EQT

Investor Presentation • Apr 16, 2025

EQT AB Q1 Announcement 2025

A global platform equipped to navigate uncertain markets

The world is once again facing significant economic and geopolitical uncertainty. After a strong first quarter in terms of fundraising, exits, and investments, we are now navigating a new market environment. Our portfolio is thematically invested across sectors such as healthcare, software, and essential infrastructure with limited direct exposure to tariffs. As we look ahead, exit activity will slow down, but periods of disruption often bring compelling investment opportunities. With more than EUR 50 billion of dry powder1, we are well-positioned to navigate uncertainty to the benefit of our clients and shareholders. Over our 30 year history, we have managed volatility and multiple cycles, emerging stronger each time.

Executing on our fundraising agenda

We are pleased that our flagship infrastructure fund hit its hardcap at the end of the quarter, raising EUR 21.5 billion in total commitments - a testament to our platform's consistent performance and hands-on, industrial value creation approach. BPEA IX was activated during the period and is expected to reach its USD 12.5 billion target fund size during the summer. Across these funds, we expect to have EUR 25 billion of capital to invest, in addition to more than EUR 25 billion across our other funds.1

The deterioration in market conditions in recent weeks will have an impact on the broader fundraising landscape. We do not anticipate private market fundraising volumes to return to 2021 levels until 2027 at the earliest, and the pace of recovery may remain slow unless market sentiment and realization volumes across private markets improve in the coming quarters. Still, our recent fundraising successes underscore how larger managers with established track records - like EQT - continue to attract capital, even amid more challenging conditions.

During the quarter, we continued laying the foundation for growth in the private wealth channel. We introduced EQT Nexus Infrastructure, our latest evergreen strategy that provides

individual and institutional investors access to a diversified range of infrastructure investment strategies. This marks EQT's third active private wealth product. Furthermore, we expect to launch our first private equity focused evergreen vehicle in the U.S. during the summer, with two global distributors, and preparations continue for an evergreen Infrastructure product in the U.S.

Performance

Key fund valuations were resilient during the first quarter, supported by strong operating performance. The valuation uplift particularly in our more recent vintages - was partially offset by the share price performance of listed holdings, specific pockets of underperformance, and FX movements.

So far in the second quarter, EQT's listed holdings have declined by 9%. 2 While listed holdings account for less than 10% of the Key funds' combined unrealized value, lower valuation references in the public markets are likely to impact fund valuations for Q2.

We have managed uncertain market conditions many times in the past, not least during the Global Financial Crisis in 2008, and most recently Covid and the subsequent spike in inflation. This time, we are better positioned to navigate uncertainties than ever before.

We have a truly global platform, with local insights in every market, a diversified portfolio, and the ability to find the best deals across the globe.

We are active owners, equipped to be nimble and take swift action to manage risk, but also seize opportunities to advance value creation and execute on attractive deals. For example, EdgeConnex was acquired by EQT Infrastructure at the start of the pandemic and has since grown into one of the largest data center platforms globally, with a double-digit billion-dollar valuation.

Uncertainty is high as it relates to the final outcome and implementation of tariffs, as well as the effect on the global economy. Based on our current assessment, we expect tariffs to have a limited first-order impact on our portfolio companies and assets. In Private Capital, a large part of the portfolio is allocated to sectors such as Healthcare and Software. In Infrastructure, our portfolio companies provide essential services and are largely local businesses operating in digital infrastructure, transportation, and energy - sectors with limited exposure to exports, though some companies could be affected by changes in global supply chains. In Real Estate, a slowdown in economic growth could affect demand for logistics. Beyond a limited direct impact of tariffs on our overall portfolio, we are closely monitoring and assessing any second and third order impacts, be it a slowdown in global growth, higher inflation, or a further escalation in geopolitical risks.

Portfolio company financing remains robust and can weather a prolonged period of macroeconomic uncertainty. Only about 5% of the portfolio company debt matures before 2028. Even our vintages which are no longer in investment mode have dry powder available, and times of disruption can offer opportune moments for our portfolio companies in these

funds to execute bolt-on acquisitions at attractive valuations.

Executing on innovative transactions

The recent deterioration in market conditions will inevitably impact our exit agenda this year. However, with a strong track record of delivering liquidity to our clients, and a relatively young portfolio, we can afford to be patient. We prefer our portfolio companies to focus on value creation rather than allocating time to exit processes in uncertain markets.

