EQT AB (publ) Q1 Announcement 2024 - Seite 2

• Total investments by the EQT funds in the quarter amounted to EUR ‌4‌bn (EUR ‌‌5‌bn). Investments include the partnership with EdgeConneX to develop hyperscale data centers in APAC (EQT Infrastructure VI); the public to private tender of Believe, the largest independent digital-native music label globally (EQT X); and Avetta, a leading cloud-based supply chain risk management software platform (EQT X)
• The transaction with Wind Tre (EQT Infrastructure VI) was terminated

Exit activity²

• Total gross fund exits during the quarter amounted to EUR ‌1‌bn (EUR ‌‌2‌bn). Exits include the sale of CMS Info Systems, India's largest cash management company; Shinhan Financial Group, the largest financial group in Korea; and RBL Bank, one of India's leading private sector banks (BPEA VII)
• Other exits include Ottobock, the global leader in wearable human bionics (EQT VII); and Cardior Pharmaceuticals, a leader in RNA-targeted therapies for people with cardiovascular diseases (EQT Life Sciences)
• Galderma, a leader in dermatology, priced its IPO on the SIX Swiss Exchange gaining >20% on the day of the IPO, with a total offering of USD 2.6bn. The offering comprised mainly of primary shares, to raise capital for Galderma, with only a minimal sale by EQT VIII

Investment performance

• All ten Key funds are performing On or Above plan, meaning they are on track to deliver on or exceed the return targets communicated to our clients
• In the first quarter, Key fund valuations increased by almost 3%, as underlying performance remained healthy and valuation references were supportive. The portfolio remains robust, albeit with certain pockets of underperformance
• Strategies focused on earlier-stage investments, such as EQT Ventures and EQT Growth, saw a meaningful value uplift in certain portfolio companies

People and future-proofing

• The number of full-time employees and on-site consultants (FTE+) amounted to ‌1,859‌ (‌‌1,792‌), of which ‌1,802‌ (‌‌‌1,687‌) were FTEs. Hiring was primarily to support new strategic initiatives such as Private Wealth and prioritized regions such as Asia and the US
• Masoud Homayoun, Partner and Head of EQT Value-Add Infrastructure, joined EQT's Executive Committee
• EQT Network appointed Sir Alok Sharma as a Senior Advisor on geopolitical topics and economic trends, drawing on his extensive experience in sustainability, with a background as the President of the 2021 UN's Climate Change Conference in Glasgow (COP26), and the Secretary of State for Business, Energy, and Industrial Strategy in the UK
• Since committing to the Science Based Targets initiative in 2021, EQT has supported 39 portfolio companies in setting science-based targets, out of which 7 completed the validation in Q1. Additionally, 24 are in the process of setting targets

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