Årsredovisning 2025

EQT AB Group has adopted a Code of Ethics, Diversity 
and No-Harassment Guidelines and a Global Work -
place Health and Safety Guideline 1) to address and 
promote Equal treatment and opportunities for all as 
well as Employee development, health and well-being . 
For more information on how EQT AB Group monitors 
these governing documents, please see the section 
Business conduct.
CODE OF ETHICS
The Code of Ethics addresses EQT's commitment to 
equal treatment and opportunities for all, employee 
health and well-being, and employee engagement. EQT 
AB Group fosters equal opportunities, equal pay, and 
an inclusive work culture. Safeguarding a good work 
environment is strategically important for all internal 
and external stakeholders. 
It is everyone's responsibility at EQT to adhere to 
and act in accordance with the principles set out in the 
Code and employees' compliance with the Code is 
included in their annual performance review. For more 
information regarding scope and responsibility of the 
Code of Ethics, please see the section Business conduct.
Human Rights including Labour Rights 
As stated in the Code, EQT AB Group is committed to 
upholding internationally recognized human rights and 
to integrate the UN Global Compact Principles (UNGC), 
UN Guiding principles on Business and Human Rights 
(UNGP), the OECD Guidelines for Multinational 
Enterprises, International Labor Organization's (ILO) 
fundamental conventions and its principles, and the 
Universal Declaration of Human Rights into its organi -
zational processes. 
Policies and guidelines
S1-1
EQT AB Group's human rights risks are primarily 
connected to its employees with regard to inclusion, 
and a healthy, safe, discrimination and harass -
ment-free workplace. EQT fosters an open and honest 
culture where all employees are encouraged to speak 
their mind and communicate if they have any concerns 
regarding potential risk to themselves, their colleagues, 
EQT’s business or reputation, or to any other stakehold -
er. In addition, EQT has made an anonymous whistle -
blowing channel available both internally on the 
intranet and externally on its website. For more 
information,  please see the section Processes to 
remediate negative impacts and channels to raise 
concerns.  
EQT DIVERSITY AND NO-HARASSMENT  GUIDELINES  
EQT's Diversity and No-Harassment Guidelines are 
designed to promote an inclusive and non-discrimina -
tory culture. EQT AB Group strives to enable equal 
opportunities in recruitment, employee development, 
including training and skills growth, and remuneration.
EQT AB Group enforces a zero-tolerance policy 
towards any form of discrimination, harassment, or 
bullying. The guidelines explicitly cover various grounds 
for discrimination including racial and ethnic origin, 
color, sex, sexual orientation, gender identity, disability, 
age, religion, political opinion, national extraction, 
social origin, and other forms protected by national law 
in the regions where EQT operates. 
To help mitigate and prevent discrimination, all EQT 
permanent employees and temporary staff annually 
acknowledge the EQT Diversity and No-Harassment 
Guidelines. For more information, please see the section 
Actions.
EQT AB Group is conscious that there are vulnerable 
groups based on the various grounds for discrimination 
mentioned above, however, the guidelines apply to all 
EQT AB Group permanent employees and temporary 
staff2). The most senior level accountable for the 
implementation of the guidelines is the Chief Operating 
Officer (COO). The guidelines are approved by the 
Operating Committee.
EQT GLOBAL WORKPLACE HEALTH AND SAFETY 
GUIDELINES
The Global Workplace Health and Safety Guideline is 
designed to meet both international and local work -
place safety standards. It captures work-related risks 
and activities that take place in the EQT AB Group 
offices. The guidelines encompass strategies for 
preventing work-related accidents, managing health 
and safety risks, and establishing effective emergency 
procedures. 
EQT AB Group has implemented a workplace 
accident prevention framework, as outlined in the 
guideline. To follow up on any accidents, EQT AB Group 
develops reports, prompts tests and checks, and 
records incidents in a management system.
The guideline applies to all EQT employees, 
temporary staff and external parties engaging with 
EQT on EQT premises. The guideline is owned by the 
Head of Corporate Real Estate and Workplace and 
approved by the Operating Committee.
1)  These policies and guidelines are available at EQT’s webpage:  
https://eqtgroup.com/eqt-policies-and-statements
2)   “Temporary staff” means all temporary staff of EQT who have access to EQT 
premises and/or systems.
EQT AB Group recognizes that actively engaging 
employees helps foster a culture of dedication and 
motivation. Employee engagement enhances perfor -
mance and serves as a measure of development and 
employee health. By promoting engagement, EQT AB 
Group works to reflect the views and contributions in 
EQT AB Group's culture, values and operational 
strategies. Central to these efforts are initiatives to 
reinforce EQT AB Group's commitment to inclusion. 
These strategic initiatives are focused on four pillars to 
develop an inclusive workplace:
 — Inclusive representation: Elevating workplace unity 
by ensuring that a broad range of perspectives and 
backgrounds are heard and valued.
 — Fair work practices: Advocating for fairness and 
inclusivity in every aspect of our operations.
 — Celebrating our unique backgrounds:  Valuing and 
acknowledging individual and local contributions to 
enrich our collective workplace experience.
 — Continuous learning:  Cultivating a culture of 
collaboration that appreciates the complexity of our 
global scale. 
EMPLOYEE ENGAGEMENT 
EQT AB Group follows up on engagement and well-be -
ing through EQT Voice. The insights gained through 
these surveys help define strategic priorities, enable 
managers to make more informed people-related 
decisions, and track trends.
In 2025, this global initiative gathered insights from 
employees across 17 areas to identify improvement 
opportunities and drive positive change within the 
organization. 
The survey results form the basis for actions taken 
Processes for engaging  
with own workers
S1-2
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1)  In France, Italy and Spain, EQT AB Group has entered into collective bargaining 
agreements, covering 4.4 percent of the total workforce.
TRAININGS AND AWARENESS
Employees are annually required to acknowledge the 
Code of Ethics and other governing documents. EQT's 
Diversity and No-Harassment Guidelines are included 
in both the Annual Ethics Training and the Compliance 
introduction training, which is part of onboarding. 
These trainings also include information on the 
whistleblowing and incident reporting process. All 
courses are available on EQT AB Group's online 
learning platform. EQT also offers a range of trainings 
on an optional basis throughout the year that support 
inclusive management and leadership practices, such 
as 'Giving and Receiving feedback'.  
AFFILIATION NETWORKS 
EQT AB Group's affiliation networks help people 
connect, become better allies, enhance their knowl -
edge, develop professionally and participate in a safe 
space. Today, EQT AB Group has three networks, and is 
continuing to identify opportunities to expand these 
networks to strengthen affiliation and connection. Each 
of these networks invite all employees to participate.
DiverseMinds
DiverseMinds is EQT AB Group's Neurodiversity 
Network representing an important step towards 
deepening EQT AB Group's commitment to an inclusive 
workforce, where all talent is recognized and celebrat -
ed. Neurodiversity encompasses a variety of neurologi -
cal differences. DiverseMinds aims to:
 — Foster connectivity among individuals passionate 
about neurodiversity.
 — Enhance the understanding and support of neurodi -
vergent colleagues.
 — Build a more inclusive and empathetic workplace.
EQT PRIDE
EQT PRIDE is a diversity-focused network within EQT AB 
Group dedicated to LGBTQ+ topics and awareness. The 
network focuses on inclusivity and allyship, fostering a 
culture where everyone can be their authentic selves in 
a professional setting. The network features inclusion -
related events, social activities and educational content.
EQT WIN
The Women's International Network (WIN), founded in 
2018, exists to strengthen connections and community 
among women, allies, and the broader organization. 
They are dedicated to fostering a culture of belonging 
where women across all functions are supported, 
developed, and empowered to thrive at every stage of 
their careers.
WIN empowers women through meaningful 
development and connection opportunities, mentorship, 
and advocacy, ensuring they are supported to thrive 
personally and professionally. By cultivating an 
environment where women feel connected, valued, and 
equipped to lead, WIN aims to retain and grow the best 
talent, advancing gender balance and EQT's high-per -
formance culture. The network has three core goals:
 — Attract more women to EQT AB Group.
 — Retain top female talent.
 — Support professional development opportunities for 
all employees, such as via the WIN mentorship 
program.
by the Executive Committee and the individual business 
lines to ensure that workforce perspectives are 
integrated into decision-making processes. If EQT AB 
Group does not take sufficient actions to address 
employee feedback, it could lead to demotivation and 
increased attrition. To mitigate this risk, EQT AB Group 
is committed to leveraging survey insights to inform 
strategies, ensuring continuous improvement and a 
supportive work environment. Managed by Human 
Resources, EQT Voice affirms a structured and 
impactful approach to employee engagement. The 
effectiveness of EQT Voice is measured by the survey 
participation rate and the employee engagement 
scores.
In addition to surveys, EQT AB Group holds all-staff 
and business line-specific webinars to provide business 
updates and maintains various forums and channels for 
sharing information. Furthermore, meetings with 
managers provide an opportunity for personalized 
communication about organizational developments 
that may affect employees. EQT AB Group engages 
directly with employees to seek a comprehensive 
understanding of their perspectives, though it does not 
have workers' representatives everywhere nor a Global 
Framework agreement with its workers' representa -
tives. EQT follows market practice in the different 
countries where it operates, for the benefits offered and 
work security practices. EQT’s employees have the right 
and opportunity to be unionized. EQT supports the ILO 
core conventions and its principles, among them the 
freedom of association and right to collective bargain -
ing1).
Processes to remediate 
negative impacts and 
channels to raise concerns
S1-3
To remediate negative impacts, EQT AB Group has 
implemented processes and frameworks to ensure that 
concerns related to violence, harassment and miscon -
duct are promptly addressed while providing channels 
for employees to raise issues. To prevent negative 
impacts on equal treatment and opportunities for all, 
employee development, health and well-being, EQT AB 
Group supports its employees through processes and 
initiatives to ensure an inclusive and sustainable work 
environment. The effectiveness and trust of the 
processes are measured in various ways, for example 
through the employee engagement survey and in 
meetings with managers.
MEASURES AGAINST VIOLENCE  
AND HARASSMENT
EQT AB Group maintains a zero-tolerance policy 
towards violence and harassment in the workplace, 
reinforced by the Code of Ethics and the EQT Diversity & 
No-Harassment Guidelines. A robust reporting process 
is in place, allowing employees to report concerns 
directly to line managers, Human Resources, Risk, 
Regulatory & Compliance, or anonymously through the 
whistleblowing channel and employee engagement 
tool. 
The whistleblowing channel, administered by an 
external service provider, is accessible from any device, 
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ensuring anonymity and secure dialogue. The Annual 
Ethics training includes guidance on speaking up, 
whistleblowing, and incident reporting, further 
supporting a safe, respectful, and ethical work 
environment. Safeguards are also in place to protect 
against retaliation for raising concerns or reporting 
incidents, underscoring EQT AB Group's commitment to 
maintaining a fair and ethical workplace.
Global Disciplinary  Framework
EQT AB Group has a Global Disciplinary Framework to 
handle any actions or conduct that go against its 
values, policies, guidelines, and procedures. This 
framework seeks to ensure that misconduct is properly 
escalated and handled consistently worldwide. For 
more information, please see the section Business 
conduct.
WELL-BEING AND WORK-LIFE BALANCE
EQT AB Group seeks to prevent negative impacts by 
contributing to employees' work-life balance and 
overall well-being. 
EQT AB Group offers mental health support to take 
a proactive approach to mental health and well-being. 
EQT AB Group's local Human Resource representatives 
also follow up on short-term sick leave rates to identify 
any potential risks of long-term sick leave to proactively 
support those employees.
Employees have regular meetings with their 
managers and a yearly development conversation 
where employees can raise issues and the manager can 
support the employee by adjusting goals or workload. 
EQT AB Group also supports employees wishing to work 
from home, subject to their role, responsibilities, and 
prior agreement with their manager.
For more details and information on actions related 
to well-being and work-life balance, please see the 
section Actions.  
EQUAL TREATMENT AND OPPORTUNITIES FOR ALL
For information regarding how EQT AB Group seeks to 
prevent negative impacts on equal treatment and 
opportunities for all, please see the section Processes 
for engaging with own workers and Actions.  For 
example, some of these actions include employee 
engagement process, trainings and awareness, gender 
equality and equal pay.
Actions
S1-4
During the reporting period, EQT AB Group, with 
support from the Human Resources team, has under -
taken the following actions to prevent potential 
negative impacts and promote and address Equal 
treatment and opportunities for all and Employee 
development, health and well-being  in alignment with 
the policies and guidelines outlined above. Taking 
actions in these areas is intended to lead to higher 
engagement, well-being and reduce stress as well as 
attracting and retaining talent, which can have a 
positive effect on performance. The employee 
engagement score, measured in EQT Voice, indicates 
the effectiveness of actions taken during the year. For 
example in key areas such as compensation to assess 
the effectiveness of initiatives, e.g. targeted salary 
increases for junior staff aimed at mitigating cost-of-
living pressures. These efforts are pursued on a 
continuous basis, with no defined endpoint, as part of 
EQT's long-term people commitments.
GENDER EQUALITY AND EQUAL PAY
EQT AB Group recognizes the importance of gender 
equality and is steadfast in its dedication to ensure 
equal pay and opportunities for all employees, as 
outlined in the Diversity and No-Harassment Guide -
lines. Ongoing initiatives such as the EQT WIN affiliation 
network demonstrate a commitment to attracting wom -
en, retaining female talent, and fostering an environ -
ment where everyone, regardless of gender, has equal 
opportunities. 
EQT AB Group is a performance-driven organiza -
tion focused on long-term value creation. Team and 
individual performance are important, therefore EQT 
rewards both. All staff are encouraged to take 
ownership and contribute to EQT AB Group's success, 
and are rewarded for innovative ideas and collabora -
tion. EQT AB Group offers competitive compensation, 
reviewed annually against benchmarks. EQT seeks to 
ensure fair and equal pay to employees regardless of 
gender, ethnicity or any other factor unrelated to 
performance or experience. Salary and benefits are 
based on geography and consistent with local practice. 
Higher performance is rewarded with higher compen -
sation through variable pay.
Long-term incentives and investment opportunities 
may include an annual equity incentive plan (with shares 
and options), carried interest and co-investment 
schemes, which align employees with investors over the 
long-term.
 
