EQT

Annual Report • Jan 23, 2025

Year-End Report 2024

Gearing up for long-term growth

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

Strategic

• EQT introduced two new strategies: EQT Healthcare Growth, a dedicated healthcare buyout strategy, and EQT Transition Infrastructure, investing in energy transition-related infrastructure
• EQT enhanced its focus on private wealth through senior team hires, branding efforts, the addition of further distribution banks, and the launch of new products. In 2025, EQT expects to launch three additional evergreen vehicles, and thereby have five active vehicles available for private wealth, including three dedicated to the US, and two dedicated to Europe and Asia
• EQT strengthened its central platform to enable continued scalable growth, as EQT expands its offering of vehicles for private wealth, enhances its capital raising efforts to attract new clients and increase cross-selling, launches new investment strategies, and expands its investment advisory teams and investment activities across North America and Asia
• ▪ In recent years, EQT has launched ten strategies which are at an early stage of scalability and profitability, and is currently incurring costs associated with its recently launched and upcoming private wealth products, which had an impact on EQT's margins EQT continues to assess strategic opportunities, organically or through acquisitions to strengthen its platform

Adjusted Financials - reflecting EQT's underlying performance1

• Management fees increased primarily due to closed out commitments. Carried interest and investment income increased driven by value creation and higher realization activity, and the EBITDA margin was flat, reflecting the impact of long-term growth initiatives. EQT continues to expect to be at the upper end of its stated 55-65% EBITDA margin target range in years when substantial carried interest is recognized. As outlined at EQT's capital markets day in March 2024, EQT furthermore expects to reach the 55-65% EBITDA margin target range also excluding carried interest and investment income during the next fund raising cycle
• The US Multifamily fund initiative has been discontinued. The associated costs such as redundancies and the revaluations of certain investments made with the support of EQT's balance sheet - totaling approximately EUR 80m net of tax - are treated as an item affecting comparability and are therefore excluded from EQT's adjusted financials (see Note 1)
• Total Revenue amounted to EUR 2,355m (EUR 2,131m), an increase of 11%. Management fees increased by 7%. Carried Interest and Investment Income amounted to EUR 251m (EUR 165m), an increase of 52%
• EBITDA amounted to EUR 1,359m (EUR 1,226m), corresponding to an EBITDA margin of 58% (58%). Fee-related EBITDA amounted to EUR 1,108m (EUR 1,062m), corresponding to a Fee-related EBITDA margin of 53% (54%)
• Net Income from continuing operations amounted to EUR 1,115m (EUR 1,019m)
• Earnings Per Share for continuing operations before and after dilution amounted to EUR 0.942 (EUR 0.860) and EUR 0.942 (EUR 0.859), respectively

Reported Financials - IFRS2

• Total Revenue amounted to EUR 2,653m (EUR 2,122m). Carried Interest and Investment Income amounted to EUR 549m (EUR 156m)
• EBITDA amounted to EUR 1,324m (EUR 731m), corresponding to an EBITDA margin of 50% (34%)
• Net Income from continuing operations amounted to EUR 776m (EUR 177m)
• Earnings Per Share for continuing operations before and after dilution amounted to EUR 0.656 (EUR 0.149) and EUR 0.656 (EUR 0.149), respectively
• 1) Adjusted Financials, which ore alternative performance metrics for the EQT AB Group. For a full reconciliation, please refer to section "Alternative performance measures" 2) As of Jon 1, 2024, EQT hos, in accordance with IA\$ 8, changed accounting principles relating to carried interest, see Note 6. Adjusted Revenue is unchanged compared to prior periods.

2) PEI

3) Signed transactions, if not otherwise mentioned

4) Dealogic and Goldman Sachs

Highlights for the period Jan-Dec 2024 (Jan-Dec 2023)	Total and fee-generating AUM		FAUM TAUM
Fundraising	EURbn
▪ In 2024, the global fund raising market saw lower volumes of completed fundraisings compared to 2023, extended fundraising timelines, and marginal improvements in liquidity dynamics as realization volumes across global private markets remained subdued	232	269
▪ Larger managers with an established track-record attracted an outsized share of client commitments as clients consolidated their relationships with fewer managers, a trend which EQT benefited from. EQT strategies across the world completed fundraises in 2024 that combine to around EUR 30bn in total commitments 1, including EQT X, the largest private equity fundraise to be completed globally in 20242
▪ Gross inflows amounted to EUR llbn (EUR 24bn), primarily driven by closed out commitments from EQT X and Infrastructure VI	2023	2024
▪ FAUM increased to EUR 136bn (EUR 130bn). Total AUM was EUR 269bn (EUR 232bn)			H2
▪ EQT Infrastructure VI had fee-generating commitments of EUR 18.lbn. The fund is expected to reach its target size upon its final	Investments by EQT funds		Hl
close in the first quarter of 2025 ▪ EQT set the hard cap for investor commitments of USD 14.5bn for EQT Private Capital Asia's BPEA Private Equity Fund IX. The target fund size for BPEA IX is USD 12.5bn, and EQT expects commitments to approach the target fund size upon first close during the first	EURbn
half of 2025. BPEA IX is expected to be activated in the first half of 2025		22
▪ EQT Nexus' NAV amounted to approximately EUR lbn, with inflows accelerating during the fourth quarter. EQRT, EQT's semi-liquid strategy focusing on direct investments in commercial real estate, announced its first investments and is expected to gradually
increase marketing and fund raising efforts when the real estate fund raising market improves
Investment and exit activity3
▪ EQT had one of its most active investment years ever, with total investments by the EQT funds amounting to EUR 22bn, an increase of 27% compared to 2023. In addition, EQT provided co-investment opportunities of EUR 12bn for its clients	2023	2024
▪ EQT announced new investments across focus themes including digitalisation, energy transition, cyber security, education, waste management, transportation, and logistics	Gross EQT funds exits EURbn		H2 Hl
▪ EQT Exeter more than doubled investment volumes to almost EUR 4bn, to mark its most active investment year since the combination with EQT in 2021
▪ EQT accelerated exit activity and announced total gross fund exits of EUR llbn, a 72% increase on 2023		11
▪ Exit events included complete sales, Initial Public Offerings (IPOs), monetizations of listed holdings, and minority stake sales making 2024 a record year in terms of the number of exit events for the EQT funds	6

▪ EQT was the most active private markets firm globally in 2024 as it relates to IPOs and follow-on volumes4

1) EQT X (EUR 22bn), EQT Future (EUR 3.6bn), BPEA Mid-Market Growth (EUR l.5bn), and EQT Active Core Infrastructure (EUR 2.9bn)

3

2024

2023

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

Investment performance

• All Key funds continued to perform On or Above plan. At the end of the period, EQT increased its expectation for BPEA VIII to perform Above plan, based on the fund's strong value creation outlook
• Value creation in key funds amounted to 18% during 2024, underpinned by strong underlying Sales and EBITDA developments, supportive valuation references, realizations and exit processes. In particular, the fourth quarter of 2024 marked a meaningful improvement, being the strongest quarter in three years in terms of value creation
• Key funds in EQT Infrastructure, and more recent vintages in Private Capital EU & North America and Private Capital Asia saw the strongest performance. EQT IX performed particularly well towards the end of the year on the back of strong operational performance and supportive pies, including for companies being readied for exits

Balance sheet, realization of carried interest and liquidity

• At 31 December 2024, interest bearing liabilities amounted to EUR 2,000m1. Cash and cash equivalents amounted to EUR 1,024m. EQT's EUR 1.Sbn sustainability-linked revolving credit facility was undrawn and the facility was extended in July 2024 with a tenor of 5 years with two 1-year extension options. Net Debt (ND) amounted to EUR 976m. ND/ Adjusted EBITDA was 0.7x and ND/Adjusted Fee-related EBITDA 0.9x
• Reported Carried Interest amounted to EUR 587m (EUR 134m)2. Adjusted Carried Interest amounted to EUR 176m (EUR 142m). Realized (cash) carried interest amounted to EUR 59m (EUR 115m)
• EQT repurchased a total of 4.2 million shares (EUR 118m) to offset the potential dilution from EQT's equity incentive programs
• In addition to EQT's A- (Stable) rating from Fitch, EQT obtained an A- (Stable) rating from S&P, underscoring EQT's operational strength and robust financial position

People and future-proofing

• The number of full-time equivalent employees and on-site consultants (FTE+) amounted to 1,941 (1,838), of which 1,886 (1,777) were FTEs. New hires in 2024 were made to strengthen the capital raising platform as well as the investment teams to enable scalable future growth
• Masoud Homayoun was appointed Head of EQT Infrastructure
• Henry Steinberg was named Global Head of EQT Exeter, after Ward Fitzgerald decided to step down
• During 2024, the number of portfolio companies with validated science-based targets increased by 28, taking the total number of portfolio companies with validated targets to 52, or more than 60% of invested capital, at the end of the period. This is about three times higher than the median alternative asset manager3. In addition, 14 companies are in the process of setting targets

Note: The odjusted metrics ore alternative performance metrics for the EQT AB Group. For a full reconciliation, please refer to section "Alternative performance measures' 1) Nominal amount

2) As of Jan 1, 2024, EQT has, in accordance with IA\$ 8, changed accounting principles relating to carried interest, see Note 6. Adjusted Revenue is unchanged compared to prior periods. 3) BCG, May 2024

Investment performance

	On plan	Above plan
Private Capital	EQTIX EQTX	EQTVII BPEAVII EQTVIII BPEAVIII
Real Assets	EQT Infrastructure IV EQT Infrastructure V EQT Infrastructure VI	EQT Infrastructure Ill

Carried interest EURm Adjusted carried interest 176 142 2023 2024 Realized (cash) carried interest 115 59 2023 2024

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

Other

• EQT Exeter, which will operate under the EQT Real Estate brand going forward, will continue to focus primarily on industrial (logistics) real estate. The US Multifamily fund initiative has been discontinued, and the associated costs such as redundancies and the revaluations of certain investments made with the support of EQTs balance sheet - totaling approximately EUR 80m net of tax - are reported in the period as an item affecting comparability (see Note 1). EQT Real Estate has also decided not to pursue further investments in the office and life sciences property sector for the time being
• EQT established offices in Warsaw, Poland and Bengaluru, India. The Warsaw office is expected to become a significant tech development hub for EQT, and the Bengaluru office will host junior investment advisory professionals working with our global teams
• During 2023 and 2024, lock-ups related to 20% of EQT's share capital expired (including 12% in September 2024). Current and former employees subject to lock-up expiries during 2023 and 2024 continue to own a majority of those shares. Liquidity in the EQT share increased by approximately 33% following the 2024 lock-up expiry in September, compared to the 12 month period prior (source: Bloomberg), and EQT's weight in certain indexes increased during the fourth quarter
• In December, EQT was included in the Dow Jones Sustainability Index (DJSI) for the third consecutive year, and is the only private market firm globally to be part of DJSI World

Events after the reporting period

• The Board proposes a dividend per share of SEK 4.30 (3.60), to be paid in two installments, SEK 2.15 (1.80) in June 2025 and SEK 2.15 (1.80) in December 2025
• Investment levels in EQT Key funds as of 23 January 2025 were 45-50% in EQT X, 45-50% in EQT Infrastructure VI and 80-90% in BPEA VIII
• Anna Wahlstrom, Leadership Strategy and Culture Enabler, stepped down from EQT's Executive Committee. Anna's role and scope remains unchanged
• Alex Lowen was appointed Global Head of Human Resources

Gearing up for long-term growth

Private markets are returning to their long-term growth trajectory. The global economy is growing, paced by Asia and the US, central banks have cut interest rates, and capital markets are robust albeit volatile. We live in times of rapid technological and societal shifts. At EQT we continuously adapt, while remaining focused on building resilient companies, infrastructure, and real estate. In 2024, we returned to record levels of investments, increased exit activity, drove significant value in our portfolios, and closed the largest private equity fund globally1. In recent years, we launched a number of new strategies and are now primed to hit the ground running as we embark on a new EUR 100 billion fundraising cycle.

