EQT AB (publ) (EQBBF) Q2 2026 Earnings Call July 17, 2026 2:30 AM EDT
Company Participants
Olof Svensson – Head of Shareholder & Bondholder Relations Per Franzén – CEO & Managing Partner Gustav Segerberg – Head of CEO Office Kim Henriksson – Chief Financial Officer
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Conference Call Participants
Arnaud Giblat – BNP Paribas, Research Division Haley Tam – UBS Investment Bank, Research Division Nicholas Herman – Citigroup Inc., Research Division Ermin Keric – DNB Carnegie, Research Division Hubert Lam – BofA Securities, Research Division Oliver Carruthers – Goldman Sachs Group, Inc., Research Division
Presentation
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Olof Svensson Head of Shareholder & Bondholder Relations
Welcome to EQT’s Half Year Report 2026. It’s been a busy and successful first half for us. All in, fee-paying AUM at EQT grew 10%. We delivered total revenue growth of 5% and 4% of EBITDA growth versus last year, with significant fundraising activities underway, driving growth into 2027.
Before handing over to Per to kick things off, let me ask that we limit questions to 2 questions in today’s Q&A to make sure everyone has sufficient time to answer questions.
So with that, let’s hand it over to you, Per, to kick things off.
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Per Franzén CEO & Managing Partner
Thank you, Olof, and good morning, everyone. In a challenging and uncertain environment during the first half, we delivered strong performance and made significant progress across the board. We took advantage of a volatile market environment to unlock attractive investments. We were able to leverage our differentiated sourcing capabilities to really create very attractive deal flow for investors. We substantially increased our investment pace compared to last year. And in total, we put EUR 19 billion of capital to work and generated EUR 9 billion of coinvestments.
At the same time, we stayed disciplined on exits, building really on the record year of exits that we
The National Association of Realtors (NAR) pending home sales index sank 5.4% in June to 72.5, the lowest level since January. This was more than the expected 0.5% decline and marks the first decrease for the index in
James Dumoulin, co-founder of School of Hard Knocks, shares his journey to financial success, explaining how his media company, with millions of followers, monetizes access to top entrepreneurs.
Young entrepreneurs are increasingly turning social media audiences into full-scale businesses, using digital content to build subscription communities, marketing firms and investment portfolios instead of relying on a single source of income.
“School of Hard Knocks” co-founder James Dumoulin joined FOX Business’ Stuart Varney on “Varney & Co.” to explain how he has grown the company into a media platform with 26 million followers while expanding into multiple revenue streams.
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24-year-old entrepreneur shares the wealth-building lessons he learned from billionaires. (Roy Rochlin / Getty Images)
Dumoulin said his strategy is built around creating a business that generates value in several different ways instead of relying solely on advertising revenue.
“So what we did is we looked at our core business of having one of the biggest business media channels in the entire world… What are all the different ways that we can make money off this thing?” Dumoulin said.
He said one lesson has stood out after spending time with successful entrepreneurs.
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“Concentration builds wealth, diversification keeps it,” Dumoulin said. “In our case, we became so good at one thing… And we diversified into other efforts.”
‘The Big Money Show’ panel discusses ‘Landmaxxing,’ a new real estate trend where billionaires purchase entire blocks of neighboring homes to create massive private compounds.
The 24-year-old said his focus remains on growing the media business while adding new ventures, including a marketing agency, a consulting company and investments.
Dumoulin also shared advice for younger people hoping to build wealth, stressing that long-term success requires consistent daily action.
FOX Business’ Gerri Willis presents a financial literacy quiz in NYC, highlighting Americans’ struggle with basic concepts like insurance.
“Macro patience and micro urgency is one of the most important concepts that you need to master in today’s world,” he said. “Billionaires take action on a daily basis.”
The 24-year-old said anyone willing to adopt that approach has the potential to achieve similar success.
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“I have no doubt that you’ll be a millionaire one day at 24 years old like myself,” Dumoulin said.
