EQT (EQT) Company Report

Shares of EQB Inc. jumped over 11% intraday after announcing its agreement to acquire PC Financial from Loblaw, marking its largest one-day gain in over a year despite missing Q4 2025 earnings expectations.
The acquisition, which includes President’s Choice Bank and related insurance entities, is expected to significantly expand EQB’s customer base and assets, supporting its strategy to build a more scalable banking franchise.
Simultaneously, EQT Corporation’s stock reached near-record highs, trading at an all-time peak of $61.26, driven by strong margins and optimism around LNG and AI-powered energy demand amid a 30% year-to-date gain.
Goldman Sachs raised its 12-month price target for EQT from $66 to $70, maintaining a Buy rating, reflecting bullish sentiment despite regulatory and decarbonization risks.
RTX Corp. saw a modest stock increase but remained 5.52% below its 52-week high of $181.31, highlighting mixed market dynamics within the energy and financial sectors.

1 day ago

Bloomberg

EQT to Acquire Majority Stake in DESOTEC

EQT

M&A

EQT Future fund, managed by EQT AB, will acquire a majority stake in DESOTEC from Blackstone, which will retain a minority share.
The deal, co-invested by German family offices Athos and Merckle, is expected to close in H1 2026.
DESOTEC, headquartered in Roeselare, Belgium, operates the world's largest fleet of mobile activated carbon filters under a circular Filtration-as-a-Service model, serving over 2,000 customers across Europe and North America.
EQT and Blackstone plan to support DESOTEC’s continued European growth and accelerate its North American expansion following DESOTEC’s 2023 market entry.

Nov 21, 2025, 12:22 AM

Bloomberg

Zelestra secures tax equity funding for Jasper County solar project

EQT

New Projects/Investments

Zelestra secured $60 million in tax equity funding from Stonehenge Capital for its 81 MWdc (60 MWac) Jasper County Solar Project.
The project, under a long-term environmental attributes purchase agreement with Meta, is expected to be fully operational in Q4 2025.
This milestone follows a $113 million project financing closed with Banco Santander in April 2025.
Zelestra is advancing 1 GW of fully-contracted projects toward construction and maintains a 32 GW global carbon-free portfolio, backed by EQT’s €266 billion AUM.

Oct 30, 2025, 2:00 PM

Press Release

EQT affiliate proposes $3.4B takeover of AUB Group

EQT

M&A

Takeover Bid

Arbutus Pte. Limited, an affiliate of Danish private equity firm EQT, has made an unsolicited takeover proposal for AUB Group valuing it at approximately A$5.25 billion (US$3.4 billion) or A$45 per share, representing a 25–40% premium over recent trading.
AUB’s board has granted six-week exclusivity and due diligence access beginning October 8, though the offer remains non-binding and indicative.
The proposal, structured as a scheme of arrangement for a 100% acquisition, drove a 12% surge in AUB shares and more than doubled trading volume to 447,000 shares traded in a single day.
EQT, via Arbutus, manages approximately €267 billion (US$474.3 billion) in assets under management as of its latest quarterly report.

Oct 28, 2025, 12:10 AM

Morningstar

EQT reports Q3 2025 results

EQT

Earnings

Gas Marketing: second largest marketer with 9 MMBtu/d gross sales in 2024, trailing only Tenaska (10)
LNG offtake agreements have breakeven spread of $4.00–$4.50 vs. Henry Hub; cost structure impact per 1 MTPA is $0.17 at current strip, improving $0.02 per $1 spread
Global gas demand forecast to reach ~650 Bcf/d by 2050, with international demand growing from ~325 Bcf/d in 2025E to ~525 Bcf/d in 2050
Net debt reduced to $7.9 B as of 9/30/2025, with targets of $5.8 B by YE25 and $4.2 B by YE26
2025–2029 cumulative FCF of $10 B at $2.75/MMBtu and $26 B at $5.00/MMBtu, outpacing peers

