EQT

Investor Presentation • Apr 18, 2024

A promising start to 2024 - and to EQT's fourth decade

EQT started the year with the successful completion of two fund raises, EQT X and EQT Future, with total commitments of more than EUR 25 billion. Investment activity continued at a good pace and, with transactions such as the IPO of Galderma, we expect a gradual increase in exit activity. Whilst the macroeconomic environment, financing conditions, and capital markets activity have improved, we continue to monitor geopolitical risks and macro developments, including interest rates, and maintain our focus on performance.

In March, we held our first Capital Markets Day, where our team presented the long-term view of EQT's strategy, ambitions, and medium- to long-term financial targets. We have ambitious objectives: to become the global leader in Private Equity, enter the top three in Infrastructure while maintaining our number one position in Value-Add Infrastructure; and enter the top three in Private Real Estate. To achieve this, our focus will remain on delivering consistent, superior returns to our clients by applying an industrialist mindset to develop assets that play a positive role in tomorrow's economy.

Navigating the fundraising environment

Fundraisings across strategies, including for the Private Wealth products, are generally taking longer, and we expect the fundraising environment to improve only once realizations across private markets pick up materially.

Despite continued fundraising headwinds, our Key fund within Private Capital, EQT X, hit its hard cap in what was EQT's largest ever fundraise. This was shortly followed by the final close of EQT Future, a thematic strategy that backs businesses within Climate a Nature and Health a Wellbeing. EQT Infrastructure VI is expected to reach its target size, and fundraising is expected to continue at least throughout 2024. We are also preparing for a transition infrastructure strategy and BPEA IX.

Improving environment, yet muted exit volumes

We are encouraged by our investment pipeline across asset classes, thematic sectors, and geographies. The EQT funds announced several new investments, demonstrating our strong conviction in themes such as digital infrastructure, education, and vertical software.

~ Exit activity has yet to accelerate, but we expect volumes to increase gradually during the latter part of the year, and in 2025. A large share of the EQT funds' portfolio is still relatively young, with only 10% of investments by capital having been made more than five years ago, allowing us time to focus on fundamental value creation before a large part of the portfolio is ready for exit.

A highlight was EQT Vlll's portfolio company Galderma that successfully priced its IPO - expected to be one of the largest in Europe this year. EQT VIII retained nearly all the shares it held before the IPO, with Galderma using the transaction to raise capital. Not only is the IPO a testament to EQT's ability to bring high-quality businesses to the public market, but also an example of EQT's value creation playbook in action. During the fund's ownership, Galderma has transformed from a non-core subsidiary of Nestle into a pure-play category leader in dermatology.

All of our ten Key funds are performing On or Above plan, which means we are on track to deliver on or exceed the

return targets communicated to our clients. In the first quarter, Key fund valuations increased by almost 3%, as underlying performance remained healthy, albeit with certain pockets of underperformance, and valuation references were supportive. Across strategies focused on earlier-stage investments, such as EQT Ventures and EQT Growth, we saw a meaningful value uplift in certain portfolio companies.

EQT Exeter's investment activity began to pick up towards the end of 2023 and, while challenges remain in real estate, we have continued to make selective investments during the quarter.

Making headway on newer strategies

Building on EQT's healthcare track record, we introduced EQT Healthcare Growth. Combining EQT Life Sciences' scientific expertise and ability to identify emerging trends, with EQT Private Equity's value creation approach and experience in high-growth, mid-market buyouts, we believe this strategy is well placed to support healthcare companies on their mission to scale rapidly and deliver positive healthcare outcomes.

Fundraising continued for EQT Nexus, and EQRT, EQT's semi-liquid strategy focusing on direct investments in commercial real estate, has made its first acquisition. Over the coming year, we expect to launch further strategies tailored to Private Wealth, drawing on our strengths in Private Equity and Infrastructure, and across our global platform.