Home values fell for a second straight month in June, according to the Zillow Home Value Index (ZHVI). Additionally, after adjusting for inflation, real home values dropped even more sharply, hitting their
Kate attended the event Friday at the Guards Polo Club in Egham, near Windsor, to watch William compete in the charity match, an activity he has taken part in for years, historically alongside his brother, Prince Harry. The 2026 edition of the tournament was set to raise funds for several causes chosen by the Prince and Princess of Wales, including the Wales Air Ambulance, the Royal College of Paramedics, and the Royal Navy and Royal Marines Charity.
For the occasion, Kate wore a black-and-white gingham dress by Temperley London, known as the “Stirling” style. Crafted from a gingham jacquard fabric, the sleeveless dress featured a square neckline with wide straps, a fitted, cinched bodice and a full, flowing midi-length skirt, a silhouette well suited to the summer heatwave gripping the U.K. at the time. According to royal fashion trackers, the piece appears to date back to one of Temperley London’s past-season collections from around 2019 or 2020, suggesting Kate had owned the dress for several years before debuting it publicly at the polo match.
The appearance marked a notable style coincidence. Sophie Hunter, the actress and wife of actor Benedict Cumberbatch, had worn the identical Temperley London dress two days earlier while attending day nine of the Wimbledon Championships. Hunter, 48, styled the dress with a matching fabric belt cinched at the waist, along with metallic-trimmed sunglasses and white stiletto heels for her appearance in the Royal Box. Kate, by contrast, opted to forgo a belt and instead paired the dress with tan Camilla Elphick “Lucia” slingback pumps, featuring a contrasting patent pointed toe and the brand’s signature pearl buckle detail, along with gold and brown-toned jewelry. The tan slingbacks were themselves a repeat item in Kate’s wardrobe, having previously appeared at the same polo fixture in 2023 and again at the Wimbledon Gentlemen’s Final in 2024.
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Kate’s appearance at the polo match carried its own sentimental resonance beyond the shared dress. It marked her first appearance at the event since 2023, when she was photographed giving William a kiss to congratulate him after his team’s win. The Princess of Wales, who has previously spoken about having an allergy to horses, has typically attended the charity match as a spectator from the sidelines rather than participating directly.
Royal commentators also drew a connection between Kate’s gingham choice and the pattern’s long-running association with the royal family. Princess Diana famously helped popularize gingham as a countryside-inspired staple during the 1980s, including a memorable appearance in pink gingham trousers at the same Guards Polo Club decades earlier. The print’s broader fashion pedigree stretches back further still, with Brigitte Bardot credited with popularizing gingham through her wedding dress, while Marilyn Monroe and Audrey Hepburn helped cement the pattern’s appeal in the 1960s through gingham capri pants paired with ballet flats. Royal watchers noted that Kate’s choice of the print, four decades after Diana’s own gingham moment at the same venue, offered a subtle nod to her late mother-in-law’s fashion legacy.
The dress’s designer also became a subject of attention in the days surrounding Kate’s appearance. Two days before the polo match, Alice Temperley announced she was stepping away from Temperley London, the label she founded in 2000 after studying at the Royal College of Art and Central Saint Martins. Temperley shared the news on Instagram, writing plainly about the decision to leave the brand she built. “I HAVE LEFT TEMPERLEY LONDON. Today, it has been announced. I have left. I am enormously proud of everything I have built there,” she wrote. She went on to describe the label as having been the creative home of her life for more than two decades, explaining that she felt the time was right to pursue a new direction that would allow her to follow long-held passions alongside people she loves, while promising to share more details about her next venture in the future.
Temperley’s departure adds a layer of significance to Kate’s choice to wear the brand so soon after the announcement, with some royal style observers speculating whether the timing reflected a quiet gesture of support for the designer, though no such connection has been confirmed by Kensington Palace. Temperley herself holds a personal connection to the royal family, having been awarded an MBE, or Member of the Order of the British Empire, in 2011 by the late Queen Elizabeth II.
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Kate’s polo outfit also fit into a broader pattern in her recent wardrobe choices, which royal watchers noted had leaned heavily on black-and-white ensembles in the days surrounding the event. Earlier the same week, during a visit to Evelina London Children’s Hospital, Kate had worn a black-and-white silk shirtdress by Suzannah London, continuing what stylists described as a monochrome theme running through her public appearances that week.