Recent market developments give us some reason to be positive. In the US, which equates to about a third of our global portfolio, sentiment is strong, and corporate activity is on the rise. We are equally positive about Asia Pacific - a region that continues to benefit from high economic growth and the relative underfunding of its private markets. On the other hand, Europe is facing economic and political challenges, but this brings with it opportunity; in recent years we have taken advantage of relatively lower valuations in Europe to acquire high-quality companies. Geopolitical, trade, and security risks across the globe can have a significant impact on the global economy and our activities, so we continue to carefully assess risks.

As we look at our portfolio for the coming year - be it in Europe, Asia or North America - we expect double digit EBITDA growth for more than three quarters of the portfolio, given we own companies and assets that benefit from secular tailwinds, in sectors such as healthcare, technology and infrastructure.

Over the past 30 years, we have continuously refined our toolbox for creating value. This gives us an edge, which is evident in our performance - all Key funds continue to

perform On or Above plan, with fund performance amounting to 18 percent for the year, on a like-for-like basis. In fact, 04 2024 stands out as the best quarter for value creation in three years.

Setting dealmaking highs

2024 was EQT's most active investment year ever. We invested more than EUR 22 billion, an increase of almost 30 percent compared to 2023. We also provided approximately EUR 12 billion in co-investment opportunities, which is an increasingly important part of building strong relationships with clients - and we have significant further co-investments in the pipeline.

Exits are a key focus. Gross fund exits increased by more than 70 percent in 2024, making it a record year in terms of the number of exit events within our Key funds . In fact, we were the most active private markets firm globally in terms of public market transactions, including IPOs and selldowns2. We are finding innovative ways to create liquidity in the private markets, as we have demonstrated with the partial monetization of large holdings such as Nord Anglia and EdgeConnex.

Entering a EUR 100 billion fundraising cycle

The overall fundraising market in 2024 was relatively muted, with annual global fundraising volumes in private equity and infrastructure down. That said, larger managers with established track records continue to attract an outsized share of client commitments. In 2024, EQT strategies across the world completed fundraises that combined to around EUR 30 billion in total commitments. This included the EUR 22 billion close of EQT X, our flagship private equity fund, which was the largest private equity fund closed globally during 2024 and EQT's largest ever.

Our next key fund close will be Infrastructure VI, which is expected to reach its target in the first quarter of the year this marks the end of our latest fundraising cycle. With our newest flagship Asia Pacific private equity fund, BPEA IX, set to be activated in the first half of the year, we are now entering a new cycle. Fundraising is progressing ahead of initial expectations, as reflected in the USD 14.5 billion hard cap, and we expect to hold a first close near the fund's USD 12.5 billion target size in Hl. While it remains highly competitive, we are seeing signs of gradual improvement in the overall fundraising market. Against this backdrop we expect to launch raises of about EUR 100 billion in this fundraising cycle, building on our successful track record in established strategies while expanding into new areas.

Private wealth will play a key role in EQT's future. In 2024, we scaled up our private wealth efforts through senior team hires, branding initiatives, the addition of further distribution banks, and the launch of new initiatives. We expect to have five vehicles available for private wealth, including three dedicated to the US and two to Europe and Asia, available in 2025.

EQT introduced two new strategies last year: EQT Healthcare Growth, a mid-market healthcare buyout strategy, and EQT Transition Infrastructure.

The latter is dedicated to scaling businesses that help enable the transition to clean energy and a more resource-efficient, circular economy. Together with Value-Add and Active Core, EQT now has a complementary range of strategies that address the huge investment needed to transition to a lowcarbon economy.

Our priorities for 2025

This year we will continue to invest while maintaining our rigorous focus on exits. The year has started on a constructive note, yet activity will depend on how market conditions evolve.

continue to perform On or Above plan, with fund performance amounting to 18 percent for the year, on a likefor-like basis. In fact, 04 2024 stands out as the best quarter for value creation in three years.

We will act decisively when the buyer market is constructive, yet be patient if volatility returns. We are finding innovative ways to create liquidity in the private markets, while maintaining the balance between value creation and realizations through a systematic approach, driven by our Exit&. Liquidity Committees.

In recent years, we have launched ten strategies that are yet to scale, and our focus on the private wealth segment has a meaningful impact on costs, affecting our current margins. Since EQT went public in 2019, we have gradually expanded margins and, as our recent initiatives scale, we expect to continue our profitable growth journey. EQT continues to expect to be at the upper end of its stated 55-65% EBITDA margin target range in years when substantial carried interest is recognized . As outlined at EQT's capital markets day in March 2024, EQT furthermore expects to reach the 55-65% EBITDA margin target range also excluding carried interest and investment income during the next fundraising cycle.

We continue to look for ways to fine-tune the way we create value. For example, we are enhancing our bench of industrial advisers, upgrading our value creation playbooks for subsectors, and incorporating Al more into our processes We are further future-proofing our portfolio by integrating climate resilience into the companies' strategies.

The next 30 years

During 2024 we celebrated EQT's 30th anniversary. For three decades, we have worked tirelessly in our pursuit of being the most reputable investor and owner. Much has changed over the past three decades but our values remain the same: being informal, transparent, respectful, and entrepreneurial creates a high-performing culture. If you then add people who are aligned with these values and invest constantly in their development, you have a recipe for long-term success.

We can't see the future, but what we do know is that for the next 30 years and beyond we will continue to focus on what is in our control - helping companies, infrastructure, and real estate become more valuable over time through active ownership, long-term thinking, and global perspectives.

Christian Sinding, CEO&. Managing Partner

Key metrics and ratios

Investment activity by the EQT funds Key Financials

EURbn	H2 2024	H2 2023	2024	2023	EURm	H2 2024	H2 2023	2024	2023
Investments by the EQT funds	11.3	8.3	22.4	17.7	Adjusted Financials
Gross fund exits	7.0	2.1	11.2	6.5	Management fees	1,057	1,036	2,104	1,966

EURbn	H2 2024	H2 2023	2024	2023	Adj. EBITDA	749	653	1,359	1,226
FAUM (end of period)	136.0	129.6	136.0	129.6	Adj. EB/TOA margin, %	59%	59%	58%	58%
Average FAUM (during the period)	132.5	120.4	132.9	123.0	Adj. fee-related EBITOA	539	577	1,108	1,062
Effective management fee rate	1.42%	1.42%	1.42%	1.42%	Adj. fee-related EB/TOA margin, %	51%	56%	53%	54%

# of	2024	2023
FTE (end of period)	1.886	1.777
FTE+ (end of period)	1,941	1,838

EURbn	H2 2024	H2 2023	2024	2023	EURm	H2 2024	H2 2023	2024	2023
Investments by the EQT funds	11.3	8.3	22.4	17.7	Adjusted Financials
Gross fund exits	7.0	2.1	11.2	6.5	Management fees	1,057	1,036	2,104	1,966
					Carried interest and investment income	210	76	251	165
					Adj. total revenue	1,266	1,112	2,355	2,131
Fee-generating assets under management (FAUM)					Adj. total revenue growth, %	14%	38%	11%	39%
					Adj. total operating expenses	-51 7	-459	-996	-904
EURbn	H2 2024	H2 2023	2024	2023	Adj. EBITDA	749	653	1,359	1,226
FAUM (end of period)	136.0	129.6	136.0	129.6	Adj. EB/TOA margin, %	59%	59%	58%	58%
Average FAUM (during the period)	132.5	120.4	132.9	123.0	Adj. fee-related EBITOA	539	577	1,108	1,062
Effective management fee rate	1.42%	1.42%	1.42%	1.42%	Adj. fee-related EB/TOA margin, %	51%	56%	53%	54%
					Adjusted net income from continuing operations	615	551	1,115	1,019
					Reported Financials*
Employees					Management fees	1,057	1,036	2,104	1,966
# of	2024	2023			Carried interest and investment income	364	-29	549	156
FTE ( end of period)	1,886	1,777			Total revenue	1,421	1,007	2,653	2,122
FTE + ( end of period)	1,941	1,838			Total revenue growth, %	41%	32%	25%	42%
					Total operating expenses	-659	-681	-1,329	-1,391
					EBITDA	762	326	1,324	731
					EB/TOA margin, %	54%	32%	50%	34%
					Net income from continuing operations	494	57	776	177

The EQT AB share
	H2 2024	H2 2023	2024	2023
Number of shares (m, end of period)	1,181.3	1,184.8	1,183.3	1,184.8
Number of shares (m, average)	1,181.8	1,185.1	1,183.2	1,185.8
Number of shares, diluted (m, end of period)	1,182.8	1,185.8	1,184.2	1,186.4
Adj. earnings per share, basic (EUR)	0.520	0.465	0.942	0.860
Adj. earnings per share, diluted (EUR)	0.520	0.464	0.942	0.859
Earnings per share, basic (EUR)	0.418	0.048	0.656	0.149
Earnings per share, diluted (EUR)	0.418	0.048	0.656	0.149

* As of January 1, 2024, EQT has, in accordance with IAS 8, changed accounting principles relating to carried interest, see Note 6. Adjusted Revenue is unchanged compared to prior periods

Note: The adjusted metrics are alternative performance metrics for the EQT AB Group. For a full reconciliation, please refer to section "Alternative performance measures (APM)"

Fee-generating assets under management (FAUM)

Development during the second half of 2024

FAUM by segment (EURbn)	Private Capital	Real Assets	Total
At Jun 30, 2024	72.8	60.3	133.1
Gross inflows	1.5	3.1	4.6
Step-downs	0.0	0.0	0.0
Exits	-1.7	-0.8	- 2.5
FX and other	0.1	0.7	0.8
At Dec 31, 2024	72.7	63.3	136.0
Since Jun 30, 2024	0%	5%	2%

Development during the last twelve months

FAUM by segment (EURbn)	Private Capital	Real Assets	Total
At Dec 31, 2023	72.2	57.4	129.6
Gross inflows	4.5	6.8	11.3
Step- downs	-0.4	- 0.7	-1.1
Exits	-3.7	- 1.1	-4.8
FX and other	0.1	0.9	1.0
At Dec 31, 2024	72.7	63.3	136.0
Since 31 Dec, 2023	1%	10%	5%

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 which are charging fees based on net invested capital.

