EQT (OM:EQT) has just posted its H1 2026 scorecard, with H2 2025 revenue at about €1.4b and basic EPS of €0.33, alongside trailing 12 month revenue of €3.0b and basic EPS of €0.89 that follow a period of 24.3% earnings growth and a net profit margin of 35.2% versus 31.2% a year earlier. The company has seen revenue move from €1.4b in H2 2024 to €1.4b in H2 2025, while basic EPS shifted from €0.42 to €0.33 over the same half year comparison. This sets a clear backdrop for how the share price of SEK318.3 reflects the recent 24.3% earnings growth pace and the analyst expectations for further expansion. Overall, EQT is pairing sizeable revenue, solid EPS and a higher margin profile, which puts profitability at the center of how this earnings release is likely to be read.

See our full analysis for EQT.

With the headline numbers on the table, the next step is to see how EQT’s recent results line up with the prevailing market narratives and where the data challenges what investors might expect.

See what the community is saying about EQT

24.3% earnings growth shifts EQT’s story

• On a trailing 12 month basis, EQT earned €1.0b of net income on €3.0b of revenue, translating into 24.3% earnings growth and a 35.2% net margin compared with 31.2% a year earlier.
• Supporters of the bullish narrative point to this combination of faster earnings growth and high margins as evidence that EQT can turn its €140.7b of AUM at the start of 2025 H1 into stronger fee and carry income. However, the step up from a 5 year average earnings growth of 11.2% per year to 24.3% in the last year sets a higher bar for that bullish view to hold if growth normalises.

For investors who want to see how those bullish arguments stack up against the full narrative, including growth assumptions and risks, the community has laid it out in one place: 🐂 EQT Bull Case

Margins at 35.2% meet a richer P/E

• EQT’s trailing 12 month net margin of 35.2% sits alongside a trailing P/E of 32.3x compared with an industry and peer average of 19.2x, while a DCF fair value of SEK377.44 is above the current share price of SEK318.30.
• Bears argue that this premium P/E leaves little room for disappointment, and the data partly backs that concern because:
  • Even with trailing earnings growth of 24.3% and a 35.2% margin, EQT’s 32.3x P/E is well above the 19.2x peer level, so the stock is priced higher than many capital markets peers on current results.
  • At the same time, the DCF fair value of SEK377.44 compared with the SEK318.30 share price suggests some valuation cushion in the model, which sits uncomfortably next to the bearish focus on the headline multiple and shows why views on value are split.

Skeptical investors who want to see how these richer multiples tie into the cautious narrative can weigh up the detailed bear case in one place: 🐻 EQT Bear Case

Analysts’ 27.7% earnings forecasts vs today’s base

• Analysts expect EQT’s earnings to grow about 27.7% per year and revenue about 14.6% per year over the next three years, compared with the recent trailing 12 month record of €1.0b net income, €3.0b revenue and 24.3% earnings growth.
• Consensus style commentary suggests this growth profile could support the current premium P/E, and the tension for investors is that:
  • The share price of SEK318.30 sits below an analyst price target of SEK366.36, which assumes earnings and margins move higher from today’s 35.2% net margin base.
  • If actual growth were closer to EQT’s 5 year earnings growth rate of 11.2% per year rather than the 27.7% forecast, the gap between optimistic forecasts and realised performance would become central to how that target and today’s valuation are viewed.

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for EQT on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

After weighing EQT’s latest results and forecasts, the key question is how you assess the balance between risk and reward. Take a moment to review the figures, pressure test the assumptions, and then see how they line up with the 3 key rewards

See What Else Is Out There Beyond EQT

EQT’s premium 32.3x P/E, softer half year EPS of €0.33 versus €0.42, and reliance on ambitious 27.7% earnings forecasts all leave limited room for disappointment.

If that mix of rich pricing and forecast dependence feels tight, it is worth checking companies where pricing looks more grounded using the 231 high quality undervalued stocks.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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