EQT AB (EQTAB.ST): 1H26 - Strong FPAUM & Earnings Beats But Quantity Over Quality

Research evidence excerpt

EQT AB (EQTAB.ST): 1H26 - Strong FPAUM & Earnings Beats But Quantity Over Quality

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17 Jul 2026 02:16:26 ET │ 11 pages

EQT AB (EQTAB.ST)

1H26 - Strong FPAUM & Earnings Beats But Quantity Over Quality

CITI'S TAKE

Neutral EQT’s 1H26 results are strong, in our view, although arguably could be

quantity over quality. Fee-paying AUM of €155bn is 7% above consensus, Catalyst Watch: Downside, expires 02-AUG-26

supported by strong Infrastructure inflows (with AI Infra strategy at 50- Price (16 Jul 26 17:30) SKr286.70

75bps). Group adjusted EBITDA of €837m is 12% beat, albeit with small Target price SKr315.00

FRE miss and a strong PRE-driven beat all driven by investment income Expected share price return 9.9%

(i.e. paper gains on financial investments) whereas carry is low at 'only' Expected dividend yield 2.0%

€54m. Still EQT maintains strong momentum and this should reassure. Expected total return 11.9%

Outlook largely reiterated although there is new guide for funds to enter

Market Cap SKr351,667M carry mode in FY27/28, slightly ahead of Citi. We would expect the market

US$36,273M to react positively to a healthy FPAUM and earnings beat, but would not

be surprised if shares fade a bit given beat is lower quality, in our view.

Constructive Outlook — EQT sees an improving real estate market and is Nicholas HermanAC

encouraged by fundraising momentum and improving activity levels. EQT enters +44-20-7986-4203

2H26 "with an attractive pipeline of new investments and new products as well as nicholas.herman@citi.com

excellent value creation and fundraising momentum".

Hannah Leivdal

+44-20-7500-4475Guidance — 1) FRE Margin: There is no mention of medium-term

hannah.leivdal@citi.comFRE margin ≥55%, although see no reason to assume any change (consensus 55-