Slide 1: EQT AB Half-year Report 2026
EQT AB Half-year Report 2026 Webcast presentation 17 July 2026
Slide 2: H1 2026 in brief
H1 2026 in brief Strategic Fundraising Deal activity H1 Co-invest2 • Coller Capital – Q3 closing on track1 FAUM €291bn Investments Exits Total AUM • AI Infrastructure strategy – $9bn of €18bn €13bn €10bn €16bn FAUM €155bn €141bn €28bn • Selected for the Scaleup Europe Fund €20bn €18bn mandate €14
Slide 3: Strong execution across the EQT platform
Strong execution across the EQT platform Staying focused on exits with €17bn of total realizations to fund and co-investors (€30bn during last twelve months) Private Capital Infrastructure Real Estate Secondaries & Solutions1 • Selected for the Scaleup • Investment volumes higher • EU Logistics Valu
Slide 4: Selected by the European Commission to manage the Scaleup Europe Fund
Selected by the European Commission to manage the The generational opportunity … … and what we’re executing on €1.2tn ~60% of growth- 125+ opportunities €5bn market value stage funding identified target fund size has left Europe over comes from outside several already which we expect to the last dec
Slide 5: EQT AI Infrastructure off to a strong start: $9.4bn of FAUM
EQT AI Infrastructure off to a strong start: $9.4bn of FAUM $9.4bn Value appreciation FAUM Primary & Secondary capital raised Continuous External capital raised Long-term Value created Open-ended FAUM capital access value creation structure EQT AB Half-year Report 2026 5
Slide 6: Focus on scaling EQT Real Estate
Focus on scaling EQT Real Estate Doubled FAUM Performance Opportunity Enhanced Fundraising since combination track record to expand governance FAUM (€bn) 22 EU Logistics Value V Thematic verticals4 Living - closed at €3.1bn3 Industrial 1st quartile Member of the Performance in US Industrial Value VI
Slide 7: Delivering attractive deal flow across strategies, thematics and geographies
Delivering attractive deal flow across strategies, thematics and geographies €19bn €9bn invested H1 2026 in co-investments Note: Selected transactions 17 July 2026 YTD EQT AB Half-year Report 2026 7
Slide 8: In the last six months, we have added four new strategies
In the last six months, we have added four new strategies with €5bn+ in expected FAUM each Developing Scaling Leading FAUM (<€5bn) (≥€5bn) (>€10bn) • Coller Credit Opportunities (CCO) • Coller International Partners IX Secondaries1 €31bn • Coller Credit Special Situations (CIP IX) (CCS) – $10.2bn •
Slide 9: We are broadening the offering to our clients
We are broadening the offering to our clients ... Fundraising split by strategy – Private Capital Fundraising split by strategy – Infrastructure Evergreen Evergreen ~40% Long-hold AI Infra ~€55bn Early-Stage Transition Infra Flagship Long-hold ~80% Flagship ~€45bn ~€40bn BPEA IX (2025) BPEA VIII (20
Slide 10: ... resulting in a more diversified business model, with several growth engines
... resulting in a more diversified business model, with several growth engines FAUM split by strategy FAUM split by strategy (%) Total AUM Secondaries1 100% Evergreens ~€345bn Real Estate Infrastructure €291bn Early-Stage ~€190bn Private Capital €155bn €36bn At IPO Today Incl. Coller Capital &
Slide 11: Strong fundraising momentum across strategies
Strong fundraising momentum across strategies €18bn in Gross inflows during the first half of the year Evergreens Key funds Other closed-ended Institutional open-ended for private wealth • BPEA IX closed at $15.6bn in • 10+ other closed-ended • EQT Active Core • Seven evergreen vehicles total commit
Slide 12: New strategies creating upside to €100bn fundraising cycle
New strategies creating upside to €100bn fundraising cycle Key building blocks - current fundraising cycle >€40bn >€140bn ~€60bn AI Infrastructure Seven active Scaleup Europe US Value VII evergreen vehicles CIP X2 US Core+ V CCO III2 EU Living II CCS II2 Four active Infrastructure VII evergreen vehi
Slide 13: Future joint EQT and Coller evergreen platform reached €10bn
Future joint EQT and Coller evergreen platform reached €10bn 2 Two EQT Infrastructure evergreens launched in H1 Evergreen net inflows (€bn) Private Infra- Real Private Equity Private Credit Equity structure Estate Secondaries Secondaries €5.6bn ~2.5 EQT NAV €4.3bn of which FAUM1 Coller NAV2 US ✓ ✓ ✓
Slide 14: Coller Capital: on track for Q3 2026 closing
