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

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WEBVTT 00:00:00.790 -- 00:00:06.438 Good morning, everyone, and welcome to the presentation of EQT's full year results. 00:00:06.438 -- 00:00:11.866 We have a lot to cover today. Per will start off by reflecting on our strategic positioning 00:00:11.866 -- 00:00:16.813 and today's announcement that we're entering the fast-growing secondaries market by joining 00:00:16.813 -- 00:00:22.050 forces with Kohler Capital. Teaming up with Kohler strengthens our ability 00:00:22.050 -- 00:00:27.576 to serve clients globally, and it unlocks growth opportunities for both firms. 00:00:27.576 -- 00:00:32.762 The transaction is accretive to our fee-related earnings, it accelerates our growth 00:00:32.762 -- 00:00:37.287 outlook, and it will further diversify our platform. 00:00:37.287 -- 00:00:43.433 Before handing over to Per to share more details, let me share a few highlights on 2025. 00:00:43.433 -- 00:00:48.463 First, it was our most active exit year ever with fund exits and 00:00:48.463 -- 00:00:53.352 realizations for co-investors of 34 billion euros. 00:00:53.352 -- 00:00:58.422 We invested 16 billion euros across our strategies globally while providing 00:00:58.422 -- 00:01:03.498 a co-invest ratio for our clients of close to 1 to 1. 00:01:03.498 -- 00:01:09.185 It was a pivotal year for EQT's expansion into evergreens and open-ended strategies 00:01:09.185 -- 00:01:14.751 across the globe with new product launches and accelerating inflows. 00:01:14.751 -- 00:01:20.338 We continued to deliver on our fundraising agenda more than doubling gross inflows 00:01:20.338 -- 00:01:25.383 to 26 billion euros. All our key funds continued to develop on 00:01:25.383 -- 00:01:30.449 or above plan and our more recent vintages in particular performed 00:01:30.449 -- 00:01:35.545 strongly...