TRAINING AND SKILLS DEVELOPMENT
Talent development is a key focus area for EQT AB 
Group in line with EQT's values, as it continues to grow 
and supports high-performing individuals and teams to 
seek to deliver superior returns to EQT's clients. The EQT 
Academy is a core part of this talent development 
platform with targeted and bespoke development. The 
EQT Academy offers an extensive portfolio of learning 
and development initiatives, spanning onboarding, 
career advancement, and personal growth, to 
strengthen competencies and prepare EQT for the 
future. EQT AB Group's development framework, 
“Leading Myself, People, and the Business”, focuses on 
both professional and personal growth, providing 
employees with continuous opportunities to enhance 
their skills and leadership capabilities. The EQT 
Academy uses team-focused and peer-to-peer 
learning to integrate development into practical 
applications, seeking to deliver immediate results and 
ongoing improvement and development within teams.
A key component of EQT AB Group's people strategy 
is supporting employees in realizing their full potential. 
EQT AB Group's employees are offered regular 
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Mental health
EQT AB Group encourages open conversations about 
mental health and well-being at work and takes a 
preventative and personalized approach to nurture 
mental health and well-being. Additionally, EQT AB 
Group has entered into a partnership with a global 
mental health provider that offers support across the 
entire mental health spectrum.
Parental leave
EQT AB Group offers 30 weeks1) of parental leave after 
childbirth or adoption, with 100 percent of their current 
base salary. Employees are also eligible to receive a 
performance bonus for this period. This benefit is 
available to all permanent EQT AB Group employees.
Wellness allowance
EQT AB Group provides a wellness allowance for 
activities that contribute to the physical and mental 
well-being of its employees.
Working parents coaching
EQT AB Group offers coaching to all expectant and new 
working parents to help navigate work-life challenges 
and develop strategies for managing their role as a 
working parent. This includes confidential coaching 
sessions that can be scheduled during the pre-leave 
period, upon returning to work, and later as they 
balance their responsibilities as a parent and profes -
sional.
OTHER INITIATIVES DURING 2025
 —  EQT AB Group has, as an action from EQT Voice 
2024, launched a global cross-functional mobility 
program, ‘EQT Exchange’. This pilot seeks to increase 
cross collaboration, drive talent development and 
contribute to a stronger culture.   
 — In 2025, EQT AB Group rolled out a new Women in 
Leadership Program, initially focusing on Investment 
Professionals within our large buyout teams. This pilot 
was designed as one of several initiatives to address 
feedback received in the EQT Voice 2024 survey. EQT 
AB Group plans to further expand this program to 
other cohorts, depending on the success and 
feedback received from the pilot.
 — To continue to support our Working Parents EQT has 
expanded its working parents coaching offering, 
including pre-, during-, post-parental leave and as 
working parents. The new offering provides en -
hanced support, including manager-specific 
coaching.
EQT seeks to ensure that its practices do not cause or 
contribute to material negative impacts by adhering to 
the policies and guidelines outlined in the Policy section. 
1)  EQT Real Estate US Parental leave Primary Caregiver: Eligible employees will 
receive a maximum of twelve (12) weeks of paid parental leave per birth, 
adoption, or placement of a child/children. Leave is paid at 100 percent 
through short-term disability benefits and salary.
performance and career development reviews 
supported by a 360-degree feedback process. To 
support a fair and unbiased process all employees and 
line managers are offered training around conscious 
inclusion, giving and receiving feedback as well as 
difficult conversations.
Employee development is supported through 
on-the-job training with seniors training juniors, buddy 
systems, mentorship programs and with proactive role 
moves within or across geographies to provide learning 
opportunities.
WELL-BEING AND WORK-LIFE BALANCE
EQT AB Group is committed to continuously evaluating 
and improving practices to ensure a balanced and 
healthy work environment for all employees.
Insufficient focus on well-being and work-life balance 
can lead to increased stress, burnout, and a decline in 
mental health among employees, which in turn can 
adversely affect their engagement and performance. 
Acknowledging this, EQT AB Group invests in initiatives 
to support its employees. Through these efforts, EQT AB 
Group seeks to enable a harmonious balance between 
work and personal life, to enable and support well-be -
ing of EQT AB Group employees.
Health and well-being
EQT AB Group offers private healthcare and health 
checks to its employees. 
Compassionate and carers' leave  
EQT AB Group employees are entitled to take up to five 
(5) days of fully paid carer's leave in any year, subject to 
managers approval and dependent on the individual 
circumstances. In the event of a sudden illness or death 
of an immediate family member or a member of the 
employee's household, the leave may be granted as 
compassionate leave.
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Performance
S1-6, S1-9, S1-13, S1-14, S1-15, S1-16, S1-17, MDR-M
Diversity in the EQT AB Board and C-suite 2025 2024
Board
Women 3 38% 3 43%
Men 5 63% 4 57%
Senior executives 1)
Women 1 13% 4 33%
Men 7 88% 8 67%
 1)  Executive Committee 
 Headcount at the end of the period.
Employee engagement: Enhancing employee engagement is key for organizational health and success. EQT AB Group regularly surveys employees to measure 
engagement levels and identify areas for improvement, ensuring that initiatives are aligned with the needs and expectations of EQT AB Group’s employees. EQT AB 
Group 2025 engagement score of 79 percent is top quartile in the finance industry.
Employee engagement score 1) 2025 2024
Women 77% 78%
Men 81% 80%
Total  79% 79%
 1)  The employee survey has a scale of 5. Engagement score measures how many percent are favorable, answering 4 or 5 on the scale.
Characteristics of EQT AB Group employees
The total number of employees (headcount) by gender 2025 2024
Women 868 890
Men 1,067 1,070
Total employees 1,935 1,960
 Employees at the end of the period, employees on payroll, full-time and fixed-term employees. Gender data is reported as 'Women' and 'Men' due to broader data  
     coverage and data integrity.
Share of women in STEM-related positions 1) 2025 2024
Women 21% 28%
    1)  STEM stands for science, technology, engineering and mathematics workers, here classified as EQT Tech and Motherbrain. Headcount at the end of the period.
The number of employees (headcount) and breakdowns by 
gender and by country for countries in which EQT AB Group 
has 50 or more employees representing at least 10% of its total 
number of employees
United States  
of America Sweden United Kingdom
2025 2024 2025 2024 2025 2024
Women 164 172 196 213 142 140
Men 277 264 191 211 145 138
Total employees 441 436 387 424 287 278
  Employees at the end of the period, employees on payroll, full-time and fixed-term employees. Gender data is reported as 'Women' and 'Men' due to broader data 
coverage and data integrity.  
For more information on the average number of employees per country,  please refer to Note 7 in the financial statements.
 Per 31 December 2025 headcount by geographical area was 445 in Americas, 357 in Asia-Pacific and 1133 in Europe.
The number of employees (headcount) by  permanent employ -
ees and temporary employees 1), broken down  
by gender
Women Men Total
2025 2024 2025 2024 2025 2024
Number of employees 868 890 1,067 1,070 1,935 1,960
Number of permanent employees 855 870 1,057 1,067 1,912 1,937
Number of temporary employees 13 20 10 3 23 23
 1) Temporary employee: Employee on a fixed-term contract with EQT. 
  Employees at the end of the period. Gender data is reported as 'Women' and 'Men' due to broader data coverage and data integrity.
The total number of employees (headcount) who have left EQT 
AB Group and the rate of employee turnover (%) by gender and 
age group and new hires 2025 2024
Employee turnover (%) Gender/age group 
Women 48% 161 44% 105
Men 52% 175 56% 136
Under 30 years 19% 65 19% 45
30-50 years 69% 233 64% 154
Over 50 years 11% 38 17% 42
Total turnover 17% 336 13% 241
New hires (%) Women 44% 130 48% 169 
Men 56% 166 52% 180
Under 30 years 37% 110 37% 132
30-50 years 61% 180 59% 206
Over 50 years 2% 6 4% 13
Total new hires 296 351
Employees at the end of the period, employees on payroll, full-time and fixed-term employees. Gender data is reported as 'Women' and 'Men' due to broader data 
coverage and data integrity. Turnover is calculated as the total number of leavers divided by the average number of employees during the period.
Share of women in investment advisory teams 1) 2025 2024
Women 28% 29%
1)  EQT Specific metric. For the purpose of EQT’s EUR 500 million sustainability-linked bond issued in 2021, EQT reports the percentage of women Investment Advisory 
Professionals.
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Diversity metrics EQT AB Group  
The distribution of employees by age group in numbers  
(headcount) and percentage 2025 2024
Total 100% 1,935 100% 1,960
Under 30 years old 18% 344 20% 403
30-50 years old 73% 1,405 70% 1,364
Over 50 years old 10% 186 10% 193
 Employees at the end of the period, employees on payroll, full-time and fixed-term employees. 
Training and skills development
The percentage of employees that participated in regular  
performance and career development reviews 2025 2024
Women 98% 97%
Men 99% 97%
 Comment: 1,899 employees were included in the performance reviews. This was based on the following criteria: permanent employees, hired prior to September 1th  
 2025, who are not under notice. The definition of the percentage of employees that participated in regular performance and career development reviews is the   
 employees who received a performance rating during the annual performance review process.
The average number of training hours per employee  
(headcount) 2025 2024
Average training hours 1) 8 9
Average educational cost in Euro 1,046 2,219
 1) Calculated as the total number of training hours offered to and completed by employees divided by the total number of employees.
Health and safety
Health and safety 2025 20242)
Percentage of EQT AB Group employees covered by health and safety management 
system (headcount) 1) 100% 88%
 1) Employees in EQT AB Group at the end of the period.
 2) Employees in EQT Real Estate US and EU offices are not covered due to organizational structure.
Work-life balance
Work-life balance metrics 2025 2024
Percentage of employees entitled to take family-related leave 100% 100%
The percentage of entitled employees that took  family-related leave, by gender 1)
Women 15% 11%
Men 8% 9%
 1) Percentage of leave utilization (by gender)=(Number of employees who took leave (by gender)/Total number of eligible employees (by gender))×100.
Compensation
Pay gap and total remuneration (%) 2025 2024
Gender pay gap men to women 1) 47% 47%
Remuneration ratio 2) 20:1 35:1
 1)  The difference of average pay levels between female and male employees, expressed as percentage of the average pay level of male employees. Methodology: 
The gender pay include all employees' gross hourly pay level (including all cash compensation during the year) and is calculated as: 
(Average gross hourly pay level of male employees  
− average gross hourly pay level of female employees)
×100
Average gross hourly pay level of male employees  
 2)  The annual total remuneration ratio of the highest-paid individual to the median annual total remuneration for all employees (excluding the highest-paid 
individual). 
Incidents, complaints and severe human rights impacts  
Incidents, complaints and severe human rights impacts 2025
Number of incidents of discrimination 1
Number of complaints filed through channels for own workers to raise concern 0
Number of complaints filed to National Contact Points for OECD Multinational Enterprises 0
Amount of fines, penalties, and compensation for damages as result of violations regarding social and human rights  
factors 0
Number of severe human rights issues and incidents connected to own workforce 0
Number of severe human rights issues and incidents connected to own workforce that are violations of UN Global  
Compact Principles and OECD Guidelines for Multinational Enterprises 0
Amount of fines, penalties, and compensation for severe human rights issues and incidents connected to own workforce 0
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Workers in the value chain
 150 Workers in the value chain
 150 — Equal treatment and opportunities for all
 150 — Working conditions and employee  engagement 
 150 Policies and guidelines  
 150 Actions 
 151 Metrics 
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This section covers the approach to workers in the 
value chain1) and how EQT aims to ensure sound 
working conditions and equal rights and  
opportunities in the EQT funds' investments.
EQT funds' portfolio companies employ 
more than 550,000 people across the globe 
and EQT is committed to supporting them 
in developing fair business practices as 
part of EQT's value creation efforts.
Workers in the value chain 
S2, BP-2
EQUAL TREATMENT AND OPPORTUNITIES FOR ALL
Through its active ownership approach, EQT funds have 
the potential to contribute to equal treatment and 
opportunities in the investments, starting from the 
appointment of the Board of Directors, and promoting 
inclusive and equal growth in the operations through 
awareness building, initiatives and tools. EQT similarly 
recognizes that there may be a potential negative 
impact on people, if efforts to promote equal treatment 
and opportunities for all are inadequate.  
WORKING CONDITIONS AND EMPLOYEE 
 ENGAGEMENT
EQT funds aim to promote sound working conditions 
and seize the value from employee engagement in the 
EQT funds' investments, with the potential to bring 
positive impact in societies. In some regions and sectors 
where the EQT funds' portfolio companies operate, 
there is higher exposure to working condition violations, 
such as within health and safety, which if materialized 
can have a negative impact on people. EQT funds 
hence encourage portfolio companies to implement 
safe practices.
Material topics related to workers in the value chain
Material topics Value chain
Workers in the 
value chain 
Equal treatement and 
opportunities for all
Gender equality and 
equal pay for work of 
equal value
Measures against 
violence and 
harassment in the 
workplace
Diversity
EQT funds
Working conditions 
and employee 
engagement
Working conditions 
Employee 
engagement
EQT funds
1)  EQT's value chain consists of suppliers, business partners and employees within 
EQT funds' portfolio companies. However, the identified material sustainability 
matters refer to employees within EQT funds' portfolio companies which will be 
covered in this section.
EQT's Responsible Investment & Ownership Policy 
includes expectations on human and labor rights 
aligned with international standards and in accordance 
with local regulations. This includes respecting 
employees' and contractors' rights to decent working 
conditions, including minimum wages, working hours, 
health and safety, and the right to collective bargain -
ing. In addition to the RI&O Policy, EQT Real Estate has 
a subordinate policy outlining sustainability objectives 
specific to EQT Real Estate assets.  
The EQT Business Partner Code of Conduct states 
EQT's expectations on Business Partners, including that 
they shall  support and respect internationally 
proclaimed human rights, not cause or contribute to 
human rights abuses and work to eliminate forced, 
compulsory and child labor. It does not explicitly 
address trafficking, as this is deemed covered by the 
broader definition of human rights abuses.
For more information regarding these policies and 
guidelines and how EQT monitors governing docu -
ments, please see the section Business conduct.
Policies and guidelines Actions
EQT integrates material social considerations into the 
investment process, which may include aspects such 
as examining working conditions, health and safety, 
human rights, and broader social impacts. These aspects 
are continuously monitored throughout the ownership 
period, with a particular focus on topics material for the 
individual EQT funds' portfolio companies. The portfolio 
companies' boards are responsible for maintaining 
effective processes and procedures that address 
material matters. 
EQT promotes the use of employee surveys to track 
progress and well-being. In addition, selected 
representatives from EQT funds' portfolio companies 
have been invited to a number of EQT Network Forums, 
featuring internal and external experts, to provide 
insights, regulatory updates and facilitate knowledge 
sharing. Topics have included human rights due diligence, 
inclusive business practices, pay transparency and talent 
strategies.
Potential risks are addressed through ongoing 
incident monitoring, including internal reporting by  
EQT employees and screening of adverse media related 
to social or employee issues. Where relevant, EQT's Risk, 
Regulatory & Compliance team follows up directly with 
the respective investment advisory team and EQT funds' 
portfolio company to implement appropriate remedia -
tion efforts and support future risk mitigation. In 
addition, EQT has established an anonymous whistle -
blowing channel, available internally and externally, to 
encourage transparency and integrity. For more 
information on the incident monitoring and whistle -
blowing process, please see the section Business 
conduct.
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As part of its ongoing monitoring activities, EQT collects 
sustainability data from EQT funds' portfolio companies 
and assets to understand trends, opportunities and 
challenges, including social matters. This information is 
disclosed to clients in fund investment reports. A majority 
of EQT funds also consider principal adverse impacts 
(“PAIs”) on investment decisions and as part of that 
report on metrics related to portfolio company employ-
ees, such as number of days lost to injuries, accidents, 
fatalities or illness, and processes to ensure adherence to 
the UN Global Compact principles and the OECD 
Guidelines for multinational enterprises including 
violations of these principles.
Share of independent women 
board members appointed at 
EQT funds' portfolio companies 2025 2024
Women1)    37%     35%
1)  EQT specific metric. For the purpose of EQT’s EUR 500 million sustainability-
linked bond issued in 2021, EQT reports the percentage of independent 
women board members appointed at EQT funds’ portfolio companies.
Metrics
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Business conduct 
 153 Business ethics
 153 — EQT AB Group: Business ethics
 153 — Value Chain: Business ethics in the EQT funds' investment and  
   ownership processes
 153 — Governance
 153 Policies and guidelines
 153 — Code of Ethics
 154 — Anti-Bribery, Corruption and Fraud Guidelines
 154 — Anti-Money Laundering, Counter Terrorist Financing and Counter  
   Proliferation Financing Guidelines and Local Policies
 154 — Business Partner Code of Conduct
 154 — EQT Responsible Investment & Ownership Policy
 155 Actions
 155 — EQT AB Group
 156 — EQT funds
 156  Targets and performance
 156 — Target - EQT AB Group
 156 — Metric
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This section covers how EQT works with business 
ethics, both in EQT AB Group and the EQT funds.
Business ethics
G1
EQT AB GROUP: BUSINESS ETHICS  
EQT has a positive impact by striving to maintain a strong 
corporate culture, guided by its purpose and values, and 
through robust compliance programs, such as the 
anti-corruption compliance program. Unethical behavior 
poses significant reputational risks, which EQT is 
committed to proactively mitigating.
As a global organization, EQT may operate in countries 
with different laws, regulations, standards and practices 
related to corruption and bribery. Therefore, the nature of 
its business and international scope inherently carries a 
risk of direct or indirect exposure to such issues. 
By ensuring the protection of whistleblowers, EQT seeks 
to enable the early identification of potential unethical, 
illegal, or corrupt practices within EQT AB Group. This 
commitment enhances transparency, accountability, and 
early detection of wrongdoing, which can help prevent 
fraud or misconduct. Protecting whistleblowers contrib-
utes to a culture of integrity, ethics, and compliance within 
EQT. 
Effective management of Money Laundering/Terrorist 
Financing/Proliferation Financing risks is crucial for 
maintaining regulatory compliance and safeguarding 
EQT's reputation. Failure to mitigate these risks could lead 
to regulatory fines and/or reputational harm.
VALUE CHAIN: BUSINESS ETHICS IN THE EQT FUNDS' 
INVESTMENT AND OWNERSHIP PROCESSES
EQT is guided by comprehensive policies, guidelines 
and processes designed to maintain integrity and 
strong ethical conduct. To mitigate the potential 
negative impact associated with unethical behavior in 
the EQT funds' investments, EQT emphasizes the 
importance of good governance and ethical practices 
throughout the investment and ownership process. 
Failure to do so, with incidents of misconduct being 
recurring or systematic, may lead to reputational risk. A 
strong corporate culture is an enabler of long-term 
value creation across EQT funds' investments and leads 
to positive impacts.
Material topics related to business conduct
Material topics Value chain
Business 
conduct 
Business ethics
Corporate culture
Corruption and bribery
Protection of 
whistleblowers
Anti-money laundering*
EQT AB Group
EQT funds
* EQT specific
GOVERNANCE
ESRS 2 GOV-1
EQT AB Group seeks to uphold high standards of 
business ethics through robust governance practices. 
The Risk, Regulatory & Compliance team, led by EQT’s 
Global Head of Risk, Regulatory & Compliance, regular -
ly reports to the CFO and has a direct reporting line to 
the CEO and the Board. Reporting to the Board is done 
at least annually or as required, and includes reporting 
on risk, regulatory and compliance matters. 
The Risk, Regulatory & Compliance team is responsible 
for maintaining and overseeing EQT AB Group’s 
frameworks for identifying, assessing, mitigating and 
monitoring risks related to business ethics and 
