Eqt Ab · OMXSTO:EQT
Eqt Ab — Investor Day (May 2026)
122 slides from Eqt Ab's investor day presentation, May 20, 2026
Slide 1: Welcome to EQT's Capital Markets Event
Welcome to EQT ’s Capital Markets Event Value Creation Day 2026 London, 20 May 2026
Slide 2: Olof Svensson
Olof Svensson Head of Shareholder Relations Strictly private and confidential 2
Slide 3: Since we met one year ago – strong execution across our strategic priorities
Since we met one year ago – strong execution across our strategic priorities €29bn €38bn €16bn €30bn Total Total Gross inflows Coller Capital 1 investments realizations to FAUM FAUM addition Strictly private and confidential 3 Please refer to the Endnotes at the back of this presentation
Slide 4: Private Public Markets = True
Private Public Markets = True ~35% #1 ~80 % 390%+ Public market exits Sponsor in Equity Outperformance in EQT total as share of EQT Capital Market EQT’s recent IPOs shareholder return realizations 1 activity globally 2 vs MSCI World 3 since IPO 4 Strictly private and confidential 4 Please refer to t
Slide 5: Today's agenda
Today’s agenda 13:00 Welcome! Olof Svensson Value Creation – the EQT way Per Franzén 13:30 EQT Infrastructure Masoud Homayoun EdgeConneX Randy Brouckman 14:10 EQT Private Capital Bert Janssens, Hari Gopalakrishnan Straive Ankor Rai Break | Coffee refill Kristiaan Nieuwenburg, Mircea Strugaru, 15:15
Slide 6: Per Franzén
Per Franzén CEO & Managing Partner Strictly private and confidential 6
Slide 7: EQT Today
EQT Today 30+ years Wallenberg €313bn ~2,200 1,700+ Family heritage FTEs in 25+ Founded in 1994 Total AUM 1 Clients 1 of 150+ years countries 1 Excellence in deal making, value creation & the client experience Strictly private and confidential 7 Please refer to the Endnotes at the back of this prese
Slide 8: 30+ years of uninterrupted growth in FAUM
30+ years of uninterrupted growth in FAUM Awarded Combination with European Coller Capital 1 Scaleup Fund Combination with BPEA Combination with Exeter and LSP IPO on Nasdaq Expansion Stockholm into the US Launch of EQT Launch of Founded in Infrastructure EQT Ventures Stockholm with the Wallenberg f
Slide 9: Coller Capital marks the next step in our strategic evolution
Coller Capital marks the next step in our strategic evolution Strengthening our ability to be a strategic partner to our clients Strong culture & values match Excellent track record Complementary business mix Building a market - leading Secondaries platform Strictly private and confidential 9
Slide 10: Delivering alpha across economic cycles and technological shifts
Delivering alpha across economic cycles and technological shifts China Dotcom Global Global Slowdown Geopolitical Boom & Credit Financial Eurozone & US - China COVID - 19 Uncertainty Bust Boom Crisis Debt Crisis Trade War Pandemic & Inflation 1995- 2002 2003 - 2007 2007 - 2009 2010- 2015 2015- 2019
Slide 11: Four business lines delivering industry-leading performance
Four business lines delivering industry Net IRR 1 - leading performance Realized 20% 17% 16% 15% Private Capital Infrastructure Real Estate Secondaries 2 1 Gross MOIC Realized 2.7x 2.2x 2.4x 1.7x Strictly private and confidential 11 Please refer to the Endnotes at the back of this presentation
Slide 12: Sources of Alpha
Sources of Alpha 1 2 3 4 5 Defining Sourcing Leadership, Future - Portfolio what to the governance proofing management invest in investment & talent companies & exits Best - in- class Industry Sector - based Global investment Pool of buy - in value creation & leading exit & & thematic approach with
Slide 13: Scale as a competitive advantage to deliver strong performance for clients
Scale as a competitive advantage to deliver strong performance for clients Deal flow Value creation Fundraising Co - investment ratio % of returns from sales & margin expansion Top 10 funds as % of global fundraising 5 +10pp 0.9x ~80% 50% 46% Up to 0.25 x 36% 1 2 3 Industry allocations EQT Industry
Slide 14: EQT continues to take market share
EQT continues to take market share 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 Estate ranking 5 37 5 73 2019 2025 6 36 6 72 40 10 7 30 7 72 8 30 8 50 $3bn $14bn Strictly private and confid
Slide 15: AI is a generational investment opportunity
AI is a generational investment opportunity $4tn in data center Shifting value pools Biggest impact Need for rapid and energy CapEx – diffusion of AI from complete operationalization required by 2030 1 into enterprises workflow redesign of AI capabilities Increased dispersion of returns across manag
Slide 16: EQT platform designed to capture the AI opportunity
