EQT AB (EQT) May 2026 Annual General Meeting Transcript

Oops, sunglasses applied. Welcome, everybody. Good afternoon, and it's great to have you joining us here today, this year as well. When EQT was founded, private market was still a small and largely local industry. I put this up so you don't get confused, and it's sort of fun facts about EQT. I will pick certain of them during my speech, but it is some core data of where we are today. Today, from this more cottage-type industry, EQT has grown into a global platform managing approximately 270 billion euros in assets. That is almost half of Swedish GDP. So you get a feel of the order, order magnitude. Over the past three decades, we have been supporting the development of more than 700 companies and delivering good returns to our clients and to our shareholders and to societies. The last 15 years, those companies that we have invested in during those years increase the number of employees or jobs with 550,000 per year and that's also approximately the number of employees that the companies have today and I think that is the thing a thing that we can never remember risk capital is about buying companies, making good return for our investors, but we are also here to work with improving and changing the societies to the better. And what makes me most proud is not only the growth of the firm and what we have been doing, but that the core of EQT has remained the same. Our long-term mindset, our active ownership, and our strong values. IKT's values are high-performing, respectful, entrepreneurial, informal and transparent. And I can assure you, if you wake an IKT up at night, wherever they might be, they will be able not only to give you those five values, but also what they represent, the underlying meaning of those values. Based on that, we have created an extraordinary, valuable and important culture, especially in light of the growth we have had. To grow a company the way we have done, with having some kind of glue to keep us working together, collaborating, do good business wherever we are, you need values and you need the culture that those values are creating. private markets play an increasingly fundamental role in society providing long-term capital and active ownership to help companies and assets to adopt to new world shaped by technological change demographic shifts and a transition into a more sustainable and resilient society That has always been Iketi's purpose. Doing good is simply good business. And I'm immensely proud of that. And the cool thing is that that kind of business also creates the best long-term return. So there's no conflict between doing good business, developing company with a capitalistisk approach, and doing good in societies, and in addition to that, provide the best return. It comes together. It's aligned. And that is what we are so focused on, generate good return for our investors that makes our shareholder happy and to make the society into a better place to live. Leadership transition is an important part of building a long-term institution. I'm very pleased that today we have Per as the fourth CEO of EQT. And most of us know Per for many years, some of us for many decades. And I have great confidence in him and the leadership to take the firm into the next phase. Today we're also here to elect a new chair, Sean Salata, who we accidentally gotten to know when we started to discuss about cohabitating or getting into marriage a few years ago and i'm very happy with that nomination what john brings is global experience strong judgment a long-term perspective that aligns very well with our culture and the future and in addition to that he built a great firm that's now part of eqt so he's also a very successful entrepreneur and i think to lead a firm like eqt into the future you need to have a strong entrepreneur and now we have two so i'm at at ease with that today eqt is a world-class investment organization maybe one of the best i'm of course biased we're also world-class owner of companies it's the people in the organization that has made sure that we come to where we are And I'm very proud of that. And I see many of you in the audience today. I'm very happy to see you are here. Therefore, I would like to sincerely thank our shareholders, clients, colleagues, industrial advisors, portfolio company leaders for your trust and partnership over the years. I would also like to thank you, the Wallenberg family, for having placed the trust in me and in us. I know that EQT are in really good hands for you to steward forward. You taught me the long-term approach and the responsible ownership model. The values you stand for and the value that you have created for EQT and Sweden is impressive. And I dare to say, without comparison anywhere in the world. We shouldn't forget that. It's been an absolute pleasure to have steered this firm for 30 plus years, and I remain very optimistic about the future of the firm. We had a board meeting today, and the only thing that feels a bit nostalgic is there's still so much more to do. But now we have new leaders to make that happen. equity started with 1 million in share capital 1994 we haven't issued any share since so if you do a calculation of the return on that million it is it adds up to a money multiple of 365 000 times i think that's hard to beat and the Warren Buffett way of calculating 50% annual return in 32 years. On the slide, you see some of the fun facts about EQT. Maybe not so fun, but very impressive. I think I touched upon most of them. But it's a very good basis and a very good foundation. And with those words, I open up for questions, if there are such. and I'm happy then to take them flying. Do we have microphones out? This is the last time you see me. So maybe you have some questions to me in this capacity.

Thank you so very much. My name is William Lewis, student at KTH. Another question for you, Connie. You mentioned in your opening speech about there's a lot of potential, a lot of things to still do. What would you consider being the biggest potential for growth in the company?

There's so many routes you can take this company into, but I think that one of the keys to success has been that we have been honest to what we think we were good at, where we had a USP, a unique proposition to the market, offering somebody that nobody else could compete with us to continue to offer. And that is where we should focus continuously. Expand our base, get more resources, in increased penetration in the markets where we are still very weak very new sector wise I think we are pretty much where we're going to be at least for the foreseeable future but we are we're tiny in the US we are we are number one in Asia but the industry is small in Asia and all our investment strategies will do great in Asia, but it takes time to build it. So no more, no more requirements to add new investment strategies, but to stick what to got we good at and increase penetration where we are strong. Mikrofon.

Isak, elever på Victor Rybergs gymnasium. Ni kommunicerar tydligt att jämlikhet och inkludering är centrala värderingar. Hur säkerställer ni att dessa värderingar konsekvent speglar sig i portföljbolag? Även när det finns potentiella intressekonflikter mellan avkastning och social påverkan?

Det finns alltid konflikter att ta hänsyn till. I de flesta fall är det inte konflikter som man inte kan hitta bra balans i att hantera. Om man breddar frågan ändå lite ytterligare. Hur säkerställer vi att vi kan vidmakthålla den kultur och det arbetssätt som vi har haft tiden till? För vi har lyckats balantera de här konflikterna rimligt bra tidigare. Mitt svar är alltid att det handlar om att välja bäst ledare. Att välja ledare som förstår vad det innebär att vara en ansvarstagande ägare och ta hänsyn till konsekvenserna av alla våra ageranden. Det är ofta vad finansiella sektorn glömmer bort i sitt sätt att maximera avkastning hela tiden. But we have a fiduciary responsibility, that it is still an investment that our investors have given us a job to deliver. It's up to us to say that we will deliver it on a way so that we don't have the cost and problems or consequences that we don't want. Thank you.

We have a question in the middle.

Hi, I'm Simo Salomon, 17 years old and I'm a member of Victor Ubers Gymnasium. I read that your goal is to have a positive impact for everyone. But when you drive a company like AGS Health with over 14 000 employees against using more AI, how will it affect the work for the employees? And how do you make sure that AI does work on a good way?

On the same answer as the previous question, it has always been new tools that have been forced to implement to continue to be konkurrenskrafted. It has been different ideas about how to be effective, automatized, industrialized. But as a part of the company needs to do it on such a way, so that the pilot can't be able to get the chance to be with on the boat. All of them can't take place on the boat. Then you have to deal with these changes on an answer. That's why we are always open. We always have a discussion about all stakeholders, the journalists, the leaders, the leaders, the leaders, the leaders, the leaders. You can't stand up when you have a charge when you have a job and you don't do anything. But you must say that you do it on a responsible way. If you think about the consequences of what you do, so that you don't go away and do things in just for paying money. Thank you so much.

Hi, I'm Adam Nasef, 17 years old, and I'm a member of Victor Rydberg Sundeberg. I have learned that you use AI for to find a company to invest in but can AI really save the experience and experience that your investors have been built in many years?