That said, we executed well in the first quarter, announcing EUR 4 billion of exits and EUR 4 billion of investments. We also offered almost EUR 4 billion in co-investment opportunities for clients. Notably, we continued to showcase our ability to execute on large and innovative transactions to create liquidity for our clients. For example:

• A consortium led by EQT Private Capital Asia completed the acquisition of Nord Anglia from EQT and co-investors, delivering a successful exit for BPEA VI clients with a return of 3.5x MOIC1. The transaction illustrates our ability to "run with the winners" and many characteristics of a "private IPO": providing prior investors with a liquidity window, significantly broadening the shareholder base to over 70 investors, including some with time horizons long beyond the average private equity holding period;
• EQT completed various share sales of listed portfolio companies such as Azelis, Galderma, and Waystar by EQT Private Equity, as well as Kodiak Gas Services by EQT Value-Add Infrastructure. According to Dealogic, EQT was the most active private markets firm across global equity capital markets in the first quarter, extending our strong track record from 2024;

• EQT completed a minority stake sale of IFS, a leading provider of cloud enterprise software and Industrial Al applications, valuing the company at EUR 15 billion (Sx weighted MOIC)1. The sale represents a full exit for EQT VIII, while EQT IX remains a co-control shareholder in the company.

Positioning for growth

Reflecting on the past six years since I became CEO, I'm very proud of what our team has accomplished. EQT has become a top-tier global private markets platform and a leader in active ownership strategies. We have achieved scale across private equity, infrastructure, and real estate, expanded our investment strategies, and successfully integrated EQT Private Capital Asia - formerly BPEA - enabling a truly global presence across private markets. The number of clients investing in active EQT funds has more than tripled since our IPO, with growing regional diversification. EQT has also built a dedicated private wealth platform from the ground up. Most importantly, we have maintained a relentless focus on performance, with all Key funds consistently performing On or Above plan throughout the period.

As I am preparing to hand over the role of CEO, I am excited to see Per apply his track record of building world-class businesses to EQT. With a promising runway for private wealth products, a top-tier institutional client base, and highly differentiated deal-sourcing and value creation capabilities, I am confident that EQT is well-positioned for the future.

Christian Sinding CEO and Managing Partner

Strategic

• EQT introduced EQT Nexus Infrastructure, its latest evergreen strategy available for individual and institutional investors in EMEA, APAC and Canada. The product offers exposure to EQT's infrastructure strategies and direct investments in infrastructure companies in EQT's portfolio. EQT now has three products available for private wealth
• EQT expects to launch a U.S. evergreen product during the summer with two global distributors; one private bank and one wirehouse. The product will invest across the Private Capital platform. Furthermore, preparations continue for a U.S. evergreen product focused on Infrastructure

Fund raising

• FAUM increased to €142bn (€132bn) and Total AUM amounted to €273bn (€242bn). Gross inflows amounted to €12bn, primarily driven by closed out commitments from BPEA IX and EQT Infrastructure VI
• EQT Infrastructure VI closed at €21.5bn in total commitments, including €21.3bn in fee-generating commitments, exceeding its €20bn target and hitting its €21bn hard-cap. The final size represents a 35% increase on the fund 's predecessor, owing to strong support from both existing and new investors
• BPEA Private Equity Fund IX was activated on 1 March 2025. As of 16 April 2025, it has received commitments of more than \$10bn. The fund will hold its first close during April and is expected to reach its target fund size of \$12.5bn during the summer. Fundraising is expected to materially conclude during the second half of the year. As previously communicated, the hard-cap for investor commitments for BPEA IX is \$14.5bn

Investment performance

• All Key funds continued to perform On or Above plan. Key fund valuations increased by on average 1% during the quarter. The performance of more recent vintages in Private Capital was particularly strong, as recent investments continued to perform ahead of plan. Strong underlying performance across the portfolio was partly offset by lower share prices for listed holdings in EQT VIII, EQT Infrastructure IV, and BPEA VIII; specific pockets of underperformance; and negative FX effects
• EQT's portfolio companies have limited direct exposure to the recently announced tariffs. The EQT funds in Private Capital are primarily invested in sectors such as Healthcare, Software, and Services, with no or limited exposure to manufacturing or trading of physical goods. However, a deterioration in global GDP growth, inflation, or constrained financial markets, as well as factors such as changes in supply chains and trade patterns, would likely have secondary effects on the portfolio companies
• The recent deterioration in market conditions and lower public market valuation references may negatively impact the EQT fund valuations in Q2

Investment activity

• Total investments by the EQT funds amounted to €4bn. EQT was particularly active in our key sub-sectors such as digital infrastructure, energy transition, education, healthcare, software, and logistics real estate. In addition, EQT provided co-investment opportunities of almost €4bn for its clients

Exit activity

• EQT announced total gross fund exits of €4bn, more than doubling the more muted exit volumes in Ql 2024
• In March, EQT Private Capital Asia closed its largest exit to-date as EQT, as part of a global consortium of premier institutional investors, completed the acquisition of Nord Anglia Education from BPEA VI and co-investors. Through the investment from BPEA VIII, EQT will continue to serve as a long-term partner to Nord Anglia, creating further value creation opportunities for its clients
• Public market exits represented approximately a third of total exit volumes during Ql, with sell-downs in EQT VII l's listed holdings Galderma, Azelis, and Waystar; and EQT Infrastructure Ill and Vi 's holdings in Kodiak
• Having executed on its exit agenda throughout the first quarter, EQT expects a material slow down in exit activity given the recent deterioration in market conditions and elevated uncertainty across global markets