EQT platform designed to capture the AI opportunity EQT Ventures EQT Growth Scaleup Europe Fund Private Ambition to create a Capital long - term platform to mobilize Early Stage Europe’s tech ecosystem at an even larger scale BPEA Mid - Market Growth EQT Mid - Market Europe BPEA Private Equity EQT P
Slide 17: Strong local presence across the globe
Strong local presence across the globe # Investment Advisory Professionals 1 North Europe APAC America Private Capital 5 70 10 Early Stage Private Capital 30 95 90 Equity Infra - structure 55 55 30 EQT presence Real Estate 60 50 15 Local - with - locals in countries representing >80% of global GDP S
Slide 18: We have built our AI capabilities over the past 10 years
We have built our AI capabilities over the past 10 years AI Infra - structure AES Harvey Scaleup Europe Fund GenAI tools rolled out Sana EQT Ventures EdgeConneX Mother - EQT Zayo brain Digital IFS 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Today Future Data scientist Moving Structur
Slide 19: Driving AI-based business transformation across our portfolio companies
Driving AI - based business transformation across our portfolio companies Hands - on AI Access to extensive Empowering Board value creation support network of AI partners & Management teams 35+ ~20 130+ AI deployment partners (external) EQT AI professionals Board members trained currently deployed i
Slide 20: Industry leading monetisation and capital markets capabilities
Industry leading monetisation and capital markets capabilities Exit capabilities 1 Distributions Young portfolio Stake sales & Real Estate Secondary & Other buyouts >5 years <5 years ~30% of portfolio Strategic value realized LTM 3 €38 bn ~70% Total LTM realizations 2 Top Assets held for <5 years 5
Slide 21: Creating long-term winners
Creating long - term winners Digital Infrastructure, Software, Europe Education, APAC Dermatology, Europe North America EQT IX BPEA VI EQT VIII EQT Infrastructure IV, V 4.1x / 3.7x 6.7x 3.5x 4.3x Gross MOIC Gross MOIC Gross MOIC Gross MOIC Seeding of AI Valued at €15bn+ Welcoming 70+ new Largest cap
Slide 22: Diversified and attractive business mix
Diversified and attractive business mix €313bn Total AUM 2 FAUM split by strategy (%) Secondaries €36bn €142bn €175bn+ Evergreens Real Estate Early Stage Infrastructure Private Capital At IPO Q1 2026 Including Coller Capital & Scaleup Europe Fund 1 # active strategies 6 22 30+ Strictly private and c
Slide 23: EQT is well positioned to capture growth opportunities across private markets
EQT is well positioned to capture the growth opportunities across the private markets industry Private Capital Infrastructure Real Estate Secondaries 1 Private Wealth Strictly private and confidential 23 Please refer to the Endnotes at the back of this presentation
Slide 24: Our strategic ambition
Our strategic ambition Be the most attractive private markets firm of scale – delivering industry - leading performance and solutions globally Delivering Client People Alpha Centricity & Culture Strictly private and confidential 24
Slide 25: Masoud Homayoun
Masoud Homayoun Head of EQT Infrastructure Strictly private and confidential 25
Slide 26: A leading global infrastructure platform
A leading global infrastructure platform ... €40bn+ 2008 ~155 FAUM 1st Investment Advisory Launch year Professionals 1 €80bn+ Quartile DPIs 2 TAUM Strictly private and confidential 26 Please refer to the Endnotes at the back of this presentation
Slide 27: Investing throughout opportunity lifecycles
... investing throughout opportunity lifecycles Est. 2024 Est. 2026 Est. 2008 Est. 2022 Transition AI Value - Add Active Core Infrastructure Infrastructure Infrastructure Infrastructure Scale - Up AI Platform Development Business Transformation Business Optimization Staged / Contracted Transformativ
Slide 28: We build essential, future-proofed infrastructure companies
We build essential, future - proofed infrastructure companies 90% ~15x ~120kt 300MW of energy revenue under growth in run rate EBITDA of CO2 avoided annually Thurrock Battery reached fixed long - term contracts since acquisition from the electrification of Commercial Operations Date the Kattegat rou
Slide 29: Model built on active ownership – leveraging a scaled and integrated platform
Model built on active ownership – leveraging a scaled and integrated platform Deep sector expertise Global footprint with local presence Industrial Advisor Network 200+ 13 600+ D eals reviewed EQT Infrastructure EQT Industrial LTM offices globally Advisors Operational excellence Portfolio synergies
Slide 30: Driving growth and business transformation across the portfolio