I don't think I can't really save it completely I hope that I don't know but today we have even AI agents that sit with me in the discussion but they are trained based on logic and facts And if you want to do a really good investment, then you want to buy things and things that everyone has to do. Alltså information that's going on, that's why you want to buy things, that's why you want to buy things, that's why you want to buy things and buy things. The second part of investing is that you want to work with the company. Because of that we don't buy things, we don't buy things, we don't buy things. Then we also need to see that we have a right lead on the place, that they think that they have a right thing, and we coach them when we buy them when they don't work. So, to be an asset, it's not to be an asset, but to be an asset. And then it's a real decision to reach the entire time. Thank you very much. It's great for the school class who has questions.

Ska we have a last question? I have a last question here. Perfect, there's a microphone.

Hi, I'm Rody and I'm a member of Victor Rybergs Gymnasium in Sundbyberg. I read that EQT has the ambition to become the world's most AI-knowing investeringsorganisation. How do you see if the AI-satsing actually creates a better investment and a better investment in the company you invest in?

We have a styrelsmart today, and that was one of the questions we talked about. It's easy to say that we should do it, we should do it, we should do it, we should take in the consultant and so on. We also have processes where we also mäter investeringsavkastning on the satsing. So that's the question I get to Per that can't go back to the city, for it was a very good question. But we had no answers. And then it goes so fast all the time that we don't have so much time to reflect on it. So that's why we need to think about it. But Per is on it. We have resources, we have competent, we just need to decide how we should apply it. Thank you very much.

I can take it then. We follow up both internt, in EQT, but also in our portfolio. So I can come back to that then.

Thank you so much. Thank you for all your questions. Can I hand over the word to Charlotte to leave the go chasing today?

Thank so much, Conny. I would like to start with this year's Stämman för öppnad, för nu kommer vi till den mer formella delen av stämman. Den kommer att genomföra sitt så kallat hybridformat, det vill säga den är både fysiskt här i Stockholm men också digitalt, kan man vara med. And a quick note before we move on. As you know, EQT is a large global player and there is an international audience at this meeting. So therefore both English and Swedish language will be used and heard here today. For those of you present into the room, simultaneous interpretation is available through headphones you received when you entered into this hall. And before I begin, I would like to present some of the EQT representatives that are here today. These two guys have already introduced themselves. It's Connie, the chairman, and also Per Fransén, who's the CEO of EQT. But apart from them, we also have EQT's Global General Counsel, Josefin Norvén-Virkala, and she will be keeping the minutes from today's meeting. We also have board members present here today. They are Marcus Wallenberg, Margot Cook, Brooks Entwistle, Risha Goswani, Dionne Lubbio, Gordon Orr, Jakob Wallenberg Jr. And as well the new chair, Sean Salata. And the CEO of EQT, Kim Henriksson, is also present here today, together with other representatives of the EQT management. Andra punkten på dagordningen är att vi ska välja ordförande på den här stämman. Valberedningen har föreslagit att jag ska väljas till ordförande på stämman. Kan stämman besluta i enlighet med förslaget? Finner så i fallet. Before we move on to the next item on the agenda, I would like to raise a few points in order for the audience here in the room. Telefoner, jag ser att många av er har dem med sig idag. Kontrollerar att de är på ljudlöst så att de inte stör mötet. Eftersom den här stämman är en så kallad hybridstämma och vissa aktieägare deltar digitalt så kommer den här stämman att filmas. Vi kommer bara filma det här, alltså podiet. Vi kommer inte filma er i publiken och det är för att ni ska känna er bekväma att delta och ställa frågor i övrigt ytterligare. Men i övrigt så är faktiskt inte bild och ljudupptagning tillåten på den här stämman. Kan vi bestämma att så gäller för den här stämman? Finner så. Om du vill begära ordet och ställa frågor, vi har ju redan tränat på det, då ska du räcka upp handen. Det finns funktionärer som kan komma fram till dig med en mikrofon. Och precis som vi har sett här, eleverna från Viktor Ryberg har tränat på, man presenterar sig gärna innan man ställer sin fråga. Det är väldigt trevligt. And if you are participating online, you can ask questions by clicking on the Q&A symbol and typing in your question in the question box. And that's what we have trained on today, that's what we have trained on today. That's why I ask you a question, you answer high and high and high, hopefully. And thereafter, I'm going to listen to them. Digital omröstning will be used on a number of points where a majority is offered. 13B, 18, 19, 20, and 21. Och omröstningen på de här punkterna, den är redan öppen. Så om du redan nu vill gå in och rösta så gör gärna det. Det går också att begära att digital omröstning används på andra punkter om någon sådan en aktieägare begär det. Och slutligen, innan vi går vidare, så finns det några praktiska saker som man ska notera i händelse av brand eller rökutveckling i den här lokalen. Jag tänkte göra den här klassiska flygvärdine-grejen. In the front, in the back and on the sides. That is to control what your need is and take you to the need so soon as possible if something is going to happen. Are we ready? Thank you. We go to the point three. It's about to be able to get the rest of this system. And through the pass, the digital and the forahandsresting have we got a statement over the forahandsresting, the forahandsresting, the forahandsresting and the forahandsresting and the forahandsresting. Antalet for the first time of the state of the state of the state of the state is 968 576 469. It is like many röster. And it represents 90% of the capital of the state of the state of the state of the state. Stämman. Godkänns den här förteckningen som röstlängd vid stämman? Tack. Punkt 4. Det avser godkännande av dagordning. Ett förslag till dagordning finns i kallelsen till stämman som har delats ut här idag. Kan stämman godkänna den föreslagna dagordningen? Tack för det. Då är det nästa punkt på dagordningen. Det är val av en eller två personer som tillsammans med mig ska justera protokollet som sekreteraren upprättar. Sekreteraren har vidtalat Joakim Spetz och Harry Klagsbrun som har sagt sig vilja att justera protokollet. Jag har sett Joakim. Harry har jag inte... Där är du. Perfekt. Kan vi utse Joakim och Harry till justeringspersoner? Finner så. Då är vi på punkten 6. Ska vi pröva om årsstämman har blivit behörigen sammankallad. And now we've reached item 7 on the agenda, and that's the CEO presentation. So we will hear from EQT CEO Per Francén, and I will open up the floor for questions after his speech.

