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EQT Corp (EQT) investor relations material

EQT Corp Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary23 Jul, 2025

Executive summary

  • Q2 2025 production reached the high end of guidance at 568 Bcfe, driven by strong well performance, efficiency gains, and synergy capture from acquisitions.

  • Capital spending was $554M, 15% below guidance midpoint, due to midstream optimization and lower well costs.

  • Free cash flow was $240M after a $134M–$167.5M securities class action settlement; excluding this, FCF would have exceeded $375M.

  • Olympus Energy acquisition closed July 1, funded with $475M cash and 25.2M shares, adding 90,000 net acres and significant production/inventory.

  • Multiple strategic growth projects and new midstream agreements launched, including major power and data center supply deals.

Financial highlights

  • Q2 2025 operating revenues were $2.56B, up from $953M year-over-year; net income attributable to shareholders was $784M, up from $9.5M.

  • Adjusted EBITDA was $1.16B; adjusted net income was $273M, compared to a loss of $37M in Q2 2024.

  • Net debt at quarter-end was $7.8B, down $1.4B from year-end 2024 and nearly $6B below 3Q24 levels.

  • Capital expenditures for Q2 2025 were $554M; full-year guidance remains $2.3B–$2.45B.

  • Free cash flow yield from new projects estimated at 25% once fully online.

Outlook and guidance

  • 2025 production guidance is 2,300–2,400 Bcfe, including Olympus assets; annual guidance increased by 100 Bcfe.

  • Operating expense guidance lowered by $0.06/Mcfe due to Olympus accretion and efficiency gains.

  • Capital spending for 2025 maintained at $2.3B–$2.45B, with efficiency gains offsetting added Olympus activity.

  • Strategic growth projects expected to add $250M recurring free cash flow by 2029, supporting at least 30% business growth.

  • Q3 2025 sales volume expected at 590–640 Bcfe.

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Frequently asked questions

The billionaire factory

EQT is a Swedish private equity giant, originally founded inside Sweden’s largest investment company – Investor. EQT went public in 2019 and is today a well-established company on its own. 

Despite its short public market history, the company has written itself into the Swedish business history books thanks to its performance. In fact, some people in Sweden are calling EQT “the billionaire factory” because of how wealthy some employees have become since their IPO.

Founding of EQT

Conni Johnsson - a previous director at Investor, was the man put in charge of launching EQT, and the idea of starting a private equity firm was born in 1993 when attending dinner in Gamla Stan (Old Town) in Stockholm with Claes Dahlbäck, CEO of Investor from 1978 to 1999. 

Founded during the early 1990’s financial crisis, and in a time when colorful ties were worn to work and mobile phones were in their infancy, the two men decided to look ahead. Since then, EQT has made continuous acquisitions, and when launching their third and fourth fund after the millennial shift, it started to take off. EQT then turned their heads towards Europe, USA, UK and also opened up an office in Hong Kong – focusing on Asian businesses. 

Two main business segments

EQT has two main business segments - Private Capital and Real Assets, and with a substantial amount of dry powder, the company is well-positioned to scoop up potential bargains in a market downturn. Some of EQT’s competitors include KKR, Blackstone, Bain Capital, and The Carlyle Group.

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