Closing a busy first quarter with a positive long-term outlook

EQT began 2024 by announcing that, a year after EQT's combination with BPEA, the private equity business line in Asia had rebranded, completing its transition into the firm's global identity. I am pleased to move forward as an integrated, global and diversified platform with a clear ambition. As we enter our fourth decade, I am encouraged by our trajectory and the market opportunity to serve existing and new clients. To achieve this, we remain focused on constant innovation, seeking new and better ways to pursue our fundamental value creation across all strategies and delivering outperformance.

Christian Sinding,

CEO a Managing Partner

A promising start to 2024 - and to EQT's fourth decade

Highlights for the period Jan-Mar 2024 (Jan-Mar 2023)

Strategic

• EQT X closed at EUR 22bn in total commitments, of which EUR 21.7bn are fee-generating assets under management, hitting the hard cap
• EQT Future1 closed at EUR 3bn in total fund commitments, with total fee-generating commitments to the strategy, which includes co-investments, totaling EUR 3.6bn
• EQT hosted a Capital Markets Day, re-confirming its revenue growth and adjusted EBITDA margin targets, providing further color on its fee-related EBITDA margin ambition, and refining its dividend growth target to be on a per share basis
• Preparation continued for a transition infrastructure strategy, as well as further products targeting the Private Wealth segment
• Preparations also continued for BPEA IX

Fundraising

• Fee-generating assets under management (FAUM) increased to EUR 132bn (EUR 119bn). Total AUM was EUR 242bn (EUR 216bn). Gross inflows amounted to EUR 5bn and were primarily driven by closed out commitments from EQT X and EQT Infrastructure VI
• Fundraisings are generally taking longer in the current fund raising environment, and we expect the fundraising market to meaningfully improve only once realizations pick up materially across private markets
• EQT Infrastructure VI had fee-generating commitments of EUR 15.lbn. Fundraising is expected to continue at least throughout 2024, and the fund is expected to reach its target fund size
• EQT launched EQT Healthcare Growth, a dedicated healthcare buyout strategy
• Fund raising continued for EQT Exeter US Multifamily Value II, EQT Exeter Europe Logistics Core-Plus II, EQT Active Core Infrastructure and EQT Exeter Asia Pacific Logistics II
• Fund raising also continued for BPEA EQT Mid Market Growth, with the increased hard cap of USD 1.4bn
• EQT Nexus' NAV was more than EUR 600m, and EQRT, EQT's semi-liquid strategy focusing on direct investments in commercial real estate, announced its first acquisition

Investment activity2

• Total investments by the EQT funds in the quarter amounted to EUR 4bn (EUR 5bn). Investments include the partnership with EdgeConneX to develop hyperscale data centers in APAC (EQT Infrastructure VI); the public to private tender of Believe, the largest independent digital-native music label globally (EQT X); and Avetta, a leading cloud-based supply chain risk management software platform (EQT X)
• The transaction with Wind Tre (EQT Infrastructure VI) was terminated

▪ ▪

▪

Gross EQT funds exits	01 Q2-Q4
EURbn
10 02 2022 - 01 2023 (Twelve months)	6 02 2023 - 01 2024 (Last twelve months)
Investment performance
On plan	Above plan
Private EQTIX Capital BPEA VIII EQTX	EQTVII EQTVIII BPEA VII
EQT Infrastructure IV Real Assets EQT Infrastructure V EQT Infrastructure VI	EQT Infrastructure Ill
	~

Hiring was primarily to support new strategic initiatives such as Private Wealth and prioritized regions such as Asia and the US

Since committing to the Science Based Targets initiative in 2021, EQT has supported 39 portfolio companies in setting science-

EQT Network appointed Sir Alok Sharma as a Senior Advisor on geopolitical topics and economic trends, drawing on his extensive experience in sustainability, with a background as the President of the 2021 UN's Climate Change Conference in Glasgow (COP26),

Masoud Homayoun, Partner and Head of EQT Value-Add Infrastructure, joined EQT's Executive Committee

based targets, out of which 7 completed the validation in Ql. Additionally, 24 are in the process of setting targets

and the Secretary of State for Business, Energy, and Industrial Strategy in the UK

Highlights for the period Jan-Mar 2024 (Jan-Mar 2023)

