Kvartalsrapport Q3 2024

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Message from the CEO 
Focus on value creation and realizations 
Throughout the third quarter, we continued to execute on a strong pipeline of thematic investment 
opportunities, drive value creation across the portfolio and systematically pursue realizations. We 
are taking advantage of improving capital markets to increase exit activity, but risks remain 
elevated due to an uncertain geopolitical outlook. 
Record investment activity 
Long-term secular trends such as digitalization , health and 
wellbeing , energy transition, demographics , and changing 
value chains require substantial investments over decades to 
come . This presents an opportunity for experienced owners 
with an ability to transform companies and sectors . 
Year-to-date, EQT has had one of its most acti ve years ever , 
investing EUR 18 billion , while providing co-investment 
opportunities totaling EUR 5 billion for our clients . Our deal 
pipeline continues to be strong. 
The following examples illustrate our investment momentum : 
in India, the BPEA Mid-Market Growth fund agreed to 
acquire lndostar Home Finance, an affordable housing 
finance company that has supported nearly 40,000 low 
income homeowners and small businesses ; 
in Europe , EQT X and EQT Future announced the acquisition 
of AMCS, a performance and sustainability software 
provider for resource-intensi ve industries while EQT 
Infrastructure VI entered exclusive negotiations to acquire a 
global satellite ground station business, identifying an 
attractive digital infrastructure vertical; 
in the US, EQRT, our evergreen strategy focused on direct 
investments in commercial real estate , announced two 
industrial property acquisitions . 
A comprehensive approach to value creation 
Every fund generation experiences macroeconomic cycles , 
changing rate environments , and geopolitical events . As 
owners , we maintain a focus on what's within our control; to 
pursue a strategic agenda to transform our portfolio into 
stronger, more resilient and , over time, more valuable 
companies and assets. 
Our companies and assets have proactively navigated the 
volatile macroeconomic environment in recent years. Revenue 
and EBITDA continues to develop well across the portfolio, and 
in those cases where companies have not performed 
according to plan, we address challenges head-on. All of 
EQT's key funds are developing On- or Abo ve plan. 
Systematic approach to realizations 
EQT has a relati vely young portfolio, with only 15 percent of 
investments held for five years or more . The EQT funds dro ve 
record exit volumes in 2020 and 2021. Having a proven track 
record of distributions and a thematically invested portfolio 
without legacy assets is valued by our clients, and is a 
competiti ve advantage for EQT. 
Our exit and liquidity committee continues to drive a systematic 
approach to exits, striking a balance between continued 
ownership and realizations . EQT funds pursued a variety of exit 
avenues in the third quarter , including equity sell-downs in 
listed companies , realizations in mature vintages , and minority 
stake sales. 
EQT AB (publ) Q3 Announcement 2024 
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Message from the CEO 
Examples include : 
broadening the investor base in global data center pro vider 
EdgeConneX. Since 2020, the company has more than 
tripled its built data center capacity and expanded its reach 
into Asia, Latin America and new European markets ; 
equity sell-downs in listed dermatology player Galderma, 
which successfully debuted on the SIX Swiss Exchange in 
March ; and Beijer Ref, a world-leading wholesaler of 
cooling technology and air conditioning listed on Nasdaq 
Stockholm ; and 
the sale of Fiberklaar which became the leading 
independent fiber-to-the-home pro vider in the Flemish 
region of Belgium during EQT's ownership . 
We have a strong pipeline of near-term realizations with 
several companies in ad vanced exit preparations . The buyer 
universe, including the IPO market, is still in reco very mode, 
and volumes remain dependent on market conditions and 
buyer confidence . 
Constantly evolving our client offering 
Despite continued headwinds in the fundraising market, we 
made strong progress in the third quarter, launching and 
preparing for new funds and expanding our pri vate wealth 
distribution channels . 
In August , we set the target size for BPEA IX, our flagship 
large-cap strategy in Asia at USD 12.5 billion , an increase of 
almost 20 percent on its predecessor's fee-generating 
commitments, reflecting our excitement about the investment 
universe in the Asia Pacific region . 
Our flagship value-add infrastructure fund, EQT Infrastructure 
VI, maintained fundraising momentum and is expected to 
reach its EUR 20 billion target size. We recently held a final 
close on the EQT Active Core Infrastructure fund with fee­
generating commitments totaling USD 3.2 billion , amidst a 
tough fundraising market for the asset class. 
