgatan 25, Stockholm.
The annual report and consolidated financial
statements have been approved for issuance by the
Board of directors on 22 March 2026. The consolidated
income statement and balance sheet and the Parent
company’s income statement and balance sheet will
be presented for approval at the annual shareholders’
meeting on 12 May 2026.
Amounts are presented in SEKm unless otherwise
stated. The accounting policies are unchanged compa-
red with the annual report 2024.
STANDARDS ISSUED BUT NOT YET EFFECTIVE
Revised standards and interpretations issued by the
IASB and the IFRS Interpretations Committee but not yet
effective, are expected to have an immaterial impact
on the Parent company’s financial statements in the
future periods of initial application.
DIFFERENCES BETWEEN THE GROUP’S AND THE
PARENT COMPANY’S ACCOUNTING PRINCIPLES
Classification and presentation
The income statement and balance sheet of the Parent
company are prepared in accordance with the schedu -
les of the Annual Accounts Act, while the statement of
income and other comprehensive income, the state -
ment of changes in equity, and the statement of cash
flows are based on IAS 1 "Presentation of Financial
Statements" and IAS 7 "Statement of Cash Flows".
Subsidiaries
Shares in subsidiaries are recognized at cost. Transaction
costs are included in the carrying amount of shares in
subsidiaries. In the consolidated financial statements,
transaction costs attributable to business combinations are
recognized directly in the income statement as incurred.
Contingent considerations are measured based on
the probability that the consideration will be paid. Any
changes in the provision/receivable is added to/reduces
the cost of the shares in subsidiaries. In the consolidated
financial statements, contingent considerations are
measured at fair value and changes in fair value are
recognized in the income statement.
Functional and accounting currency
The Parent company does not apply the Group’s prin -
ciples for determining the functional currency. Instead,
the Annual Accounts Act’s rules on accounting currency
are applied, which means that the Parent company has
SEK as its accounting and reporting currency.
Anticipated dividends
Anticipated dividends from subsidiaries are recognized
in cases where the Parent company alone has the right
to decide the size of the dividend and the Parent com -
pany has decided on the size of the dividend before the
Parent company has published its financial statements.
Tax
Unlike the consolidated financial statements, the Parent
company recognizes untaxed reserves in the balance
sheet without allocating it to equity and deferred tax
liability. Similarly, no part of the appropriation is alloca -
ted to deferred tax expenses in the Parent company’s
income statement.
Leases
The Parent company does not apply IFRS 16 "Leases", in
accordance with the exemption permitted under RFR 2.
Instead, all lease contracts where EQT acts as a lessee,
the lease payments are recognized as an expense
according to the straight-line method over the lease
term. Accordingly, no right of use assets nor lease
liabilities are recognized in the balance sheet.
Research and development
In the Parent company, all development costs are
recognized as expenses in the income statement as
incurred. In the consolidated financial statements,
development costs are capitalized when certain crite -
rias are met.
Financial instruments
The Parent company has, in accordance with RFR 2,
chosen not to apply IFRS 9 "Financial Instruments" for
financial instruments, which means that financial
non-current assets are measured at cost or amortized
cost less any impairment losses and financial current
assets are measured according to the lower of cost or
market.
However, some of the principles in IFRS 9 are appli -
cable – such as impairment losses and credit losses,
recognition/derecognition, and the effective interest
method for interest income and expenses.
The cost of interest-bearing instruments is adjusted
for the accrued difference between the amount that
was initially paid, after addition/deduction of transac -
tion costs, and the amount paid on maturity, i.e.
the premium and discount respectively.
Impairment losses on financial assets measured at
amortized cost are recognized in accordance with IFRS
9, in the same manner as the consolidated financial
statements.
Impairment losses on investments in equity instru -
ments are recognized if the fair value is less than the
carrying amount.
Financial guarantees
The Parent company’s issued financial guarantee
contracts consist partly of guarantees in favor of subsi -
diaries. Financial guarantees require the company to
reimburse the holder of a debt instrument for losses
that it incurs because a specified debtor fails to make
payment when it is due in accordance with the terms of
the contract.
