EQT AB (publ)

E-Q-T's half-year report 2026. It's been a busy and successful first half for us. All in, fee-paying AUM at E-Q-T grew 10%. We delivered total revenue growth of 5% and 4% of EBITDA growth versus last year. With significant fundraising activities underway, driving growth into 2027. Before handing over to Per to kick things off, let me ask that we limit questions to two questions in today's Q&A to make sure everyone has sufficient time to answer questions. So with that, let's hand it over to you, Per, to kick things off.

Thank you, Onuf, and good morning, everyone. In a challenging and uncertain environment during the first half, we delivered strong performance and made significant progress across the board. We took advantage of a volatile market environment to unlock attractive investments. We were able to leverage our differentiated sourcing capabilities to really create very attractive deal flow for investors. We substantially increased our investment pace compared to last year. And in total, we put 19 billion euros of capital to work and generated 9 billion euros of co-investments. At the same time, we stayed disciplined on exits, building really on the record year of exits that we had in 2025, when we achieved 40 billion euros of distributions. We sent back close to 17 billion euros to our clients during the first half. Across business lines, we launched a number of new strategies, and we currently have more than 20 active funds in the market. In private capital, we were selected for the Scale Up Europe Fund by the European Commission. This win is really a great testament of our market-leading position in Europe and the quality of our early-stage platform. In Asia, we raised the largest Asia-focused private equity fund ever, with BPA9 hitting the hard cap at $15.6 billion. For IKIT11, we're off to a very good start, and we have so far secured commitments of half of the target fund size. In private capital, we have strong deal flow across strategies. In total, we put 5 billion euros of capital to work out of our funds, and we generated around 5 billion euros in co-investments. A significant part of that co-invest came from the 11 billion sterling take private of Intertech. Post-Intertech and Taco Seal EQT 10 is now approximately 85% invested. In EQT equity, we continue to see strong and attractive deal flow ahead, and we expect to activate EQT 11 during the third quarter. The attractive near-term investment pipeline in equity equity is also likely to support and drive for the fundraising momentum for equity 11. This is something that we've seen in prior flagship fundraisings, most recently in BPA nine and infra six. Turning to our infrastructure business, momentum across our infrastructure platform is really exceptional. The investment volumes for the first half of 2026 are higher than the two previous calendar years combined. Value creation has picked up significantly. Performance across funds is strong and the outlook remains favorable. not least for the AI infrastructure strategy and all of the connected investments that we have across our infrastructure platform. Both the AI infrastructure and the active core infrastructures are off to a very strong start. We launched the EQT Infra 7 fundraising with a €21 billion target fund size and the initial reception has been very positive and interest from clients is strong. In real estate, we also see excellent momentum. We closed the most recent Europe Logistics Fund at the 3.1 billion euro hard cap, and we launched the US Industrial Value Fund 7, targeting $6 billion. We're really optimistic about the potential in this part of our business, and we'll come back to that shortly. Kohler Capital remains on track for closing in the third quarter. Adding secondary capabilities to our platform will make us even better placed to be the most attractive counterparty in private markets for clients. It will also significantly strengthen our positioning in the insurance channel and in private wealth. Across our private wealth platform, we see strong momentum And in the quarter, including color, our evergreen offerings reached a new milestone of €10 billion in NAV. Private wealth remains an important opportunity for us. We will approach this opportunity with a long-term and responsible mindset, and we continue to make the necessary investments into our client solutions capabilities, distribution partners, as well as our brand. An important initiative in this regard was during the quarter our first brand partnership in sports with the ATP Tennis Tour. Next slide, please. In May, we announced the decision by the European Commission to select IKT to manage the Scale Up Europe Fund. The decision was taken following a highly competitive process and is really the ultimate validation of what we've built over the last 30 years. As the only European platform investing across ventures, growth and life sciences, we are