Eurazeo Se · EURONEXT:RF
Eurazeo — Eurazeo Paris Ord — 9M 2025 Earnings Presentation
22 slides from Eurazeo's earnings presentation, Nov 6, 2025
Slide 1: 9M 2025 Trading Update
2025 9M 2025 TRADING UPDATE November 6, 2025
Slide 2: Strong Fundraising in 9M 2025
FUNDRAISING STRONG FUNDRAISING IN 9M 2025 Third party fundraising 9M 2025 facts Institutional LPs : €3.0BN €3.2BN In Q3, continued momentum in Private Debt and 0.1 Secondaries & Mandates Strong mix of Private Equity thanks to closings 1.7 in Buyout (EC V), Impact (EPBF) and Growth (EGF IV) in H1 1.9
Slide 3: Expanding Our Client Reach
FUNDRAISING EXPANDING OUR CLIENT REACH Increasing share of international in institutional LPs inflows Wealth Solution inflows 37% 59% 63% 74% €676m International International International International €629m 26% €566m 37% 45% 63% 42% 43% 1 39% 27% 32% 16% 20% 10% 2018-2020 2021-2022 2023-2024 9M 2
Slide 4: Steady Growth of Third-Party FPAUM Up +11% LTM
ASSETS UNDER MANAGEMENT STEADY GROWTH OF THIRD-PARTY FPAUM UP +11% LTM ASSETS UNDER MANAGEMENT FEE-PAYING ASSETS UNDER MANAGEMENT BALANCE SHEET THIRD PARTY BALANCE SHEET THIRD PARTY +5% 37.4 35.5 +7% 27.9 9.4 26.0 10.3 -9% 7.4 0% 7.4 +11% 28.0 25.2 +11% 20.5 18.6 9M 2024 9M 2025 9M 2024 9M 2025 4
Slide 5: Third-Party Management Fees Up +5%
MANAGEMENT FEES THIRD-PARTY MANAGEMENT FEES UP +5%1 MANAGEMENT FEES BALANCE SHEET THIRD-PARTY PRIVATE MARKETS THIRD-PARTY IMGP Third Parties : €312m +1% €316m • Strong inflows in Private Markets : +4%1 64 • planned rate step downs on older 63 Third-party IMGP vintages in Venture, Biotech and Buyout
Slide 6: Dynamic Deployments Across Key Sectors
ASSET ROTATION DYNAMIC DEPLOYMENTS ACROSS KEY SECTORS Amounts deployed ILLUSTRATIVE DEPLOYMENTS IN CATEGORY LEADERS IN KEY SECTORS €3.9BN 0.1 Business Services €3.2BN €3.0BN 0.2 AI & Tech 2.0 1.1 1.6 Environmental Solutions 1 Healthcare 1.8 1.6 1.7 Real Assets 9M 2023 9M 2024 9M 2025 Private Equity
Slide 7: Continuing Momentum on Realizations in 9M 2025
ASSET ROTATION CONTINUING MOMENTUM ON REALIZATIONS IN 9M 2025 Realizations Significant exits (illustrative) partial secondary NEW NEW €2.4BN BUYOUT €2.2BN1 0.8 NEW 0.6 GROWTH / VENTURE NEW €0.8BN BIOTECH 1.5 1.5 0.3 0.5 NEW PRIVATE DEBT 9M 2023 9M 2024 9M 2025 Private Equity Private Debt Real assets
Slide 8: Eurazeo Private Equity Distributions Outperform the Market
ASSET ROTATION EURAZEO PRIVATE EQUITY DISTRIBUTIONS OUTPERFORM THE MARKET EURAZEO ASSET ROTATION VS PE MARKET DISTRIBUTION YIELD EURAZEO GROUP PRIVATE EQUITY REALIZATIONS1 2 AVERAGE DISTRIBUTION YIELDS EURAZEO BALANCE SHEET REALIZATIONS1 GLOBAL PRIVATE EQUITY DISTRIBUTION YIELD3 2021-2024 EZ Group P
Slide 9: Successful Exits Across Venture and Growth Portfolios
FOCUS ON GROWTH & VENTURE EURAZEO HAS COMPLETED SUCCESSFUL EXITS ACROSS ITS VENTURE AND GROWTH PORTFOLIOS COMPANY (ILLUSTRATIVE) ACQUIRER DATE DEAL METRICS client-service • NiCE • july 2025 • c.1bn$ AI agents • 2.1x cash-on-cash in 2 years • >+100% upside from last mark AI-powered • Entrust • feb 20
Slide 10: On Track to Deliver Balance Sheet Asset Rotation
