EQT AB (publ) Q1 Announcement 2024

STOCKHOLM, April 18, 2024 /PRNewswire/ -- A promising start to 2024 - and to EQT's fourth decade
"EQT started the year with the successful completion of two fundraises, EQT X and EQT Future, with total commitments of more than EUR 25 billion. Investment activity continued at a good pace and, with transactions such as the IPO of Galderma, we expect a gradual increase in exit activity. Whilst the macroeconomic environment, financing conditions, and capital markets activity have improved, we continue to monitor geopolitical risks and macro developments, including interest rates, and maintain our focus on performance."

Highlights for the period Jan-Mar 2024 (Jan-Mar 2023)

Strategic

• EQT X closed at EUR 22bn in total commitments, of which EUR 21.7bn are fee-generating assets under management, hitting the hard cap
• EQT Future¹ closed at EUR 3bn in total fund commitments, with total fee-generating commitments to the strategy, which includes co-investments, totaling EUR 3.6bn
• EQT hosted a Capital Markets Day, re-confirming its revenue growth and adjusted EBITDA margin targets, providing further color on its fee-related EBITDA margin ambition, and refining its dividend growth target to be on a per share basis
• Preparation continued for a transition infrastructure strategy, as well as further products targeting the Private Wealth segment
• Preparations also continued for BPEA IX

Fundraising

• Fee-generating assets under management (FAUM) ‌increased‌ to EUR ‌‌132‌bn (EUR ‌119‌bn). Total AUM was EUR ‌‌‌242‌bn (EUR ‌‌216‌bn). Gross inflows amounted to EUR ‌‌5‌bn and were primarily driven by closed out commitments from EQT X and EQT Infrastructure VI
• Fundraisings are generally taking longer in the current fundraising environment, and we expect the fundraising market to meaningfully improve only once realizations pick up materially across private markets
• EQT Infrastructure VI had fee-generating commitments of EUR ‌15.1‌bn. Fundraising is expected to continue at least throughout 2024, and the fund is expected to reach its target fund size
• EQT launched EQT Healthcare Growth, a dedicated healthcare buyout strategy
• Fundraising continued for EQT Exeter US Multifamily Value II, EQT Exeter Europe Logistics Core-Plus II, EQT Active Core Infrastructure and EQT Exeter Asia Pacific Logistics II
• Fundraising also continued for BPEA EQT Mid Market Growth, with the increased hard cap of USD 1.4bn
• EQT Nexus' NAV was more than EUR 600m, and EQRT, EQT's semi-liquid strategy focusing on direct investments in commercial real estate, announced its first acquisition

Investment activity²