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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 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.

EQT VIII carried interest payout timing?
Impact of 75% consultant reduction?
EQT XI activation impact on investment pace?
Capital allocation strategy for cash carry
Future operating model and efficiency gains
Evergreen growth: capacity and monetization
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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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