Financial Performance and KPIs

These full-year results include several measures which are not defined or recognised under International Financial Reporting Standards (IFRS), including financial and operating measures relating to the Group such as EBITDA, Underlying EBITDA, Underlying EBITDA Margin, Underlying FRE, Underlying FRE Margin, Total AUM and AUM, all of which the Group considers to be alternative performance measures (“APMs”).

Measuring our performance


Total AUM (€bn)

The total value of assets held in the Group’s funds plus the value of capital which has been committed but not yet drawn.

Fee Paying AUM (€bn)

The amount of capital held in funds, excluding CLOs, which the Group manages on behalf of investors and on which it charges fees.

Underlying EBITDA (£m)

EBITDA excluding expenses related to IPO and the acquisition of the EQT Credit business which were not incurred in the normal course of business and are not expected to reoccur.

Underlying FRE (£m)

Fee Related Earnings (FRE) is a measure of underlying profitability, excluding investment income.

Underlying FRE margin (%)

Underlying FRE margin is a measure of underlying profitability, excluding investment income.

Underlying PBT (£m)

A measure of profit after expenses, depreciation and amortisation, and financing, before tax, but excluding exceptional items and amortisation of intangibles.

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