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EQT Corporation Stock Price: Quote, Forecast, Splits & News (EQT)

Perplexity Finance

Company Profile

EQT Corporation Price & Performance (EQT)

Stock Performance

Updated Apr 17, 8:00 PM UTC

EQT Corporation

$50.98USD

++$0.13 (+0.26%)

After Hours

+$0.60 (+1.18%)

Open

$51.18

Year High

$56.66

P/E Ratio

113.3

Low

$50.82

Year Low

$30.02

Volume

5.00M

High

$51.77

Market Cap

$30.46B

Dividend Yield

3.62%

Latest News

EQT Moves to Redeem Senior Notes Early, Streamlining Debt Structure
Apr 16, 2025
EQT Corporation has announced plans to fully redeem its outstanding 5.500% Senior Notes due 2028, totaling over $73 million, with the process set to complete by May 1. This move follows recent exchange offers and consent solicitations, reflecting the company’s ongoing strategy to consolidate debt and optimize its capital structure.12
Analysts Predict Strong Earnings Growth for EQT in 2025, Citing Sector Tailwinds
Wall Street expects EQT Corporation to report Q1 2025 earnings of $1.01 per share, a 23% jump from last year, with full-year EPS projected to more than double. Despite sector volatility, analysts remain moderately optimistic, highlighting EQT’s consistent performance and favorable natural gas market trends.34
Volatile Energy Markets Challenge EQT Stock Despite Positive Analyst Ratings
EQT shares have faced recent turbulence amid broader energy sector declines and tariff uncertainties, with some analysts trimming price targets. Still, the stock maintains a consensus 'Moderate Buy' rating, and several firms see double-digit upside potential as EQT navigates evolving market conditions and regulatory pressures.56

What's Happening

Peers

Earnings

Report Date

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Rev Estimate

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Avg 1d Change

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Report Period

Q1 2025

EPS Estimate

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Implied Move 1d

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Transcript

7m 4s

Actually, when I became CEO in 2019, Per took over my prior role as Head of Private Capital. So I've already passed the baton to him once before. And as you've seen, he's done an amazing job. In fact, Per is, in my view, one of the best dealmakers across the private equity industry. He has a really strong and pretty unique track record of creating some of the biggest and best companies in our portfolio. Creating the concept of running with the winners. And we've been working together a long time. He's been with EQT for nearly twenty years. Like I said, he's on video. So with that, I'd like to hand the word to Per.

7m 41s

Thank you, Chris. Thank you for those nice words. Let me start off by saying that I'm thrilled to become CEO of EQT. Under Christian's leadership we've built a truly global platform and I think we're well positioned to continue to deliver performance for clients and to continue to grow the firm. We have a world class track record across private capital infrastructure and real estate. We have nearly 1,300 clients across the globe. We have a fantastic team of almost 2,000 colleagues across 25 countries. I'm very happy that Chris will remain at the as an institutional partner. Chris and I have worked together for close to twenty years and I look forward to continuing our successful partnership in our new roles. At EQT, we manage succession carefully across key roles. You will have seen that Bert and Eric have now taken on the roles of co head of private capital in Europe and North America. And they are already fully in charge of that part of our business. Before handing back to Chris, let me say that I very much look forward to seeing many of you at our Annual General Meeting on the May 27 in Stockholm.

9m 5s

At our capital markets event in London on the May 22. With that, I hand it back to Chris and see you all again in connection with the first half report. Thanks, Per. So Per will participate today in the Q and A, but you'll see him a lot going forward and at the AGM and at the Capital Markets event. And And by that time, Per will be EQT's fourth CEO. Now in my new role with EQT, I'm going to chair the newly formed EQT Council. Which really aims to amplify EQT's ability to create partnerships across the globe, and connect more closely with governments and NGOs. With over 70% of the world's population having voted last year, geopolitical questions have become increasingly important for all of us. With a huge amount of change impacting basically all aspects of society and also the capital markets in general. In the Council, I'll be joined by Connie and Marcus Wallenberg, plus senior partners from EQT. I'll also continue to chair the Global Investment Forum, which brings together EQT's most senior investment professionals, and I will remain a member of several EQT investment committees and really look forward to engaging in this new role.

10m 25s

Now, next slide, please. So let's now reflect on the current market environment. We've seen cycles and uncertainty before. Be it the tech bubble, the European debt crisis, the global financial crisis, the pandemic or the post COVID inflation years. And unlike public markets, which react quickly in sharply to uncertainty, private markets are structurally different. We invest in long term trends that shape the future of society. Transactions that often first emerge in private companies. And we see those emerging companies staying private for longer. As capital is increasingly available in the private markets for those businesses for a long time. And of course, we in our business are owners of companies. We control them We control the assets. And this allows us to be agile, drive transformation, take advantage of market downturns. But also stay focused on the long term because we own these companies until we are ready to exit. And we typically do that. When times are good for the company and good for the markets. Now, today, I think EQT is better equipped than ever to manage volatility. We've learned from every cycle. And continuously refined our approach. Today, we have well diversified funds more than 300 portfolio companies and 2,000 buildings across the world.

11m 47s

We're invested in high quality companies and local infrastructure, with relatively low exposure to economic cycles. And we still only have pockets of underperformance if you look across our portfolio. With more than €50,000,000,000 of dry powder we do have capital to invest. That's one of the great things about our model. The private markets model. We have capital when other parts of the market start to retract. And in fact, some of our best deals were done in times of uncertainty. For example, at the beginning of COVID, we acquired Schulke as part of a carve out. Turned it into a standalone health care company and sold it after three years. Delivering 4.8 times the money. On that deal. And another great example is EdgeConnects, acquired in 2020, where EQT infra has multiplied the company's capacity and turned it into one of the largest data center operations globally. In the most recent transaction, the company achieved a high double digit billion dollar valuation. Now moving on to the balance sheets with regards to leverage in our companies. We are continuously optimizing our portfolio company financings throughout the cycle. And right now, we're standing on quite firm ground. Only 5% of portfolio company debt is maturing before 2028.

13m 11s

Finally, we have a best in class track record as it relates to performance and cash returns to clients, DPI. Actually, this is across most of our funds. Thus we can stay patient on exits in times of uncertainty And when you look overall at our performance, you look at half of the key funds are performing on plan. The other half are performing above plan. And those are really key indicators for everyone. To follow. Next page, please. So uncertainty remains as to how The U. S. Tariff negotiations could play out. And what the new economic order will be in the medium and long term But regardless, we currently expect tariffs to have limited direct impact on our portfolio. Our private capital portfolio is largely invested in sectors such as health care, software and services, where we have no or little exposure to manufacturing and trading of physical goods. Infrastructure, of course, we provide essential services local infrastructure. Be it data centers, energy, transportation or social services. And in real estate, we're primarily invested in logistics assets, in The United States and Europe. Now, of course, changes in global trade patterns and consumer demand might have near term implications on real estate.

