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

• During the period, management fees increased due to closed out fundraising commitments, while carried interest was lower due to lower volumes of closed realizations. Adjusted margins increased due to higher FAUM, operational efficiency and scaling effects
• Adjusted Total Revenue amounted to EUR ‌1,088‌m (EUR ‌‌1,019‌m), an increase of ‌7%‌. Reported Total Revenue* amounted to EUR ‌‌‌1,232‌m (EUR ‌‌1,115‌m). Management fees increased by ‌‌13%‌
• Adjusted Carried Interest and Investment Income amounted to EUR ‌41‌m (EUR ‌‌‌‌89‌m). Reported Carried Interest and Investment Income* amounted to EUR ‌‌‌184‌m (EUR ‌‌‌185‌m)
• Adjusted EBITDA amounted to EUR ‌‌609‌m (EUR ‌‌‌555‌m), corresponding to an Adjusted EBITDA margin of ‌‌56%‌ (‌‌54%‌). Reported EBITDA* amounted to EUR ‌562‌m (EUR ‌‌‌‌‌405‌m), corresponding to a Reported EBITDA margin* of ‌‌‌‌46%‌ (‌‌‌‌36%‌)
• Adjusted Fee-related EBITDA amounted to EUR ‌‌‌568‌m (EUR ‌‌‌‌466‌m), corresponding to an Adjusted Fee-related EBITDA margin of ‌‌‌54%‌ (‌‌‌50%‌)
• Adjusted Net Income from continuing operations amounted to EUR ‌‌500‌m (EUR ‌‌‌‌450‌m). Reported Net Income from continuing operations* amounted to EUR ‌‌‌282‌m (EUR ‌‌‌120‌m)
• Adjusted Earnings Per Share for continuing operations before and after dilution amounted to EUR ‌‌0.422‌ (EUR ‌‌‌0.379‌) and EUR ‌‌0.422‌ (EUR ‌‌0.379‌), respectively. Earnings Per Share for continuing operations* before and after dilution amounted to EUR ‌0.238‌ (EUR ‌‌‌‌‌‌0.101‌) and EUR ‌‌‌‌‌0.238‌ (EUR ‌‌‌‌‌0.101‌), respectively

* 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"

• 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 26bn in total commitments
• EQT hosted a Capital Markets Day, re-confirming its revenue growth and Adjusted EBITDA margin targets, providing further color on its Adjusted Fee-related EBITDA margin ambition, and refining its dividend growth target to be on a per share basis
• Preparations progressed for BPEA IX and for a transition infrastructure strategy
• EQT continued to enhance its focus on the Private Wealth area through senior team hires, branding efforts, the addition of further EQT Nexus distribution banks, and preparations for new products in different geographies
• EQT continued to elevate its Capital Markets team across debt and equity, adding further focus on exit and IPO excellence

• FAUM increased to EUR ‌133‌bn (EUR ‌‌126‌bn). Total AUM was EUR ‌246‌bn (EUR ‌‌‌224‌bn). Gross inflows amounted to EUR ‌‌7‌bn and were primarily driven by closed out commitments from EQT X and EQT Infrastructure VI
• Fundraisings are generally taking longer in the current fundraising environment, and we expect the fundraising market to meaningfully improve only once realizations pick up materially across private markets
• EQT Infrastructure VI had fee-generating commitments of EUR 16.2bn. Active fundraising efforts are expected to materially conclude in 2024. The fund is expected to reach its target size upon final close
• EQT Future[1] closed at EUR 3bn in total fund commitments, with total fee-generating commitments to the strategy, which includes co-investments, totaling EUR 3.6bn
• BPEA EQT Mid Market Growth[1] held its final close at more than double the fund's target size, with USD 1.6bn in total fund commitments, of which USD 1.4bn is fee-generating
• EQT launched EQT Healthcare Growth, a dedicated healthcare buyout fund, which has announced two investments to date
• EQT Nexus' NAV amounted to approximately EUR 700m, and EQRT, EQT's semi-liquid strategy focusing on direct investments in commercial real estate, announced its first acquisition and initiated marketing in a slow real estate fundraising market

1. EQT Future and BPEA EQT Mid Market Growth charge management fees on invested capital

• Total investments by the EQT funds during the period amounted to EUR ‌12‌bn (EUR ‌‌9‌bn) driven by strong deal flow across regions and strategies
• Investments 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 (EQT Infrastructure VI); the public to private tender of Believe, the largest independent digital-native music label globally; Avetta, a leading cloud-based supply chain risk management software platform (EQT X); and the public to private tender of Perficient, a leading global digital consultancy (BPEA VIII)   
• Total gross fund exits announced during the period amounted to EUR ‌4‌bn (EUR ‌‌‌4‌bn)
• Exits include the sale of idealista, a leading real estate platform in Southern Europe (EQT IX), Ottobock, the global leader in wearable human bionics (EQT VII); fiber-to-the-home platform Lumos (EQT Infrastructure III); CMS Info Systems, India's largest cash management company (BPEA VI); and Shinhan Financial Group, the largest financial group in Korea (BPEA VII)
• Galderma (EQT VIII), a leader in dermatology, priced its IPO on the SIX Swiss Exchange, and Waystar (EQT VIII), a cloud-based provider of software for simplifying healthcare payments, began trading on the Nasdaq stock exchange; both IPOs saw the company raise primary capital, while EQT VIII retained its ownership with the liquidity benefit of having publicly traded shares, paving the way for realizations over time

