Kvartalsrapport Q1 2024

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CEO comment- the first quarter 2024 
A promising start to 2024 - and to EQT's fourth decade 
EQT started the year with the successful completion of two fund raises, EQT X and EQT Future, with 
total commitments of more than EUR 25 billion . Investment activity continued at a good pace and, 
with transactions such as the IPO of Galderma, we expect a gradual increase in exit activity. Whilst 
the macroeconomic environment, financing conditions, and capital markets activity have 
improved, we continue to monitor geopolitical risks and macro developments, including interest 
rates, and maintain our focus on performance. 
In March, we held our first Capital Markets Day, where our 
team presented the long-term view of EQT's strategy, 
ambitions, and medium- to long-term financial targets. We 
have ambitious objectives : to become the global leader in 
Private Equity, enter the top three in Infrastructure while 
maintaining our number one position in Value-Add 
Infrastructure ; and enter the top three in Private Real 
Estate. To achieve this, our focus will remain on delivering 
consistent, superior returns to our clients by applying an 
industrialist mindset to develop assets that play a positive 
role in tomorrow's economy. 
Navigating the fundraising environment 
Fundraisings across strategies, including for the Private 
Wealth products, are generally taking longer, and we 
expect the fundraising environment to improve only once 
realizations across private markets pick up materially . 
Despite continued fundraising headwinds, our Key fund 
within Private Capital, EQT X, hit its hard cap in what was 
EQT's largest ever fundraise . This was shortly followed by 
the final close of EQT Future, a thematic strategy that backs 
businesses within Climate a Nature and Health a Wellbeing . 
EQT Infrastructure VI is expected to reach its target size, 
and fundraising is expected to continue at least throughout 
2024 . We are also preparing for a transition infrastructure 
strategy and BPEA IX. 
Improving environment, yet muted exit volumes 
We are encouraged by our investment pipeline across asset 
classes, thematic sectors, and geographies. The EQT funds 
announced several new investments, demonstrating our 
strong conviction in themes such as digital infrastructure, 
education, and vertical software. 
Exit activity has yet to accelerate, but we expect volumes to 
increase gradually during the latter part of the year, and in 
2025. A large share of the EQT funds' portfolio is still 
relatively young, with only 10% of investments by capital 
having been made more than five years ago, allowing us 
time to focus on fundamental value creation before a large 
part of the portfolio is ready for exit. 
A highlight was EQT Vlll's portfolio company Galderma that 
successfully priced its IPO - expected to be one of the 
largest in Europe this year. EQT VIII retained nearly all the 
shares it held before the IPO, with Galderma using the 
transaction to raise capital. Not only is the IPO a testament 
to EQT's ability to bring high-quality businesses to the 
public market, but also an example of EQT's value creation 
playbook in action . During the fund 's ownership, Galderma 
has transformed from a non-core subsidiary of Nestle into 
a pure-play category leader in dermatology . 
All of our ten Key funds are performing On or Above plan, 
which means we are on track to deliver on or exceed the 
EQT AB (pub!) Q1 Announcement 2024 
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CEO comment- the first quarter 2024 
return targets communicated to our clients . In the first 
quarter, Key fund valuations increased by almost 3%, as 
underlying performance remained healthy, albeit with 
certain pockets of underperformance, and valuation 
references were supportive . Across strategies focused on 
earlier-stage investments, such as EQT Ventures and EQT 
Growth, we saw a meaningful value uplift in certain 
portfolio companies . 
EQT Exeter 's investment activity began to pick up towards 
the end of 2023 and, while challenges remain in real estate, 
we have continued to make selective investments during the 
quarter. 
Making headway on newer strategies 
Building on EQT's healthcare track record, we introduced 
EQT Healthcare Growth . Combining EQT Life Sciences' 
scientific expertise and ability to identify emerging trends, 
with EQT Private Equity's value creation approach and 
experience in high-growth, mid-market buyouts, we believe 
this strategy is well placed to support healthcare 
companies on their mission to scale rapidly and deliver 
positive healthcare outcomes . 
