Swedish private equity group EQT AB reported better-than-expected underlying profit in the first half of 2025 as exit volumes jumped and all of its funds performed at or above plan.
Adjusted earnings before interest, taxes, depreciation and amortization grew 32% from a year ago, to €806 million ($937 million), exceeding average analyst estimates of €775 million.
The Stockholm-based company, now ranked as the world’s second-biggest private equity firm based on capital raised, reported fee-generating assets under management of €140.7 billion. That figure marked a 5.7% increase on 2024 but slightly missed estimates.
Speaking in his first broadcast interview since taking the reins as chief executive of EQT in May, Per Franzen told Bloomberg TV that the firm’s strong performance was reflected in the financial report presented Thursday.
“Putting €7 billion of capital to work and importantly also sending €13 billion of proceeds back to our investors as we continue to stay disciplined in monetizing deals,” Franzen said.
EQT shares advanced 2% when trading started on Thursday. The firm’s market value has increased by nearly 50% since the stock fell to a 20-month low in April.
Analysts at Jefferies said in a note to clients that “today’s print justifies the optimism” behind the recent share price gains. “That’s particularly true as it relates to realisations — the single most important proof point for the industry right now,” analyst Tom Mills and his colleagues wrote.
The results come despite challenging conditions to exit investments and return money to investors. Buyout firms generally have struggled to sell assets this year amid weak economic growth, unpredictable US tariffs and a slow market for initial public offerings.
For EQT, however, exit volumes more than tripled from a year earlier to €13 billion. Activity in the period included the initial public offering of Swedish mortgage provider Enity Holding AB. Other noteworthy deals, while not IPOs, included the sale of Pioneer Corp. in Japan and Acumatica Inc. in the US, as well as major stake sales in Nord Anglia Education Ltd. and IFS.
Writing in the report, CEO Franzen said that all of the firm’s key funds remain on or above plan, “with several recent investments outperforming expectations.”
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