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The call highlighted several substantial and high-profile wins (largest single-fund capital gain from Galderma, hard-cap close of BPEA IX, record EUR 1bn evergreen inflows, launch of AI Infrastructure seeded by EdgeConneX, strong dry powder and fundraising momentum, and a progressing Coller Capital combination). These positives outweigh the challenges discussed — namely Q1 market volatility, software multiple contractions, and timing of fee recognition — which management contextualized as near-term valuation noise rather than structural performance deterioration. Given the breadth of achievements, strategic positioning for AI, and strong fundraising and liquidity posture, the overall tone is constructive and forward-looking.
EQT reiterated guidance to keep full‑year exit volumes broadly in line with 2025 (targeting ~30 exit events), while highlighting strong fundraising and deployment momentum: BPEA IX closed at $15.6bn (≈$14.9bn fee‑generating, ~40% larger than BPEA VIII, >75 new investors with >45 internal investors contributing ~25% of commitments), EQT XI is on track for a mid‑year first close, Infra VI is ~75–80% invested with Infra VII targeted for activation around year‑end, EQT X is ~60–65% invested, and the new open‑ended AI Infrastructure strategy (seeded by EdgeConneX) launched early Q2 (fees on NAV, fee rate broadly in line with other long‑haul strategies); evergreen vehicles saw record net inflows of €1.0bn in Q1 (up from ~€0.2bn in Q4 2024) with redemptions <0.5%, dry powder exceeds €40bn (ex‑EQT XI), Coller is on track to close mid‑to‑late Q3 (>$400m net inflows in Q1) with a target to double fee‑paying AUM within 4 years, and financial guidance includes ~€600m of carry remaining across four funds (with ~€500m expected in H1), most new management‑fee contribution weighted to 2027, mid‑single‑digit OpEx growth, and a retained 55% fee‑related EBITDA margin target; notable monetizations this quarter included Galderma (≈$26bn returned to investors, ≈$20bn capital gains, $6bn final sponsor‑backed block trade).
Completed final sell-down of Galderma including a $6bn sponsor-backed block trade; fully monetized investment returned ~ $26bn to investors and generated ~ $20bn in capital gains — the largest single-fund capital gain in the industry.
Closed BPEA Fund IX at USD 15.6bn (fee-generating commitments USD 14.9bn), hitting hard cap and representing ~40% increase versus BPEA Fund VIII; attracted 75+ new investors with 45+ from EQT strategies contributing ~25% of commitments.
Evergreen private wealth vehicles recorded record quarterly net inflows of EUR 1.0bn in Q1 2026, up from ~EUR 200m in Q4 2024 (a 400% increase in quarterly net inflows); redemptions remained very low at <0.5% in the quarter.
Launched a dedicated AI Infrastructure fund seeded by EdgeConneX; EdgeConneX operates >90 data centers globally, portfolio includes ~29 million miles of fiber and energy assets with a development pipeline exceeding 100 GW; combined digital and energy enterprise value north of $100bn.
EQT XI fundraising on track for a strong first close around midyear; Infra VI is ~75–80% invested with Infra VII targeted for activation around year-end; management expects to be in market with 10+ closed-ended fundraises during 2026 (many extending into 2027).
Firm-wide dry powder exceeds EUR 40bn (excluding the upcoming EQT XI), positioning EQT to deploy capital across opportunities and potential market dislocations.
EQT software companies delivered strong underlying performance: average net sales growth at low-to-mid teens and operating profit expansion of 20%–30% last year; several software exits (4 exits with weighted average gross MOIC ~5x) and IFS crystallized a gross MOIC >7x, with IFS expected to grow ARR >20% while realizing up to EUR 100m annual AI-driven savings.
Q1 exits included Galderma and Azelis (both from EQT VIII); post-quarter Infra IV & V sold minority stakes in EdgeConneX to the AI Infrastructure fund and Infra V sold a minority stake in Nordic Ferry — exit pipeline remains diversified with a target roughly in line with 2025 exit volumes (~30 exit events targeted for 2026).
Announced combination with Coller Capital (on track to close mid–late Q3); Coller momentum includes private credit secondaries fund launches (CCO III) and private equity secondaries (CIP X) with Coller private wealth showing >$400m net inflows in Q1; target to double fee-paying AUM within 4 years.
Four key funds in carry mode with ~EUR 600m of carry remaining to be recognized over multiple years; EQT VIII cash carry expected to include ~EUR 500m (substantial portion expected in H1 2026); shareholder returns recently ~EUR 800m distributed via dividends and buybacks over the last 12 months.
Good morning, everyone, and welcome to EQT's Q1 announcement 2026. It's been a busy first quarter at EQT. We kicked off the year by announcing the combination with Coller Capital. In Galderma, we completed the largest sponsor-backed block trade ever to deliver the largest single fund capital gain ever. We closed BPEA IX at hard cap. We launched our new AI Infrastructure strategy, and we'd a record quarter in terms of net inflows to our evergreens. This quarter again faced significant volatility across markets, which affected our fund valuations in different directions. So we'll cover all of these points in further detail over the next 30 minutes.
And with that, let me hand over to Per. Next slide, please.
Thank you, Olof, and good morning, everyone, from EQT's London office. It's been a volatile quarter, driven by rapid advances of AI technology as well as geopolitical uncertainty. And that uncertainty having a short-term impact on energy prices and also the broader macroeconomic outlook. In this environment, at EQT, we remain focused on executing on our strategic priorities. And as we're entering the second quarter, I'm happy to say that we continue to see strong and broad-based momentum across our business. You will have seen that we, yesterday, in our Infrastructure strategies launched our new AI Infrastructure fund seeded by our highly successful investment in EdgeConneX. Our Infrastructure business has seen strong deal flow during the quarter and been very active since the start of the year. Most notably, we launched a $30 billion-plus public takeover offer for AES, a ...