EQT AB (publ)

Good morning, everyone, and welcome to the presentation of EQT's full year results. We have a lot to cover today. Per will start off by reflecting on our strategic positioning and today's announcement that we're entering the fast-growing secondaries market by joining forces with Kohler Capital. Teaming up with Kohler strengthens our ability to serve clients globally, and it unlocks growth opportunities for both firms. The transaction is accretive to our fee-related earnings, it accelerates our growth outlook, and it will further diversify our platform. Before handing over to Per to share more details, let me share a few highlights on 2025. First, it was our most active exit year ever with fund exits and realizations for co-investors of 34 billion euros. We invested 16 billion euros across our strategies globally while providing a co-invest ratio for our clients of close to 1 to 1. It was a pivotal year for EQT's expansion into evergreens and open-ended strategies across the globe with new product launches and accelerating inflows. We continued to deliver on our fundraising agenda more than doubling gross inflows to 26 billion euros. All our key funds continued to develop on or above plan and our more recent vintages in particular performed strongly. ETT delivered total revenue growth of 16% while keeping headcount largely flat year over year. So with those remarks, let me hand over to Per to go through things in more detail. Next slide, please.

Thank you, Olof. Good morning, everyone, from Davos. We have very exciting news to share this morning, and we'll come back to Kolo shortly. I'll start by saying a few words about the private markets industry and our strategic positioning. EKG remains well positioned to navigate a fast-changing world and to capture the growth opportunity ahead. There are a number of forces shaping our industry. The geopolitical backdrop remains volatile. We continue to see private market investors wanting to rebalance their portfolios as they are looking to achieve a better global diversification. At EGT, we are well positioned to navigate this environment and to help our clients achieve their strategic portfolio objectives. We want to be the most attractive global provider of international alpha. Through our global sector teams, we engage with our clients to align on their pipeline priorities and with the help of our local teams in more than 25 countries, we can move quickly in times of market dislocation to unlock attractive thematic opportunities. The combination of our global sector teams with our strong local presence helps us deliver structural uncorrelated alpha. as often the sources of alpha across those various countries and regions are uncorrelated. A good example of the investments that we've made into our global platform and how it's paying off is Japan. We built our local presence in Tokyo over many years and in 2025 we were able to reap the benefits of those investments. In our private capital strategies, we created two attractive public to private opportunities, and we continue to have a very attractive pipeline in Japan going forward. The second force, AI, that I'd like to touch upon, that will have an impact on most sectors and businesses that we invest into, including, of course, also our own industry and how we run our business at EKG. At EQT, we keep on investing in our AI capabilities. On the investment side, we continue to back AI-driven tailwinds in our early-stage strategies. We make investments into native AI companies, Harvey and Lovable are two good recent examples. In our infrastructure platform, we keep on investing into globally leading data center platforms. One of our companies, Edge Connects, is a good example of that, but also into fiber assets and into the energy platforms. We're also driving AI adoption across our organization, deploying advanced solutions that enable better decision-making and help us realize synergies across our platform. Over time, we believe that this will help us run our business in a better way, but also in a more efficient way. Private wealth and insurance remain two attractive growth opportunities where we see new capital pools emerging. We're making the necessary investments to build our capabilities in those areas, and we expect to see significant capital inflows in this part of our business. Collar will be a catalyst for the insurance segment as we will get access to their capabilities within structured solutions. The rise of secondaries continues and this part of the market will also going forward outgrow the rest of the industry. There's a number of structural forces driving that growth. Private markets have grown in size and in relevance, and in some regards, they've become more complex, and we also see public and private markets converging. Clients want to be able to ride the winners, and they want to stay invested in compounding open-ended structures. On the other hand, there's also been a lack of distributions in our industry post-pandemic, so a slowdown in deal-making, and as a result, many firms are not able to raise new funds, and that has created more and more zombie funds in our industry. And all of this drives a need for clients to be able to restructure their private market portfolios and to find good liquidity solutions. And in this context, Color will be an important enabler and really further strengthen our ability to be that strategic partner for our clients. Finally, we see the consolidation of the industry accelerating. Not everyone in the private markets will be able to navigate this environment, will be able to make the necessary investments to capture that growth opportunity ahead. So size and reach matter more than ever when it comes to creating real alpha and when it comes to serving clients in the best possible way. And our global platform, our size, being the largest private markets firm in the world outside of the U.S., will continue to be a true differentiator for us. Next slide, please. At DQT, we remain committed to our long-term strategic ambition to keep on building the most attractive, scaled private markets firm, delivering industry-leading performance and solutions for clients. By continuing to be that client-centric firm focused on delivering attractive risk-adjusted returns for investors, real alpha, we will also be able to attract the best talent in our industry to our organization and to our portfolio companies. And really that way creating that virtuous circle that will give us the license to keep on scaling our firm and as a result over time also delivering attractive, sustainable value creation for shareholders. Next slide, please. In 2025, we made good progress on our strategic ambitions and we executed well in a volatile environment. We took the opportunity to simplify our organization to ensure that we can remain that entrepreneurial, fast-paced, high-performing organization. We successfully completed a number of leadership transitions. We streamlined our organizational structures and reinforced our focus on accountability, performance, and efficiency across the platform. We also integrated our client relations, capital racing and capital markets teams, creating one unified platform well set up to deliver a seamless experience for institutional clients and private wealth distribution partners. And all of this makes us also well prepared to add Kohler now as a new business line to the equity platform. In 2025, we stayed disciplined in our investment pacing, producing a record year for co-investments. We facilitated $14 billion of co-investment opportunities for our clients. That is up from $12 billion in 2024. And this is an important tool for us to also, going forward, create those deep strategic relationships with institutional investors. And we remain committed to continue to produce that most attractive co-invest to fund commitment ratio in our industry. We did a superb job really in driving realizations in a tricky exit environment. 2025 was actually our most active exit year ever with 34 billion euros in total of realizations. And that includes 14 billion euros of realizations out of co-investments that were done together with our clients. And that is just massive outperformance compared to the wider private markets industry in terms of those realizations. A good example is our equity strategy, which is our oldest strategy at DQT. In that part of our business, we sent back close to 30% of NAV, which is approximately three times industry average. And notably, we set a new record for distributions and capital gains from a single investment. So in Galderma in 2025 alone, we realized more than 9 billion euros of proceeds for fund investors and for our co-investors. And this actually excludes the stake sale that we have announced to L'Oreal that is yet to close. And this investment has generated more than $20 billion so far in capital gains for investors. As a result of that strong performance, we saw a good fundraising momentum. We more than doubled gross inflows to 26 billion euros. Our evergreen offerings targeting the private wealth segment saw inflows of approximately 2 billion euros. And we also introduced our first open-ended institutional product, which is exciting. This is the second generation of our active core infrastructure strategy, and the portfolio in fund one is performing very nicely, and we really see a strong client interest for this fund. Next slide, please. As you've heard me say, I think many times before, we have actively been looking to establish a presence in the secondary markets for some time now actually. And this is one of the fastest growing parts of our industry and building our capabilities in this area is really critical so that we can become an even more stronger and attractive strategic partner for our clients. And so today, I'm just very, very pleased to announce that we have reached an agreement to join forces with Kohler Capital. This is really a highly strategic and complementary combination. By joining forces with Jeremy and his team, we want to build a market-leading secondaries platform together. We really have a very high bar for any M&A that we do at EQT, and the fit must be just very, very strong. And in this case, you know, from a strategic performance culture perspective, Kohler checks all the boxes. The strategic fit between our two firms is simply excellent. It's highly complementary. And most importantly, the cultural fit, the values fit is very strong. Similar to EQT, Kohler is a performance-driven and entrepreneurial organization focused on delivering consistent long-term solutions and returns for investors. And just like EQT, Kohler also has that constant improvement mindset and that relentless drive to continue to drive innovation and stay ahead of the curve. At DQT, we like to say everything can always be improved everywhere at all times. Kohler's version of this is better never stops. I'm very excited to welcome Jeremy and the entire Collier team to our firm. And I really look forward to working closely with Jeremy as part of the executive leadership team. And together we will be just incredibly well placed to deliver the most attractive solutions and the most attractive performance for private market investors. And to really fully capture that growth of the opportunity ahead that we see in secondaries. I'll now hand it over to Gustav who will cover the highlights from our 2025 results together with Olof and Kim and I believe starting with fundraising. So next slide please.