Fundraising continued for EQT Nexus, and EQRT, EQT's 
semi-liquid strategy focusing on direct investments in 
commercial real estate, has made its first acquisition. Over 
the coming year, we expect to launch further strategies 
tailored to Private Wealth, drawing on our strengths in 
Private Equity and Infrastructure, and across our global 
platform. 
Closing a busy first quarter with a positive long-term outlook 
EQT began 2024 by announcing that, a year after EQT's 
combination with BPEA, the private equity business line in 
Asia had rebranded, completing its transition into the firm's 
global identity . I am pleased to move forward as an 
integrated, global and diversified platform with a clear 
ambition . As we enter our fourth decade, I am encouraged 
by our trajectory and the market opportunity to serve 
existing and new clients . To achieve this, we remain 
focused on constant innovation, seeking new and better 
ways to pursue our fundamental value creation across all 
strategies and delivering outperformance . 
Christian Sinding, 
CEO a Managing Partner 
EQT AB (pub!) Q1 Announcement 2024 
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Highlights 
A promising start to 2024 - and to EQT's fourth decade 
Highlights for the period Jan-Mar 2024 (Jan-Mar 2023) 
Strategic 
EQT X closed at EUR 22bn in total commitments, of which EUR 21.7bn are fee-generating assets under management, hitting the 
hard cap 
EQT Future 1 closed at EUR 3bn in total fund commitments, with total fee-generating commitments to the strategy, which includes 
co-investments, totaling EUR 3.6bn 
EQT hosted a Capital Markets Day, re-confirming its revenue growth and adjusted EBITDA margin targets, providing further color 
on its fee-related EBITDA margin ambition, and refining its dividend growth target to be on a per share basis 
Preparation continued for a transition infrastructure strategy, as well as further products targeting the Private Wealth segment 
Preparations also continued for BPEA IX 
Fundraising 
Fee-generating assets under management (FAUM) increased to EUR 132bn (EUR 119bn). Total AUM was EUR 242bn (EUR 216bn). 
Gross inflows amounted to EUR 5bn and were primarily driven by closed out commitments from EQT X and EQT Infrastructure VI 
Fundraisings are generally taking longer in the current fund raising environment, and we expect the fundraising market to 
meaningfully improve only once realizations pick up materially across private markets 
EQT Infrastructure VI had fee-generating commitments of EUR 15.lbn . Fundraising is expected to continue at least throughout 
2024, and the fund is expected to reach its target fund size 
EQT launched EQT Healthcare Growth, a dedicated healthcare buyout strategy 
Fund raising continued for EQT Exeter US Multifamily Value II, EQT Exeter Europe Logistics Core-Plus II, EQT Active Core 
Infrastructure and EQT Exeter Asia Pacific Logistics II 
Fund raising also continued for BPEA EQT Mid Market Growth, with the increased hard cap of USD 1.4bn 
EQT Nexus' NAV was more than EUR 600m , and EQRT, EQT's semi-liquid strategy focusing on direct investments in commercial 
real estate, announced its first acquisition 
Investment activity 2 
Total investments by the EQT funds in the quarter amounted to EUR 4bn (EUR 5bn) . Investments include the partnership with 
EdgeConneX to develop hyperscale data centers in APAC (EQT Infrastructure VI); the public to private tender of Believe, the 
largest independent digital-native music label globally (EQT X); and Avetta, a leading cloud-based supply chain risk management 
software platform (EQT X) 
The transaction with Wind Tre (EQT Infrastructure VI) was terminated 
1) EQT Future charges management fees on invested capital 
2) Signed transactions, if not otherwise mentioned 
