EQT AB (publ) (EQT) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone, and welcome to the presentation of EQT's full year results. We have a lot to cover today. Per will start off by reflecting on our strategic positioning and today's announcement that we're entering the fast-growing secondaries market by joining forces with Kohler Capital. Teaming up with Kohler strengthens our ability to serve clients globally, and it unlocks growth opportunities for both firms. The transaction is accretive to our fee-related earnings, it accelerates our growth outlook, and it will further diversify our platform. Before handing over to Per to share more details, let me share a few highlights on 2025. First, it was our most active exit year ever with fund exits and realizations for co-investors of 34 billion euros. We invested 16 billion euros across our strategies globally while providing a co-invest ratio for our clients of close to 1 to 1. It was a pivotal year for EQT's expansion into evergreens and open-ended strategies across the globe with new product launches and accelerating inflows. We continued to deliver on our fundraising agenda more than doubling gross inflows to 26 billion euros. All our key funds continued to develop on or above plan and our more recent vintages in particular performed strongly. ETT delivered total revenue growth of 16% while keeping headcount largely flat year over year. So with those remarks, let me hand over to Per to go through things in more detail. Next slide, please. Thank you, Olof. Good morning, everyone, from Davos. We have very exciting news to share this morning, and we'll come back to Kolo shortly. I'll start by saying a few words about the private markets industry and our strategic positioning. EKG remains well positioned to navigate a fast-changing world and to capture the growth o...