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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.
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Q3 2025 earnings summary16 Oct, 2025

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%.

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Frequently asked questions

EQT is a leading global private equity firm focused on buyout investments. The firm manages over EUR 18.9 billion in equity capital and has committed additional capital of around EUR 3 billion through funds managed by its associated companies. It takes majority, minority or non-controlling positions and invests with partners through JVs or directly into companies.

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