14m 27s

We do see robust long term structural demand for logistics assets. Excuse me. Therefore, taking a step back, it's not actually the tariffs that were most focused on at this point in time. Instead, we think it's the geopolitical risks the potential deterioration in global growth and economic activity, inflationary pressures that might arise, and potential strains on global financial markets. And these are the real risks that we need to monitor and manage now going forward as owners. And investors. And this is, of course, what our deal teams, our management teams and our boards are ready in themselves for. Next slide, please. We now have more than thirty years of experience and we've always come out stronger from every cycle. In uncertain times, capital consolidates further with large and established managers. And performance over the cycle will be driven by those that have the ability to really drive fundamental value creation and change. And we're going to showcase how we do that in our capital markets event in London. In May. This is also a time for us to seize opportunities, as I mentioned, in infrastructure, for example, digitalization and decarbonization continues at a rapid pace around the world.

15m 44s

We're looking at a number of public to privates. Just launched one a few weeks ago. And also, at our clients, this is a time where many investors want to diversify their investments across the globe. And EQT we offer strategies that invest locally in each of Asia, Europe and North America. We have about €140,000,000,000 of fee paying under management. Of which around 30% is invested in Europe, 20% in North America, and 15% in Asia. And the rest of the capital is actually dry powder. So more than 30% of our fee paying AUM is yet to be invested in the deals and in the regions where we see the best opportunities. And that actually includes now the more than $10,000,000,000 that we've raised in the first close for BPA nine. That being the same size as the previous fund. Also, being from a small country in the North, we do follow the Wallenberg mantra of making friends not enemies. And that gives us a unique position in the world. In addition to EQT's own balance sheet, EQT AB's own balance sheet is strong and we have ample liquidity that we can use to grow organically and support our funds and start new funds and through acquisitions or combinations that we could do over the medium term.

17m 10s

If you look at what's happening in the markets, we do expect this volatility and the challenges in global markets to actually accelerate the consolidation that we've seen in our industry. And will also increase the competition in our industry We believe that the winners coming out of that will be either niche specialists or the large [indiscernible] and diversified players. Like EQT. Next slide, please.

17m 37s

So during Q1, we continued to execute on something critical for us in the industry, which was large exits. And these deals have multiple benefits for a range of stakeholders. First and foremost, strong returns for our clients and liquidity for our clients. Second, optionality for them to reinvest and continue to run with the winners. Third, significant investment opportunities for our strategic clients and partners. And fourth, strong returns for our public market investors. With Galderma, for example, being up around 50% since IPO, even despite the recent volatility. I'm also excited to say that Nord Anglia is becoming our first private IPO. Raising around $7,500,000,000 outside the fund. And this deal structure provides investors with liquidity today while significantly broadening the shareholder base to over 70 investors. Including some with time horizons above beyond the private equity holding period. We also have the possibility to create future liquidity events in the future. In the private market. And of course, clients will also continue to benefit from this investment as we are co investing together with our investors with our fund number eight at BPEA. [indiscernible] we also made a major exit in IFS. A software company that's been built actually by Per and team where we just announced a minority stake sale last week.

19m 10s

And the deal values IFS at €15,000,000,000 following investments from HG Adia and CPP. When EQT first acquired IFS in 2015, IFS was a small software and consultancy business. Focused on Northern Europe. Over the last ten years, it's grown to become a really global provider of enterprise solutions. Is now across all the funds that it invested for three EQT funds. Is valued at around five times multiple of invested capital on average. And EQT9 remains a co controlled shareholder in the company. Continuing to run with the winner. So overall, you've seen in the report that we've been tracking our exit plans in Q1, And we, of course, have a number of companies readying for exit the coming year, as we've talked about previously. However, as long as volatility will stay [indiscernible] and there's a lot of uncertainty in the world, we do expect exit activity to slow down somewhat And thus, at the same time, we'll continue to double down on value creation, focusing on cash flows, improving the company's and building them through organic initiatives. Out on acquisitions. If exits do remain slow, of course, this may also impact the fundraising cycle again. And to go a bit deeper into that, going to hand over to Gustav, who will cover fundraising.

20m 36s

Thank you, Chris. So during the quarter, EQT Infrastructure six held its final close. The Fund raised €21,500,000,000 of total commitments of which €21,300,000,000 were fee fee generating, significantly exceeding the EUR20 billion target and hitting our hard cap. Approximately 70% of the capital came from existing clients and Infrastructure five. Some 40% of the capital was raised from EMEA, with North America and APAC representing almost onethree each. The commitments reflects our very strong relationship with pension funds and sovereign wealth funds across the globe. And private wealth represented around 10% of total commitments. The fundraising for BPA9 is progressing with strong momentum. As of today, the Fund has received commitments of over $10,000,000,000 which includes around $2,500,000,000 since the end of the first quarter. When we were at slightly less than $8,000,000,000 The fund will hold its first close next week. And we expect it to reach its target fund size of $12,500,000,000 during the summer. And the fundraising is expected to be materially concluded during 2025. Furthermore, BPA9 was activated for management fee purposes in early March. In addition to the key funds, gross inflows amounted to around €1,000,000,000 in Q1. This relates mainly to transition infrastructure, and health care growth as well as various strategies charging fees on invested capital.

22m 42s

So turning to upcoming flagship fundraisings. We have previously stated that we expect EQT eleven to be activated in early twenty twenty six and Infrastructure seven around midyear twenty twenty six. As you know, activation depends on the investment pace in the current vintage, And hence, if the market uncertainty remains, and the deal activity slows down, this will impact. So based on what we know today, we expect activation sometime during the first half of twenty for EQT 11, and sometimes during the second half of twenty twenty six for Infrastructure seven. So in light of current market conditions, it is possible that we will see renewed cyclical headwinds as it relates to fundraising. First of all, as we've seen in the past, with lower public market valuation, some clients, especially those with mature private market programs, often are forced to limit their private market investments to align with target allocation levels. Secondly, if deal activity slows down materially, it means less liquidity back to the client which in turn reduces clients' ability to make new commitments. For these reasons, we want to reinforce what we said on the last update that we think that it will take at least until 2027 before global private market annual fundraising volumes reached the levels that we saw in 2021.

24m 29s

However, taking a step back we still very much believe that private markets continue to be set for long term structural growth. A large part of the value creation takes place in the private markets. We have an active ownership model which over time has outperformed the public markets. Institutions and even more so individuals continue to increase allocations to private markets for resilient returns and diversification. And with that, next slide please. On the private wealth side, we took an important step during the end of this quarter with the launch of EQT Nexus infrastructure, providing access to EQT's infra platform through an evergreen structure. EQT Nexus infrastructure becomes our third strategy in the Evergreen platform and the second in the Nexo suite. Which now comprises of EQT Nexus, And IQT Nexus Infrastructure. Both Of These Are Available For Clients In EMEA, APAC and Canada. EQT Nexus Infrastructure received its first inflows at the March and we expect to scale up distribution network during 2025 and beyond, similar to the strategy for EQT Nexus. Today, EQT Nexus is available in more than 20 countries [indiscernible] Q1 twenty twenty five, we saw an approximately 70% increase of inflows compared to the same period last year.

26m 18s

And we continue to onboard distributors including the expectation to onboard two global distributors during Q2. NAV for EQT Nexus currently amounts to around €1,200,000,000 Furthermore, preparations continue for our two planned evergreen products focused on The U. S. One for private equity and one for infrastructure. We expect to launch our private equity product during the summer with two global distributors one large which is one large private bank and one large wirehouse. More on this in the H1 report. And with that, I hand over to Olaf. That's great. Thank you.

