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EQT (EQT) investor relations material
EQT Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary16 Oct, 2025
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.
EQT VIII carried interest payout timing?
Impact of 75% consultant reduction?
EQT XI activation impact on investment pace?
Capital allocation strategy for cash carry
Future operating model and efficiency gains
Evergreen growth: capacity and monetization
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Q4 202522 Jan, 2026
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Frequently asked questions
EQT is a leading global private equity firm focused on buyout investments. The firm manages over EUR 18.9 billion in equity capital and has committed additional capital of around EUR 3 billion through funds managed by its associated companies. It takes majority, minority or non-controlling positions and invests with partners through JVs or directly into companies.
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