EQT AB (pub!) Q1 Announcement 2024 
Total and fee-generating AUM 
■ FAUM 
TAUM 
EURbn 
216 
0 1 2023 
Investments by EQT funds 
EURbn 
14 
02 2022 - 0 1 2023 
(Twe lve mon ths) 
242 
0 1 2024 
17 
■ Ql 
Q2-Q4 
02 2023 - 0 1 2024 
(Last twelve months) 
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Highlights 
Highlights for the period Jan-Mar 2024 (Jan-Mar 2023) 
Exit activity 1 
Total gross fund exits during the quarter amounted to EUR lbn (EUR 2bn) . Exits include the sale of CMS Info Systems, India 's largest 
cash management company ; Shinhan Financial Group, the largest financial group in Korea ; and RBL Bank, one of India 's leading 
private sector banks (BPEA VII) 
Other exits include Ottobock, the global leader in wearable human bionics (EQT VII); and Cardior Pharmaceuticals, a leader in 
RNA-targeted therapies for people with cardiovascular diseases (EQT Life Sciences) 
Galderma, a leader in dermatology, priced its IPO on the SIX Swiss Exchange gaining >20% on the day of the IPO, with a total 
offering of USD 2.6bn . The offering comprised mainly of primary shares, to raise capital for Galderma, with only a minimal sale by 
EQTVIII 
Investment performance 
All ten Key funds are performing On or Above plan, meaning they are on track to deliver on or exceed the return targets 
communicated to our clients 
In the first quarter, Key fund valuation s increased by almo st 3%, as underlying performance remained healthy and valuation 
references were supportive . The portfolio remains robust, albeit with certain pockets of underperformance 
Strategies focused on earlier-stage investments, such as EQT Ventures and EQT Growth, saw a meaningful value uplift in certain 
portfolio companies 
People and future-proofing 
The number of full-time employees and on-site consultants (FTE+) amounted to 1,859 (1,792), of which 1,802 (1,687) were FTEs. 
Hiring was primarily to support new strategic initiatives such as Private Wealth and prioritized regions such as Asia and the US 
Masoud Homayoun, Partner and Head of EQT Value-Add Infrastructure, joined EQT's Executive Committee 
EQT Network appointed Sir Alok Sharma as a Senior Advisor on geopolitical topics and economic trends, drawing on his extensive 
experience in sustainability, with a background as the President of the 2021 UN's Climate Change Conference in Glasgow (COP26), 
and the Secretary of State for Business, Energy , and Industrial Strategy in the UK 
Since committing to the Science Based Targets initiative in 2021, EQT has supported 39 portfolio companies in setting science­
based targets , out of which 7 completed the validation in Ql. Additionally, 24 are in the process of setting targets 
1) Signed transactions , if not otherwise mentioned 
EQT AB (pub!) Q1 Announcement 2024 
Gross EQT funds exits 
EURbn 
10 
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02 2022 - 01 2023 
(Twel ve months ) 
Investment performance 
Private 
Capital 
Real 
Assets 
On plan 
EQTIX 
BPEA VIII 
EQTX 
EQT Infrastructure IV 
EQT Infrastructure V 
EQT Infrastructure VI 
Employees (FTE+) 
# of 
1,792 
01 2023 
6 
■ 01 
Q2-Q4 
02 2023 - 01 2024 
(Last twelve months) 
Above plan 
EQTVII 
EQTVIII 
BPEA VII 
EQT Infrastructure Ill 
1,859 
01 2024 
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Highlights 
Highlights for the period Jan-Mar 2024 (Jan-Mar 2023) 
Other 
EQT won six awards in the 2023 PEI Group Awards, including Infrastructure Investor's "Global Sustainable Investor of the Year" for 
the second consecutive year, and New Private Markets' "Multi-Strategy Firm of the Year (ESG)" 
Further to the ongoing review of certain current and former EQT employees' carried interest taxation, the Swedish Tax Agency has 
communicated its intention to review EQT's related social security contribution obligations 