Oct 22, 2025, 2:00 PM

Presentation

EQT reports Q3 2025 results and outlook

EQT

Earnings

Dividends

Guidance Update

Generated $484 million of free cash flow in Q3, bringing four‐quarter cumulative FCF to over $2.3 billion at an average gas price of $3.25/MMBtu.
Net debt ended just under $8 billion despite ~$600 million of cash outflows for the Olympus deal and other items; targets a maximum of $5 billion total debt and has capacity for buybacks.
Increased the base dividend by 5% to $0.66 per share (annualized), marking an 8% CAGR since 2022.
Closed the Olympus Energy acquisition on July 1, completing full integration in 34 days and achieving $2 million per well cost savings in the Deep Utica.
Provided 2026 guidance: maintain production at the 2025 exit rate, hold maintenance CapEx in line with 2025 plus Olympus impact, and expect maintenance CapEx to decline toward $2 billion later this decade.

Oct 22, 2025, 2:00 PM

Transcript

EQT reports Q3 2025 results

EQT

Earnings

M&A

Dividends

Generated $484 million of free cash flow in Q3 and over $2.3 billion in the past four quarters at an average gas price of $3.25/MMBtu.
Closed the Olympus Energy acquisition on July 1 and integrated upstream and midstream operations in 34 days, achieving 30% faster Deep Utica drilling and $2 million per well cost savings.
MVP Boost open season was 100% subscribed and upsized by 20% to over 600,000 dekatherms/day, positioning MVP to reach 2.6 Bcf/day capacity upon full expansion.
Ended Q3 with net debt just under $8 billion, targeting $5 billion; raised the base dividend by 5% to $0.66/share, marking an 8% CAGR since 2022.
Entered offtake agreements for LNG volumes starting in 2030–31; expect minimal 2025 cash taxes (saving ~$100 million) and plan Q4 curtailments of 15–20 BCFE in guidance.

Oct 22, 2025, 2:00 PM

Transcript

EQT reports Q3 2025 results

EQT

Earnings

Guidance Update

Reported total sales volume of 634 Bcfe (versus 581 Bcfe in Q3 2024) with an average realized price of $2.76/Mcfe.
Spent $618 million on capital expenditures, 10% below the midpoint of guidance due to efficiency gains.
Achieved a record low operating cost of $1.00/Mcfe, 7% below guidance midpoint driven by lower gathering, LOE and SG&A expenses.
Generated $1,018 million of net cash from operations and $484 million of free cash flow attributable to EQT, compared to a free cash flow loss in Q3 2024.
Exited Q3 with $8.2 billion of total debt and $8.0 billion of net debt; issued Q4 2025 guidance of 550–600 Bcfe volumes and $635–735 million capex.

Oct 21, 2025, 8:31 PM

8-K

EQT reports Q3 2025 results

EQT

Earnings

Dividends

New Projects/Investments

Production reached 634 Bcfe, at the high end of guidance, driven by strong well performance and compression project outperformance.
Per unit operating costs fell to a record low $1.00 per Mcfe (7% below guidance midpoint), while realized pricing differentials tightened by $0.12.
The company generated $1,018 million of operating cash flow and $484 million of free cash flow attributable to EQT.
Rapidly integrated Olympus Energy assets in 34 days, upsized the MVP Boost pipeline to 600 MDth/d, and secured LNG offtake agreements totaling 4.5 mtpa beginning 2030–31.
Increased the annualized dividend by 5% to $0.66 per share, marking ~8% CAGR since 2022.

Oct 21, 2025, 8:30 PM

Press Release

EQT plans $250 billion US investment expansion

EQT

New Projects/Investments

M&A

EQT will invest over $250 billion in the U.S. over the next five years, marking a significant increase from its historical investment levels across private capital, infrastructure and real estate.
The firm is exiting the multifamily and office markets due to fundraising challenges, refocusing on industrial real estate in the U.S..
Recent buys include a 4.5 million sq ft industrial portfolio across the Southeast, Midwest and Texas, plus a 1 million sq ft distribution center in Napa Valley.
Expansion in the secondaries market is underpinned by early-stage talks with Coller Capital, HarbourVest Partners and Pantheon, via organic growth or acquisitions.
U.S. strategy also involves participation in InfraSix, one of the largest infrastructure funds, reflecting confidence in large-scale deals.

Oct 21, 2025, 2:12 PM

Bloomberg

Earnings Transcripts

Quarterly earnings call transcripts for EQT.

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