Eqt Ab · OMXSTO:EQT
Eqt Ab — Investor Day (May 2025)
105 slides from Eqt Ab's investor day presentation, May 22, 2025
Slide 1: Welcome to EQT's Capital Markets Event
Welcometo,EQT's Gapital-Markets Event! Value creation through the lens of portfolio companies London, 22 May 2025
Slide 2: Strictly private and confidential
Strictly private and confidential
Slide 3: Strictly private and confidential
~ ~ Strictly private and confidential
Slide 4: Strictly private and confidential
Strictly private and confidential
Slide 5: Strictly private and confidential
Strictly private and confidential
Slide 6: Strictly private and confidential
Strictly private and confidential
Slide 7: Strictly private and confidential
Strictly private and confidential
Slide 8: Strictly private and confidential
Strictly private and confidential
Slide 9: Strictly private and confidential
Strictly private and confidential
Slide 10: Strictly private and confidential
~ Strictly private and confidential
Slide 11: Strictly private and confidential
Strictly private and confidential
Slide 12: Strictly private and confidential
Strictly private and confidential
Slide 13: Strictly private and confidential
Strictly private and confidential
Slide 14: Strictly private and confidential
Strictly private and confidential
Slide 15: Strictly private and confidential
✓ ✓ ✓ ✓ ✓ Strictly private and confidential
Slide 16: Strictly private and confidential
~ ~ Strictly private and confidential
Slide 17: Strictly private and confidential
Strictly private and confidential
Slide 18: Strictly private and confidential
Strictly private and confidential
Slide 19: Strictly private and confidential
Strictly private and confidential
Slide 20: Strictly private and confidential
~ ~ ~ ~ ~ ~ Strictly private and confidential
Slide 21: Strictly private and confidential
Strictly private and confidential
Slide 22: Strictly private and confidential
Strictly private and confidential
Slide 23: Strictly private and confidential
<1 ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ Strictly private and confidential
Slide 24: Strictly private and confidential
Strictly private and confidential
Slide 25: Strictly private and confidential
Strictly private and confidential
Slide 26: Strictly private and confidential
~ Strictly private and confidential 26
Slide 27: Strictly private and confidential
Strictly private and confidential 27
Slide 28: Fully / Partially Realized
Fully / Partially Realized Strictly private and confidential 28
Slide 29: Strictly private and confidential
Strictly private and confidential 29
Slide 30: $17.4B $10.8B Strictly private and confidential
$17.4B $10.8B Strictly private and confidential 30
Slide 31: Strictly private and confidential
~ Strictly private and confidential 31
Slide 32: Underfunded Asset Class / Growing TAM
Underfunded Asset Class/ Growing TAM Strictly private and confidential 32
Slide 33: Strictly private and confidential
~ Strictly private and confidential 33
Slide 34: Fund VIII By Geography / By Sector
Fund VIII By Geography2 Fund VIII By Sector2,3 Strictly private and confidential 34
Slide 35: Strictly private and confidential
Strictly private and confidential 35
Slide 36: Strictly private and confidential
Strictly private and confidential
Slide 37: Strictly private and confidential
Strictly private and confidential
Slide 38: Nord Anglia: The globally diversified K-12 market leader
NORD ANGLIA THE GLOBALLY DIVERSIFIED K-12 MARKET LEADER 80+ schools 34 countries 90k+ students 19k+ colleagues Notes: As of May 2025
Slide 39: Track record of uninterrupted growth
TRACK RECORD OF UNINTERRUPTED GROWTH BPEA / EQT PARTNERING WITH NAE SINCE 2008 Student Enrolment (’000s) Global European Oil Price Covid-19 Pandemic Financial Debt Crisis Crash Crisis 96 89 79 73 22% 67 67 CAGR1 57 48 38 35 22 17 8 10 4 6 7 4 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY
Slide 40: Large, growing and highly fragmented market with secular tailwinds
NORD ANGLIA OPERATES IN A LARGE, GROWING AND HIGHLY FRAGMENTED MARKET WITH SECULAR TAILWINDS ~1.5% ~3.5% Next 5 Global / Regional Players Global Premium1 Private K-12 Market Size2 $120bn Single Schools / Small Groups ~95% Secular growth: Market Size CAGR3 Parents value education Private vs Public tr
Slide 41: Video – Nord Anglia
VIDEO – NORD ANGLIA RESTRICTED
Slide 42: Benefits of scale and unmatched educational offer