27m 8s

Very much, Gustaf. Total investments by EQT funds amounted to SEK 4,000,000,000 in the first quarter, as mentioned previously. And EQT was particularly active in subsectors related to software, digitalization, with deals such as Fort Knox, Travel Perks, and the acquisition of Crown Castle's small sales solution business, to give a few examples. We also continue to invest in energy transition with scale microgrids being one example. In addition to these investments, we provided co investment opportunities of almost €4,000,000,000 for our clients during the quarter. As Christian alluded to, times of volatility can be interesting times, for new investments, and we continue to pursue our pipeline actively. And this can also be a time for our portfolio companies to pursue add on acquisitions, for example. Having said that, we expect processes to become elongated in the near term as buyers and sellers await more clarity on the tariff negotiations and the macro outlook. Therefore, we think bid asks spreads are again likely to widen. We continuously monitor the financing markets, but expect financing to remain available even in a prolonged downturn. Financing is typically not a constraint for the types of investments that we do. Next slide please. In the first quarter, we announced €4,000,000,000 of exit so we're on parity with investment and exit volumes for the quarter.

28m 40s

And that represented more than a doubling of the volumes compared to the same period. Last year. Approximately a third of the volumes in the quarter were public market exits and we completed various share sales in our listed portfolio companies such as Guilderma, Waystar, Acelis and Kodiak. Since the IPO of Galderma in March 2024, we've now completed four sell downs in this company with total capital gain of more than EUR 10,000,000,000 for EQT8 and its co investors. EQT was the most active private markets firm across global ECM markets in the first quarter, thereby extending our track record from last year. So in total, we've been tracking well according to our plan for the year during Q1 as it relates to exits. However, the recent deterioration in market conditions will inevitably impact our exit agenda for the rest of the year. During the ninety day tariff negotiation period, we expect market uncertainty to remain elevated and for deal activity to be muted. For now, we continue to maintain readiness to execute the transaction in the third and fourth quarter, but if we were to see a period of prolonged uncertainty, as you know, we'd rather have our management teams fully focused on value creation rather than exit.

30m 2s

Processes. So with that, let me hand over to you Kim.

30m 7s

Thanks Olof and good morning everyone. During the quarter, all of our key funds continued to perform on or above plan. And BPA nine was also added to the list of key funds following its activation in March. On average, the key fund valuations were up 1% during the first quarter The underlying operating performance was strong across the portfolio. Especially in the more recent vintages in private capital. This value creation was partially offset by of by lower share prices of some listed holdings some pockets of underperformance, and some negative FX effects. Since the start of Q2 after the report date, EQT's listed assets have declined by some 9%. Listed holding represents less than 10% of the total investments across the key funds. But assuming a continuation of today's market conditions, the decline in listed assets, the effects of the continued uncertainty and the impact from lower reference multiples may negatively impact EQT's fund valuations in Q2. With more than 300 portfolio companies, we will always have a mix of outperformance and underperformance. That's part of the model. And we have tools processes to deal with any underperformance. When we look at the distribution of performance for realized funds for private capital, some three out of 10 companies have delivered less than planned.

31m 43s

Since inception. Next slide, please. Let me now take a moment to reflect on our financial model and how it is built to manage economic cycles and volatility. Our management fees are contractually agreed over the lifetime of our funds. Typically ten or more years. And most of our funds charge management fees on committed capital, not on market values. So this gives us strong visibility of our secured revenue over many, many years. And we are well diversified in terms of client commitments, fund strategies and currencies. Revenues are split roughly $45.55 in dollars and euros, respectively, while the cost base is around €113 onethree in U. Dollars the rest mainly in Swedish kronas and pound sterling. Thus, a weak dollar against the euro has effects for our earnings and also for our fund valuations. In periods of prolonged uncertainty, we typically see extended fundraising cycles. Historically, we've invested our flagship funds over three three point five years on average. But in times of severe market dislocation, such as the financial crisis, it took five years as deal activity slows down, and liquidity is tighter. Furthermore, in a challenging market environment, recently introduced strategist with shorter track records are typically harder to raise.

33m 17s

As Gustaf alluded to. Moving to carried interest and investment income. Since EQT's inception in 1994, all realized flagship funds have generated carried interest. In 2024, we recognized some EUR $250,000,000 of carried interest and invested investment income. And based on the pace of exits completed in Q1, we were well on track to exceed last year's level for the full year. But the near term outlook for carried interest is uncertain, and will depend on how both fund valuations develop from here and realizations in the funds that are in carrymant. As Ulof mentioned, we expect the ninety day tariff negotiation period to present a period of elevated uncertainty with low transaction volumes. Therefore, the carried interest outlook for the year will very much depend on market conditions in the second half of the year. As mentioned in the full year presentation, we have four funds in carry mode with an expected 1,000,000,000 of to be generated across these funds. But as a reminder, such carry is likely to be recognized over a multiyear period. [indiscernible] Remember also that it's not only exits that determine carry from an accounting perspective, perspective. Changes in market valuations for our unrealized assets up or down also impact how much carry we recognize in the funds in carry mode.

34m 48s

Therefore, we also show cash carry generation in our financial statements and cash carry was around SEK 60,000,000 for 2024. We have been through multiple years with low realization volumes. And in this context, our rule of thumb as it relates to initial carry recognition for a fund four six years into its life cycle will be exceeded for the funds that are next in line to enter carry mode. Infra four and EQT nine. We do not expect to recognize carry for these funds in 2025 and they are unlikely to enter carry mode in 2026. Next, let me comment on investment income. As of year end, we have fund commitments and commitments to support our growth initiatives of EUR 1,400,000,000.0 on the balance sheet. The fund commitments, they create alignment with our clients give EQT the right to carry the interest in the relevant funds. And represent about half of the commitments on our balance sheet. In addition, we provide temporary capital to support new growth initiatives across new strategies and across our private wealth vehicles. Our investment income is related to the valuation of the commitments on our balance sheet. Changes in fund valuations will therefore also influence carried interest and investment income in our financial reporting.

36m 13s

If we enter again an extended period of uncertainty, with lower exit volumes, we expect carry and investment income for the year to be broadly in line with the recent past. As a reminder, carried interest and investment income was on average a bit more than SEK 200,000,000 annually for the past three years. As mentioned, our base case for the four funds currently in carry mode to continue to be the main drivers of carry. Also next year. Turning to costs. We have flexibility to manage the pace of hiring, we have some flexibility also to manage the variable pay. However, our primary objective is to execute on our long term growth plans. And therefore, you should expect total OpEx for the full year to continue to grow at a similar pace as in recent years. Lastly, we have a balance sheet light model and strong liquidity We currently have three bonds outstanding with a total non nominal value of €2,000,000,000 and an undrawn RCF of EUR 1,500,000,000.0. While our funding base is strong, we are considering to diversify it further. Next slide, please. Just a few words on FTEs before I hand back to Olaf. During the quarter, we grew the team by seven FTEs, net to support new initiatives in line with our long term plan.