Thank you. Good to be here today, and thank you for joining us. I look forward to sharing with you all my reflections on what's been a very busy and successful year for EQT. I'll take you through what we achieved in 2025, the progress we made on our strategic agenda, and why we're well positioned to capture the opportunity ahead. We were founded more than 30 years ago in Stockholm as a Nordic-focused firm. Since inception, we've grown into a truly global and multi-strategy platform. Across strategies, we have over time delivered attractive and consistent performance for clients. And as a result, we've been able to significantly grow the fund sizes of our flagship funds. And we've been able to successfully launch new strategies. Over time, we've also managed to grow and strengthen our institutional client base, And going forward, we have an ambition to further diversify our investor base and to grow in private wealth and in retail. Over the past three years, we've launched a number of new vehicles targeting the private wealth segment. And these products have been well received, and I will come back to this shortly. Post our IPO in 2019, we've used our balance sheet and our share-based currency in a smart and in a wise way to make the right, attractive, strategic decisions for shareholders. This has helped us build EQT into the global leader in private equity by joining forces with Jean and Baring's private equity in Asia. and post the acquisition of LSP life science partners we established EQT as the European leader in early stage investing both across life sciences and technology and we've used it to grow into new asset classes such as real estate and now secondaries. In January we announced the acquisition of Collar Capital marking our entry into the secondary space and pro forma for Collar Capital as of the end of the first quarter we now manage 313 billion euros in assets under management. Post Collar we will have more than 2,200 employees across 25 offices. We will have an even more diversified and attractive investor base of more than 1 700 clients thanks to the growth and value creation that we've delivered we've now grown to be the sixth largest listed company in sweden with a market capitalization of close to 400 billion looking ahead we're in a strong position strategically to continue to deliver for clients and shareholders and to play a leading role in the consolidation of the private markets industry. At EQT we want to continue the journey that we're on to build the most attractive private markets firm of scale, delivering industry-leading performance and solutions for clients. Just like in most other industries, also in the private markets industry, scale matters. In today's world, you need to have the necessary scale to navigate an uncertain geopolitical environment and to make the necessary investments into your AI capabilities and into your AI strategy. As a result, the consolidation of our industry will continue and will likely actually accelerate. Investors in the private markets are reducing their relationships to a fewer number of more strategic partners that can deliver attractive risk-adjusted returns. They're reducing the number of relationships to firms that can be a really strategic counterparty for them, that can deliver the right solutions, that can help them achieve their strategic portfolio objectives, including providing access to attractive co-investments and geographic diversification. Over the past year, we executed well in a volatile environment. We stayed disciplined in our investment pacing and we generated 11 billion euros of co-investments for investors. The most attractive co-investment generation in our industry. At the same time, we had a record year of exits, sending back almost 40 billion euros, significantly outperforming the rest of the industry. And on the back of that strong performance, including those substantial distributions, we saw continued fundraising success. Most notably, we closed the BPA9 at the hard cap, the largest pool of capital ever raised for the Asia region. We launched a number of new evergreen vehicles targeting the private wealth and the retail segment and these products have been well received and we saw approximately 2.6 billion euros in net inflows over the last 12 months and this is a 330 percent increase over the same period last year. Over the past year we delivered strong financial performance. We grew revenues by 16 percent and we reached an EBITDA margin of 60 percent. As a result of our strong operational and financial performance we've also delivered for shareholders during the last 12 months we distributed more than 750 million euros to shareholders through 461 million euros in dividends and buybacks of close to 300 million euros on the back of this performance our share price substantially outperformed the peer group we also completed leadership transitions and we simplified our organizational structure across our four business lines. And driving simplification remains a key priority for me and for my leadership team. And this will be a journey for us going forward that we will continue also in the future. It's essential for us and our performance that we have a highly accountable leadership team and that we are a high-performing entrepreneurial and fast-paced investment organization. Finally, we made progress on our strategic agenda. We had a number of new product launches, including our AI infrastructure strategy, and we announced a combination with Collier Capital, marking our entry into the Secondaries segment. And let me elaborate now a little bit on that acquisition of Collier Capital. secondaries is a market experiencing structural long-term growth there's a number of drivers behind this firstly the private markets has become more mature and more complex secondly over the last couple of years there's been a lack of distributions in our industry and finally we're also seeing a shift among investors towards more long-term ownership models. Clients want to find ways to stay invested in their winners. So all of these factors are leading to a growing demand from investors for solutions in the secondaries market to help them manage liquidity, to help them rebalance their portfolios, to achieve their long-term strategic portfolio objectives. And at EQT we want to be the most attractive strategic counterparty for investors in the private markets. It's therefore critical for us to have access to those secondary capabilities. Color Capital is a global leader in secondaries, and together, EQT and Color Capital will build a market-leading secondaries platform. We're off to a good start. The reception from clients, from color employees, from the broader market has really been overwhelmingly positive. The strategic logic is clear and resonates, and Collar will also help us accelerate our growth in private wealth and in the retail segment. Secondaries and the secondaries' products is really a great way for investors to enter the private markets. Business momentum at Collar is strong, and we're aiming to double Kohler's fee-generating assets under management within four years. Post the acquisition of Kohler Capital, we will have four business lines, private capital, infrastructure, real estate and secondaries. And we will have an even more well-diversified and resilient business mix. Over time, the diversification will improve further as the secondary segment is expected to outgrow the rest of the industries. And we also aim to, over time, invest into further growing our real estate platform. It's worth noting that within each business line, we also have significant diversification across strategies, geographies and sectors. And we have very meaningful dry powder. In total, we have more than 40 billion euros of dry powder available across our active funds. In a volatile environment and in an environment with rapid technological change, this puts us in a good position to be ready to allocate capital to the most attractive opportunities as they emerge. Thanks to our investment approach and our ownership model, So we keep on building these amazing, highly attractive businesses, companies with real scale that often then also grow into global leaders. And the four names on this slide are really excellent examples of this. They've all become category leaders under our ownership. The result of a systematic hands-on approach to value creation. At the end of the day, this is what EQT's active ownership strategies are all about, building and developing amazing businesses. During the past 12 months, we realized minority stakes in EdgeConnects on behalf of two funds, InfraFund4 and InfraFund5. And we launched the EQT AI infrastructure strategy with EdgeConnects as the seed investment. We completed a partial monetization of IFS, valuing the company at approximately 15 billion euros. And BPA Fund 6 sold Nord Anglia to a consortium of investors, including BPA Fund 8, valuing the company at close to 15 billion dollars. Last but not least, following the successful IPO in March 2024, we fully exited our investment in Galderma in a record-setting transaction. The final sell-down was actually the largest sell-down ever done by a private equity player in the public markets. In less than 24 months, we sent back approximately $26 billion dollars and generated a capital gain of more than 20 billion dollars making Galderma actually the most successful private equity exit ever completed out of a single fund. Galderma is really the best possible showcase that you could think of how we are exceptionally well set up to create attractive risk-adjusted returns across our active ownership strategies. It's that combination of our unique sourcing capabilities, that local presence that we have in our target geographies, with best-in-class sector expertise, a best-in-class value creation toolbox, and best-in-class capital markets capabilities. And that's really just highly differentiated in the private markets industry. AI is the most important investment team of our generation, and EQT is well-positioned. I say this with all humility, also given how fast the technology is advancing, but if I was asked today to design a private markets platform from scratch to really best capture this AI investment opportunity, I would design it very much in the way that EQT is set up. We're the only scale player in our industry that has both a ventures and a growth strategy. Out of those funds, we make attractive investments into native AI companies. Recent examples include Harvey, Parloa, and Lovable. And thanks to these early-stage investments, the EQT platform gets access to native AI talent, valuable intelligence, and insights where this technology is heading. Secondly, we invest into the AI opportunity across our strategies, in our infrastructure, real estate, private capital, and now also secondary business lines. This means that we can invest across the entire AI opportunity spectrum from investing into the physical infrastructure that powers AI to the enterprise software companies that ultimately will diffuse AI into larger organizations. And finally, thanks to joining forces with Collar, we can now also invest into the AI-driven market dislocation that we're seeing in the private markets industry, for instance, within private credit. Third, in our active ownership strategies, we're implementing ambitious AI-based transformation plans across our portfolio, driving AI-enabled revenue growth and cost efficiencies. And examples in our private equity funds include IFS and DoZone, and in the infra funds, I think the Nordic Ferry investment is a good example. Finally, thanks to our scale and setup, we have access to internal AI capabilities, as well as an ecosystem of AI natives and partnerships. We will, of course, keep on investing into our in-house AI transformation capabilities. We've been building those really for more than a decade since we first launched EQT Digital and EQT Motherbrain. At the same time, we will make sure our deal teams and portfolio companies have access to best-in-class, the most relevant AI technology providers, the large language model providers, and other firms that are at the frontier of driving AI transformation. We're in constant dialogues with all of these players. Looking forward, I see significant growth potential across our platform. In private capital, we still have the potential to really strengthen our presence in the US. There's also an opportunity to expand our mid-market offering in Europe and to scale our early stage platform. We're also excited about the growth potential in our riding the winner strategy EQT future. In infrastructure, we still have substantial room to grow really all our existing strategies, including the infra value add fund. The opportunity set is simply incredibly attractive, and the limiting factor in that part of our business is really access to capital. The newly launched open-ended strategies for the ActiveCore Fund and the AI Infrastructure Fund have been very well received by investors. And both funds have the potential to become key funds for EQT. In real estate, we've so far been fairly narrow in our thematic focus, really focused on the logistics segment. and here we see an opportunity to enter new verticals including multi-family student housing and data centers and within data centers we can of course collaborate closely between the real estate team and our infrastructure business in secondaries we're targeting to double the fee generating AUM within less than four years and we're seeing strong momentum in that part of the business. In light of that AI-driven market dislocation that we're seeing, there is an opportunity short to midterm to really scale the private credit secondary strategy. We also see an opportunity to launch new products and to expand our secondaries offering into new regions and into new asset classes. And then finally, of course, growing in private wealth remains a top strategic priority for us we want to continue to broaden and strengthen our investor base and we're gonna we're gonna make the necessary investments to be able to achieve this right the necessary investments into our brand and into our marketing capabilities the momentum in private wealth remains encouraging over the last 12 months we had strong inflows and we're in preparations to launch two additional evergreen vehicles this year. So to summarize, over the last 12 months, we executed well against our key business and strategic priorities. Across the platform, we're well set up to invest into the AI opportunity and the most important long-term investment themes that we're seeing to continue to deliver really attractive risk-adjusted returns. Fundraising momentum has been strong, and in a consolidating industry, EQT is taking market share. We will continue to invest into the growth opportunity ahead whilst also staying disciplined in our capital allocation decisions and making sure that we also keep on returning capital to our shareholders. I want to take this opportunity to thank our team, The entire EQT organization are more than 2,200 EQTarians across 25 countries for their hard work and strong performance over the past year. And of course, I also want to thank you all, our shareholders, for your continued confidence and support. Thank you, and with that, I open up for questions.

