EQT AB (EQTAB.ST): 1H26 First Take: Strong Earnings Beat; AI Infrastructure fundraising momentum adds $9bn to FPAUM

Research evidence excerpt

EQT AB (EQTAB.ST): 1H26 First Take: Strong Earnings Beat; AI Infrastructure fundraising momentum adds $9bn to FPAUM

Equity Research

17 July 2026 | 7:05AM BST

EQT AB (EQTAB.ST): 1H26 First Take: Strong Earnings Beat; AI

Infrastructure fundraising momentum adds $9bn to FPAUM

EQT reported 1H26 earnings today (July 17) which included a 16% beat on Adjusted Oliver Carruthers, CFA

+44(20)7552-9364 |

net income vs company-compiled consensus expectations driven by a 7% beat on oliver.carruthers@gs.com

Goldman Sachs International

revenues and broadly in line (-1%) costs. Within the revenues beat, fee-related

Anshika Mehrotra

revenues were in line with consensus expectations, while carried interest and +1(212)934-7679 |

investment income was a 56% beat. Fee-paying AuM also came in 7% ahead of anshika.mehrotra@gs.comGoldman Sachs India SPL

expectations, primarily reflecting strong traction in the newly launched open-ended Naimeh Sabourian

AI Infrastructure strategy, which has grown to c.$9bn of NAV in less than three +44(20)7051-0573naimeh.sabourian@gs.com|

months (management fee rate: 50-75bps). Goldman Sachs International

Tom Ferguson

On fundraising, management highlighted continued progress across flagship funds, +44(20)7051-0547tom.ferguson@gs.com|

noting that EQT XI has already secured commitments equivalent to roughly half of its Goldman Sachs International

target size and is expected to be activated towards the end of Q3. Infrastructure VII

remains on track for activation around year-end. Elsewhere, EQT’s open-ended

Active Core Infrastructure strategy completed its first investment, with the fund

expected to become fee-paying in Q3, charging fees based on NAV. Additionally, on

evergreens, net inflows to amounted to €1.8bn in 2Q,with redemptions around 0.5%

of NAV.