BALANCE SHEET ROTATION ON TRACK TO DELIVER BALANCE SHEET ASSET ROTATION BALANCE SHEET REALIZATIONS1 REALIZATIONS2 SINCE END 2023 (YTD) €2.2bn for the balance sheet c.27% of NAV 2023 11% 14% 2.1x average cash-on-cash multiple YTD2 6% +8% average upside on latest mark Ongoing processes for Q4 2025 202
Slide 11: Exits Confirming NAV Marks and Strong Returns
ASSET ROTATION EXITS CONFIRMING NAV MARKS AND STRONG RETURNS Uplift at exit1 2021 2022 2023 2024 2025 +17% +11% +10% +70% +0% +33% +36% +66% +103% +42% +22% +60% +10% +54% +17% +17% -18% +15% +42% +2% +1% >+100% +2% >+100% x4.4 H2 ANNOUNCED EXITS x3.7 x3.2 x3.2 x3.3 x3.0 x3.0 x3.0 >3x x2.8 x2.7 x2.7
Slide 12: Solid Performance of Portfolio Companies
PORTFOLIO COMPANIES SOLID PERFORMANCE OF PORTFOLIO COMPANIES BUYOUT1 GROWTH +6% Revenues2 +15% Total revenue 10% 8% c.+37% EGF IV 20% €7.4MDS Net portfolio value Capital (formerly MLBO) Sept. 30, 2025 REAL ASSETS Elevate (formerly SMBO) 12% 42% Brands 4% +0% Revenues – Hospitality3 Growth Real Asset
Slide 13: Delivering on Shareholder Return
SHAREHOLDER RETURN DELIVERING ON SHAREHOLDER RETURN 2024 2025e Cumulated DIVIDEND ~€0.2 bn ~€0.2 bn ~ €0.4 bn 2.42€ / share (+10%) 2.65 € / share (+10%) SHARE ~€0.2 bn ~€0.4 bn ~ €0.6 bn BUY-BACK ongoing1 c.12% of capital TOTAL ~€0.4 bn ~€0.6 bn ~ €1.0 bn 1. 13
Slide 14: Questions & Answers
VA | QUESTIONS & ANSWERS
Slide 15: Appendix
APPENDIX
Slide 16: Solid and Diversified Fundraising Pipeline for 2025
FUNDRAISING SOLID AND DIVERSIFIED FUNDRAISING PIPELINE FOR 2025 Flagship EPD VII ESF V EGF IV PME V FUNDS Additional closings Additional closings First closing Pre-marketing Thematic EPBF ESMI II EZORE Kurma Biofund IV FUNDS First closing Ongoing Ongoing Ongoing Eurazeo E.P.I.C. E.P.S.O. EEC III Cro
Slide 17: Assets Under Management
APPENDIX ASSETS UNDER MANAGEMENT In €M 30/09/20241 30/09/2025 Change (%) Private Equity 15,887 8,713 24,600 17,148 7,760 24,909 +1% Capital 3,222 4,415 7,637 3,575 3,691 7,266 -5% Elevate 1,506 852 2,358 1,764 957 2,721 +15% Brands 0 764 764 4 656 660 -14% Healthcare (Nov Santé) 418 0 418 396 1 397
Slide 18: Selected Funds Performance
APPENDIX SELECTED FUNDS PERFORMANCE1 Fund name Vintage Year Fund size (m€) o/w BS (€m) % invested Gross MOIC Gross IRR Gross DPI Private Equity 2021 2,992 1,737 53% 1.1x 4% 0.0x 2017 2,500 1,712 86% 1.9x 15% 1.1x 2021 1,049 400 74% 1.8x 30% 0.5x 2017 658 405 97% 1.8x 17% 0.8x 2019 1,084 250 89% 1.0x
Slide 19: Financial Agenda
APPENDIX FINANCIAL AGENDA March 11, 2026 May 13, 2026 FULL YEAR 2025 1st QUARTER 2026 Results Revenues 19
Slide 20: Analyst Coverage
APPENDIX EURAZEO CONTACTS www.eurazeo.com ANALYST COVERAGE Alpha Value Alexandre Desprez INVESTOR RELATIONS Autonomous Bernstein Isobel Hettrick Pierre Berenberg Christoph Greulich BERNARDIN CM-CIC Arnaud Palliez pbernardin@eurazeo.com +33 (0)1 44 15 16 76 Degroof Petercam Joren Van Aken Exane BNP P
Slide 21: Disclaimer
APPENDIX DISCLAIMER CONFIDENTIALITY DISCLAIMER This presentation (the “Presentation”) has been prepared by Eurazeo. The information contained in this Presentation is provided for information purposes only. Some of the information contained This presentation may not be distributed, published or repro
Slide 22: www.eurazeo.com
www.eurazeo.com in @