EarningsQ3 2026 Earnings Report
EQBBF Q3 2026 EPS Results
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One Year Ago EPS$0.65
EQBBF Q3 2026 Revenue Results
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Earnings Announcement Details
QuarterQ3 2026
Date10/15/2026
TimeBefore Open
Conference CallThursday, October 15, 2026
EQBBF Upcoming Earnings
EQT AB's next earnings date is estimated for January 26, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q3 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive, with substantial fundraising momentum, higher cycle guidance, strong fund and portfolio performance, rapid growth in AI infrastructure, successful completion of the Coller acquisition and expansion through Stockbridge. The main challenges were a weaker industry fundraising backdrop, selective and difficult-to-time exits, lower fee rates in newer strategies, and comparatively lower real estate margins. Management maintained or reiterated its key outlooks despite these constraints.Company Guidance
EQT Reaches Third-Largest Global Private Markets Position
Following the acquisition of Coller Capital, EQT is now the third-largest private markets firm globally and, by a distance, the largest non-U.S. firm. EQT is also the only firm in the global top 20 without a private credit platform.
Strong Fundraising Outlook and Market Share Gains
Including Coller Capital, EQT increased its fundraising outlook for the current cycle to EUR 140 billion from the original EUR 100 billion guidance. This comes as global industry fundraising volumes declined 13% over the last 12 months, while EQT said its fundraising momentum remains excellent and that it is taking market share.
Fund Investments and Client Distributions Expanded
EQT doubled fund-based investments over the last 12 months to EUR 30 billion while returning EUR 29 billion to clients. Distributions over the past 24 months totaled EUR 58 billion.
Continued Investment in Value Creation and AI Capabilities
EQT plans to continue investing in its value-creation toolbox, AI capabilities and capital markets expertise to maintain value-creation momentum and top-quartile DPIs in its key funds.
Coller Capital Acquisition Closed Successfully
EQT closed the Coller Capital acquisition at the end of August, and management said the combination is off to a good start. Coller's most recent flagship funds have delivered first-quartile net returns.
Secondaries Market Shows Structural Growth
Secondaries deal volume increased 20% year-over-year in the first half of 2026. EQT cited increasing client demand for liquidity solutions and demand from private market investors seeking to remain invested in their strongest assets.
Coller Insurance Platform Has Strong Momentum
Insurance clients represent close to 25% of Coller EQT client commitments, compared with less than 10% for EQT overall. Since 2024, Coller EQT has raised almost USD 9 billion from insurance, including a USD 2.7 billion structured product during the third quarter.
Scaleup Europe Fund Exceeds Initial Expectations
The Scaleup Europe Fund has announced seven investments, including ICEYE, Tandem and Mistral. Deal flow is above even EQT's most optimistic assumptions, more than EUR 3 billion of commitments have already been secured, and investor demand is expected to significantly surpass the EUR 5 billion target fund size.
European Growth Platform Strengthened
EQT said the Scaleup Europe mandate has made it a preferred partner for European founders and global private market investors. The platform now invests across European ventures, growth, life sciences, buyouts, secondaries and infrastructure.
AI Infrastructure Fund NAV Increased More Than 20%
The AI infrastructure fund's NAV grew more than 20% during the quarter, from USD 9.4 billion at the end of Q2 to USD 11.5 billion at the end of Q3. Just below half of the increase came from capital raising and the remainder from value creation.
EdgeConneX Delivered Significant Scale and Value Creation
Since EQT's 2020 investment, EdgeConneX's contracted recurring revenue has grown more than tenfold and its equity value has increased from around USD 1.5 billion to USD 50 billion. EdgeConneX now has more than 90 data center sites across 26 countries and five continents, with 96% of contracted capacity serving hyperscalers under long-term contracts.
EdgeConneX Contracted Capacity Nearly Tripling in 2026
EdgeConneX had approximately 1.3 gigawatts of contracted capacity at the end of 2025 and is expected to reach around 3.5 gigawatts by the end of 2026, meaning the business is expected to nearly triple in scale in one year.
AI Infrastructure Value Creation Was Earnings-Driven
The USD 1.1 billion of AI infrastructure fund value appreciation during the quarter was attributed entirely to earnings growth and new business growth. EQT said it did not change the valuation multiple applied to EdgeConneX.
Real Estate Platform Has Expanded Since Exeter Acquisition
Since acquiring Exeter in 2021, EQT Real Estate has doubled fee-based AUM and more than doubled fee-related EBITDA. The institutional real estate market is estimated at around USD 13 trillion of AUM and is expected to grow 7% to 8% annually.
