Eqt Ab · OMXSTO:EQT
Eqt Ab — Q3 2026 Earnings Presentation
31 slides from Eqt Ab's earnings presentation, Oct 15, 2026
Slide 1: EQT AB Q3 Announcement 2026
EQT AB Q3 Announcement 2026 Webcast presentation 15 October 2026
Slide 2: Q3 2026 in brief
Q3 2026 in brief Strategic Fundraising Investment activity FAUM Q3 Co-invest2 €354bn • Closing of combination with Coller Capital Total AUM €17bn €12bn • EQT to acquire Stockbridge1 195 30 • Scaleup Europe Fund - 7 investments in Q3 139 7 • AI Infrastructure - $11.5bn NAV 16 5 23 • Launch o
Slide 3: EQT – the world's third largest private markets firm
EQT – the world’s third largest private markets firm 1 We are continuing to build EQT to be the most attractive platform in the private markets PEI – The world’s largest private market firms Delivering for our clients Global deal sourcing machine €75bn Total $bn raised invested L2Y2 # Manager (L5Y)
Slide 4: Coller EQT – off to an excellent start
Coller EQT – off to an excellent start Providing EQT access to one of the fastest growing areas in private markets Structural Track Insurance Business growth record growth engine acceleration Rising LP demand for Consistently strong 2 structured products Joint platform enables liquidity and GP-led C
Slide 5: Scaleup Europe Fund – Strong fundraising momentum and attractive deal pipeline
Scaleup Europe Fund – Strong fundraising momentum and attractive deal pipeline Thematic investments in Europe’s breakthrough technology champions A leading European clinical AI platform Pioneering Europe's independent access to space stations €5bn target fund size Europe's sovereign AI champion for
Slide 6: EQT – the partner of choice for European founders
EQT – the partner of choice for European founders, as well as private market investors seeking access to Europe Preferred partner for talent and start-ups Halo effect across strategies, in Europe and globally Gateway for capital into Europe Deep early-stage insights to the benefit of our global stra
Slide 7: NAV in AI Infrastructure reaches $11.5bn in Q3
NAV in AI Infrastructure reaches $11.5bn in Q3 $11.5bn Value appreciation Capital raised $9.4bn AI Infra was launched in Q2’26 NAV Continuous Long-term NAV June 30,Q2 NAV 2026 capital Capital access Raised valueappreciation Value creation September Label30, 2026 EQT AB Q3 Announcement 2026 7
Slide 8: EdgeConneX - the 2nd largest developer of data center capacity in the world
EdgeConneX - the 2nd largest developer of data center capacity in the world Data center developers – 2026 Operator / % of total MW # Main owner developer leased 1 Company 1 Firm A 28% 26 95%+ 90+ 10 years+ countries hyperscaler contracts sites serving hyperscalers 2 8% 3 Company 2 Firm B 6% 4 Compan
Slide 9: Acquisition of Stockbridge
Acquisition of Stockbridge Building on a top-performing industrial platform to capture a large and fragmented real estate market EQT Real Estate before acquisition Untapped potential within Real Estate What Stockbridge brings to EQT ~$13tn market; ~$3-4tn in funds ✓ Top-performing diversified open-e
Slide 10: Broadening product offering and creating a more diversified Real Estate platform
Broadening product offering and creating a more diversified Real Estate platform Illustrative combined1 + Q3-2026 FAUM split by sectors FAUM split by strategies Strong Industrial player Strategies across the with diversified offering investing spectrum Living Other ~10% ~5% Core Living ~25% Core ~20
Slide 11: Stockbridge strengthens EQT's presence in US Real Estate
Stockbridge strengthens EQT’s presence in US Real Estate About Select sector and product highlight Alternative Open-ended Industrial SMAs 2003 San Fran. Living core outdoor storage Founded HQ Strong, fully realized Established and scaled Scaled presence in Diversified and sector- track record in att
Slide 12: What we can achieve together
What we can achieve together Build a leading US industrial platform, adding Stockbridge's industrial outdoor storage expertise to EQT's logistics capabilities Expand into alternative living sectors, building on Stockbridge's long- standing manufactured housing track record Scale Stockbridge's establ
Slide 13: Stockbridge's financial contribution to EQT Real Estate
Stockbridge’s financial contribution to EQT Real Estate Fee-generating Management Fee-related AUM fees EBITDA 2027E 2027E 2027E $17-19bn $120-130m $35-45m Future growth to be mainly driven by expansion of open-ended core, industrial outdoor storage and alternative living EQT AB Q3 Announcement 2026
Slide 14: Aligned partnership for long-term growth
Aligned 100% Q1 2027 Cash acquisition Expected closing partnership for long-term growth $375m $0-175m earnout Base consideration. Additional consideration 50% to be reinvested in EQT subject to performance AB shares under lock-up1 targets EQT AB Q3 Announcement 2026 14 Note: The transaction is subje
Slide 15: Strong fundraising and value creation momentum