regulatory compliance. This includes oversight of key 
governing documents, conducting risk assessments, 
monitoring and controls, overseeing investigations 
independent of the involved management chain, and 
escalating material matters to the Executive Commit -
tee, Audit Committee and Board. Through these 
activities, the function supports effective risk mitigation 
and independent oversight, and ensures that material 
ethics and compliance matters are addressed 
consistently and escalated appropriately.
All EQT staff, including all members of the Executive 
Committee as well as the Chair of the Board of EQT AB 
Group, participate in mandatory annual training on 
business ethics, including anti-corruption, anti-money 
laundering and whistleblowing. They are also required 
to annually certify that they have read and understood 
EQT’s Code of Ethics, which sets out EQT's key principles 
for business conduct. Completion of mandatory training 
and certifications is monitored and followed up where 
necessary.
Policies and guidelines
G1-1
1)  T hese policies and guidelines are available at EQT's webpage: 
https://eqtgroup.com/eqt-policies-and-statements
Strong business ethics are fundamental to 
EQT's license to operate. 
EQT AB Group has adopted a set of governing 
documents to support and strengthen its business ethics 
and values. During the annual process of updating 
EQT’s policies and guidelines, the document owners and 
key internal stakeholders participate and provide their 
sign-off. External experts are consulted as deemed 
appropriate.
Adherence to the governing documents applicable to 
EQT AB Group is monitored through various methods 
tailored to each specific area and process. This 
monitoring includes continuous employee training and 
awareness programs, the implementation of automat -
ed or manual monitoring systems, and the performance 
of both regular and ad hoc controls. To address 
business ethics, EQT has adopted the below policies 
and guidelines
1).
CODE OF ETHICS
The Code of Ethics sets out EQT's fundamental 
expectations related to corporate culture, including an 
emphasis on ethical decision-making, compliance with 
applicable laws and regulations, and a commitment to 
acting responsibly in all operations. As outlined in the 
Code of Ethics, EQT offers an anonymous whistleblow -
ing channel that is internally and externally available, 
encouraging EQT employees and external stakeholders, 
including business partners, to report suspected 
unethical behavior, misconduct, and non-compliance. 
Awareness around the whistleblowing channel is shared 
in both EQT's annual ethics training, that all employees 
are subject to, as well as the compliance onboarding 
training that all new hires have to complete. For more 
information, please see the section Actions.  
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The Code of Ethics applies to all EQT permanent 
employees and temporary staff 2) and is adopted by the 
Board, while the CEO, as responsible for the Code, is 
ultimately responsible for its implementation.
EQT fosters a strong and consistent corporate culture 
by aiming to embed its values into everyday deci -
sion-making and promoting them through leadership 
engagement, transparent communication, and 
continuous training. The culture is established and 
developed through a clear tone from the top and 
ongoing communication of EQT’s purpose and values 
across the organization. These efforts help to continu -
ously strengthen EQT’s culture of integrity and responsi -
bility.
ANTI-BRIBERY, CORRUPTION AND FRAUD  
GUIDELINES
EQT operates in countries with differing standards and 
enforcement of anti-corruption laws and regulations, 
where bribery and corruption risks may be prevalent. 
Within EQT's operations, interactions between EQT's 
investment professionals and public officials inherently 
represent the functions most at risk of bribery and 
corruption. EQT maintains Anti-Bribery, Corruption and 
Fraud Guidelines that apply to EQT AB Group and are 
consistent with the United Nations Convention Against 
Corruption.
EQT mitigates the risks of bribery and corruption 
through a risk-based approach embedded within its 
anti-money laundering program. This includes conduct -
ing regular risk assessments, maintaining a dynamic list 
of high-risk jurisdictions, and performing daily 
screening against sanctions and politically exposed 
persons to focus efforts and mitigate financial crime 
risks effectively. Critical risk factors include jurisdictions 
in which EQT conducts business, the industry sectors in 
which EQT funds invest, and EQT's level of exposure to 
governmental authorities.
The Global Head of Risk, Regulatory & Compliance is 
responsible for the Anti-Bribery, Corruption and Fraud 
Guidelines, which are approved by the Operating 
Committee.
ANTI-MONEY LAUNDERING, COUNTER TERRORIST 
FINANCING AND COUNTER PROLIFERATION 
FINANCING GUIDELINES AND LOCAL POLICIES
EQT AB Group is committed to upholding the highest 
standards in preventing money laundering (ML), 
terrorist financing (TF), proliferation financing (PF), and 
related financial crimes. All directors, officers, and EQT 
employees must adhere to these standards to safeguard 
EQT, its clients and its reputation. EQT has implemented 
an anti-money laundering, counter terrorist financing 
and counter proliferation financing (AML/CTF/CPF) 
framework (collectively, the “AML program”) which 
applies across all aspects of operations - including, but 
not limited to, interactions with investors and invest-
ments in portfolio companies across various jurisdic -
tions.
For EQT's Alternative Investment Fund Managers 
(AIFMs) and other regulated entities, the AML program 
is subject to review by internal and/or external auditors, 
where applicable. These entities are also required to 
provide regular reporting on AML/CTF/CPF matters to 
their respective regulators. 
The Global Head of Risk, Regulatory & Compliance is 
ultimately responsible for implementing the AML 
program. This role oversees all activities related to 
prevention, detection and mitigation of ML/TF/PF risks, 
provides guidance, and acts as an escalation point to 
ensure that risks are effectively managed consistently 
across EQT.
BUSINESS PARTNER CODE OF CONDUCT
The EQT Business Partner Code of Conduct sets out 
expectations for suppliers and business partners 
regarding legal compliance, respect for human rights, 
protection of the environment, and ethical business 
practices. As detailed in the Business Partner Code of 
Conduct, EQT expects all business partners to oppose 
corruption in all its forms, including extortion, bribery, 
and fraud, and to avoid facilitation payments.
EQT AB Group values open communication and 
expects its business partners and suppliers to proactive -
ly inform EQT in cases of material breach of the Business 
Partner Code of Conduct, and to implement corrective 
actions. As further detailed below, EQT provides a 
whistleblowing channel where Business Partners or their 
employees may report concerns or violations of the 
Business Partner Code of Conduct. The CFO is responsi -
ble for the Business Partner Code of Conduct, which is 
approved by the Operating Committee.
EQT RESPONSIBLE INVESTMENT & OWNERSHIP 
POLICY
EQT's Responsible Investment & Ownership (RI&O) 
Policy emphasizes good governance structures across 
EQT funds' investments. EQT aims for such governance 
models to include defined and documented corporate 
governance structures, setting action plans on material 
sustainability aspects and related policies and 
guidelines, conducting sustainability risk analyses, 
maintaining a high level of business ethics, complying 
with relevant laws and regulations, and that financial 
and non-financial reporting is conducted accurately 
and transparently.
The CEO is responsible for the EQT RI&O Policy, which 
is approved by the Board.
EQT Real Estate 
In addition to the EQT RI&O Policy, EQT Real Estate has 
a subordinate EQT Real Estate ESG Investment Policy 
outlining sustainability objectives specific to EQT Real 
Estate assets. The policy is aligned with the RI&O Policy. 
The policy's governance objectives focus on maintain -
2)  “Temporary staff” means all temporary staff of EQT who have access to EQT 
premises and/or systems.
ing high standards of ethics, transparency, and 
compliance. The policy applies globally across EQT 
Real Estate's portfolio, including North America, Europe, 
and Asia-Pacific. It covers both the upstream and 
downstream value chains, ensuring sustainable practic -
es in sourcing, operations, and tenant engagement. The 
policy also promotes responsible governance in supply 
chains and tenant relationships.
The Head of Sustainability for EQT Real Estate is 
responsible for implementing the policy, in collabora -
tion with the heads of each functional area of the 
organization. The EQT Real Estate Management Team 
has responsibility for policy approval and oversight.
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EQT AB GROUP
During the reporting period, EQT AB Group has 
advanced a range of initiatives intended to uphold high 
standards of business ethics, including corporate 
culture, anti-bribery and corruption, protection of 
whistleblowers, and AML and prevention of related 
financial crimes. These efforts are pursued on a 
continuous basis, with no defined endpoint, as part of 
EQT's long-term ethical commitments.
Monitoring of Adherence to Governing Documents
The Risk, Regulatory & Compliance team continuously 
monitors adherence to EQT's Code of Ethics and other 
governing documents, manages risks associated with 
business ethics through regular monitoring and 
controls, and provides training and other aware -
ness-raising activities, such as information campaigns 
to employees. 
EQT AB Group remains committed to keep developing 
processes that uphold ethical conduct in the years 
ahead.
Anti-Corruption Compliance Program
EQT works actively to prevent, detect, investigate, and 
respond to incidents related to corruption and bribery.
Proactive Measures:  On an annual basis, EQT performs 
a risk assessment that includes bribery and corruption 
risk, with continuous monitoring. EQT's Anti-Bribery, 
Corruption and Fraud Guidelines establish internal rules 
on gifts and entertainment involving third parties. EQT 
has set processes for pre-clearance and manager 
approval for gifts and entertainment applicable to all 
EQT employees. EQT employees are also made aware 
in the guidelines that special caution and consideration 
are required when engaging with government officials, 
including foreign government officials.
Ongoing Monitoring and Assessment:  EQT regularly 
monitors employees' compliance with its governing 
documents, which may include controls of gifts and 
entertainment as well as anti-bribery and corruption. 
Should any suspicions of non-compliance with these 
policies or guidelines arise, EQT's Risk, Regulatory & 
Compliance team will launch an investigation into the 
matter, independent of the involved management 
chain. Investigation outcomes, depending on their 
materiality, will be reported as appropriate to the Audit 
Committee, Executive Committee, and the Board.
Anti-Money Laundering Program
EQT AB Group and EQT funds maintain the AML 
program, which is designed to continuously identify, 
assess, and mitigate the financial crime risks to which 
EQT is exposed. This program sets out EQT's procedures 
regarding suspicious activity and transaction reporting, 
business relationship due diligence, ongoing monitor -
ing, and related responsibilities. To promote awareness 
and ensure understanding of both the program and 
EQT's risk exposure, all EQT employees are required to 
complete annual training. The AML Program is directed 
by the Compliance team at the level of EQT's AIFMs and 
overseen by EQT's Global Head of Risk, Regulatory & 
Compliance.
During the reporting year, EQT's AML program 
remained focused on preventing and detecting money 
laundering and related activities through policies and 
procedures. This includes due diligence on business 
relationships, such as clients, investments, and related 
entities.
EQT AB Group and the EQT funds continuously review 
and refine the AML program to ensure it remains 
aligned with strategic objectives, complies with 
regulatory requirements, and adapts effectively to 
global geopolitical developments.
Business Relationship Assessment 
As a relationship-driven organization, EQT places 
strong emphasis on building and maintaining long-term 
partnerships across all business relationships, including 
with clients, portfolio companies, and other stakehold -
ers. The focus is on active engagement and proactive 
risk management.
EQT continuously assesses its business relationships, 
as defined under applicable AML regulations, against a 
range of risk factors. These include geographic 
exposure, sector and industry risk, sanctions exposure, 
associations with politically exposed persons, transac -
tion patterns and complexity, distribution and delivery 
channels, adverse media findings, and any other 
relevant indicators.
EQT will not enter into, or maintain, relationships with 
individuals or entities that are subject to sanctions, or 
where the ML/TF/PF risks cannot be effectively 
mitigated.
To strengthen risk mitigation, the effectiveness of 
controls is regularly evaluated through self-assess -
ments conducted by process owners and/or thematic 
reviews performed by the Risk, Regulatory & Compli -
ance team. Any controls identified as ineffective or 
partially ineffective are documented, tracked and 
remediated until fully resolved. Additionally, the incident 
reporting process supports the internal control 
assessment by identifying any potential control issues 
that may not have been captured during routine 
assessments.
Supplier Screening
EQT conducts regular screening of its business partners 
and suppliers against global and EU sanctions lists, 
using trusted and reputable screening tools. Any 
potential matches are escalated to the Risk, Regulatory 
& Compliance team for review, and escalated to the 
relationship owner for resolution.
Whistleblowing
EQT offers an anonymous whistleblowing channel 
available both internally and externally, where EQT 
encourages  employees and external stakeholders to 
report suspected unethical behaviors, misconduct, and 
non-compliance.
Both EQT's internal and external Whistleblowing 
Instructions set out fundamental principles to be 
followed regarding the right to: (i) anonymous 
reporting, (ii) confidentiality, (iii) report in good faith, 
and (iv) prohibition of retaliation.
Cases are addressed by an internal case handling 
team, with the Audit Committee being informed about 
all cases to ensure no retaliation against whistleblow -
ers. One of the Board members of EQT AB, who is also a 
member of the Audit Committee, serves as the 
appointed supervisor of the case handling team and 
supervises their proceedings on an ongoing basis.
EQT also has Whistleblowing Investigation Instruc -
tions in place that provide concrete guidance to the 
case handling team and external parties conducting 
investigations of whistleblowing reports and other 
reports received by EQT. These instructions provide 
guidance in the different phases of an investigation and 
what should be included in each phase. EQT is subject 
to national laws transposing Directive (EU) 2019/1937 
with regard to the protection of whistleblowers.
Misconduct Assessment
Any alleged action, omission or conduct that materially 
goes against EQT's values, policies, guidelines, and 
procedures is managed through EQT's Global Discipli -
nary Framework. This framework covers EQT employee 
misconduct related to fraud, financial and other crimes, 
legal and regulatory breaches, data breaches, and 
employment practice misconduct. The framework is 
Actions
G1-3
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designed to streamline and strengthen disciplinary 
processes, ensuring that misconduct is properly 
escalated and handled consistently.
Cases are assessed, treated, and closed globally 
through an internal team comprising management, HR, 
in-house employment lawyers, and local compliance 
officers, with the Audit Committee acting as a supervi -
sory body. The team handling the cases through the 
Global Disciplinary Framework investigates the case 
and issues a recommendation to the relevant manage -
ment representatives deciding on suitable actions. On a 
quarterly basis, all cases handled through the Global 
Disciplinary Framework are reported to the Audit 
Committee. This reporting also includes the number of 
whistleblowing cases and a high-level description of 
them from the last quarter. 
Training and awareness
On an annual basis, all EQT employees and temporary 
staff participate in EQT's annual ethics training, which is 
based on the Code of Ethics and includes other 
governing documents, such as EQT's Anti-Bribery, 
Corruption and Fraud Guidelines and Internal Whistle -
blowing Instructions. Additionally, all EQT employees 
must annually certify that they have read and under -
stand the Code of Ethics and other relevant governing 
documents. 
All new hires to EQT AB Group must also certify that 
they have read and understand the Code of Ethics and 
other relevant governing documents. All new hires also 
go through a comprehensive compliance onboarding 
program that includes training on the Code of Ethics, 
and other governing documents, e.g. the Anti-Bribery, 
Corruption and Fraud Guidelines and Internal Whistle -
blowing Instructions. Additionally, new hires undergo 
in-depth training in anti-bribery and corruption, and 
anti-money laundering and counter-terrorist financing.
 The Annual Ethics Training and Annual Certifications, 
as well as the compliance onboarding training and new 
hire certifications, are mandatory for all EQT employ -
ees, including all management levels. Training is also 
held for newly appointed members in the whistleblow -
ing case handling team, and other team members may 
receive additional training. 
EQT FUNDS
During the reporting period, the following actions were 
taken to support strong conduct on business ethics, 
including corporate culture, in EQT funds' investment 
and ownership processes. These efforts are pursued on 
a continuous basis, with no defined endpoint.
Responsible investment process
An important component of the investment process is 
conducting due diligence and identifying and assessing 
material sustainability risks and impacts, alongside 
potential sustainability opportunities. This assessment 
seeks to ensure that all investments align with EQT's 
responsible investment and ownership principles 
sustainability strategy.
The outcomes of the sustainability due diligence are 
integrated by investment advisory professionals into the 
business plans of the individual assets on a case by case 
basis, aiming to mitigate material risks throughout the 
ownership period, where relevant, and leverage 
identified opportunities.
Accountable leadership and good governance
EQT believes in adopting accountable leadership and 
good governance principles throughout its deci -
sion-making and investment process. EQT adheres to 
and instills strong sustainability governance models for 
EQT funds' investments, adjusted to the specific 
governance position, which provides a solid foundation 
for developing and embedding sustainability ambitions, 
monitoring, and assessing performance.
The assessment of good governance practices is an 
integral part of new investments and focuses on areas 
such as management structures, legal compliance, and 
tax practices, among others. Continuous oversight is 
maintained through active board engagement, where 
possible, for example by appointing a board member 
responsible for setting clear ownership around 
sustainability-related initiatives.
On an ongoing basis, clear expectations for transpar -
ency and accountability are established. This might 
include practices such as assessing portfolio compa -
nies’ adherence to governance standards aligned with 
global frameworks such as the UN Global Compact. 
EQT Real Estate regularly interacts with tenants and 
residents to advance mutual sustainability ambitions. 
This includes enhancing the landlord-tenant relation -
ship to achieve sustainability ambitions through 
practices such as incorporating sustainable clauses in 
leases, energy efficiency enhancements as part of 
tenant fit-outs and lease renewals, and collaborating to 
deploy on-site renewables.
Policies at the portfolio company level
As an active owner, EQT promotes the development of 
robust frameworks that ensure long-term value 
creation and adherence to high governance standards 
among its portfolio companies. This includes encourag -
ing portfolio companies to develop a comprehensive set 
of governance and sustainability policies during the 
ownership period. Such policies can include areas such 
as a code of conduct, anti-bribery and corruption, 
whistleblower protection, human rights, climate 
change, and occupational health and safety.
Reputational incident monitoring process
On an ongoing basis, portfolio companies are screened 
for involvement in sustainability-related adverse media 
coverage, as monitored and flagged by an external 
service provider. Additionally, investment advisory 
professionals are required to report potential incidents 
in EQT's internal incident reporting tool.
TARGET – EQT AB GROUP
No confirmed incidents of bribery or corruption within 
public legal cases or proceedings against EQT AB 
Group during the year. The target is supported by EQT's 
Anti-Bribery, Corruption and Fraud Guidelines.
METRIC 1)
Zero confirmed incidents of bribery or corruption within 
public legal cases or proceedings against EQT AB 
Group during the reporting period 2). 
Targets and performance
G1-4
1)  Any actions taken to address breaches in procedures and standards of 
anti-corruption and anti-bribery have been disclosed in the section Actions for 
EQT AB Group.
2)  This figure also includes cases where an EQT AB Group employee is involved in 
bribery or corruption within a portfolio company.
Incidents are followed up by the Risk, Regulatory & 
Compliance team with the respective parties involved, 
ensuring that appropriate remediation plans are put in 
place to address any issues identified. This process not 
only mitigates reputational risks but also promotes 
accountability and ethical business practices within the 
portfolio companies, reinforcing EQT's commitment to 
sustainable and responsible investment.
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Responsible investment approach 
for EQT funds
 158 Responsible investment approach for EQT funds
 158 Strategy  
 158 Policies and guidelines
 158 — EQT Responsible Investment & Ownership Policy 
 159  Actions
 159 Metrics 
  