Stockbridge Expands EQT Real Estate's Offering
The Stockbridge acquisition will add alternative living, open-ended core, industrial outdoor storage and separate managed accounts capabilities. The combined platform is expected to have around 600 full-time employees and USD 42 billion of fee-based AUM, up from USD 25 billion today.
Stockbridge Brings Strong Track Records and Client Base
Stockbridge manages more than USD 16 billion of fee-paying AUM for around 180 institutional clients and has approximately 185 employees across six offices. Its manufactured housing investments have realized USD 15 billion of value at a net IRR of close to 20% and a net ROIC of over 4x. Its open-ended core product has USD 4 billion of fee-paying AUM and has delivered top-5% performance over the last one-, three- and five-year periods compared with peers.
Stockbridge Transaction Terms and Growth Outlook
The transaction is a 100% cash acquisition with base consideration of USD 375 million, with 50% of the base consideration to be reinvested by sellers in EQT shares. The earnout is up to USD 175 million, and the transaction is expected to close in Q1 2027. Stockbridge is expected to have USD 17 billion to USD 19 billion of fee-paying AUM, USD 120 million to USD 130 million of management fees and USD 35 million to USD 45 million of fee-related EBITDA in 2027, with fee-related EBITDA expected to grow 15% to 20% annually in the following years.
Fee-Paying AUM Increased During the Quarter
Net inflows and value development added EUR 42 billion to fee-paying AUM in Q3, including EUR 34 billion from Coller following the transaction closing. Key funds had EUR 11 billion of net inflows during the quarter.
Multiple Fundraising Milestones on Track
EQT expects EQT XI to be activated within the next few months and Infrastructure VII to be activated around year-end, with an early close expected in December and a first close in the first half of 2027. The healthcare growth fund reached its EUR 1.4 billion target, and fundraising for CIP X is expected to launch in early 2027.
More Than 10% of Fee-Paying AUM Now Charged on NAV
The active core fund contributed approximately USD 0.7 billion to fee-paying AUM at activation. Just above 10% of fee-paying AUM is now charged on NAV, up from around 1% 12 months earlier.
Evergreen Platform Continued to Attract Capital
The U.S.-focused evergreen infrastructure vehicle surpassed USD 1 billion in NAV during the quarter after launching in early 2026. EQT also launched the Asia-focused EQT Nexus Asia private equity evergreen vehicle.
Investment Activity Remained Strong
EQT announced approximately EUR 30 billion of fund investments over the last 12 months, including EUR 7 billion in Q3, and provided around EUR 12 billion of co-investment opportunities to clients, including EUR 2 billion during the quarter. Infrastructure represented one-third of Q3 investments, including investments supporting AI infrastructure build-out such as energy.
Portfolio Performance Improved Broadly
All key funds continued to perform on or above plan. Key fund valuations increased 5% in Q3, following broadly flat valuations in Q1 and a 5% increase in Q2. Over the last 12 months, private equity and infrastructure generated double-digit value creation, while EQT X recorded a mid-teens value increase.
Funds in Value Creation Mode Delivered Positive Returns
Funds in value creation mode increased 5% during the quarter and 10% over the last 12 months. Management described this as strong relative performance for vintages that were partly invested in a high-valuation environment.
Revenue Mix Is Broadening
Fee-related performance revenues were nearly three times the EUR 10 million recorded for full-year 2025 during the first half of 2026. Approximately EUR 20 billion of funds were eligible for fee-related performance revenues as of Q3. EQT also recorded just over EUR 200 million of investment income in H1, more than in all of 2025.
Balance Sheet Investment Returns Targeted at At Least 10%
EQT reported around EUR 1 billion of fund investments and around EUR 2 billion of strategic investments, including seed investments and structured solutions. Management said a good proxy for annual blended returns on balance sheet investments should be at least 10%.
Exit Preparation and Strategic Buyer Interest Continued
EQT announced approximately EUR 3 billion of fund exits in Q3 and EUR 15 billion over the last 12 months, or EUR 30 billion including co-investor exits. Management said businesses are being prepared for IPOs and that strategic buyer interest is increasing in certain situations.
Fortnox Demonstrated Deleveraging and Cash Generation
Fortnox announced a dividend recapitalization 15 months after EQT's acquisition. Management said strong performance and cash generation had driven rapid deleveraging.
Middle East Presence Established
EQT established a presence in the Middle East during the quarter and said it sees continued growth and investment opportunities in the region.
EQBBF Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed