Strong progress and performance in H1
“In a volatile environment we were able to unlock attractive primary deals and make strong progress on our value creation agenda. At the same time, we stayed disciplined driving realisations and sent back close to €17 billion to fund and co-investors, further building on a record year of exits in 2025. We expanded and strengthened our client offering and are currently in the market with over 20 funds; interest from private market investors and distribution partners in EQT products remains high. Thanks to very strong fundraising momentum and value creation during the quarter, our recently launched AI Infrastructure fund reached more than $9 billion in NAV in less than three months post launch. Our evergreen platform reached €10 billion in net asset value1 and the Scaleup Europe Fund is off to a very promising start. The combination with Coller Capital is on track to close in Q3 and will further strengthen EQT's client relationships. Going forward, in an environment that is likely to remain challenging, EQT is exceptionally well positioned to deliver for clients and take market share.”
Per Franzén,
CEO and Managing Partner
1. Including Coller Capital. The transaction is subject to customary closing conditions, including regulatory approvals and certain Coller Capital fund investor consent approvals
Highlights for the period Jan-Jun 2026 (Jan-Jun 2025)
Strategic highlights
- On 22 January 2026, EQT signed an agreement to acquire Coller Capital, a leading global secondaries firm with fee-generating AUM of €31bn1. The transaction is expected to close mid to late Q3 20262
- BPEA IX had its final close at $15.6bn, EQT Infrastructure VII set its target fund size at €21bn, and EQT XI secured commitments of half of the target fund size
- EQT launched its AI Infrastructure strategy with FAUM of $9.4bn, paced by strong fundraising and value creation
- EQT was selected for the Scaleup Europe Fund mandate by the European Commission
- In the last six months, EQT has added four new strategies with expected FAUM of more than €5bn each (the AI Infrastructure fund, Scaleup Europe Fund, EQT Exeter US Industrial Value VII, and Coller International Partners IX2), and is currently in active fundraising for more than 20 funds
- EQT launched two new evergreen vehicles for Private Wealth, and reached €10bn in NAV across the evergreen products (including Coller Capital2)
1. Estimated as of 30 June 2026, translated to EUR from USD based on 0.88 rate
2. The transaction is subject to customary closing conditions, including regulatory approvals and certain Coller Capital fund investor consent approvals
Key financials
Adjusted Financials – Alternative Performance Measures1
- Total Revenue amounted to €1,407m (€1,340m), an increase of 5%
- Fee-related revenue decreased by 1% to €1,141m (€1,149m), of which retroactive fees were €28m (€96m). The decrease was mainly due to higher retroactive fees in H1 2025 as well as strong exit activity in earlier fund generations where the funds charge fees on invested capital. The fee-related revenue growth, adjusted for retroactive fees, was 5%
- Carried interest and Investment income amounted to €266m (€191m), of which Carried interest was primarily driven by Private Capital funds and Investment income was primarily driven by valuation uplifts in EQT’s financial investments
- Operating expenses amounted to €570m (€534m), an increase of 7%
- EBITDA amounted to €837m (€806m), corresponding to an EBITDA margin of 60% (60%)
- Fee-related EBITDA amounted to €571m (€615m), corresponding to a Fee-related EBITDA margin of 50% (54%). The decline is mainly related to the higher relative retroactive fees in H1 2025
- Net Income amounted to €691m (€682m). Net Income excluding Carried interest and Investment income amounted to €426m (€491m)
- Earnings Per Share before and after dilution amounted to €0.590 (€0.578) and €0.590 (€0.578), respectively
Reported Financials – IFRS
- Total Revenue amounted to €1,610m (€1,273m), an increase of 26%
- Fee-related revenue amounted to €1,148m (€1,149m). The decrease is mainly due to higher retroactive fees in H1 2025, as well as strong exit activity in earlier fund generations where the funds charge fees on invested capital
- Carried interest and Investment income amounted to €462m (€124m), reflecting a higher net change in fair value compared to H1 2025
- Operating expenses amounted to €648m (€632m)
- EBITDA amounted to €962m (€640m), corresponding to an EBITDA margin of 60% (50%)
- Net Income amounted to €663m (€346m)
- Earnings Per Share before and after dilution amounted to €0.566 (€0.293) and €0.566 (€0.293), respectively
1. Adjusted Financials, which are alternative performance metrics for the EQT AB Group. For a full reconciliation, please refer to section "Alternative performance measures”
Balance sheet, realization of carried interest, and liquidity
- Net cash flow from fee-related operating activities amounted to €251m (€274m) during the period
Financial investments including carried interest1
- Financial investments including carried interest measured at fair value in the balance sheet amounted to €5,629m (€5,172m2) at the end of the period, of which strategic balance sheet investments and long-term fund investments was €2,835m (€2,276m2) and carried interest was €2,794m (€2,897m2)
- During H1 2026, EQT invested €770m (€828m) to support strategic growth initiatives, such as recently launched and upcoming strategies and evergreen vehicles. Long-term fund investments amounted to €23m (€110m). Repayments of financial investments amounted to €482m (€92m)
- Realized (cash) carried interest amounted to €404m (€60m). Adjusted and reported carried interest amounted to €54m (€154m) and €250m (€86m), respectively
