Slide 1: Year-end Report 2024
Year-end Report 2024 Webcast presentation 23 January 2025
Slide 2: 2024 in brief
2024 in brief Strategic Fundraising Deal activity2 FAUM (EURbn) Investments (EURbn) Exits (EURbn) H2 ✓ Successful fundraisings across strategies including EQT X – the largest private 136 130 22 equity fund raised globally in 20241 18 11 Total ✓ Introduced two new strategies: Healthcare AUM 11 6 8 7
Slide 3: Delivering on our strategic priorities – 2024 in numbers
Delivering on our strategic priorities – 2024 in numbers Value creation1 18% New strategies launched 2 Thematic €22bn Gross inflows €11bn investments Vehicles for private Exit volumes €11bn wealth underway 5 1) Key funds. Change in value between opening and closing balance, excluding any added or de
Slide 4: Gearing up for long-term growth
Gearing up for long-term growth 1 2 3 4 5 Value creation The investment Private markets The world is The liquidity increasingly opportunity are set for facing rapid and ownership taking place in is vast long-term technological model in private private markets growth shifts markets keeps evolving 4
Slide 5: Globally diverse portfolio of thematic investments
Globally diverse portfolio of thematic investments North America Europe APAC ~35% ~60 ~50% ~200 ~15% ~40 of investments portfolio companies of investments portfolio companies of investments portfolio companies Healthcare Technology Digital Infrastructure Real Estate Energy & Environmental Other infr
Slide 6: 18% value creation across key funds during 2024
18% value creation across key funds during 2024 Vintage 2019 2020-2021 2022 → Value creation1 (2024 / Q4 2024) +15% +9% +19% +7% +15% +7% 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
Slide 7: Executing on large exits – strong returns for our clients
Executing on large exits – strong returns for our clients USD 28bn1 USD 10bn Transaction value (Equity value) (Equity value) not disclosed ✓ Transformed into pure-play category ✓ From six to more than 80 schools3 ✓ Tripled built data center capacity and leader in dermatology expanded into Asia, Lati
Slide 8: Fundraisings of €100bn expected to be initiated in the current fundraising cycle
Fundraisings of €100bn expected to be initiated in the current fundraising cycle Key funds Dry powder Other funds EUR >40bn1 Fundraising launched Fundraising concluded Fundraising concluded • BPEA IX • EQT X • EQT Active Core Infrastructure Highlights 2024 Fundraising ongoing • EQT BPEA Mid-Market G
Slide 9: Five vehicles for private wealth expected to be active in 2025
Five vehicles for private wealth expected to be active in 2025 EQT Nexus Additional initiatives EQRT Monthly inflows (Real Estate, US) +50% Q4’24 vs. Q1-Q3’24 avg. EQT Nexus Infrastructure (EMEA & APAC) New large distributors Private Equity, US 5-10 Planned to launch in H1’25 Infrastructure, US 9
Slide 10: Record year of thematic investments across EQT's strategies
Record year of thematic investments across EQT’s strategies Real Estate more than doubled investment volumes to EUR 4bn after subdued 2023 Investments (EURbn)1 Selected transactions 2024 Energy transition Changing value chains Real Estate PC Asia Infrastructure 22 PC EU&NA 18 15 Education Digitaliza
Slide 11: Material step up in exit activity
Material step up in exit activity Continued focus on exits if market conditions remain conducive Exits (EURbn)1 Selected transactions 2024 Full exits IPOs and sell-downs in Real Estate listed holdings PC Asia Infrastructure PC EU&NA 14 11 Continued value creation Stake sales opportunity 6 2022 2023
Slide 12: Strong global track-record in equity capital markets transactions
Strong global track-record in equity capital markets transactions Paving the way for realizations over time Energy Pharmaceuticals Technology +196% +105% +68% as of +90% as of year-end ‘24 +155% as of year-end ‘24 62% year-end ‘24 3 3 follow-on follow-on offerings offerings to-date to-date Jun-23 Oc
Slide 13: EQT share: lock-up expiries supporting higher free float, liquidity and index weights