Thank you, Per. Are there any questions for Per?

Thank you for the presentation, Per. My name is Boyan Lee. My question is, EQT was built on the Wallenberg family's value of long-term investing and active ownership. Professional succession planning has clearly been a priority for the firm. So as the CEO, you have now taken the stewardship from the founders.

So what specific steps did EQT take to cultivate the next generation of leadership to ensure EQT's unique culture thrive beyond its EQT founders? exactly so the question is on on on how we ensure next generation leadership and this is something that we take very very seriously we just had a board meeting on the topic and because we're taking this so seriously i i also decided to appoint a chief people's officer earlier this year and and we now also have a cpo as part of our executive leadership team that helps us stay even closer to our next generation talent and make sure that it gets the appropriate training coaching and and experience so that they can also grow into the next generation leaders and that we also have the appropriate diversity in that next generation of leaders to take equity into the future.

Tack. Finns det några ytterligare frågor? Då finns det en fråga här nere och där uppe. Kan vi börja där uppe?

Hej, Erik Ransson heter jag. Jag är ombud för Folksam och KPA Pension. Jag vill tacka för ett väldigt intressant anförande och min fråga är lite på hållbarhetstemat. Precis som du nämnde så är ni en stor investerare i både infrastruktur och fastigheter och har som ambition att fortsätta göra den här typen av investeringar. Jag undrar lite hur ni resonerar kring hantering av fysiska klimatrisker när ni gör den här typen av investeringar. Då tänker jag typ torka, värme, översvämningar och så vidare. Ni har ju onekligen ett globalt perspektiv så det vore intressant att höra lite hur ni jobbar med det här dels i befintlig portfölj men även som en del av DD-processen inför investeringar and if this differs from what the world looks like in the world. Thank you.

The question is how we manage climate risk for existing and new investments within infrastructure. And physical climate risk, flooding, drought, extreme weather is of course an important topic and is something that is really a systematic part of our due diligence. And ultimately, it's the responsibility of the investment professionals, but we, of course, make sure that they are also supported by our in-house sustainability professionals, our risk management team. and so that's what we're doing within new investments and then when it comes to our existing portfolio we have ongoing portfolio review discussions where we talk about physical climate risks and where we analyze this across each platform and we also often involve third-party advisors for this and then discuss and agree on potential action plans, mitigation plans with investment advisory teams and also the portfolio company management teams and boards.

Thank you so much. Then you were on the second row, quite far. Joakim Spetz, I think it was.

Per, can you talk a little more about how you can increase your life on the American market? You told me that you can probably grow before private capital. Is there potential forvärv? It's obviously, but can you describe it a little bit? Is it possible in the next few years on just the American market?

Yeah. So the question is our strategy in the US and what the growth opportunities are ahead. And if I could elaborate on that, I touched upon that, right? And you also asked, are there any opportunities for further acquisitions? And I actually just returned from the Milken conference last week, which is a more US-focused conference, and all of the leading players, the US players and the private markets industry are there. And so I can definitely confirm that there's a lot of interest from US players to become part of EQT. So we have a lot of players to pick from. but for us you know whenever we evaluate an acquisition culture and values is most important and then of course the strategic fit needs to be there and then we we also need to be mindful of the fact that we've seen a lot of growth we just announced the call the capital acquisition so we We also want to be disciplined and not overload the organization with too many acquisitions at the same time. But the opportunity is definitely there for us. And we're in a very, very strong position. And we're a very natural home for many of those U.S. firms, right? Given our incredibly strong position outside of the U.S. Having said all of this, the organic growth opportunity ahead for us in our existing platform is also very, very attractive. In particular, I would say in private capital, which is what I was hinting at because we're still relatively speaking small in our buyout business. In Asia, we're the clear market leader. In Europe, we're the market leader. And in the US, we have a good team, but there's an opportunity to just grow organically. In infrastructure, we're actually pretty strong and we're investing half of our funds in the U.S. or more. And then in real estate, there is that opportunity to broaden our thematic focus beyond logistics. And the U.S. real estate market is huge, right? And so the risk-rewarding in continuing to invest into that platform and to continue to grow organically and potentially also making the right tuck-in acquisitions within our real estate platform, we believe could be an attractive proposition for shareholders.

Thank you so much. Is there any more questions to Per? Is there a question here? In the middle? Yes, there will be a microphone soon.

Hi, I'm Gabriela Hagberg and I'm a member of the Victor Udberg School. Many companies are hard to implement AI in their companies, but it's hard for many. How are you going to be the most AI-to-investing organizations and how will you help your portfolio? Thank you.

So the question is on how we drive AI adoption, AI literacy, and how we make sure that we also get a return on those investments. I think that was a similar question to what you got earlier, Connie. So I'll answer that question from two perspectives. The first one in terms of what we're doing in our own organization to drive AI adoption and AI literacy. This is really a top strategic priority for us. We're making sure our people get access to the right tools, the right training, and that we have the right internal communities across the firm to drive that adoption. And I think in this regard, we're already quite well progressed in terms of being an AI literate organization. Now it's really about integrating AI and truly integrating it into our business processes and thinking through the business processes and how we're working across the organization. And then making sure that we follow up in our business reviews in terms of what is the AI spend in each area of EQT and what is the return that we're getting on that spend. And so by starting to monitor that, manage that, and also tracking KPIs, that's how we will ensure that we also drive the desired behavioral change that we want to see across the firm and that we get a return on the investment. So that's the EQT internal perspective. And then, of course, you have the other perspective in terms of what we are doing in terms of implementing AI-based value creation plans in our portfolio companies. This is also a critical area for us to ensure that we continue to deliver attractive returns for our investors. So what we did a couple of weeks ago, we took the entire partner group of EQT to Silicon Valley to meet with the thought leaders, the most important players in the ecosystem. and then we agreed on a number of follow-ups from that partner meeting in terms of how we're going to put AI on top of the strategic agenda in our portfolio company board meetings and then how in our internal portfolio review committee discussions we are going to follow up on the progress that we're making in terms of implementing AI and integrating AI into our portfolio companies similar to what we're doing at eqt and the way we're we're running eqt and then most importantly in those portfolio review discussions we will also make sure that we have ai-centric management teams and ceos in all of our investments and when that is not the case we need to take the necessary actions.

