EQT AB (publ) Q3 Announcement 2025

Per Franzén,
CEO and Managing Partner

Highlights for the period Jul-Sep 2025 (Jul-Sep 2024)

Strategic

• EQT maintained its focus on realizations and distributions to clients during the third quarter, paced by public market exits
• Fundraising continued with healthy momentum for EQT's strategies across the globe, notably BPEA IX (Asia), EQT XI (Europe and North America), and certain other funds
• During the quarter, EQT introduced an ELTIF evergreen structure that broadens access to EQT Nexus PE for individual investors across Europe, enabling strategic distribution partnerships in key growth markets
• Fundraising continued for EQT's recently launched US evergreen vehicle focused on private equity, as well as for EQT's Nexus strategies in Europe and Asia, while preparations for a US evergreen vehicle focused on infrastructure continued
• EQT continued work to identify operational efficiencies across the platform to ensure it is set for continued scalable growth

Fundraising

• Gross inflows amounted to €2bn (€3bn), primarily driven by closed out commitments from BPEA IX and selected other funds
• FAUM increased to €139bn (€134bn) and Total AUM was €267bn (€246bn)
• As of 16 October 2025, BPEA Private Equity Fund IX has received commitments of $12.0bn, with closed and pending commitments exceeding its $12.5bn target fund size. Fundraising is expected to materially conclude before year-end, and the fund is expected to reach its $14.5bn hard cap upon final close in early 2026
• Following the launch of EQT XI in June 2025, fundraising is progressing well, underpinned by strong exit activity within Private Capital Europe & North America. EQT XI has a target fund size of €23bn and is expected to be activated during the first half of 2026. EQT XI will not contribute to gross inflows or FAUM until activation
• Fundraising continued for EQT Healthcare Growth, EQT Transition Infrastructure and EQT Exeter Logistics Europe V. All funds charge fees on committed capital from the date of activation¹
• EQT launched an open-ended Active Core Infrastructure fund. The fund is a continuation of our successful Active Core Infrastructure (ACI) strategy, which was initiated with the ACI I fund. The open-ended fund will target long-term, yield-oriented opportunities in energy, digital, and transport infrastructure across OECD countries, leveraging EQT's active ownership approach and industrial mindset

Investment performance

• All Key funds continue to perform On or Above plan.
• Key fund valuations increased by 3% on average, during the period. Performance in EQT Infrastructure funds was particularly strong, supported by strong operational performance and supportive valuation feedback for companies being readied for exit

Investment activity

• Total investments by the EQT funds amounted to €‌5‌bn during the period, which was approximately €‌2bn higher than in Q2. EQT Private Capital was particularly active, announcing new investments across Europe, Asia and North America within focus themes such as health and well-being and the digitalization of society
• In addition, EQT provided co-investment opportunities of €2bn for its clients during the period

Exit activity

• Total gross fund exits amounted to €‌2‌bn during the period, as EQT continued to seize supportive market conditions to execute various realizations
• As of September, EQT has been the most active private markets firm globally in terms of Equity Capital Markets activity this year². In Q3, additional sell-downs were made in Galderma and Waystar (EQT Vlll), Beijer Ref (EQT IX), Kodiak Gas Services (EQT Infrastructure Ill, EQT Infrastructure IV) and Horizon Robotics (BPEA VII)
• During the past twelve months, gross exits by the EQT funds amount to €‌19bn. In addition, €6bn of proceeds were generated on behalf of clients from realizations of co-investments

People

• The number of full-time equivalent employees (FTE) was ‌1,941‌ (‌‌1,861‌) at the end of the period, a net increase of 33 FTEs during the quarter. Hires were primarily made within the Infrastructure and Capital Raising teams to support EQT's growth agenda
• In line with EQT's ongoing work to create an even more streamlined and high-performing organization, operational efficiency actions are being implemented during the third and fourth quarter. By year-end, EQT expects the number of FTEs to return towards the number of FTEs at the start of 2025

Other

• EQT completed a share buyback program of 5.5 million ordinary shares (€171 million). As previously communicated, EQT expects to execute share buyback programs twice a year to offset the dilution impact from EQT's equity incentive programs. Over the last twelve months, EQT has executed share buybacks of €298 million and distributed €416 million in dividends
• Lock-ups related to 11% of EQT's share capital expired during the quarter, with approximately 35% of released shares being owned by current members of the Board or Executive Committee. Since the IPO in 2019, EQT's free float has increased from approximately 24% to almost 50%
• At the end of the period, the number of portfolio companies with validated science-based targets amounted to 65, representing more than 70% of invested capital. In addition, four companies are in the process of setting targets

Events after the reporting period

• EQT's Nomination Committee has proposed Jean Eric Salata, Chair of EQT Asia and founder of Baring Private Equity Asia, as the next Chairperson of the EQT Board. He is proposed to succeed EQT's founder and current Chairperson, Conni Jonsson, at the Annual Shareholders' Meeting on 12 May 2026
• Investment levels in EQT Key funds as of 16 October 2025 were 60-65% in EQT X, 50-55% in EQT Infrastructure VI and 5-10% in BPEA IX

1. EQT Exeter Logistics Europe V is expected to be activated in Q4 2025
2. Source: Dealogic as of 30 September 2025. Includes all sponsor-related deals YTD, measured in terms of transaction volume

Presentation of EQT AB's Q3 Announcement 2025

Financial analysts and media are invited to participate in a conference call, including a presentation at 08.30 CEST.

The presentation and a link to follow the webcast and conference call live can be found here and a recording will be available afterwards.

To participate by phone, please register here. You will then receive your personal dial-in details, to be able to ask questions during the Q&A.

Information on EQT AB's financial reporting

The EQT AB Group has a long-term business model founded on a promise to its fund investors to invest capital, drive value creation and create consistent attractive returns over a 5 to 10-year horizon. The Group's financial model is primarily affected by the size of its fee-generating assets under management, the performance of the EQT funds and its ability to recruit and retain top talent.

The Group operates in a market driven by long-term trends and thus believes quarterly financial statements are less relevant for investors. However, in order to provide the market with relevant and suitable information about the Group's development, EQT publishes quarterly announcements with key operating numbers that are relevant for the business performance (taking Nasdaq's guidance note for preparing interim management statements into consideration). In addition, a half-year report and a year-end report including financial statements and further information relevant for investors is published. Finally, EQT also publishes an annual report including sustainability reporting.

Contact
Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Shareholder Relations, shareholderrelations@eqtpartners.com 
Rickard Buch, Head of Corporate Affairs, +46 72 989 09 11
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

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 set out above, at 07.00 CEST on 16 October 2025.

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