EQT AB reported a 16% rise in adjusted 2025 revenue to €2.73 billion, fueled by a record €19 billion in gross fund exits. The Swedish private equity firm's adjusted EBITDA reached €1.64 billion, with a 60% margin. This performance came even as reported IFRS net income dipped to €728 million from €776 million a year earlier.

The strong results coincide with EQT's January announcement of a $3.2 billion deal to acquire Coller Capital, a global secondaries firm. The transaction, valued on a cash- and debt-free basis, will be funded by issuing 81 million new shares, representing about 7% of outstanding stock. It's expected to close in Q3 2026, pending regulatory approvals.

EQT called 2025 its strongest realization year ever, with exits for funds like EQT VIII and BPEA VII driving carried interest income to €448 million. The firm also launched fundraising for its EQT XI fund, targeting €24 billion. The Coller acquisition aims to bolster its secondary capabilities in a consolidating alternatives market.