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Responsible investment 
approach for EQT funds
ESRS-2 MDR
Strategy 
 
Material topics Value chain
EQT specific Responsible 
investment approach 
for EQT funds
EQT AB Group
EQT specific material topic
EQT AB Group is committed to responsible investment 
and ownership principles  to protect and enhance the 
value of the EQT funds' investments. EQT AB Group inte -
grates sustainability considerations and practices into 
the EQT funds' investment processes in line with this 
responsible investment and ownership approach. EQT's 
ambition is to actively address and promote selected 
environmental or social characteristics alongside the 
use of robust governance practices throughout these 
processes, to better address downside risk protection 
and value creation potential across EQT funds' 
investments. In doing so, EQT seeks to better deliver 
risk-adjusted returns to EQT clients, while addressing 
some of the world's most pressing challenges.
This section describes EQT's responsible investment 
and ownership approach. To appropriately identify 
and manage risk and opportunities, sustainability 
considerations are integrated in the funds' investment 
and value creation process.
 
EQT is committed to its responsible invest-
ment approach in the EQT funds as it fulfills 
its mission to create strong returns for its 
clients.
Policies and guidelines
MDR-P
EQT AB Group's Responsible Investment & Ownership 
Policy describes EQT's ambitions for responsible 
investments and the approach to integrating material 
sustainability topics throughout its investment and value 
creation process, consistent with and subject to its 
fiduciary duties and applicable legal, contractual, and 
other requirements.
EQT RESPONSIBLE INVESTMENT  
& OWNERSHIP POLICY
EQT's Responsible Investment & Ownership (RI&O) 
Policy describes sustainability and ownership principles 
that influence EQT's investment processes and 
investment strategies of EQT's funds. The illustration 
below shows examples of how sustainability aspects 
are integrated and addressed across different stages of 
an investment process, which extend from sourcing, 
evaluating, acquiring, developing, and selling compa -
nies and assets. EQT's investment advisory teams are 
responsible for ensuring that sustainability is integrated 
throughout the investment life cycle, including perform -
ing screening, due diligence, and monitoring perfor -
mance over EQT's ownership of the company or asset. 
EQT's investment advisory teams work closely with the 
board of directors and management teams in the 
companies and assets EQT funds have invested in, who 
are expected to be responsible for defining and 
executing a sustainability strategy with relevant 
policies. 
The policy applies to all EQT funds managed and 
operated by an entity within the EQT AB Group. EQT's 
ability to apply the RI&O Policy and influence sustaina -
bility matters may be limited, for example in invest -
ments where the EQT funds do not have economic 
control or share economic control over the company 
with other investors. EQT's approach to sustainability 
may be adapted in such cases, while continuing to work 
towards the ambitions set forth in the RI&O Policy. For 
information about the responsibility of the policy, please 
see the section Business conduct.  
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2. Due diligence
 
In evaluating new investments, EQT seeks to assess 
impacts, identify and mitigate risks, and capture 
opportunities related to sustainability matters. This 
includes consideration of actual and potential 
material sustainability topics to better inform the 
investment decision process and ownership plan.
The outcome of the sustainability analysis is 
presented to the managers and/or general partners 
of the various EQT funds and considered in the review 
of the investment opportunity.
1. Sourcing 
As a thematic investor, EQT invests behind macro and 
societal trends, using functional experts, global sector 
collaboration, and sub-sector expertise on sustainabil -
ity matters. EQT's thematic investing approach focuses 
on deploying capital towards innovative solutions that 
address societal and environmental challenges, as well 
as transforming companies and assets through their 
operations, products and services.
EQT has established a negative screening excluding 
direct investments in specific industries where 
sustainability considerations have been determined to 
represent potentially materially adverse business 
issues that cannot adequately be managed within the 
parameters of the EQT funds' investment strategies.
3. Ownership
Throughout the ownership period, EQT actively 
engages with the portfolio companies and assets in 
EQT's funds, laying the foundation for protecting and 
enhancing value using sustainability levers. 
EQT's sustainability approach leverages a wide 
range of strategies to improve sustainability perfor -
mance and disclosure practices for the EQT funds' 
investments. Such strategies include establishing 
sustainability governance and integrating sustainabili -
ty in the company or asset's Full Potential Plan.
4. Exit 
With transparency being one of EQT's core values, 
material sustainability aspects about investments 
are typically included in the relevant documentation 
that is used when EQT funds sell the companies or 
assets in which they have invested, such as due 
diligence materials or prospectuses for initial public 
offerings.
EQT funds' approach across the different investment lifecycle stages Actions
MDR-A
Metrics
MDR-T, MDR-M
During the reporting period, EQT AB Group has actively 
promoted environmental or social characteristics 
across its funds as described by the following ongoing 
actions. These actions are pursued on a continuous 
basis with no defined endpoint. 
 — Integrating material (for the specific investment) 
sustainable considerations in the investment process 
according to the EQT Responsible Investment & 
Ownership Policy, in order to seek to drive its value 
creation efforts. Examples of actions of a more 
firm-wide character can be found in sections E1 and 
G1. 
 — Disclosing sustainability performance and impacts to 
fund investors in fund reports.
 — Promoting industry standardization and ensuring 
benchmarking, by being a member of the ESG Data 
Convergence Initiative (EDCI), an open partnership of 
private market stakeholders committed to streamlin -
ing the private investment industry's historically 
fragmented approach to collecting and reporting 
sustainability data.
In the EU, the Sustainable Finance Disclosure Regulation 
(SFDR) requires asset managers to classify the level of 
sustainability of their funds and disclose sustainabili -
ty-related information about their funds, including the 
approaches to the integration of sustainability risks and 
consideration of principal adverse sustainability 
impacts. For main funds subject to the SFDR, EQT's 
ambition is to either classify funds as promoting 
environmental and/or social sustainability characteris -
tics (Article 8 funds) or having sustainable investments 
as its objective (Article 9 funds), in line with EQT's 
responsible investment approach. The table below 
shows the share of the fee-generating assets under 
management in Article 8 and 9 funds. While the 
ambition is not a formal target, it highlights EQT AB
Group's approach to sustainability as a tool to 
future-proof, manage risk, and help create value within 
the fund portfolio. Note that the SFDR is an EU 
regulation and hence not applicable in all jurisdictions.  
2025 2024
Total fee-
generating assets 
under management 
(EURbn FAUM)1 100% 141,249 100% 136,001
FAUM Art. 8  (SFDR) 82% 115,737 77% 105,184
FAUM Art. 9 (SFDR)  2% 2,440 2% 2,394
FAUM Art. 6  (SFDR) 4% 5,767 6% 8,337
FAUM not classified 
and subject to 
SFDR2 12% 17,306 15% 20,087
1) EQT is closely monitoring the EU's anticipated changes to the SFDR, including  
the effects it will have going forward on fund classification.
2)  FAUM related to funds in scope of SFDR that are not art. 8, 9, or are mainly 
related to legacy funds, established prior to or in connection with the SFDR 
implementation.
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Auditor’s limited assurance 
report of EQT AB (publ):s 
sustainability statement 
To the general meeting of the shareholders of EQT AB 
(publ), corp. id 556849-4180
CONCLUSION  
We have conducted a limited assurance engagement of 
the sustainability statement for EQT AB (publ) (the 
“company”) for the financial year 2025. The sustainabil -
ity statement is included on pages 1 18-159 in this 
document.
    Based on our limited assurance engagement as 
described in the section Auditor’s responsibility, nothing 
has come to our attention that causes us to believe that 
the sustainability statement does not, in all material 
respects, meet the requirements of the Swedish Annual 
Accounts Act which includes,
 — whether the sustainability statement meets the 
requirements of ESRS,
 — whether the process the company has carried out to 
identify reported sustainability information has been 
conducted as described in the sustainability state -
ment, and
 — compliance with the reporting requirements of the 
EU:s Green Taxonomy Regulation Article 8.
BASIS FOR CONCLUSION
We have conducted the assurance engagement in 
accordance with FAR’s recommendation RevR 19 The 
auditor’s limited assurance regarding the statutory 
sustainability statement . Our responsibility according to 
this recommendation is further described in the section 
Auditor’s responsibility.
We believe that the evidence we have obtained is 
sufficient and appropriate to provide a basis for our 
conclusion.
OTHER MATTERS
The sustainability information for the prior year has not 
been subject to a limited assurance review in accord -
ance with RevR 19 The auditor’s limited assurance 
regarding the statutory sustainability statement , and 
consequently the review of the comparative information 
in the sustainability statement for 2025 has therefore 
not been performed in accordance with this recom -
mendation.
INFORMATION OTHER THAN THE SUSTAINABILITY 
STATEMENT
This document also contains information other than the 
sustainability statement and is found on pages 1-1 13 
and 162-185. The Board of Directors and the Managing 
Director are responsible for this other information.
Our conclusion on the sustainability statement does 
not cover this other information and we do not express 
any form of assurance conclusion regarding this other 
information.
In connection with our limited assurance engagement 
on the sustainability statement, our responsibility is to 
read the information identified above and consider 
whether the information is materially inconsistent with 
the sustainability statement. In this procedure we also 
take into account our knowledge otherwise obtained in 
limited assurance engagement is substantially lower 
than the assurance that would have been obtained had 
a reasonable assurance engagement been performed. 
This means that it is not possible for us to obtain such 
assurance that we become aware of all significant 
matters that could have been identified if a reasonable 
assurance engagement had been performed.
Our firm applies ISQM 1 (International Standard on 
Quality Management), which requires the firm to 
design, implement and operate a system of quality 
management, including policies and procedures 
regarding compliance with ethical requirements, 
professional standards, and applicable legal and 
regulatory requirements.
We are independent of EQT AB (publ) in accordance 
with professional ethics for accountants in Sweden and 
have otherwise fulfilled our ethical responsibilities in 
accordance with these requirements.
A limited assurance engagement involves performing 
procedures to obtain evidence to support the sustaina -
bility statement. The auditor selects the procedures to 
be performed, including assessing the risks of material 
misstatements in the sustainability statement, whether 
due to fraud or error. In this risk assessment, the auditor 
considers the parts of the internal control that are 
relevant to how the Board of Directors and the 
Managing Director prepare the sustainability state -
ment, in order to design procedures that are appropri -
ate under the circumstances, but not for the purpose of 
providing a conclusion on the effectiveness of the 
company’s internal control. The review consists of 
making inquiries, primarily of persons responsible for 
the preparation of the sustainability statement, 
performing analytical review, and conducting other 
limited review procedures.
In conducting our limited assurance engagement, 
with respect to the process undertaken to identify the 
the limited assurance engagement and assess whether 
the information otherwise appears to be materially 
misstated.
If we, based on the work performed concerning this 
information, conclude that there is a material misstate -
ment of this other information, we are required to 
report that fact. We have nothing to report in this 
regard.
RESPONSIBILITIES OF THE BOARD OF DIRECTORS 
AND THE MANAGING DIRECTOR
The Board of Directors and the Managing Director are 
responsible for the preparation of sustainability 
statement in accordance with Chapter 6, Sections 
12–12f of the Swedish Annual Accounts Act, and for such 
internal control as they determine is necessary to 
enable the preparation of the sustainability statement 
that is free from material misstatements, whether due 
to fraud or error.
AUDITOR’S RESPONSIBILITY
Our responsibility is to express a conclusion with limited 
assurance on whether the sustainability statement has 
been prepared in accordance with Chapter 6, Sections 
12–12f of the Swedish Annual Accounts Act based on 
our review. The limited assurance engagement has 
been conducted in accordance with FAR’s recommen -
dation RevR 19 The auditor’s limited assurance 
regarding the statutory sustainability statement.  This 
recommendation requires that we plan and perform 
our procedures to obtain limited assurance that the sus -
tainability statement is prepared in accordance with 
these requirements.
The procedures in a limited assurance engagement 
vary in nature and timing from, and are less in extent 
than for, a reasonable assurance engagement. 
Consequently, the level of assurance obtained in a 
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sustainability information to be reported, we have:
 — Obtained an understanding of the process by:
 — performing inquiries to understand the sources of 
the information used by management; and 
 — reviewing the company’s internal documentation of 
its Process; and
 — Evaluated whether the evidence obtained from our 
review procedures regarding the Process implement -
ed by the company was consistent with the descrip -
tion of the Process set out in the sustainability 
statement.
In conducting our limited assurance engagement, with 
respect to the sustainability statement, we have 
performed, but were not limited to, the following:
 — Through inquiries, obtained a general understanding 
of the company’s reporting and consolidation 
processes, including the company’s internal control 
environment and information systems, relevant to the 
preparation of information in the sustainability 
statement.
 — Evaluated whether information identified as material 
through the process the company has carried out is 
also included in the sustainability statement.
 — Evaluated whether the structure and the presentation 
of the sustainability statement is in accordance with 
the requirements of the ESRS.
 — Performed inquiries with relevant personnel and 
analytical procedures on selected disclosures in the 
sustainability statement.
 — Performed substantive procedures through sample 
testing on selected disclosures in the sustainability 
statement.
 — Through inquiries, obtained understanding of the 
methods used to develop material estimates and how 
these methods were applied.
 — Through inquiries, obtained a general understanding 
of the process to identify economic activities which 
are eligible and aligned with the EU Green Taxonomy, 
and the corresponding disclosures in the sustainabili -
ty statement.
 — Performed substantive procedures through sample 
testing on selected disclosures in the sustainability 
statement related to the EU Green Taxonomy.
INHERENT LIMITATIONS IN PREPARING THE 
SUSTAINABILITY STATEMENT
In reporting forward-looking information in accordance 
with ESRS, the Board of Directors and the Managing 
Director of EQT AB (publ) are required to prepare the 
forward-looking information on the basis of disclosed 
assumptions about events that may occur in the future 
and possible future actions by EQT AB (publ). Actual 
outcomes are likely to be different since anticipated 
events frequently do not occur as expected.
Stockholm, 22th of March 2026
KPMG AB
Håkan Olsson Reising 
Authorized Public Accountant
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#04
Corporate governance
#01 This is EQT #02 Financial statements #04 Corporate governance #05 Additional information#03 Sustainability statement
 163 Corporate governance report
 163 Statement of Purpose
 166   The Board
 171 The Executive Committee
 175  Auditor’s report on the  corporate governance 
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===== SIDA 163 =====

Corporate governance report
EQT is a purpose-driven global investment organization 
focused on active ownership strategies, while 
responsibly investing in, owning and developing 
companies and real assets. As established in EQT’s 
articles of association, EQT shall strive to conduct its 
business in a way that future-proofs companies and 
has a positive impact with everything we do.
EQT has an enduring commitment to responsible 
investment and has since inception had a multi-
stakeholder approach, with the original concept from 
EQT’s founding in 1994 of being “more than capital”. This 
concept still embodies the fundamental mindset that 
defines EQT and our active ownership approach. With 
an entrepreneurial spirit and passion for future-
proofing companies, EQT continues to further 
incorporate the long-term ownership philosophy of the 
Swedish Wallenberg family.
Today, EQT is a differentiated global investment 
organization with a history of more than three decades 
of responsibly investing in, owning and developing 
companies and real assets. With a Nordic heritage and 
a global mindset combined with well-grounded values 
and a deeply rooted culture, EQT funds have a track 
record of consistent and attractive returns across 
geographies, sectors and strategies.
As EQT has grown, our philosophy has been further 
ingrained into the EQT way of doing business. By taking 
an active role and working closely with management 
and boards, EQT supports its investments with 
hands-on governance and expertise, leveraged from 
both within the EQT platform and the global network of 
EQT Advisors. Providing both capital and competence 
constitutes the essence of EQT’s active ownership 
approach and is difficult to replicate. It allows us not 
Conni Jonsson 
Founder and Chairperson
 