EQT share: lock-up expiries supporting higher free float, liquidity and index weights Average daily trading1 Free-float2 Index inclusion H1 calendar SEKm +20% +9p.p. Stockholm Sell-side Analyst Meeting London, Jan 30 563 43% Europe 600 468 34% Developed Europe Governance Session Stockholm De
Slide 14: Entering a new fundraising cycle
Entering a new fundraising cycle Step-up in management fees expected to be paced by upcoming fundraises Management fees (EURm) Fundraises of ~€100bn Effective management fee rate expected to be FAUM (EURbn) initiated in the 2,104 current 1,966 Infra VI fundraising cycle EQT X 1,328 Infra V 1,086 EQT
Slide 15: Key funds: €8bn+ of carried interest to be recognized
Key funds: €8bn+ of carried interest to be recognized Near term carry recognition expected to be attributed to funds already in carry mode ~€1bn ~€2bn ~€5bn Funds in Next funds to Most recent carry mode enter carry mode vintages Note: See Appendix for details 15
Slide 16: Our model is resilient, diversified and scalable
Our model is resilient, diversified and scalable Current margins reflect costs related to long-term growth initiatives EBITDA development Carried interest and investment income (EURm) Fee-related EBITDA (EURm) 1,359 EBITDA margin 1,226 Fee-related EBITDA margin 1,100 829 385 262 EBITDA margin to 201
Slide 17: We have launched strategies with long-term growth potential
We have launched strategies with long-term growth potential New strategies need 2-3 fund cycles to reach full profitability potential Evolution of product offering since IPO 6 18 4 Fully scaled and highly profitable strategies strategies Private Wealth 2 10 Early stage of scalability and profitabili
Slide 18: Building the capital raising platform and the investment teams for future growth
Building the capital raising platform and the investment teams for future growth while scaling the central platform FTE+ development Mid-term outlook ~100 FTE+ dedicated to Private Wealth1 1,941 1,838 2023 2024 Central (excl. CR) Private Capital Real Assets Capital Raising 1) In total across functio
Slide 19: EQT's balance sheet is fit to support further growth
EQT’s balance sheet is fit to support further growth Net Debt / EBITDA1 0.7x Fund commitments Net Debt / Fee-related EBITDA1 0.9x Support new strategies EUR Cash and cash equivalents 1.0bn EUR M&A Revolving credit facility (extended in 2024) 1.5bn 1) Adjusted figures 19
Slide 20: Gearing up for long-term growth
Gearing up for long-term growth • Fundraises of €100bn expected to be launched in the current fundraising cycle • €8bn+ of carried interest to be recognized across existing Key funds • Focus on future growth areas – including private wealth – expected to scale over time • Recently launched strategie
Slide 21: Key takeaways
Key takeaways Record year for investments and improved exit activity Strong fund valuation development Gradually improving fundraising markets – hard cap set for BPEA IX Recently launched strategies and vehicles for private wealth expected to scale over time Continuously assessing strategic opportun
Slide 22: Appendix
Appendix
Slide 23: 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 Cash carry is typically In carry mode realized ~2 years after P&L Next to enter carry mode In value creation / investment mode carry is recognized Recognized vs. yet to be recognized carry Rule of thumb f
Slide 24: With a young portfolio, exit volumes will ramp up gradually and remain subject to market conditions
With a young portfolio, exit volumes will ramp up gradually and remain subject to market conditions Historical carry recognition vs. exits Scaling flagship funds over time EQT has a relatively young portfolio Carried interest and investment income (EURm)1 Fund size for the three latest vintages3 Sha
Slide 25: 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 Private 2.6x 2.5x 2.5x 2.5x 2.6x 2.5x 2.2x 2.2x 2.2x 2.2x Capital 1.4x 1.4x 1.4x 1.6x 1.3x 1.1x 1.1x 1.1x 1.1x 1.1x EU & NA Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Dec-
Slide 26: FAUM development
FAUM development 133 136 5 - (3) 1 H2 2024 Jun-2024 Gross inflows Step-down Exits FX and other Dec-2024 130 136 11 (1) (5) 1 FY 2024 Dec-2023 Gross inflows Step-down Exits FX and other Dec-24 26