EQT (EQT) H1 2026 earnings summary

Executive summary

• Fee-paying AUM grew 10% year-over-year, with total AUM at €291bn and pro forma €345bn including Coller and Scaleup Europe Fund.

• Strong fundraising momentum with over 20 funds in the market, €18bn gross inflows, and new strategies including AI Infrastructure and Scaleup Europe Fund.

• Coller Capital acquisition on track for Q3 2026 closing, set to expand secondaries and insurance solutions capabilities.

• €17bn distributed to clients in H1 2026, with a robust and diversified exit pipeline for H2.

• Leadership transition: Gustav Segerberg appointed CFO, Jean Eric Salata named Chair.

Financial highlights

• Adjusted total revenue rose 5% year-over-year to €1,407m; reported revenue (IFRS) up 26% to €1,610m.

• Adjusted EBITDA reached €837m (60% margin); reported EBITDA €962m (60% margin).

• Fee-related EBITDA margin at 50%, with margin decline due to lower retroactive fees.

• Investment income exceeded €200m in H1, reflecting strong infrastructure performance.

• €9bn of carried interest yet to be recognized, with near-term recognition expected from funds in carry mode.

Outlook and guidance

• Full-year effects of EQT XI and Infra VII expected in 2027, with a step-up in management fee revenue.

• Coller Capital acquisition expected to close in Q3 2026, with plans to double Coller’s FAUM within four years.

• Mid-single digit OpEx growth expected, with ambition for 55% fee-related EBITDA margin by late 2027.

• Ambitious exit pipeline for the next twelve months, aiming to match 2025 volumes.

• Real Estate to be reported as a separate segment, with further expansion planned.