Per Franzén 
CEO and Managing Partner
 
Corporate governance practices refer to the 
decision-making systems through which owners, 
directly or indirectly, govern a company. Good 
corporate governance is not only important for EQT 
AB’s organization, it is also integrated in EQT’s 
business model as it is part of the core of EQT’s 
value creation strategy when advising and 
future-proofing the portfolio companies of the EQT 
funds.
EQT AB is a Swedish limited liability company 
governed by the Swedish Companies Act. As a 
listed company on Nasdaq Stockholm, EQT AB 
further adheres to the Swedish Code of Corporate 
Governance (the “Code”). The Code is published on 
www.corporategovernanceboard.se, where a 
description of the Swedish Corporate Governance 
model can be found.
This Corporate Governance Report is submitted 
in accordance with the Swedish Annual Accounts 
Act and the Code. It explains how EQT AB has 
conducted its corporate governance activities 
during the financial year 2025.
EQT AB did not breach or deviate from the 
Nasdaq Stockholm Rule Book for Issuers, the Code 
or good stock market practice during the financial 
year 2025.
The Corporate Governance Report has been 
reviewed by EQT AB’s auditor, as presented on 
page 175.
PURPOSE
Why 
we exist
To future-proof companies  
and make a positive  
impact for all
VISION
What we  
strive for
To be the most  
reputable investor and  
owner
MISSION
What  
we do and how
With differentiated talent and  
the best global network, EQT uses a thematic 
investment strategy and distinctive value  
creation approach to create superior  
returns for EQT’s investors
Marcus Wallenberg 
Deputy Chairperson
Margo Cook
Board Member
Brooks Entwistle
Board Member
Richa Goswami 
Board Member
Diony Lebot
Board Member
Gordon Orr
Board Member
Jacob Wallenberg Jr
Board Member
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way of set-off and/or in kind, or otherwise on special 
conditions, at a price per share that is not below market 
terms. However, a discount to the prevailing market 
price may apply, in line with market practice. The 
purposes of the authorization on repurchase of own 
shares are to enable the Board to adjust the company’s 
capital structure, enable acquisitions of companies and 
business operations where payment is made with own 
shares, deliver shares to Board members as Board fee 
as well as mitigate the dilution impact from the 
company’s incentive programs and acquisitions made 
by EQT. The purpose of the authorization on transfer of 
own shares is to enable the Board to finance acquisi -
tions of companies and business operations with own 
shares.
SHAREHOLDERS’ MEETINGS AND THE ANNUAL 
SHAREHOLDERS’ MEETING 2026
According to EQT AB’s articles of association, share -
holders’ meetings are convened by publication of the 
convening notice in the Swedish National Gazette (Sw. 
Post- och Inrikes Tidningar) and on EQT’s website. At 
the time of the notice convening a shareholders’ 
meeting, information regarding the notice shall be 
published in the Swedish daily newspaper Dagens 
industri.
Shareholders who wish to participate in a share -
holders’ meeting of EQT AB must be included in the 
shareholders’ register maintained by Euroclear Sweden 
AB (“Euroclear”) concerning the circumstances six 
banking days prior to the meeting and notify EQT AB of 
their participation no later than on the date stipulated 
in the notice convening the shareholders’ meeting. 
Shareholders may attend the shareholders’ meetings in 
person or by proxy and may be accompanied by a 
maximum of two assistants. Typically, it is possible for a 
shareholder to register for the shareholders’ meeting in 
several different ways as indicated in the notice of the 
shareholders’ meeting. A shareholder may vote for all 
shares in EQT AB owned or represented by the 
shareholder, without restrictions on the number of 
votes.
The Annual Shareholders’ Meeting 2026 (the “AGM 
2026”) of EQT AB will take place on 12 May 2026 at 
15:00 CEST. All documents related to the AGM 2026 will 
be published on EQT’s website.
SHARES
At year-end 2025, EQT AB had 60,004 shareholders 
according to the shareholders’ register maintained by 
Euroclear. The only shareholder representing more than 
one tenth of the shares and votes in EQT AB as of 31 
December 2025 was Investor Investments Holding 
Aktiebolag, an indirect subsidiary of Investor Aktie -
bolag, with 14.0 percent of the capital and 14.0 percent 
of the votes as of 31 December 2025. By virtue of the 
authorizations granted by the Annual Shareholders’ 
Meetings held on 27 May 2024 and 27 May 2025, 
respectively, to repurchase EQT AB ordinary shares, 
4,931,018 ordinary shares were repurchased during the 
course of the repurchase program which was an -
nounced as ended on 19 May 2025 and 5,535,521 
ordinary shares were repurchased during the course of 
the repurchase program which was announced as 
ended on 29 September 2025. For more information 
about the EQT AB share and its largest shareholders, 
see section “The EQT AB share”. Information on EQT 
AB’s shareholder -structure is also available on EQT’s 
website.
NOMINATION COMMITTEE
Under the Code, all companies whose shares are listed 
on a regulated market in Sweden must have a 
nomination committee to prepare proposals regarding 
certain appointments by the shareholders’ meeting. The 
main task of the nomination committee is to propose 
candidates for election to the Board, including the 
chairperson of the Board, and, where applicable, 
only to invest but also to be part of the solution and 
make a positive impact that prevails during and after 
EQT funds’ ownership period, all while creating 
attractive returns for EQT funds’ investors.
Shouldering the role as an active owner is not done 
overnight. It requires trust from multiple stakeholders 
and such trust is earned over time. At EQT, we have 
always been dependent on our license to operate to 
continue carrying out our mission. This has meant a 
continuous quest to gain and preserve confidence from 
a broad set of stakeholders such as portfolio 
companies’ employees and customers, fund -investors, 
unions, the media, and politicians – and since the public 
listing, also EQT AB’s shareholders.
Going forward, we will develop EQT and our 
investments to prosper and be sustainable. We do this 
by promoting regenerative processes and equitable 
business practices and by ensuring that leadership is 
held accountable. We believe this will ensure that EQT 
stays successful and relevant for its investors and 
society as a whole for the long term.
AUTHORIZATIONS
At the Annual Shareholders’ Meeting held on 27 May 
2025, the following authorizations were granted to the 
Board.
An authorization to, during the period until the 
Annual Shareholders’ Meeting 2026, on one or more 
occasions, resolve upon issuances of new shares, 
convertible bonds and/or warrants to be paid in cash, 
by way of set-off and/or in kind. Shares, convertible 
bonds and/or warrants may be issued without 
preferential rights for the shareholders of EQT AB. The 
number of shares, convertible bonds and/or warrants 
issued may not correspond to a dilution of more than 10 
percent of the total number of shares as of the first 
exercise of the authorization, after full exercise of the 
authorization. The purpose of the authorization is to 
provide flexibility for acquisitions of companies, 
businesses or parts thereof, as well as to increase 
financial flexibility for EQT and broaden the sharehold -
er base. Any issue of new shares resolved upon 
pursuant to the authorization shall be made at market 
terms and conditions, taking into account the transac -
tion as a whole. Warrants may be issued free of charge.
An authorization to, during the period until the 
Annual Shareholders’ Meeting 2026, on as many 
occasions as the Board deems appropriate, make 
purchases of the company’s ordinary shares. The 
number of shares purchased must at no time result in 
the company’s holding exceeding 10 percent of all the 
shares in the company. The purchases are to be made 
on Nasdaq Stockholm or in accordance with an offer to 
acquire shares directed to all shareholders of the same 
share class or through a combination of these two 
alternatives. Acquisition of shares on Nasdaq Stockholm 
shall be made at a price per share within the price 
interval applicable at the time of acquisition. Acquisi -
tions of shares by way of offers to acquire shares 
directed to all the company’s shareholders of the same 
share class shall be made at an acquisition price which 
is no more than 15 percent above the prevailing market 
price and no less than SEK 0. An authorization to make 
transfers of the company’s ordinary shares on as many 
occasions as it deems appropriate during the period up 
to the Annual Shareholders’ Meeting 2026. Transfers of 
the company’s own ordinary shares may be made of up 
to such number of ordinary shares as is held by the 
company at the time of the Board’s resolution regarding 
the transfer. The transfers are to be made on Nasdaq 
Stockholm or in connection with acquisitions of 
companies and business operations without preferential 
rights for the shareholders. Transfers of shares on 
Nasdaq Stockholm shall be made at a price per share 
within the price interval applicable at the time of 
transfer. Transfers of shares in connection with 
acquisitions of companies and business operations may 
be made against cash payment or against payment by 
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new member, unless section 4 is applicable.
6.   A shareholder (pursuant to section 1 or section 2) 
who has appointed a member to the nomination 
committee shall have the right to dismiss such 
member and appoint a new member.
7 .   Changes to the composition of the nomination 
committee shall be disclosed publicly as soon as 
possible.
8.   The nomination committee’s appointment ends 
when the next nomination committee has been 
appointed.
9.   If needed, the Company shall reimburse reasonable 
costs which the nomination committee deems 
necessary in order for the nomination committee to 
fulfill its assignment.
10.  These instructions shall apply until further notice.
The composition of the nomination committee meets 
the requirements concerning the independence of the 
nomination committee. All AGM documents related to 
the nomination committee will be published on EQT’s 
website.
Nomination committee for the AGM 2026
Members Appointed by  
% of the votes per
31 December 2025
Jacob Wallenberg 
(Chairperson) Investor AB 14.0
Cynthia Lee Jean Eric Salata 9.6
Harry Klagsbrun Conni Jonsson 3.8
Joachim Spetz Swedbank Robur 
Funds 1.9
Conni Jonsson Chairperson  
of the Board 3.8
AUDITOR
EQT AB’s auditor shall review EQT AB’s annual report 
and accounting, as well as the management of the 
Board and the CEO. Following each financial year, the 
auditor shall submit an audit report and a consolidated 
audit report to the Annual Shareholders’ Meeting.
Pursuant to EQT AB’s articles of association, EQT AB 
shall have no less than one and no more than two 
auditors with no more than two deputy auditors. Since 
201 1, EQT AB’s auditor is KPMG AB.
For details on remuneration to the auditors, see 
Note 8.
propose auditors for election to the shareholders’ 
meeting. When nominating persons for election to the 
Board, the nomination committee shall determine 
whether in its view the persons nominated for election 
are considered independent of EQT AB, its senior 
management and the major shareholders in EQT AB. In 
addition, the nomination committee shall propose a 
candidate for election as chairperson of the Annual 
Shareholders’ Meeting. The nomination committee shall 
also submit proposals concerning the remuneration of 
the chairperson of the Board, the other Board members 
and the auditors.
The nomination committee of EQT AB shall be 
appointed in accordance with the principles for 
appointment of the nomination committee. Set forth 
below are the principles for appointment of the 
nomination committee, adopted by the Annual 
Shareholders’ Meeting 2024.
1.   The nomination committee shall comprise one 
member appointed by each of the four largest 
shareholders, based on ownership in the Company 
on the last banking day of August the year before 
the annual shareholders’ meeting (based on 
shareholder data from Euroclear Sweden AB and 
other reliable data provided to the Company) and 
the Chairperson of the Board. If any shareholder 
renounces its right to appoint a member to the 
nomination committee, such right shall transfer to 
the shareholder who is the next largest shareholder 
in the Company.
2.   If none of the four largest shareholders is (a) a 
Member in EQT Foundation’s Member Committee 
(“EQT Member”) or (b) EQT Foundation, the fourth 
largest shareholder’s right shall instead vest in EQT 
Foundation. Thus, an EQT Member or EQT 
Foundation shall always be allowed to appoint a 
member of the nomination committee. If EQT 
Foundation renounces such right, the right shall 
transfer to the fourth largest shareholder pursuant 
to section 1.
3.   The member appointed by the largest shareholder 
shall be appointed Chairperson of the nomination 
committee, unless the nomination committee 
unanimously appoints someone else. The Chairper -
son of the nomination committee shall not be a 
Board member of the Company.
4.    If a shareholder (pursuant to section 1 or section 2) 
that has appointed a member to the nomination 
committee is no longer one of the shareholders who 
is given such right, at any point in time up to three 
months before the annual shareholders’ meeting:
 —  the member appointed by such shareholder shall 
resign; and
 —  the shareholder who is the next largest sharehold -
er in the Company (that has not appointed a 
member or EQT Foundation (pursuant to section 2) 
shall have the right to appoint one member to the 
nomination committee.
Unless specific reasons suggest otherwise, the existing 
composition of the nomination committee shall, 
however, remain unchanged if such change in the 
ownership in the Company is only marginal or occurs 
during the three-month period prior to the annual 
shareholders’ meeting. If a shareholder/EQT Founda -
tion otherwise should have the right to appoint a 
member due to a material change in the ownership of 
the Company at any time during the three-months 
period prior to the annual shareholders’ meeting, such 
shareholder/EQT Foundation shall, in any event, have 
the right to take part in the work of the nomination 
committee and participate in its meetings.
5.   If a member resigns from the nomination commit -
tee before his or her work is completed, the 
shareholder (pursuant to section 1 or section 2) 
who has appointed such member shall appoint a 
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Education  
Bachelor of Science with majors in 
Economic Analysis and Accounting 
& Finance from Linköping University. 
Studies at the Management 
Development Program, Harvard 
Business School.  
Other current assignments 
Chairperson of Qarlbo AB and 
Goldonder AB. Board member  
of EQT Foundation, Pophouse 
Entertainment Group AB, Qarlbo  
Biodiversity AB, Qarlbo Energy AB 
and Qarlbo Property AB.
Previous assignments 
Chairperson of the Board of  
EQT Partnership Association.  
Chairperson of the Board and 
Board member of EQT Partners 
Aktiebolag and Qarlbo Partners AB. 
Board member of Bark Partners AB.
Shareholding in EQT AB 1) 
47 ,393,468 ordinary shares 
(indirectly).
Independent of EQT AB and 
executive management  
No.
Independent of major share-  
holders 
Yes.
Education 
Bachelor of Science, Foreign 
Service, Georgetown University, 
Washington D.C USA.
Other current assignments 
Chairperson of the Board of SEB, 
Saab, FAM, Patricia Industries  
and Wallenberg Investments. 
Deputy Chairperson of Investor  
and the Knut and Alice Wallenberg 
Foundation. Board member of 
AstraZeneca, Navigare Ventures AB, 
and Nineteen Private Capital AB. 
Chair of The Royal Academy of 
Engineering Sciences.
Previous assignment
Chairperson of Electrolux,  
International Chamber of  
Commerce and LKAB. CEO  
of Investor. Board member  
of Stora Enso and Temasek  
Holding.
Shareholding in EQT AB 1) 
30,648 ordinary shares  
(indirectly).
Independent of EQT AB and 
executive management  
Yes.
Independent of major share -
holders:  
No.
Education
Executive MBA, Columbia Business 
School, Bachelor’s, Finance, 
University of Rhode Island. 
Chartered Financial Analyst (CFA). 
Other current assignments
Chairperson of the Board of 
University of Rhode Island Board  
of Trustees. Independent Chair-  
person of MerQube. Independent 
member of the Board of Bridge-  
water Associates. Advisory Board 
member Legalist. 
 
 
 
 
Previous assignments
Advisory Board member of TIFIN 
and President of Nuveen Advisory 
Services. Vice Chairperson of the 
Board of All Stars Project Inc and 
Co-chairperson of the Board of 
Bridgewater Associates.
Shareholding in EQT AB 1) 
10,638 ordinary shares.
Independent of EQT AB and 
executive management  
Yes.
Independent of major share-  
holders 
Yes.
The Board
CONNI JONSSON
Chairperson of the board  
since January 20122)
Born: 1960
Nationality: Swedish
 
MARCUS WALLENBERG
Deputy Chairperson since June 2021
Born: 1956
Nationality: Swedish
 
MARGO COOK
Board member since June 2021
Born: 1964
Nationality: American
1) Shareholding as per 31 December 2025. Updated shareholding can be found on eqtgroup.com 
2) Conni Jonsson was the sole board member of EQT AB from 13 January 2012 until 26 August 2013, when he was elected Chairperson of the board 
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Education
Master of Business Administration, 
Harvard Business School, A.B., 
History, Dartmouth College.  
Other current assignments
Board member of Aspen Institute at 
Dartmouth College and Young Life.
Previous assignments
Managing Director and Senior Vice 
President International at Ripple. 
Chief Business Officer International 
at Uber and CEO of Goldman Sachs 
India and Chairman Goldman 
Sachs SouthEast Asia. Board 
member of the John Sloan Dickey 
Center for International Under -
standing at Dartmouth College, and 
Global Synergy Acquisition Corp. 
Shareholding in EQT AB
1) 
9,037 ordinary shares.
Independent of EQT AB and 
executive management  
Yes.
Independent of major share -
holders:  
Yes.
Education
MS in International Marketing  
from University of Strathclyde.  
BS in Pharmaceutical Sciences  
from Goa College of Pharmacy.
Other current assignments
Board member of the Mobile 
Marketing Association (APAC 
Chapter).
Previous assignments
Group Chief Marketing Officer  
at Fidelity International, Chief 
Customer and Marketing Officer  
at HSBC, Global Chief Digital 
Officer at Johnson & Johnson and 
Global Head, Next Generation 
Banking, at Standard Chartered 
Bank.
Shareholding in EQT AB
1) 
3,900 ordinary shares.
Independent of EQT AB and 
executive management  
Yes.
Independent of major share -
holders:  
Yes.
Education
Masters in Finance and taxation 
from University Pantheon Sorbonne.
Other current assignments
Chairperson of the Board of 
Barclays and board member of 
Alpha Bank.
Previous assignments
Board member of Ayvens. Deputy 
Chief Executive Office of Societe 
Generale, in charge of ESG policies, 
the group’s financial services   
(ALD & SGEF) and Insurance 
activities of the Group.
Shareholding in EQT AB
1) 
10,638 ordinary shares.
Independent of EQT AB and 
executive management 
Yes.
Independent of major share-  
holders 
Yes.
BROOKS ENTWISTLE
Board member since June 2022
Born: 1967
Nationality: American
RICHA GOSWAMI
Board member since May 2024
Born: 1972
Nationality: Indian
DIONY LEBOT
Board member since June 2020
Born: 1962
Nationality: French and Greek
1) Shareholding as per 31 December 2025. Updated shareholding can be found on eqtgroup.com 
The Board continued
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Education
MA in Engineering from Oxford 
University. MBA, Baker Scholar, 
Harvard Business School.
Other current assignments
Chairperson of the Board of 
Westchel Ltd. Board member of 
Lenovo Group Ltd, Meituan Ltd, 
Swire Pacific Ltd, Fidelity China 
Special Situations PLC, and Vice 
Chair of China Britain Business 
Council. 
Previous assignments
Board member of Sondrel Ltd, 
BioProducts Laboratory Ltd and 
PCH Ltd.
Shareholding in EQT AB 1) 
41,649 ordinary shares.
Independent of EQT AB and 
executive management  
Yes.
Independent of major share-  
holders 
Yes.
Education
BSc in Economics from the Wharton 
School, University of Pennsylvania.
Other current assignments
VP of International at Ramp.
Previous assignments:
Operational roles at Flip, 
Co-Founder of SolutionLoft and 
Business Analyst at McKinsey & 
Company.
Shareholding in EQT AB 1) 
1,500 ordinary shares.
Independent of EQT AB and 
executive management  
Yes.
Independent of major share-  
holders 
Yes.
GORDON ORR
Board member since October 2018
Born: 1962
Nationality: British
 