Driving growth and business transformation that create consistent and resilient performance across the portfolio 11% 16% 17% LTM Sales LTM EBITDA Derived Realized growth growth Net IRR Strictly private and confidential 30 Please refer to the Endnotes at the back of this presentation
Slide 31: Structural tailwinds reinforce the critical role of infrastructure
Structural tailwinds reinforce the critical role of infrastructure Energy Digital Transportation ~75% ~$1.3tn ~70% ~$4tn ~80% ~$5tn of global Energy spending Increase in Expected data of COOs plan Transportation population face to meet G7 energy interconnection center and to increase infrastructure
Slide 32: AI is expected to drive a massive infrastructure build-out
AI is expected to drive a massive infrastructure build - out Build - out of data center capacity … … driving a huge shift in power demand Global Installed DC Capacity – 2030E Forecasts (GW) Global installed data center capacity – 2030E forecasts (GW) 1 1,350TWh Data center electricity usage expected
Slide 33: EQT Infrastructure can invest into AI assets at scale
EQT Infrastructure can invest into AI assets at scale ... 90+ ~30 m miles 100 GW+ D ata Fiber network Energy centers deployed development globally pipeline Data Power centers Connect - ivity Digital assets 1 Energy assets Strictly private and confidential 33 Please refer to the Endnotes at the back
Slide 34: Offering a one-stop solution for hyperscale customers
... offering a one - stop solution for hyperscale customers One of few investors owning a Integrated solutions that global portfolio of physical AI assets meet critical hyperscaler needs By integrating and customizing data center and power solutions, EQT can deliver faster, more sustainable, and cos
Slide 35: EQT AI Infrastructure: Dedicated strategy
EQT AI Infrastructure: Dedicated strategy to help build the foundation of the AI economy Est. 2024 Est. 2026 Est. 2008 Est. 2022 Transition Value - Add Active Core AI Infrastructure Infrastructure Infrastructure Infrastructure Scale - Up AI Platform Development Business Transformation Business Optim
Slide 36: Portfolio company presenting today
Portfolio company presenting today 2020 Randy Brouckman Year of first investment CEO EQT Infrastructure IV EQT Infrastructure V EQT AI Infrastructure Strictly private and confidential 36
Slide 37: Randy Brouckman
Randy Brouckman CEO of EdgeConneX Strictly private and confidential 37
Slide 38: Global Data Center Market: Structural Growth Accelerated by AI
Global Data Center Market: Structural Growth Accelerated by AI AI workloads are driving unprecedented demand for data center capacity, power, and purpose-built infrastructure EY-P Base Case Global Contracted Base Growth by Workload1, 2023-35 (in GW) 352 Insourced: Outsourced: +11% 320 28% 72% 64 Tra
Slide 39: Market Dynamics: Supply Side View
Market Dynamics: Supply Side View Constraints on Supply: Power / Time to Market / Capital Will Determine Winners & Losers EdgeConneX and EQT uniquely positioned to manage these challenges with an integrated offering Source: JLL 2026 Global Data Center Outlook 39
Slide 40: EdgeConneX - Global Platform
EdgeConneX - Global Platform Differentiated positioning as the only private truly global pureplay third-party operator 5 Continents | 26 Countries | 90+ Sites | ~90% Hyperscale EMEA 30 Data Center Sites 15 Markets APAC 12 Data Center Sites 15 Markets Americas 47 Data Center Sites 35 Markets 40
Slide 41: Disciplined High-Growth Strategy
Disciplined High-Growth Strategy Global diversification, disciplined capital allocation and long-term contracts with investment grade counterparties provide protection across cycles Global Geographic Disciplined Growth Success-Based Capex with Long-Term, Investment Diversification Strategy Strong Ec
Slide 42: Accelerating Growth and Expansion
Accelerating Growth and Expansion Expanding global platform, markets, and campuses 2020 2026E 2030E ~150MW contracted ~3,000+MW contracted ~8,000+MW contracted ~20x Growth ~50+x Growth Invests in 2020 1H2026 2030E 42
Slide 43: Power and Data Center Convergence
Power and Data Center Convergence ECX Dublin Hyperscale Campus 43
Slide 44: EQT: Integrated & Customizable Data Center & Power Solutions
EQT: Integrated & Customizable Data Center & Power Solutions Can Provide a Simple and Holistic Solution, Laying the Foundation for Accelerated Data and Energy Infrastructure Development One of Few Investors Controlling a Global EQT Can Provide Integrated Solutions that Meet Integrated Offerings and
Slide 45: Single Partner Delivering Powered & Connected Capacity at Scale
Single Partner Delivering Powered & Connected Capacity at Scale Delivering rapid time-to-market, with reduced grid requirement through BTM baseload, while optimizing for cost and sustainability Illustrative Integrated Solution Solution Components Data Center and Connectivity Infrastructure 3 On-site