37m 34s

The headcount increase in Q1 is not to be extrapolated for the full year, We continue to grow in targeted areas, but we will need to stay agile and adapt should the market situation require that. As of 2025, we will simplify the external reporting by focusing on FTE instead of FTE plus which included also on-site consultants. This is to align with how it's reported in the P and L, I. E, the cost of any consultants continues to be reported as other operating expenses and the cost of FTEs as personnel costs. And back to you, Olof. Next slide.

38m 14s

Thank you very much Kim. Before Chris Russ wraps it up, let me just remind you all of our Capital Markets event, which we are hosting in London on May 22. During the event, we will explore EQT's thematic investment focus, our value creation toolbox and our governance model and we will do this all through the lens of six portfolio companies IFS, Reworld, Nordaglia, IVC Evidensia, WS Audiology and Cordilla. And it's an in person event, so if you haven't already registered, please do so by following the RSVP button on the presentation or register on our website. The EQT team will of course also be along with the portfolio companies. [indiscernible] looking forward to seeing you there. And with that, let me hand back over to Christian for the concluding remarks. Thanks, Olof.

39m 11s

So first of all we executed quite strongly on fundraisings throughout the first quarter. EQT Infrastructure six hit its hard cap. And fundraising for BPA nine progressed with more than $10,000,000,000 of commitments. Second, we're gradually building our evergreen offering, and we expect additional vehicles to come online during this year also North America, which is the biggest market. In the world. Third, Q1 showed resilient fund performance. And we currently expect the direct impact of any tariffs to be limited and all key funds to continue to form on or above plan. Fourth, executed on a number of Exes in the quarter, But as we've said before, the current market conditions will impact exit activity for the rest of the year, most likely. And lastly, we've been through turbulent markets before. Our model is really built to manage uncertainty And we've always come out stronger after every cycle. We're, of course, preparing for tougher economic conditions in our portfolio companies and assets if those conditions arise. And with that, thank you for joining the presentation, and we now open up for Q and A. Thank you.

40m 33s

Star one and one on your telephone and wait for your name to be announced. Please stand by while we compile the Q and A roster. Thank you. Will now go to our first question. One moment please. And your first question comes from the line of Bruce Hamilton from Morgan Stanley. Please go ahead.

41m

Hi, good morning guys and thank you for taking my questions. I've got three. So firstly, just on wealth opportunity. I'm interested in your thoughts about how durable that is in the light of the kind of macro uncertainty. And so do you see any impact to the kind of expected growth path there? Secondly, and linked to uncertainty, and dislocation, on the sort of consolidation theme, are you seeing an improved range of sort of opportunities in terms of inorganic in any areas that remain a sort of key focus for you? And then finally, just in terms of sort of end client demand for sort of investment exposure, Obviously, there's been quite a bit in the press about certain clients saying they wanted sort of non U. S. Exposure. Do you pick that up in conversations? And do you think that could play in your favor as you think both about sort of the wealth and the institutional opportunity set looking forward? Thanks. [indiscernible] Maybe I'll start off with so on number one, I would say I think first of all it's probably a little too early to know. But I think if think about the, let's say, general behavior with institutions and individuals in it, I think uncertainty is, of course, not helpful for for inflows in general.

42m 32s

So I think we expect to see an impact Exactly what that will be, I think, will need to assess further. I think when it comes to you can probably divide it into two different parts. One is the, let's say, ability wit distributors that we have onboarded that you might see, let's say, a little bit slower monthly inflow. And then of course, on the other hand, you have let's say, the onboarding of new distributors where I think our expectation is that everything else being equal, that's some distributors will be a little bit slower to onboard new products.

43m 19s

I think it's also too early to tell. Probably in the short term when there's a lot of uncertainty, firms are going to be focused on delivering for their clients, taking advantage of deal opportunities. Driving those x's that one can. But if this uncertainty continues, I think there's a real strength in coming together. So So that's why I said in my remarks also that I do believe that the consolidation will continue to accelerate in our industry. And I think the competition that you'll see for fundraising dollars and for building new funds and new strategies is going to increase. And that also probably will lead to consolidation. But I think it will take a little time before before firms are standing on really good, stable ground with regards to what's happening around us. Until transactions are going to happen. And the last one was oops, I lost that one. What was the last question?

44m 21s

So it was just whether you're picking up from clients. Any sort of increased demand for non U. S. Exposure and whether that plays in favor of your model?

44m 28s

Yes. Thank you. Exactly. Yes. If you look at where EQT is in the world, you know, coming from a small, relatively neutral country, and investing globally. Now we have we have an on the ground presence in, I think, 24 countries now. And investors from all around the world We are hearing those kinds of dialogues. It's still I'd say, bits and pieces, nothing systematic. But I think you can see what's happening geopolitically in the world that's starting with goods primarily moving, Some of those questions are flowing over into intangibles and into where capital moves and how it moves. I EQT being a global investor will have an advantage with where we're coming from. But we're, of course, taking it step by step.

45m 30s

Thank you.

45m 31s

Thank you. We will now take the next question And the next question comes from the line of Hubert Lam from Bank of America. Please go ahead.

45m 42s

Hi, good morning. Thanks for taking my questions. And first, like to wish Kristin all the best in his new role and congratulate Per on becoming the CEO. So three questions. Firstly, on performance fees and exits, they've been weak. For the last they're going be weak for the last four years. Is there a point where exits have to happen and where you and industry are under pressure to sell? Do you think that this has consequence for the long term attractiveness of the private markets industry the first question. The second question is on U. S. Evergreens. I think you said you're launching U. S. Evergreens in the summer, where you've already lined up some distributors. How would you say you compete against other more established players who are in there already? And who have more established track records? And so what's your differentiating factor? And lastly, just wanted to check on performance fees, what Kim said. I think you said that performance fees this year could be around in line with recent past, which is around $200,000,000 Just checking if what's the base case around that? What are your assumptions around that? And also is this still the case given you've had decent exits in Q1?

46m 46s

Think I estimated around 5,000,000,000 exits in Q2. So that seems still like a low number just given how much exits you've had year to date? Date? Thank you.

46m 57s

Thanks. I'll take the first one. [indiscernible] if you look at EQT across our funds, we have market leading DPI, as we've stated before. So we've delivered a lot of cash returns back to our investors. Also in recent vintages, even EQT nine has now a DPI 0.2. And the ones before that, well above one. So I think we're in a pretty strong position. Our portfolio is still pretty young. We are distributing capital to our investors. We have very strong overall performance. So that pressure doesn't really exist. It's not the way we think about it. Our job is to generate long term returns. That's the beauty of the private equity model. We have We have ten year dated funds plus extensions. If we need it to really create value. And our job is to maximize value And that's what we're doing. Now, if you look at the industry, whether some players have not been able to exit enough or are going be under pressure to deliver capital back to investors. That may happen. But there's another thing happening, of course, in the private markets industry, and that's that's the secondaries market and the solutions market. Increasing up a lot and creating liquidity.

48m 15s

Either for GPs companies, or, of course, LPs, the traditional one in funds. So we expect there to be continued activity, and that's size. So for investors who want to rightsize, rather than GP actually selling an underlying company, an LP can, of course, sell their interests if that's the desired I think there's a pretty good balance in the industry, but there will probably be some pressure on some of the players. I think the second one is for Gustav.