uniquely qualified for this mandate. The opportunity set is significant and very attractive. Over the last decade, an estimated €1.2 trillion in market value has left Europe. Europe really doesn't have a startup problem, it has a scale-up challenge. We estimate that there is more than €500 billion in scale-up funding needed until 2031. Today, 60% of growth stage funding of European companies comes from outside of Europe. With the Scale Up Europe Fund, we want to really rally the entire European early stage ecosystem behind this opportunity. We want to leverage our scale, our operational toolbox, our global network to help European entrepreneurs and founders realize their full potential. We want them to go for gold and become global winners, just like EQT has become a European-headquartered global winner in the private markets. The focus for the fund will be AI, robotics, semiconductors, energy, biotech and advanced industrial systems. In one of these subsectors, we want to find and back Europe's first trillion-euro company. The fund is off to a great start. Deal flow is above our expectations and interest from investors is strong. We have more than 125 high priority opportunities that we're currently pursuing and we expect to announce several investments for this strategy already during the third quarter. We set the target fund size at 5 billion euros. We see client demand above this level, and we have not set the hard cap for this fund yet. Next slide, please. During the second quarter, we officially launched the EQT AI Infrastructure Fund to offer investors direct exposure to the most compelling investment opportunity of our generation. The demand for AI compute is accelerating at a rapid pace, and we continue to see a huge supply demand imbalance. Industry estimates suggest that by 2030, $4 trillion will be invested into data centers and energy infrastructure. At EQT, across our infrastructure platform, we've invested in this theme with high conviction for many years, starting with our investment in EdgeConnex in 2020. Since then, we've developed a differentiated strategy to connect our fiber, energy, and data center assets and our real estate platform to provide integrated solutions for data center clients around the world. As a result, EQT is uniquely positioned to be a central partner in this build-out. Through EdgeConnex, we today operate more than 90 data centers globally across five continents and 26 countries. We've deployed 30 million miles of fiber network and our energy companies have a development pipeline exceeding 100 gigawatts. No other private markets firm can offer this type of integrated solutions to hyperscalers. The AI Infrastructure Fund provides a unique opportunity for private market investors to get exposure to this theme. And that is what we're seeing reflected in the significant value creation and fundraising momentum for this fund. In less than three months, NAV increased from $2.4 billion to $9.4 billion. Next slide, please. Let me now turn to EQT Real Estate. It's been approximately five years since we acquired Exeter. During this time, the real estate market was really or has been out of favor and the fundraising environment has been challenging. In the key funds, EQT Real Estate delivered top quartile or better performance. And as a result, despite these challenging market conditions, we have doubled fee generating AUM from approximately 11 billion euros at the time of the acquisition to 22 billion euros today. We want to build on this performance and momentum and think that now is an interesting time to accelerate growth. We see signs of the real estate market gradually improving and activity levels picking up. We recently announced the launch of the fundraising for the flagship US Industrial Value Fund 7, and the $6 billion target is a significant increase in fund size compared to Fund 6. The initial response from clients has been very positive. Looking ahead, we see an opportunity to expand into new thematic verticals beyond our current industrial and logistics focus. Living, multifamily and data centers are near-term priorities and opportunities for us. Geographically, we're continuing to build our presence in the US and Europe, and longer term, APAC is also an opportunity. The new segment reporting reflects the strategic importance and the growth opportunity that we see going forward for this part of our business. Next slide, please. At EQT, we continue to generate the most attractive deal flow and the most attractive co-investments in the private markets. Our ability to generate co-investments is a real differentiator for us and is the result of the deal sourcing machine that we've built over the last decades. Combining a strong local presence in our target geographies with a global sector-based thematic investment approach allows us to unlock deals and to engage with investors in a more long-term strategic way. Thematically, thanks