Strong fundraising and value creation momentum AI Infrastructure NAV reaches $11.5bn. Strong demand in Scaleup Europe Fund, with a €5bn target fund size which we expect to reach and exceed Evergreens Key funds Other closed-ended Institutional open-ended for private wealth • Impact on FAUM only when
Slide 16: EQT is well positioned to capture the fast-growing insurance opportunity
EQT is well positioned to capture the fast-growing insurance opportunity Insurance is a large and growing source of capital … … and EQT is well positioned to capture this opportunity Insurance alternatives AUM, 2025–35 $8.8bn ~9% p.a. Capital raised from insurance in 2024–26 YTD by Coller EQT $10-12
Slide 17: Positive trajectory across the evergreen platform
Positive trajectory across the evergreen platform Q3 seasonally less active quarter One new Private Capital Asia-focused evergreen launched in Q3 Evergreen net inflows (€bn)1 Private Capital Infrastructure Real Estate Secondaries Private Infra- Real Private Equity Private Credit €11bn NAV Equity str
Slide 18: Attractive deal flow across the platform
Attractive deal flow across the platform Continued focus on exits and liquidity – active pipeline into 2027 Fund investments1 Fund exits1 Quarter (€bn) LTM (€bn) Co-invest LTM (€bn) 12 Quarter (€bn) LTM (€bn) Co-invest LTM (€bn) 30 28 24 20 19 15 22 23 19 19 18 17 14 15 16 16 14 11 13 7 9 7 6 7 5
Slide 19: Double digit value uplift in Private Equity and Infrastructure LTM
Double digit value uplift in Private Equity and Infrastructure LTM Overall key funds up 10% LTM and 5% during the quarter Vintage 2019 2020-2021 2022 → ∆ Value1 Q3 2026 / LTM 2026 +1% -2% +5% +10% +7% +24% On plan Above plan On plan Above plan On plan Expected ✓ EQT Infra IV ✓ EQT VII ✓ EQT IX ✓ B
Slide 20: Balance sheet capital is used to accelerate growth with aligned interests
Balance sheet capital is used to accelerate growth with aligned interests Balance sheet commitments expected to generate ~10% annual returns Relative expected Objective Investment returns future deployment Fund Value appreciation Investments Committed alongside clients in EQT funds; anchors alignmen
Slide 21: EQT's recurring fee-related revenue mix is broadening
EQT’s recurring fee-related revenue mix is broadening Fee-related growth demonstrates the recurring and durable nature of EQT’s business EQT’s revenue items H1-20261 Long-term outlook Management fees €1,062m Long-term recurring on a growing fee-base Fee-related performance revenues €28m Recurring an
Slide 22: Strong fundraising momentum and attractive deal flow
Strong fundraising momentum and attractive deal flow AI Infrastructure reached $11.5bn in NAV; paced by fundraising and value creation in EdgeConneX - 1 the 2nd largest developer of data center capacity globally Scaleup Europe Fund off to an excellent start; 7 investments during the quarter, strong
Slide 23: Appendix
Appendix
Slide 24: Coller EQT | Today
Coller EQT Financial deep-dive Fund valuations FAUM development Coller EQT | Today Win-win partnership with aligned incentives FAUM mix Evergreen Doubling Coller FAUM within 4 years 13% Accelerate growth in existing strategies SP&I1 19% $38bn 1 and enable expansion into adjacent 59% secondaries stra
Slide 25: Coller EQT | Update to FAUM definition
Coller EQT Financial deep-dive Fund valuations FAUM development Coller EQT | Update to FAUM definition Updated FAUM definition takes Coller EQT’s FAUM to $33bn vs. $38bn with previous definition FAUM – unadjusted capital base (previous definition) FAUM – adjusted capital base (updated definition) Fe
Slide 26: Coller EQT | Definitions
Coller EQT Financial deep-dive Fund valuations FAUM development Coller EQT | Definitions Metric Explanation • From Q4: Capital base stepping down, fee-rate remaining the same FAUM • Q3 2026 FAUM: $38bn. FAUM aligned with EQT reporting framework: $33bn % invested • Total committed capital from Coller
Slide 27: Coller EQT | Strategies and economics
Coller EQT Financial deep-dive Fund valuations FAUM development Coller EQT | Strategies and economics FAUM1 Of which Strategies Fund series Fee model Carried interest ($bn) SP&I • Fee base: Committed capital • 10%-20% on fund returns • Fee rate: 0.85%-1.25% (subject to investor specific discounts ab
Slide 28: Funds charging on NAV
Coller EQT Financial deep-dive Fund valuations FAUM development Fee-related performance revenue Recurring revenue stream of increasing importance • Fee-related performance revenues are earned on a recurring basis from funds charging on NAV Fee-related performance Crystallization Distribution revenue
Slide 29: Gross MOIC development for Key funds
Coller EQT Financial deep-dive Fund valuations FAUM development 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 Private Capital 2.5x 2.5x 2.5x 2.4x 2.4x 2.4x 2.4x 2.3x 2.3x 2.3x 1.7x 1.7x 1.7x 1.7x 1.7x 1.2x 1.3
Slide 30: FAUM development
Coller EQT Financial deep-dive Fund valuations FAUM development FAUM development EQT XI and Infrastructure VII will not contribute to net inflows or FAUM until activation 195 1 -0 -2 0 155 40 of which €34bn related to the Q3 2026 inclusion of Coller Capital 30 Jun 26 Net inflows Value development St
Slide 31: QT
QT