The Parent company applies the allowed exemption
to IFRS 9 as permitted by the Swedish Financial
Reporting Board (RFR) for financial guarantees. The
exemption relates to financial guarantee contracts
issued in favor of, among others, subsidiaries. The
Parent company recognizes financial guarantee con -
tracts as provisions in the balance sheet when the
company has a commitment for which it is probable that
a payment will be required to settle the commitment.
Shareholders’ contributions
Provided shareholders’ contributions are recognized as
an increase in the carrying amount of the shares/
participation. Repaid shareholders’ contributions are
recognized as dividends followed by an impairment test
of shares in subsidiaries.
Group contributions
Both group contributions received and paid are recog -
nized as appropriations.
Parent company financial
statements with notes
===== SIDA 102 =====
102
Parent company notes
#01 This is EQT #02 Financial statements #03 Sustainability statement #04 Corporate governance #05 Additional information
Note 2 Revenue
Revenue derives from contracts to provide services for
other companies, mainly subsidiaries. The services
relate to management and support functions and are
considered to be interrelated and therefore constitute a
single performance obligation that is fulfilled over time
to the customer. The transaction price for the services is
determined by a method based on the arm’s length
principle.
Revenue is recognized over time as the assignment
is performed based on costs incurred and the fulfillment
of the performance obligations.
The fee is invoiced on an ongoing basis based on a
preliminary cost estimate with a final settlement at year
end.
Note 3 Other operating income
2025 2024
Foreign currency gains on operating
receivables/liabilities - —
- —
Note 4 Other operating expenses
2025 2024
Foreign currency losses on operating
receivables/liabilities -42.3 –3.1
-42.3 –3.1
Note 5 Employees and personnel expenses
Average number
of employees 2025
whereof
women 2024
whereof
women
Sweden 236 46% 217 44%
Disclosures regarding the company’s Board of directors
and senior executives are presented in the Group’s
Note 7.
Salaries, other remunerations and social security
expenses, including pension expenses
2025 2024
Salaries
and remune -
rations
Social
security
expenses
Salaries
and remu-
nerations
Social
security
expenses
474.8 224.0 464.7 208.4
(of which
pension
expenses) 69.4 60.1
Remunerations to the company’s CEO and other senior
executives are presented in the Group’s Note 7.
Note 6 Audit fees and expenses
2025 2024
KPMG
Audit services 6.9 7.0
Other services 1.7 1.7
8.6 8.7
Audit services refer to the legally required examination
of the annual report and the book-keeping, as well as
the Board of directors and the CEO’s management and
any other audit examinations or agreed-upon procedu -
res determined by contract. This includes their work
assignments which rest upon the company’s auditor to
conduct, and advising or other support justified by
observations in the course of examination or execution
of such other work assignments.
Note 7 Operating leases
Lease contracts where the Company is the lessee
2025 2024
Future minimum lease payments under
non-cancellable operating leases
Within one year 53.7 49.3
Between one and five years 248.8 148.3
Later than five years 48.2 -
350.7 197.6
2025 2024
Lease expenses recognized 49.2 33.8
Office rent is included in future lease expenses. The
original lease agreement had a lease term of 10 years
and was under 2025 extended with two years. Part of
the office rent is recharged to the subsidiaries EQT
Partners AB and EQT Treasury AB and is therefore not
recognized in the lease expenses during the year.
Note 8 Profit/loss from participations in subsidiaries
2025 2024
Capital gain on divested subsidiaries 42.9 -
Profit/loss from participations in subsi -
diaries - -10.2
Impairment of shares in subsidiaries -2,343.1 –74.2
Dividends from subsidiaries 9,615.9 6,067.2
7,315.7 5,982.7
===== SIDA 103 =====
103
Parent company notes
#01 This is EQT #02 Financial statements #03 Sustainability statement #04 Corporate governance #05 Additional information
Note 11 Income taxes
2025 2024
Current tax expense/income -293.4 -14.4
Deferred tax expense/income -81.5 103.8
Deferred tax attributable to prior years -20.9 -109.0
-395.9 -19.6
The deferred tax income of 103.8 MSEK in 2024 prima -
rily relates to the recognition of tax loss carryforwards,
based on an assessment that sufficient taxable profits
will arise in the future.