We also continued work to expand our offering across 
strategies and geographies for the private wealth segment , 
and expect to have five acti ve offerings , including three US 
dedicated products, and two for EMEA and Asia within 6-12 
months. To support our long-term ambition in this space, we 
continue to build the team who will dri ve this growth, engage 
with distributors, educate a broader audience about the 
pri vate markets investing opportunity, and we are working 
acti vely to strengthen and position our brand . 
Looking ahead 
As we enter the final quarter of the year, we maintain a strong 
focus on realizations and our investment pipeline . We continue 
to progress fundraisings, as we aim to close Infrastructure VI in 
the first quarter of the new year, and acti vate BPEA IX in the 
first half of 2025. Looking further ahead, we are gearing up for 
a busy fundraising pipeline, where we expect to launch 
fundraisings of about EUR 100 billion over the next fundraising 
cycle . 
The long-term trend is clear . Private markets are set for 
growth, and the larger managers with a proven track record 
and a repeatable approach to value creation are taking share . 
We are continuously looking for ways to strengthen our 
platform organically or through acquisitions, be it by 
strengthening our existing capabilities or adding new ones, for 
example in areas such as liquidity solutions . 
We also look forward to a number of events in the fourth 
quarter . We are pleased to be hosting our first US capital 
markets event in New York and , building on our work in the 
climate space , we are joining the upcoming UN Climate 
Change Conference, COP29 in Baku, Azerbaijan . 
Christian Sinding , 
CEO a Managing Partner 
EQT AB (publ) Q3 Announcement 2024 
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Highlights 
Focus on value creation and realizations 
Highlights for the period Jul-Sep 2024 (Jul-Sep 2023) 
Strategic 
EQT launched fund raising for EQT Private Capital Asia's BPEA IX and set the target fund size at USD 12.5bn, an increase of almost 
20% compared to BPEA Vlll's fee-generating commitments 
EQT prepared for additional Private Wealth products, in line with the ambition to reach a total of five products within 6-12 months 
EQT continues to assess strategic opportunities, organically or through acquisitions to strengthen its platform 
Fund raising 
FAUM increased to EUR 134bn (EUR 128bn). Total AUM was EUR 246bn (EUR 232bn) . Gross inflows amounted to EUR 3bn, partly 
driven by closed out commitments from EQT Infrastructure VI 
EQT Infrastructure VI had fee-generating commitments of EUR 16.9bn . Active fundraising efforts are expected to materially 
conclude in 2024. The fund is expected to reach its target size upon its final close in the first quarter of 2025 
EQT Active Core Infrastructure closed at EUR 2.9bn in total fee-generating commitments, including EUR 0.3bn of fee-generating 
co-investments . Management fees for the fund, which is currently less than half invested, are charged on invested capital 
BPEA IX is expected to be activated in the first half of 2025, and upon activation, management fees for the predecessor fund BPEA 
VIII will be based on net invested capital at the fee rate applicable post the commitment period 
Investment activity 1 
Total investments by the EQT funds during the period amounted to EUR 6bn (EUR 2bn) driven by continued strong deal flow across 
regions and strategies . EQT has executed new thematic investments across cyber security, waste management, affordable 
housing and sustainability 
Investments include Acronis, a leading cybersecurity and data protection platform (EQT X); AMCS, a global leader in performance 
and sustainability software (EQT X, EQT Future) ; the public-to-private of PropertyGuru, a leading Prop Tech company in Southeast 
Asia (BPEA VIII); the public-to-private of Keywords Studios, a leader in gaming technology services (BPEA VIII); KJ Environment, a 
leading waste treatment provider in South Korea (Infrastructure VI); and GeBBS Healthcare Solutions, a leading healthcare 
technology solutions provider in India (BPEA VIII) 
Exit activity 1 
Total gross fund exits announced during the period amounted to EUR 3bn (EUR 2bn) 
EQT has taken advantage of improving market dynamics to pursue various realizations, including full exits, equity sell-downs and 
stake sales in listed assets, minority stake sales, as well as certain exits in mature funds 
Exit events include the minority sale of EdgeConneX, a leading global provider of data center capacity (Infrastructure IV, 