Gross investment performance of key EQT funds

As of 31 Dec 2024

	Start	FAUM	Committed		Invested capital			Value of investments		Gross					Gross MOIC GrossMOIC GrossMOIC Gross MOIC Gross MOIC		Expected Gross
(EURbn)	date		capital			Total Realized Remaining Total Realized Remaining MOIC											31 Dec 2023 31 Mar 2024 30 Jun 2024 30 Sep 2024 31 Dec 2024 MOIC 31 Dec 2024
Private Capital											Private Capital
EQT VII	Jul-15	2.6	6.9	6.4	3.9	2.6	16.6	11.5	5.1	2.6x	EQTVII	2.6x	2.5x	2.5x	2.5x	2.6x	Above plan
EQT VI II	May-18	7.4	10.9	10.1	2.9	7.2	24.9	9.6	15.3	2.5x	EQTVIII	2.2x	2.2x	2.2x	2.2x	2.5x	Above plan
BPEA VII	Jul-18	4.0	5.7	4.0	1.1	2.9	9.8	3.0	6. 8	2.5x	BPEA VII	2.4x	2.4x	2.4x	2.5x	2.5x	Above plan
EQTIX	Jul-20	14.1	15.6	14.1	0.8	13.3	22.2	1.7	20.5	l.6x	EQT IX	l.3x	1.4x	1.4x	1.4x	l.6x	On plan
BPEA VIII	Sep- 21	9.7	9.7	8.1	0.1	8.0	10.4	0.1	10.3	1.3x
EQT X	Jul- 22	21 .9	21 .7	8.2	0.0	8.2	9.4	0.0	9.4	1.lx	BPEA VIII	l.3x	l.2x	l.3x	l.3x	l.3x	Above plan
Other Private Capital		13.0		20.1			40.8				EQTX	1.lx	1.lx	1.lx	1.lx	1.lx	On plan
Real Assets											Real Assets
EQT Infrastructure Ill	Nov-16	0.8	4.0	3.8	3.1	0.8	10.6	8.6	2.0	2.8x	EQT Infrastructure Ill	2.7x	2.7x	2.7x	2.7x	2.8x	Above plan
EQT Infrastructure IV Nov-18		7.1	9.1	7.3	0.6	6.7	13.9	0.9	13.0	1.9x	EQT Infrastructure IV	l.6x	l.7x	l.8x	l.8x	l.9x	On plan
EQT Infrastructure V	Aug- 20	13.0	15.7	12.0	0.0	11 .9	18.4	0.1	18.4	1.5x	EQT Infrastructure V	l.3x	l.4x	l.5x	l.5x	l.5x	On plan
EQT Infrastructure VI	Dec- 22	18.1	18.1	7.2	0.0	7.2	7.9	0.0	7.9	l.lx
Other Real Assets		24.3		25.0			34.2				EQT Infrastructure VI	l.0x	l.0x	l.lx	l.lx	l.lx	On plan
Total		136.0		126.4			219.2				Note: Data for current Gross MOIC reflect only closed investments and realizations. For Private Equity 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

EQT IX	l.3x	1.4x	1.4x	1.4x	l.6x	On plan

Note: Invested capital and value of investments reflect only closed transactions a s per the reporting date. Assets), "On Plan" refers to exeected Gross MOIC between l.7- 2.2x.

Segment overview

Comments on Jan-Dec 2024 (Jan-Dec 2023)

Private Capital

• Gross inflows of EUR 4.5bn were primarily driven by closed out commitments in EQT X. Fundraising was completed for EQT X, EQT Future, and BPEA EQT Mid-Market Growth. Fundraising was launched for BPEA IX
• Investments include Acronis, a leading cybersecurity and data protection platform (EQT X); Avetta, a leading cloud-based supply chain risk management software platform (EQT X); Nord Anglia, an international schools organization (BPEA VIII); the public to private tender of Believe, the largest independent digital-native music label globally (EQT X); and AMCS, a global leader in performance and sustainability software (EQT X, EQT Future)
• Exits include the !PO and following sell-downs of Galderma, a leader in dermatology (EQT VIII); the sale of idealista, a leading real estate platform in Southern Europe (EQT IX); Nord Anglia, an international schools organization (BPEA VI); Ottobock, the global leader in wearable human bionics (EQT VII); and Azelis, a service provider for the specialty chemicals and food ingredients industry (EQT VIII)
• Carried interest during the period was primarily related to BPEA VII, EQT VIII and EQT VII
• FTE+ was stable

Key metrics

EURbn	H2 2024	H2 2023	2024	2023
Investments by the EQT funds	6.2	4.7	10.8	8.9
Gross fund exits	3.0	1.8	6.4	5.7
Adj usted Revenue (EURm)	745	668	1,361	1,256
Gross segment result (EURm)	586	526	1,048	959
Margin(%)	79%	79%	77%	76%
F AUM ( end of period)	73	72	73	72
Average FAUM	73	70	73	71
FTE+ (# of, end of period)	481	487	481	487

Real Assets

• Gross inflows of EUR 6.8bn were primarily driven by closed out commitments in EQT Infrastructure VI
• Investments (all by EQT Infrastructure VI) include the partnership with EdgeConneX to develop hyperscale data centers in APAC; the public to private tender of OX2; fiber-to-the-home platform Lumos; Universidad Europea, a private higher education platform in Spain and Portugal; and Constellation Cold Logistic, the third largest cold storage owner-operator in Europe
• Exits include ReWorld, a sustainable waste solutions provider (EQT Infrastructure V); the sale of fiber-to-the-home platform Lumos (EQT Infrastructure Ill); Melita, a digital infrastructure owner and operator in Malta (EQT Infrastructure IV); the minority sale of EdgeConneX, a leading global provider of data center capacity (Infrastructure IV, Infrastructure V); and Kodiak Gas Services, a contract compression company in the US (EQT Infrastructure Ill, EQT Infrastructure IV)
• Carried interest during the period related to EQT Infrastructure Ill
• FTE+ decreased as EQT Exeter's US Multifamily fund initiative was discontinued

Key metrics

EURbn	H2 2024	H2 2023	2024	2023
Investments by the EQT funds	5.2	3.6	11.6	8.8
Gross fund exits	4.1	0.3	4.7	0.8
Adjusted Revenue (EURm)	494	421	952	837
Gross segment result (EURm)	363	308	701	610
Margin(%)	74%	73%	74%	73%
FAUM (end of period)	63	57	63	57
Average FAUM	60	50	60	52
FTE+ (# of, end of period)	612	626	612	626

Central

• FTE+ increased on the back of EQT's enhanced focus on the private wealth segment, where central functions such as Client Relations and Capital Raising, Fund Operations and Brand a Marketing play a key part. EQT will continue to strengthen the Client Relations and Capital Raising teams, while keeping headcount in other Central functions largely stable
• EQT continued to implement initiatives to further improve the end-to-end efficiency and scalability of the operating platform

Key metrics

EURm	H2 2024	H2 2023	2024	2023
Gross segment result / EBITDA	-200	-181	-390	-343
FTE (# of, end of period)	801	678	801	678
FTE+ (# of, end of period)	849	726	849	726

Information on the consolidated income statement

2024 EURm					■■■■■
Management fee	2,104				2,104
Carried interest and investment income	251	412		- 114	549
Total revenue	2,355	412		- 114	2,653
Personnel expenses	-747		93	3	844
Acquisition related personnel expenses			-228		-228
Other operating expenses	-249			-8	-257
Total operating expenses	- 996		321	11	1,329
EBITDA	1,359	412	- 321	-125	1,324
Margin,%	58%				50%
Depreciation and amortization	-71				-71
Amortization of acquisition related intangible assets			-365		365
EBIT	1,287	412	- 686	- 125	888
Net financial income and expenses	-5			16	11
whereof change in fair value of contingent consideration				16	16
EBT	1,283	412	-686	- 109	899
Income taxes	-168		22	23	-123
Net income for the period from continuing operations	1,115	412	-665	-86	776
Net income for the period from discontinued operations
Net income	1,115	412	-665	-86	776

Comments relate to the period Jan-Dec 2024 (Jan-Dec 2023)

As of 1 January 2024, EQT has, in accordance with IAS 8, changed accounting principles relating to IFRS reported carried interest, see Note 6. The principles for Adjusted Revenue is unchanged compared to prior periods, whereby carried interest is only recognized after applying a valuation buffer (30-50%) on the unrealized part of the underlying fund valuations, see Note 1.

Total Revenue for the period increased to EUR 2,653m (EUR 2,122m). Carried interest and investment income amounted to EUR 549m (EUR 156m), Adjusted Total Revenue amounted to EUR 2,355m (EUR 2,131m). In addition to the revenue adjustments (see Note 1), Adjusted Total Revenue has been adjusted with an item affecting comparability (see Note 1) relating to the revaluation of certain Multifamily investments made with the support of EQT's balance sheet, see section Significant events during the period, Impact on Adjusted Revenue from foreign exchange rate differences (using fixed foreign exchange rates) amounted to negative EUR lm.

2023 EURm					■■■■■
Management fee	1,966				1,966
Carried interest and investment income	165	-8			156
Total revenue	2,131	- 8			2,122
Personnel expenses	-659		44	3	705
Acquisition related personnel expenses			- 436		-436
Other operating expenses	-246			-4	-250
Total operating expenses	904		480	7	1,391
EBITDA	1,226	-8	-480	-7	731
Margin,%	58%				34%
Depreciation and amortization	-54				54
Amortization of acquisition related intangible assets			364		364
EBIT	1,172	-8	-844	7	313
Net financial income and expenses	-35				-35
whereof change in fair value of contingent consideration
EBT	1,137	- 8	- 844	- 7	277
Income taxes	-117		17		-100
Net income for the period from continuing operations	1,019	-8	-827	-7	177
Net income for the period from discontinued operations				-9	9
Net income	1,019	-8	-827	16	168

* resta ted

Total operating expenses during the period amounted to EUR 1,329m (EUR 1,391m).

EBITDA increased to EUR 1,324m (EUR 731m) corresponding to a margin of 50% (34%). Adjusted EBITDA amounted to EUR 1,359m (EUR 1,226m) corresponding to a margin of 58% (58%). Impact on Adjusted EBITDA from foreign exchange rate differences (using fixed foreign exchange rates), amounted to negative EUR 4m,

Depreciation and amortization amounted to EUR 71m (EUR 54m), primarily related to facility lease agreements and placement agent fees , Amortization of acquisition related intangible assets amounted to EUR 365m (EUR 364m) and relates to amortization of identified surplus values in performed acquisitions.

Net financial income and expenses amounted to EUR llm (EUR -35m). In addition to the change in fair value of contingent considerations (earn-out) relating to Multifamily (see section Significant events during the period) that is treated as an Item affecting comparability of EUR 16m this is primarily comprised of interest expenses of EUR -42m (EUR -42m) relating to the sustainability-linked bonds issued by EQT AB in April 2022 and May 2021, interest income as well as currency translation differences.

Income tax amounted to EUR -123m (EUR -lO0m). The income tax expense included EUR lm (EUR Om) of estimated Global Minimum Tax which was attributable to the EQT AB Group's earnings in Singapore, see section Significant events during the reporting period.

Net income for the period from continuing operations increased to EUR 776m (EUR 177m). Adjustment items affecting net income from continuing operations, including tax effects, amounted to EUR 339m (EUR 842m). Adjusted Net Income for the period from continuing operations amounted to EUR 1,115m (EUR 1,019m).

Earnings Per Share for continuing operations before and after dilution amounted to EUR 0.656 (EUR 0.149) and EUR 0.656 (EUR 0.149), respectively. Adjusted Earnings Per Share for continuing operations before and after dilution amounted to EUR 0.942 (EUR 0.860) and EUR 0.942 (EUR 0.859), respectively.

Adjustment items affecting EBITDA in 2024 amounted to EUR 35m and relates to:

• Revenue adjustments, whereby carried interest is only recognized after applying a valuation buffer (30-50%) on the unrealized part of the underlying fund valuations, see Note 1.
• Non-cash adjustments, which relates to the part of the acquisition considerations subject to lock-up as well as the non-cash portion of equity incentive program cost. The part

of the considerations subject to lock-up is treated as a personnel expense from an accounting perspective and recorded in the income statement over the lock-up period.