Funding
- Interest bearing liabilities amounted to €2,439m (€2,427m)3
- EQT’s revolving credit facility of €1.5bn remained undrawn
- Cash and cash equivalents amounted to €843m (€979m2). Net debt (ND) amounted to €1,596m, equivalent to a ND/Adjusted EBITDA of 1.0x and ND/Adjusted Fee-related EBITDA of 1.4x4
Distributions to shareholders
- EQT distributed €351m (€358m) to its shareholders, of which €269m (€231m) in dividends and €82m (€127m) through 3.0m shares (4.9m shares) via share buybacks
- The Annual Shareholders’ Meeting 2026 approved the Board’s dividend proposal of SEK 5.00 per share, to be paid in two installments: SEK 2.50 was paid in May 2026, and SEK 2.50 is to be paid in December 2026
- EQT executed a share buyback program to offset the potential dilution impact from shares delivered to EQT’s employees under its Share and Option incentive programs. A further buyback program comprising up to 4.4m shares will be carried out between 20 July and 4 September 2026
1. See note 3 for additional details
2. 31 December 2025
3. Nominal amount. 31 December 2025
4. Net debt end of period divided by Adjusted EBITDA or Fee-related EBITDA during the last twelve months
Fundraising
- Gross inflows amounted to €17.8bn. FAUM amounted to €155bn (€141bn) and Total AUM was €291bn (€266bn)
Key funds
- Gross inflows to Key funds amounted to €4.8bn, primarily related to BPEA IX and Infrastructure IV and V
- BPEA IX closed at $15.6bn in total commitments, reaching the hard cap and raising €13.1bn in FAUM. The fund size represents a near 40% increase on the predecessor fund. BPEA IX is the largest Asia Pacific-dedicated private equity fund raised to date1
- EQT XI secured commitments of half of the target fund size. The fund is expected to be activated towards the end of Q3 and will not contribute to FAUM until activation2
- EQT set the target fund size for EQT Infrastructure VII at €21bn, corresponding to approximately $24.5bn. The fund is expected to be activated around year-end2
Other strategies
- Gross inflows to Other strategies amounted to €11.6bn
- EQT introduced its AI Infrastructure strategy, fully seeded by the EQT Infrastructure portfolio company EdgeConneX through the acquisition of a minority stake from EQT Infrastructure IV and V. The fund charges fees on NAV. At the end of the period, FAUM amounted to $9.4bn, driven by primary and secondary capital raised as well as value appreciation
- EQT’s open-ended Active Core Infrastructure strategy closed its first investment. The fund will be activated in Q3 and will charge fees on NAV
- EQT was selected for the Scaleup Europe Fund mandate by the European Commission. The fund has a target size of €5bn and is expected to be activated in Q3, with fundraising continuing into 2027
Evergreens
- Net inflows to evergreens amounted to €1.8bn. Redemptions corresponded to around 0.5% of NAV per quarter. NAV amounted to €5.6bn, and including Coller Capital to approximately €10bn
- Incremental FAUM related to evergreens3 increased by €1.5bn and amounted to €3.2bn at the end of the period
1. Source: Preqin, April 2026
2. EQT XI and EQT Infrastructure VII will only contribute to gross inflows upon activation
3. Note that only co-investments and NAV appreciation are incremental to EQT AB’s FAUM related to evergreens, as fund-of-fund investments is already accounted for in the underlying funds
Investment activity
- EQT announced gross fund investments of €19bn, delivering attractive deal flow across strategies, thematics and geographies. In addition, EQT provided co-investment opportunities of €9bn for its clients
- EQT Infrastructure announced the public tender offer of clean energy platform AES in North America, the acquisition of waste management provider Urbaser in Europe (Infrastructure VI) and the investment in UK-based provider of critical water and wastewater services Kelda (EQT Active Core Infrastructure)
- EQT Private Capital announced the public tender offer of UK-based product testing firm Intertek, and entered an agreement to acquire satellite company Exolaunch (EQT X)
Exit activity
- EQT announced total gross fund exits of €7bn, primarily driven by public market exits. In addition, EQT realized €9bn for its co-investors. During the last twelve months, EQT sent back close to €30bn1 in total realizations to clients, building on EQT’s record year of exits in 2025
- Announced exits include the public sell-downs in Galderma and Azelis (EQT VIII), Enity (EQT VII) and Beijer Ref (EQT IX), the minority stake sales in Nordic Ferry Infrastructure (EQT Infrastructure V) and EdgeConneX (EQT Infrastructure IV and V) and the full exit of Tubulis (LSP 7). In addition, EQT created a multi-asset continuation vehicle of a pool of well-performing early-stage assets (Ventures I), providing liquidity to clients
- EQT’s final sell-down in Galderma represented the largest sponsor-backed block trade to date. In total, EQT generated $20bn of capital gains for its funds and co-investors – the largest capital gain outcome from a single fund in the history of private equity
1. Fund exits and realizations for co-investors
Investment performance
- Key fund valuations increased by 5%. All Key funds continue to perform On or Above plan
- Double digit value uplift in Infrastructure was led by strong underlying performance in the Digital and Energy sub sectors, as portfolio companies continue to secure new contract capacity and grow run-rate EBITDA
- Over the last 12 months, profitability accelerated across the Private Capital portfolio, with 14% EBITDA growth in Private Capital Europe & North America. EQT X saw mid single digit value creation in H1, primarily due to strong operating performance, with a weighted average EBITDA growth of 24% over the last 12 months. In EQT IX, lower valuation multiples offset generally strong operating performance. Across Private Capital Asia, operating performance was broadly positive which, combined with stable valuation references, supported largely positive value creation
