Conference Call Q2 2020 Announcement 1 6 J ULY 20 20 1 - - PowerPoint PPT Presentation

1

Conference Call Q2 2020 Announcement

1 6 J ULY 20 20

2

Executing on our strategy

3

Q2 2020 in short

Other

• An agreement to sell the business segment Credit to Bridgepoint has been signed, as announced on

J une 1 8, 20201. The transaction is expected to close in the fourth quarter of 2020

• linked fund level bridge

facility for EQT IX of EUR 2.3bn first of this size in the global fund financing markets

• Successful execution of both the Annual General Meeting and the Annual Investor Meeting through a

fully digital solution, leading the way in digitalisation and sustainability Fundraisings, AUM and FTE+

• EQT IX

the fundraising runs according to plan (target fund size of EUR 1 4.75bn and hard cap of EUR 1 5bn), anticipated to be materially concluded during the third quarter

• EQT Infrastructure V

launched and target size announced at EUR 1 2.5bn

• EQT Real Estate II

fundraising was materially concluded as of Q2 Value creation

• Resilient valuations during Q2 with partial increase in several key funds
• Expectations for long- term value creation remain but will take longer

Investments and exits

• Investments made during the quarter include Schülke in Germany (EQT VIII) and Freepik in Spain (EQT

Mid Market Europe). On J uly 8, 2020, EQT VIII portfolio company SUSE acquired Rancher labs

• Investment level in key funds as of J

uly 1 6, 2020 were 80 - 85% in EQT VIII, 80 - 85% in EQT Infrastructure IV and 5 1 0% in EQT IX

• Events after the period end: With the acquisition of IFS, EQT IX was activated and consequently started

charging management fees 742

FTE+ AUM Capital invested (Q2 2020) Exits (Q2 2020)

Paris

Office

• pened in

J une

On plan

EQT Infra II & IV

Above plan

EQT Infra III

On plan

EQT VI- VIII

Note: 1 ) The Transaction is subject to customary closing conditions, including regulatory, anti- trust and certain fund investor clearances

4

25+ years of track- record and experience over cycles

Dec- 94 Dec- 95 Dec- 96 Dec- 97 Dec- 98 Dec- 99 Dec- 00 Dec- 01 Dec- 02 Dec- 03 Dec- 04 Dec- 05 Dec- 06 Dec- 07 Dec- 08 Dec- 09 Dec- 1 Dec- 1 1 Dec- 1 2 Dec- 1 3 Dec- 1 4 Dec- 1 5 Dec- 1 6 Dec- 1 7 Dec- 1 8 Dec- 1 9 J un- 20

Credit Real Assets Private Capital FTE+

> > 740 FTE+ AUM

5

COVID- 1 9 update: Impacted but well- positioned

Portfolio Companies Future- proofing - Maximizing a company's relevance for the long term

→

No change in estimated capital need1for portfolio companies in key funds

→

Expectations for value creation remain but will likely take longer (unchanged vs Q1

) →

Carefully optimistic of current portfolio performance due to downturn preparations and thematic investment strategy

→

We remain active on the transaction side but overall investment and exit activity is lower

→

Timing of carry recognition still delayed as it is dependent on exits and/ or increases in unrealized values

→

Fundraisings are going according to plan but will generally take longer in the current market environment

Note: 1 ) The expected capital need due to COVID- 1 9, as reported in Q1 2020, was less than 5%

• f committed capital

6

We are executing on our strategy

Expand in APAC

• A growth area for Private

Equity and Infrastructure

• Preparations for EQT APAC

strategy is ongoing

EQT Growth

• The strategy is positioned in

between V entures and Private Equity

• Preparations for EQT

Growth strategy is ongoing

Real Estate

• Preparations for growing

Real Estate, including: Managed to Prime New geographies

M&A

• Selective M&A focus on

areas where we can scale further

• Over time, increased
• pportunities can arise

Credit

• Strategic review concluded
• An agreement to sell the Credit business

segment to Bridgepoint1

✓

Note: 1 ) The Transaction is subject to customary closing conditions, including regulatory, anti- trust and certain fund investor clearances

7

Key data per Q2 2020

8

Our business model is long- term, simple and scalable

predictable cost base

Ma Manage nageme ment nt fees fees Carr Carried ied interest interest & & investme investment nt income income

9

Resilient valuations

2.4x 2.3x 2.3x

Private Capital Real Assets

1 .8x 1 .6x 1 .7x 1 .1 x 1 .1 x 1 .2x 2.1 x 2.1 x 2.0x 1 .5x 1 .5x 1 .6x 1 .1 x 1 .1 x 1 .0x

On plan On plan On plan On plan Above plan On plan

Gross MOIC Mar- 20 Gross MOIC J un- 20 Expected Gross MOIC

Note: Data for current Gross MOIC reflects only closed investments and realizations. For Private Equity funds (part of segment P

• 2.5x. For Infrastructure funds
• 2.2x.

