EQT AB (publ)

Strong momentum + scale from acquisitions (Coller Capital + Stockbridge) - EQT announced the acquisition of Stockbridge (100% cash) to broaden EQT Real Estate thematic focus areas (adds alternative living + strengthens industrial). - Coller Capital closed end-August: early progress in secondaries, with deal volume in H1 2026 up 20% YoY and Coller delivering first quartile net returns in recent flagship funds. - Management highlights EQT’s position post-Coller: third largest private markets firm globally, and largest non-U.S. firm; claims differentiation because EQT is in the top 20 without a private credit platform (presented as an advantage in this environment).

Fundraising outlook materially upgraded; dry powder for lower-competition deals - Despite industry fundraising down 13% over last 12 months, EQT reports excellent fundraising momentum and “taking market share”. - Including Coller, EQT’s fundraising outlook for the cycle is EUR 140bn, raised from earlier EUR 100bn guidance. - View/opportunity: expected more attractive entry points as competition is lower and public-market valuation multiples are more attractive “in a long-term perspective”.

AI Infrastructure fund (EdgeConneX) remains a key growth driver - AI Infra fund NAV grew >20% to $11.5bn (end Q3) from $9.4bn (end Q2). - About half of NAV growth attributed to capital raising, rest to value creation. - EdgeConneX scale narrative: ~$50bn equity value today, expected ~3.5 GW contracted capacity by end-2026 (from ~1.3 GW as of end-2025), and 96% of contracted capacity serving hyperscalers on long-term contracts. - EQT expects the AI Infra fund to continue acquiring shares over time (sell-down from Infra IV/V into AI Infra).