People
- The number of full-time equivalent employees (FTE) amounted to 1,895 (1,908) at the end of the period. EQT will continue to invest into future growth areas, including Asia and the U.S., AI capabilities, private wealth, and secondaries and solutions
- Bert Janssens, Co-Head of EQT Private Capital Europe & North America, was named Chair of the newly-created Private Capital Management Committee, which aims to strengthen knowledge sharing and alignment across EQT’s global Private Capital platform to drive improved investment outcomes
- Bert Janssens and Henry Steinberg, Global Head of EQT Real Estate, joined the EQT Executive Committee, while Lennart Blecher stepped down. Lennart remains Chairperson of EQT Real Assets and a member of the EQT Council
- At the Annual Shareholders' Meeting on 12 May 2026, Jean Eric Salata was appointed Chair of the EQT Board. In addition, Jean-Pascal Tricoire was appointed a new Board member of EQT
- Gustav Segerberg was appointed Chief Financial Officer, effective as of 18 July 2026. Segerberg succeeds Kim Henriksson who will remain CFO up until that date, and then transition into a Senior Advisor role
Other
- For the second consecutive year, EQT hosted its “Value Creation Day” on 20 May 2026 in London. The event featured insights from Per Franzén (CEO & Managing Partner), EQT’s investment advisory professionals, digital & AI teams, and portfolio company CEOs
- As of this Half-year Report, EQT reports Real Estate and Infrastructure as two separate operating segments, reflecting a change in the internal reporting. Upon closing of the Coller Capital transaction1, EQT will also report Secondaries & Solutions as a new operating segment. This will result in a four-segment reporting structure: Private Capital, Infrastructure, Real Estate, and Secondaries & Solutions
- At the end of the period, the number of portfolio companies with validated science-based targets amounted to 65, representing more than 75% of invested capital. A further three companies are in the process of setting targets
Events after the reporting period
- EQT X announced the acquisition of TachoSil®, EQT Infrastructure VII announced the acquisition of Copia Power2, and BPEA EQT Mid-Market Growth announced the acquisition of Orikan
- Investment levels in EQT Key funds as of 17 July 2026 were 80-85% in EQT X, 75-80% in EQT Infrastructure VI and 10-15% in BPEA IX
1. The transaction is subject to customary closing conditions, including regulatory approvals and certain Coller Capital fund investor consent approvals, and is expected to close in mid to late Q3 2026
2. EQT Infrastructure VII is currently expected to be activated and begin charging management fees around year-end 2026. Upon activation, and with the acquisition of Copia Power, EQT Infrastructure VII is expected to be 0-5 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication) based on target fund size and subject to customary regulatory approvals.
Presentation of EQT AB’s Half-year Report 2026
Financial analysts and media are invited to participate in a conference call, including a presentation at 08.30 CEST.
The presentation and a link to follow the webcast and conference call live can be found here and a recording will be available afterwards.
To participate by phone, please register here. You will then receive your personal dial-in details, to be able to ask questions during the Q&A.
Information on EQT AB’s financial reporting
The EQT AB Group has a long-term business model founded on a promise to its fund investors to invest capital, drive value creation and create consistent attractive returns over a 5 to 10-year horizon. The Group’s financial model is primarily affected by the size of its fee-generating assets under management, the performance of the EQT funds and its ability to recruit and retain top talent.
The Group operates in a market driven by long-term trends and thus believes quarterly financial statements are less relevant for investors. However, in order to provide the market with relevant and suitable information about the Group's development, EQT publishes quarterly announcements with key operating numbers that are relevant for the business performance (taking Nasdaq's guidance note for preparing interim management statements into consideration). In addition, a half-year report and a year-end report including financial statements and further information relevant for investors is published. Finally, EQT also publishes an annual report including sustainability reporting.
Contact
Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Shareholder Relations, shareholderrelations@eqtpartners.com
Rickard Buch, Head of Corporate Affairs, +46 72 989 09 11
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334
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 set out above, at 07.00 CEST on 17 July 2026.
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 more than three decades of developing companies across multiple geographies, sectors and strategies. EQT has investment strategies covering all phases of a business’ development, from start-up to maturity. EQT has €291 billion in total assets under management (€155 billion in fee-generating assets under management) as of 30 June 2026, within three business segments – Private Capital, Infrastructure and Real Estate.
With its roots in the Wallenberg 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 approximately 1,900 employees.
More info: www.eqtgroup.com
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