Events after the reporting period 
Investment levels in EQT Key funds as of 18 April 2024, were 35-40% in EQT X, 30-35% in EQT Infrastructure VI and 40-45% in 
BPEA VIII 
EQT Active Core Infrastructure entered exclusive talks to acquire Ocea Group, a leading French water and heat submetering 
infrastructure provider 
EQT Infrastructure VI acquired a majority position in Universidad Europea, a leading private higher education platform in 
Spain and Portugal 
EQT Mid Market Europe has signed an agreement to sell Rimes, a global leader in enterprise data management solutions for 
the investment industry 
Fund raising was launched for EQT Healthcare Growth 
EQT AB (pub!) Q1 Announcement 2024 
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Key Figures EQT AB (pub!) Q1 Announcement 2024 
Fee-generating assets under management (FAUM) 
Development during the first quarter 2024 
FAUM by segm ent (EURbn) Private Capital Real Assets Total 
At 31 Dec 2023 72.2 57.4 129.6 
Gross inflows 2.3 2.4 4.7 
Step- downs - 0.4 - 0.7 -1.0 
Exits - 0.9 - 0.1 -1.1 
FX and other - 0.2 0.0 -0.2 
At 31 Mar 2024 73.0 59.0 132.0 
Since 31 Dec 2023 1% 3% 2% 
Development during the last twelve months 
FAUM by segment (EURbn) Private Capital Real Assets Total 
At 31 Mar 2023 70.2 48.8 119.1 
Gross inflows 7.5 12.6 20.2 
Step -downs - 0.4 -1.4 -1.8 
Exits - 3.6 -1.9 -5.5 
FX and other - 0.8 0.8 0.0 
At 31 Mar 2024 73.0 59.0 132.0 
Since 31 Mar 2023 4% 21% 11% 
Note: Any investmen t act ivity in above ta bles (pa rt of gross inflo w and/or exits) is included based on its im pac t on FAUM Any 
individual dea ls in a per iod are therefore include d based on remain ing or realized cost, timing of tran sact ion closing and only 
in funds w hich o re charging fees based on net invested capita l 
Gross investment performance of key EQT funds 
As of 31 Mar 2024 
Start Committed Inve sted capital Value of inv estm ents Gro ss Gross MOIC Gross MOIC Gros s MOIC Gros s MOIC Gross MOIC Expected Gro ss FAUM 
(EURbn) date capital Tota l Realized Remaining Tota l Realized Remaining MOIC 31 Mar 202 3 30 Jun 202 3 30 Sep 2023 31 Dec 2023 31 Mar 2024 MOIC 31 Mar 2024 
Private Capital Private Capital 
EQTV II jul-15 2.8 6.9 6.1 3.6 2.5 15.4 11.1 4.2 2.5x EQT VII 2.7x 2.7x 2.6x 2.6x 2.5x Above plan 
EQT VI II May -18 7.7 10.9 9.8 2.3 7.5 21.7 8.0 13.7 2.2x EQT VIII 2.3x 2.2x 2.3x 2.2x 2.2x Above plan 
BPEA VII Jul-18 4.2 5.7 3.8 0.9 2.9 9.3 2.7 6.5 2.4x BPEA VII 2.4x 2.4x 2.4x 2.4x 2.4x Above plan 
EQTI X Jul- 20 14.2 15.6 14.1 0.2 13.9 19.0 0.4 18.6 l .4x EQT IX l. 4x 1.4x 1.4x l .3x l.4x On plan 
BPEA VIII Sep- 21 9.8 9.7 4.2 0.0 4.2 5.2 0.0 5.2 l.2x BPEA VIII l.2x l .3x 1.4x l .3x l.2x On plan 
EQT X Jul- 22 21.7 21.7 5.8 0.0 5.8 6.2 0.0 6.2 l.l x 
On plan EQT X l.0x l .l x l .lx l .l x 1.lx Othe r Private Cap ital 12.6 23.1 45.4 
Real Assets 
Real Assets EQT Infra structur e Ill 2.7x 2.7x 2.7x 2.7x 2.7x Above plan 
EQT lnfrast ruclure Il l Nov-16 0.7 4.0 3.8 3.0 0.7 10.2 8.4 1.8 2.7x EQT Infra structure IV l.5x l. 6x l. 6x l.6x l.7x On plan 
EQT lnfras trucl ure IV Nov-18 7.1 9.1 7.5 0.6 6.9 12.9 0.7 12.2 l .7x EQT Infra stru cture V l.2x l. 3x l. 3x l.3x l.4 x On plan 
EQT Infrastructure V Aug- 20 13.2 15.7 12.7 0.0 12.7 17.9 0.0 17.9 l .4x EQT Infra structure VI l.0x l. 0x l. 0x l.0x l.0 x On plan 
EQT Infrastructure VI Dec- 22 15.1 15.1 4.1 0.0 4.1 4.2 0.0 4.2 l.0x Note: Dalo for currenl Gross MOIC refl ecl only closed investment s and realization s. For Privale Equily funds (pa rl of segment 
Other Real Assets 22.8 22.4 31.3 Privale Capital ), "On Plan" refer s to expecled Gross MOIC bet w een 2.0-2 .5x. For lnfra struclure funds (parl of segment Real 
Total 132.0 117.3 198.6 Assets), "On Plan" refer s to expecled Gross MOIC bet w een l.7-2 .2x. 