BENEFITS OF SCALE AND UNMATCHED EDUCATIONAL OFFER SCHOOLS OF CHOICE IN LOCAL MARKETS Unmatched Educational Offer Global Partnerships Data insight: Common systems Digital assets: Proprietary learning Global research: Education outcomes Harvard Graduate School Of Education RESTRICTED
Slide 43: Excellent outcomes for all our stakeholders
EXCELLENT OUTCOMES FOR ALL OUR STAKEHOLDERS >96% ~40% Persistence rate2 accepted into world’s top 100 universities OUR EDUCATION APPROACH >90k +24% CAGR teaching applications EBITDA (FY21-FY24)3 this year Notes: 1. All statistics as of FY24 unless otherwise stated 2. Calculation excludes students le
Slide 44: Outstanding profitable growth
OUTSTANDING PROFITABLE GROWTH Consolidated EBITDA Growth2 Revenue Growth1 ($bn) ($bn) 2.1 0.6 1.8 1.6 0.5 1.4 1.3 0.4 0.4 0.3 FY21A FY22A FY23A FY24A H1 FY25 FY21A FY22A FY23A FY24A H1 FY25 Margin %: 24% 27% 29% 30% Notes: Financials shown on a constant currency basis (31/08/23) 1. Revenue includes
Slide 45: Nord Anglia is a long-term growth compounder
NORD ANGLIA IS A LONG-TERM GROWTH COMPOUNDER s 10% Annual organic growth ~6% Enrolment growth ~4% Tuition growth Operational leverage 50% Predictable model delivers 15%+ organic EBITDA growth p.a. Acquisitions 2x EBITDA By Year 5
Slide 46: Strictly private and confidential
Strictly private and confidential
Slide 47: Strictly private and confidential
Strictly private and confidential
Slide 48: Strictly private and confidential
Strictly private and confidential
Slide 49: Strictly private and confidential
~ ~ ~ ~ ~ ~ Strictly private and confidential
Slide 50: Strictly private and confidential
Strictly private and confidential
Slide 51: Strictly private and confidential
Strictly private and confidential
Slide 52: Strictly private and confidential
Strictly private and confidential
Slide 53: Strictly private and confidential
Strictly private and confidential
Slide 54: IVC Evidensia is a market leading global veterinary care platform
IVC Evidensia is a market leading global veterinary care platform ~10m ~2.6k 19 ~39k ~11k Pets per year Locations Countries Colleagues Vets Vision: To be the world’s best veterinary group Holistic and integrated offering ~90% PURPOSE of sales Core Veterinary Services • First Opinion Practices • Out
Slide 55: Experienced leadership driving a strong, clinically-led culture
Experienced leadership driving a strong, clinically-led culture and organization Experienced management group Robust organisation supports clinical excellence… ✓ Clinical independence at a local level, central support and investment ✓ Empowering local teams to deliver clinical excellence Simon Smith
Slide 56: Veterinary market: resilient with strong long-term growth outlook
Veterinary Market – a resilient market with strong long-term growth outlook Veterinary market in UK, Europe & North America COVID Post-COVID Pre-COVID Medium term Pet boom with Pet cohort normalization & Stable mid-single-digit long-term growth Back to stable growth pull-forward effect cost-of-livin
Slide 57: Number one veterinary platform across UK, Europe and Canada
IVC Evidensia is the number one veterinary care platform across UK, Europe and Canada, and number two globally Leadership position across majority of IVC Evidensia’s markets With unmatched scale across UK, Europe & Canada Canada +3x #1 ~2,600 3x the scale of the #2 largest platform in #1 #1 UK, EU &
Slide 58: Platform investments enabled IVC to grow +25x over 10 years
Platform investments have enabled IVC to grow +25x over the last 10 years 2014 to 2017 2018 to 2021 2022 to 2025 Forming Rapid expansion Building to global leadership Establishing the foundations for Significant growth in line with increasing New leadership improves business capability sustainable f
Slide 59: Building global leadership with material scale benefits
Building global leadership with material scale benefits from well-invested platform Superior Clinical Care Full Customer Value Proposition Efficiency & Profitability Tech & Data Infrastructure Highest quality of contextualised First opinion sites, specialist care, Centralized procurement, corporate
Slide 60: What makes IVC Evidensia well positioned for continued growth
What makes IVC Evidensia well positioned for continued growth 1 ✓ Purpose driven, clinically-led strategy in line with key colleague motivators ✓ Local clinical independence, central support and investments enables clinical excellence IVC Evidensia provides exceptional vet care ✓ Superior value prop
