A letter from our CEO

Delivering on our priorities 

It has been a busy third quarter across public and private markets, with activity picking up in Asia, Europe and the US. As clients increasingly seek diversification across geographies and asset classes, EQT's global platform is well positioned to deliver. In Q3, we maintained our focus on investment and exit activity around the world, made significant headway in our fundraising efforts, and continued to scale our evergreen offerings. This reflects the priorities set earlier in the year: striving for excellence in dealmaking and value creation across everything we do and continuing to build the most attractive counterparty for clients in the private markets industry.

The gateway to global diversification 

We believe we are in the early stages of a global rebalancing of allocations. For instance, in the public equity markets we saw leadership shift throughout the year, with Europe outperforming in Ql, US leading in 02, and now Asia in front for Q3. In the private markets, we see an appetite from clients across the world - including those in the US - to increase exposure to funds investing globally. There are several reasons for this shift. In Europe, years of sluggish growth are giving way to new momentum, as policymakers push to attract investment and cut red tape. Major initiatives introduced over the summer, such as Germany's €500 billion Infrastructure &. Climate Fund and the UK's £725 billion 2035 Infrastructure Strategy, illustrate the focus on accelerating economic growth. Asia, meanwhile, is propelled by demographic tailwinds in certain regions, strong GDP growth, and historically underdeveloped private markets. EQT is well-suited to help investors across the world get access to the most attractive global investment opportunities in private markets. 1) Source: Bain Global PE Report 2025 Around two-thirds of our assets under management are in Europe and Asia. We have the deep local knowledge, trusted relationships, and understanding of local regulations required to succeed. At the same time, the US remains a growth market for EQT. Unlike many peers that are heavily concentrated on the US, EQT still has significant room to grow in this market. We will continue to expand organically and, where the fit is right, through M&A. 

Executing thematic exits and investments 

The strength of our global portfolio is evident in our recent exit activity. Over the last 12 months, realizations across our EQT Equity strategy corresponded to nearly 30% of the value of the funds a year ago. This is nearly three times as much as the industry average which, according to the latest available data, distributed just over 10%. In 2025, we are on track to deliver on 30 exit events across our key funds and geographies. We also remain the most active private markets firm in equity capital markets globally this year, with public company sell-downs in 03 including that of Horizon Robotics in Hong Kong, Waystar and Kodiak Gas Services in the US, and Galderma in Switzerland. 

At the same time, we continue to explore ways to offer clients long-term exposure to our "winners". As we continue to monetize investments and derisk funds, we expect to realize cash proceeds for shareholders from carried interest. In the near term, we forecast EQT VIII to generate approximately half a billion EUR in cash for EQT AB, assuming market conditions remain favourable. EQT VIII is performing Above plan, and we have realized a meaningful part of the fund already. As such the fund is fast approaching its hurdle for cash carried interest payouts. We invested €5 billion in the third quarter, close to doubling the Q2 volumes, while maintaining our thematic focus and geographic diversification. In the 12 months leading up to September, roughly 40 percent of our capital was invested in Europe, 40 percent in the US, and 20 percent in Asia. One particularly exciting investment was the announced take private of Fujitec, a leading Japanese elevator and escalator manufacturer and service provider. This was one of the largest sponsor-led take-private in Japan so far this year, and EQT's largest buyout there since establishing our presence nearly two decades ago. In Europe, we acquired Adevinta Spain, building on our track-record in online classifieds. In the US, we acquired NeoGov, a provider of HR and compliance software. Looking ahead, our ability to pick the right investment opportunities, stay invested in the right long-term winners, and build future-proof businesses, will ensure fund performance across strategies stays strong - all EQT's Key funds remain On or Above plan - while giving us flexibility in when and how we exit

Strong fundraising momentum in institutional and private wealth products 

Fundraising for BPEA IX continues to progress in line with plan, and we now have the largest pool of private equity dry powder across Asia1. The initial feedback to EQT XI has been strong and we expect to activate the fund in the first half of next year. Interest in our latest European real estate fund has been above expectations and momentum in the healthcare growth fund is strong. In Q3 we also launched fundraising for an open-ended Active Core Infrastructure (ACI) fund, a continuation of our successful ACI strategy. Also for this product, the initial response from clients has been very encouraging. On the evergreen side, momentum continued to build in Q3, with five products now in the market. In July, we launched our first US private equity evergreen vehicle, which provides US investors direct exposure to EQT's private capital investments globally. It has attracted strong initial demand, underscoring the appetite for global diversification. In September, we also added a European Long-Term Investment Fund (ELTIF) structure to our Nexus evergreen product family, broadening access to additional investor categories within the EU. For the full year, we expect to have approximately €2 billion of inflows across our five evergreen products. Private and institutional investors remain focused on portfolio diversification and are looking to engage with private markets players that can help them achieve their strategic and financial objectives. With a global platform, strong alpha-generating capabilities and a differentiated brand, EQT is well-positioned to lead in this space. 

Staying an agile and entrepreneurial organization in a consolidating industry 

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I am also pleased with the progress we are making when it comes to creating an even more streamlined and high performing organization. This is essential for EQT if we are to continue to attract and retain the best talent, while participating in the ongoing consolidation of the industry. We are making Al implementation a strategic priority, both internally at EQT, and also in the portfolio companies. We are also continuously strengthening our teams in our prioritized growth areas. At the same time, efficiency improvements are being implemented during the third and fourth quarter; as a result, we expect the number of FTEs by year-end to return towards the number of FT Es we had at the start of the year. In addition, we will reduce the use of in-house consultants by about 75%, or approximately 80 roles, by year-end. As we enter the final quarter of the year, EQT remains focused on delivering for our clients. We continue to stay disciplined in our investment pacing. We remain close to our portfolio companies to accelerate value creation. Realizations are strong, and ongoing fundraisings are progressing nicely. All in all, we keep on delivering on the priorities set earlier in the year. 

Per Franzen 

CEO &. Managing Partner