EQT VI EQT Infrastructure II EQT VII EQT VIII EQT Infrastructure IV EQT Infrastructure III

Gross MOIC Dec- 1 9

1 1

Fee generating AUM remained stable

0.1 J un- 1 9 Gross inflows (0.1 ) Step- downs (2.7) Exits FX and other J un- 20 40.1 40.1 2.8 Mar- 20 Gross inflows (0.1 ) Step- downs (0.3) Exits (0.0) FX and other J un- 20 40.0 40.1 0.6

AUM development J un 201 9

• J

un 2020 AUM development Q2 2020

+0.1 %

LTM

+0.4%

Q2 2020

1 1 1 1

Carried interest recognition update

Status of carried interest recognition

Metrics EQT VII EQT Infrastructure III Gross MOIC (Current)

1 .7x 1 .6x

Number of exits

32

Years since first investment

~4.5 ~3.5

• EQT VI and EQT Infrastructure II have recognized revenue from carried

interest to date

• Status for EQT VII and EQT Infrastructure III as below:

Note: 1 ) For IFRS purposes; 2) 4 exits including IFS which was announced on J uly 1 4, 2020

~1 .7- 1 .8x

Gross MOIC reached

Usually a few exits ~4- 6 6 years years after first investment

Timing of carried interest recognition1is driven by

Exits Increases in unrealized values

and/ or

1 2 1 2

Number of employees1

455 527 645 675 688 Dec- 1 9 Dec- 1 8 601 Dec- 1 7 J un- 20 Mar- 20 51 1 51 1 706 706 731 731 742 +90 +1 05 +36 YTD FTE On- site consultants

Note: 1 ) FTE+

1 3 1 3

Credit business segment exit signed

• EQT concludes strategic review of Credit business segment with sale to

Bridgepoint

• The Credit business segment will be reported as discontinued
• perations in the half year report due August 20, 2020
• The transaction is expected to close in Q4 20201
• 43 FTEs transferring as a part of Credit and another 4 FTEs is expected

to transfer from central functions

• defined growth strategy

Note: 1 ) The Transaction is subject to customary closing conditions, including regulatory, anti- trust and certain fund investor clearances

Ability to leverage EQT USPs Ability to impact

Public Value Real Estate

Real Estate Infrastructure Private Equity Credit Public Value Ventures

1 4 1 4

Credit business segment's contribution to EQT financials

Note: 1 ) Adjustments mainly related to the IPO and restructuring included in the 201 9 Group accounts. Not adjusted for Credit specific items such as CLO start- up costs; 2) FTE+ defined as full time employees plus on- site consultants

Revenue

EURbn

EQT AB AB

39.9 606

Cr Credit edit (R (Report eported) ed) Cr Credit edit % %

• f

EQT AB AB

• Adj. EBITDA 1

EURm

275 AUM

EURbn

FTE+2

# of people

706 AUM

EURbn

40.1 FTE+2

# of people

742

201 9 Q2 2020

3.9 36 1 2 41 3.7 43 1 0% 6% 4% 6% 9% 6%

EQT AB AB (Ex (Excl.

• cl. Cr

Credit edit)

36.0 570 570 263 665 665 36.5 699

• Adj. EBITDA

margin

45% 34% n.a. 46%

1 5 1 5

Educational: fundraising key milestones and management fees

Simplified and for illustrative purposes only

Spring

Year 1 Year 2

Mid J uly Spring J anuary Note: 1 ) Remaining commitments to be used primarily for add- on acquisitions and strategic capital injections as well as ongoing expenses; 2) Normally 80- 90% invested

Fundraising for new fund initiated Initial close (no fees) Fund activated (based

• n committed capital)

First fee date Final close

1

Closings

1 5 1 5

Trigger: Last investment2 Step down in AUM to net invested capital

3 2

Closings

4 5 Last new investment made in existing fund1 Investment period closed and fees based on net invested capital of closed unrealized Successor fund activated (fees based on commitments to date) Closed out commitments by year- end the driver

• f intra- year revenues (new commitments pay

fees as if committed from first fee date resulting

• Final close of fund and final catch- up fees from

new investors in the fund (from first fee date)

1 2 3 4 5

New investments are ongoing

31

• Dec

New fund Existing fund

1 6 1 6

Profitability

Adjusted EBITDA margin of 55- 65%

Dividend Dividend policy policy

To generate a steadily increasing annual dividend in absolute euro- denominated terms

1 6 1 6

Targets should be considered over a fund cycle

Financial targets and dividend policy

Growth

• term growth rate

1 7 1 7

Questions?

1 8 1 8

Thank you