▪ Items affecting comparability, which in 2024 includes an adjustment of the associated cost and the revaluation of certain investments relating to US Multifamily (see section Significant events during the period) as well as integration costs relating to previously performed acquisitions.

Adjustment items affecting EBITDA in 2023 amounted to EUR 495m and relates to:

• Revenue adjustments, whereby carried interest is only recognized after applying a valuation buffer (30-50%) on the unrealized part of the underlying fund valuations, see Note 1.
• Non-cash adjustments which relates to the part of the acquisition considerations subject to lock-up as well as the non-cash portion of equity incentive program cost. The part of the considerations subject to lock-up is treated as a personnel expense from an accounting perspective and recorded in the income statement over the lock-up period.
• Items affecting comparability in 2023 include integration costs as a result of performed acquisitions.

Financial position

Comments relate to 31 December 2024 (31 December 2023)

Goodwill and Other intangible assets amounted to EUR 5,164m (EUR 5,280m). The decrease of EUR 117m is mainly driven by amortization and exchange rate differences.

Property, plant and equipment amounted to EUR 252m (EUR 171m).

Current assets amounted to EUR 5,954m (EUR 5,042m). The increase is mainly driven by an increase in Financial investments including carried interest which increased by EUR 1,263m to EUR 4,302m (EUR 3,039m) primarily driven by increased investments from EQT AB Group into EQT funds, strategic investments to support new initiatives and fair value increase relating to carried interest, see Note 3.

Cash and cash equivalents at the end of the period amounted to EUR 1,024m (EUR 1,114m). Net debt amounted to EUR 976m (EUR 886m in net debt).

Equity increased to EUR 8,096m (EUR 7,416m). The increase is mainly explained by current period net income.

Non-current liabilities amounted to EUR 2,516m (EUR 2,473m).

Current liabilities amounted to EUR 869m (EUR 732m).

Parent company

The parent company's profit before tax amounted to SEK 5,054m (SEK 5,211m). The decrease is mainly explained by a timing effect of dividends from subsidiaries as well as currency translation differences.

12

Significant events during the period

Significant events and transactions

Accounting standards

As of 1 January 2024, EQT accounts for the entire investment, including carried interest, as a financial instrument in accordance with IFRS 9 at fair value in the balance sheet. The fair value changes will continue to be presented as Carried interest and investment income in the consolidated income statement.

The impact of this change on historical periods is presented in Note 6.

In addition, EQT will (unchanged compared to prior periods) continue to report Adjusted Revenue whereby carried interest is only recognized after applying a valuation buffer (30-50%) on the unrealized part of the underlying fund valuations.

As a result, EQT will provide a highly transparent carried interest reporting including:

• The short-term impact of fund valuation changes (Reported Revenue according to IFRS)
• The amount of carried interest expected to be converted to cash in a mid term perspective (Adjusted Revenue). See further in Note 1
• The actual cash flows relating to carried interest (realized (cash) carried interest)

EQT Exeter

EQT Exeter, which will operate under the EQT Real Estate brand going forward, will continue to focus primarily on industrial (logistics) real estate. The US Multifamily fund initiative has been discontinued, and the associated costs such as redundancies and the revaluations of certain investments made with the support of EQTs balance sheet - totaling approximately EUR 80m net of tax - are reported in the period as an item affecting comparability (see Note 1). EQT Real Estate has also decided not to pursue further investments in the office and life sciences property sector for the time being.

Tax

The Swedish Tax Agency has issued draft decisions to EQT proposing to levy social security charges on carried interest distributions made to certain current and former EQT employees for certain historical periods and EQT funds. EQT and the relevant individuals have filed taxes in accordance with existing case law and any decision levying social security charges in this regard will be appealed and tried in court. This matter relates to historical periods and is not expected to have a material impact for EQT AB Group.

Throughout 2024, the Global Minimum Tax (GMT) legislation and related OECD guidance have been subject to continuous development. Estimated tax expenses during the period associated with the GMT rules amounted to EUR 1m. In relative terms, this level of top-up tax is representative of the estimated impact of the GMT rules in the short to medium term, subject to further developments of the rules.

In the year-end report EQT applies the exception to recognizing and disclosing information about deferred tax assets and liabilities related to Global Minimum Tax, as provided in the amendments to IAS 12 issued in May 2023.

Fundraising

During the period, 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's Private Capital strategies across the world have completed fundraises in 2024 that combine to more than EUR 30bn in total commitments.

EQT Infrastructure VI had fee-generating commitments of EUR 18.lbn. The fund is expected to reach its target size upon its final close in the first quarter of 2025.

Balance sheet and liquidity

As previously communicated, EQT expects to execute share buyback programs twice a year to offset the dilution impact from EQT's Incentive Programs. EQT repurchased 4.2m shares during the year.

On 10 July 2024, EQT extended its existing EUR 1.5 billion sustainability-linked revolving credit facility (RCF) for 5 years, with two 1-year extension options. The RCF was originally signed on 21 December 2020 and increased to EUR 1.5 billion on 25 April 2022.

On 10 July 2024, S&P Global Ratings assigned EQT a credit rating of 'A-' with a stable outlook, reflecting EQT's operational strength and robust financial position. The rating complements the existing rating from Fitch (A-/ Stable ).

Significant events after 31 December 2024

No significant events affecting the financial reporting have occurred during the period between 31 December 2024 and the date of issuance of this report.

Transactions with related parties

No significant related party transactions have occurred during the period.

Pledged assets and contingent liabilities

There have been no significant changes in pledged assets and contingent liabilities compared to the latest annual report.

Risk management

The EQT AB Group is exposed to a number of business, strategic, legal, tax, operational and financial risks. The financial risks are related to factors such as credit, liquidity, interest, revaluation and foreign exchange risks, which could lead to financial losses if not managed properly. Financial risks are reported to the CFO on a regular basis to ensure they remain in line with the EQT AB Group's risk profile.

EQT AB

EQT AB (publ), corp. id 556849-4180, is a company domiciled in Sweden. The visiting address of the Company's office is Regeringsgatan 25, 111 53 Stockholm, Sweden. The registered postal address is Box 16409, 103 27 Stockholm, Sweden. The interim consolidated financial statements for 12 month period ended on 31 December 2024 and 2023 comprise EQT AB and its direct or indirect subsidiaries, together referred to as the "EQT AB Group".

Accounting policies

These interim consolidated financial statements have been prepared in accordance with IAS 34 "Interim Financial Reporting" and applicable additional provisions of the Swedish Annual Accounts Act.

The interim report for the parent company has been prepared in accordance with the Swedish Annual Accounts Act chapter 9.

The accounting policies applied in these consolidated interim financial statements and the interim separate financial statements for the parent EQT AB are the same as those applied in the Annual Report 2023, except for the change in accounting policy regarding carried interest as described in Note 6.

The effect of issued standards and interpretations issued by the IASB or the IFRS Interpretations Committee not yet effective is not expected to have any material effect on the Group.

Due to rounding, numbers presented throughout this report may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

EQT AB's Financial reports are published in English and Swedish. In the case of inconsistencies in the translation, the Swedish original version shall prevail.

Financial calendar

▪ Annual and Sustainability Report 2024	13 March 2025
▪ Quarterly announcement ▪ January-March 2025	16 April 2025
▪ Annual Shareholders' Meeting 2025, to be held in Stockholm	27 May 2025
▪ Half-year report ▪ January-June 2025	17 July 2025
▪ Quarterly announcement ▪ July-September 2025	16 October 2025

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 CET on 23 January 2025.

Proposed dividends

The Board proposes a dividend to the shareholders of SEK 4.30 per share for the fiscal year 2024. The dividend is proposed to be paid out in two installments, SEK 2.15 (1.80) in June 2025 and SEK 2.15 (1.80) in December 2025.

Contacts

Kim Henriksson CFO +46 8 506 55 300 kim.henriksson@eqtpartners.com

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 year-end report has not been reviewed by EQT's auditors.

Signature

Stockholm, 23 January 2025

Christian Sinding CEO

Consolidated income statement

The below table shows figures according to IFRS. For adjusted figures corresponding to the internal reporting please refer to Note 1 and section "Alternative performance measures (APM)".

EURm	Note	H2 2024	H2 2023 restated	2024
Management fee		1,057	1,036	2,104
Carried interest and investment income		364	-29	549
Total revenue		1,421	1,007	2,653
Personnel expenses		-424	-365	-844
Acq uisition related personnel expenses		-97	-196	-228
Other operating expenses	4	-138	-120	-257
Total operating expenses		- 659	- 681	-1,329
Operating profit before depreciation and amortization (EBITDA)		762	326	1,324
Depreciation and amortization		-34	-28	- 71
Amortization of acquisition related inta ngible assets		-183	-184	-365	-364
Operating profit (EBIT)		545	114	888	313
Net fi nancial income and expenses		-0	-18	11	-35
whereof change in fair value of contingent consideration		16		16
Profit before income tax (EBT)		545	96	899	277
Income taxes		-51	-39	-123	-100
Net income for the period from continuing operations		494	57	776	177
Net income for the period from discontinued operations			-9		-9
Net income		494	48	776	168
Attributable to
- Owners of the parent company		494	48	776	168
- Non-controlling interests
Earnings per share, EUR
before dilution		0.418	0.040	0.656	0.142
- of w hich continued operations		0.41 8	0.048	0.656	0.149
after dilution		0.41 8	0.040	0.656	0.142
- of w hich contin ued opera tions		0.418	0.048	0.656	0.149
Average numbers of shares
before dilution		1,181,750,349	1,185,133,096	1,183,153,91 4	1,185,754,323
after dilution		1,182,762,833	1,185,813,079	1,184,166,399	1,186,434,306

Consolidated statement of comprehensive income

2023 restated	EURm	H2 2024	H2 2023	2024	2023
			restated		restated
1,966	Net income	494	48	776	168
156	Other comprehensive income
2,122	Items that are or may b e reclassified subsequently to income statement
-705	Foreign operations - foreign currency translation differences net of tax	132	-86	309	-230
-436	Other comprehensive income for the period	132	- 86	309	- 230
- 250	Total comprehensive income for the period	626	- 39	1,085	- 62
-1,391	Attributoble to:
731	Owners of the parent company	626	-39	1,085	-62
-54	Non-controlling interests

Consolidated balance sheet

ASSETS			EQUITY AND LIABILITIES
Non-current assets			Equity
Deferred tax assets	73	92	Non-controlling interest
Current assets			Liabilities
Current tax assets	20	30	Non-current liabilities
Cash and cash equivalents	1,024	1,114	Current liabilities

