EQT (EQT) H1 2025 earnings summary

Executive summary

• Strong H1 2025 performance with exit volumes more than tripling year-over-year, and key funds delivering a weighted average return of 2.3x over the last 12 months.

• Fundraising momentum continued, with EQT Infrastructure VI closing at €21.5bn hard cap, BPEA IX securing $11.4bn in commitments, and EQT XI launched with a €23bn target.

• Fee-generating AUM increased to €141bn as of June 2025, up from €133bn a year earlier.

• Strategic organizational changes implemented, including CEO transition, leadership restructuring, and integration of value creation functions to support growth and agility.

• Continued focus on global diversification, with significant growth potential identified in Asia and the U.S., and expansion of private wealth offerings to over 20 countries.

Financial highlights

• Adjusted total revenue rose 23% to €1,340m (H1 2024: €1,088m); adjusted EBITDA increased to €806m (H1 2024: €609m), with a margin of 60%.

• Fee-generating AUM reached €141bn, with gross fundraising inflows of €18bn in H1 2025 and €15bn in key funds.

• Management fees grew 10% year-over-year in H1 2025, with an effective rate of 1.41%.

• Carried interest and investment income rose to €191m, up from €41m in H1 2024.

• Adjusted net income reached €682m (H1 2024: €500m); adjusted EPS (diluted) was €0.578 (H1 2024: €0.422).

Outlook and guidance

• Targeting approximately €100bn in new fundraising during the current cycle, with 60-85% from institutional investors and 15-20% from private wealth.

• Fundraising for EQT XI targets €23bn, expected to activate in H1 2026; BPEA IX expected to reach $14.5bn hard cap by 2026.

• Committed to achieving a fee-related EBITDA margin of 55%+ at completion of the fundraising cycle.

• Active investment and exit pipeline for H2 2025, with optimism for continued strong activity if market conditions hold.

• Focus remains on scalable growth, operational efficiencies, and expanding presence in Asia and the US.