Infrastructure V); the partial sell-downs in Galderma, a leader in dermatology (EQT VIII); the partial sell-down in Beijer Ref (EQT 
IX); and the full sale of EQT's stake in Fiberklaar , a leading independent fiber-to-the-home provider in Belgium (Infrastructure V) 
1) Signed transactions, if not otherwise mentioned 
EQT AB (publ) Q3 Announcement 2024 
Total and fee-generating AUM 
EURbn 
232 
128 
03 2023 
Investments by EQT funds 
EURbn 
15 
LTM 03 2023 
Gross EQT funds exits 
EURbn 
11 
LTM 03 2023 
246 
03 2024 
24 
LTM 03 2024 
7 
LTM 03 2024 
TAUM 
FAUM 
■ 03 
04-02 
■ 03 
04-02 
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Highlights 
Highlights for the period Jul-Sep 2024 (Jul-Sep 2023) 
Investment performance 
All key funds continued to perform On plan or Above plan 
Value creation on a like-for-like basis across the Key EQT funds amounted to 4% during the quarter, following continued healthy 
earnings growth and a recovery in valuation multiples 
The development was consistent across business lines, with particularly strong performance in the listed portfolio companies in 
EQT Private Capital's key funds. Recently acquired assets in Private Capital Asia's key funds were positively impacted by 
performing ahead of their value creation plans 
People and future-proofing 
The number of full-time equivalent employees and on-site consultants (FTE+) amounted to 1,927 (1,832), of which 1,861 (1,752) were 
FTEs 
Henry Steinberg was named Global Head of EQT Exeter after Ward Fitzgerald, founder of EQT Exeter, decided to step down . Since 
the acquisition of Exeter in 2021, EQT Exeter has doubled its fee-paying AUM, revenue, and EBITDA. Ward will work with Henry to 
ensure a smooth transition 
Masoud Homayoun, Head of EQT Value-Add Infrastructure, was also appointed Head of EQT Infrastructure 
Since committing to the Science Based Targets initiative in 2021, EQT has supported 49 portfolio companies in setting science­
based targets .1 In terms of invested capital, around 57% of portfolio companies have validated science-based targets, which is 
about three times higher than the median alternative asset manager 2 
Other 
In the third quarter, EQT completed a share buyback program of 2 million ordinary shares . As previously communicated, EQT 
expects to execute share buyback programs twice a year to offset the dilution impact from EQT's equity incentive programs 
On October 22, EQT will host its first US capital markets event in New York 
EQT will participate in the upcoming UN Climate Change Conference, COP29 in Baku, Azerbaijan 
Lock-ups related to 12% of EQT's share capital expired during the quarter, with around 40% of released shares being owned by 
members of the Board or Executive Committee. Since the IPO in 2019, EQT's free float has increased from around 24% to over 40% 
1) Of which five completed the validation process during the period. In addition, 22 companies are in the process of setting targets 
2) BCG, May 2024 
EQT AB (publ) Q3 Announcement 2024 
Investment performance 
Private 
Capital 
Real 
Assets 
On plan 
EQTIX 
BPEA VIII 
EQTX 
EQT Infrastructure IV 
EQT Infrastructure V 
EQT Infrastructure VI 
Employees (FTE+) 
# of 
1,832 
03 2023 
Events after the reporting period 
Above plan 
EQTVII 
EQTVIII 
BPEAVII 
EQT Infrastructure Ill 
1,927 
03 2024 
EQT Infrastructure V announced the sale of a 25% 
minority interest in Reworld to GIC 
Investment levels in EQT Key funds as of 17 October 
2024 were 40-45% in EQT X, 45-50% in EQT 
Infrastructure VI and 70-75% in BPEA VIII 
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Key Figures EQT AB (publ) Q3 Announcement 2024 
Fee-generating assets under management (FAUM) 
Development during Jul-Sep 2024 
FAUM by segment (EURbn) Private Capitol Real Assets Total 
At30Jun,2024 72.8 60.3 133.1 
Gross inflows 1.1 2.2 3.2 
Step- downs 0.0 0.0 0.0 
Exits - 0.6 0.0 -0.7 
FX and other -1.0 -1.0 -2.1 
At 30 Sep, 2024 72.2 61.4 133.6 
Since 30 jun, 2024 - 1% 2% 0% 
Development during the last twelve months 
FAUM by segment (EURbn) Private Capitol Real Assets Total 
At 30 Sep, 2023 72.5 55.4 127.9 
Gross inflow s 5.1 9.3 14.4 
Step - downs - 0.4 - 0.7 -1.1 
Exits -3.0 -0.8 -3.9 
FX and other -2.0 -1.7 -3.8 
At 30 Sep, 2024 72.2 61.4 133.6 
Since 30 Sep, 2023 0% 11% 4% 
Note: Any investmen t act ivity in above tab les (part of gross inflow and/o r exits) is included based on its impact on FAUM. Any individual 
deals in a period ore therefore included based on rema ining or realized cost, timing of transa ction closing and only in funds which are 
charging fees based on net invested capito l. 