JACOB WALLENBERG JR
Board member since May 2025
Born: 1992
Nationality: Swedish
 
1) Shareholding as per 31 December 2025. Updated shareholding can be found on eqtgroup.com 
The Board continued
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According to EQT AB’s articles of association, the Board 
members elected by the shareholders’ meeting shall be 
no less than three and no more than ten without any 
deputy members.
Since the Annual Shareholders’ Meeting held on 27 
May 2025, the Board has consisted of eight members, 
of whom seven are non executive, and no deputy 
members or employee representatives. All Board 
members elected at the Annual Shareholders’ Meeting 
2024 were re-elected at the Annual Shareholders’ 
Meeting 2025 and Jacob Wallenberg Jr was elected as a 
new Board member at the Annual Shareholders’ 
Meeting 2025.
The composition of EQT AB’s Board meets the 
Code’s requirements concerning independence. In the 
nomination committee’s work for the AGM 2026, the 
nomination committee will apply rule 4.1 of the Code as 
diversity policy in its nomination work with the aim to 
achieve a well-functioning composition of the Board 
when it comes to diversity and breadth, as regards inter 
alia gender, nationality, age and industry experience. 
Three of the eight members elected at the Annual 
Shareholders’ Meeting 2025 are women (38%). All 
Board members, except Conni Jonsson, are considered 
independent in relation to EQT AB and the executive 
management (88%). All Board members, except Marcus 
Wallenberg, are considered independent in relation to 
the major shareholders (88%).
Evaluation of the Board and the CEO
The Board applies written rules of procedure, which are 
revised annually and adopted by the inaugural Board 
meeting each year. On an annual basis, the Chairper -
son of the Board initiates an evaluation of the perfor -
mance of the Board. The objective of the evaluation is 
to provide insight into the Board members’ view about 
the performance of the Board and identify measures 
that could make the work of the Board more effective. A 
secondary objective is to form an overview of the areas 
the Board believes should be afforded greater scope 
and where additional expertise might be needed within 
the Board. All Board members participated in the 2025 
evaluation. In addition, the Chairperson of the Board 
held individual conversations with each Board member 
to discuss the results of the evaluation to gain a better 
understanding of the Board’s work during the year. As 
part of the annual evaluation process, the Chairperson 
reports the results to the nomination committee. The 
Board continuously evaluates the performance of the 
CEO by monitoring the development of the business in 
relation to the established objectives. A formal 
performance review is carried out once a year.
Work of the Board in 2025
During 2025, the Board held ten Board meetings. The 
Board members are expected to attend board 
meetings and the attendance during 2025 is shown in 
the table below. The Head of Business Development has 
been the secretary of Board meetings. Prior to each 
meeting, the Board members were provided with 
written information on the matters that were to be 
discussed. Furthermore, there have been Board 
meetings where the Board members have had the 
opportunity to discuss matters without representatives 
of EQT AB’s management being present. The main focus 
areas for the Board’s work during 2025 have been on 
EQT’s strategic priorities, including the performance of 
the company, the global market developments, 
leadership transitions and the rapid developments 
within AI and its impact globally, on the company and 
its portfolio companies.
Committee work is an important task performed by 
the Board. For a description of the work conducted by 
the committees during 2025, see the summary below.
In addition to participating in meetings of the audit 
committee, EQT AB’s auditor also attended a Board 
meeting during which Board members had the 
opportunity to pose questions to the auditor without 
representatives of EQT AB’s management being 
present.
Board committees
In order to increase the efficiency of its work and 
enable a more detailed analysis of certain issues, the 
Board has formed an audit committee and a remuner -
ation committee. The members of the committees are 
normally appointed at the inaugural Board meeting 
and the committees’ duties and decision-making 
authorities are regulated in annually approved 
committee instructions. The primary objective of each 
committee is to provide preparatory and administrative 
support to the Board. The matters considered at 
committee meetings are recorded in minutes and 
reported at the following Board meeting. Representa -
tives from EQT AB’s central functions typically partici -
pate in committee meetings.
Diony Lebot (Chairperson), Gordon Orr and Brooks 
Entwistle were appointed as members of the audit 
committee at the inaugural Board meeting following 
the Annual Shareholders’ Meeting 2025. The audit 
committee shall perform the tasks set out in applicable 
EU rules, the Swedish Companies Act and the Code. The 
audit committee shall monitor EQT’s financial and 
sustainability reporting and the efficiency of EQT’s 
internal controls and risk management as well as keep 
itself informed regarding the audit of the Annual and 
Sustainability Report and EQT’s accounts and the 
review of the semi-annual report and preparation of 
the quarterly statements. The audit committee shall 
also review and monitor the impartiality and independ -
ence of the auditor.
Margo Cook (Chairperson), Brooks Entwistle, Richa 
Goswami and Marcus Wallenberg were appointed as 
members of the remuneration committee at the inaugu -
ral Board meeting following the Annual Shareholders’ 
Meeting 2025. The purpose and aim of the remunera -
tion committee is to address remuneration matters and 
ensure a comprehensive and well prepared and 
supervised remuneration model for the EQT AB Group’s 
Attendance at board meetings and board remuneration in 2025 
Attendance record, board and  
Committee meetings 2025
Remuneration resolved by the annual  
shareholders’ meeting 2025 (EURk)
Member 
Board  
meetings 1)
AudCo  
meetings
RemCo  
meetings
Board  
fee
Audit  
committee
Remuneration 
committee Total2)
Conni Jonsson (Chairperson) 10/10 – – 331.5 – – 331.5
Marcus Wallenberg  
(Deputy Chairperson) 10/10 – 3/3 150.5 – 20 170.5
Margo Cook 9/10 – 3/3 150.5 – 40 190.5
Brooks Entwistle 10/10 7/7 3/3 150.5 21 20 191.5
Richa Goswami 10/10 – 2/2 150.5 – 20 170.5
Diony Lebot 10/10 7/7 – 150.5 42 – 192.5
Gordon Orr 10/10 7/7 – 150.5 21 – 171.5
Jacob Wallenberg Jr 4/4 – – 150.5 – – 150.5
Total2) 1,385 84 100 1,569
 1)  The record shows the attendance in relation to how many meetings each Board member or committee member was elected Board member or appointed 
committee member, as applicable.
 2) The column “Total” does not include other remuneration received, please see Note 23.
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employees. The remuneration committee shall prepare 
the Board’s decisions on principles for remuneration, 
including sustainability considerations, and other terms 
of employment for the executive management and 
monitor and evaluate the current remuneration 
structures and levels.
Remuneration to the Board
Board fees, including fees to the Chairperson of the 
Board, are resolved by the shareholders’ meeting. The 
shareholders’ meeting has also resolved that the Board 
fees shall be paid in shares in EQT AB. Detailed 
information about remuneration, pensions and other 
benefits for the Board is set out in Note 7 and on EQT’s 
website. The Board members are not entitled to any 
benefits following termination of their assignments as 
members of the Board. To the extent a Board member 
conducts work for EQT, in addition to the Board work, 
consulting fees and other compensation for such work 
may be paid.
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Education
M.Sc in Economics and Business 
Administration from the Stockholm 
School of Economics with exchange 
studies at the University of St Gallen 
in Switzerland.
Other current assignments
—
Previous assignments
Board member of Anticimex Group 
AB, IVC Evidensia, Academedia, 
Bark Partners AB, Duni, Securitas 
Direct, SSP, Automic, and IFS.
Experience
Per Franzén is CEO and Managing 
Partner of EQT, a role he assumed 
in May 2025. He joined EQT in 2007 
and has played a central role in the 
firm’s development and investment 
activities across Europe. With over 
two decades of experience in 
private equity and financial 
advisory, Per has led and overseen 
investments across a broad range 
of sectors, including software, 
services, healthcare, and consumer 
goods. He has been involved in 
investments including IFS, Automic, 
SSP, AcadeMedia, Securitas Direct, 
IVC, Anticimex, Duni, Karo Pharma, 
and Piab. Per began his career at 
Morgan Stanley, where he worked 
in M&A, Leveraged Finance and 
Nordic Banking in London and 
Stockholm. During his time at EQT, 
he has worked across the firm’s 
European offices, including London, 
Stockholm and Munich. He holds a 
Master of Science in Economics and 
Business Administration from the 
Stockholm School of Economics, 
with exchange studies at the 
University of St. Gallen. Per is Chair -
man of the EQT Equity Partners 
Investment Committee and a 
member of the Infrastructure 
Partners Investment Committee.
Shareholding in EQT AB 1):  
26,096,291 ordinary shares 
(indirectly).
Education
Master of Laws, Lund University. 
Academy of American and 
International Law, University  
of Dallas.
Other current assignments
Board member of Pophouse  
Entertainment Group AB, White  
Mill AG, Volito Aktiebolag,  
Volito Fastigheter Aktiebolag  
and Volito Industri Aktiebolag.
Previous assignments
Board member of Nordkap  
Holding AG.
Experience
Managing Director and Senior 
Banker in the investment bank  
of Unicredit/HypoVereinsbank, 
Munich. Managing Director at GE 
Commercial Finance, London. 
Various positions in the ABB Group, 
Zurich, such as General Counsel for 
the ABB Financial Services Group, 
President and Business Area 
Manager for ABB Structured 
Finance and ABB Equity Ventures.
Shareholding in EQT AB 1): 
20,000,000 ordinary shares.
Education
MA from Cambridge University
Other current assignments
—
Previous assignments
COO of Helios Investment Partners 
LLP. Global CAO for the Investment 
Banking Division (IBD), as well as 
COO and CFO for IBD in EMEA of 
Goldman Sachs.
Experience 
Before joining EQT, Christina spent 
25 years at Goldman Sachs, most 
recently as Global CAO for the 
Investment Banking Division (IBD), 
spending two years in the New York 
office, as well as COO and CFO for 
IBD in EMEA. She started at Gold-  
man Sachs in M&A in London for 
seven years, after which she moved 
to the Executive Office as Chief of 
Staff to the co-heads of Goldman 
Sachs International, before 
returning to IBD. From 2018 to 2022 
Christina was Chief Operating 
Officer and on the Executive 
Committee of Helios Investment 
Partners LLP, with oversight for the 
firm’s strategy development and 
implementation. Helios became the 
largest emerging markets-focused 
private equity firm globally to 
receive the B Corp sustainability 
certification. She began her career 
as a management trainee at Bayer 
AG.
Shareholding in EQT AB 1): 4,1 19 
class C shares.
1) Shareholding as per 31 December 2025. Updated shareholding can be found on eqtgroup.com 
The Executive Committee
PER FRANZÉN
CEO & Managing Partner since 
May 2025
Born: 1976
Nationality: Swedish
Employee since: 2007
LENNART BLECHER
Chairman of EQT Real Assets
Born: 1955
Nationality: Swedish
Employee since: 2007
CHRISTINA DREWS
Chief Operating Officer since 
June 2022
Born: 1970
Nationality: German and British
Employee since: 2022
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Education
M.Sc. in Human Resources 
Management and Development 
from the University of Linköping
Other current assignments
—
Previous assignments
—
Experience
Alexandra Edlund was most 
recently EQT’s Head of HR for Real 
Assets. She joined EQT as HR 
Manager in August 2014. Prior to 
joining EQT, Alexandra worked as 
HR Business Partner at Klarna.
Shareholding in EQT AB 1): 6,020 
ordinary shares and 878 class C 
shares.
Education
Master of Science in Economics 
from Hanken School of Economics
Other assignments
—
Previous assignments
—
Experience
Kim started his career at Morgan 
Stanley in 1994 and left the Nordic 
M&A team as a Managing Director 
in 2008. Between 2010 and 2015 
Kim held the position as CFO at 
Munksjö and subsequently, he was 
a Partner and Corporate Finance 
Advisor at Access Partners.
Shareholding in EQT AB 1): 253,004 
ordinary shares and 7 ,066 class C 
shares.
Education
M.Sc. degree in Industrial Engineer -
ing and Management from 
Chalmers University of Technology
Other current assignments
—
Previous assignments
NORD, Mongstad Group, Tampnet, 
Hector Rail, GB Railfreight, 
GlobalConnect and IP-Only
Experience
Masoud Homayoun, joined EQT 
Partners in 2008 and is a Partner 
and Head of Infrastructure. Masoud 
is a member of the Infrastructure 
Partners’ Investment Committee, 
Infrastructure Portfolio Perfor -
mance Review Committee and has 
been a board member in portfolio 
companies across digital infrastruc -
ture, energy & environmental, and 
transport sectors. Prior to joining 
EQT Partners, Masoud worked at 
Bain & Company in Stockholm.
Shareholding in EQT AB 1): 1,645,045 
ordinary shares and 10,539 class C 
shares.
ALEXANDRA EDLUND
Chief People Officer since 
January 2026
Born: 1984
Nationality: Swedish
Employee since: 2014
KIM HENRIKSSON
Chief Financial Officer since 2018
Born: 1968
Nationality: Finnish and Swedish
Employee since: 2018
MASOUD HOMAYOUN
Partner, Head of EQT  
Infrastructure
Born: 1980
Nationality: Swedish
Employee since: 2008
1) Shareholding as per 31 December 2025. Updated shareholding can be found on eqtgroup.com 
The Executive Committee continued
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Education
Bachelor of Science in Finance and 
Economics from the Wharton School 
of the University of Pennsylvania.
Other current assignments
Trustee of Salata Family Founda-
tion.
Previous assignments
Founding Partner and CEO of BPEA.
Experience
Jean Eric Salata was the Founding 
Partner and Chief Executive of 
BPEA. Jean has overseen all 
investment and divestment 
decisions made at BPEA, as well as 
its strategic direction, since he 
founded the Firm in 1997 . Jean has 
previously worked as a manage -
ment consultant with Bain & 
Company based in Hong Kong, 
Sydney and Boston, and has also 
worked as a Director of the Asian 
private equity investment arm of 
AIG.
Shareholding in EQT AB 1): 
1 19,083,683 ordinary shares.
Education
M.Sc. in Economics and Business 
Administration from the Stockholm 
School of Economics.
Other current assignments
—
Previous assignments
—
Experience
Gustav started his career at SEB in 
the Investment Banking team, lastly 
serving as a Vice President. He 
subsequently joined EQT, starting in 
the Client Relations and Capital 
Raising Advisory Team, later 
becoming the Head of Business 
Development.
Shareholding in EQT AB 1): 28,704 
ordinary shares and 8,782 class C 
shares. 
Education
BA in Economics from Trinity 
College. MBA in Finance and 
Marketing from Columbia Business 
School.
Other current assignments
Trinity College Board of Trustees, 
and Board Member of EQT 
Foundation
Previous assignments
—
Experience
Prior to joining EQT Partners, James 
was a Managing Director in the 
Leveraged and Acquisition Finance 
team at Morgan Stanley in London. 
Prior to that, he was a Managing 
Director at JP Morgan. He has 20 
years of investment banking 
experience in London and New York 
and has worked on a variety of 
financing and advisory transac -
tions.
Shareholding in EQT AB 1): 2,095,652 
ordinary shares.
JEAN ERIC SALATA
Head of EQT Private Capital Asia 
and Chairperson of EQT Asia
Born: 1965
Nationality: Chilean
Employee since: 2022
GUSTAV SEGERBERG
Head of CEO Office since 2025
Born: 1983
Nationality: Swedish
Employee since: 2016
JAMES YU
Head of Global Client Solutions
Born: 1965
Nationality: British and American
Employee since: 2013
The Executive Committee continued
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The CEO is appointed by and subordinated to the Board 
and is responsible for the operative management of EQT 
AB and to coordinate EQT’s operations. The measures to 
be taken by the CEO and what measures that should be 
referred to the Board are set out in the CEO’s instruc-
tions. The CEO shall monitor and ensure that the items to 
be addressed by the Board are presented to the Board in 
accordance with applicable legislation. At every ordinary 
Board meeting, the CEO shall report on the execution of 
resolutions previously passed by the Board as well as on 
more important decisions made by the CEO.
According to the instructions for the financial 
reporting, the CEO is responsible for the financial 
reporting in EQT AB and consequently must ensure that 
the Board receives adequate information for the Board 
to be able to evaluate EQT AB’s financial condition 
continuously, including results, liquidity and credit status.
Furthermore, the CEO must continuously keep the 
Board informed of developments in EQT’s operations, 
important business events, as well as environmental, 
social and governance issues and risks and all other 
events, circumstances or conditions which can be 
assumed to be of significance to EQT AB’s shareholders.
EQT AB’s executive management, the Executive 
Committee, consisted of eight members as of 31 
December 2025. In addition to the CEO & Managing 
Partner (Per Franzén), the Executive Committee 
comprised, the CFO (Kim Henriksson), the COO (Christina 
Drews), the Head of EQT Private Capital Asia and 
Chairperson of EQT Asia (Jean Eric Salata), Deputy 
Managing Partner and Chairperson of EQT Real Assets 
(Lennart Blecher), Partner, Head of EQT Infrastructure 
(Masoud Homayoun), the Head of CEO Office (Gustav 
Segerberg) and Head of Client Relations and Capital 
Raising (James Yu). In 2025, Per Franzén was appointed 
as CEO & Managing Partner and James Yu (Head of 
Client Relations and Capital Raising) joined the Executive 
Committee. Christian Sinding (CEO & Managing 
Partner), Bahare Haghshenas (the Global Head of 
Sustainable Transformation), Ricardo Reyes (Global 
Head of Communications and External Affairs) and 
Suzanne Donohoe (Chief Commercial Officer and Global 
Head of EQT-Ext (CXO)) stepped down from the 
Executive Committee.
The Executive Committee meets on a regular basis, 
and the matters considered at the meetings are 
recorded in minutes. In 2025, the Executive Committee’s 
work has mainly been focused on ensuring the execution 
of EQT’s strategic ambitions and priorities, including to 
streamline the organizational structure, improve 
efficiency and drive performance across the organiza-
tion. The remuneration for the CEO is determined by the 
Board. Remuneration for other members of the executive 
management is determined by the CEO and approved by 
the remuneration committee, following which the Board 
is informed. The latest adopted guidelines for remunera-
tion to executive management are described in Note 7 . 
The remuneration report will be presented to the AGM 
2026 in accordance with the Swedish Companies Act and 
the Remuneration Rules issued by the Swedish Securities 
Market Self-Regulation Committee and will be published 
on EQT’s website.
CONTROL FUNCTIONS
EQT has a Risk, Regulatory and Compliance function, 
consisting of various functional areas. EQT’s Risk, 
Regulatory and Compliance function is a global and 
independent control function responsible for driving, 
promoting and supporting risk, regulatory and 
compliance related activities for EQT in general, and 
the group’s regulated entities in particular. The Global 
Head of Risk, Regulatory and Compliance reports to the 
CFO on a day-to-day basis and to the Executive 
Committee and the Board on at least an annual basis, 
as well as ad-hoc. 
The risk team is responsible for identifying, 
monitoring and managing risks, and coordinating 
internal reviews, as well as reporting of significant risks 
and the effectiveness of the EQT AB Group’s internal 
controls, in accordance with EQT’s Risk Management 
Guidelines. Material incidents are reported to the audit 
committee on a quarterly basis.
The regulatory team is responsible for ensuring that 
EQT has suitable license coverage for EQT’s global 
strategy, and supporting management to make well 
informed and risk-based decisions within the regulatory 
area, as well as acting as a strategic advisor on upcom -
ing financial regulations.
The compliance team executes on an annual 
compliance monitoring program, performs awareness 
activities and provides advice on appropriate risk 
mitigating activities using a risk-based approach. 
The security team is responsible for overseeing 
EQT’s global security framework, covering physical and 
information security across the EQT AB Group. The 
team works on a risk-based approach aligned with 
EQT’s enterprise risk management framework and 
supports the identification, assessment and monitoring 
of security risks, as well as incident and crisis manage -
ment. Material security incidents are reported to senior 
management and the audit committee in accordance 
with established reporting procedures.
Internal Control Framework
The EQT AB Group’s internal control framework is 
governed by the Swedish Companies Act and the Code. 
The internal control process is effectuated by the Board, 
the audit committee, the CEO, the executive manage -
ment and other employees. The internal control process 
is intended to provide reasonable assurances that the 
EQT AB Group’s objectives are met with respect to 
efficient operations, reliable reporting and compliance 
with applicable laws and regulations. With respect to 
financial reporting, internal controls are intended to 
provide reasonable assurances regarding the reliability 
of external financial reporting as well as to ensure that 
external financial reporting is prepared in accordance 
with applicable laws and regulations, applicable 
accounting standards and other requirements for EQT 
AB as a company listed on a regulated market.
The process for the EQT AB Group’s internal control 
is based on the Committee of Sponsoring Organizations 
of the Treadway Commission’s guidelines on internal 
control (COSO). The process includes control environ -
ment, risk assessment, control activities, information 
and communication as well as monitoring. The control 
environment establishes the character and provides the 
discipline and structure for the other four integral 
components of internal control.
The Board of EQT AB evaluates the need for a 
separate internal audit function on a yearly basis. EQT 
AB has not had a separate internal audit function as the 
regular internal assessments of internal controls were 
deemed to be sufficient as an oversight function.
Control environment
The internal control environment is built upon corporate 
values, which ensure the organization’s commitment to 
integrity and holding individuals accountable for their 
responsibilities. The Board is responsible for performing 
independent oversight of the development and 
execution of the EQT AB Group’s internal control 
framework. The audit committee is responsible for the 
quality and supervision of the EQT AB Group’s internal 
controls and risk management. A key aspect of the 
internal control environment is the organizational 
structure of the EQT AB Group, including its reporting 
lines, authorities and allocation of responsibilities 
established by the executive management. To ensure 
that EQT’s values, ways of working and regulatory 
requirements are applied throughout the entire 
organization, the EQT AB Group has developed a 
number of policies, guidelines and instructions, 
including i.a. the Conflicts of Interest Policy, the Finance 
Policy, the Information Security and Data Privacy Policy, 
the Information and Trading Policy and the Responsible 
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Auditor’s report on the  corporate governance  statement
To the general meeting of the shareholders in EQT AB, corporate identity number 556849-4180
Investment & Ownership Policy with supporting 
documents. The process for managing these policies 
and allocating ownership and accountability is set out in 
the Governance Policy and the Governance Guidelines. 
In addition to Group policies, the EQT AB Group has a 
Code of Ethics with mandatory principles regarding 
management and employee behavior.
Risk assesment
The EQT AB Group identifies, assesses and manages 
risks based on the EQT AB Group’s strategic objectives. 
Conclusions drawn from conducted risk assessments are 
presented to the Executive Committee, Audit Committee 
and the Board on an annual basis and form the basis for 
the control activities described below.
Control activities
Control activities mitigate the risks identified and 
ensure accurate and reliable financial and sustainabili -
ty reporting. Risks are mapped out for all key business 
processes and internal controls designed and imple -
mented to cover these risks. This includes control 
activities designed to mitigate ICT and information 
security risks, which are integrated into relevant 
business processes and covered by the internal control 
framework.
On a periodic basis, the risk management function 
ensures that EQT’s new initiatives and processes are 
captured by the internal and control framework.
The EQT AB Group’s risk function uses an audit & 
risk software to coordinate the self-assessments of 
internal controls, document issues, put in place 
remediation plans and track progress on those.
Information and communication
Within the EQT AB Group, information and communica -
tion regarding risks and internal controls contribute to 
ensuring that the right business decisions are made. Key 
policies and guidelines are communicated to employ -
ees, e.g. by ensuring that those are published and 
accessible through the intranet or on the shared drive. 
EQT recognizes that certain policies are also of interest 
to external stakeholders and as such publish these on 
EQT’s website. Internal controls awareness sessions are 
conducted with the persons responsible for each 
process, who then ensure those controls are understood 
and performed by relevant staff.
Monitoring
A self-assessment of the effectiveness of internal 
controls, including controls related to ICT and informa-
tion security, is performed annually for each business 
process. The Global Risk, Regulatory and Compliance 
function oversees the self-assessment process and 
reports findings and proposed next steps to the CFO, the 
audit committee and the Board. In addition, independent 
reviews are conducted by the risk management function 
using a risk-based approach. The compliance monitor-
ing program is partially set up at a global level, as well 
as at a local level as required for our regulated entities. 
Compliance also helps raise awareness and advises EQT 
in navigating the compliance landscape.
ENGAGEMENT AND RESPONSIBILITY
It is the board of directors who is responsible for the 
corporate governance statement for the year 2025 on 
pages 163-175 and that it has been prepared in 
accordance with the Annual Accounts Act. 
THE SCOPE OF THE AUDIT
Our examination has been conducted in accordance 
with FAR’s auditing standard RevR 16 The auditor’s 
examination of the corporate governance statement. 
This means that our examination of the corporate 
governance statement is different and substantially less 
in scope than an audit conducted in accordance with 
International Standards on Auditing and generally 
accepted auditing standards in Sweden. We believe 
that the examination has provided us with sufficient 
basis for our opinions.
OPINIONS
A corporate governance statement has been prepared. 
Disclosures in accordance with chapter 6 section 6 the 
second paragraph points 2-6 the Annual Accounts Act 
and chapter 7 section 31 the second paragraph the 
same law are consistent with the annual accounts and 
the consolidated accounts and are in accordance with 
the Annual Accounts Act.
Stockholm 22 March 2026
KPMG AB
Håkan Olsson Reising
Authorized Public Accountant
175
#01 This is EQT #02 Financial statements #03 Sustainability statement #04 Corporate governance #05 Additional information 
Corporate governance report