Note: Invested cap ital and valu e of investm ents reflect only closed tran sac tions as per the reporting dat e. Note: BPEA Funds' MOIC are report ed und er LPA GAAP recyclin!a! method olo!a!y to be consistent with other Key fund s. 
Note: BPEA Funds' MOIC are repo rted under LPA GAAP recycling methodology to be consistent wi th other Key funds. 
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Definitions 
Definitions 
Active funds 
Funds currently investing or with not yet realized investments. 
Committed capital 
The total amounts that fund investors agree to make available to a 
fund during a specified time period. 
Commitment period/ Investment period 
First phase of a fund lifecycle after fundraising, in which most of a 
fund 's committed capital is invested into portfolio companies. 
Management fees are normally based on committed capital during 
this period. 
Current Gross MOIC (Multiple of Invested Capital) 
A fund 's Gross MOIC based on the current total value and invested 
capital. 
Effective management fee rate 
Weighted average management fee rate for all EQT funds 
contributing to FAUM at a specific date. 
EQT 
Where used on its own, is an umbrella term and may refer 
interchangeably to the EQT AB Group, SEP Holdings Group and/or 
EQT funds, as the context requires. 
EQT AB Group or the Group 
EQT AB and/or any one or more of its direct or indirect subsidiaries 
(for the avoidance of doubt excluding the EQT funds and their 
portfolio companies). 
Adjusted Effective Tax Rate 
Adjusted income taxes in relation to Adjusted EBT excluding carried 
interest and investment income. 
Exits 
Cost amount of realized investments (realized cost) from an EQT fund. 
Expected Gross MOIC 
A fund 's expected Gross MOIC at termination, when a fund is fully 
realized, based on the estimated total value and invested capital upon 
realization. 
FAUM 
Fee-generating Assets 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 last date determined for each fund upon which admissions of 
investors to the fund are accepted by the fund manager. 
FTE 
The number of full-time equivalent personnel on EQT AB Group 's 
payroll. 
FTE+ 
The number of full-time equivalent personnel and contracted 
personnel working for EQT AB Group. 
Fund size 
Total committed capital for a specific fund. 
Gross inflows 
New commitments through fund raising 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. 
GrossMOIC 
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 a fund's total commitments that has been 
utilized. Calculated as the sum of (i) closed and/or signed investments, 
including announced public offers, (ii) any earn-outs and/or purchase 
price adjustments and (iii) less any expected syndication, as a% of a 
fund 's committed capital. 
Investments 
Signed investments by an EQT fund. 
Key funds 
Funds with commitments that represent more than 5% of total 
commitments in active funds. 
Net invested capital 
Invested capital not yet realized (remaining cost). Management fees 
are generally based on net invested capital after the commitment 
period / investment period. 