EURm	Note	31 December 2024	31 December 2023 restated	EURm	Note	31 December 2024	31 December 2023 restated
ASSETS				EQUITY AND LIABILITIES
Non-current assets				Equity
Goodwill		2,222	2,133	Share capital		12	12
Other intangible assets		2,942	3,148	Other paid in capital		5,593	5,593
Property, plant and equipment		252	171	Reserves		-141	-450
Other financial assets		10	17	Retained earnings including net income		2,632	2,261
Other non-current assets		29	18	Total equity attributable to owners of the parent company		8,096	7,416
Deferred tax assets		73	92	Non-controlling interest
Total non-current assets		5,528	5,578	Total equity		8,096	7,416
Current assets				Liabilities
Current tax assets		20	30	Non-current liabilities
Accounts receivable and other current assets		338	344	Interest-bearing liabilities		2,020	2,021
Financial investments incl carried interest	3	4,302	3,039	Lease liabilities		161	91
Acquisition related prepaid personnel expenses		135	345	Deferred tax liabilities		334	361
Other prepaid expenses and accrued income		134	170	Total non-current liabilities		2,516	2,473
Cash and cash equivalents		1,024	1,114	Current liabilities
Total current assets		5,954	5,042	Lease liabilities		41	34
Total assets		11,481	10,620	Current tax liabilities		58	51
				Accounts payable		8	12
				Other liabilities		126	114
				Accrued expenses and deferred income		637	521
				Total current liabilities		869	732
				Total liabilities		3,385	3,205
				Total equity and liabilities		11,481	10,620

Consolidated statement of changes in equity

		Attributable to owners of the parent comp
EURm				■■■■■II
Opening balance at 1 January 2024	12	5,593	-450	2,261	7,416	7,416
Total comprehensive income for the period
Net income				776	776	776
Other comprehensive income for the period			309		309	309
Total comprehensive income for the period			309	776	1,085	1,085
Transactions with owners of the parent company
Divid ends				-373	- 373	- 373
Cancelling of C shores	-0			0
Bonus issue	0			-0
Equity incentive programs				86	86	86
Purchase of own shares and/or participations				-118	-118	- 118
Total transactions with owners of the parent company				- 405	- 405	- 405
Closing balance at 31 December 2024	12	5,593	- 141	2,632	8,096	8,096

	Attributable to owners of the parent comp
EURm							■■■■■II
Opening balance at 1 January 2023	11	5,593	- 220	1,015	6,399		6,399
Restatement				1,374	1,374		1,374
Restated opening balance at 1 January 2023	11	5,593	- 220	2,389	7,773		7,773
Total comprehensive income for the period
Net income				168	168		168
Other comprehensive income for the period			-230		- 230		-230
Total comprehensive income for the period			- 230	168	- 62		- 62
Transactions with owners of the parent company
Dividends				-298	-298		-298
Share issue		1
Cancelling of C shores	-0			0
Bonus issue	0			-0
Equity incentive programs				41	41		41
Purchase of own shares and/or participations				-38	-38		-38
Total transactions with owners of the parent company				- 296	-295		- 295
Restated closing balance at 31 December 2023	12	5,593	-450	2,261	7,416		7,416

Consolidated statement of cash flows

EURm	Note	2024	2023 restated
Cash flows from operating activities
Operating profit (EBIT), continuing operations		888	313
Adjustments:
Depreciation and amortization		436	418
Changes in fair value	3	-549	-156
Foreign currency exchange differences		22	-1 5
Other non-cash adjustments		321	480
Investments in fina ncial investments incl carried interest	3	-865	-208
Proceeds from disposals of financial investments incl carried interest	3	276	283
Increase(-) /decrease(+) in accounts receivable and other receivables		-30	-122
Increase ( +) /decrease (-) in accounts payable and other payables		96	18
Income taxes paid		-130	-105
Net cash from operating activities		464	905
Cash flows from investing activities
Investment in intangible assets			-1
Acquisition of property, plant and equipment		- 17	- 23
Interest received		44	24
Final earn-out divestment Credit			11
Investment in non-current assets		-29	- 11
Net cash from ( +) / used in (-) investing activities		- 2
Cash flows from financing activities
Dividends paid		-373	-298
Payment of lease liabilities		-39	-32
Interest paid		- 45	-48
Share issue
Purchase of own shares and/or participations		-118	-38
Net cash from ( +) / used in (-) financing activities		- 574	- 415
Net increase ( +) / decrease (-) in cash and cash equivalents		-112	491
Cash and cash equivalents at the beginning of the period		1,114	645
Foreign currency translation difference		22	-22
Cash and cash equivalents at the end of the period		1,024	1,114

Parent company income statement

SEKm	H2 2024	H2 2023	2024	2023
Net sales	1,136	815	2,198	2,092
Other operating income
Total revenue	1,136	815	2,198	2,092
Personnel expenses	-361	-288	-731	-586
Other externa l expenses	-802	-701	- 1,403	- 1,193
Other operating expenses	4	3	-3	-7
Depreciation and a mortization	-4	-6	- 14	- 12
Operating profit/loss	- 26	- 176	48	295
Profit/ loss from shares in subsidia ries	3,260	2,191	5,983	5,098
Interest income and similar profit/ loss items	204	176	41 5	320
Interest expense and similar profit/loss items	-892	781	-1,970	- 760
Profit/loss after financial items	2,546	2,972	4,476	4,953
Group contribution	578	258	578	258
Profit/loss before tax	3,124	3,230	5,054	5,211
Income taxes	232	11 5	-20	115
Net income	3,356	3,346	5,034	5,327

Parent company balance sheet

SEKm	31 December 2024 31 December 2023		SEKm	31 December 2024 31 December 2023
ASSETS			EQUITY AND LIABILITIES
Non-current assets			Restricted equity
Property, p la nt and eq uipment			Share capital	125
Leasehold improvements	34	44	Total restricted equity	125
Equipment	8	11	Non- restricted equity
Total pro perty, pla nt and equipment	42	56	Share premium reserve	58,704
Financial assets			Profit or loss brought forward	143
Participation in subsidiaries	93,276	89,921	Net income	5,034
Long- term loans, subsidiaries	6,536	5,970	Total non- restricted equity	63,880
Other securities held as non- current assets	14	14	Total equity	64,006
Deferred tax assets	112	116	Non- current liabilities
Other long-term receivables		5	Interest- bearing liabilities	23,150
Total fi nancial a ssets	99,938	96,026	Long -term loans, subsidiaries	11,694
Total non-current a ssets	99,980	96,082	Total non- current lia bilities	34,845
Current a ssets			Current liabilities
Current receivables			Accounts payable	34
Accounts receivable	525	7	Liabilities to subsidiaries	3,451
Receivables from subsidiaries	3,008	1,788	Current tax liabilities	14
Current tax assets	44	59	Other liabilities	127
Other receivables	115	256	Accrued expenses and deferred income	1,585
Prepaid expenses and accrued income	209	147	Total current liabilities	5,212
Total current receivables	3,901	2,257	Tota l liabilities	40,056
Cash and bank	181	215	Total equity and liabilities	104,062
Total current a ssets	4,082	2,472
Total assets	104,062	98,554

SEKm	31 December 2024 31 December 2023		SEKm	31 December 2024 31 December 2023
ASSETS			EQUITY AND LIABILITIES
Non-current assets			Restricted equity
Property, p la nt and eq uipment			Share capital	125	125
Leasehold improvements	34	44	Total restricted equity	125	125
Equipment	8	11	Non- restricted equity
Total pro perty, pla nt and equipment	42	56	Share premium reserve	58,704	60,051
Financial assets			Profit or loss brought forward	143	-1,902
Participation in subsidiaries	93,276	89,921	Net income	5,034	5,327
Long- term loans, subsidiaries	6,536	5,970	Total non- restricted equity	63,880	63,476
Other securities held as non- current assets	14	14	Total equity	64,006	63,602
Deferred tax assets	112	116	Non- current liabilities
Other long-term receivables		5	Interest- bearing liabilities	23,150	22,424
Total fi nancial a ssets	99,938	96,026	Long -term loans, subsidiaries	11,694	10,683
Total non-current a ssets	99,980	96,082	Total non- current lia bilities	34,845	33,107
Current a ssets			Current liabilities
Current receivables			Accounts payable	34	50
Accounts receivable	525	7	Liabilities to subsidiaries	3,451	1,178
Receivables from subsidiaries	3,008	1,788	Current tax liabilities	14
Current tax assets	44	59	Other liabilities	127	171
Other receivables	115	256	Accrued expenses and deferred income	1,585	447
Prepaid expenses and accrued income	209	147	Total current liabilities	5,212	1,846
Total current receivables	3,901	2,257	Tota l liabilities	40,056	34,953
Cash and bank	181	215	Total equity and liabilities	104,062	98,554

Note 1 operating segments and disaggregation of revenue

The CEO of EQT AB Group has been identified as the chief operating decision maker. EQT AB Group is divided into operating segments based on how the CEO reviews and evaluates the operation. The operating segments correspond to the internal reporting used to assess performance and to allocate resources.

EQT's operations are divided into two business segments: Private Capital and Real Assets. The operations of both business segments consist of providing investment management services in the private investment markets. The investment management services comprise i.a. structuring and investment advice, investment management and monitoring as well as reporting and administrative services.

The business segment Private Capital consists of the strategies EQT Ventures, EQT Life Sciences, EQT Healthcare Growth, EQT Growth, EQT Private Equity, EQT Private Capital Asia and EQT Future. The business segment Real Assets consists of the strategies EQT Value-Add Infrastructure, EQT Active Core Infrastructure, EQT Transition Infrastructure and EQT Real Estate.

The CEO assesses the operating segments based on the line items presented below, primarily on Revenue and Gross segment results. Segment Revenue/Adjusted Revenue have been adjusted whereby carried interest is only recognized after applying a valuation buffer (30-50%) on the unrealized part of the underlying fund valuations. Accordingly, Total Revenue according to IFRS reflects the carried interest without the application of a valuation buffer and represents the short term impact of fund valuation changes.

Total Segment Revenue/Adjusted Revenue represents the amount of carried interest expected to be converted to cash in a mid term perspective (a more prudent revenue recognition model). The difference between Total Revenue (according to IFRS) and Adjusted Revenue/Total Segment Revenue is the application of valuation buffer (30-50%) on the unrealized part of the underlying fund valuations.

Expenses directly incurred by each respective business segment are included in the Gross segment result, whereas items reported under Central have not been allocated to any business segment. Central consists of EQT AB Group Management, Client Relations and Capital Raising, Fund Operations, EQT Digital and other specialist teams such as HR and Group Finance.

Adjustment items consists of revenue adjustments (see above) as well as non-cash adjustments and items affecting comparability.

Non-cash adjustments in 2023 relates to an adjustment of the part of the acquisition considerations subject to lock-up, amortization of identified surplus values in relation to performed acquisition and the non-cash portion of the equity incentive program cost. The part of the considerations subject to lock-up is treated as a personnel expense from an accounting perspective and recorded in the income statement over the lock-up period.

Non-cash adjustments in 2024 relates to an adjustment of the part of the acquisition considerations subject to lock-up, amortization of identified surplus values in relation to performed acquisitions as well as the non-cash portion of equity incentive program cost. The part of the considerations subject to lock-up is treated as a personnel expense from an accounting perspective and recorded in the income statement over the lock-up period.

Items affecting comparability in 2023 relate to integration costs as a result of performed acquisitions.

Items affecting comparability in 2024 relates to an adjustment of the associated cost, the change in fair value of contingent considerations ( earn-out) and the revaluation of certain investments relating to US Multifamily totaling approximately EUR 80m net of tax (see section Significant events during the period) as well as integration costs as a result of performed acquisitions.