People

• The Board of Directors appointed Per Franzen as CEO and Managing Partner, effective as of the Annual Shareholders' Meeting on 27 May 2025. Christian Sinding will become an Institutional Partner and in this role, he will Chair the EQT Council. He will also continue to Chair the Global Investment Forum and remain a member of several Investment Committees
• Bert Janssens and Eric Liu were appointed Co-Heads of EQT Private Capital Europe & North America
• The Nomination Committee has proposed Jacob Wallen berg Jr as a new Board member of EQT. The proposal is subject to approval at EQT's Annual Shareholders' Meeting on 27 May 2025
• The number of full-time equivalent employees (FTE) amounted to 1,893 (1,802). As of 2025, EQT will no longer report FTE+ (FTE including on-site consultants). In line with previous reporting, costs of on- site consultants are reported as Other operating expenses

Other

• The Board of Directors resolved to repurchase a maximum of approximately 4.9 million own ordinary shares, corresponding to 0.4% of EQT's share capital. As previously announced, EQT intends to execute share buyback programs twice a year to offset - over time - the dilution impact from shares delivered to EQT's employees under its Share and Option incentive programs. EQT repurchased approximately 1.5 million shares during the first quarter
• At the end of the period, the number of portfolio companies with validated science-based targets amounted to 54, representing more than 65% of invested capital. In addition, 15 companies are in the process of setting targets
• EQT is considering further diversifying its funding base. EQT currently has three bonds outstanding with a total nominal value of €2bn, maturing in 2028, 2031 and 2032, respectively, as well as an undrawn RCF of €1.5bn. EQT is rated A- by both Fitch and S&P
• On 22 May 2025, EQT will host a capital markets event in London focused on EQT's active ownership model and approach to value creation, featuring insights from portfolio company CEOs, Chairpersons, Industrial Advisors, and EQT's leadership team

Events after the reporting period

• EQT Infrastructure VI announced the acquisition of Eagle Railcar Services, and EQT X announced the acquisition of WTS. Both investments were agreed and therefore accounted for in Ql 2025
• EQT VIII and EQT IX announced the partial sale of IFS
• EQT VIII announced the sale of Karo Healthcare
• Investment levels in EQT Key funds as of 16 April 2025 were 50-55% in EQT X, 45-50% in EQT Infrastructure VI and 0-5% in BPEA IX

Fee-generating assets under management (FAUM)

FAUM by segment (€bn)	Private Capital	Real Assets	Total
At Dec 31, 2024	72.7	63.3	136.0
Gross inflows	8.1	4.4	12.4
Step-downs	-2.5	-0.6	-3.1
Exits	-0.9	-0.5	-1.5
FX and other	-0.4	-1.1	-1.5
At Mar 31, 2025	77 .0	65.4	142.4
Development during Q1 2025	6%	3%	5%

FAUM by segment (€bn)	Private Capital	Real Assets	Total
At Mar 31, 2024	73.0	59.0	132.0
Gross inflows	10.2	8.7	19.0
Step-downs	-2.5	-0.7	-3.2
Exits	-3.7	-1.5	-5.2
FX and other	0.0	-0.2	-0.2
At Mar 31, 2025	77.0	65.4	142.4
Development during the last 12 months	6%	11%	8%

Note: Any investment activity (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 which are charging fees based on net invested capital.

Gross investment performance of key EQT funds

Start		FAUM	Committed	Invested capital			Value of investments			Gross
(€bn)	date	FAUM	capital	Total	Realized	Remaining	Total	Realized	Remaining	MOIC
Private Capital
EQT VII	Jul-15	2.7	6.9	6.4	3.9	2.5	16.6	11.8	4.8	2.6x
EQT VIII	May-18	7.0	10.9	10.1	3.3	6.8	23.9	10.6	13.3	2.4x
BPEA VII	Jul-18	3.9	5.7	3.8	2.7	1.1	9.7	3.0	6.7	2.6x
EQT IX	Jul-20	14.0	15.6	14.2	0.8	13.4	23.5	1.7	21.8	1.7x
BPEA VIII	Sep-21	7.4	9.7	9.1	0.1	9.0	11.3	0.1	11.1	1.2x
EQT X	Jul-22	21.7	21.7	8.5	-	8.5	10.2	-	10.2	1.2x
BPEA IX	Mar-25	7 .1	7.1	-	-	-	-	-	-	n.a.
Other Private Capital		13.2		15.2			28.8
Real Assets
EQT Infrastructure III	Nov-16	0.8	4.0	3.8	3.1	0.8	10.4	8.6	1.8	2.7x
EQT Infrastructure IV	Nov-18	7.3	9.1	7.4	0.6	6.8	13.7	1.0	12.8	1.9x
EQT Infrastructure V	Aug-20	12.5	15. 7	11. 7	0.0	11. 7	17.8	0.3	17.5	1.5x
EQT Infrastructure VI	Dec-22	20.9	21.3	7.3	-	7.3	8.1	-	8.1	1.1x
Other Real Assets		23.8		25.4			34.8
Total	·	142.4		122.8			208.8
Note: Invested capital	Note: Invested capital and value of investments reflect only closed transactions as per the reporting date.

