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EQT (EQT) investor relations material
EQT Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Announced the acquisition of Coller Capital, creating a leading global private markets platform with a focus on secondaries and client solutions, and expanding into evergreen and open-ended strategies.
Achieved record exits and realizations in 2025, with €34 billion in total exits and €16 billion invested across strategies, making it the most active exit year.
Gross inflows more than doubled to €26 billion, with fee-generating AUM rising to €141 billion.
Leadership transition completed, with Per Franzén appointed CEO and Jean Eric Salata proposed as Chair.
Combined platform will have €312 billion in AUM, 2,193 FTEs, and a diversified product offering across private equity, infrastructure, real estate, private credit, and secondaries.
Financial highlights
Fee-related revenues grew by 9% in 2025, with a fee-related EBITDA margin of 52%.
Adjusted total revenue increased 16% to €2,732 million; adjusted EBITDA rose 21% to €1,642 million, with a 60% margin.
Distributed approximately €460 million in dividends and repurchased €300 million in shares.
Carried interest and investment income increased to €448 million, driven by strong exit activity.
Total AUM reached €270 billion at year-end 2025, with €141 billion FAUM.
Outlook and guidance
Expect 2026 exit volumes to be similar to 2025, with a pickup in distributions from infrastructure.
Anticipate mid-single-digit total OPEX growth in 2026, with efficiency savings reinvested in growth areas.
Maintain ambition to reach a 55%+ fee-related EBITDA margin at the end of the current fundraising cycle.
Coller acquisition expected to accelerate fee-related revenue growth and diversify revenue streams, being mid-single-digit accretive to fee-related earnings.
Fundraising for EQT XI progressing well, with a €24 billion hard cap and activation expected mid-2026.
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Strong growth in customers, profits, and deposits, with stable asset quality and global milestones. - 3407
Net income rose 22.7% year-over-year, with improved financials and a revised upward forecast. - RYM
Refreshed strategy targets NZD 150m cash flow uplift, NZD 500m cash release, and resumed dividends by FY 2028. - 9101
Profits fell across most segments, but energy shipping and a major acquisition stood out. - 4626
Double-digit profit and sales growth, with strong segment results and a stock split impact. - 2371
Revenue up 21.5% YoY, but profit down on higher investments; LiPLUS Holdings acquired. - 3401
Major impairments and divestitures led to a net loss and lower revenue across all segments. - 8002
Profit forecast raised to ¥540.0B and annual dividend to ¥107.50 per share after strong results. - COF
Profit rebounded, NTA and occupancy rose, with strong leasing and premium divestment. - NUF
Statutory loss reported, seeds business repositioned, new CEO appointed, all resolutions passed.
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