Tack så mycket. Finns det några ytterligare frågor? Finns en till va? Stämmer det? Sverre, vi börjar.

Tack så mycket, Sverre Lindt och Aktiespararna. Förnyelsebar energi och energilagring var ju något som var väldigt på gång för ett antal år sedan där även EQT investerade ganska stort, bland annat i Sverige. Sedan dess har ju pendeln vänt lite and it would be interesting to hear how you see the development of that area in the future. Thank you. Vilka områden?

I think you have to repeat. Vilka områden bara?

Sorry, fornyelsebar energi och energilagring osv. You bought Ux2 in Sweden osv.

Renewables and green energy. Renewables and green energy.

No, we continue to, so the question is on how we look on investing into renewable energy. We continue to see this as an attractive business opportunity for us. And that really hasn't changed. Of course, there is like different political regulatory developments across the world and also in the US. But if you take a step back and look at the big picture, also given the investments that are being made into physical AI infrastructure and the need for access to energy and power that that is driving, having access to as many different alternative sources of energy as possible will be critical, actually, to be able to continue the build-out of AI infrastructure. So we continue to see the risk-reward as being quite attractive in terms of investing into all those alternative sources of energy, including renewables. But of course we try to do it in a way that also takes into account the various local, regional, political and regulatory risks.

Do you have a last question? There we have a question. It's a little difficult to see, so it's good to help us.

I'm Axel Swanström, I'm from Victor Rydbergs gymnasium in Sundberg. You mentioned earlier that EGT's big investment company helped you navigate the world's safe. My question was, how do you ensure that companies' investments hold its value and continue to be relevant in such quickly changes around the world, such as wars, sanctions and rapid changes?

What was the question? how we secure that the value increases in the portfolio in light of the geopolitical turmoil.

Is that a fair summary? So geopolitical uncertainty is of course both a risk and an opportunity to manage. it's it's it's a risk in the sense that we're tracking the impact that it is having on the outlook for the macro economy oil prices and we're thinking about whether the secondary and tertiary impacts that that will trigger in the broader economy and we then make sure that we have the the action plans in place in our portfolio to to mitigate those risks in in case we see that materializing so far if we look at the performance across our portfolio that's not what we're seeing so but of course it's something that we're tracking very closely and in particular when it comes to the development of the oil price going forward it's also an opportunity in the sense that these geopolitical risks they always tend to trigger short-term market volatility and also investment opportunities and I think what we saw last year in terms of some of this tariff-induced uncertainty coming out of the U.S. administration and the knock-on effects it had on market volatility across our target geographies it also created actually some attractive buying opportunities and so that's also you know how we think about some of that geopolitical uncertainty and the interesting thing is of course the the more scale you have the more geographical diversification you have and the more strategies you have what i spoke about earlier like the better positioned you are to really to really capture the opportunities arising from some of that global volatility.

Tack så mycket. Nu har jag inte sett någon mer hand va i luften. Vi hjälps åt, ingen mer. Tackar vi så mycket Per. Tack så mycket. Thank you for the question. And now it's time to go back on the day. We are on point 8. The framework of the year-reviewing and revision- and the concern of the year-reviewing, revision- and the review of the year-reviewing report for 2025. The handling has been available on the website in terms of what it is like and it is also available here today. The handling is, with other words, and that we will be able to write in the protocol. I will now give the floor to EQT's auditor in charge, Håkan Reising from KPNG and he will present the auditory report. Please, Håkan.

Thank you, Charlotte. Yes, my name is Håkan Reising, comes from KPNG. And before I go into the details of our job, I must say that it's so nice to see young people from Victor Rydberg's gymnasium here in the local. And I must say, some of you have heard this before when I've been presenting that being a professional audit audit a professional certified auditor is the best job that you can have it's very few jobs where you can travel the world meet with management meet with board of directors or the committee members even lawyers and have those intellectual discussions and see so much various different businesses so I recommend it for you at Victor Ylberg, go into accounting and auditing. And you know, every morning when I wake up, I wake up smarter than the morning before. It's fantastic. So what have we done this year for EQT? I audit EQT AB and I also oversee the audits that we do on the EQT funds and portfolio companies so it's a large global organization i have hundreds of auditors reporting to me and my team here in stockholm and we travel we have traveled to the largest companies singapore luxembourg london new york my colleague anna haru who sits there in audience somewhere can't see her she traveled to south korea and india so it's it's a great profession it's a great work we checked the corporate governance we checked the internal controls we reviewed the half year report we have re audited the annual financial statements we audited the sustainability report and we have reviewed the remuneration report for management to see that it follows the guidelines lines of last year's shareholders meetings, decisions, and all of that has led us to the following statements that we recommend the shareholders to approve of the consolidated profit and loss statement and balance sheet, and also the parent profit and loss statement and balance sheet of EQT AB. We recommend that the shareholders approve of the distribution of profits for the year as proposed by the board of directors and we also recommend that the shareholders discharge the board of directors and the managing director of any liability for the fiscal year 2025. Thank you.

Tack så mycket Håkan. Finns det några frågor till Håkan? Inte det, då tackar vi också för rekryteringskampanjen som revisor. Jag kan också rekommendera advokat, också väldigt roligt tycker jag. We go down to Punkt 9 on the day-ordnion. That is to share results and balance and balance and balance with concerns, and balance. We heard exactly, revisor, that he has to say that we can share these handling. So I asked if the Australian can be on the level of balance? Is it that the Australian has to say to theEmily? Then we are on Punkt 10 in the day-ordnion. We shall decide on disposition of the result of the previous day-ordnion. Enligt styrelsens förslag som finns intaget på sidan 63 i den tryckta årsredovisningen så föreslås en utdelning om 5 kronor per aktie. Utdelningen föreslås betalas ut vid två tillfällen med 2,50 kronor vardera. Avstämningsdagen föreslås vara 15 maj respektive 1 december 2026. Om årsstämman beslutar enligt förslaget så beräknas utdelningen betalas ut 20 maj 2026 respektive 4 december 2026. And as we heard, the company's revisor does this proposal. So I asked the stem, can the stem decide on the resultat disposition in the end of the proposal? I find it so in the case. This is the next point on the day. The answer is the answer. We heard here that the revisor does this. The answer is the answer to the staff and the director of the director of the RK 2025. It's time to go to the decision. of Bolagets Valberedning. Jag vill därför lämna över ordet till Jakob Wallenberg som representerar Investor AB och som är ordförande i Valberedningen. Jakob kommer att redogöra för Valberedningens samtliga förslag. Varsågod Jakob.

