Slide 1: Half-year Report 2025
Half-year Report 2025 Webcast presentation 17 July 2025
Slide 2: H1 2025 in brief
H1 2025 in brief Strategic Fundraising (FAUM) Deal activity Investments Exits H1 EQT Infrastructure VI closed at hard-cap – €21.5bn in total commitments1 €141bn €19bn €20bn €133bn €18bn BPEA IX – commitments of $11.4bn received €7bn to date2 €11bn €13bn €6bn EQT XI – fundraising launched with a targ
Slide 3: A global platform built to deliver international alpha
A global platform built to deliver international alpha A values-based organization focused on deal making, value creation and excellence in client services North America Europe Asia 220 ~35% 300 ~50% 160 ~15% Respectful investment of total investment of total investment of total professionals invest
Slide 4: A strong track record of consistent attractive risk-adjusted returns
A strong track record of consistent attractive risk-adjusted returns Private Capital Private Capital Infrastructure Real Estate Europe & North America Asia Gross MOIC Realized 2.6x 2.6x 2.5x 2.5x Net IRR 21% 16% 15% 18% Note: Since inception, as of 31 December 2024 EQT AB Half-year Report 2025 4
Slide 5: Thematic investment strategy combined with best-in-class exit capabilities
Thematic investment strategy combined with best-in-class exit capabilities – creating world class companies with exit optionality Ability to drive exits ... ... supporting our DPI track record Continued focus on value creation Top quartile DPIs2 Key funds in realization mode EQT VII €20bn EQT Infras
Slide 6: Performance in recent flagship funds remains on or above plan
Performance in recent flagship funds remains on or above plan And a number of them have already entered realization mode BPEA VII (2018) EQT IX (2020) EQT Infrastructure V (2020) $7bn 2.7x Above €16bn 1.7x €16bn 1.5x On plan On plan fund size Gross MOIC plan fund size Gross MOIC fund size Gross MOIC
Slide 7: EQT continues to take market share
EQT continues to take market share Long runway for continued growth across Private Equity, Infrastructure, Real Estate and adjacent strategies Private Equity ranking Infrastructure ranking 2019 $bn raised 2025 $bn raised 2019 2025 1 83 1 118 6 5 2 64 2 113 $17bn $51bn 3 48 3 96 4 47 4 88 3.8x Real E
Slide 8: Institutional capital will be the main driver of absolute growth
Institutional capital will be the main driver of absolute growth Scaling the private wealth offering – a top strategic priority for EQT Private Markets AUM growth contribution by capital source1 Enablers to capture outsized growth 2023-33E EQT has welcomed ~60 new Larger managers with strong track r
Slide 9: Our priorities
Our priorities Realize organic Continue to invest Participate in Continuous journey growth opportunities to build the most the ongoing for EQT to stay agile across existing attractive platform consolidation and entrepreneurial strategies and in in private markets of the industry private wealth Reach
Slide 10: We closed EQT Infrastructure VI at hard cap
We closed EQT Infrastructure VI at hard cap, had strong momentum in BPEA IX, and launched fundraising for EQT XI Key funds Other funds Concluded: EQT Infrastructure VI at hard cap Ongoing: e.g. EQT Transition Infrastructure, EQT Exeter Logistics Europe V and EQT Healthcare Growth Highlights Ongoing:
Slide 11: EQT expects to raise ~€100bn in the current fundraising cycle
EQT expects to raise ~€100bn in the current fundraising cycle Institutional channel main driver, complemented by private wealth ~10% ~€100bn Institutional Private Wealth ~10% ~20% ~60% Flagship New and scaling Real Estate Evergreen Total (excl. Real Estate) strategies • BPEA IX: Hard cap of • Early
Slide 12: EQT's private wealth offering now covers 20+ countries globally
EQT’s private wealth offering now covers 20+ countries globally We currently manage four active evergreen vehicles, with a fifth in development H1 2025 highlights U.S. Europe APAC • EQT Nexus: recorded >€500m in H1 – AUM at ~€1.4bn1 • EQT’s U.S. private equity vehicle for private wealth investors la
Slide 13: Disciplined investment pace across the platform
Disciplined investment pace across the platform: strong pipeline for H2 2025 Total investments1 Selected transactions YTD 20252 LTM (€bn) Energy transition Digitalization of society Half-year (€bn) 22 22 19 18 18 15 16 11 11 9 8 Education Health and well-being 8 7 7 H1 2022 H2 2022 H1 2023 H2 2023 H