The Princess of Wales has a long history of dressing for the Royal Charity Polo Cup in relaxed, seasonally appropriate pieces from British designers, having previously worn outfits from labels including Beulah London, Emilia Wickstead and Camilla Elphick for past appearances at the event. Because the polo match is not considered an official royal engagement, Kate has more flexibility in her styling choices than she typically has at formal public events, often opting for softer, more personal pieces reflective of her everyday wardrobe rather than the more tailored looks associated with official royal duties.
With the gingham dress now unlikely to be available for purchase given its status as a past-season Temperley piece, royal fashion followers have suggested it may only be found secondhand through designer resale platforms, adding to the appeal of a look that has already drawn comparisons between two prominent figures in British public life who happened to choose the same striking summer dress within days of one another.
Devin Consulting has worked on high profile installations such as the aquatics centres for the London 2012 Olympic Games and the Birmingham 2022 Commonweath Games
From left: Sam Gledhill of Devin Consulting with Stephen McNickle and Josh McKay of RMT Technology.(Image: RMT Accountants & Business Advisors)
A Tyneside engineering consultancy that specialises in swimming pools, spas and waterparks says it is hoping to make waves in its market with a new AI tool.
Devin Consulting, which is based in North Shields, has advised on high-profile installations including the aquatics centres for both the London 2012 Olympic Games and the Birmingham 2022 Commonwealth Games. As part of a five-year growth plan, the firm has worked with the technology arm of RMT Accountants & Business Advisors, to identify ways in which artificial intelligence could help it.
The result is an RMT Technology-developed AI tool which pulls out key information within project tenders to allow for the Devin Consulting team to take on more opportunities more quickly and efficiently. Bosses say the move will benefit the business, which was founded 25 years ago and has so far completed more than 600 swimming pool, spa and waterpark projects for public and private sector clients at home and abroad.
Sam Gledhill, project engineer and sustainability lead at Devin Consulting, said: “Bringing AI solutions into the business in ways that will support the expertise of our team and help us build on our long-term track record is central to our five-year growth plan. We began to look at a number of off-the-shelf AI options, but found they were all cost prohibitive for a small business like ours, so started a discussion with RMT Technology, which is already our technology partner, about how we might development something of our own together.
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“With project proposal documents often running to hundreds of pages, our responses naturally take a lot of time and effort, so there were gains to be made by using AI to make the process more efficient and ensure our responses are even more aligned with clients’ requirements. The positive conversations we’ve had with the RMT Technology team during the new system’s development have really helped us see how AI can support our growth ambitions and their expertise is now assisting us in implementing new ways of working that we believe will benefit the whole business.”
Stephen McNickle, commercial director at RMT Technology, add: “As with any other technology, AI needs to be directed towards fulfilling specific business needs if it’s going to achieve the maximum impact. Working with the Devin Consulting team on this project has been a really positive experience all round and they’ve now got new AI tools in place that will have a tangible impact on their future commercial performance.”
Dan Tenney returned to the North East, where Lockheed Martin UK hopes to build a satellite assembly plant in addition to work with Northumbria University and the UK Space Agency
Pictured, third from left is Rod Drury, vice president of Global Space next to – in the centre – Dan Tenney, senior vice president of Global Business Development and Strategy, with the team from NESST at Northumbria University during a site visit.(Image: Lockheed Martin)
A senior leader from defence and aerospace giant Lockheed Martin has visited the region to see progress in significant investment.
Dan Tenney, senior vice president of global business development and strategy, was instrumental in driving Lockheed Martin UK’s commitment to the North East via and ambitions for an £85m satellite factory and the setting up of a £50m space research facility with Northumbria University. Mr Tenney made a return visit alongside Lockheed’s vice president of global space, Rod Drury, to see how the firm’s involvement has strengthened the growing space sector.
He visited the North East Space Skills and Technology Centre (NESST), a joint project between Lockheed Martin Space UK, Northumbria University and the UK Space Agency which is due to open later this year. The centre is based in Northumbria’s Newcastle city centre campus, in the Wynne Jones building.
Mr Tenney said: “The North East is building something unique for the UK. The combination of world-class skills, industrial capability and regional leadership is creating the foundations for a sovereign space ecosystem that can support economic growth, innovation, and national capability.