Kära Bolagsstämma and thank you Charlotte. My name is Jacob Wallenberg and I have a bad cold as you can tell and I'll try to do my best. I'm very glad to be here representing EQT's nomination committee and along with myself in the committee we have Cynthia Lee who's appointed by Jean-Erik Salata, Harry Clarksbrunn appointed by Conny, Joachim Spetz appointed by Swedbank Rubber Funds and Conny Johnson being the chairperson of the board and We've, of course, had a thorough process, and I hope that you'll be satisfied with the outcome and the proposals we present to you as shareholders today. You can also find a more detailed description of our work and proposals in the nomination committee in our formal proposal and motivated statements. Now, overall, the committee is of the opinion that the board is functioning well, and we, as a consequence, propose the following election of nine board members, and that's re-election of Marcus Wallenberg, Brooks and Twistley, Margot Cook, Dione Lebeau, Gordon Orr, Rikka Kosvami, and Jacob Wallenberg Jr. We also propose a new election of Jean-Erik Salata as the new chairperson of the board, and Jean-Pascal Tricouard as a new board member. and before i come to the two new elections i would like to comment on the proposals for board fees the committee has reviewed the board remuneration structure and levels and we propose an increased board fee with unchanged committee fees so you have increase of board fees but not when it comes to committee work we've taken part of a market analysis that compares eqt's board remuneration against both private equity firms at large and companies across various industries and geographies taking account of the very simple fact as we've heard earlier today that eqt is truly active on a global basis we believe that it is of key, really important importance that EQT can attract and retain highly skilled board members from all over the world. So the assessment of what comprises competitive remuneration must be based on that international perspective. In light of that, the committee proposals a total remuneration of 1 million 857 thousand euros to be allocated as set out in the notice the nomination committee also proposes that the board fees are to be paid in equity shares at the end of the mandate period we are of the opinion that this is a very well functioning way of aligning board members interest with that of yours as shareholders our recommendation that each board member holds shares corresponding to at least 50 percent of the shares received as board and committee fees during the board members tenure that principle remains in light of this we're also proposing the re-election of kpmg as auditor in accordance with the recommendation from eqt's audit committee and that auditor's fees are paid upon approval of invoices. KPMG has informed us that Håkan Reising will continue as auditor in charge. Now before I hand over to Sean Salata to present himself, I would like to take a moment to present him and Sean Pascal Tricouar. I think it's important to repeat sean why we are proposing you as the new chairperson of eqt i remind all of ours of us in the room that sean is the chairman of eqt asia and as was pointed to before he founded bearing private equity asia in 1997 and he's led the development of bearings into this situation when they merged with eqt in 2022 creating that global private equity firm spanning the us europe and asia sean brings an international perspective not only having lived in chile for many years but completed his education in the united states lived and worked in Asia since 89, and most importantly, he graduated magna cum lada from the Orton School at the University of Pennsylvania, where I went myself. This is an opportunity for marketing, isn't it? Now, to Sean Pascal. He's the chairperson of Schneider Electric, one of the world's leading companies in energy management and industrial automation. He served as CEO of Schneider Electric from 2006 to 2023, during which time he transformed the company from a traditional electric equipment manufacturer into a global technology leader in energy management, automation and sustainability. He also serves as an independent director of the board of Qualcomm and his extensive international experience and expertise in digitalization, global business development, we believe will add valuable perspectives to the board and we're proud to be able to nominate him for election this year. I would like to say that I have seen Jean-Pascal Triquard over the years as a board member of ABB and he did this very thoughtful thing of moving himself out to into asia to hong kong from where he directed the the the growth of the company for 20 years in his capacity as ceo learning to speak chinese etc etc one of the very early adopters of of into modern asia relationship a huge respect for what he has achieved now this year is also an incredible milestone in the eqt journey with the proposed transition from connie to sean in the chair seat as has been mentioned now when connie founded eqt of course i could not have foreseen the scale of its of this impact his leadership has been defined by a clear vision and a long-term perspective on building businesses and on behalf of the nominating committee i would like to thank connie for his extraordinary contribution and connie will as you may have seen already be recognized as honorary chair of eqt which is indeed a true testament to his unparalleled contribution to eqt and to all of us as shareholders the nomination committee is also very glad to nominate sean as the next chairperson and we have of course the utmost confidence in sean's nomination and with that i welcome sean up on the stage please thank you jacob and uh good afternoon fellow shareholders and distinguished guests and and a special warm welcome to our young students in the audience

today. And if I could just add to Haakon's earlier pitch, the second best place to work after accounting is EQT. Bear that in mind. It's truly an immense pleasure, privilege rather, an honor to be proposed by the nomination committee to follow in Connie's footsteps as the next chair of EQT. At the same time, it's also a huge responsibility. And if I'm confirmed today, I will dedicate all my energy to being the best fiduciary and steward of this business that I can be. Over the past 30 years, Coney has built a private markets firm that's been defined as much by its values as it has by its investment returns. EQT has always been about more than just capital. It's been about having a positive impact on everything that we do, on companies we invest in, on society, on our employees, and on our shareholders. Future-proofing businesses and creating lasting value is a principle that has served us extraordinarily well, and it will continue to guide us as we go forward. As some of you know, I'm also a founder of a private equity firm that began in Asia 30 years ago, and that joined forces with EQT in 2022. Over these past 30 years, I, like Connie, have lived through many of the ups and downs that are a normal part of building a business. The key for me has always been to keep learning, keep adapting, and as Connie likes to say, to keep improving everything all the time. I remember I was recounting this last night when we had dinner. I remember the first time that I met Connie in person, we were having dinner together here in Stockholm, and we were in the early stages of exploring whether Bearing Private Equity and EQT might combine. And when I came away from that discussion, what stayed with me the most was not the financial aspects of the discussion that we were having. It was not the strategic rationale of what we were discussing. It was not the global scale of the platform that we were talking. It was the way that he spoke about the people, the way that he spoke about the culture and the values. That's what really resonated with me. And Connie, I think, was perhaps the first person in our industry to really understand that culture and values is the core differentiator in a business like ours. It's often said that there are no patents in the financial services industry. Everything we do can be copied by our competitors. But what cannot be copied and what differentiates a firm is its culture and its values. Because that's the driver of our ability to attract and develop the best talent globally. And in the long run, that's what ends up being our most important competitive advantage as a firm. We're deeply, also very deeply fortunate to have at EQT the backing of the Wallenberg family from the very beginning. That is a defining part of EQT's heritage. There you are, I was looking for you. That is a defining part of EQT's heritage, as are our Nordic roots, which remain a very important part of our identity, even as we've now become a much more global business. I can tell you from first-hand experience that the Wallenberg name and the reputation, the family's reputation as a long-term shareholder have been genuine differentiators for us in our Asia business and from what I can tell in pretty much every market in which EQT operates in. I want to thank Jacob Wallenberg and the nomination committee for the nomination. I also want to say how fortunate we are to have Marcus Wallenberg as our vice chair on the board And if I'm confirmed today, I very much look forward to working with you, Marcus, and all the members of the board as we go forward. I also want to acknowledge how important it is to us that we maintain a close dialogue with all of you, our shareholders. The long-term support of our Nordic shareholder base, many of whom are here in the room today or online, means a great deal to us. And that relationship is something that we deeply value and that we intend to nurture. Finally, we find ourselves at a moment in time when the private markets industry is consolidating. We're seeing a transformation from what was once a fragmented industry of small private partnerships to a scale institutionalized asset class where global reach and multi-product capabilities really matter. In this environment, EQT is well positioned to continue to serve our clients and to grow and to further diversify our business. Connie is handing over at a time when EQT has never been stronger. We had record earnings last year for our shareholders, and we had record realizations and distributions for our fund investors last year. We have a fantastic CEO in pair who's doing an excellent job, a fantastic job. And we're also very fortunate to have a strong and capable executive committee working alongside him. We now have a platform with over 300 billion euros of assets under management, over 2,000 team members operating in 25 offices around the globe, working hard every day to deliver exceptional returns for our clients. The next chapter for EQT is one that I approach with genuine excitement for what lies ahead. And as we move forward, we remain committed to protecting and building on the legacy that Connie leaves us with, and we'll ensure that it endures through our commitment to excellence in everything we do, and to preserving and to safeguarding our culture and our values. Thank you.