Reconciliation of effective tax rate
2025 2024
Profit before tax 9,485.1 5,053.6
Tax at Parent company’s statutory rate,
20.6% (20.6%) -1,953.9 -1,041.0
Non-deductible expenses -411.1 -105.2
Non-taxable income 1,990.1 1,250.0
Global minimum tax - -14.4
Deferred tax attributable to prior years -20.9 -109.0
Reported effective tax -395.9 -19.6
Note 12 Property plant and equipment
Note 13 Participations in subsidiaries
2025 2024
Accumulated cost
Opening balance 98,157.7 94,727.9
Acquisitions - -
Divestment of subsidiaries - -
Shareholders’ contributions 302.6 3,429.7
Closing balance 98,460.3 98,157.7
Accumulated impairments
Opening balance -4,881.9 -4,807.7
Impairment -2,342.8 -74.5
Closing balance -7,224.7 -4,881.9
Carrying amount at year-end 91,235.6 93,276.1
Leasehold
improvements Equipment Total
Accumulated cost
Opening balance
01.01.2025 90.6 19.7 110.3
Acquisitions 26.2 - 26.2
Disposals - -0.4 -0.4
Closing balance 31.12.2025 116.8 19.3 136.1
Accumulated depreciation
Opening balance
01.01.2025 -56.7 -11.7 -68.4
Depreciation -8.9 -0.0 -8.9
Disposals - 0.4 0.4
Closing balance 31.12.2025 -65.6 -11.3 -76.9
Carrying amount at
year-end 31.12.2025 51.3 7.9 59.2
Leasehold
improvements Equipment Total
Opening balance
01.01.2024 90.6 19.7 110.4
Acquisitions - – -
Closing balance 31.12.2024 90.6 19.7 110.4
Accumulated depreciation
Opening balance
01.01.2024 -46.4 -8,3 -54.6
Depreciation –10.3 –3.5 –13.7
Closing balance 31.12.2024 –56.7 –11.7 –68.3
Carrying amount at
year-end 31.12.2024 34.0 7.9 41.9
Leasehold improvements relate to the headquarter
office.
Note 10 Interest expense and similar profit/loss items
2025 2024
Interest expenses, subsidiaries -101.5 –303.0
Interest expenses, other -676.9 –529.7
Foreign currency losses - –1,137.2
-778.4 –1,970.0
Note 9 Interest income and similar profit/loss items
2025 2024
Interest income, subsidiaries 235.3 288.0
Interest income, other 27.1 126.1
Foreign currency gains 2,422.0 —
Other 1.8 0.9
2,686.2 415.0
===== SIDA 104 =====
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Parent company notes
#01 This is EQT #02 Financial statements #03 Sustainability statement #04 Corporate governance #05 Additional information
Note 13 cont.
