EQT AB (publ) Half-year Report 2026

Strong progress and performance in H1 In a volatile environment we were able to unlock attractive primary deals and make strong progress on our value creation agenda. At the same time, we stayed disciplined driving realisations and sent back close to €17 billion to fund and co-investors, further building on a record year of exits in 2025. We expanded and strengthened our client offering and are currently in the market with over 20 funds; interest from private market investors and distribution partners in EQT products remains high. Thanks to very strong fundraising momentum and value creation during the quarter, our recently launched AI Infrastructure fund reached more than $9 billion in NAV in less than three months post launch. Our evergreen platform reached €10 billion in net asset value and the Scaleup Europe Fund is off to a very promising start. The combination with Coller Capital is on track to close in Q3 and will further strengthen EQT's client relationships. Going forward, in an environment that is likely to remain challenging, EQT is exceptionally well positioned to deliver for clients and take market share.

Per Franzén, CEO and Managing Partner

1. Including Coller Capital. The transaction is subject to customary closing conditions, including regulatory approvals and certain Coller Capital fund investor consent approvals.

Highlights for the period Jan-Jun 2026 (Jan-Jun 2025)

Strategic highlights

On 22 January 2026, EQT signed an agreement to acquire Coller Capital, a leading global secondaries firm with fee-generating AUM of €31bn. The transaction is expected to close mid to late Q3 2026

BPEA IX had its final close at $15.6bn, EQT Infrastructure VII set its target fund size at €21bn, and EQT XI secured commitments of half of the target fund size

EQT launched its AI Infrastructure strategy with FAUM of $9.4bn, paced by strong fundraising and value creation

EQT was selected for the Scaleup Europe Fund mandate by the European Commission

In the last six months, EQT has added four new strategies with expected FAUM of more than €5bn each (the AI Infrastructure fund, Scaleup Europe Fund, EQT Exeter US Industrial Value VII, and Coller International Partners IX), and is currently in active fundraising for more than 20 funds

EQT launched two new evergreen vehicles for Private Wealth, and reached €10bn in NAV across the evergreen products (including Coller Capital)

1. Estimated as of 30 June 2026, translated to EUR from USD based on 0.88 rate

2. The transaction is subject to customary closing conditions, including regulatory approvals and certain Coller Capital fund investor consent approvals

Key financials

Adjusted Financials – Alternative Performance Measures

Total Revenue amounted to €1,407m (€1,340m), an increase of 5%

Fee-related revenue decreased by 1% to €1,141m (€1,149m), of which retroactive fees were €28m (€96m). The decrease was mainly due to higher retroactive fees in H1 2025 as well as strong exit activity in earlier fund generations where the funds charge fees on invested capital. The fee-related revenue growth, adjusted for retroactive fees, was 5%

Carried interest and Investment income amounted to €266m (€191m), of which Carried interest was primarily driven by Private Capital funds and Investment income was primarily driven by valuation uplifts in EQT's financial investments

Operating expenses amounted to €570m (€534m), an increase of 7%

EBITDA amounted to €837m (€806m), corresponding to an EBITDA margin of 60% (60%)

Fee-related EBITDA amounted to €571m (€615m), corresponding to a Fee-related EBITDA margin of 50% (54%). The decline is mainly related to the higher relative retroactive fees in H1 2025

Net Income amounted to €691m (€682m). Net Income excluding Carried interest and Investment income amounted to €426m (€491m)

Earnings Per Share before and after dilution amounted t...