EQT AB (pub!) Q1 Announcement 2024 
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 business lines EQT Ventures, EQT Life 
Sciences, EQT Healthcare Growth, EQT Growth, EQT Private Equity, 
EQT Private Capital Asia, EQT Public Value and EQT Future. 
Real Assets 
Business segment comprised of business lines EQT Value-Add 
Infrastructure, EQT Active Core Infrastructure and EQT Exeter. 
Realized value/ (Realized cost) 
Value (cost) of an investment, or parts of an investment, that at the 
time has been realized. 
Remaining value/ (Remaining cost) 
Value (cost) of an investment, or parts of an investment, currently 
owned by the EQT funds. 
Start date 
A fund 's start date is the earlier of the first investment or the date when 
management fees are charged from fund investors. 
Step-down 
Step-downs in AUM generally resulting from the end of the investment 
period in an existing fund or when a subsequent fund starts to invest. 
Fees in a specific fund will normally be charged on net invested capital 
post step-down. 
Target Gross MOIC 
Measure used in fund raising of an EQT fund as a fund 's target level of 
investment return based on Gross MOIC. 
TotalAUM 
Total Assets Under Management ("Total AUM ") represents the sum of 
(i) FAUM, (ii) value appreciation (depreciation) of investments in funds 
on which FAUM is calculated upon, (iii) fair market value of non-fee­
generating co-investments as well as (iv) committed but undrawn 
capital from fund investors on which EQT AB Group is not currently 
entitled to receive management fees but that, following investment, 
would be fee generating. 
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Other Disclosures 
Financial calendar 
Annual shareholders' 
meeting 2024, Stockholm 
Half-year report 
January-June 2024 
Quarterly announcement 
July-September 2024 
Auditors Review 
27 May 2024 
18 July 2024 
17 October 2024 
This quarterly announcement has not been reviewed by 
EQT s auditors . 
Contacts 
Kim Henriksson 
CFO 
+46 8 506 55 300 
kim .henriksson@eqtpartners .com 
Olof Svensson 
Head of Shareholder Relations 
+46 72 989 09 15 
olof .svensson@eqtpartners .com 
Richard Buch 
Head of Corporate Communications 
+46 72 989 09 11 
richard .buch@eqtpartners .com 
This is information that EQT AB (publ) is obliged to make public 
pursuant to the EU Market Abuse Regulation . The information 
was submitted for publication, through the agency of the contact 
persons, at 07:30 CEST on 18 April 2024 . 
EQT AB (pub!) Q1 Announcement 2024 
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About EQT 
About EQT 
EQT is a purpose-driven global investment organization 
focused on active ownership strategies . With a Nordic heritage 
and a global mindset, EQT has a track record of almost three 
decades of developing companies across multiple 
geographies, sectors and strategies . EQT has investment 
strategies covering all phases of a business' development, from 
start-up to maturity. EQT has EUR 242 billion in total assets 
under management (EUR 132 billion in fee-generating assets 
under management), within two business segments - Private 
Capital and Real Assets. 
With its roots in the Wollenberg family's entrepreneurial 
mindset and philosophy of long-term ownership, EQT is guided 
by a set of strong values and a distinct corporate culture. EQT 
manages and advises funds and vehicles that invest across the 
world with the mission to future-proof companies, generate 
attractive returns and make a positive impact with everything 
EQT does. 
The EQT AB Group comprises EQT AB (publ) and its direct and 
indirect subsidiaries, which include general partners and fund 
managers of EQT funds as well as entities advising EQT funds . 
EQT has offices in more than 25 countries across Europe, Asia 
and the Americas and has more than 1,800 employees. 
More info : www .eqtgroup .com 
Follow EQT on Linkedln, X, YouTube and lnstagram 
Our values 
What we stand for 
High performing 
Respectful 
Entrepreneu ria I 
Informal 
Transparent 
Purpose 
Why we exist 
To future-proof companies 
and make a positive impact 
for all. 
EQT AB (pub!) Q1 Announcement 2024 
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. 
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