Other

• EQT won six awards in the 2023 PEI Group Awards, including Infrastructure Investor's "Global Sustainable Investor of the Year" for the second consecutive year, and New Private Markets' "Multi-Strategy Firm of the Year (ESG)"
• Further to the ongoing review of certain current and former EQT employees' carried interest taxation, the Swedish Tax Agency has communicated its intention to review EQT's related social security contribution obligations

Events after the reporting period

• Investment levels in EQT Key funds as of 18 April 2024, were 35-40% in EQT X, 30-35% in EQT Infrastructure VI and 40-45% in BPEA VIII
• EQT Active Core Infrastructure entered exclusive talks to acquire Ocea Group, a leading French water and heat submetering infrastructure provider
• EQT Infrastructure VI acquired a majority position in Universidad Europea, a leading private higher education platform in Spain and Portugal
• EQT Mid Market Europe has signed an agreement to sell Rimes, a global leader in enterprise data management solutions for the investment industry
• Fund raising was launched for EQT Healthcare Growth

Fee-generating assets under management (FAUM)

Development during the first quarter 2024

FAUM by segment (EURbn)	Private Capital	Real Assets	Total
At 31 Dec 2023	72.2	57.4	129.6
Gross inflows	2. 3	2.4	4.7
Step- downs	- 0.4	- 0.7	-1.0
Exits	- 0.9	- 0.1	-1.1
FX and other	- 0.2	0.0	-0.2
At 31 Mar 2024	73.0	59.0	132.0
Since 31 Dec 2023	1%	3%	2%

Development during the last twelve months

FAUM by segment (EURbn)	Private Capital	Real Assets	Total
At 31 Mar 2023	70.2	48.8	119.1
Gross inflows	7.5	12.6	20.2
Step-downs	- 0.4	-1 .4	- 1.8
Exits	- 3.6	-1.9	-5.5
FX and other	- 0.8	0.8	0.0
At 31 Mar 2024	73.0	59.0	132.0
Since 31 Mar 2023	4%	21%	11%

Note: Any investment activity in above tables (part of gross inflow and/or exits) is included based on its impact on FAUM Any individual deals in a period are therefore included based on remaining or realized cost, timing of transaction closing and only in funds w hich o re charging fees based on net invested capital

Gross investment performance of key EQT funds

As of 31 Mar 2024

	Start		Committed		Invested capital			Value of investm	ents	Gross			Gross MOIC Gross MOIC Gross MOIC Gross MOIC Gross MOIC				Expected Gross
(EURbn)	date	FAUM	capital						Total Realized Remaining Total Realized Remaining MOIC								31 Mar 2023 30 Jun 2023 30 Sep 2023 31 Dec 2023 31 Mar 2024 MOIC 31 Mar 2024
Private Capital											Private Capital
EQTVII	jul- 15	2.8	6.9	6.1	3.6	2.5	15.4	11.1	4.2	2.5x	EQT VII	2.7x	2.7x	2.6x	2.6x	2. 5x	Above plan
EQT VI II	May- 18	7.7	10.9	9.8	2.3	7.5	21.7	8.0	13.7	2.2x	EQT VIII	2.3x	2. 2x	2. 3x	2.2x	2.2x	Above plan
BPEA VII	Jul- 18	4.2	5.7	3.8	0.9	2.9	9.3	2.7	6.5	2.4x	BPEA VII	2.4x	2.4x	2.4x	2.4x	2.4x	Above plan
EQTIX	Jul- 20	14.2	15.6	14.1	0.2	13.9	19.0	0.4	18.6	l .4x	EQT IX	l.4x	1.4x	1.4x	l .3x	l.4x	On plan
BPEA VIII	Sep- 21	9.8	9.7	4.2	0.0	4.2	5.2	0.0	5.2	l.2x	BPEA VIII	l.2x	l .3x	1.4x	l .3x	l.2x	On plan
EQT X	Jul- 22	21.7	21.7	5.8	0.0	5.8	6.2	0.0	6.2	l.lx						1.lx
Other Private Capital		12.6		23.1			45.4				EQT X	l.0x	l .l x	l .lx	l .l x		On plan
											Real Assets
Real Assets											EQT Infrastructure Ill	2.7x	2.7x	2.7x	2.7x	2.7x	Above plan
EQT lnfrastruclure Il l Nov-16		0.7	4.0	3.8	3.0	0.7	10.2	8.4	1.8	2.7x	EQT Infrastructure IV	l.5x	l.6x	l.6x	l.6x	l.7x	On plan
EQT lnfrastruclure IV Nov-18		7.1	9.1	7.5	0.6	6.9	12.9	0.7	12.2	l .7x	EQT Infrastructure V	l.2x	l.3x	l.3x	l.3x	l.4x	On plan
EQT Infrastructure V Aug- 20		13.2	15.7	12.7	0.0	12.7	17.9	0.0	17.9	l .4x	EQT Infrastructure VI	l.0x	l.0x	l.0x	l.0x	l.0x	On plan
EQT Infrastructure VI Dec - 22		15.1	15.1	4.1	0.0	4.1	4.2	0.0	4.2	l.0x	Note: Dalo for currenl Gross MOIC reflecl only closed investments and realizations. For Privale Equily funds (parl of segment
Other Real Assets		22.8		22.4			31.3				Privale Capital), "On Plan" refers to expecled Gross MOIC betw een 2.0-2.5x. For lnfrastruclure funds (parl of segment Real
Total		132.0		117.3			198.6				Assets), "On Plan" refers to expecled Gross MOIC betw een l.7-2.2x.