Slide 46: Bert Janssens
Bert Janssens Co - Head of EQT Private Capital Europe & North America Strictly private and confidential 46
Slide 47: A differentiated, global platform from early stage to longer-hold
A differentiated, global platform from early stage to longer - hold Early stage Mid - Market & Growth Mature buyouts Longer - hold 300+ Investment Advisory Early - stage Technology Professionals 1 EQT EQT EQT Ventures Growth Private Equity ~€10m ~€100m ~€900m ~€160bn Total AUM 1 BPEA EQT Future Mid
Slide 48: The only European platform combining early-stage tech investing with true scale
The only European platform combining early - stage tech investing with true scale FAUM split by region and dry powder Dry powder 1 Invested in North America 2 Invested in Europe 2 % Target Europe allocation €40bn €3bn 3 €4bn €4bn €5bn 4 57% 59% 64% 41% EQT Private Equity EQT Future Early Stage Tech
Slide 49: EQT Private Capital is experienced in managing uncertainties
EQT Private Capital is experienced in managing uncertainties Market environment is characterized by uncertainty … Ongoing conflicts De - globalization AI shift Energy shift … … we have successfully navigated challenging markets in the past – with persistent and strong returns 1 2 3 4 Diversified Sca
Slide 50: Diversified across sectors and geographies with local presence
1 Diversified across sectors and geographies with local presence FAUM by sector FAUM by region Dry powder Healthcare Dry powder Europe €77bn Software €77bn Early Stage Services North America Industrial & APAC Other Tech Strictly private and confidential 50 Please refer to the Endnotes at the back of
Slide 51: Scale advantages to drive transformational growth
2 Scale advantages to drive transformational growth ... Deep Value creation Ambitious Sector World - class sourcing engine underwriting insights talent Deepest local Significant Large scale Deep insights Scale, performance, sourcing network investments to transformation across sectors & firm value p
Slide 52: Strong operational value creation across sectors
2 ... resulting in strong operational value creation across sectors 37% 71% 63% 11% 43% 26% 27% 26% 9% 13% - 11% - 15% Sales expansion Margin expansion Strategic repositioning Debt repayment Strictly private and confidential 52 Please refer to the Endnotes at the back of this presentation
Slide 53: Platform set up to drive strong returns in the age of AI
3 Platform set up to drive strong returns in the age of AI Finding the next AI winners Transforming our portfolio companies Opportunities across sectors – and more Driving tangible AI value creation in our portfolio; investments will be at intersection between ensuring optional governance and access
Slide 54: Systematic approach to finding the next AI winners in Tech
3 Systematic approach to finding the next AI winners in Tech ... What we look for M Hard Moats DISRUPTORS LEADERS Ability to harness AI O Defined AI Opportunity D Defensive market characteristics LAGGARDS DEFENDERS E AI Execution Potential AI enabling requirements Strictly private and confidential 5
Slide 55: ... and in Healthcare ...
3 ... and in Healthcare ... AI investment theme Powering AI Powering products with AI Enabling care delivery with AI 2x higher therapeutic hit - rate AI alone outperforms clinicians >30% of global data is in AI - enabled screenings 2, across appropriateness, Key drivers produced by the healthcare 1
Slide 56: Implementing AI use cases across the portfolio
3 ... as well as to implementing AI use cases across the portfolio Sales and go - to- market efficiency Forecasting and sales optimization Assess payment behaviors AI surplus value analysis Customer support GenAI Support Chatbot Planning AI fluency at CEO level Optimization Automated route planning
Slide 57: Strong track record of returning liquidity – mastering all exit routes
4 Strong track record of returning liquidity – mastering all exit routes Stake sales Sales to IPO or public & Secondary buyouts strategics liquidity events Minority stake sale Fully realized Fully realized Fully realized Fully realized Fully realized Fully realized Majority stake sale Fully realized
Slide 58: Hari Gopalakrishnan
Hari Gopalakrishnan Co - Head of EQT Private Capital Asia Strictly private and confidential 58
Slide 59: EQT in Asia Pacific
Over the past 29 years Investments since Distributed to clients with inception industry leading DPI ~$39B has become one of the largest and most established private markets firms in Asia, with +150 the largest pool of dry powder 1 EQT in Asia Pacific Team members Offices Active Ownership Strategies
