EQT (EQT) H2 2024 earnings summary

Executive summary

• 2024 marked a record year for investment volumes and exit activity, with EUR 22bn invested and EUR 11bn in gross fund exits, representing a 27% and 72% year-over-year increase, respectively.

• Double-digit EBITDA growth and 18% value creation were achieved across key funds and regions, with all key funds performing on or above plan.

• Thematic investment approach, local presence, and new strategies in healthcare growth and energy transition infrastructure drove outperformance and expansion in private wealth.

• EQT X closed as the largest private equity fund globally in 2024, with total AUM reaching EUR 269bn.

• Over 30 exit events were executed, with volumes up 70% year-over-year, and more than 30 exits are planned for 2025.

Financial highlights

• Adjusted total revenue rose 11% to EUR 2,355m, with management fees up 7% and carried interest/investment income up 52%.

• Adjusted EBITDA increased to EUR 1,359m, maintaining a 58% margin; fee-related EBITDA margin reached 53%.

• Proposed dividend of SEK 4.3 per share, up 20% year-over-year, to be paid in two installments.

• Fee-generating AUM (FAUM) increased to EUR 136bn at year-end 2024.

• Exit volumes reached EUR 11bn, up from EUR 6bn in 2023.

Outlook and guidance

• Entering a new EUR 100bn fundraising cycle, with expectations to launch five private wealth vehicles in 2025.

• EBITDA margin expected to remain in the 55-65% range, with double-digit EBITDA growth anticipated for over three-quarters of the portfolio in 2025.

• Fundraising market expected to remain challenging through 2025, with a return to 2021 levels not anticipated until 2027.

• Continued investment in private wealth and new strategies, with headcount expected to increase similarly to 2024.