Note: Invested capital and value of investments reflect only closed tran sactions as per the reporting date. Note: BPEA Funds' MOIC are reported under LPA GAAP recyclin!a! methodolo!a!y to be consistent with other Key funds. Note: BPEA Funds' MOIC are reported under LPA GAAP recycling methodology to be consistent with other Key funds.

Real Assets

Definitions

Active funds

Funds currently investing or with not yet realized investments.

Committed capital

The total amounts that fund investors agree to make available to a fund during a specified time period.

Commitment period/ Investment period

First phase of a fund lifecycle after fundraising, in which most of a fund 's committed capital is invested into portfolio companies. Management fees are normally based on committed capital during this period.

Current Gross MOIC (Multiple of Invested Capital)

A fund 's Gross MOIC based on the current total value and invested capital.

Effective management fee rate

Weighted average management fee rate for all EQT funds contributing to FAUM at a specific date.

EQT

Where used on its own, is an umbrella term and may refer interchangeably to the EQT AB Group, SEP Holdings Group and/or EQT funds, as the context requires.

EQT AB Group or the Group

EQT AB and/or any one or more of its direct or indirect subsidiaries (for the avoidance of doubt excluding the EQT funds and their portfolio companies).

Adjusted Effective Tax Rate

Adjusted income taxes in relation to Adjusted EBT excluding carried interest and investment income.

Exits

Cost amount of realized investments (realized cost) from an EQT fund.

Expected Gross MOIC

A fund 's expected Gross MOIC at termination, when a fund is fully realized, based on the estimated total value and invested capital upon realization.

FAUM

Fee-generating Assets Under Management ("FAUM") represents the total assets and commitments from fund investors based on which the EQT AB Group is entitled to receive management fees.

Final close

The last date determined for each fund upon which admissions of investors to the fund are accepted by the fund manager.

FTE

The number of full-time equivalent personnel on EQT AB Group's payroll.

FTE+

The number of full-time equivalent personnel and contracted personnel working for EQT AB Group.

Fund size

Total committed capital for a specific fund.

Gross inflows

New commitments through fund raising activities or increased investments in funds charging fees on net invested capital.

Gross fund exits

Value of realized investments (realized value) from an EQT fund. Refers to signed realizations in a given period.

GrossMOIC

Total value of investments divided by total invested capital.

Invested capital

Committed capital that fund investors have invested in a fund.

Investment level/% Invested

Measures the share of a fund's total commitments that has been utilized. Calculated as the sum of (i) closed and/or signed investments, including announced public offers, (ii) any earn-outs and/or purchase price adjustments and (iii) less any expected syndication, as a% of a fund 's committed capital.