Slide 61: Strictly private and confidential
▪ 1 Strictly private and confidential
Slide 62: The hearing aids market continues to be highly attractive
The hearing aids market continues to be highly attractive Large and Structural and resilient growth Requirements to play underpenetrated market driven by secular trends Millions of people • Stringent regulatory frameworks + Penetration + Reimbursement + Awareness • Heavy R&D investments 1,500 + Emer
Slide 63: Recap: The WSA journey so far
Recap: The WSA journey so far Strong revenue growth post-merger #1 Player in volume 1956 €m % Volume share Widex founded 1.5x Other Comp.4 c.2,650 7% WSA Comp.3 6% 30% c.1,700 13% 20% Comp.2 26% Merger Today Comp.1 Creation of Industry-leading profit growth R&D benefitting from scale 2019 EBITDA (€m
Slide 64: Three anchors underpin the next stage of WSA's value creation
Three anchors underpin the next stage in WSA’s value creation journey Wonderful Sound for All STRATEGY 20 million people equipped by ‘28 ANCHORS Beyond One Profitable the WSA Growth Product One Company with Continue above-market Lead towards a seamless complementary growth with a higher margin custo
Slide 65: WSA's key differentiators
WSA’s key differentiators Underpenetrated market with consistent growth and proven resilience, supported by secular tailwinds Of market ~30% volume Global leader in volume and the only pure-play hearing aid manufacturer Revenue Growth ~50% since merger Long-standing history of launching industry-fir
Slide 66: Strictly private and confidential
Strictly private and confidential
Slide 67: IFS video
IFS video
Slide 68: Our Vision
The world’s leading Industrial AI platform that empowers customers to dynamically manage their mission-critical assets, workflows, people and services in a responsible way Our Vision The undisputed $100bn+ category leader in industrial software
Slide 69: Driving consistent uninterrupted growth for over a decade
Driving consistent uninterrupted growth for over a decade IFS.ai IFS Cloud €1.2bn KEY METRICS (FY24) €1.1bn €1bn ARR Invests in IFS in 2016 €0.8bn IFS Apps €0.6bn €0.7bn +32% ARR Growth YoY €0.5bn €0.5bn 80% €0.4bn 76% €0.3bn €0.3bn €0.3bn 73% 30% 60% EBITDAC 53% Margin 41% 36% 38% 34% 35% 34% FY14
Slide 70: Today, we are a global company working with large businesses
Today, we are a global company, working with some of the world’s largest businesses Employees Countries Revenue 2024 +7,000 90+ €1.2+ billion 5.5k 82% 115% Customers Customer Net Satisfaction Score Retention Rate (1) Note: Figures shown are based on latest data available, unless otherwise noted. (1)
Slide 71: Transforming the global industrial economy
Transforming the global industrial economy PEOPLE WORKFLOWS 49%+ 800m Savings in Passengers a year contractor spend fly on aircrafts delivered by IFS.ai maintained by IFS.ai Field Service Management (FSM) Enterprise Resource Planning (ERP) Optimise field resources Streamline processes 200+ 250m AI-b
Slide 72: The world's largest industrial companies rely on IFS
The world’s largest industrial companies rely on IFS Energy, utilities Aerospace Construction Service Manufacturing Telecoms & resources & defence & engineering industries Americas Europe APAC 72
Slide 73: Verticalised end-to-end solution with AI and sustainability embedded
Verticalised end-to-end solution with AI and sustainability embedded People Assets Processes Services Field IFS Cloud Modules Corporate Mobile workforce Connected Manufacturing Manufacturing Supply chain Financial mgmt. Human capital IT service mgmt. worker operations mgmt. execution system mgmt. so
Slide 74: Leadership position across segments recognised by industry analysts
Leadership position across segments recognised by industry analysts People Assets Processes Services Field Corporate Field Service Enterprise Asset Enterprise Resource Enterprise Service Management Management Planning Management Recognised as a “Leader” Recognised as a “Leader” Recognised as a “Lead
Slide 75: Unique industrial AI cloud platform with sustainability embedded
Unique industrial AI cloud platform with sustainability embedded 100+ 84% ud c.€140m 200+ o AI Composable FY25B cloud % FY24A AI-based Cl cloud modules of total ARR (1) AI ARR capabilities 35%+ 2.6% Sus $163 bn 16% l ria ta na st i Reduction in Potential global CO2 bi d u 2025 TAM3 TAM CAGR 25’-28’
Slide 76: IFS outperforms global software category leaders