Specification of Participations in subsidiaries
31.12.2025 31.12.2024
Subsidiary / Corp. reg. no./ Registered office
Number of
shares
Share
in %1)
Carrying
amount
Carrying
amount
EQT Services (UK) Limited. Reg. no. 07936651, London 725 100.0 25.3 25.2
EQT Holdings B.V. Reg. no. 54467861, Amsterdam 1,800,000 100.0 2,226.9 2,282.0
EQT Investment Verwaltungs-GmbH. Reg. no. HRB 194327, Munich 25,000 100.0 - -
EQT Infrastructure II (GP) Limited. Reg. no. 416498, Edinburgh 100 100.0 2) 0.0 0.0
EQT Fund Management S.à r.l. Reg. no. B167972, Luxembourg 1,627 100.0 424.6 424.6
EQT Mid Market (GP) Limited. Reg. no. 436969, Edinburgh 100 100.0 2) 5.9 5.9
EQT Management S.à r.l. Reg. no. B145067, Luxembourg 12,500 100.0 68.0 68.0
EQT Partners AB. Reg. no. 556233-7229, Stockholm 5,000 100.0 51,694.1 51,062.8
EQT Mid Market US (General Partner) Ltd. Reg. no. SC500973, Edinburgh 1 100.0 2) 0.1 3.9
EQT Real Estate Limited. Reg. no. SC504628, Edinburgh 1 100.0 2) 0.0 0.0
EQT Ventures (General Partner) S.à r.l. Reg. no. B0196578, Luxembourg 12,500 100.0 0.4 0.4
EQT Infrastructure III (General Partner) S.à r.l. Reg. no. B207225, Luxembourg 12,500 100.0 0.1 0.1
EQT Co-Investment (GP) S.à r.l. Reg. no. B209598, Luxembourg 1,200,000 100.0 0.6 0.6
EQT Mid Market Asia III (General Partner) Limited. Reg. no. SC521109, Edin -
burgh 1 100.0 2) 0.0 0.0
EQT Mid Market Europe (General Partner) Limited. Reg. no. SC521108, Edin -
burgh 1 100.0 2) 0.0 0.0
EQT VII International Holdings B.V. Reg. no. 69473129, Amsterdam 12,000 0.0 - 1.2
EQT VIII (General Partner) S.à r.l. Reg. no. B215816, Luxembourg 12,000 100.0 10.1 10.1
EQT VII Co-Investment (General Partner) S.à r.l. Reg. no. B217579, Luxembourg 12,000 100.0 1.2 4.2
EQT HC Holdings I B.V. Reg. no. 85291747, Amsterdam 308,642 100.0 - —
EQT HC Holdings II B.V. Reg. no. 852917387, Amsterdam 308,642 100.0 - —
White Mill Two AG. Reg. no. CH-0203035230-6, Wollerau 308,642 0.0 - —
EQT Corporate Services Netherlands B.V. Reg. no. 74993097, Amsterdam 1 100.0 0.0 0.0
EQT Treasury AB. Reg. no. 559227-5647, Stockholm 6,500 100.0 24,670.7 24,670.7
EQT Real Estate Holdings US, Inc. Reg. no. 5402675, Dover 100 100.0 11,671.2 11,661.4
EQT Exeter Advisors Sweden AB Reg. no. 559296-3507, Stockholm 25,000 100.0 - 283.2
EQT Management SG Pte. Ltd. Reg. no. 2021226838H, Singapore 1 100.0 - -
BPEA EQT Holdings AB. Reg.no. 559374-8691, Stockholm 25,000 100.0 436.3 2,771.3
BAKPDC3 Pte.Ltd. Reg.no. 201708595C, Singapore 54 291 0.0 - -
91,235.6 93,276.1
1) Referring to the owners’ share of the capital, which is equivalent to the share of the votes for the total amount of shares.
2) The value amounts to 1 GBP each for these companies.
Note 14 Other securities held as non-current assets
2025 2024
Accumulated cost
Opening balance 13.8 14.3
Additional assets 1.2 0.4
Divestment -1.8 -0.9
Closing balance 13.2 13.8
Carrying amount at year-end 13.2 13.8
Note 15 Financial instruments and financial risks
FINANCIAL RISKS AND FINANCIAL RISK
MANAGEMENT
The description of financial risks and financial risk
management for the Group – Note 18 "Financial instru -
ments and financial risks", is in all material aspects also
applicable for the Parent company.
FINANCIAL ASSETS AND FINANCIAL LIABILITIES
The table below presents the Parent company’s finan -
cial assets and liabilities.