Investments

Signed investments by an EQT fund.

Key funds

Funds with commitments that represent more than 5% of total commitments in active funds.

Net invested capital

Invested capital not yet realized (remaining cost). Management fees are generally based on net invested capital after the commitment period / investment period.

Post-commitment period/ Divestment period

Phase of a fund lifecycle after the commitment period, in which most of a fund 's investments are realized. Management fees are normally based on the net invested capital during the period.

Private Capital

Business segment comprised of business lines EQT Ventures, EQT Life Sciences, EQT Healthcare Growth, EQT Growth, EQT Private Equity, EQT Private Capital Asia, EQT Public Value and EQT Future.

Real Assets

Business segment comprised of business lines EQT Value-Add Infrastructure, EQT Active Core Infrastructure and EQT Exeter.

Realized value/ (Realized cost)

Value (cost) of an investment, or parts of an investment, that at the time has been realized.

Remaining value/ (Remaining cost)

Value (cost) of an investment, or parts of an investment, currently owned by the EQT funds.

Start date

A fund 's start date is the earlier of the first investment or the date when management fees are charged from fund investors.

Step-down

Step-downs in AUM generally resulting from the end of the investment period in an existing fund or when a subsequent fund starts to invest. Fees in a specific fund will normally be charged on net invested capital post step-down.

Target Gross MOIC

Measure used in fund raising of an EQT fund as a fund 's target level of investment return based on Gross MOIC.

TotalAUM

Total Assets Under Management ("Total AUM") represents the sum of (i) FAUM, (ii) value appreciation (depreciation) of investments in funds on which FAUM is calculated upon, (iii) fair market value of non-feegenerating co-investments as well as (iv) committed but undrawn capital from fund investors on which EQT AB Group is not currently entitled to receive management fees but that, following investment, would be fee generating.

8

Financial calendar		Contacts
▪ Annual shareholders' meeting 2024, Stockholm ▪ Half-year report January-June 2024	27 May 2024 18 July 2024	Kim Henriksson CFO +46 8 506 55 300 kim.henriksson@eqtpartners.com
▪ Quarterly announcement July-September 2024	17 October 2024	Olof Svensson Head of Shareholder Relations +46 72 989 09 15 olof.svensson@eqtpartners.com
		Richard Buch Head of Corporate Communications +46 72 989 09 11 richard.buch@eqtpartners.com
Auditors Review This quarterly announcement has not been reviewed by ´ EQT s auditors.		This is information that EQT AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons, at 07:30 CEST on 18 April 2024.

About EQT

EQT is a purpose-driven global investment organization focused on active ownership strategies. With a Nordic heritage and a global mindset, EQT has a track record of almost three decades of developing companies across multiple geographies, sectors and strategies. EQT has investment strategies covering all phases of a business' development, from start-up to maturity. EQT has EUR 242 billion in total assets under management (EUR 132 billion in fee-generating assets under management), within two business segments - Private Capital and Real Assets.

With its roots in the Wollenberg family's entrepreneurial mindset and philosophy of long-term ownership, EQT is guided by a set of strong values and a distinct corporate culture. EQT manages and advises funds and vehicles that invest across the world with the mission to future-proof companies, generate attractive returns and make a positive impact with everything EQT does.

The EQT AB Group comprises EQT AB (publ) and its direct and indirect subsidiaries, which include general partners and fund managers of EQT funds as well as entities advising EQT funds. EQT has offices in more than 25 countries across Europe, Asia and the Americas and has more than 1,800 employees.

More info: www.eqtgroup.com

Follow EQT on Linkedln, X, YouTube and lnstagram

Our values What we stand for

High performing Respectful Entrepreneu ria I Informal Transparent

Purpose Why we exist

To future-proof companies and make a positive impact for all.

Vision What we strive for

To be the most reputable investor and owner.

Mission

What we do and how

With differentiated talent and the best global network, EQT uses a thematic investment strategy and distinctive value creation approach to create superior returns for EQT's investors.