EQT (EQT) Q3 2025 earnings summary

Executive summary

• Realized EUR 19 billion in exits over the last 12 months, outpacing investments and returning significant liquidity to clients, with strong activity across Asia, Europe, and North America.

• Fundraising momentum remained robust, highlighted by BPEA IX and EQT XI, and launches of open-ended and evergreen products for institutional and private wealth clients.

• Continued focus on operational excellence, technology, and AI to drive productivity and value creation, with ongoing platform scalability and efficiency initiatives.

• Diversified global platform with significant growth and deal flow in Europe, Asia, and North America, including the largest buyout in Japan.

• New initiatives and leadership changes, including the nomination of Jean Eric Salata as next Chairperson and the launch of new evergreen and ELTIF products.

Financial highlights

• Exits over the last 12 months totaled EUR 19 billion, with investments at EUR 16 billion, and gross inflows driven by BPEA IX and other funds.

• Fee-earning AUM at €134bn in Q3 2025, total AUM at €267bn, and dry powder at approximately €50bn, with €10bn yet to become fee-generating.

• Weighted average gross MOIC on exits was about 2.3x, with key funds ranging from 1.1x to 2.7x and EQT VIII at 2.4x.

• Key fund valuations increased by an average of 3% in Q3 and over 8% year-to-date, adjusted for FX.

• Share buybacks of €171m in Q3 and €416m in dividends distributed over the last year.

Outlook and guidance

• BPEA IX expected to reach $14.5bn hard cap in early 2026, with EQT XI activation anticipated in H1 2026 and a target of €23bn.

• Expectation for H2 carry to be at least in line with H1, with cash carry ramping up as more funds enter carry mode.

• OPEX growth in 2025 expected to be similar to 2024, with lower cost growth in 2026.

• Anticipate EUR 2 billion inflows into evergreen products in 2025, with further growth as new vehicles launch.

• Targeting a 55% fee-related EBITDA margin over the fundraising cycle.