to the breadth of our platform, we remain perfectly designed to invest into the AI opportunity. And that is what we see reflected in our deal flow and in our investment activity in the first half. Our infrastructure and private capital platforms are really firing on all cylinders. In infrastructure, we made several attractive investments in the energy sector, for instance, in AES and Copia Power. Copia Power will be the first deal in the newly announced Infrastructure 7 Fund. We also invested in physical infrastructure businesses that are providing critical non-discretionary services, for instance, Kelda and Urbaser. In EQT Private Capital, EQT10 announced an offer for Intertech, one of the largest tech privates in Europe so far this year, and actually the second largest UK sponsor-backed public-to-private transaction of all time. EQT10 also invested in Exolaunch, a European space company, as well as Tacoseal, a globally leading niche medtech business. POST TAKU SEAL IKITI 10 IS NOW CLOSE TO FULLY INVESTED WITH AN APPROPRIATE VINTAGE SECTOR AND GEOGRAPHIC DIVERSIFICATION. IN ASIA, WE CONTINUE TO HAVE AN ATTRACTIVE PIPELINE, IN PARTICULAR IN INDIA AND JAPAN. IN JAPAN, OVER THE PAST 12 MONTHS, WE'VE DONE THREE PUBLIC TO PRIVATES, INCLUDING FUJITECH, CARENET AND MAMESU. Finally, across the IKITI early stage platform, deal flow is at record levels, also fueled by the announcement of IKITI being selected as the manager for the Scale Up Europe Fund. The momentum that we're seeing in this part of our business is really very exciting. Next slide, please. Our strategy of being the client-centric scale player focused on performance, that unique proposition that we can bring to the market of being the global provider of international alpha, that really resonates with investors. In addition, our performance track record is excellent. We've produced attractive short- and long-term risk-adjusted returns. Really, no matter how you look at it, whether on a long-term or a short-term basis, we've delivered real cash back to investors, real alpha. As a result, our fundraising momentum is very strong, which has allowed us to successfully launch new products and grow existing strategies. In the last six months alone, we've added four new strategies with an expected fee-based AUM of more than 5 billion euros each. The AI Infrastructure Fund, the Scale Up Europe Fund in private capital, the US Industrial Value Fund 7 in real estate, and KIPP 9 in collar capital. Delivering for our clients gives us the right to grow and scale existing business lines and strategies, and to introduce attractive new products to help investors achieve their objectives when it comes to target returns and portfolio diversification. Next slide, please. Since the IPO, we have significantly expanded our offering for clients. At the time of the IPO, the EQT platform consisted primarily of the private equity and infrastructure flagship funds. Our private capital fundraising cycle was essentially one flagship fund, EQT 9 at the time, at roughly 16 billion euros. Since then, we've added many strategies across the flagship, early stage, long hold and evergreen products. For many of these strategies, we're today also offering a specific geographic focus across Europe, North America and Asia. As a result, in this cycle for private capital, we're targeting fundraising of approximately 55 billion euros. That's an increase of 40% compared to the prior fundraising cycle. Similarly, in equity infrastructure, we've expanded the fundraising from only 16 billion euros in infra five at the time of the IPO to approximately 45 billion euros for the current fundraising cycle. an increase of approximately 80% versus the prior cycle, really an impressive achievement. In addition to the value-add funds, the infrastructure platform now includes the AI infrastructure fund, the transition infrastructure and active core strategies, as well as the evergreen vehicles. Next slide, please. Thanks to the broadening of our offering, we've been able to create a much more diversified business since our IPO. In September 2019, EQT managed approximately €36 billion in fee-related AUM across six private equity and infrastructure-focused strategies. Today, we manage €155 billion of fee-generating AUM and €291 billion of total AUM. Our total AUM is now around €345 billion as of 30 June. We want to leverage our scale, our global presence and insights to deliver the most attractive strategies, product solutions and performance for clients. The AI investment opportunity is a good example of this. Thanks to the breadth of our platform, we can find the most attractive risk reward and allocate capital accordingly for clients. From making investments into exciting native AI companies out of our early stage platform to investing into the opportunity at scale out of our infrastructure funds. With that, I hand it over to Gustav. Next slide, please.