Slide 60: Asia is set to lead global economic growth, with AI adoption
Asia is set to lead global economic growth, with AI adoption accelerating structural advantages for Asia Private Equity Four Alphas Higher Growth / Underfunded AI- driven Asset Class / More Under Uncorrelated tailwinds Growing TAM Managed Assets Liquidity Asia can deliver investments that offer exce
Slide 61: Systematic active ownership approach has delivered consistent outperformance
Our systematic active ownership approach has delivered consistent outperformance vs public markets 20 % +10% Fully//Partially Fully Partially Realized Realized +4 % 10 % 14% MSCI Asia Pacific PME BPEA Funds VI, VII and VIII Net IRR (2015 - 2025) (2015 - 2025) Strictly private and confidential 61 Ple
Slide 62: Focus on control buyouts has driven strong returns with low risk
… and our focus on control buyouts has driven strong returns with low risk & low volatility Gross MOIC Dispersion Fully and Partially Realized Large - Cap Buyout Investments by Invested Capital >3.0x 2.0x - 3.0x 1.0x - 2.0x 19% 14% 67% Strictly private and confidential 62 Please refer to the Endnote
Slide 63: Historic returns driven by true active ownership and value creation
Our historic returns have been driven by true active ownership and value creation BPEA Funds III – VIII Control & Corporate Partnering (Realized and Partially Realized Investments) 2.8x Realized Gross MOIC 20% (9%) 15% 74% 1.0x Invested Capital Revenue Growth Margin Expansion Multiple Effect De-leve
Slide 64: Portfolio diversified across Asia, with momentum in Japan
Our portfolio is well diversified across Asia, with momentum in Japan growing BPEA Funds VIII, IX and MMG by Geography ANZ Cross Border Total Enterprise LTM Investments in Japan Value SE Asia BPEA IX $2.7B Global India Japan Mid - 18% Market $0.3B India Domestic India Mid - 11% Korea Market $0.4B Pa
Slide 65: EQT is invested in structurally resilient, AI-enabled businesses
EQT is invested in structurally resilient, AI - enabled businesses, and diversified across geographies and sectors Services Japan Healthcare India Japan’s leading education and nursing Leading multi - specialty hospital in India for care provider tertiary care and Asia’s largest referral center for
Slide 66: BPEA VII India & Southeast Asia AI Tech Services
Strong operating performance Leading strategic Data Analytics & since investment AI operationalization partner for Building capabilities to target $1.5Tn AI Operationalization category over 300 clients (incl. Fortune 500) Data & AI - Led Industry Groups Revenue Share (in FY26E) ~50% Strong market va
Slide 67: Ankor Rai
Ankor Rai CEO of Straive Strictly private and confidential 67
Slide 68: After EQT's 2021 acquisition, Straive started purpose-building capabilities
After EQT’s 2021 acquisition, Straive started purpose-building capabilities and operations, targeting a leadership position in the emerging AI Operationalization services category Operationalizing AI requires capabilities .. .. Beyond the traditional vendor playbook Probabilistic and Multimodal unst
Slide 69: Market opportunity extends beyond $310Bn of Data/AI Third Party Services
Our Market opportunity extends beyond $310Bn of Data/AI Third Party Services, into new $1.5 Tn category, created as a result of BPO / KPO / IT disruption Enterprises’ Data Analytics and AI A New Category: Operationalized AI Solutions disrupting Legacy BPO/KPO Third Party services 1 and Other Ops 2 $
Slide 70: Recent events validate the need for new specialists
Recent events also validate the need for new “specialists” to target this market May 2026 May 2026 © 2025 Straive. All rights reserved | www.straive.com 70
Slide 71: One-stop partner helping clients operationalize AI at speed
One-stop partner helping clients operationalize AI at speed $415M 7-14 DAYS 2026E REVENUE Ideation to working AI PoC Data Advanced 26% Curation & Engg. Analytics 2026E EBITDA 8-10 WEEKS Discovery / AI R&D + To deployed AI with Impact Diagnostic Engg. 4000+ 3X MASTERS & PhDs AMONG ROI 15K+ FTEs Conti
Slide 72: Strong market validation: Snapshot of Marquee Data & AI wins
Strong market validation: Snapshot of Marquee Data & AI wins over last 30 months Data & AI-first industry groups AI-enabled Education & Research Invest Management & Private Equity Pharma, Medtech Ecommerce Energy Online Universities & EdTech Top 5 Private Markets Firm Top 3 Non-Profit Online Univers
Slide 73: Wins have fueled rapid growth within Data & AI-Led Industry Groups