H2 2024 EURm	Private	Real	Ca pital Assets Central usted	adj-	Tota l Revenue ca sh m ent	Non -	Item s off- adjust- adjust- ecting IFRS re- m ents comp. ported		H2 2023 EURm	Priva te Real		Capita l Assets Central usted	adj -	Total Revenue ca sh m ent*	Non- adjust- adjust- ecting IFRS re	Item s o ff m ents comp. ported *
Total revenue	745	494	28	1,266	268		- 114	1,421	Total revenue	668	421	24	1,112	-104
Personnel expenses				-387		-34	-3	-424	Personnel expenses				-340		-25
Acquisition related personnel expenses						-97		-97	Acquisition related personnel expenses						-196
Other operating expenses				-130			-8	-138	Other operating expenses				-120
Total operating expenses	- 159	- 131	- 228	- 517		- 130	- 11	- 659	Total operating expenses	-142	- 113	- 205	- 459		-222
Gross segment result 1) / EBITDA 2)	586	363	- 200	749	268	- 130	- 125	762	Gross segment result 1) / EBITDA 2)	526	308	- 181	653	-104	-222
Margin,%	79%	74%		59%				54%	Margin,%	79%	73%		59%
Depreciation and amortization				-34				-34	Depreciation and amortization				-28
Amortization of acquisition related intangible assets						-183		-183	Amortization of acquisition related intangible assets						-184
EBIT				716	268	-314	- 125	545	EBIT				624	-104	- 405
Net financial income and expense				-16			16	-0	Net financial income and expenses				-18
whereof change in fair value of contingent consideration							16	16	whereof change in fair value of contingent consideration
Income taxes				-85		11	23	-51	Income taxes				-55		16
Net income for the period from continuing operations				615	268	-303	- 86	494	Net income for the period from continuing operations				551	-104	- 389
Net income for the period from discontinued operations									Net income for the period from discontinued operations
Net income				615	268	-303	- 86	494	Net income				551	- 104	- 389

						Non -	Item s		H2 2023					Total Revenue ca sh	Non-	Item s o ff
H2 2024 EURm	Private	Real		adj-	Tota l Revenue ca sh	adjust- adjust- ecting IFRS re-	off-		EURm	Priva te Real			adj -			adjust- adjust- ecting IFRS re
			Ca pital Assets Central usted		m ent		m ents comp. ported					Capita l Assets Central usted		m ent*		m ents comp. ported *
Total revenue	745	494	28	1,266	268		- 114	1,421	Total revenue	668	421	24	1,112	-104			1,007
Personnel expenses				-387		-34	-3	-424	Personnel expenses				-340		-25		-365
Acquisition related personnel expenses						-97		-97	Acquisition related personnel expenses						-196		-196
Other operating expenses				-130			-8	-138	Other operating expenses				-120				-120
Total operating expenses	- 159	- 131	- 228	- 517		- 130	- 11	- 659	Total operating expenses	-142	- 113	- 205	- 459		-222		- 681
Gross segment result 1) / EBITDA 2)	586	363	- 200	749	268	- 130	- 125	762	Gross segment result 1) / EBITDA 2)	526	308	- 181	653	-104	-222		326
Margin,%	79%	74%		59%				54%	Margin,%	79%	73%		59%				32%
Depreciation and amortization				-34				-34	Depreciation and amortization				-28				-28
Amortization of acquisition related intangible assets						-183		-183	Amortization of acquisition related intangible assets						-184		-184
EBIT				716	268	-314	- 125	545	EBIT				624	-104	- 405		114
Net financial income and expense				-16			16	-0	Net financial income and expenses				-18				-18
whereof change in fair value of contingent consideration							16	16	whereof change in fair value of contingent consideration
Income taxes				-85		11	23	-51	Income taxes				-55		16		-39
Net income for the period from continuing operations				615	268	-303	- 86	494	Net income for the period from continuing operations				551	-104	- 389		57
Net income for the period from discontinued operations									Net income for the period from discontinued operations							-9	-9
Net income				615	268	-303	- 86	494	Net income				551	- 104	- 389	- 9	48

1) Gross segment result relates to the segments Private Capital and Real Assets. * restated

2) EBITDA relates to Central, Total adjusted and IFRS reported. 1) Gross segment result relates to the segments Private Capital and Real Assets.

2) EBITDA relates to Central, Total adjusted and IFRS reported.

2024 EURm	Private	Real	Capital Assets Central usted	adj-	Total Revenue ca sh m ent	Non- adjust- adjust- ecting IFRS re-	Items off- m ents comp. ported		2023 EURm	Private	Real Capital Assets Central usted		adj-	Total Revenue ca sh m ent*	Non- adjust- adjust- ecting IFRS re	Items off m ents comp. ported*
Total revenue	1,361	952	41	2,355	412		- 114	2,653	Total revenue	1,256	837	38	2,131	-8
Personnel expenses				-747		-93	-3	-844	Personnel expenses				-659		-44
Acquisition related personnel expenses						-228		-228	Acquisition related personnel expenses						-436
Other operating expenses				-249			-8	-257	Other operating expenses				-246
Total operating expenses	-313	-251	- 431	-996		-321	- 11	-1,329	Total operating expenses	- 297	- 226	- 381	-904		- 480
Gross segment result 1) / EBITDA 2)	1,048	701	-390	1,359	412	-321	- 125	1,324	Gross segment result 1) / EBITDA 2)	959	610	-343	1,226	-8	- 480
Margin,%	77%	74%		58%				50%	Margin,%	76%	73%		58%
Depreciation and amortization				-71				-71	Depreciation and amortization				-54
Amortization of acquisition related intangible assets						-365		-365	Amortization of acquisition related intangible assets						-364
EBIT				1,287	412	- 686	- 125	888	EBIT				1,172	-8	-844
Net financial income and expense				-5			16	11	Net financial income and expenses				-35
whereof change in fair value of contingent consideration							16	16	whereof change in fair value of contingent consideration
Income taxes				-168		22	23	-123	Income taxes				-117		17
Net income for the period from continuing operations				1,115	412	- 665	- 86	776	Net income for the period from continuing operations				1,019	-8	- 827
Net income for the period from discontinued operations									Net income for the period from discontinued operations
Net income				1,115	412	-665	- 86	776	Net income				1,019	- 8	- 827

2024					Total Revenue ca sh	Non-	Items off-		2023					Total Revenue ca sh	Non-	Items off
EURm	Private	Real	Capital Assets Central usted	adj-	m ent		adjust- adjust- ecting IFRS re- m ents comp. ported		EURm	Private	Real	Capital Assets Central usted	adj-	m ent*		adjust- adjust- ecting IFRS re m ents comp. ported*
Total revenue	1,361	952	41	2,355	412		- 114	2,653	Total revenue	1,256	837	38	2,131	-8			2,122
Personnel expenses				-747		-93	-3	-844	Personnel expenses				-659		-44	-3	-705
Acquisition related personnel expenses						-228		-228	Acquisition related personnel expenses						-436		-436
Other operating expenses				-249			-8	-257	Other operating expenses				-246			-4	-250
Total operating expenses	-313	-251	- 431	-996		-321	- 11	-1,329	Total operating expenses	- 297	- 226	- 381	-904		- 480	- 7	-1,391
Gross segment result 1) / EBITDA 2)	1,048	701	-390	1,359	412	-321	- 125	1,324	Gross segment result 1) / EBITDA 2)	959	610	-343	1,226	-8	- 480	-7	731
Margin,%	77%	74%		58%				50%	Margin,%	76%	73%		58%				34%
Depreciation and amortization				-71				-71	Depreciation and amortization				-54				-54
Amortization of acquisition related intangible assets						-365		-365	Amortization of acquisition related intangible assets						-364		-364
EBIT				1,287	412	- 686	- 125	888	EBIT				1,172	-8	-844	- 7	313
Net financial income and expense				-5			16	11	Net financial income and expenses				-35				-35
whereof change in fair value of contingent consideration							16	16	whereof change in fair value of contingent consideration
Income taxes				-168		22	23	-123	Income taxes				-117		17		-100
Net income for the period from continuing operations				1,115	412	- 665	- 86	776	Net income for the period from continuing operations				1,019	-8	- 827	-7	177
Net income for the period from discontinued operations									Net income for the period from discontinued operations							-9	-9
Net income				1,115	412	-665	- 86	776	Net income				1,019	- 8	- 827	-16	168

l) Gross segment result relates to the segments Private Capital and Real Assets. * restated

2) EBITDA relates to Central, Total adjusted and IFRS reported. 1) Gross segment result relates to the segments Private Capital and Real Assets.

2) EBITDA relates to Central, Total adjusted and IFRS reported.

Note 2 commitments

EQT has commitments of future cash outflows based on signed agreements relating to committed amounts regarding financial investments. At 31 December 2024, the EQT AB Group had remaining commitments to invest in multiple EQT funds and fund related vehicles of a total amount of EUR 446m (EUR 528m). The commitments are called over time, normally between one to five years following the commitment.

Note 3 financial instruments and fair values

Fair value is the price that would be received if an asset was sold, or paid if a liability was transferred in an orderly transaction between market participants at the measurement date. EQT AB Group measures fair values using the following fair value hierarchy that reflects the significance of the inputs used in making the measurements:

• Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1)
• Inputs - other than quoted prices included within level 1 - that are observable for assets or liabilities, either directly (that is, as prices) or indirectly (that is, derived from prices) (level 2)
• Inputs for assets or liabilities that are not based on observable market data (that is, unobservable inputs) (level 3)

EQT AB Group measures investments, including carried interest, at fair value in the balance sheet. Carried interest is a part of a financial instrument that the EQT AB Group acquires in an arm's length transaction through its holdings in the Special Limited Partners (SLP). The return on carried interest is fully dependent on the performance of the relevant fund and is either payable at the end of the life of the fund or paid as installments at the time of realization within each fund, or a combination thereof.

Valuation

From a valuation perspective carried interest is valued as a separate component of the investment in the SLP. The value of the financial investments related to carried interest is based on a calculation of the accrued allocation of carried interest to EQT for each fund pursuant to the fund agreements as if all underlying investments were realized at the current fair value as of such date, i.e., the net asset value of the fund. In order to further validate the value EQT also takes into consideration additional historical information such as fund performance and deployment to date as well as forward looking information such as the expected future deployment of the fund including but not limited to the expected future pattern of drawdowns, the expected holding period of investments and lifetime of the fund. As some of the inputs in the model are not based on observable market data, the instrument is included in level 3.

Level 3 fair values (Financial investments including carried interest)

The table below shows a reconciliation of level 3 fair values for financial investments including carried interest.

	31 December	31 December
EURm	2024	2023 restated
Opening balance	3,039	2,958
whereof carried interest	2,308	2,289
Net change in fair value	549	156
whereof carried interest	587	134
Investments	865	208
Reclassifications	99
Realization	-276	-283
whereof realized (cash) carried interest	-59	-115
Translation d ifferences	26	0
Balance end of period	4,302	3,039
whereof carried interest	2,862	2,308
1) whereof EUR 735m relates to strategic investments to support new initiatives.

Level 3 sensitivity analysis

From an EQT AB Group perspective, financial investments, including carried interest, are measured at fair value normally by applying their relative share of the net asset values. A reasonably possible change of+/- 10% in the net asset value would affect the fair value of the investments including carried interest at 31 December 2024 with approximately EUR +600m or EUR -800m respectively whereof carried interest represents EUR +500m or EUR -700m respectively. The effects of any changes in fair value, excluding investments and realizations, would be recognized in the income statement.