	Gross MOIC	Gross MOIC	Gross MOIC	Gross MOIC	Gross MOIC	Expected Gross
	31 Mar 2024	30 Jun 2024	30 Sep 2024	31 Dec 2024	31 Mar 2025	MOIC 31 Mar 2025
Private Capital
EQT VII	2.5x	2.5x	2.5x	2.6x	2.6x	Above plan
EQT VIII	2.2x	2.2x	2.2x	2.5x	2.4x	Above plan
BPEA VII	2.4x	2.4x	2.5x	2.5x	2.6x	Above plan
EQT IX	1.4x	1.4x	1.4x	1.6x	1.7x	On plan
BPEA VIII	1.2x	1.3x	1.3x	1.3x	1.2x	Above plan
EQT X	1.1x	1.1x	1.1x	1.1x	1.2x	On plan
BPEA IX	-	-	-	-	n.a.	n.a.
Real Assets
EQT Infrastructure III	2.7x	2.7x	2.7x	2.8x	2.7x	Above plan
EQT Infrastructure IV	1.7x	1.8x	1.8x	1.9x	1.9x	On plan
EQT Infrastructure V	1.4x	1.5x	1.5x	1.5x	1.5x	On plan
EQT Infrastructure VI	1.0x	1.1x	1.1x	1.1x	1.1x	On plan
Note: Data for current Gr	oss MOIC reflect	only closed inv	estments and	realizations. Fo	r Private Equit	y funds (part of

segment Private Capital), "On Plan" refers to expected Gross MOIC between 2.0-2.5x. For Infrastructure funds (part of segment Real Assets), "On Plan" refers to expected Gross MOIC between 1.7-2.2x.

Active funds Funds currently investing or with not yet realized investments.

Business line As the context requires, the EQT fund or funds investing under any of the business lines, or the team of EQT Partners Investment Advisory Professionals who advise the General Partners and/or managers of the EQT funds within that business line.

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 inter-changeably to the EQT AB 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).

Exits (FAUM table) 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.

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

Fund size Total committed capital for a specific fund.

Gross inflows New commitments through fundraising 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.

Gross MOIC 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 strategies EQT Ventures, EQT Life Sciences, EQT Healthcare Growth, EQT Growth, EQT Private Equity, EQT Private Capital Asia and EQT Future.

Real Assets Business segment comprised strategies EQT Value-Add Infrastructure, EQT Active Core Infrastructure, EQT Transition Infrastructure and EQT Real Estate.

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.

Share of invested capital with validated science-based targets Based on share of invested capital according to the Science-Based Targets Initiative's (SBTi) guidelines for private equity firms . EQT includes all control/co-control strategies, calculated based on unrealized cost ( excluding co-investment), and applies a 24-month grace period. Exited companies are excluded, but assets owned less than 24 months with validated SBTs are included.

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 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 fundraising of an EQT fund as a fund's target level of investment return based on Gross MOIC.

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-fee-generating 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.

Value creation Change in value between opening and closing balance, excluding any added or deducted invested capital during the period, equivalent to the like-for-like fund performance.

			Financial calendar

Capital Markets Event in London - Value creation through the lens of EQT's portfolio companies

22 May 2025

Kim Henriksson

Contact

CFO

kim.henriksson@)eqtpartners.com

Annual Shareholders' Meeting 2025, to be held in Stockholm

27 May 2025

Olof Svensson

Head of Shareholder Relations

+46 72 989 09 15

olof.svensson@)eqtpartners.com

Half-year report January-June 2025 17 July 2025

16 October 2025

Rickard Buch

Head of Corporate Communications

+46 72 989 09 11

rickard.buch@)eqtpartners.com

Quarterly announcement July-September 2025

Auditor's review

This quarterly announcement has not been reviewed by EQT AB'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 07:00 CEST on 16 April 2025.

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 more than 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 273 billion in total assets under management (EUR 142 billion in fee-generating assets under management) as of 31 March 2025, 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 1,900 employees.

More info: www.eqtgroup.com Follow EQT on Linkedln, X, YouTube and lnstagram

Our values

What we stand for

High performing Respectful Entrepreneurial 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.