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“It has been inspiring to see the progress made since our initial investment discussions and to see the vision becoming a reality.”
The visit to Newcastle follows an announcement in early June by Lockheed Martin UK that it was looking to hire an initial 17 people in the North East, as part of wider ambitions to create up to 2,000 jobs in the UK. Among that cohort was high tech roles including nuclear radiation hardening, spacecraft platforms and cryptography, among other specialisms. Lockheed is also recruiting for commercial managers, supply chain leads, cost analysts, trainer roles and senior project planners.
The jobs are part of Lockheed Martin UK’s commitment to a long-term skills pipeline in the region. In May, following a meeting in Washington DC between North East Mayor Kim McGuinness and Lockheed Martin UK, a memorandum of understanding was signed to solidify that commitment, along with investment and supply chain growth.
And Mr Drury’s return to the region followed a visit in March where he set out plans to create an £85m satellite factory at County Durham’s NETPark – a move he said could create up to 500 jobs. Those plans are contingent on Lockheed being awarded a Government contract which is due to be announced any time.
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If successful, Lockheed has said it would look to set up an assembly and testing facility spanning more than 50,000 sqft. The facility would initially focus on assembly of components built elsewhere, with Mr Drury saying he hoped that in time Lockheed could manufacturer parts in the North East.
Glen Smith, GDS Wealth Management CIO, notes the market is broadening beyond tech giants. He suggests dollar-cost averaging into positions amidst current volatility, seeing opportunities in other sectors like healthcare and financials.
Apple briefly passed Nvidia to become the world’s most valuable company on Friday as the tech titans jostled for the top spot as investors reconsider the outlook for investments in AI.
Apple’s market cap topped Nvidia’s early Friday as the latter saw shares slide along with other chipmaker stocks as investors continue to evaluate whether tech firms’ rapid buildout of AI tools and the data centers needed to support them will yield near-term profits.
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The consumer tech giant saw its market cap rise to more than $4.91 trillion, above Nvidia’s $4.9 trillion at the time.
Shares in the iPhone-maker pulled back some of their earlier gains, which allowed Nvidia to regain the top spot before the closing bell as shares in the world’s leading AI chip designer pared their losses and lifted the firm’s valuation.
Apple briefly topped Nvidia as the world’s largest company by market cap during Friday’s trading session. (Eric Thayer/Bloomberg via Getty Images)
As of Friday’s closing bell, Nvidia’s market cap reclaimed the title of the world’s largest at $4.92 trillion, narrowly topping Apple’s $4.89 trillion. Apple shares rose 0.14% while Nvidia’s fell 2.21% during the trading session.
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The shifts in the pecking order of tech leaders in the so-called Magnificent 7 stocks comes as investors are looking at stocks beyond the obvious winners of the AI race like Nvidia, which has held the title of largest market cap for nearly a year. Apple’s move on Friday briefly made it the leader for the first time since April 2025.
Investors are considering the costs and benefits of companies spending to build AI models and data centers used to power them, as well as the means at their disposal to turn AI tools into meaningful revenue drivers.
“Apple was seen as a laggard in the AI race because it wasn’t spending to develop models, but now sentiment has changed,” said Toni Meadows, head of investment at BRI Wealth Management.
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“Apple is less exposed to capex intensity and better positioned to monetize AI via services, ecosystem lock-in, and hardware upgrades. The re-rating reflects confidence in earnings durability rather than speculative AI upside,” Meadows added.
The market is expected to see more options in the AI space become available for investors this year, with the anticipated IPOs of Anthropic and ChatGPT-maker OpenAI.
Apple CEO Tim Cook is stepping down from his role in September. (Win McNamee/Getty Images)
South Korea’s SK Hynix also listed on the Nasdaq earlier this month, bringing another memory chipmaker into the consideration of investors evaluating the AI space.
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Hynix’s move followed the success Micron has enjoyed this year that lifted the chipmaker above $1 trillion in market cap.
“The new entrants to the market could spread out the focus away from the pure Magnificent Seven names into a wider number of names,” said Benjamin Hall, VP of alpha research at Segal Macro Advisors.
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