Thank you so much Sean and thank so much Jacob innan dess. Finns det några frågor till Sean eller till Jacob med anledning av de här anförandena? Inte det, då tackar vi så mycket. Tack så mycket. Thank you very much. Då går vi tillbaka till dagordningen och vi är då på punkten 12. Vi ska ta beslut om antalet styrelseledamöter och revisorer i EQT. Som vi nyss hörde så föreslår valberedningen att antalet styrelseledamöter ska vara nio utan suppleanter och antalet revisorer ska vara en utan suppleanter. Om det inte finns några ytterligare förslag så går vi till beslut. Kan stämman besluta enligt valberedningens förslag? Tack, så blir det. Då går vi vidare till punkten 13 på dagordningen. It is related to the styrelse-arvode and over-loading of their own assets to the styrelse-ledamöter and arvode to the revisor. Valberedningens proposal, as we heard Jacob present on the video, is on the picture of me. As you heard from the valberedning, it is supposed to be that the stämman beslut that the betalning of arvode to the styrelsen will be able to be able to be over-loading of their own assets. The amount of assets that will be over-loaded will be up to 100 000. Finns det några frågor med anledning av förslaget? Inte det. Då går vi till beslut. Det är uppdelat på olika beslutspunkter. Punkten 13a först. Det är arvodet till styrelsen. Vill stämmand besluta i enlighet med valberedningens förslag? Tack för det. Då är det frågan om att överlåta aktier till styrelseledamöterna. Det här är punkten 13b. You may remember that when it comes to some questions, we should decide about digital omrösting. This is a question, for this one requires a special majority, namely nine-tion-delars.

We are therefore going to use digital omrösting.

So you are here today, you have got a tablet when you got in. Omröstningen på 13b är nu öppen Och ni ska ange ert val Det är ja, nej eller avstår Är det någon som har några problem så räcker ni upp handen Stänger vi omröstningen Och vi har ett resultat Nu sa jag det för snabbt Jag fick baskning här, ska jag vänta Där är det Jag finner alltså att stämman har beslutat i enlighet med valberedningens förslag med erfodling majoritet. Nu till arvordet Terevison, det är 13c. Vill stämman besluta i enlighet med valberedningens förslag? Äntligen säkert. Ja. Tack. Bra, då är vi på 14. Det är val av styrelseledamöter. Och valberedningen föreslår som vi hörde omval av följande ledamöter för tiden in till slutet av nästa årsstämma. Brooks Entwistle, Dionne LeBeau, Gordon Orr, Marcus Wallenberg, Margot Cook, Rika Goswami och Jakob Wallenberg Jr. Valberedningen foreslår även att Jean-Erik Salata och Jean-Pascal Triquard väljs till nya styrelseledamöter för tiden in till slutet av nästa årsstämma. Valberedningen foreslår också att Jean-Erik Salata ska väljas till ny styrelseordförande. And before the vote is going to be done in the public public, I need to be ready to be ready for the other things that the policy of the government has in other companies. These are people who have very many jobs that you understand. All of the jobs are taken in the information material that is present in this system. So I thought that it was okay to read it, but we find that I have followed my plight. I was wondering if there are any questions about this forslag? If we go to the decision, then we ask if the decision can be decided in a way of the decision. If the decision has decided in a way of the decision, then we have reached point 15. Now we will choose revisor. Valberedningen foreslår omval av KPMG AB som revisor. Om stämman beslutar enligt med det här förslaget har KPMG meddelat att Håkan Reising kommer fortsatt vara huvudansvarig revisor. Om det inte finns några frågor så är det dags att gå till beslut. Kan stämman besluta enligt med valberedningens förslag? Finna ett stämman beslutat enligt med valberedningens förslag? Nu är vi på punkten 16. That's the presentation of the board's remuneration report for approval. And also, therefore, I will hand over to Margot Cook, who is a member of the board and chair of the Remuneration Committee, and she will present the board's remuneration report.

Thank you. Good afternoon, everyone. As chair of the Remuneration Committee, I'm pleased to speak with you today about how we approach compensation at EQT. our role on the board is to set the company's performance criteria with the remuneration committee responsible for establishing the compensation framework and approving the remuneration for the executive committee so today i'm going to cover three areas first our compensation philosophy and tools second our 2025 performance outcomes and third, our insights from our program review. So at EQT, our compensation strategy is designed to attract, retain, and incentivize the best talent globally. Our compensation toolbox combines short-term and long-term components. There are four key pillars to our compensation philosophy, which align with our business strategy and our culture. Of the four pillars, two are particularly important to us, performance-driven and long-term focus. These are the two that most closely align with our core business strategy. The incentive toolbox consists of both short-term and long-term tools. The short term, we have salary. EQT is a truly global firm with operations in Europe, the Americas, and Asia. And to remain competitive in all markets, salaries are set relative to local market levels within a wider EQT framework. We also use a bonus system. We are performance-based with bonuses assessed annually in relation to individual, team, and wider business goals and performance. our long-term tools are the share and option programs these programs create the ability to build up meaningful ownership over time especially for our leaders who are not yet significant owners in addition we provide investment opportunities in the eqt funds these are personal investments and long-term commitments up to 10 years we believe these opportunities allow for our employees to have skin in the game, which creates alignment of interest with our clients. As EQT has continued its growth journey, we've continued to develop our equity offering, encouraging alignment between participants and EQTAB, and acting as a complement to a more focused fund-based incentive, such as carried interest. Today's focus is on our share and option programs. Both of these programs ultimately motivate individuals to drive shareholder value. The share program is designed to motivate mid-level to senior individuals to drive group financial performance, while the option program is focused specifically on senior individuals with the aim to drive shareholder value. The incentive framework is designed around the principle that ownership should reflect the degree to which an individual drives firm value. And we operate with four distinct cohorts, partners and the executive committee, managing directors, directors, and our future leaders program. Each of these has a structure tailored to their role and their expected impact. And these programs are also important tools in attracting and retaining the best talent globally, and they allow us to ensure that the next generation of leaders can build up a meaningful ownership in EQT. The performance assessment for the SHARE program is based on a combination of firm and individual performance in relation to EQT's long-term financial, strategic, and sustainability targets. The board sets the performance criteria for the SHARE program, and you can see those on the slide. In terms of growth, this is the same as EQT's financial target for revenue growth to exceed the long-term growth rate of the private markets industry. Profitability, this is also the same as EQT's financial target for the adjusted EBITDA margin to be in the range of 55% to 65% over time. And sustainability, these are based on EQT's group sustainability objectives. All of these targets were met in 2023, 2024 and 2025. In 2025 specifically, we continued to grow at a faster pace than the market as we delivered an adjusted EBITDA margin of 60% and we reached our sustainability objectives. The performance assessment for the option program is primarily based on individual performance while taking firm performance and dilution impact into account. The option program is tailored to EQT's senior leaders. This tool is effective in creating shareholder alignment for future leaders of the firm to become shareholders. Individual grants are subject to defined frameworks and processes governed by the board, and it follows EQT's annual performance and compensation process. For both programs, we are trending significantly below the dilution limits, even with maximum share price growth assumptions. If EQT's share price were to increase by over 60% over the next three years, the max dilution would be 0.7% for the allocation earlier this year. And for context, the share program dilution is tracking at 0.22% for the 2023 to 2025 period, and the option program stands at 1.41% maximum dilution for the first three years of the program. Important data for U.S. shareholders. So as we enter the fourth year of our equity programs, I'd like to share what we've learned and how we continue to refine our approach. The first and most consistent learning is that equity grants remain a powerful tool for driving shareholder alignment. When structured well, they create genuine ownership culture across the firm. The second learning is around eligibility. We've sharpened our focus on ensuring grants reach the employees who are truly driving business impact rather than spreading equity too broadly. These targeted grants create real ownership and not nominal participation. Third, we've learned that how we structure equity matters as much as how much we grant. The right plan, with its options or shares, directly affects cost, complexity, and dilution outcomes, and we continue to refine this. And fourth, as EQT scales, equity is a critical lever for building ownership and driving shareholder value and for sustaining long-term growth. Looking ahead, our continuous review is focused on three big areas. One, ensuring that our programs support scale. Two, keeping them aligned with our overall strategy and performance. and three, really making sure that they remain effective at retaining and motivating our key talent. So the goal overall is clear. We want to have a program that is well fit for purpose year after year. Thank you.

