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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 past twelve months, with exit activity exceeding investments and a strong focus on returning liquidity to clients and outperforming industry averages in realizations and fundraising momentum.
Launched new products, including European long-term investment funds, open-ended infrastructure funds, and evergreen vehicles for both institutional and private wealth clients, supporting geographic and channel expansion.
Key funds are performing on or above plan, with strong DPI and exit track records supporting fundraising and platform expansion.
Ongoing organizational streamlining, platform simplification, and investments in technology and AI to drive efficiency and productivity improvements.
Leadership transition planned, with Jean Eric Salata nominated as next Chairperson, succeeding the founder and chair at the next AGM.
Financial highlights
Exits of €19 billion and investments of €16 billion over the last twelve months, with €5 billion invested in Q3 and APAC share of investments increasing.
Fee-earning assets under management (FAUM) at €134bn in Q3 2025, with total AUM at €267bn and dry powder of approximately €50bn, €10bn of which is yet to become fee-generating.
Weighted average gross MOIC of 2.3x on exits, with key funds ranging from 1.1x to 2.7x and several above plan.
Key fund valuations increased by an average of 3% YTD, or over 8% adjusting for FX.
Share buybacks of €171m in Q3 and €416m in dividends distributed over the last year.
Outlook and guidance
BPEA IX expected to reach its $14.5bn hard cap in early 2026, with EQT XI targeting €23bn and activation anticipated in H1 2026.
Cash carry expected to ramp up as more funds enter carry mode, with near-term potential of €500m and total potential of €1bn for EQT8.
H2 carry expected to be at least in line with H1, with cost growth in 2025 similar to 2024 and lower single-digit growth expected in 2026.
Evergreen strategies expected to raise €2bn in 2025, with Q4 inflows as a benchmark for future quarters.
Fee-related EBITDA margin target of at least 55%.
Next EQT earnings date

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