===== SIDA 176 =====

#01 This is EQT #02 Financial statements #04 Corporate governance #05 Additional information#03 Sustainability statement 
Additional information
#05
 177 The EQT AB share
 180 Additional fund information for selected funds
 181 Additional fund performance information
 182 Alternative performance measures (APM)
 184 Definitions
 185 AGM information

===== SIDA 177 =====

177
The EQT AB share
#01 This is EQT #02 Financial statements #03 Sustainability statement #04 Corporate governance #05 Additional information
The EQT AB share
Ordinary shares in EQT AB were listed on 
Nasdaq Stockholm on 24 September 2019 
with an offering price at SEK 67 .0. The total 
return, share price performance including 
reinvested dividends, for the ordinary EQT 
AB share in 2025 was 19 percent. The 
corresponding return since IPO was 
481 percent.1)
SHARE PERFORMANCE AND TRADING
Since its listing on Nasdaq Stockholm on 24 September 
2019 and up to the last day of trading on 30 December 
2025, the EQT AB share (ticker: EQT) delivered a share-
holder return of 481 percent. Nasdaq Stockholm PI ex -
hibited a return of 95 percent over the same period. On 
the last day of trading on 30 December 2025, the share 
price closed at SEK 364, compared to the first trade on 
2 January 2025 of SEK 308, equivalent to a share price 
increase of 18 percent. As of 31 December 2025, there 
were 1,171,649,825 outstanding shares in EQT. EQT cur-
rently holds 63,458,131 ordinary shares in treasury. In-
cluding shares held in treasury by EQT, there were 
1,234,61 1,900 ordinary shares and 496,056 non-listed 
class C shares. During 2025, 307 million EQT shares 
were traded on Nasdaq Stockholm, corresponding to a 
traded value of SEK 97 .4 billion over the period. The 
traded volume on all venues combined amounted to 
729 million shares, corresponding to a value of SEK 
232.3 billion. On average, 2.9 million EQT shares were 
traded daily. The turnover ratio for ordinary EQT AB 
shares amounted to 23.5 percent in 2025. 
1) In terms of closing price
Share price and trading
Trading per venue, 2025 (%) 
Shareholder distribution by owner type,  
as of 31 December 2025 (% of capital)
Geographical shareholder distribution,  
as of 31 December 2025 (% of capital)
1) Normalized, factor 100
Source: Bloomberg Finance LP
EQT1)
OMX Stockholm PI1)
Number of shares traded per month, 
million
Cboe, 52%
Nasdaq, 31%
LSE Group, 9% 
Other, 7%
Swedish institutional 
owners, 30%
Swedish private  
individuals 1), 1%  
Foreign institutional 
owners, 17%
Other, 52%
Sweden, 54%
Chile, 10%
United States,9%
Norway, 7%
Germany, 4%
United Kingdom, 3%
Other, 14%
0
10
20
30
40
50
60
Number of shares, millionShare price
Dec0
25
50
75
100
125
150
NovOctSepAugJulJunMayAprMarFebJan
Ordinary share information and tickers
EQT Nasdaq Stockholm
EQT SS Equity Bloomberg
EQTAB.ST Reuters
8700 Industry Classification Benchmark (ICB)
SE0012853455 ISIN code
Share performance  
Adj. EPS, basic (SEK) 1) 1.122
EPS, basic (SEK) 1) 0.619
Year open (SEK) 307.9
Year close (SEK) 363.8
Year low (SEK)2) 228.5
Year high (SEK)2) 377.5
Beta 1.647
Annualized volatility (%) 37.3
Turnover ratio (%)3) 23.5
Average daily volume  2,926,403 
Share capital  125,335,166 
Quota value (SEK)  0.10 
No. of shares outstanding 4)  1,171,649,825 
Market capitalization 5) (SEK million)  426,246 
1)  The adjusted metrics are alternative performance metrics for the EQT AB 
Group. For a full reconciliation please refer to Alternative Performance 
Measures (APM)
2) In terms of closing price
3)  Measures share liquidity by setting the turnover value in relation to average 
market capitalization for the period
4)  In addition, EQT currently holds 63,458,131 ordinary shares in treasury, which 
are not entitled to dividend or votes at shareholders’ meetings
5)  Based on the total number of outstanding ordinary shares and class C shares as 
of 31 December 2025
1) Defined as shareholders owning less than 10,000 shares
Source: Monitor, Modular Finance

===== SIDA 178 =====

178
The EQT AB share
#01 This is EQT #02 Financial statements #03 Sustainability statement #04 Corporate governance #05 Additional information
Top 25 largest shareholders in EQT  
Shareholder
Number of 
ordinary 
shares
Number  
of class  
C shares
 Share  
capital  
(%)
Votes  
(%)
Investor 177,258,357 14.3% 14.4%
Jean Eric Salata 119,083,683 9.6% 9.6%
Conni Jonsson 47,393,468 3.8% 3.8%
Swedbank Robur Fonder 35,519,748 2.9% 2.9%
Norges Bank Investment Management 33,270,156 2.7% 2.7%
BlackRock 29,777,483 2.4% 2.4%
Per Franzén 26,096,291 2.1% 2.1%
Harry Klagsbrun 25,972,251 2.1% 2.1%
Christian Sinding 24,677,241 2.0% 2.0%
Thomas von Koch 24,344,862 2.0% 2.0%
Marcus Brennecke 23,653,246 1.9% 1.9%
Vanguard 23,339,717 1.9% 1.9%
Wallenberg Investments 22,766,801 1.8% 1.8%
Caspar Callerström 22,307,747 1.8% 1.8%
Lennart Blecher 20,000,000 1.6% 1.6%
Fredrik Åtting 19,818,559 1.6% 1.6%
Stefan Glevén 18,493,869 1.5% 1.5%
Edward Fitzgerald with family 15,350,515 1.2% 1.2%
Morten Hummelmose 14,752,990 1.2% 1.2%
Handelsbanken Fonder 14,468,384 1.2% 1.2%
Andreas Huber 14,462,836 1.2% 1.2%
SEB Funds 14,003,918 1.1% 1.1%
Alecta Tjänstepension 12,498,766 1.0% 1.0%
Kristiaan Nieuwenburg 12,000,000 1.0% 1.0%
Jan Ståhlberg 11,927,656 1.0% 1.0%
Total top 25 803,238,544 65.0% 65.1%
Number of EQT AB shares  
owned by EQT AB 1) 63,458,131 5.1% 5.1%
Others 368,411,281 496,056 29.9% 29.8%
Number of issued shares 1,235,107,956 496,056 100.0% 100.0%
1) Shares held by EQT are not entitled to dividends and carry no votes
The table sets forth the top 25 largest shareholders per 31 December 2025  
Source: Monitor, Modular Finance
As of 31 December 2025
Ordinary 
shares Class C shares 1) Total
Number of issued shares 2)  1,234,611,900 496,056 1,235,107,956
Number of EQT AB shares owned by EQT AB 3) 63,458,131 – 63,458,131
Number of outstanding shares 1,171,153,769 496,056 1,171,649,825
1) Carry one tenth (1/10) of a vote
2) Total number of shares in EQT AB, i.e. including the number of shares owned by EQT AB and the number of shares outstanding
3) Shares held by EQT are not entitled to dividends and carry no votes
Share capital development
Time  Event
Change in 
 number of  
ordinary shares
Change in 
 number of  
class C shares
Number of 
 ordinary shares  
after the 
 transaction
Number of 
class C shares 
after the 
 transaction
Share capital (SEK)
Change Total
2019-09-24
New Share Issue  
in connection with the Offering 86,634,900  – 952,983,900  – 8,663,490 95,298,390
2019-11-14  
Issue and Repurchase of class C shares  
for the EQT Share program  – 8,663,490  952,983,900 8,663,490 866,349 96,164,739
2021-04-08 Share Issue 1) 33,296,240 – 986,280,140 8,663,490 3,329,624 99,494,363
2022-01-03 Share Issue 2) 7,548,384 – 993,828,524 8,663,490 754,838.40 100,249,201.40
2022-10-19 Share issue 3) 191,200,000 – 1,185,028,524 8,663,490 19,120,000 119,369,201.40
2023-03-31 The conversion of class C shares to ordinary shares 365,406 -365,406 1,185,393,930 8,298,084 – 119,369,201.40
2023-06-21 Cancellation of class C shares and bonus issue 4) – -7,068,423 1,185,393,930 1,229,661 – 119,369,201.40
2023-12-20
Issue and repurchase of class C2 shares and conver -
sion of all class C2 shares to ordinary shares for the 
EQT Share and Option programs 59,306,376 – 1,244,700,306 1,229,661 5,965,964.94 125,335,166.34
2024-03-06 The conversion of class C shares to ordinary shares 348,106 -348,106 1,245,048,412 881,555 – 125,335,166.34
2024-05-27 Cancellation of ordinary shares and bonus issue 5) -3,923,000 – 1,241,125,412 881,555 – 125,335,166.34
2025-03-12 Conversion of class C shares to ordinary shares 385,499 -385,499 1,241,510,911 496,056 – 125,335,166.34
2025-05-27 Cancellation of ordinary shares -6,899,011 – 1,234,611,900 496,056 – 125,335,166.34
1)  Paid in kind which was recorded in the company’s balance sheet to SEK 6,785,107,787.20, corresponding to SEK 203.78 per share. The purpose of the share issue in kind was to ensure delivery of 
shares in accordance with the obligations set forth in the purchase agreements relating to the combination with Exeter Property Group
2)  Paid by way of set-off of claim amounting to approximately SEK 3,489,345,219.41, corresponding to a subscription price of approximately SEK 462.26 per share. The purpose of the set-off share 
issue was to ensure delivery of shares in accordance with the obligations set forth in the purchase agreement relating to the combination with LSP
3)  Paid in kind which was recorded in the company’s balance sheet to SEK 38,450,320,000, corresponding to SEK 201.10 per share. The purpose of the share issue in kind was  
to ensure delivery of shares in accordance with the obligations set forth in the purchase agreement relating to the acquisition of Baring Private Equity Asia
4) Through the cancellation, the share capitel was decreased by SEK 706,842.30, and through the simultaneous bonus issue, the share capital was restored and overall unchanged
5) Through the cancellation, the share capital was decreased by SEK 394,636.84, and through the simultaneous bonus issue, the share capital was restored and overall unchanged

===== SIDA 179 =====

179
The EQT AB share
#01 This is EQT #02 Financial statements #03 Sustainability statement #04 Corporate governance #05 Additional information
Shareholding distribution
Holding
Number of 
shareholders
Number of 
 ordinary shares
Number of 
class C shares Capital (%) Votes (%)
1–500 55,187 4,540,767 0.37 0.37
501–1,000 2,351 1,809,670 0.15 0.15
1,001–5,000 1,798 3,777,322 0.31 0.31
5,001–10,000 234 1,693,650 0.14 0.14
10,001–15,000 85 1,028,162 0.08 0.08
15,001–20,000 53 933,565 0.08 0.08
20,001– 468 1,176,245,904 496,056 95.14 95.17
Unknown holding size 0 45,078,916 3.75 3.71
Total 60,176 1,235,107,956 496,056 100 100
Source: Monitor, Modular Finance
OWNERSHIP STRUCTURE
As of 31 December 2025, EQT AB had 60,176 sharehold-
ers according to Modular Finance. At the end of 2025, 
approximately 30 percent of the shares were held by 
Swedish institutions, 17 percent by foreign institutions 
and 1 percent were held by Swedish retail investors. As 
of 31 December 2025, the 25 largest shareholders held 
65,0 percent of the capital and 65.1 percent of the votes 
in EQT AB. On 31 December 2025, Investor AB, through 
Investor Investments Holding AB was the largest 
shareholder in EQT AB, both in terms of capital and 
votes.  
SHARE CAPITAL
As of 31 December 2025, the share capital of EQT AB 
amounted to SEK 125,335,166 distributed over 
1,235,107 ,956 shares, including the 496,056 class C 
shares. 
DIVIDEND POLICY AND DISTRIBUTION  
OF COMPANY FUNDS
The dividend policy of EQT is “to generate a steadily in -
creasing annual dividend per share”. The policy is 
adopted by the board of directors of EQT. The board of 
directors proposes a dividend of SEK 5.00 per share in 
respect of the fiscal year of 2025, payable in 2026. The 
dividend will be paid in two installments, SEK 2.50 in 
May 2026 and SEK 2.50 in December 2026. Holders of 
ordinary shares and class C shares are equally entitled 
to dividend.
The dividend will be based on the number of 
shares outstanding at the date the dividend will be de -
termined.
VOTING RIGHTS
Each ordinary share in EQT entitles the holder to one 
vote at the shareholders’ meetings and one class C 
share entitles the holder to one tenth vote at sharehold -
ers’ meetings. Each shareholder holds voting rights 
equal to the number of shares held by the shareholder 
in the company.
Shareholder contact:
Olof Svensson
Head of Shareholder Relations 
Phone +46 72 989 09 15
shareholderrelations@eqtpartners.com 47%
2%
1%
16%
10%
6%
15%
Investor AB
Executive Committee & Board - shares  
not under lock-up
Executive Committee & Board - shares  
under lock-up
Other individuals 2 - shares under lock-up
EQT Foundation
Wallenberg Invest AB
Other free float
1) Based on total number of outstanding shares    
 (1,171,649,825) 
2) Current and former employees’ shares under    
 lock-up (i.e. excl. members of Executive Committee & Board)
EQT’s ownership structure (December 2025)1