These wins have fueled rapid growth within our new Data & AI-Led Industry Groups Data & AI-Led Industry Groups Financial & Info. Services Healthcare & Life Sciences $200M Retail, Tech $158M & Media Supply Chain & $101M Manufacturing $94M 2023 2024 2025 2026E 2026E STRAIVE ~$415 Revenue 53% Gross Mar
Slide 74: Client Stories: Operationalizing Data/AI for Efficiency, Speed, ROI
Client Stories: Operationalizing Data/AI for Efficiency | Speed | ROI ENTERPRISE AI ENTERPRISE AI BRAND INSIGHTS CLINICAL TRIALS PARTNER PARTNER Leading Top-5 U.S. Premier Ad Top Pharma Media & Insurer & Asset Intelligence Company Ecommerce Manager Company ~$5M run-rate revenue ~$5M run-rate revenue
Slide 75: Why does Straive win: Our execution playbook
Why does Straive win: Our execution playbook 7-14 DAY AI POC DEPLOY IN 8-10 WEEKS ONGOING AI FEASIBILITY OPERATIONALIZED AI WITH IMPACT ENHANCE & EXPAND Client External Straive Foundry Run & Remediate/ with 2000+ users Improve AI 500+ AI accelerators Enhance (New data/ new AI functionality) Engineer
Slide 76: Clients prefer Straive developing and running Data/AI workflows
Emerging Insight: Client prefer Straive developing the Data/AI capability and closing the loop by running the underlying Data/AI workflow (vs legacy BPO / KPO / IT partner) Client Stories Design & develop new .. Run closed loop Data/AI capability Data/AI workflow Financial Clean and curate Replace l
Slide 77: New Technologies → Opportunity for New Enterprise Service Specialists
New Technologies → Opportunity for New Enterprise Service Partner "Specialists" IT: Late 1990s/Early 2000s BPO: Mid 2000s 2010s: Data Analytics & Digital Engg. 2020s: AI Operationalization $1.5 Tn MARKET MARKET 2001 2012 2024 2035 “SPECIALIST” “SPECIALIST” Cognizant $178 Mn ~40x $7.3 Bn REVENUE REVE
Slide 78: Coffee refill!
Coffee refill! Next presentation starts at 15 :15 Strictly private and confidential 78
Slide 79: Panel discussion: Navigating AI risks and opportunities
Panel discussion: Navigating AI risks and opportunities Alexandra Lutz Rob Maclean Mircea Strugaru Kristiaan Nieuwenburg Managing Director, Partner, Private Industrial Partner & Head of Performance, EQT Value Creation Capital EU & NA Advisor Private Capital EU & NA Strictly private and confidential
Slide 80: Carolina Brochado
Carolina Brochado Head of EQT Ventures & Head of Growth US Strictly private and confidential 80
Slide 81: A leading technology investor across lifecycles
A leading technology investor across lifecycles Collaboration across strategies to back the right companies through early identification of trends and technologies Size Being an impactful partner to Scaling high growth tech Generation Defining Companies companies with increasing (GDCs) profitability
Slide 82: EQT's integrated Private Capital Technology platform
EQT’s integrated Private Capital Technology platform Early-Stage Tech Combining local presence & global expertise 2025 ~35 Investment Advisory Professionals ~50 2021 8 ~20 Countries 2015 ~30 ~100 Active portfolio companies ~10 ~3% of Operating Team EQT’s members FAUM1 ~15 ~100 17 Advisors Technology
Slide 83: A thematic generalist investor
A thematic generalist investor Investing in sectors underpinned by secular growth drivers Enterprise Health Deep Tech Consumer Climate FinTech Tech Tech & Resilience Tech Tech Strictly private and confidential 83 Please refer to the Endnotes at the back of this presentation
Slide 84: Backing AI-natives, and non-AI natives leaning into AI
Backing AI-natives, and non-AI natives leaning into AI Backing the next generation of AI-native companies AI-native software Leading AI Customer support Constraint on AI Industrial robots creation platform, platform for legal costs do not scale scaling is no and drones from $0 to: teams with topline
Slide 85: Highlights from the portfolio
Highlights from the portfolio Conversational AI leveraging World’s first GPU in space Europe’s largest online C2C the power of voice and chat running active inference - In- platform dedicated to automation orbit AI compute infrastructure second-hand fashion 2.9x 149% 88,000 21 26 +65% YoY ARR Net Re
Slide 86: Always on the lookout for what is around the corner
Always on the lookout for what is around the corner Four drivers 01 02 03 04 Physical AI’s A new geopolitical Palantirisation of AI re-platforming ChatGPT moment reality Everything the consumer real is near economy Strictly private and confidential 86
Slide 87: Portfolio companies presenting today
Portfolio companies presenting today Private Capital Europe & North America EQT Future, 2021 1 EQT IX, 2022 Pest Control MGA Insurance CEO: Jussi Ylinen CEO: Louise O’Shea Strictly private and confidential 87 Please refer to the Endnotes at the back of this presentation
Slide 88: Jussi Ylinen
Jussi Ylinen CEO of Anticimex Strictly private and confidential 88
