EQT (EQT) H1 2025 earnings summary

Executive summary

• Strong execution in H1 2025 with exit volumes more than tripling year-over-year and realizations exceeding investments, delivering a weighted average return of 2.3x over the last 12 months.

• EQT Infrastructure VI closed at €21.5bn, exceeding target; BPEA IX first close at $11.4bn, targeting $14.5bn; EQT XI fundraising launched with €23bn target.

• Fundraising assets under management (FAUM) rose 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 and client relations functions.

• Private wealth segment expanded with new evergreen vehicles and EQT Nexus now available in 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), margin 60% (56%).

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

• Management fees grew 10% year-over-year; effective management fee rate at 1.41%; material step-up expected as new funds activate.

• Carried interest and investment income rose to €191m in H1 2025, up from €41m in H1 2024.

• Exit activity announced at approximately €13bn in H1, surpassing last year and more than tripling H1 2024 volumes.

Outlook and guidance

• Expectation to raise approximately €100bn in the current fundraising cycle, with 60-85% from flagship/institutional funds and 15-20% from private wealth.

• EQT XI expected to activate in H1 2026; Infrastructure VII to follow in H2 2026; BPEA IX expected to reach $14.5bn hard cap by 2026.

• Fee-related EBITDA margin target of 55%+ reaffirmed, with efficiency measures and scaling of growth initiatives supporting margin expansion.

• 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.