Although the EQT AB Group believes that its estimates of fair values are appropriate, the use of different methodologies and different unobservable inputs could lead to different measurements of fair value. No other changes in unobservable input factors would result in any material changes in fair value,

Disclosures of fair value of financial assets and financial liabilities recognized at cost

EQT AB has issued sustainability-linked bonds ( classified as an interest-bearing liability in the balance sheet) with fixed coupon rates linked to ESG-related objectives. Fair value as of 31 December 2024 amounts to EUR 1,906m (carrying amount: EUR 2,000m). EQT AB Group's other financial instruments consist mainly of short-term receivables, accounts payable, deposits in commercial banks. The Group considers the carrying amounts of those financial instruments to be reasonable approximations of their fair values,

Note 4 other operating expenses

EURm	H2 2024	H2 2023	2024	20 23
External services and consultants 1)	-58	- 50	-104	-107
IT expenses and Office expenses	- 31	- 28	- 55	- 53
Administrative expenses 1)	-49	- 42	- 98	- 89
Other opera ting expenses	-1 38	-1 20	- 257	- 250

1 > In 2024 items affecting comparability of EUR 8m (Administrative expenses) relates to integration costs as a result of performed acquisitions. In 2023 items affecting comparability of EUR 3m (External services and consultants) and EUR Om (Administrative expenses) relates lo integration costs as o result of performed acquisitions.

Note 5 EQT incentive programs

EQT incentive programs

EQT Share program

The EQT Share Program ( established in 2023) consists of ordinary shares in EQT AB. The Program is divided into five separate annual grants, each subject to a one-year performance period and a three-year holding period. Depending on the achievement of certain performance targets during the performance year, an amount may be awarded which after the performance period is settled in the total number of outstanding shares in EQT AB that corresponds to the amount awarded. With certain limited exceptions, no vesting conditions apply during the three-year holding period. Based on the number of shares as of 31 December 2022, the maximum dilution for the EQT Share Program is one percent in total. EQT intends, over time, to repurchase shares to offset the dilution related to the EQT Share Program 1.

EQT Option program

The EQT Option Program (established in 2023) consists of options which upon exercise entitle the option holders to acquire ordinary shares in EQT AB. The Program is divided into five separate annual grants, each subject to a one-year performance period and a three-year holding period. Depending on the achievement of certain performance targets during the performance year, an amount may be awarded which after the performance period is settled in the number of options that corresponds to the amount awarded. With certain limited exceptions, no vesting conditions apply during the three-year holding period. The option exercise period commences after the holding period. Based on the number of shares as of 31 December 2022, the maximum dilution for the EQT Option Program is four percent in total.

EQT intends, over time, to repurchase shares to offset the dilution related to the EQT Option Program 1.

EQT share program summary2

Grant year	Shares 2 granted	Dilution impact from shores granted
2024	631,547	0.05%
Grant year	Shares to be 2 3 granted	Dilution impact from shores to be granted
2025	855,014	0.07%

EQT option program summary2

Performance period	Grant year	Options 2 granted	Current dilution - options	Max dilution - options
2023	2024	4,430,306	0.01%	0.28%
Performance period		Options to be Grant year granted 7•4	Current dilution - options	Max dilution - options
2024	2025	9,849,757	n.a.	0.62%

Performance targets and cost

EQT Share program

Performance in relation to targets for Adjusted Revenue growth, Adjusted EBITDA margin and a sustainability assessment has resulted in a gross share grant level of EUR 44m for 2024 (EUR 34m) of which EUR 21m (EUR 17m) was cash cost.

EQT Option program

The granting of options is based on participants' individual fulfilment of targets in the performance framework including (i) Building and developing cross-platform collaboration, (ii) Responsible and appropriate cost management, (iii) Growth from a business line focused management to firm wide leadership,

(iv) Tangible contribution to the sustainability goals of the company, (v) Developing new business areas for EQT. Total grant cost recognized in 2024 was EUR 60m (EUR 25m) of which none (none) was cash cost.

Non-cash cost

The total non-cash cost for the incentive programs 2024 amounts to EUR 93m (EUR 44m) whereof EUR 82m (EUR 42m) relates to granted amounts as of 2024 and EUR llm (EUR 2m) relates to additional non-cash cost such as social charges for which cash payment is contingent on a gain and only due at exercise.

Dilution2

For performance year 2023, 631,547 shares were granted within the EQT share program, corresponding to a dilution impact of 0.05% and 4,430,306 options with a strike price of SEK 295 were granted within the EQT option program. The option program will only be dilutive in case the EQT AB share price at exercise is above the share price at grant. The exercise price is capped at 4x the share price at grant. Any gain above the share price at grant and up to the cap will be settled in shares (net strike mechanism). As such, dilution in relation to options granted is capped at 75% of the number of options granted, or 0.28%. Assuming a share price corresponding to end 2024 of SEK 306, current dilution would be 0.01%

For the performance year 2024, assuming the cost recorded as of 2024 and a share price corresponding to 31 December 2024 of SEK 306, 855,014 shares3 and 9,849,757 options4 would be granted, respectively. As a result, the dilution impact from the Share program would be 0.07%. Max dilution in relation to the option program 2024 is capped at 75% of the number of options granted, or 0.62%.

³⁾ Indicative figures assuming a share price corresponding to end 2024 of SEK 306. To be granted in February 2025.

⁴⁾ Indicative figures assuming a share price of SEK 306 (end 2024) and a corresponding option value of SEK 70. To be granted in February 2025.

Note 6 changes in accounting policy regarding carried interest

Following an analysis of EQT's investment in Special Limited Partners (SLP), it was concluded that the entire investment should be classified as a financial instrument in accordance with IFRS 9 "Financial instruments". The investment in SLP is a contract which gives the right to receive cash, and it therefore meets the definition of a financial instrument.

Previously the investment has been divided into two parts, one financial instrument which has been recognized at fair value in the balance sheet and one part that related to the carried interest which has been accounted for in accordance with IFRS 15 "Revenue from contracts with customers"1l.

As of 1 January 2024, EQT accounts for the entire investment, including carried interest, as a financial instrument in accordance with IFRS 9 at fair value in the balance sheet. The fair value changes will continue to be presented as Carried interest and investment income in the consolidated income statement.

The restatement is done in accordance with IAS 8 "Accounting policies, changes in accounting estimates and errors" and the comparative period is restated.

The financial investments including carried interest is part of EQT's operating activities and is realized on a continuous basis. These investments have no contractual duration and is realized in the normal operating cycle which has led to the conclusion that these investments are presented as current assets. Restatement is made of the comparative period. Consequently, also the cash flow from financial investments is classified in operating activities and reclassified from investing activities.

The effects of the change regarding accounting for carried interest, and reclassification of cash flows for financial investments have the following retrospective effects in the financial statements for the comparative period second half of 2023 as well as for the fiscal year 2023.

Note 6 changes in accounting policy regarding carried interest, continued

The single effect on the IFRS consolidated income statement of the restatement, due to the change in accounting policy regarding carried interest, is that the Carried interest and investment income line increased with the below amounts due to the positive change in fair value attributable to the period. The principles for Adjusted Revenue is unchanged compared to prior periods, whereby carried interest is only recognized after applying a valuation buffer (30-50%) on the unrealized part of the underlying fund valuations, see Note 1.

Earnings per share, EUR		Earnings per share, EUR

	Previously reported		H2 2023		Previously reported
EURm	H2 2023	Restotement	restoted	EURm	2023	Restotement	2023 restoted
Management fee	1.036		1,036	Management fee	1,966		1,966
Carried interest and investment income	42	-71	-29	Carried interest and investment income	118	38	156
Total revenue	1,078	- 71	1,007	Total revenue	2,084	38	2,122
Personnel expenses	-365		-365	Personnel expenses	-705		-705
Acq uisition related personnel expenses	-196		-196	Acquisition related personnel expenses	- 436		-436
Other operating expenses	-120		-120	Other operating expenses	-250		-250
Total operating expenses	- 681		- 681	Total operating expenses	- 1,391		- 1,391
Operating profit before depreciation and amortization (EBITDA)	397	-71	326	Operating profit before depreciation and amortization (EBIT0A)	693	38	731
Depreciation and amortization	-28		-28	Depreciation and amortization	-54		-54
Amortization of acquisition related intangible assets	-184		-184	Amortization of acquisition related intangible assets	-364		-364
Operating profit (EBIT)	185	-71	114	Operating profit (EBIT)	275	38	313
Net financial income and expenses	- 18		-18	Net financial income and expenses	-35		-35
Profit before income tax (EBT)	167	-71	96	Profit before income tax (EBT)	239	38	277
Income taxes	-39		-39	Income taxes	-100		-100
Net income for the period from continuing operations	128	-71	57	Net income for the period from continuing operations	139	38	177
Net income for the period from discontinued operations	-9		-9	Net income for the period from discontinued operations	-9		-9
Net income	118	- 71	48	Net income	130	38	168
Earnings per share, EUR				Earnings per share, EUR
before dilution	0.100		0.040	before dilution	0.110		0.142
- of which continued operations	0.108		0.048	- of which continued operations	0.117		0.149
after dilution	0.100		0.040	after dilution	0.109		0.142
- of which continued operations	0.108		0.048	- of which continued operations	0.117		0.149

Note 6 changes in accounting policy regarding carried interest, continued

The change in accounting policy regarding measurement, classification and presentation of carried interest leads to the following effects in the consolidated balance sheet.

Reclassifications

Financial investments under Non-current asset together with Accrued but yet not paid carried interest has been reclassified into one single amount and presented as financial investments under the headline Current assets.

Effects on Retained earnings including net income

The change in accounting policy has generated a net increase of financial investments with a corresponding increase in Retained earnings including net income.

	Previously reported		1 January 2023
EURm	1 January 2023	Restatement	restated
ASSETS
Non-current assets
Goodwill	2,172		2,172
Other intangible assets	3,625		3,625
Property, plant and equipment	171		171
Financial investments	668	-668
Other financial assets	40		40
Other non-current assets	15		15
Deferred tax assets	110		110
Total non- current assets	6,802	- 668	6,133
Current assets
Current tax assets	29		29
Accounts receivable and other current assets	350		350
Financial investments incl carried interest		2,958	2,958
Accrued but yet not paid carried interest	915	-915
Acquisition related prepaid personnel expenses	791		791
Other prepaid expenses and accrued income	70		70
Cash and cash equivalents	645		645
Total current assets	2,801	2,042	4,844
Total assets	9,603	1,374	10,977
EQUITY AND LIABILITIES
Equity
Share capital	11		11
Other paid in capital	5,593		5,593
Reserves	-220		-220
Retained earnings including net income	1,015	1,374	2,389
Total equity attributable to owners of the parent company	6,399	1,374	7,773
Non- controlling interest
Total equity	6,399	1,374	7,773

	Previously reported 31		31 December 2023
EURm	December 2023	Restatement	restated
ASSETS
Non- current assets
Goodwill	2,133		2,133
Other intangible assets	3,148		3,148
Property, plant and equipment	171		171
Financial investments	731	-731
Other financial assets	17		17
Other non-current assets	18		18
Deferred tax assets	92		92
Total non- current assets	6,309	- 731	5,578
Current assets
Current tax assets	30		30
Accounts receivable and other current assets	344		344
Financial investments incl carried interest		3,039	3,039
Accrued but yet not paid carried interest	896	-896
Acquisition related prepaid personnel expenses	345		345
Other prepaid expenses and accrued income	170		170
Cash and cash equivalents	1,114		1,114
Total current assets	2,899	2,143	5,042
Total assets	9,208	1,412	10,620
EQUITY AND LIABILITIES
Equity
Share capital	12		12
Other paid in capital	5,593		5,593
Reserves	- 450		- 450
Retained earnings including net income	848	1,412	2,261
Total equity attributable to owners of the parent company	6,004	1,412	7,416
Non- controlling interest
Total equity	6,004	1,412	7,416

Note 6 changes in accounting policy regarding carried interest, continued

The change in accounting policy has the following effect on the consolidated statement of cash flows .