48m 47s

Yeah. Thank you, Chris. Think first of all, we haven't launched yet. So think we'll need to wait and see to make sure that we're able to compete. I think let's say, based on the discussions that we have had so far, based on that, have secured what we feel is probably two of the best distributors in the market We feel that we are in, let's say, relatively good position to start off with. I think that based on discussions we've had with them, it's actually relatively easy to differentiate us versus the market because when you actually look at the market the market looks pretty much the same. While we're actually coming with something which has a pretty different exposure both from a geographical point of view and from a sector point of view. And then, of course, we think that our performance track record is also something which is very differentiated. So I think we feel carefully optimistic. We understand that we're coming from let's say, branding perspective from a different starting point than some of our peers. But also that we have a a very good track record to lean on and therefore a long term ability to be very competitive in the market.

50m 18s

And to the last question, Hubert, I'd say that, well, first of all, I don't have that much to add to to what I already said, but do note that I said if the period of elevated uncertainty continues, as the intro to my statements, Secondly, you should also note that not all exits are in funds that have that are in carry mode. So that's another sort of detail to note in all of this.

50m 53s

Great, thank you.

50m 56s

Thank you. Your next question comes from the line of Hayley Tam UBS. Please go ahead.

51m 4s

Good morning. Hopefully, you can hear me okay. Thank you very much for taking the questions. Ask a few, please. Firstly, on the impact of a slower near term exit environment. Just to follow on from Hubert's question. Clearly, that's been a feature of the market now for some time. Could you specifically answer whether there have been any fund extensions at EQT in the last few years? Due to the slow environment just in terms of how long you can stay invested and any color if that is the case? Secondly, in terms of valuations, think one of the benefits of private markets should be that we have less volatility in performance versus public markets. So I just wondered, you give us any color on the composition of the plus 1% on average you saw in Q1? Perhaps what the underlying performance was excluding some of the public market and FX effects? And then the third and final question, just on exits, the innovative exit for North Anglia. You give us any color on the frequency of liquidity events? And whether you see any opportunity for more private IPOs perhaps in the near term given the bid offer spreads perhaps are returning and re widening?

52m 17s

Thank you.

52m 20s

Thank you for those questions. I'll kick it off. The if you look at EQT's portfolio, of funds, have one of the youngest portfolios in the world actually The oldest fund that we have is that is active that's material, is from 2015. And that's pretty much exited now. So we have not seen any fund extensions that we've been able to deliver well within the ten year period. In our key funds in the past. And we expect to continue to do so also in the future. Obviously, unless there's some major crisis that happens. That's of course, something we don't know. But we pride ourselves really on driving driving exits, driving liquidity and managing the funds within that time frame. And we also during that time frame, we also keep capital in the funds so we can support those companies that we don't exit So that's that covers the first one. And the second one is probably for Kim. On the valuation. Yes, let me provide a little bit more color, maybe not numerically, I'd say, again, reiterating that the performance of the underlying portfolio was good. Maybe if you only look at that, it's maybe some plus 4% or so for the quarter.

53m 49s

And then the FX effect is is essentially the U. S. Dollar effect. During the quarter, and that's maybe minus 2% or so on the overall. But these are round numbers. Then we had the public companies, but again, there's we said it's less than 10% of our overall portfolio is in companies that are already public, but that has some some percentage impact as well. So those are sort of the components of it within portfolio.

54m 29s

And on private IPOs in general, these are of the transactions that I mentioned are slightly different. They're one is public, two are private. One, we're setting up as a private IPO. We haven't set a time frame for further liquidity. But rather approving with this first transaction that it's actually possible. And we're getting a spread in the shareholder base. And that the company is then much more able to to bring further liquidity for those investors over time. And I wouldn't be surprised if we see more transactions like that, of course, if the public IPO markets are are closed, then I think more innovation will happen in private markets. And we're definitely going to be a part of Thank you.

55m 16s

That's great. Thank you very much.

55m 18s

Thank you.

55m 20s

We will now take the next question. And the question comes from the line of Ermin Kerich from Carnegie. Please go ahead.

55m 30s

Good morning and thanks for the presentation and taking my question.

55m 34s

Maybe to start off, I think you mentioned that around 9% would be kind of the mark to market quarter to date on your listed holdings. Is that at all a good benchmark for your overall portfolio as well? When you look at peers? Or should we think that it's much less? I think you've previously talked about the kind of the marginal share is not equivalent to the actual change of the value of full company. Then also on the exit side, think you've previously talked about around 30 exits planned for 2025. [indiscernible] best guess, given where we are now, what would you say that is given all the uncertainty Are you halving it or kind of you give us anything any more color there? Then also just on the OpEx, I think, Kim, you mentioned that we should expect a similar growth as in recent years. Is that an absolute terms? Or are we talking in kind of percentage growth? Thank you.

56m 34s

Maybe I can take the first one. On the No, you should not read into the listed holding that that sort of translates into all of portfolio. Again, it is a small part of our our overall portfolio and like you mentioned yourself, the value of a whole company is not necessarily the sum of the value of the marginal shares trading the market at any given point in time. So you should not read too much into that. The number of exits I can pick up on that. Yes, we did talk about 30 exit events in our full year results. And as I said, during the first quarter we've actually executed very well on that agenda and we talked about some of all those deals that we've executed, but I think it's fair to say our visibility on the rest of the year and in particular the next three months, is relatively low, right? And you will have extended processes and we are maintaining readiness It's a narrative out there that, as we've all seen, can change rapidly and it's too early not to maintain optionality to go ahead and especially you asked about the listed holdings there.

58m 3s

We can act very quickly, of course, if sentiment turns. So I think this will be a year that will play out in the second half and potentially in the months after the summer essentially. So let's have another check-in our H1 report on what the world looks like by then. And I was referring to percentage terms, but again, I would caution caution you in the sense that we are only three or four months into the year. It's a fairly volatile environment and we will stay agile and if needed, we will adapt the cost basis accordingly. But But that's sort of the base case plan I was referring to.

59m 1s

Great. Thank you.

59m 4s

Thank you.

59m 6s

Your next question comes from the line of Angeliki by Tari from JPMorgan. Please go ahead.

59m 15s

Good morning and thank you for taking my questions. First of all, it was interesting to see the current healthcare and the IFS exit get announced despite the volatility we've seen in the market? Over the past couple of weeks. I was just interested in hearing your thoughts on sort of those two deals still going through. Was that a factor of them being stronger assets? Being pre agreed or something else? And are you currently seeing any deals being pulled or funding for deals by banks or private credit players being pulled? And secondly, with regards to current interest and investment income for this year, based on the ex that you have announced so far year to date, how much carry could you crystallize Just so if we assume there are no further exits and no further sort of valuation uplifts or changes And can you tell us sort of how much is the year to date sort of carry recognition? And then thirdly, with regards to your dollar exposure, can you give us the exposure to your cost base, please? Thank you very much.

1h 33s

Thank you.

1h 35s

I'll start with the first one. [indiscernible] what we've seen in similar markets when there's uncertainty is that high quality assets and high quality sectors are still transactable and it's still at healthy valuations. Of course, those processes were just ending around this time. So I think the process was good. The companies were good, and we're very happy to get those transactions done.

