Slide 1: Q3 Announcement 2025
Q3 Announcement 2025 Webcast presentation 16 October 2025
Slide 2: Q3 2025 in brief
Q3 2025 in brief Strategic Fundraising (FAUM) Investment activity Q3 • Focus on exits €139bn €25bn €134bn • Healthy fundraising momentum €7bn €16bn • Nexus PE ELTIF launched €5bn • Open-ended Active Core Infrastructure fund launched • Jean Eric Salata proposed as Chair of EQT Q3 2024 Q3 2025 Q3 2024
Slide 3: Delivering on our priorities
Delivering on 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 privat
Slide 4: Building the most attractive platform in private markets ...
Building the most attractive platform in private markets ... Strong exit capabilities Excellence in client services Global diversification Exits by region (LTM) New thematic strategies Healthcare Growth; Transition ✓ Infrastructure; Active Core 26% Infrastructure 46% €19bn Co-invest opportunities ✓
Slide 5: ... to realize organic growth opportunities
... to realize organic growth opportunities Q3 examples Open-ended Active Core Scale existing strategies Infrastructure fund EQT’s largest buyout Strengthen geographical presence in Japan to date Grow in Private Wealth Nexus PE ELTIF EQT AB Q3 Announcement 2025 5
Slide 6: Healthy fundraising momentum for strategies across the globe
Healthy fundraising momentum for strategies across the globe Gross inflows in Q3 driven by a mix of BPEA IX and selected other funds Key funds Other strategies • BPEA IX has received commitments of Selected closed-end funds Selected evergreen vehicles $12.0bn to date1 – expected to reach • EQT Healt
Slide 7: EQT's evergreen offering
EQT’s evergreen offering Global scale through locally anchored products Showing a clear directional trend Continued product development Market opportunity with EQT Nexus PE ELTIF2 Inflows evergreens, €m1 # of EQT evergreens 2023 Year-end 1 ~500 ~450 2024 Year-end 2 ~250 Q3 2025 Market reach ~175 5 T
Slide 8: Continued strong deal flow, paced by Private Capital investments
Continued strong deal flow, paced by Private Capital investments across Europe, North America and Asia Total investments1 Total investments LTM Q3 2025 LTM (€bn) Split by strategy Split by region Quarter (€bn) 15% 18% 25 43% 22 23 €16bn 53% €16bn 19 32% 18 17 18 15 16 39% PC Infra RE EU NA APAC 8 7
Slide 9: Realizations continue to exceed investments on an LTM basis
Realizations continue to exceed investments on an LTM basis Total exits1 Total exits LTM Q3 2025 LTM (€bn) Split by strategy Split by region Quarter (€bn) 6% 16% 29% 20 19 €19bn €19bn 46% 14 11 11 6 6 6 7 79% 26% 9 PC Infra RE EU NA APAC Selected transactions Q3 20252 4 4 3 3 Full exits Public marke
Slide 10: All Key funds continue to perform On or Above plan
All Key funds continue to perform On or Above plan Key fund valuations increased by 3% in Q3 2025 Vintage 2019 2020-2021 2022 → ∆ Value1 Q3 2025 +1.3% +3.9% +2.3% On plan Above plan On plan Above plan On plan Expected ✓ EQT Infra IV ✓ EQT VII ✓ EQT IX ✓ BPEA VIII ✓ EQT X Gross MOIC ✓ EQT Infra III
Slide 11: A platform set for scalable growth
A platform set for scalable growth Investing to capture future growth opportunities while taking action to remain a streamlined and high-performing organization FTEs +33 FTEs 1,886 1,893 1,908 1,941 1,861 Q3 2024 Q1 2024 Q4 2024 Q2 2024 Q1 2025 Q3 2024 Q2 2025 Q4 2024 Q3 2025 Q1 2025 Capital Raising
Slide 12: Cash carry expected to gradually ramp up
Cash carry expected to gradually ramp up EQT VIII is approaching its catch-up phase Total carried interest potential for Key funds EQT VIII ~€9bn 2018 €10.9bn 1.2x Vintage Fund Current year size DPI5 ~€8bn Key funds yet >2.5x 30% ~€1bn to enter carry Expected Carry Total carry mode Gross share to po
Slide 13: Key takeaways
Key takeaways Maintained focus on realizations and distributions to clients Fundraising continued with healthy momentum for EQT’s strategies across the globe New initiatives launched across the institutional and private wealth channels Delivering on our priorities, ensuring our organization stays ag
Slide 14: Appendix
Appendix EQT AB Q3 Announcement 2025 14
Slide 15: Near term carry expected to be paced by exit activity and value creation in funds in carry mode
Near term carry expected to be paced by exit activity and value creation 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 Active2 Invested2 EQT VII ~1.7-1.8x 4-6 years A f
Slide 16: 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 2.5x 2.6x 2.6x 2.6x 2.5x 2.5x Private 2.2x 2.4x 2.4x 2.4x Capital 1.6x 1.7x 1.7x 1.7x 1.4x 1.2x 1.1x 1.1x 1.1x 1.1x EU & NA Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Sep-
Slide 17: FAUM development
FAUM development EQT XI will not contribute to gross inflows or FAUM until activation 141 139 2 (0) (3) (1) Q3 2025 Jun-2025 Gross inflows Step-down Exits FX and other Sep-2025 134 (4) 139 21 (8) (4) LTM Q3 2025 Sep-2024 Gross inflows Step-down Exits FX and other Sep-2025 EQT AB Q3 Announcement 2025
Slide 18: QT
QT