Slide 14: Delivering on our exit agenda in a volatile market
Delivering on our exit agenda in a volatile market Public market exits accounted for a fifth of total exit volumes YTD Total exits1 Selected transactions YTD 20252 LTM (€bn) Full exits Minority stake sales Half-year (€bn) 30 20 14 12 11 13 6 6 Continued value creation Public market exits 7 opportuni
Slide 15: EQT is now part of all relevant indices
EQT is now part of all relevant indices Lock-up expiries supporting higher free float, liquidity and index weights Capital Markets Event in London, May 2025 Lock-up release schedule (2025-2028)1 EQT index inclusion ExCom / Board member 38% Value creation through the lens of Non-principal officers
Slide 16: All key funds continue to perform On or Above plan
All key funds continue to perform On or Above plan Flat key fund valuations in H1 2025 – 5% value uplift excluding FX effects Vintage 2019 2020-2021 2022 → ∆ Value1 H1 2025 -1.9% +1.7% +3.1% On plan Above plan On plan Above plan On plan Expected ✓ EQT Infra IV ✓ EQT VII ✓ EQT IX ✓ BPEA VIII ✓ EQT
Slide 17: We expect a material step-up in management fees
We expect a material step-up in management fees as we execute on the current fundraising cycle Management fees and FAUM Management fees (€m) 2,205 Effective management fee rate 2,104 Infra VI 1,966 FAUM (€bn) EQT X 1,328 Infra V 1,086 EQT IX 609 539 2019 2020 2021 2022 2023 2024 LTM H1 2025 1.4% 1.4
Slide 18: Following recent organizational and leadership changes
Following recent organizational and leadership changes, we will take further steps in H2 to create a more streamlined organization FTE Capital Raising • Net addition of ~20 FTEs YTD, primarily within Capital Raising Real Assets Private Capital • Ongoing organizational review, rightsizing certain fun
Slide 19: EQT expects to reach 55%+ fee-related EBITDA margin
EQT expects to reach 55%+ fee-related EBITDA margin at completion of the current fundraising cycle EBITDA1 FEBITDA margin1 – Path to 55%+ Fee-related EBITDA (€m) Carried interest and investment income (€m) 2025 Fee-related EBITDA margin EBITDA margin • H1’25 positively affected by late fees (Infra V
Slide 20: Key funds: €9bn+ of carried interest to be recognized
Key funds: €9bn+ of carried interest to be recognized Near-term carry recognition expected to be attributed to funds already in carry mode Including BPEA IX ~€1bn ~€2bn ~€6bn Funds in Next funds to Most recent carry mode enter carry mode vintages Note: See Appendix for details EQT AB Half-year Repor
Slide 21: Strong balance sheet to support growth agenda
Strong balance sheet to support growth agenda $500m bond issued to further diversify funding base 1.2x 1.7x Leverage Net Debt / Fund commitments Net Debt / EBITDA1 Fee-related EBITDA1 €0.5bn €1.5bn Liquidity Cash and cash Revolving credit facility Support new equivalents (extended in 2024) and
Slide 22: Key takeaways
Key takeaways Focus on deal making, value creation, and excellence in capital raising Strong fundraising momentum – continued institutional growth, and important milestones reached in private wealth Resilient fund performance – all Key funds perform On or Above plan ~€13bn of exits announced in H1’2
Slide 23: Appendix
Appendix EQT AB Half-year Report 2025 23
Slide 24: Near term carry expected to be paced by exit activity
Near term carry expected to be paced by exit activity and value creation in funds in carry mode Cash carry is typically In carry mode realized ~2 years after P&L Next to enter carry mode In value creation / investment mode carry is recognized Recognized vs. yet to be recognized carry Rule of thumb f
Slide 25: Gross MOIC development for Key funds
Gross MOIC development for Key funds New deals enter at 1.0x EQT VII EQT VIII EQT IX EQT X – Above plan – Above plan – On plan – On plan 2.6x 2.6x 2.6x Private 2.5x 2.5x 2.2x 2.2x 2.5x 2.4x 2.4x Capital 1.4x 1.4x 1.6x 1.7x 1.7x 1.1x 1.1x 1.1x 1.2x 1.1x EU & NA Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Jun-
Slide 26: FAUM development
FAUM development 136 (4) 141 18 (3) (6) H1 2025 Dec-2024 Gross inflows Step-down Exits FX and other Jun-2025 133 (4) 141 22 (6) (5) LTM H1 2025 Jun-2024 Gross inflows Step-down Exits FX and other Jun-2025 EQT AB Half-year Report 2025 26
Slide 27: QT
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