1h 1m 5s

Right now, I'd say the transactions that we're involved in on the buy side and on the sell side are moving a bit more slowly but are moving forward. And I think owners are taking a look at the market and saying, do I want to start new exit processes now or not? And that, I think, will depend both on the markets in general, but also on the sectors we're talking about. My expectation for the rest of the year in that sense is that there will be transactions, probably more of them in those spaces, which I mentioned. Which happened to be areas where EQT is mostly invested, are removed a bit from the direct tariff exposures, etcetera. But with the uncertainty that's there, timelines are being stretched, and therefore, will probably be somewhat lower than expected. So we're going to stay close to it, and hopefully, we'll find some really good companies to buy. And we'll hopefully be able to execute on a number of exits, whether they're public or in a private sorry, in a public portfolio. In our private portfolio. But the uncertainty, of course, makes it harder for us.

1h 2m 10s

And on the carry point, I'd say we have two reports per year where we go into the numbers in-depth and have a full P and L and full balance sheet. And then we have these two reports in Q1 and Q3 where we talk about the environment and the exits and the investments So I will not give you more details numerical details on the carry for the year than that. On FX, yes, I can give you some split of the cost. It's broadly so that one third is is dollar, a little bit less than onethree is euros, and then there's SCKs and pounds sterling on top of that. And some other currencies, maybe 10% of other other currencies. That's the big picture split of costs.

1h 3m 4s

Thank you very much. Thank you.

1h 3m 8s

Your next question comes from the line of Magnus Anderson from ABG Sundial Collier. Please go ahead.

1h 3m 19s

Yes. Thank you, and good morning. First of all, on fundraising, I mean, we all realize that the uncertainty currently is huge. But I mean, you talked about last year this SEK 100,000,000,000 fundraising target for the next cycle, which was defined as 25.227. And I was just wondering, should we think about those 100,000,000,000 around that as they are likely to still happen, but that the cycle will be longer? Or would you, if uncertainty remains for a prolonged period of time, in the interest of time go for perhaps a lower amount, but to be done earlier. And linked to that, you also set this adjusted fee related EBITDA margin of 55% to 65% at the CMD. And to be reached towards the end of the fundraising cycle, which would imply 27%, 28 My question there is, I mean, if the SEK 100,000,000,000 a prerequisite for reaching that level through to scale? Or could you offset through streamlining the platform or something else? I guess this will be be a target for Mr. Franz Zien. And finally, [indiscernible] you talked about the as a fund that would close at the target size for, I think, at least six months and as late as in late January and two months later, you close it at the hard cap.

1h 5m 2s

So I was just wondering should we read anything into that with regards to demand for infrastructure assets given the way the landscape has recently changed.

1h 5m 16s

Thank you.

1h 5m 19s

Maybe if I start with number one. I don't think that we said exactly 25%, 26%, 27%. That's probably your interpretation of it. I think what we said was during the next fundraising cycle, And I would say that we still stand by that. We believe that we will be able to reach it. Based on what we know today. But that, of course, could mean that the next fundraising cycle, as you say, is a little bit longer because in an environment of uncertainty, as we've seen with, let's say, infra sick and EQT 10, the fundraising in itself take a little bit longer. But in both those cases, we have surpassed both the target and reached a hard cap, so to speak, in both those funds. So I think that's the, let's say, ambition that we've set and that's that's where we stand right now that still think that SEK 100,000,000,000 should be reached during the next fundraising cycle?

1h 6m 29s

And maybe that also translates into the margin, I'd say. It all hangs together. The component of the margin expansion, we do expect can be found in the 100,000,000,000 with new flagship funds that are very high margin new funds of the sort of smaller funds that we already have which will be at a better profitability level and higher share of private wealth in the mix. So all of those sort of taken together with with general scaling builds into the margin improvement.

1h 7m 16s

Magnus, I can pick up on your third question as it relates to infrastructure. As you rightly said, we closed that at hard cap, a very strong outcome for the fundraising. I think there are many factors behind this. As you know, we have a very differentiated infrastructure franchise with a very strong and consistent track record over many, many vintages. That is invested across Europe and North America and to some extent also Asia. I think the investment opportunity across infrastructure is very, very interesting. For our clients. As you know, we are focused on teams within digitalization. We have the investments that we do across data centers, essential services, and these are all assets that have downside protection, inflation protection and very long term interesting structural growth prospects. And I think all of these factors feed into the success that we had with the infra fundraising. So yes, it is an asset class where we see very long term interesting potential to continue to expand the infra platform and to scale this over a long time and I think client interest in this product is the latest confirmation of that. [indiscernible] thank you.

1h 8m 51s

Thank you.

1h 8m 53s

Your next question comes from the line of Jakob Hesselvik from SEB. Please go ahead.

1h 9m 2s

Good morning, everyone. So Gustaf, in your comments regarding comments on fundraising, is it just to dominate effect mainly affecting U. S. Investors and that your global investor base better protects you compared to peers? Or is it a global issue that we currently see? And then second, as you have mentioned, the market sentiment right now is volatile. And I mean, it changes on a single tweak basically. Is it not very conservative to state that the infra four and EQT nine will probably not enter carry mode in 2026 already today?

1h 9m 42s

On comment number one, I would say I think my comment was related to the history that we've seen. I would say that we don't see this yet So it's not nothing that we, I think, as you see from the numbers, the fundraising volumes in Q1 is very strong. So we don't see anything actually in the numbers yet.

1h 10m 13s

So it's more, let's say, a look back at history of especially how we saw it during the last couple of years.

1h 10m 24s

I'll just add one comment to that because it's an interesting question. After the previous cycle, a lot of investors have also, rather than having points where they're allocation is supposed to be targeted to private markets, whether it's 15 or 17 or 20 or 12, whatever it is. They build ranges. So I think we're going to it's going to take more time and bigger disruptions to happen before the denominator effect really starts to take hold. Actually. So I think the cycle that we're now talking about is rather around cash flows. From exits. We'll see. And in terms of the current volatility and how that trends translates into exits and subsequently into carry, I mean, it's early days, but I'd say that already the fact that we now have ninety days in front of us where there's likely to be much lower deal activity than they would have otherwise been. That's already going to push things forward. With a quarter. And then whether that trend leads to sort of processes actually beginning. On the like Olof said, on the listed companies, we, of course, can do something on a fairly short notice But if you have other types of of exits, they are long processes that require a significant attention from the the management of our portfolio companies and we don't don't do that on a whim.

1h 12m 1s

We're going to take very, very all of the consequences into consideration before starting those processes. So an uncertain environment is not helpful from that perspective.

1h 12m 22s

Thank you.

1h 12m 24s

Will now go to the next question. And your next question comes from the line of Gregory Simpson from BNP Paribas. Please go ahead.

1h 12m 34s

Hi there. Good morning. I wondered if you could update on cross selling across EQT. Are you seeing a step up in your LPs committing to multiple strategies like BPEA and infra part of the senior investors consolidating relationships? Second question is you maybe talk a bit more about real estate and fundamentals like occupancy, just where logistics is maybe a bit more vulnerable to tariffs and trade wars?

1h 12m 57s

And thirdly, can you just remind us of the current headcount dedicated to private wealth? And do you expect to continue hiring and building out here given some of The U. S. Build outs? Thank you.

1h 13m 11s

Yeah.