As the change in accounting policy has affected operating profit positively due to the changes in fair value, consolidated statement of cash flow is starting from a restated operating profit and consequently, as the fair value change is not a cash generating transaction, the increase is reversed on the line item Changes in fair value. The remaining changes due to the change in accounting policy are reclassifications as described below.

Reclassifications

As all financial investments including carried interest are presented as one single line item in the balance sheet, the non-cash adjustment for Recorded, yet not yet paid carried interest is presented as part of Changes in fair value. Furthermore, as it has been deemed that cash flow from Financial investments including carried interest is part of EQT's operating activities, the cash flow has been reclassified from investing activities to operating activities and that Paid carried interest is presented as part of proceeds from Financial investments including carried interest.

EURm	Previously reported 2023	Restatement	2023 restated
Cash flows from operating activities
Operating profit (EBIT), continuing operations	275	38	313
Adjustments·
Depreciation and amortization	418		418
Changes in fair value	- 23	-134	-156
Foreign currency exchange differences	-15		- 15
Other non-cash adjustments	480		480
Investments in financial investments incl carried interest		- 208	- 208
Recorded, yet not paid carried interest	- 96	96
Paid carried interest	115	- 115
Proceeds from disposals of financial investments incl carried interest		283	283
Increase (-) /decrease (+)in accounts receivable and other receivables	- 122		-122
Increase (+)/decrease (-) in accounts payable and other payables	18		18
Income taxes paid	-105		-105
Net cash from operating activities	945	-40	905
Cash flows from investing activities
Investment in intangible assets	- 1		-1
Acquisition of property, plant and equipment	- 23		- 23
Investments in financial investments	-208	208
Proceeds from disposals of financial investments	169	- 169
Interest received	24		24
Final earn-out divestment Credit			11
Investment in non-current assets	- 11		- 11
Net cash from ( +) / used in (- ) investing activities	-39	40
Cash flows from financing activities
Dividends paid	- 298		- 298
Payment of lease liabilities	- 32		-32
Interest paid	-48		-48
Share issue
Purchase of own shares and/or participations	- 38		- 38
Net cash from ( +) / used in (- ) financing activities	-415		-415
Net increase ( +) / decrease ( -) in cash and cash equivalents	491		491
Cash and cash equivalents at the beginning of the period	645		645
Foreign currency translation difference	- 22		- 22
Cash and cash equivalents al the end of the period	1,114		1,114

Measure	Definition	Reason for use	Alternative performance measures (APM)
Adjusted Total Revenue	Total Revenue adjusted for items affecting comparability and revenue adjustments. Revenue adjustments relates to an adjustment of revenue whereby carried interest is only recognized after applying a valuation buffer (30-50%) on the unrealized part of the underlying fund valuations. Items affecting comparability means items that are reported separately due to their character and amount. For a specification of items affecting comparability and revenue adjustments, see Note 1.	Total Revenue according to IFRS includes the carried interest without the application of a valuation buffer and represents the short term impact of fund valuation changes. Adjusted Total Revenue includes the amount of carried interest expected to be converted to cash in a mid term perspective ( a more prudent revenue recognition model). The difference between Total Revenue (according to IFRS) and Adjusted Total Revenue is the application of a valuation buffer (30-50%) on the unrealized part of the underlying fund valuations.	To increase the understanding of the development of the operations and the financial position of EQT AB Group, EQT presents some alternative performance measures in addition to financial measures defined by IFRS. EQT believes these measures provide a better understanding of the trends of the financial performance and that such measures, which are not calculated in accordance with IFRS are useful information to investors combined with other measures that are calculated in accordance with IFRS. These alternative performance measures should not be considered in isolation or as a substitute to performance
Gross segment result	Total Revenue adjusted whereby carried interest is only recognized after applying a valuation buffer (30-50%) on the unrealized part of the underlying fund valuations less directly incurred expenses by business segment. For revenue adjustments, see Note 1.	Gross segment result provides an overview of the direct contribution of each business segment.	measures derived in accordance with IFRS. In addition, such measures, as defined by EQT, may not be comparable to other similarly titled measures used by other companies.
Gross segment margin	Gross segment result divided by Adjusted Total Revenue by business segment.	Gross segment margin provides an overview of the profitability by each business segment.
EBITDA	EBIT excluding depreciation and amortization of property plant and equipment and intangible assets and amortization of acquisition related intangible assets.	EBITDA provides an overview of the profitability of the operations.
EBITDA margin,%	EBITDA divided by Total Revenue.	EBITDA margin is a useful measure for showing the profitability of the operations relative to total revenue generated by the Group during the period.

Measure	Definition	Reason for use
Adjusted EBITDA	EBITDA adjusted for items revenue adjustments, non-cash adjustments and items affecting comparability. Items affecting comparability means items that are reported separately due to their character and amount. For a specification of items affecting comparability, non-cash adjustments and revenue adjustments, see Note 1.	Adjusted EBITDA is a useful measure for showing profitability of the operations and increases the comparability between periods.
Adjusted EBITDA margin, %	Adjusted EBITDA divided by Adjusted Total Revenue.	Adjusted EBITDA margin is a useful measure for showing the profitability of the operations and increases the comparability between periods, relative to total revenue generated by the Group during the period.
Adjusted Fee related EBITDA	Adjusted EBITDA less adjusted carried interest and investment income.	Adjusted Fee-related EBITDA is a useful measure that presents the recurring Fee-related profitability.
Adjusted Fee related EBITDA margin, %	Adjusted Fee-related EBITDA divided by management fees.	Adjusted Fee-related EBITDA margin is a useful measure that presents the recurring Fee related profitability, relative to management fees generated by the Group during the period.
Adjusted EBT excluding carried interest and investment income	Adjusted Fee-related EBITDA less depreciation and amortization and net financial income and expenses.	Adjusted EBT excluding carried interest and investment income is a useful measure in establishing a like-for-like measurable adjusted Effective Tax Rate (ETR) over time.
Adjusted net income	Net income adjusted for revenue adjustments, non-cash adjustments and items affecting comparability.	Adjusted net income is a useful measure for showing the profitability generated by the Group as this measure is adjusted for items affecting comparability between periods.
Adjusted earnings per share	Adjusted net income in relation to average number of shares.	Adjusted earnings per share is a useful measure for showing the profitability per share generated by the Group as this measure is adjusted for items affecting comparability between periods.
Financial net cash / net debt	Cash, cash equivalents and short-term loan receivables less interest-bearing liabilities ( current and non current).	Financial net cash/ (net debt) is used to assess the Group's financial position in terms of the possibility to make strategic investments, payment of dividend and fulfillment of financial commitments.

Revenue adjustments	- 268	104	- 412	8
Adjusted total revenue	1,266	1,112	2,355	2,131

Adjusted EBITDA / Adjusted net income / Adjusted EPS Adjusted earnings per share, diluted

EURm	H2 2024	H2 2023 restated		2024 2023 restated		H2 2024	H2 2023 restated
Net income for the period from continuing operations	494	57	776	177	Adjusted net income from continuing operations, EURm	615	551
Income taxes	51	39	123	100	Average number of shares, diluted		1,182,762,833 1,185,813,079 1,184,166,399 1,186,434,306
Net financial income and expenses	0	18	- 11	35	Adjusted earnings per share for continued operations, diluted, EUR	0.520	0.464
Operating profit (EBIT)	545	114	888	313
Amortization of acquisition related intangible assets	183	184	365	364
Depreciation and amortization	34	28	71	54
EBITDA	762	326	1,324	731	Financial net cash / (net debt)
Revenue adjustments	-268	104	-412	8
Non-cash adjustments	130	222	321	480			31 December 31 December
Items affecting comparability	125		125	7	EURm	2024	2023
Adjusted EBITDA	749	653	1,359	1,226	Cash and cash equivalents	1,024	1,114
Less adjusted carried interest and investment income	-210	-76	-251	-165	Interest-bearing liabilities - non-current 1)	-2,000	-2,000
Adjusted fee- related EBITDA	539	577	1,108	1,062	Financial net cash/ (net debt)	-976	-886
Depreciation and amortization	-34	-28	- 71	-54	1) Nominal amount
Net financial income and expenses	- 16	- 18	-5	-35
Adjusted EBT excluding carried interest and investment income	490	530	1,032	972
Adjusted carried interest and investment income	210	76	251	165
Income taxes	-85	-55	-168	- 117
Adjusted net income for the period from continuing operations	615	551	1,115	1,019

Adjusted total revenue Adjusted earnings per share, basic

EURm	H2 2024	H2 2023 restated		2024 2023 restated		H2 2024	H2 2023 restated		2024 2023 restated
Total revenue	1,421	1,007	2,653	2,122	Adjusted net income from continuing operations, EURm	615	551	1,115	1,019
Items affecting comparability	114		114		Average number of shares, basic		1,181,750,349 1,185,133,096		1,183,153,914 1,185,754,323
Non-cash adjustments					Adjusted earnings per share for continued operations, ba sic, EUR	0.520	0.465	0.942	0.860

EURm	H2 2024	H2 2023 restated		2024 2023 restated		H2 2024	H2 2023 restated		2024 2023 restated
Net income for the period from continuing operations	494	57	776	177	Adjusted net income from continuing operations, EURm	615	551	1,115	1,019
Income taxes	51	39	123	100	Average number of shares, diluted			1,182,762,833 1,185,813,079 1,184,166,399 1,186,434,306
Net financial income and expenses	0	18	- 11	35	Adjusted earnings per share for continued operations, diluted, EUR	0.520	0.464	0.942	0.859

	31 December 31 December
EURm	2024	2023
Cash and cash equivalents	1,024	1,114
Interest-bearing liabilities - non-current 1)	-2.000	-2,000
Financial net cash / (net debt)	-976	-886

Definitions

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 o fund 's committed capital is invested into portfolio com ponies. Management fees ore normally based on committed capitol during this period.

Current Gross MOIC (pie of Invested Capital) A fund 's Gross MOIC based on the current total value ond invested capitol.

Effective management fee rate Weighted overage management fee rote for all EQT funds contributing to FAUM at o specific date.

EQT Where used on its own, is on umbrella term ond may refer interchangeably to the EQT AB Group ond/or EQT funds, os the context requires.

EQT AB Group or the Group EQT AB ond/or any one or more of its direct or indirect subsidiaries

(for the avoidance of doubt excluding the EQT funds ond 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.

FTE+ 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.

Gross MOIC Toto I value of investments divided by total invested capitol.

Invested capital Committed capitol that fund investors have invested in o fund.

Investment level/% Invested Measures the share of o fund 's total commitments that hos been utilized. Calculated os the sum of (i) closed ond/or signed investments, including announced public offers, (ii) ony earn-outs and/or purchase price adjustments and (iii) less ony 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 ore realized. Management fees ore 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 and EQT Future.

Real Assets Business segment comprised of business lines 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 ports of an investment, that at the time has been realized.

Remaining value/ (Remaining cost) Value (cost) of an investment, or ports 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), ond 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 dote when management fees are charged from fund investors.

Step-down Generally resulting from the end of the investment period in on existing fund or when o 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 os o 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 nonfee-generoting co-investments as well as (iv) committed but undrown 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.

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 269 billion in total assets under management (EUR 136 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 1,900 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.