Slide 1: Q1 Announcement 2026
Q1 Announcement 2026 Webcast presentation 22 April 2026
Slide 2: Q1 2026 in brief
Q1 2026 in brief Strategic Fundraising Investment activity FAUM €269bn Q1 Co-invest4 • Coller Capital – Q3 closing on track1 Total AUM €17bn €11bn • BPEA IX closed at $15.6bn2 – largest Asia- €142bn €23bn €142bn Pacific private equity fund raised to date €17bn • Launch of AI Infrastructure strate
Slide 3: Strong execution in a volatile market environment
Strong execution in a volatile market environment Private Capital Private Capital Infrastructure Real Estate Secondaries EU & NA Asia • Launch of AI • Preparations for next • EQT XI first close • BPEA IX closed at • Combination with Infrastructure generation of US expected around mid- $15.6bn – larg
Slide 4: A platform built to capture the AI opportunity at scale
A platform built to capture the AI opportunity at scale 1 2 3 4 Insights Investments Active ownership Ecosystem from Early stage across the to drive rapid of AI natives to Mature global platform transformation at scale and partnerships Only scaled private Infrastructure: Structured approach EQT Digi
Slide 5: A global provider of international alpha
A global provider of international alpha Infrastructure Real Estate Private Capital Secondaries1 Dry powder Digital Dry powder Dry powder Healthcare Dry powder Multi- €43bn family €21bn €77bn €30bn Soft -ware Environ Early -mental Energy Stage Healthcare Private Industrial Services Credit Transport
Slide 6: Investing into AI at scale across the EQT Infrastructure platform
Investing into AI at scale across the EQT Infrastructure platform New AI Infrastructure strategy will invest in building the physical infrastructure for AI – fully seeded by EdgeConneX 90+ 29m miles 100GW+ Fiber network Energy Data deployed development centers globally pipeline Data Power centers $1
Slide 7: EQT is invested in mission critical B2B software
EQT is invested in mission critical B2B software Software represents ~7% of FAUM and ~14% of FAUM in Private Capital1 EQT VII (2015) EQT VIII (2018) EQT IX (2020) EQT X (2022) BPEA VII (2018) BPEA VIII (2022) BPEA IX (2025) €21.7bn Software $15.6bn €15.6bn $11.2bn as % of €10.9bn fund size2 €6.9bn $
Slide 8: Galderma: The largest fully monetized capital gain from a single fund
Galderma: The largest fully monetized capital gain from a single fund in the history of global private equity Transaction highlights Share price performance vs SIX Indices Return Index1 SIX Indices Return Index Monetization event 2019 4.3x +197% EQT VIII acquisition year Gross MOIC (EQT VIII) $20bn
Slide 9: Coller Capital: on track for Q3 2026 closing
Coller Capital: on track for Q3 2026 closing1 Combination well Strong business Integration planning received across momentum for progressing at stakeholders Coller Capital full speed Well-positioned to take advantage in the current market environment 1) As announced on 22 January 2026, EQT has signe
Slide 10: BPEA IX closed at $15.6bn in total commitments – hitting hard cap
BPEA IX closed at $15.6bn in total commitments – hitting hard cap Largest Asia Pacific-dedicated private equity fund raised to date1 Key funds Other closed-ended Institutional open-ended Evergreens for private wealth • BPEA IX closed at $15.6bn • 10+ other closed-ended • EQT Active Core • Six evergr
Slide 11: Strong momentum across EQT’s and Coller Capital’s evergreens
Strong momentum across EQT’s and Coller Capital’s evergreens Q1 represented the strongest quarter ever, with net inflows of ~€1bn and ~€350m for EQT and Coller Capital, respectively EQT and Coller Capital will have a combined evergreen offering of 10+ vehicles1 Continued strong net inflows in Q1 202
Slide 12: Q1 paced by thematic infra investments and public market exits
Q1 paced by thematic infra investments and public market exits Robust and diversified exit pipeline across strategies and sub-sectors Fund investments1 Fund exits1 Quarter (€bn) LTM (€bn) Quarter (€bn) LTM (€bn) 24 22 23 19 20 19 19 17 18 17 19 16 16 14 11 9 8 6 6 7 7 6 5 4 5 4 4 4 4 4 3 3 3 3 1 2 Q
Slide 13: Welcome to London on 20 May! EQT Value Creation Day 2026
Welcome to London on 20 May! Capital Markets Event RSVP EQT Value Creation Day 2026 Participating portfolio companies EQT AB Q1 Announcement 2026 13
Slide 14: All Key funds continue to perform On or Above plan
All Key funds continue to perform On or Above plan Vintage 2019 2020-2021 2022 → ∆ Value1 Q1 2026 -3% 0% +4% On plan Above plan On plan Above plan On plan Expected ✓ EQT Infra IV ✓ EQT VII ✓ EQT IX ✓ BPEA VIII ✓ EQT X ✓ EQT Infra III ✓ EQT Infra V ✓ EQT Infra VI Gross MOIC ✓ EQT VIII ✓ BPEA IX ✓ B
Slide 15: Fee-related growth expected to be paced by fundraisings and Coller Capital
Fee-related growth expected to be paced by fundraisings and Coller Capital1 Continued focus on operating expenses Fee-related revenue Operating expenses Carried interest • Active fundraising year • FTEs largely flat in Q1 2026 • ~€600m of carried interest left to be realized from funds in carry mode
Slide 16: Key takeaways
Key takeaways We have the platform to capture the AI opportunity – from early stage to infrastructure to driving value at scale across the portfolio Galderma set a new record, being the largest capital gain from a single fund ever Record quarter for evergreens, BPEA IX closed at hard cap, and EQT XI
Slide 17: Appendix
Appendix EQT AB Q1 Announcement 2026 17
Slide 18: EQT’s software investments continue to develop at low- to mid-teens net sales growth
EQT’s software investments continue to develop at low- to mid- teens Net sales growth, and ~20-30% EBITDAC growth Software portfolio1 Private Capital Europe & North America Private Capital Asia ~18% 13 EQT VII-X ~7% 3 BPEA VIII, IX of FAUM assets funds of FAUM assets funds 31% ~30% ~20% 14% 15% >15%
Slide 19: EQT expects to double Coller Capital’s FAUM within less than four years
EQT expects to double Coller Capital’s FAUM within less than four years Recap: What we can achieve together Recap: Coller Capital has an attractive financial profile ~40 + FAUM 18 23 33 ($bn) ✓ Expand into Real Assets Secondaries 2023 2024 2025 2026E ✓ Leverage strength of combined global platform w
Slide 20: QT
QT