EQT (EQT) H2 2025 earnings summary

Executive summary

• Entered the fast-growing secondaries market by acquiring Coller Capital, creating a leading global private markets platform with a focus on secondaries and client solutions, and enhancing global client service and diversification.

• Achieved record exits and realizations in 2025, with €34 billion in total realizations, over €19 billion in gross fund exits, and €14 billion for co-investors.

• Expanded into evergreen and open-ended strategies, more than doubling gross inflows to €26 billion and launching new private wealth and institutional products.

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

• Combined platform will have €312bn in total 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 to €2,283m, with a fee-related EBITDA margin of 52%.

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

• Distributed €461m in dividends and €296m in share buybacks, with total shareholder distributions of €757m.

• Carried interest and investment income increased to €448 million, with four funds in carry mode recognizing €1.3 billion of carried interest.

• Net debt/Adjusted EBITDA at 0.9x; €1.5bn undrawn revolving credit facility; A- (Stable) rating by Fitch and S&P.

Outlook and guidance

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

• Anticipate significant growth in evergreen inflows, exceeding €4 billion in 2026, and continued expansion in private markets.

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

• Coller acquisition expected to double fee-generating AUM in less than four years and be mid-single-digit accretive to fee-related earnings.

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