2025 2024
Financial assets
Long-term loans, subsidiaries - 6,535.6
Other securities held as non-current
assets 13.2 13.8
Other non-current receivables 1.1 1.1
Accounts receivable 432.7 525.0
Receivables from subsidiaries 2,044.9 3,008.3
Other receivables 272.4 114.9
Accrued income 28.4 -
Cash and bank 184.1 181.2
Total financial assets 2,976.8 10,379.9
Financial liabilities
Interest-bearing liabilities 26,407.9 23,150.5
Long-term loans, subsidiaries - 11,694.2
Accounts payable 20.4 34.0
Liabilities to subsidiaries 1,328.0 3,450.8
Other liabilities 105.8 127.3
Accrued expenses 892.9 1,360.4
Total financial liabilities 28,754.9 39,817.1
For non-current liabilities in form of bond loans with
interest rates fixed for more than 12 monts, the carrying
amount is 26,218.9 MSEK, and fair value in accordance
with Level 1 in the fair value hierarchy amounts to
25,689.9 MSEK. For short-term financial assets and
liabilities (accounts receivables, receivables and liabili -
ties from group companies, other receivables and
liabilities, accrued income and expenses, cash and
bank, and accounts payable) the carrying amounts are
considered to be reasonable approximations of their
fair value. For a description and disclosures about the
fair value of other securities held as non-current assets,
see the Group’s Note 18.
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105
Parent company notes
#01 This is EQT #02 Financial statements #03 Sustainability statement #04 Corporate governance #05 Additional information
Note 18 Revolving credit facility
On 10 July 2024, EQT extended its existing EUR 1.5 billion
sustainability-linked revolving credit facility (RCF) for 5
years, with two 1-year extension options. The RCF was
originally signed on 21 December 2020 and increased to
EUR 1.5 billion on 25 April 2022. The RCF increases the
financial flexibility of EQT and is used for corporate
purposes, supporting the EQT AB Group’s growth initia-
tives and long-term strategy. The RCF is not limited to a
specific currency, it can be utilized in both EUR and USD,
by both EQT AB and EQT Treasury AB. As of 31 Decem-
ber 2025, the RCF was unused. The RCF also incorpora-
tes a pricing mechanism linked to sustainability-related
objectives, lowering the interest rates if targets are met,
and increasing them if targets are not achieved. It is thus
in line with EQT’s overall approach of integrating sustai-
nability throughout its activities, both on EQT AB Group
level and within funds advised by EQT.
Note 19 Number of shares and quota value
For further information regarding Number of shares and
quota value, see the Group’s Note 14 Equity.
Note 20 Interest bearing liabilities
For further information regarding Interest bearing
liabilities, see the Group’s Note 15 Interest bearing
liabilities.
Note 21 Accrued expenses and prepaid income
2025 2024
Accrued personnel expenses 264.2 225.7
Accrued consultancy fees 39.4 152.4
Other accrued expenses 853.5 1,208.0
1,157.1 1,586.1
Note 22 Pledged assets and contingent liabilities
As of 31 December 2025 the Parent company does not
have any general guarantee commitments (SEK 0.0),
pledged assets or contingent liabilities.
Note 23 Related parties
Related
parties Year
Sales of
services
Purchases
of services Other
Recei-
vables
Liabili-
ties
Subsi-
diaries 2025 2,907.5 564.3 9,749.6 2,044.9 1,328.0
Subsi-
diaries 2024 2,032.6 235.3 6,052.1 9,543.9 15,145.0
Note 24 Events after the reporting period
For disclosures regarding events after the reporting
period, see the Group’s Note 22.
PROPOSAL FOR THE DISTRIBUTION OF NET INCOME
Standing at the disposal (in SEK) of the annual share -
holders’ meeting, in accordance with the balance sheet
of EQT AB
Share premium reserve 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.
Note 17 Prepaid expenses and accrued income
2025 2024
Insurance 8.8 8,7
Pensions 6.5 5.9
Licenses 112.0 104.9
Accrued income 28.4 46.6
Other 79.1 42.5
234.8 208.6
Note 16 Other long-term receivables
2025 2024
Accumulated cost
Opening balance 1.1 4.8
Additional receivables - –
Divestment of receivables - -3.7
Carrying amount at the year-end 1.1 1.1
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