===== SIDA 180 =====

180
Additional fund information
#01 This is EQT #02 Financial statements #03 Sustainability statement #04 Corporate governance #05 Additional information
Additional fund information 
for selected funds
THE BELOW FIGUERS ARE AS OF 31 DECEMBER 2025
EQT Ventures & Growth 
Fund Vintage
Committed 
capital FAUM Status
EQT Ventures 2016 EUR 0.5bn EUR 0.3bn Developing
EQT Ventures II 2019 EUR 0.6bn EUR 0.5bn Developing
EQT Growth 2021 EUR 2.3bn EUR 2.3bn Investing
EQT Ventures III 2022 EUR 1.1bn EUR 1.1bn Investing
EQT Life Sciences
Fund Vintage
Committed 
capital FAUM Status
LSP HEF 2012 EUR 0.1bn EUR 0.1bn Developing
LSP 5 2014 EUR 0.2bn EUR 0.2bn Developing
LSP 6 2018 EUR 0.6bn EUR 0.6bn Developing
LSP HEF 2 2018 EUR 0.3bn EUR 0.3bn Developing
LSP Dementia 2021 EUR 0.3bn EUR 0.3bn Developing
LSP 7 2021 EUR 1.0bn EUR 1.0bn Investing
EQT Future
Fund Vintage
Committed 
capital FAUM Status
EQT Future  2021 EUR 3.6bn EUR 2.4bn Investing
EQT Private Equity
Fund Vintage
Committed 
capital FAUM Status
EQT VII 2015 EUR 6.9bn EUR 2.0bn Developing
EQT Mid Market Europe 2016 EUR 1.6bn EUR 0.4bn Developing
EQT Mid Market Asia III 2016 EUR 0.7bn EUR 0.3bn Developing
EQT VIII 2018 EUR 10.9bn EUR 4.9bn Developing
EQT IX 2020 EUR 15.6bn EUR 12.5bn Developing
EQT X 2022 EUR 21.7bn EUR 21.4bn Investing
Private Capital Asia
Fund Vintage
Committed 
 capital FAUM Status
BPEA Fund VI 2014 USD 3.6bn EUR 0.5bn Developing
BPEA Fund VII 2018 USD 5.7bn EUR 2.9bn Developing
BPEA Fund VIII 2021 USD 9.7bn EUR 7.8bn Developing
Hong Kong Growth Fund 2022 USD 0.5bn EUR 0.4bn Investing
BPEA Mid Market Growth 2022 USD 1.4bn EUR 0.4bn Investing
BPEA Fund IX 2025 USD 12.9bn EUR 11.0bn Investing
EQT Infrastructure
Fund Vintage
Committed 
capital FAUM Status
EQT Infrastructure III 2016 EUR 4.0bn EUR 0.3bn Developing
EQT Infrastructure IV 2018 EUR 9.1bn EUR 6.8bn Developing
EQT Infrastructure V 2020 EUR 15.7bn EUR 11.5bn Developing
EQT Infrastructure VI 2023 EUR 21.3bn EUR 20.3bn Investing
EQT Active Core  
Infrastructure 2023 EUR 2.9bn EUR 1.5bn Investing
EQT Real Estate
Fund Vintage
Committed 
 capital FAUM Status
BPEA Real Estate Fund II 2017 USD 0.9bn EUR 0.5bn Developing 
Exeter Industrial Core Fund III 2019 USD 1.3bn EUR 1.1bn Developing
EQT Real Estate II 2019 EUR 1.1bn EUR 0.8bn Developing
Exeter Industrial Value Fund V 2020 USD 2.0bn EUR 1.3bn Developing
Exeter Europe Industrial Core Fund I 2020 EUR 1.0bn EUR 0.8bn Developing
Exeter Europe Logistics Value Fund IV 2021 EUR 2.2bn EUR 1.4bn Developing
China Fund I 2021 EUR 0.1bn EUR 0.1bn Developing
EQT Exeter Industrial Core-Plus Fund 
IV 2021 USD 3.0bn EUR 2.4bn Investing
EQT Exeter Industrial Value Fund VI 2022 USD 4.9bn EUR 4.2bn Investing
EQT Exeter Europe Industrial Core 
Fund II 2023 EUR 0.2bn EUR 0.1bn Investing
EQT Exeter Europe Logistics Value 
Fund V 2025 EUR 2.9bn EUR 2.9bn Investing

===== SIDA 181 =====

181
Additional fund performance information 
#01 This is EQT #02 Financial statements #03 Sustainability statement #04 Corporate governance #05 Additional information
Additional fund performance information
Performance across EQT’s business segment Private Capital since inception Performance across EQT’s business segment Real Assets since inception
EQT Private Equity EQT Infrastructure  
Private Capital Asia EQT Real Estate - Flaghsip funds  
1995 2004 2006 2011 2020Start date
Realized Developing Investing
I IV V VI IXFund
65%
1998
II
16% 19% 11% 16% 10%
2022
X
(NM)Net IRR
5.3x
3.1x 2.8x 2.5x
2.0x
2001
III
15%
2.1x 1.3x
3.0x
2015
VII
19%
2.1x
2.7x
2018
VIII
20%
2.6x
1.6x
2.5x 2.4x
1.7x
1.2x
Realized Developing Investing
2.5x
2.0x
2.7x
1.8x 1.6x
2.5x
2.7x
1.8x 1.6x
1.1x 
2.1x
2016 2018Start date
III IVFund
2008
I
17% 22% 8%
2020
V
8%
2023
VI
(NM)Net IRR
2013
II
17%
1.7x
2005 2014 2018 2022Start date
Realized Developing Investing
III VI VII VIIIFund
54%
2007
IV
9% 13% 19% 9%
2025
IX
(NM)Net IRR
3.5x
2.2x
1.3x
1.0x
2011
V
8%
2.2x
2.7x 3.1x
2.4x
1.0x1.7x
2.3x
2.3x
1.3x
3.7x
2.7x
2007 2014 2014 2015Start date
Realized
US Value I US Value III EU Value I EU Value IIFund
11%
2011
US Value II
30% 29% 33% 27%Net IRR
2.1x 2.4x
1.6x
2.6x
3.7x
2.8x 2.6x 2.7x
2012
US Core I
22%
2017
US Value IV
30%
2018
EU Value III
52%
Realized
Unrealized

===== SIDA 182 =====

182
Alternative performance measures (APM)
#01 This is EQT #02 Financial statements #03 Sustainability statement #04 Corporate governance #05 Additional information
Alternative performance measures (APM)
To increase the understanding of 
the development of the operations 
and the financial position of EQT AB 
Group, EQT presents some alterna -
tive performance measures in addi -
tion to financial measures defined 
by IFRS Accounting Standards. EQT 
believes these measures provide a 
better understanding of the trends 
of the financial performance and 
that such measures, which are not 
calculated in accordance with IFRS 
Accounting Standards are useful in -
formation to investors combined 
with other measures that are calcu -
lated in accordance with IFRS Ac-
counting Standards. These alterna -
tive performance measures should 
not be considered in isolation or as 
a substitute to performance meas -
ures derived in accordance with 
IFRS Accounting Standards. In addi -
tion, such measures, as defined by 
EQT, may not be comparable to 
other similarly titled measures used 
by other companies.
Definition Reason for use
Adjusted Total Revenue
Total Revenue adjusted for items affecting
comparability and revenue adjustments. Revenue
adjustments relates to an adjustment of revenue
whereby carried interest is only recognized after
applying a valuation buffer (30-50%) on the
unrealized part of the underlying fund valuations.
Items affecting comparability means items that are
reported separately due to their character and
amount. For a specification of items affecting
comparability and revenue adjustments, see Note 4.
Total Revenue according to IFRS Accounting Stan -
dards includes the carried interest without the appli -
cation of a valuation buffer and represents the short 
term impact of fund valuation changes. Adjusted Total 
Revenue includes the amount of carried interest 
expected to be converted to cash in a mid term per -
spective (a more prudent revenue recognition model). 
The difference between Total Revenue (according to 
IFRS Accounting Standards) and Adjusted Total Reve -
nue is the application of a valuation buffer (30-50%) 
on the unrealized part of the underlying fund valua -
tions.
Gross segment result
Total Revenue adjusted whereby carried interest is
only recognized after applying a valuation buffer
(30-50%) on the unrealized part of the underlying
fund valuations less directly incurred expenses by
business segment. For revenue adjustments, see 
Note 4.
Gross segment result provides an overview of the 
direct contribution of each business segment.
Gross segment margin
Gross segment result divided by Adjusted Total 
 Revenue by business segment.
Gross segment margin provides an overview of the 
profitability by each business segment.
EBITDA
EBIT excluding depreciation and amortization of 
property plant and equipment and intangible assets  
and amortization of acquisition related intangible 
assets.
EBITDA provides an overview of the profitability of the 
operations.
EBITDA margin, %
EBITDA divided by Total Revenue. EBITDA margin is a useful measure for showing the 
profitability of the operations relative to total revenue 
generated by the Group during the period.
Adjusted EBITDA
EBITDA adjusted for items affecting comparability, 
non-cash adjustments and revenue adjustments. 
Items affecting comparability means items that
are reported separately due to their character and 
amount. For a specification of items affecting compa -
rability, non-cash adjustments and revenue adjust -
ments, see Note 4.
Adjusted EBITDA is a useful measure for showing 
profitability of the operations and increases the com -
parability between periods.
Definition Reason for use
Adjusted EBITDA margin, %
Adjusted EBITDA divided by Adjusted Total Revenue. Adjusted EBITDA margin is a useful measure for 
showing the profitability of the operations and 
increases the comparability between periods, relative 
to total revenue generated by the Group during the 
period.
Adjusted Fee-related EBITDA
Adjusted EBITDA less adjusted carried interest and 
investment income.
Adjusted Fee-related EBITDA is a useful measure that 
presents the recurring fee-related profitability.
Adjusted Fee-related EBITDA margin, %
Adjusted Fee-related EBITDA divided by Fee-related 
revenue.
Adjusted Fee-related EBITDA margin is a useful mea -
sure that presents the recurring fee-related profit -
ability, relative to Fee-related revenue generated by 
the Group during the period.
Adjusted EBT excluding carried interest and investment income
Adjusted Fee-related EBITDA less depreciation and 
amortization and net financial income and expenses.
Adjusted EBT excluding carried interest and invest -
ment income is a useful measure in establishing a like-
for-like measurable adjusted Effective Tax Rate (ETR) 
over time.
Adjusted net income
Net income adjusted for items affecting comparability, 
non-cash adjustments and revenue adjustments, see 
Note 4.
Adjusted net income is a useful measure for showing 
the profitability generated by the Group as this mea -
sure is adjusted for items affecting comparability 
between periods.
Adjusted net income excluding Carried interest and 
investment income
Net income excluding Carried interest and investment 
income adjusted for items affecting comparability, 
non-cash adjustments and revenue adjustments, see 
Note 4.
Net income excluding Carried interest and investment 
income is a useful measure that presents the recurring 
Fee-related profitability.
Adjusted earnings per share
Adjusted net income in relation to average number of 
shares.
Adjusted earnings per share is a useful measure for 
showing the profitability per share generated by the 
Group as this measure is adjusted for items affecting 
comparability between periods.
Financial net cash / net debt
Cash, cash equivalents and short-term loan receiv -
able less interest-bearing liabilities (current and non 
current).
Financial net cash / (net debt) is used to assess the 
Group’s financial position in terms of the possibility to 
make strategic investments, payment of dividend and 
fulfillment of financial commitments.

===== SIDA 183 =====

183
Alternative performance measures (APM)
#01 This is EQT #02 Financial statements #03 Sustainability statement #04 Corporate governance #05 Additional information
ADJUSTED TOTAL REVENUE
EUR m 2025 2024
Total revenue 2,632.4 2,652.6
Items affecting comparability - 113.7
Non-cash adjustments - -
Revenue adjustments 99.2 -411.5
Adjusted total revenue 2,731.6 2,354.8
ADJUSTED EBITDA / ADJUSTED NET INCOME
EUR m 2025 2024
Net income 727.8 776.3
Income taxes 168.0 122.9
Net financial income and expenses 57.0 -11.2
Operating profit (EBIT) 952.8 888.0
Amortization of acquisition related 
intangible assets 349.8 364.8
Depreciation and amortization 79.0 71.2
EBITDA 1,381.6 1,324.0
Revenue adjustments 99.2 -411.5
Non-cash adjustments 135.2 321.3
Items affecting comparability 26.2 124.9
Adjusted EBITDA 1,642.2 1,358.7
Less adjusted carried interest and 
 investment income -448.1 -250.8
Adjusted fee-related EBITDA 1,194.0 1,107.9
Depreciation and amortization -79.0 -71.2
Net financial income and expenses -57.0 -4.5
Adjusted EBT excluding carried inter -
est and investment income 1,058.1 1,032.1
Adjusted carried interest and invest -
ment income 448.1 250.8
Income taxes -184.5 -167.8
Adjusted net income 1,321.8 1,115.1
Less adjusted carried interest and 
investment income -448.1 -250.8
Adjusted net income excl Carried 
interest and investment income 873.6 864.3
ADJUSTED EARNINGS PER SHARE, BASIC
2025 2024
Adjusted net income, EUR m 1,321.8 1,115.1
Average number of shares, 
basic 1,176,544,588 1,183,153,914
Adjusted earnings per share, 
basic, EUR 1.123 0.942
ADJUSTED EARNINGS PER SHARE, DILUTED
2025 2024
Adjusted net income, EUR m 1,321.8 1,115.1
Average number of shares, 
diluted 1,178,560,097 1,184,166,399
Adjusted earnings per share, 
diluted, EUR 1.122 0.942
FINANCIAL NET CASH / (NET DEBT)
EUR m 2025 2024
Cash and cash equivalents 978.6 1,024.0
Interest-bearing liabilities – 
non-current 1) -2,427.0 -2,000.0
Financial net cash / (Net debt) -1,448.4 -976.0
1) Nominal amount

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184
Definitions
#01 This is EQT #02 Financial statements #03 Sustainability statement #04 Corporate governance #05 Additional information
Definitions
Active funds Funds currently investing or with not yet re -
alized investments.
Business line As the context requires, the EQT fund or 
funds investing under any of the business lines, or the 
team of EQT Partners Investment Advisory Professionals 
who advise the General Partners and/or managers of 
the EQT funds within that business line.
Committed capital The total amounts that fund inves -
tors agree to make available to a fund during a speci -
fied time period.
Commitment period / Investment period  First phase of 
a fund lifecycle after fundraising, in which most of a 
fund’s committed capital is invested into portfolio com -
panies. Management fees are normally based on com -
mitted capital during this period.
Current Gross MOIC (Multiple of Invested Capital)  A 
fund’s Gross MOIC based on the current total value and 
invested capital.
Effective management fee rate  Weighted average 
management fee rate for all EQT funds contributing to 
FAUM in a specific period.
EQT Where used on its own, is an umbrella term and 
may refer interchangeably to the EQT AB Group and/or 
EQT funds, as the context requires.
EQT AB Group or the Group EQT AB and/or any one or 
more of its direct or indirect subsidiaries (for the avoid -
ance of doubt excluding the EQT funds and their portfo -
lio companies).
Exits Cost amount of realized investments (realized 
cost) from an EQT fund.
Expected Gross MOIC  A fund’s expected Gross MOIC at 
termination, when a fund is fully realized, based on the 
estimated total value and invested capital upon realiza -
tion.
Fee-generating Asses Under Management (“FAUM”)  
Represents the total assets and commitments from fund 
investors based on which the EQT AB Group is entitled 
to receive management fees.
Final close The date determined for each fund upon 
which admissions to the fund by investors are last ac -
cepted by the fund manager.
FTE The number of full-time equivalent personnel on 
EQT AB Group’s payroll.
FTE+ The number of full-time equivalent personnel and 
contracted personnel working for EQT AB Group.
Fund size Total committed capital for a specific fund.
Gross inflows New commitments through fundraising 
activities or increased investments in funds charging 
fees on net invested capital.
Gross fund exits Value of realized investments (realized 
value) from an EQT fund. Refers to signed realizations in 
a given period.
Gross MOIC Total value of investments divided by total 
invested capital.
Invested capital Committed capital that fund investors 
have invested in a fund.
Investment level / % Invested Measures the share of o 
fund’s total commitments that hos been utilized. Calcu -
lated os the sum of (i) closed ond/or signed invest -
ments, including announced public offers, (ii) ony earn-
outs and/or purchase price adjustments and (iii) less 
ony expected syndication, as a% of a fund’s committed 
capital. 
Investments Signed investments by an EQT fund.
Key funds Funds with commitments that represent more 
than 5% of total commitments in active funds.
Net invested capital Invested capital not yet realized 
(remaining cost). Management fees are generally 
based on net invested capital after the commitment pe -
riod / investment period.
Post-commitment period / Divestment period  Phase of 
a fund lifecycle after the commitment period, in which 
most of a fund’s investments are realized. Management 
fees are normally based on the net invested capital 
during the period.
Private Capital Business segment comprised of strate -
gies EQT Ventures, EQT Life Sciences, EQT Healthcare 
Growth, EQT Growth, EQT Private Equity, EQT Private 
Capital Asia, and EQT Future. 
Real Assets Business segment comprised of strategies 
EQT Value-Add Infrastructure, EQT Active Core Infra -
structure, EQT Transition Infrastructure, and EQT Real 
Estate.
Realized value / (Realized cost) Value (cost) of an in-
vestment, or parts of an investment, that at the time has 
been realized.
Remaining value / (Remaining cost)  Value (cost) of an 
investment, or parts of an investment, currently owned 
by the EQT funds.
Share of invested capital with validated science-based 
targets Based on share of invested capital according to 
the Science-Based Targets Initiative’s (SBTi) guidelines 
for private equity firms. EQT includes all control/
co-control strategies, calculated based on unrealized 
cost (excluding co-investment), ond applies a 24-month 
grace period. Exited companies are excluded, but as -
sets owned less than 24 months with validated SBTs are 
included. 
Start date A fund’s start date is the earlier of the first 
investment or the date when management fees are 
charged from fund investors.
Step-down Step-downs in AUM generally resulting from 
the end of the investment period in an existing fund or 
when a subsequent fund starts to invest. Fees in a spe -
cific fund will normally be charged on net invested cap -
ital post step-down.
Target Gross MOIC Measure used in fundraising of an 
EQT fund as a fund’s target level of investment return 
based on Gross MOIC.
Total AUM Total Assets Under Management (“Total 
AUM”) represents the sum of (i) FAUM, (ii) value appre -
ciation (depreciation) of investments in funds on which 
FAUM is calculated upon, (iii) fair market value of 
non-fee-generating co-investments as well as (iv) com -
mitted but undrawn capital from fund investors on 
which EQT AB Group is not currently entitled to receive 
management fees but that, following investment, would 
be fee generating.
Value creation Change in value between opening and 
closing balance, excluding any added or deducted in -
vested capital during the period, equivalent to the like-
for-like fund performance.

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185
AGM-information
#01 This is EQT #02 Financial statements #03 Sustainability statement #04 Corporate governance #05 Additional information
AGM information
EQT AB’s Annual Shareholders’ Meeting 2026 will be held 
on Tuesday, 12 May 2026. The notice convening the Annual 
Shareholders’ Meeting and the other documents will be 
held available on EQT’s website, www.eqtgroup.com.
Financial calendar
22 April 2026 Quarterly Announcement January-March 2026 
12 May 2026 Annual Shareholders’ Meeting 2026
17 July 2026 Half-year Report January-June 2026
15 October 2026  Quarterly Announcement July-September 2026

===== SIDA 186 =====

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