Slide 89: Anticimex is a global leader in pest control
Anticimex is a global leader in pest control, driving the transformation from reactive to preventive pest control services through innovation in environmentally friendly and digital solutions. │ 89 │
Slide 90: Global pest control market – large and fast growing
Global pest control market – large and fast STRUCTURAL DRIVERS growing Europe Pest prevalence • Urbanization 25 % • Globalization North America • Climate 50 % Asia and Pacific Rest of 20 % the world Pest tolerance 5% • Cultural change >26 B USD +5 % • Purchasing power The global pest control market
Slide 91: Anticimex at a glance
Anticimex at a glance Anticimex is present in 22 countries worldwide and has approximately 12,000 employees in 250 local branches >17 ~21% >600K >400 Acquisitions SEK B Revenue Operating margin Devices installed since 2015 (EBITA) ~350% growth ~7,5 p.p. margin Market leader >10 SEK B since 2015 incr
Slide 92: 90 years of growth
90 years of growth ~17 B SEK revenue 2020 Proof of success of the model as 2016 Entry into evidenced by Asia, as well as positive organic the US – the growth and 2015 The world’s largest margin 2013 Strategic shift Anticimex Model pest control improvement 1934 Severe bed to become a global is establ
Slide 93: Strong revenue and profitability development over past decade
Strong revenue and profitability development over past decade Revenue SEK B EBITA SEK B ~3.6 ~17,2 3.5 16.9 CAGR 15.5 3.2 +16% CAGR 13.4 2.7 +22% 10.3 2.0 9.1 1.9 7.9 6.5 1.4 5.4 1.0 4.5 0.9 3.8 0.7 0.5 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2015 2016 2017 2018 2019 2020 2021 2022 20
Slide 94: A geographically diverse group
A geographically diverse group Asia & Pacific ~2.3 SEK B revenue (~13%) US ~6.5 SEK B revenue (~38%) Europe* ~8,4 SEK B revenue (~49%) │ 94 │ * Incl. LatAM
Slide 95: Anticimex key strategic initiatives
Anticimex key strategic initiatives Global Leader M&A Anticimex Decentralized Organic SMART branch - based Quality & Growth business model efficiency The branch and its customers at the center Sustainability │ 95 │
Slide 96: The Anticimex Model
The Anticimex Model A decentralized branch - based model Local responsibility Best practice sharing Unbundling to Branch level The branch and its customers at the center Measure, Monitor, Simplify key value Manage drivers │ 96 │
Slide 97: What is Anticimex SMART?
What is Anticimex SMART? Anticimex SMART Solutions are much more than a trap with an app. The Anticimex Methodology focuses on pest prevention and eliminating the root cause. With SMART monitoring and technical expertise, pest issues are prevented, and risks are managed. –It’s efficient, sustainable
Slide 98: Ax AI in 3 steps
Ax AI in 3 steps How we turn local data into reusable AI - enabled workflows across Anticimex 1 2 3 Share Data Foundation Reusable AI - Ready Solutions Ax AI in Action Data Collection & Common Data Model Solutions platforms can adopt Real examples – today and next • Data today sits locally in platfo
Slide 99: Our sustainable difference
Our sustainable difference Our sustainable difference Customer value Anticimex Methodology Reduce risk Reduce Protect of pest borne food and biodiversity diseases property Loss Less Less contamination Less biocide harm pest damage Inspection Monitoring Prevention Treatment Right service Smaller prob
Slide 100: >400 companies acquired since 2015
>400 companies acquired since 2015 Number of Acquisitions 55 53 47 47 37 36 34 33 31 30 21 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 │ 100 │
Slide 101: Anticimex success story is built on
Anticimex success story is built on │ 101│
Slide 102: Louise O'Shea
Louise O'Shea CEO of CFC Strictly private and confidential 102
Slide 103: CFC is Different: The Frontier Specialty MGA Platform for SMEs
CFC is Different: The Frontier Specialty MGA Platform for SMEs Pivotal Role in Powerful Differentiated Outperformance & Insurance Value Chain Market Tailwinds Proposition Growth Acceleration ▪ MGA platform linking ▪ Benefiting from global ▪ Tech-enabled agility at scale, ▪ Resilient cross-cycle, hig
Slide 104: We Unlock the Flow of Specialty Risks to High Quality Capital
We Unlock the Flow of Specialty Risks to High Quality Capital Customers Brokers MGA(1) Platform Capacity Providers >200,000 >4,000 36 Pivotal Role Customers (in >100 countries) Broker offices High Quality Providers(2) Advise customers and place policies Provide risk capital and fund claims Deep pric
Slide 105: Vast, Growing and Structurally Advantaged Markets