1h 13m 12s

Should I go? I think if you start with question number one around cross selling, I would say that we continue to see let's say, fairly significant cross selling across especially some of the some of our flagship funds. Of course, when you have BPA nine, which is the first fund that we raise within or the first generation of fund that you raised within the EQT family, I think it's very encouraging to to see, let's say, the support that we're getting from let's say, EQT clients moving into that side. So I think, in general, we see that that is a trend that that we've seen over the last couple of years developing, and we continue to see that increase. I think when it comes to real estate fundamentals, when it comes to to the logistics portfolio as we see it right now, we feel that we we entered into the year in a very good position with with a lot of fundamentals on the real estate side looking better and better. Our portfolio looking very strong, so to speak. So I think we felt that we were in a good position. I think it's too early to say what the impact of the tariffs will be given that we don't know what the tariffs will be.

1h 14m 50s

And therefore, I think I think everyone realizes that if we have a long time a long period of significant tariffs, that's going to impact global trade and, therefore, therefore the demand for logistics assets on a global basis. So I think it's probably a little bit too early to tell. We'll probably need to come back in the H1 report when we've seen actually what of this is real and what of this is negotiations. And maybe I continue with private wealth. I would say that I think the guidance that we've given previously is that we're around 100 people. That has increased slightly during Q1. We were continuing to let's say, add resources in that part of the business. I think we will you should expect that number to increase during 2025. And then if that is from 100 to one and fifty or exactly where it is, I think we'll need to come back with. But you should see a good increase on it And that, of course, relates to Kim's comment on that is an area that expect to add and but it will not let's say, be on a gross basis but rather on a net basis.

1h 16m 23s

Thank you.

1h 16m 25s

Thank you. We will now take our final question. And the final question comes from the line of Nicholas Herman from Citi. Please go ahead.

1h 16m 37s

Yes.

1h 16m 38s

Good morning. Thanks for taking my questions.

1h 16m 41s

Three for me, please. Just a couple of questions just to get a better sense.

1h 16m 46s

Of what you're seeing on the ground. I guess in response to recent volatility, at the margin, have you seen LPs postponing any commitments or requesting more time to convert soft commitments to BPA nine, obviously, that's obviously a very strong momentum, or other funds currently raising or currently in market Just trying to get a better sense of how quickly elevated uncertainty is speeding through at the margin. [indiscernible] on [indiscernible] Presumably you must be going through a number of processes right now. Inconceivable that your ICs have already asked your teams to adjust or reduce bids in response to market pressures. So beyond a pause in activity given uncertainty, just curious if think there could already be a spread between buying set of expectations? And then the final question, in terms of deployment, you said that deal making might slow in response to due to uncertainty. Guess, the flip side is that valuations are more attractive. The advantage of a managerial side is that you can do take private. So, would you expect to do more take private in response to all this that's been going on? And just can you quantify what proportion roughly take privates comprise of your deployment pipeline?

1h 18m 12s

Investment pipeline? Thank you.

1h 18m 16s

Thanks. I think what's important about the private markets is that they're very, very long term.

1h 18m 24s

So we don't see investors not committing to a a ten year lifetime fund because of short term volatility. Because that's a strategic allocation that that is part of how they want to allocate capital over the long term. So So I think these shifts that we've been talking about [indiscernible] if we go into a, you know, an economic downturn or lots more volatility, that our cycle in our industry could stretch a bit. In the short term, we don't notice those kinds of things. And this is a very long term business. And think you've seen that over the past, over the previous cycle. We continue to build larger funds over time. And we continue to invest around a three point five year timeframe a little bit longer if times are really difficult a little and a little bit faster. When times are good. So that's the kind of the first one. And it's a little bit the same with bid ask spreads. Right now in the market, I'd say exit and buying processes are just taking a little bit longer so people can get a bit more comfortable with the decisions they're taking. But there's still lots of activity ongoing.

1h 19m 45s

And hopefully, we'll see deals convert like we've seen with some of the recent exits at EQT also some of the recent purchases that we've made. So again, time will tell. And it's very easy to generalize about the whole world. You have to break it down to which sectors is it that EQT is investing in. We talked about private capital being a lot in health care, in technology, software services and tech enabled services. And, of course, a whole infrastructure business. Those are quite resilient sectors. And logistics is also quite resilient but of course, somewhat more exposed to macroeconomic activity. But the long term trend in logistics is also very positive. So putting that all together, exactly what going to see in the market is don't know, but we have all the skills to manage through whatever cycle comes. And the final question was, public to privates. Always have a number of different deals in the pipeline. We just launched a public to private in Sweden. So if the markets stay very if they stay difficult and volatile, then, probably, will be more public to privates than otherwise. But time will tell. We work on all sources for the long term, actually.

1h 21m 6s

Helpful. Thank you very much.

1h 21m 9s

Thank you. There are no further questions. I will hand back to the studio for closing remarks.

1h 21m 16s

Thanks everyone for participating today. Thanks for all the great questions. And we look forward to seeing you either at the EGM or at the Capital Markets event here in May.

1h 21m 27s

Have a great day.

Key Insights

EQT reported strong fundraising in Q1, with EQT Infrastructure VI closing at its €21.5 billion hard cap and BPEA IX surpassing $10 billion in commitments, expecting to reach its $12.5 billion target by summer 2024 and materially conclude fundraising in 2025.
The firm highlighted resilient fund performance, with all key funds performing on or above plan and average key fund valuations up 1% in Q1, driven by strong underlying operating performance, though partially offset by lower share prices in listed holdings and FX effects.
Exit activity was robust in Q1, with €4 billion in exits matching investment volumes and more than doubling year-over-year, but management expects exit activity to slow for the remainder of 2024 due to elevated market uncertainty, particularly during the ongoing 90-day tariff negotiation period.
EQT maintains a strong balance sheet with over €50 billion of dry powder and a diversified portfolio of more than 300 companies and 2,000 buildings globally; only 5% of portfolio company debt matures before 2028, supporting resilience through market cycles.
Looking forward, EQT expects continued long-term structural growth in private markets but anticipates global private market fundraising volumes will not return to 2021 levels until at least 2027; management fees are secured over long fund lifecycles, and OpEx is expected to grow at a similar pace as recent years, with flexibility to adapt to market conditions.

Recent Transcripts

EQT delivered strong fundraising, resilient fund performance, and significant exits despite market volatility.

Apr 16

Q1 2025

Fundraising

€21.5B Infra 6, $10B+ BPA9

Exits

€4B Q1, Galderma €10B+ gain

Revenue grew 7.6% (exiting businesses), AT integration complete, expenses to decline in H2.

EQT delivered record operational efficiency, strong cash flow, and accelerated deleveraging in 2024.

$2.6B guidance (2025)

EQT delivered double-digit EBITDA growth, record investments, and strong exits in 2024, entering 2025 optimistic.