Coller Capital: on track for Q3 2026 closing1 Strong momentum across Upcoming funds: Structured Insurance Early preparations for 2 CCO III & CIP X Solutions - key growth additional asset classes opportunity for EQT Continued muted distributions in the market are widening the structural opportunity f
Slide 15: In H1, investment activity accelerated alongside a strong, diversified exit pipeline
In H1, investment activity accelerated alongside a strong, diversified exit pipeline across the platform Fund investments1 Fund exits1 Half-year (€bn) LTM (€bn) €28bn Half-year (€bn) LTM (€bn) 28 incl. co- 22 20 18 19 18 invests 19 16 16 19 14 12 11 6 6 13 €17bn 11 11 incl. co- 9 9 invests 8 7 7 7 7
Slide 16: Double digit value uplift in Infrastructure
Double digit value uplift in Infrastructure Key fund valuations increased by 5% in Q2, and by 8% in the last twelve months Vintage 2019 2020-2021 2022 → ∆ Value1 Q2 2026 / LTM 2026 +2% -2% +6% +10% +8% +19% On plan Above plan On plan Above plan On plan Expected ✓ EQT Infra IV ✓ EQT VII ✓ EQT IX ✓
Slide 17: Fee-related growth paced by fundraising momentum across the platform
Fee-related growth paced by fundraising momentum across the platform EBITDA1 Fee-related EBITDA Carried interest and investment income FTE EBITDA margin Fee-related EBITDA margin 1,777 1,886 1,863 1,895 1,669 1,059 €1,642m €1,672m 606 653 €1,359m €806m €837m €1,226m €1,100m €829m €385m €262m 2019 20
Slide 18: Key funds: €9bn of carried interest yet to be recognized
Key funds: €9bn of carried interest yet to be recognized Near-term carry recognition expected to be attributed to funds already in carry mode ~€600m ~€4bn ~€5bn Funds in carry mode Next funds to enter carry mode Most recent vintages • EQT VII • EQT Infra III • EQT Infra IV • EQT IX • EQT X • EQT Inf
Slide 19: Strong balance sheet to support growth agenda
Strong balance sheet to support growth agenda Higher investment income driven by active use of balance sheet to support growth 1.4x €0.9bn 1.0x Leverage Net Debt / Long-term Net Debt / EBITDA1 Fee-related EBITDA1 fund investments €0.8bn €1.5bn €2.0bn Liquidity Cash and cash Revolving credi
Slide 20: Key takeaways
Key takeaways Selected by the European Commission to manage the Scaleup Europe Fund mandate, more than 1 doubling the size of EQT’s Early-Stage Technology platform Combination with Coller Capital1 on track for Q3 close, further diversifying and strengthening the 2 EQT client offering 3 Significant i
Slide 21: Appendix
Appendix
Slide 22: Near term carry expected to be paced by exit activity in funds in carry mode
Near term carry expected to be paced by exit activity in funds in carry mode In carry mode Next to enter carry mode In value creation / investment mode Recognized vs. yet to be recognized carry Rule of thumb for initial recognition Active Invested4 A few EQT VII ~1.7-1.8x 4-6 years EQT X ~4.0 yrs 80
Slide 23: 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 2.5x 2.5x 2.5x 2.4x 2.4x 2.4x Private Capital 2.4x 2.3x 2.3x EU & NA 1.7x 1.7x 1.7x 1.7x 1.7x 1.1x 1.1x 1.2x 1.2x 1.2x Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Jun-
Slide 24: FAUM development
FAUM development EQT XI will not contribute to gross inflows or FAUM until activation -2 155 141 18 -3 2 H1 2026 31 Dec 2025 Gross inflows Step-down Exits FX and other 30 Jun 2026 -2 -11 155 141 26 1 LTM H1 2026 30 Jun 2025 Gross inflows Step-down Exits FX and other 30 Jun 2026 EQT AB Half-year Repo
Slide 25: EQT Real Estate – strategies and economics
EQT Real Estate – strategies and economics Strategies Fund series Fee model Carried interest FAUM • Industrial Value • Typical fee rate: 1.50% headline management fee, subject • 20% on fund profits above an • Europe Logistics Value to volume and timing discounts or other fee arrangements 8.0-9.0% pr
Slide 26: EQT Real Estate – list of active larger funds
EQT Real Estate – list of active larger funds Committed EQT AB’s right Fund Vintage FAUM Status capital to carry Exeter Industrial Core Fund III 2019 $1.3bn $1.2bn Developing 25% Exeter Industrial Value Fund V 2020 $2.0bn $1.4bn Developing 25% Exeter Europe Industrial Core Fund I 2020 €1.0bn €0.8bn
Slide 27: EQT Real Estate & EQT Infrastructure – new operating segments as of H1 2026
EQT Real Estate & EQT Infrastructure – new operating segments as of H1 2026 FAUM development – H1 2026 FAUM development – H1 2025 €bn Infrastructure Real Estate Total €bn Infrastructure Real Estate Total 31 December 2025 42.2 22.3 64.5 31 December 2024 40.5 22.8 63.3 Gross inflows 13.0 1.1 14.1 Gros
Slide 28: QT
QT