Gross investment performance of key EQT funds 
As of 30 Sep 2024 
Start Committed Invested capitol Value of investments Gross Gross MOIC GrossMOIC Gross MOIC Gross MOIC Gross MOIC Expected Gross FAUM 
(EURbn) dote capitol Total Realized Remaining Total Realized Remaining MOIC 30 Sep 2023 31 Dec 2023 31 Mor 2024 30 Jun 2024 30 Sep 2024 MOIC 30 Sep 2024 
Private Capitol Private Capitol 
EQT VII Jul-15 2.6 6.9 6.4 3.9 2.6 16.1 11.4 4.6 2.5x EQTVII 2.6x 2.6x 2.5x 2.5x 2.5x Above plan 
EQT VIII May -18 7.4 10.9 10.1 2.8 7.2 22.6 9.2 13.3 2.2x EQTVII I 2.3x 2.2x 2.2x 2.2x 2.2x Above plan 
BPEA VII Jul-18 4.0 5.7 3.7 0.9 2.7 9.1 2.8 6.4 2.5x BPEA VII 2.4x 2.4x 2.4x 2.4x 2.5x Above plan 
EQT IX Jul-20 14.3 15.6 14.2 0.3 13.9 19.9 0.7 19.2 1.4x EQT IX 1.4x l.3x l.4x l.4x l.4x On pion 
BPEA VIII Sep-21 9.4 9.7 4.9 0.0 4.9 6.5 0.0 6.5 1.3x BPEA VIII 1.4x l.3x 1.2x 1.3x 1.3x On pion 
EQTX Jul- 22 21.6 21.7 7.5 0.0 7.5 8.2 0.0 8.2 1.lx EQTX On pion l.lx l.lx l.lx 1.lx l.lx 
Other Private Capitol 12.9 20.5 40.3 
Real Assets 
Real Assets EQT Infrastructure Ill 2.7x 2.7x 2.7x 2.7x 2.7x Above plan 
EQT Infrastructure Ill Nov-16 0.7 4.0 3.8 3.1 0.7 10.2 8.4 1.8 2.7x EQT Infrastructure IV l.6x l.6x l.7x l.8x l.8x On pion 
EQT Infrastructure IV Nov-18 7.1 9.1 7.4 0.6 6.9 13.4 0.7 12.7 l.8x EQT Infrastructure V l.3x l.3x t.4x t.5x t.5x On pion 
EQT Infrastructure V Aug-20 13.0 15.7 12.6 0.0 12.6 18.8 0.1 18.7 l.5x EQT Infrastructure VI l.0x l.0x l.0x l.lx l.lx On pion 
EQT Infrastructure VI Dec-22 16.9 16.9 5.4 0.0 5.4 5.8 0.0 5.8 l.lx Note: Dato for current Gross MOIC reflect only closed investments and realizations. For Private Equity funds (port of segment 
Other Real Assets 23.6 23.3 33.2 Private Capital), "On Plan" refers to expected Gross MOIC between 2.0- 2.5x. For Infrastructure funds (port of segment Real 
Total 133.6 119.9 204.2 Assets), "On Plan" refers to expected Gross MOIC between 1.7-2.2x . 
Note: Invested capital and value of investments reflect only closed transactions as per the reporting date . 
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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 inter­
changeably 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 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 (FAUM table) 
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 (publ) Q3 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. 
Value creation 
Change in value between opening and closing balance, excluding any 
added or deducted invested capital during the period, equivalent to the 
like-for-like fund performance. 7

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Other disclosures 
Financial calendar 
Year-end report 
January-December 2024 
Annual and Sustainability 
Report 2024 
Quarterly announcement 
January-March 2025 
Annual Shareholders' Meeting 
2025, to be held in Stockholm 
Half-year report 
January-June 2025 
Auditor's review 
23 January 2025 
13 March 2025 
16 April 2025 
27 May 2025 
17 July 2025 
This quarterly announcement has not been reviewed 
by EQT AB's auditors . 
Contact 
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 .om 
Richard Buch 
Managing Director, Communications 
+46 72 989 09 11 
richard .buch@)eqtpartners .om 
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 07:00 CEST on 17 October 2024 . 
EQT AB (publ) Q3 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 246 billion in total assets 
under management (EUR 134 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 1,900 employees . 
More info : www .eqtgroup .com 
Follow EQT on Linkedln, X, YouTube and lnstagram 
Our values 
What we stand for 
High performing 
Respectful 
Entrepreneurial 
Informal 
Transparent 
Purpose 
Why we exist 
To future-proof companies 
and make a positive impact 
for all. 
EQT AB (publ) Q3 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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