Slide 1: Q1 Announcement 2025
Q1 Announcement 2025 Webcast presentation 16 April 2025
Slide 2: Q1 2025 in brief
Q1 2025 in brief Strategic Fundraising (FAUM) Investment activity Q1 EQT Infrastructure VI closed at hard- cap – €21.5bn in total commitments1 €142bn €23bn €132bn €17bn €4bn BPEA IX has received commitments of €4bn more than $10bn to date2 EQT Nexus Infrastructure – new evergreen strategy launched Q
Slide 3: CEO transition in May 2025
CEO transition in May 2025 Christian Sinding Per Franzén EQT AB Q1 Announcement 2025 3
Slide 4: We are ready to navigate uncertainty and volatility
We are ready to navigate uncertainty and volatility Thematic Active Global deal Robust IRR & DPI investments ownership sourcing financings track record Limited direct Recession >€50bn ~5% maturing Only ~20% held exposure to playbook dry powder1 before 20282 for >5 years3 tariffs 1) Undrawn commitmen
Slide 5: Diversified, resilient portfolio with limited direct exposure to tariffs
Diversified, resilient portfolio with limited direct exposure to tariffs A potential global recession and higher inflation would have second and third order impacts Private Capital Real Assets ~250 ~50 ~40 ~2,000 PCs PCs PCs buildings Europe & North America Asia Infrastructure Real Estate ~€40bn ~€1
Slide 6: – and we have always come out stronger
30 years of operating through economic cycles – and we have always come out stronger Active ownership Concentration of Globally Strong balance sheet to drive differentiated capital towards diversified and ample liquidity returns larger managers EQT AB Q1 Announcement 2025 6
Slide 7: We continued to execute on large exits in the first quarter
We continued to execute on large exits in the first quarter Combining liquidity for clients and optionality to “run with the winners” Four sell-downs Successful completion Valuation of €15bn in ✓ completed since the IPO in March 2024 ✓ of $14.5bn transaction – 3.5x MOIC for BPEA VI ✓ minority stake
Slide 8: EQT Infrastructure VI hit hard-cap, and BPEA IX fundraising progressed with strong momentum
EQT Infrastructure VI hit hard-cap, and BPEA IX fundraising progressed with strong momentum Fundraising market is likely to see renewed challenges as the global macro environment changes Key funds Other funds Concluded: EQT Infrastructure VI at hard cap Ongoing: e.g. EQT Transition Infrastructure an
Slide 9: Third evergreen strategy launched: EQT Nexus Infrastructure
Third evergreen strategy launched: EQT Nexus Infrastructure EQT Nexus Infrastructure EQT Nexus Additional initiatives Available for individual and Q1 2025 inflow +70% EQRT institutional investors in vs. Q1 2024 (Real Estate, U.S.) EMEA, APAC & Canada NAV of ~€1.2bn1 Invests in EQT's Private Equity,
Slide 10: Executing on investments across our focus themes
Executing on investments across our focus themes In addition, EQT facilitated almost €4bn of co-investments for its clients Investments1 Selected transactions Q1 2025 LTM (€bn) Energy transition Digitalization of society Quarter (€bn) 25 22 23 19 18 17 16 16 15 8 7 Education Health and well-being 6
Slide 11: Strong execution in Q1: uncertain exit outlook ahead
Strong execution in Q1: uncertain exit outlook ahead Exits1 Selected transactions Q1 2025 LTM (€bn) Full exits Minority stake sales Quarter (€bn) 14 12 12 11 11 6 6 6 7 Continued value creation Public market exits opportunity 4 4 3 3 3 2 2 1 0 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 1)
Slide 12: Resilient portfolio underpinned by long-term growth trends
Resilient portfolio underpinned by long-term growth trends Uncertainty and declines in public markets may impact Q2 fund valuations Vintage 2019 2020-2021 2022 → ∆ Value1 Q1 2025 -2% +2% +4% On plan Above plan On plan Above plan On plan Expected ✓ EQT Infra IV ✓ EQT VII ✓ EQT IX ✓ BPEA VIII ✓ EQT
Slide 13: EQT has a long-term, resilient financial model built to manage economic cycles and volatility
EQT has a long-term, resilient financial model built to manage economic cycles and volatility Typical impacts in periods of prolonged uncertainty • Contractually recurring with 10+ year funds • Extended fundraising cycles / lower velocity Management • Based on committed capital1 • Client commitments
Slide 14: Hiring focused on supporting key new initiatives
Hiring focused on supporting key new initiatives As of 2025, EQT will focus on FTE in external reporting (instead of FTE+) FTE development 1,861 1,886 1,893 1,802 1,796 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Capital Raising Real Assets Private Capital Central (excl. CR) EQT AB Q1 Announcement 2025
Slide 15: Capital Markets Event in London
Welcome to London on 22 May! Capital Markets Event RSVP Value creation through the lens of EQT’s portfolio companies Participating companies EQT AB Q1 Announcement 2025 15
Slide 16: Key takeaways
Key takeaways EQT Infrastructure VI hit hard-cap and BPEA IX received commitments of $10bn+ We are gradually building our evergreen offering Resilient fund performance in Q1 – all Key funds perform On or Above plan We executed on our realization plans in Q1; exit activity will be impacted by increas
Slide 17: Appendix
Appendix EQT AB Q1 Announcement 2025 17
Slide 18: 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 2.6x Private 2.5x 2.5x 2.5x 2.2x 2.2x 2.2x 2.5x 2.4x Capital 1.6x 1.7x 1.4x 1.4x 1.4x 1.1x 1.2x EU & NA 1.1x 1.1x 1.1x Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Mar-
Slide 19: FAUM development
FAUM development 136 142 12 (3) (1) (2) Q1 2025 Dec-2024 Gross inflows Step-down Exits FX and other Mar-2025 142 132 (3) (5) (0) 19 LTM Q1 2025 Mar-2024 Gross inflows Step-down Exits FX and other Mar-2025 EQT AB Q1 Announcement 2025 19
Slide 20: QT
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