EQT (EQT) Q3 2026 earnings summary

Executive summary

• Strong fundraising, deal flow and portfolio value creation; Key funds rose 5% in Q3, with all remaining On or Above plan.

• Coller Capital closed on 31 August; a Stockbridge acquisition agreement was signed on 15 October, with closing expected in Q1 2027 subject to customary conditions and regulatory approval.

• Strategic expansion included AI infrastructure, Scaleup Europe, the Middle East and Asia; the fundraising outlook for the cycle rose to €140bn from €100bn.

Financial highlights

• September 2026 Total AUM was €354bn and FAUM €194.8bn, versus €267bn and €138.7bn a year earlier; Coller contributed €34bn to FAUM following consolidation.

• Gross inflows were €41.6bn; LTM FAUM bridge included €62bn net inflows, €3bn negative value development, €9bn step-downs and €2bn from FX/other.

• Q3 gross fund investments were €7.2bn and exits €3bn; LTM investments were €30.2bn and exits €14.6bn, with €29bn returned to clients and co-investors.

• Key fund valuations rose 5% in Q3 and 10% LTM; excluding FX, increases were 4% and 8%, respectively. Private Equity and Infrastructure recorded double-digit LTM value uplift.

• H1 2026 adjusted revenue included €1,062m management fees, €28m fee-related performance revenues, €52m transaction/advisory/other fees, €212m investment income and €54m carried interest.

Outlook and guidance

• Current-cycle fundraising outlook rose to €140bn from €100bn; Scaleup Europe has a €5bn target, with more than €3bn in secured commitments and demand expected to exceed target.

• EQT XI activation is expected in the next few months; Infrastructure VII is expected around year-end, with an early close in December. CIP X fundraising is expected to launch in early 2027.

• Coller EQT reiterates $40bn YE 2026 FAUM guidance under the prior definition, equivalent to ~$35bn under the updated definition; fee rates and management fees are unchanged.

• Stockbridge 2027E guidance: $17bn–$19bn fee-generating AUM, $120m–$130m management fees and $35m–$45m fee-related EBITDA.

• Evergreen gross inflows guidance remained €2.5bn for H2; Q3 gross inflows were €1.1bn, with Q4 expected to make up the difference.