EQT AB (EQTAB.ST): Post 1H26 Review: AI Infra Traction and Investment Income Upgrades

Research evidence excerpt

EQT AB (EQTAB.ST): Post 1H26 Review: AI Infra Traction and Investment Income Upgrades

Equity Research

20 July 2026 | 6:43PM BST

EQT AB (EQTAB.ST): Post 1H26 Review: AI Infra Traction and Investment

Income Upgrades

EQT shares have traded up c.10% following a strong 1H results (July 17), driven Oliver Carruthers, CFA

+44(20)7552-9364 |

mainly by strong initial fundraising to the group’s new AI Infrastructure vehicle oliver.carruthers@gs.com

Goldman Sachs International

($9.4bn after one quarter), and a better-than-expected picture for investment

Anshika Mehrotra

income, driving near-term EPS upgrades. Taking a step back, we see this set of +1(212)934-7679 |

results as being somewhat counter to two of the prevailing negative narratives which anshika.mehrotra@gs.comGoldman Sachs India SPL

have weighed on the stock through 2026. Firstly, we believe some market Naimeh Sabourian

participants expected near-term EPS revisions to be weak on lower carried interest +44(20)7051-0573naimeh.sabourian@gs.com|

and investment income expectations relative to consensus on account of slower exit Goldman Sachs International

Fergusonactivity in the first half. Although carried interest was softer, the strong beat on Tom | +44(20)7051-0547

investment income in the first half and supportive commentary for exits and carried tom.ferguson@gs.com Goldman Sachs International

interest in the second half, implies upside risk to Street estimates of c.30% for this

line item on a full year basis. Secondly, we believe some investors have been focused

on the potential for rising AI adoption to increasingly be seen as a negative risk for

the firm via potential disruption to private equity portfolio companies, most notably

for software and business services assets. These investors have generally sought