Thank you Per and good morning everyone. In 2025 we executed strongly on fundraising across the platform and more than doubled inflows versus last year. Starting with the key funds. Fundraising for BPA 9 continued with strong momentum, having raised $14 billion as of today. We expect to close at the $14.5 billion hard cap in the first quarter. Fundraising for EQT 11 continues to be off to a strong start, further helped by the strong exit pace during 2025. Note that in our reporting fee-paying AUM, it does not include EQT 11 until activation. And later this year, we expect to launch fundraising for Infrastructure 7. So, moving over to our other close-ended strategies. We are advancing our healthcare growth and transition infrastructure fundraisings, having raised approximately 3 billion euros combined, and we expect to conclude fundraising for healthcare growth momentarily. In the fourth quarter, we activated our latest European real estate logistics fund, The fund is expected to close in Q1, and our reporting fee-paying AUM includes almost 3 billion euros of commitments, versus the size of the last fund at 2.1 billion euros. And then finally, on evergreens and open-ended institutional strategies. In 2025, ICT launched three new evergreens, Nexus Infrastructure and Nexus LTIF Private Equity. distributed in Europe and APAC, and the US domiciled private equity vehicle. Hence, our evergreen offering consisted of five vehicles at the end of 2025, and we raised close to 2 billion euros in 2025, while reaching an NAV of around 3.5 billion euros by year end. And just last week, we launched a U.S. domiciled evergreen structure for infrastructure. During the year, we've also introduced our first open-ended structure for institutional clients, as Per mentioned, with our active core infrastructure strategy. This fund is yet to be activated and is not in our fee-generating AUM number as of year end. however we continue to be very excited about the prospects of scaling this strategy in the coming years we've also decided to pursue our first continuation vehicle based based on edgeconnex this will be an open-ended structure that will allow us to continuously support edgeconnex long-term growth opportunity And with that, I will hand over to Olof to cover investments and realizations. Next slide, please.