2. Signed transactions, if not otherwise mentioned

• All key funds continued to perform On plan or Above plan
• Value creation across the Key EQT funds amounted to 5% during the period, driven by earnings growth
• The key funds in EQT Infrastructure, and more recent vintages across both Private Capital EU & North America and Private Capital Asia saw the strongest performance
• In certain earlier Private Capital vintages, which have a significant share of already realized investments, fund valuations were modestly lower due to specific pockets of underperformance
• EQT's Capital Markets team took advantage of strong financing markets to optimize portfolio company debt by further extending maturities, improving covenants, and reducing interest expenses. The EQT key fund portfolio companies have no material maturities before 2027

• At 30 June 2024, interest bearing liabilities amounted to EUR ‌1,994‌m. Cash and cash equivalents amounted to EUR ‌‌806‌m. EQT's EUR 1.5bn sustainability-linked revolving credit facility was undrawn and the facility was extended in July 2024 with a tenor of

• Reported Carried Interest* amounted to EUR ‌‌164‌m (EUR ‌168‌m). Adjusted Carried Interest amounted to EUR ‌‌‌‌21‌m (EUR ‌‌‌72‌m). Realized (cash) carried interest amounted to EUR ‌‌‌19‌m (EUR ‌‌84‌m)
• As previously communicated, EQT expects to execute share buyback programs twice a year to offset the dilution impact from EQT's equity incentive programs. EQT repurchased 2.2m shares during the period and a second buyback program will be carried out between 19 July 2024 and 23 August 2024 and comprises 2.0m shares

* 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
** Net debt end of period divided by Adjusted EBITDA during the last twelve months
Note: The adjusted metrics are alternative performance metrics for the EQT AB Group. For a full reconciliation, please refer to section "Alternative performance measures"

• Richa Goswami joined the EQT AB Board, bringing experience and expert knowledge in building consumer facing financial brands
• The number of full-time equivalent employees and on-site consultants (FTE+) amounted to ‌1,861‌ (‌‌1,814‌), of which ‌1,796‌ (‌‌‌1,716‌) FTEs
• Masoud Homayoun, Partner and Head of EQT Value-Add Infrastructure, joined EQT's Executive Committee
• Since committing to the Science Based Targets initiative in 2021, EQT has supported 44 portfolio companies in setting science-based targets, of which 12 completed the validation during the period. In terms of invested capital, this represents a portfolio coverage of 57% as of Q1 (surpassing EQT's interim target of 40% in 2025). With a continuously evolving portfolio, a further 21 companies are in the process of setting targets

• EQT won six awards in the 2023 PEI Group Awards, including Infrastructure Investor's "Global Sustainable Investor of the Year" for the second consecutive year, and New Private Markets' "Multi-Strategy Firm of the Year (ESG)". EQT was also recognized in the 2024 Prequin League Tables as one of the "Most Consistent Top Performing Infrastructure Fund Managers", and for the third year in a row, EQT was ranked in the top 3 in the PEI300 list[3]
• The acquisition of HDFC Credila (BPEA VII) was awarded the 2024 Private Equity Deal of the Year in the Mint India Investment Summit Awards
• EQT established offices in Warsaw, Poland and Bengaluru, India. The Warsaw office is expected to become a significant tech development hub for EQT, host global operations functions, and other teams over time. The Bengaluru office will host junior investment advisory professionals, working alongside EQT's global investment advisory teams

3. The PEI 300 measures the amount of private equity capital raised between 1 January 2019 and 31 December 2023

• BPEA VIII announced the public-to-private of Keywords Studios, a leader in gaming technology services 
• EQT Future announced its investment in Flix, a global travel company focused on long-distance ground transportation
• In addition to EQT's current A- (Stable) rating from Fitch, EQT obtained an A- (Stable) rating from S&P, underscoring EQT's operational strength and robust financial position
• Investment levels in EQT Key funds as of 18 July 2024, were 35-40% in EQT X, 40-45% in EQT Infrastructure VI and 65-70% in BPEA VIII

Presentation of EQT AB's Half-year Report 2024

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 (https://edge.media-server.com/mmc/p/s9yapw37/) and a recording will be available afterwards.

To participate by phone, please register here (https://register.vevent.com/register/BIf2ea2bd42ece41e48a9ae6f9d197c6bb). 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 Communications, +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 18 July 2024.