IFS outperforms global software category leaders Category leaders “rule of” benchmarking FY23A-24A recurring revenue growth % 50% 40% ud o AI Cl 30% 20% Sus l ria ta na st i 10% bi d u lity In - - 10% 20% 30% 40% 50% FY24A EBITDAC margin Building on unique and differentiated pillars that underpin IF
Slide 77: IFS: Building the $100bn industrial AI champion
IFS: Building the $100bn industrial AI champion The global category leader in industrial software $163 bn TAM in 2025 in 6 verticals (1) Highly sticky blue-chip customers in asset-heavy regulated industries 5.5k customers 115% Net Retention Rate(2) End-to-end cloud solution with AI and sustainabilit
Slide 78: Strictly private and confidential
Strictly private and confidential
Slide 79: Strictly private and confidential
Strictly private and confidential
Slide 80: Strictly private and confidential
~ Strictly private and confidential
Slide 81: Strictly private and confidential
Strictly private and confidential
Slide 82: Strictly private and confidential
Strictly private and confidential
Slide 83: Strictly private and confidential
Strictly private and confidential
Slide 84: Strictly private and confidential
Strictly private and confidential
Slide 85: Strictly private and confidential
Strictly private and confidential
Slide 86: Reworld: A premier end-to-end sustainable waste management company
Reworld: A premier end-to-end sustainable waste management company Reworld by the Numbers A Diverse Customer Base Across End Markets $2.7B $747M 12% >4,600 ~1% 18 yrs 2021-2024 Avg. Customer Avg. Customer 2024 Revenue(1) 2024 EBITDA(1) Customers EBITDA CAGR Churn(2) Tenure(3) Representative Customer
Slide 87: Reworld: The ideal waste platform
Reworld: The ideal waste platform Distinguished by its premier asset base, strategic footprint, and breadth of technical capabilities across multiple waste streams …With Difficult-To-Replicate Permitted Facilities in Landfill A National Industry Leader in Highly Attractive Regions… Constrained Marke
Slide 88: Reworld operates in large, growing, and fragmented markets
Reworld operates in large, growing, and fragmented markets … … that support significant runway for continued expansion via M&A and organic initiatives Serviceable Addressable Market Profiled Waste Tailwinds ~7% ✓ Domestic Onshoring of Production CAGR ✓ Outsourcing of Waste Handling & Processing ~$72
Slide 89: Why Reworld Wins
Why Reworld Wins Leader in sustainable waste solutions with integrated, one-stop-shop capabilities, reputable track record, difficult-to-replicate permitted infrastructure, and broad disposal capacity to address growing supply and demand imbalance for Zero-Waste-To-Landfill (ZWTL) solutions Integrat
Slide 90: Strategically Transformed Business
Strategically Transformed Business Since EQT’s acquisition in 2021, Reworld has undergone transformative initiatives with significant investments which laid the foundation to meaningfully scale the business, improve margins & free cash flow, while minimizing downside acquisition 2021 2024 In the fut
Slide 91: Multi-Pronged Value Creation Strategy
Compelling, Multi-Pronged Value Creation Strategy Reworld has a defined near-term strategy to achieve strong growth and margin optimization, as well as transformational upside potential from emerging trends Executing on core strategy to drive margin expansion Accelerators and Trends Shaping the Futu
Slide 92: Strictly private and confidential
Strictly private and confidential
Slide 93: Strictly private and confidential
Strictly private and confidential
Slide 94: Strictly private and confidential
Strictly private and confidential
Slide 95: Strictly private and confidential
Strictly private and confidential
Slide 96: Strictly private and confidential
Strictly private and confidential
Slide 97: Strictly private and confidential
Strictly private and confidential
Slide 98: Strictly private and confidential
Strictly private and confidential
Slide 99: Appendix
Appendix
Slide 100: Strictly private and confidential
Strictly private and confidential
Slide 101: Strictly private and confidential
• • • • • • Strictly private and confidential
Slide 102: Strictly private and confidential
• • • • • • • • • • • • • • • • • • Strictly private and confidential
Slide 103: Strictly private and confidential
• • • • • Strictly private and confidential
Slide 104: Strictly private and confidential
• • Strictly private and confidential
Slide 105: QT
QT