EQT (EQT) H2 2025 earnings summary

Executive summary

• Announced the acquisition of Coller Capital, creating a leading global private markets platform with a focus on secondaries and client solutions, and expanding into evergreen and open-ended strategies.

• Achieved record exits and realizations in 2025, with €34 billion in total exits and €16 billion invested across strategies, making it the most active exit year.

• Gross inflows more than doubled to €26 billion, with fee-generating AUM rising to €141 billion.

• Leadership transition completed, with Per Franzén appointed CEO and Jean Eric Salata proposed as Chair.

• Combined platform will have €312 billion in AUM, 2,193 FTEs, and a diversified product offering across private equity, infrastructure, real estate, private credit, and secondaries.

Financial highlights

• Fee-related revenues grew by 9% in 2025, with a fee-related EBITDA margin of 52%.

• Adjusted total revenue increased 16% to €2,732 million; adjusted EBITDA rose 21% to €1,642 million, with a 60% margin.

• Distributed approximately €460 million in dividends and repurchased €300 million in shares.

• Carried interest and investment income increased to €448 million, driven by strong exit activity.

• Total AUM reached €270 billion at year-end 2025, with €141 billion FAUM.

Outlook and guidance

• Expect 2026 exit volumes to be similar to 2025, with a pickup in distributions from infrastructure.

• Anticipate mid-single-digit total OPEX growth in 2026, with efficiency savings reinvested in growth areas.

• Maintain ambition to reach a 55%+ fee-related EBITDA margin at the end of the current fundraising cycle.

• Coller acquisition expected to accelerate fee-related revenue growth and diversify revenue streams, being mid-single-digit accretive to fee-related earnings.

• Fundraising for EQT XI progressing well, with a €24 billion hard cap and activation expected mid-2026.