Vast, Growing and Structurally Advantaged Markets Vast and Growing Markets(1)… …Underpinned by Powerful Global Megatrends +~9% AI is directly amplifying the threat landscape, enabling more >$450bn Commercial sophisticated cyber attacks at scale, increasing awareness, and Insurance Opportunity(2) dri
Slide 106: High Growth Business Built by Innovation
High Growth Business Built by Innovation History of Organic Innovation Deep Dive on Holistic Cyber Proposition 2025 Cyber Proactive Response launch FY25 Proactive 238k clients 2024 Co-launch of Cyber Monitoring Centre 131 geographies 75 products 2023 Launch of Innovation Facility Prevent Launch of o
Slide 107: Highly Diversified Global Business
Highly Diversified Global Business Diversified Industry Coverage & Global Footprint… With Distribution and Capacity to match 75 Products(1) across 36 Global Coverage across >100 36 High Quality Capacity >4,000 Broker Offices Teams Countries Providers Breakdown by GWP (FY25)(2) Breakdown by GWP (FY25
Slide 108: Key Pillars of Active Value Creation
Key Pillars of Active Value Creation 1 Global distribution network built over decades on a single platform 2 Continuous product innovation, led by differentiated cyber proposition 3 Consistently superior underwriting performance 4 Diversified and high-quality capacity providers 5 Proprietary tech dr
Slide 109: Exceptional Organic Growth Track Record
Exceptional Organic Growth Track Record Sustained High Organic Growth Insurance Market Cycles(1): Soft Market Hard Market Softening Market Trading Income (£m) COVID-19 Geopolitical Uncertainty ~20% Organic Trading Income CAGR (FY23-FY25) 352 297 >50% Adj. EBITDA margin every year 241 for the last 3
Slide 110: Successful Value Creation Reflected in Exceptional Performance
Successful Value Creation Reflected in Exceptional Performance Product Volume (k) GWP (£m) Trading Income (£m) Adj. EBITDA (£m) ~2x ~3x ~4x ~4.5x FY20-FY25 Uplift FY20-FY25 Uplift FY20-FY25 Uplift FY20-FY25 Uplift Margin 51% 238 1,275 352 180 CAGR: ~25% CAGR: ~30%(1) CAGR: ~20% CAGR: ~30% FY15 FY20
Slide 111: And The Best is Yet to Come
And The Best is Yet to Come Embedded Growth From Core Momentum Compelling Acceleration Initiatives Trading Income drivers EBITDA margin drivers Trading Income and EBITDA margin drivers Frontier New Tech & AI Products New US Geographies Further Onshore Growing Margin Distribution Expansion Propositio
Slide 112: Per Franzén
Per Franzén CEO & Managing Partner Strictly private and confidential 112
Slide 113: EQT has been investing through economic cycles and technological shifts
EQT has been investing through economic cycles and technological shifts for more than 30 years – refining our model along the way AI is a generational opportunity for Real Assets, Private Capital and Secondaries – our platform is built to capture it at scale Strong track record of delivering attract
Slide 114: Q&A
Q&A Strictly private and confidential 114
Slide 115: Thank you!
Thank you! Please join us for food, drinks, and discussions on the terrace! Strictly private and confidential 115
Slide 116: EQT
QT
Slide 117: Appendix
Appendix
Slide 118: Endnotes (EQT slides)
Endnotes (EQT slides) Slide 3 – “Since we met one year ago – strong execution across our strategic (including Coller Capital and illustrative impact of European Scaleup Fund) priorities ” 2) Including Coller Capital. On 22 January 2026, EQT announced it had signed an Note: Q1 2026 LTM. Total investm
Slide 119: Endnotes (EQT slides)
Endnotes (EQT slides) Slide 14 – “EQT continues to take market share ” Slide 21– “Creating long - term winners ” Source: Private Equity International (PEI) 300 list, Infrastructure Investor and PERE. By Note: Examples of portfolio companies. Past performance information herein is not USD billion rai
Slide 120: Endnotes (EQT slides)
Endnotes (EQT slides) Slide 27 – “... investing throughout opportunity lifecycles ” 2) 2- 4x range based on a range of analyst forecasts: McKinsey, BCG, Bain (Base Case), Semianalysis , Goldman Sachs and EY - Parthenon Note: Selected investments 3) Source: Goldman Sachs Global Investment Research (A
Slide 121: Endnotes (EQT slides)
Endnotes (EQT slides) Slide 55 – “... and in Healthcare ... ” all of which may differ from the assumptions and circumstances on which the valuations contained herein are based. Full performance information, including net 1) Source: Harnessing AI to reshape consumer experiences in healthcare (McKinse
Slide 122: Endnotes (EQT slides)
Endnotes (EQT slides) Slide 64 – “Our portfolio is well diversified across Asia, with momentum in Japan recommended that would be within the investment criteria of any EQT PC Asia Fund growing” and further represent only some of the investments made by the EQT PC Asia Funds. The examples provided ar