According to the SAP S/4HANA Finance for Group Reporting Associates documents1, the tasks that must be run before the activity based investment & equity elimination are:

Calculate net income: This task calculates the net income of each consolidation unit based on their income statement items. The net income is used to determine the share of profit or loss of each parent unit in their subsidiaries.

Calculate group share: This task calculates the group share percentage of each parent unit in their subsidiaries based on their ownership percentage and consolidation method. The group share percentage is used to determine the amount of investment and equity elimination.