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EQT (EQT) investor relations material
EQT Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Realized €19 billion in exits over the last 12 months, with exit activity exceeding investments and significant liquidity returned to clients.
Strong fundraising momentum, with new fund launches, BPEA IX commitments, and new open-ended and evergreen products across institutional and private wealth channels.
Focus on operational excellence, platform scalability, AI implementation, and organizational streamlining.
Strategic investments in tech, AI, and global operations to drive productivity and value creation.
Ongoing industry consolidation, client-centric platform expansion, and strong positioning in Europe and Asia.
Financial highlights
Total AUM reached €267bn and FAUM at €139bn as of September 30, 2025; fee-earning AUM at €134bn in Q3 2025.
€19bn in exits and €16bn in investments over the last 12 months; €5bn invested and €2bn exited in Q3.
Weighted average gross MOIC of 2.3x on exits; key funds range from 1.1x to 2.7x, with several above plan.
Key fund valuations increased by 3% in Q3 and over 8% YTD excluding FX effects.
Dry powder of approximately €50bn, with €10bn yet to become fee-generating.
Outlook and guidance
BPEA IX expected to reach $14.5bn hard cap in early 2026; EQT XI and Infrastructure 7 activation anticipated in H1 2026.
Fee-related EBITDA margin target of at least 55%; ongoing focus on margin targets and organizational streamlining.
Cash carry expected to ramp up as more funds enter carry mode, with near-term potential of ~€500m.
€2bn in evergreen inflows expected in 2025, with further growth as new vehicles launch.
Cost growth in 2025 to be similar to 2024, with lower single-digit growth expected thereafter.
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