EQT (EQT) Q1 2025 earnings summary

Executive summary

• Strong execution in Q1 2025 with €4 billion each in investments, exits, and co-investments; Infrastructure VI closed at €21.5 billion hard cap and BPEA IX fundraising surpassed $10 billion in commitments.

• CEO transition announced: Per Franzén to become CEO in May 2025, with Christian Sinding moving to chair the new EQT Council and remaining active in investment forums.

• EQT's global platform now serves nearly 1,300 clients with a team of almost 2,000 across 25 countries.

• Launch of EQT Nexus Infrastructure, the third evergreen strategy, with Q1 inflow up 70% year-over-year and strong distributor onboarding.

• Key funds performed on or above plan in Q1 2025, with strong execution on large exits and continued value creation.

Financial highlights

• Fee-earning AUM (FAUM) reached €142 billion at Q1 2025, up from €132 billion in Q1 2024; total AUM reached €273 billion from €242 billion.

• Gross inflows of €12 billion in Q1 2025, mainly from BPEA IX and EQT Infrastructure VI; dry powder exceeds €50 billion.

• Exit activity included a $14.5 billion transaction (3.5x MOIC for BPEA VI) and a €15 billion minority stake sale (5.0x MOIC); exits more than doubled year-over-year, with a third from public market exits.

• Key fund valuations increased by an average of 1% in Q1 2025, with underlying operating performance strong, especially in recent private capital vintages.

• Share buyback of 1.5 million shares executed in Q1; up to 4.9 million shares authorized for repurchase.

Outlook and guidance

• Expectation that global private market fundraising volumes will not return to 2021 levels until at least 2027.

• Exit activity likely to slow for the remainder of 2025 due to market volatility and ongoing tariff negotiations; Q2 valuations may be negatively impacted by lower public market references.

• Activation of EQT XI and Infrastructure VII expected in 2026, but timing may be delayed if market uncertainty persists.

• Carried interest recognition for Infra 4 and EQT 9 not expected in 2025 or likely 2026.

• OpEx expected to grow at a similar percentage pace as recent years, with flexibility to adapt if needed.