Q1 2026 EQT AB Earnings Call Transcript
Key Points
- EQT AB (EQBBF) announced a successful combination with Coller Capital and Galderma, enhancing its strategic capabilities.
- The company launched a new AI infrastructure strategy, leveraging its investment in EdgeConneX, indicating a strong focus on AI opportunities.
- EQT AB (EQBBF) closed BPEA Fund IX at $15.6 billion, marking a 40% increase in fund size compared to its predecessor.
- The company reported record net inflows of EUR1 billion into its evergreen vehicles, showcasing strong fundraising momentum.
- EQT AB (EQBBF) executed the largest sponsor-backed block trade ever, generating significant capital gains from its investment in Galderma.
- The quarter was marked by significant market volatility, impacting fund valuations in various directions.
- Geopolitical uncertainty and fluctuating energy prices posed challenges to the broader macroeconomic outlook.
- The software sector faced share price volatility due to fears of AI-led business model disruptions.
- Private capital fund valuations were negatively impacted by lower reference multiples and closing share prices.
- The company anticipates mid-single-digit OpEx growth, which could impact overall profitability.
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 and 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 had 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 into the 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
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