Thank you Per and good morning everyone. Turning to fundraising and highlights from the first half of the year, which has been very eventful with around 18 billion euros of gross inflow turned into fee generating AUM. For EQT 11, we've secured commitments equal to half the target fund size of 23 billion euros. Half the target fund size at the first close for EQT 11 is slightly ahead of where we were with Infra 6 at the first close. Momentum remains strong with an active pipeline for the H2 tilted towards Q4 just given the recent first close. We expect activation of the fund during Q3. As communicated, we've set the target fund size for Infra7 at 21 billion euros, and we're seeing promising early indications from investors on the back of very strong fund performance. Infra7 has signed its first deal, acquiring Copia Power via a so-called pre-fund bridge, and we expect activation around year-end in line with earlier communication. At year end, we expect to have held an early close for Infra 7. However, we don't expect the first close to happen until H1 2027. Hence, you should expect a smaller amount raised in 2026 than for EQT 11 at activation. As a reminder, EQT 11 and Infra 7 will not contribute to feed generating AUM until activation, and hence EQT 11 is not part of the feed generating AUM as of today. Across other closed-ended strategies, we've been equally active. The Scale Up Europe fund is already anchored by a number of core investors representing the majority of the 5 billion euro target fund size, and their commitment is expected to be closed out during Q3 with the activation of the fund at the same time. We're in parallel opening up the fundraise for additional investors and are seeing strong demand on the 5 billion euro target fund size and we have not yet set a hard cap for the fund. The fund will be paid on committed capital and is expected to have an average management fee rate in line with EQT's overall blended management fee rate. The scale-up Europe fund will also mean that we will not be raising a second-generation growth fund. In addition to the scale-up Europe fund, we're also raising a large number of additional closed-ended funds, notably our U.S. industrial value real estate fund with a target of $6 billion, as well as our transition infra fund. On the institutional open-ended side, the active core infrastructure strategy has now finalized its founding round and it signed its first two investments. The fund will be activated during Q3 and has so far raised 2.3 billion US dollars of which a bit less than 1 billion US dollars will be feed generating directly at activation. The AI infrastructure fund reached more than $9 billion of fee-generating AUM at the end of Q2, driven by taking in both primary capital to fund future growth, as well as secondary capital to sell down investments in Infra 4 and Infra 5, as well as reflecting the strong value appreciation since launch. We expect continued strong development for AI infrastructure, which is open-ended. However, also noting that significant capital has been brought in during the last months, and hence you should not expect the same velocity of inflow going forward. The fund charges fees on NAV with the majority of the current capital, i.e. the 9.4 billion, came in as of July 1st and with a fee rate of between 50 to 75 bps, currently closer to 50 bps due to the founder economics. Lastly, for the private wealth evergreens, I will talk more about those on the following pages. Next slide, please. As of today, we've closed out approximately 40 billion euros out of our 100 billion euro fundraising target. And currently we have more than 20 vehicles in active fundraising across closed-ended and open-ended strategies. The remaining 60 billion includes funds currently in fundraising, as well as a couple of funds that are yet to launch fundraising. In addition, we've added three significant new elements, the AI Infrastructure Fund, the Scale Up Europe Fund, and the Color Capital Platform. Together, these are expected to add more than 40 billion euros of additional fundraising. Hence, we are today expecting to raise more than 140 billion euros in this fundraising cycle. Next slide, please. We're continuing to expand our evergreen offering. Today, including the color platform, we have now reached 10 billion euros in NAV and are continuing to grow rapidly with limited redemptions. During the first half, we have started two infrastructure vehicles and we will, during Q3, launch an Asia-focused fund on the private capital side. In total, including Kohler, we raised approximately 2.5 billion euros during the first half. And we expect that to be a relatively good proxy for forward-looking half years. However, with the notion that Q4 will probably be stronger than Q3, just due to the holiday period in Q3. We recognize that wealth investors are more sensitive to headlines and market sentiment. This has been visible across the industry. Private credit evergreens products have faced the most headwinds, while other vehicles focused on other strategies have been more resilient. For EQT without collar, we had around 800 million euros of inflow in Q2, driven mainly by a weak April, due to the market sentiment, and then May and June more in line with the levels that we saw in Q1. We continue to see momentum on the infra side, on the back of strong performance, and as an attractive alternative to the significant outflow on the credit side. Redemptions in Q2 continue to be very limited at the same levels as in Q1, hence around 0.5% of NAV per quarter across the platform. Next slide, please. So let me give you an update on the caller transaction. We're on track to close the transaction in mid to latter part of Q3, and integration planning is ongoing at full speed. The structural opportunity within secondaries is evident from the client demand for additional funds and new products, and the continued muted distributions across the industry are widening that structural opportunity even further. Having closed KIP 9 earlier this year, Kohler's largest fund ever, we plan to launch the KIP 10 fundraising later this year, with the activation of the fund expected during the first half of next year, with fees charged on committed capital. Fundraising for CCO3, the credit fund, was launched in Q2 and has been well received by the market. CCO3 will charge fees on invested capital, similar to their earlier fund vintages. Kohler continues to see a growing market for structured products and insurance solutions. with an innovative evergreen structure closed here in the first half, and they expect to close a large traditional 10-year structured funding vehicle during the second half of the year. We identify insurance capital as one of the most interesting pools of capital within private markets. And through Kohler, we get access to strong insurance relationships as well as strong structuring capabilities. We're also in early preparations for additional share asset clauses, drawing benefits from the combined platform, including infrastructure secondaries. We continue to be very excited about secondaries and to join forces with the Collar team. And with that, I will hand over to Olof. Next slide, please.