Income Statement

Revenue

	2020	2021	2022	2023	2024
Revenue	$2.7B	$6.8B	$12B	$5.1B	$5.2B
Cost of Revenue	$3.3B	$3.8B	$4.1B	$2B	$2.5B
Gross Profit	-$627M	$3B	$8.1B	$3.1B	$2.7B
Gross Profit %	-24%	44%	66%	61%	51%
R&D Expenses	$0	$0	$0	$0	$0

2020

2021

2022

2023

2024

Revenue

$2.7B

$6.8B

$12B

$5.1B

$5.2B

Cost of Revenue

$3.3B

$3.8B

$4.1B

$2B

$2.5B

Gross Profit

-$627M

$3B

$8.1B

$3.1B

$2.7B

Gross Profit %

-24%

44%

66%

61%

51%

R&D Expenses

Cash Flow

Net Income

	2020	2021	2022	2023	2024
Net Income	-$967M	-$1.2B	$1.8B	$1.7B	$242M
Dep. & Amort.	$1.5B	$1.7B	$1.7B	$1.7B	$2.2B
Def. Tax	-$156M	-$434M	$535M	$385M	$15M
Stock Comp.	$20M	$28M	$45M	$50M	$158M
Chg. in WC	$139M	-$367M	-$99M	$384M	-$282M

2020

2021

2022

2023

2024

Net Income

-$967M

-$1.2B

$1.8B

$1.7B

$242M

Dep. & Amort.

$1.5B

$1.7B

$2.2B

Def. Tax

-$156M

-$434M

$535M

$385M

$15M

Stock Comp.

$20M

$28M

$45M

$50M

$158M

Chg. in WC

$139M

-$367M

-$99M

$384M

-$282M

Balance Sheet

Cash

	2020	2021	2022	2023	2024
Cash	$18M	$114M	$1.5B	$81M	$202M
ST Investments	$0	$0	$0	$0	$0
Cash & ST Inv.	$18M	$114M	$1.5B	$81M	$202M
Receivables	$567M	$1.4B	$1.6B	$915M	$1.2B
Inventory	$527M	$543M	$812M	$0	$0

2020

2021

2022

2023

2024

Cash

$18M

$114M

$1.5B

$81M

$202M

ST Investments

Cash & ST Inv.

$18M

$114M

$1.5B

$81M

$202M

Receivables

$567M

$1.4B

$1.6B

$915M

$1.2B

Inventory

$527M

$543M

$812M

Go Deeper

Financial information provided by Financial Modeling Prep. Options data provided by Unusual Whales. Live transcripts provided by Quartr. All data is provided for informational purposes only, and is not intended for trading purposes or financial, investment, tax, legal, accounting or other advice. · See all tickers.

Overview
Latest News
Earnings
Income Statement
Cash Flow
Balance Sheet
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Earnings

Report Date

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Rev Estimate

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Avg 1d Change

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Report Period

Q1 2025

EPS Estimate

—

Implied Move 1d

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Processes. So with that, let me hand over to you Kim.

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So it was just whether you're picking up from clients. Any sort of increased demand for non U. S. Exposure and whether that plays in favor of your model?

44m 28s

45m 30s

Thank you.

45m 31s

Thank you. We will now take the next question And the next question comes from the line of Hubert Lam from Bank of America. Please go ahead.

45m 42s

46m 46s

Think I estimated around 5,000,000,000 exits in Q2. So that seems still like a low number just given how much exits you've had year to date? Date? Thank you.

46m 57s

48m 15s

48m 47s

50m 18s

50m 53s

Great, thank you.

50m 56s

Thank you. Your next question comes from the line of Hayley Tam UBS. Please go ahead.

51m 4s

52m 17s

Thank you.

52m 20s

53m 49s

54m 29s

55m 16s

That's great. Thank you very much.

55m 18s

Thank you.

55m 20s

We will now take the next question. And the question comes from the line of Ermin Kerich from Carnegie. Please go ahead.

55m 30s

Good morning and thanks for the presentation and taking my question.

55m 34s

56m 34s

58m 3s

59m 1s

Great. Thank you.

59m 4s

Thank you.

59m 6s

Your next question comes from the line of Angeliki by Tari from JPMorgan. Please go ahead.

59m 15s

1h 33s

Thank you.

1h 35s

1h 1m 5s

1h 2m 10s

1h 3m 4s

Thank you very much. Thank you.

1h 3m 8s

Your next question comes from the line of Magnus Anderson from ABG Sundial Collier. Please go ahead.

1h 3m 19s

1h 5m 2s

So I was just wondering should we read anything into that with regards to demand for infrastructure assets given the way the landscape has recently changed.

1h 5m 16s

Thank you.

1h 5m 19s

1h 6m 29s

1h 7m 16s

1h 8m 51s

Thank you.

1h 8m 53s

Your next question comes from the line of Jakob Hesselvik from SEB. Please go ahead.

1h 9m 2s

1h 9m 42s

1h 10m 13s

So it's more, let's say, a look back at history of especially how we saw it during the last couple of years.

1h 10m 24s

1h 12m 1s

We're going to take very, very all of the consequences into consideration before starting those processes. So an uncertain environment is not helpful from that perspective.

1h 12m 22s

Thank you.

1h 12m 24s

Will now go to the next question. And your next question comes from the line of Gregory Simpson from BNP Paribas. Please go ahead.

1h 12m 34s

1h 12m 57s

And thirdly, can you just remind us of the current headcount dedicated to private wealth? And do you expect to continue hiring and building out here given some of The U. S. Build outs? Thank you.

1h 13m 11s

Yeah.

1h 13m 12s

1h 14m 50s

1h 16m 23s

Thank you.

1h 16m 25s

Thank you. We will now take our final question. And the final question comes from the line of Nicholas Herman from Citi. Please go ahead.

1h 16m 37s

Yes.

1h 16m 38s

Good morning. Thanks for taking my questions.

1h 16m 41s

Three for me, please. Just a couple of questions just to get a better sense.

1h 16m 46s

1h 18m 12s

Investment pipeline? Thank you.

1h 18m 16s

Thanks. I think what's important about the private markets is that they're very, very long term.

1h 18m 24s

1h 19m 45s

1h 21m 6s

Helpful. Thank you very much.

1h 21m 9s

Thank you. There are no further questions. I will hand back to the studio for closing remarks.

1h 21m 16s

Thanks everyone for participating today. Thanks for all the great questions. And we look forward to seeing you either at the EGM or at the Capital Markets event here in May.

1h 21m 27s

Have a great day.

Key Insights

EQT reported strong fundraising in Q1, with EQT Infrastructure VI closing at its €21.5 billion hard cap and BPEA IX surpassing $10 billion in commitments, expecting to reach its $12.5 billion target by summer 2024 and materially conclude fundraising in 2025.
The firm highlighted resilient fund performance, with all key funds performing on or above plan and average key fund valuations up 1% in Q1, driven by strong underlying operating performance, though partially offset by lower share prices in listed holdings and FX effects.
Exit activity was robust in Q1, with €4 billion in exits matching investment volumes and more than doubling year-over-year, but management expects exit activity to slow for the remainder of 2024 due to elevated market uncertainty, particularly during the ongoing 90-day tariff negotiation period.
EQT maintains a strong balance sheet with over €50 billion of dry powder and a diversified portfolio of more than 300 companies and 2,000 buildings globally; only 5% of portfolio company debt matures before 2028, supporting resilience through market cycles.
Looking forward, EQT expects continued long-term structural growth in private markets but anticipates global private market fundraising volumes will not return to 2021 levels until at least 2027; management fees are secured over long fund lifecycles, and OpEx is expected to grow at a similar pace as recent years, with flexibility to adapt to market conditions.

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