Thank you, Margot. Are there any questions to Margot? Inga frågor. Thank you so much. It's time to go on the agenda. We are on point 18, which is the fact of the 16th. We are on point 16, which is the fact of the report. And I ask the staff if the staff can be able to report the report. It's on point 17. Det är beslut om riktlinjer för ersättning till ledande befattningshavare. Förslaget i sin helhet finns intaget i kallelsen. Finns det några frågor om anledning av styrelsens förslag? Inte det? Då är det dags att gå till beslut. Kan stämman besluta i enlighet med förslaget? Finns det så? Punkten 18. Det är styrelsens förslag om emissionsbemyndigande. Även detta förslag finns i sin helhet intaget i kallelsen. Några frågor? Det är dags att gå till beslut. On this point, it's a quality majority with two-thirds of the rösts as the of the votes we have. It means that we should use digital rösting. On the point 18, the answer is open. The vote is open. Yes, no or not? Now we have a result. I find that the votes have been decided with the RFO. where it sits in majorities. Punkt 19. Det är beslut om återköp och överlåts av egna aktier. Förslaget finns i sin helhet. Inntaget i kallelsen. Finns det några frågor? Inte det? Då är det dags att gå till beslut. Även här är det kvalificerad majoritet med två tredjedelar av såväl de avgivna rösterna som de vill stämma företräda aktierna och det är digital omröstning som gäller. Omröstningen på punkten 19 är öppen. Ange ditt val. Ja, nej eller avstår. Nu stänger omröstningen. Vi har ett resultat. Jag finner att stämman beslutat enligt med förslaget med RFO, där det ligger majoritet. Nästa punkt på dagordningen är 20. Det avser beslut om att minska axikapitalet genom indragning av egna stammaktier och samtidigt beslut om ökning av axikapitalet genom fondemission för att återställa axikapitalet motsvarande minskningen till följd av att de egna stammaktierna dras in. that the proposal is in its own way. If you have any questions, do you have any questions? If it's not that, then it's time to go to a vote. A vote with a kvalificerad majoritet with two tredjedelars. Use your vote in the digital platform. The vote is open. On the vote is on point 20. Use your vote. Yes or no? Or if you have a vote. On the vote is on the vote. We have a result. I find a vote on the vote on the vote with an effort with majority. We've come to point 21. It's a decision for the government to emit akties as part of the law for Collier Capital. The proposal is taken into the call. Are there any questions about this proposal? If it's not it, then we'll go to the decision. Even here, we'll use the digital rating. The rating on point 21 is open. Do you want to vote? Yes, yes or no? Now I'm going to stop the question, and then I'll say the Melodifestival-ordn again. We have a result. I find that the decision-stamman has been decided, with the resolution, is a majority. Now we're on point 22. That's the last point. Before I stop the meeting, The gear in place.

This is the moment that Connie really likes to be addressed and praised. So, dear Connie, dear shareholders and dear colleagues, and friends. Allow me to take a few minutes to honor someone who has built something quite extraordinary and to thank him on behalf of all of us here today. Let me begin with a little bit of context because I had the privilege of being a fly on the wall when the formation of EQT was being discussed because I was participating in a dinner at our family house here at New Gordon, Tech Uden, with my uncle Peter, Klaas Dahlbeck, and several others who were discussing whether we should go ahead with EQT or not. And I'd just like to make a side note here that Klaas Dahlbeck, who was your partner at the time, along with Connie, were the two crucial people in the discussion. And in the sense, were both of them the founding partners of EQT. At the time, Investor was a friendly investor in a firm called AEA in the United States. Through senior people in the advisory group, these people at AA, they helped us to guide how to craft EQT to become an industrial private investor. The discussion evolved around different ways of looking at investments. There was no real private equity in Sweden at the time. And the traditional way was to pay a dividend from an investment company to honor the capital that investors had committed. What we set out to do in many ways were absolutely the opposite. We asked people, we were talking about asking people to pay you for the privilege of investing their money. To extend trust as a priori. a priori, on the promise that you would generate returns. That trust must be earned, and earned again. Performance is the old, real determinant of whether you have a future as a PE firm. It is, in one sense of the word, a brutal process. It is very transparent. It demands a lot of self-confidence, drive, entrepreneurship, and vision. Connie, you have embodied all of that all the way from the beginning. Of course, you have to be analytical, but you also need to have a gut feeling. And more than that, you have to dare to act on that gut feeling. Connie is a great example of this, and it has served you and EQT extraordinarily well. Let me name some of the abilities I have observed in you, Connie, over the years. First, you know with remarkable precision exactly which competences and personalities you want and need around you. Second, you have set and you have held a very high ethical standard. Third, you have a very strong true north, a clear sense of where you're about to go and where you need to go. To that, you bring a real decision-making capacity. Often, you got it right. And when you're not right, You actually acted quickly to adapt and to take a new decision to make it right. One reason for that is that you keep yourself extremely well informed. Curiosity is one of your defining personal traits, and it has been one of the driving forces since 1994. Part of this too is that you have actively recruited and held onto your contrarian thinkers in the firm. People who bring real diversity of mind and thought, and you have been strong enough to keep them around, even though I know that from time to time it's been slightly strenuous. your only regret is that you wanted to have more women on your team and let us not forget you have followed for real risk taking you have always allowed for real risk taking in a world and at a time when risk taking is not always so visible you have been willing to accept it thoughtfully and with conviction all of these traits in my view represents the sign of a true entrepreneur if I make take this for a moment from a personal and a family point of view your leadership and your success have generated enormous value for investor for the Wallenberg foundations and through them for so many basic researchers and scientific projects in Sweden that have been funded as a result. The ripple effect of this contribution is profound, and it's lasting. To be that successful requires determination, goal-focused, and perseverance. But there is also a warm, personal side to you. That is why so many people love to work for you. You are a good friend and I personally enjoyed and considered it a real privilege to work alongside you for 30 plus years now. I very much look forward to our continued collaboration and our friendship for many years to come. Let me close with a quote from a book called The Lion Tracker's Guide to Life. It describes how a lion tracker finds a lion on the savannah. I believe this quote illustrates how you, Connie, have been able always to find a way. Just as the tracker finally finds the moving lion on the savannah, I quote, I don't know where I'm going, but I know exactly how to get there. That, Connie, says something very true about you. So thank you on behalf of EQT, on behalf of all our shareholders, on behalf of the Wallenberg family, for everything you have built and for the way in which you have built it. Thank you. Connie, I'm sorry.

We have to stand exactly here. they say thank you it's a bit embarrassing because I know that I'm not the one that has made it this possible it's us so thank you to the support from the World War family for being allowing us to work with trust with your network borrowing your brand to get some benefit out of that but also to be able to work with all the great people that we've been able to attract and bring in and challenge discuss fight finally agree and on we went so thank you to you all and great day to retire thank you very much I would like to add some more things to it. Thank you everybody and thank you for being here, and at this moment we closed the board, the AGM, and with this moment I also leave EQT formally as chair, but I can assure you that I won't leave completely. So be careful, I might come back in some shape or form.