Eurazeo Se · EURONEXT:RF
Eurazeo — Eurazeo Paris Ord — FY 2025 Earnings Presentation
46 slides from Eurazeo's earnings presentation, Mar 11, 2026
Slide 1: FY 2025 Results
FY 2025 RESULTS Paris, March 11th, 2026
Slide 2: Agenda
INTRODUCTION AGENDA 01 02 03 04 Key Fundraising Financial Q&A Highlights & Asset Rotation Results Session William KADOUCH-CHASSAING Christophe BAVIÈRE William KADOUCH-CHASSAING Co-CEO Co-CEO Co-CEO 2 - FULL YEAR 2025 RESULTS - 11.03.2026
Slide 3: Key Highlights
KEY HIGHLIGHTS YEAR IN REVIEW William KADOUCH-CHASSAING Co-CEO 3 - FULL YEAR 2025 RESULTS - 11.03.2026
Slide 4: 2025 - Another Year of Growth and Delivery
KEY HIGHLIGHTS 2025 - ANOTHER YEAR OF GROWTH AND DELIVERY STRONG GROWTH DYNAMIC ASSET ROTATION, IMPROVING TREND IN ASSET MANAGEMENT FUELLING CAPITAL RETURN IN VALUE CREATION Fundraising Management Fees1 balance sheet exits Slight decrease in value, excl. forex (-1.6%), in line with €5.5Bn (+28%) +10
Slide 5: On Track to Meet Our Mid Term Objectives
KEY HIGHLIGHTS ON TRACK TO MEET OUR MID TERM OBJECTIVES MID-TERM OBJECTIVES • Increasing share of inflow from international LPs Expand & scale up with share gain with existing clients and bluechip names Ahead 01 our client franchise • Sustained growth in Wealth Solution, expanding of expectations le
Slide 6: Reinforcing Our Leadership in Sustainability & Impact
KEY HIGHLIGHTS REINFORCING OUR LEADERSHIP IN SUSTAINABILITY & IMPACT IMPACT DECARBONIZATION MANAGEMENT PRIVATE EQUITY €6.1 BILLION dedicated to environmental and healthcare solutions, 28% Portfolio companies with validated SBTi targets, representing 16% of total AUM 1 exceeding the 2025 interim targ
Slide 7: Fundraising & Asset Rotation
Fundraising & Asset Rotation Christophe BAVIÈRE Co-CEO 7 - FULL YEAR 2025 RESULTS - 11.03.2026
Slide 8: A Record Year for Fundraising
FUNDRAISING A RECORD YEAR FOR FUNDRAISING +28% €5.5BN +23% +21% €4.3BN €3.5BN 2.7 €2.9BN 790 2.5 1.4 REAL ASSETS 1.0 PRIVATE DEBT 2.7 PRIVATE EQUITY 1.7 1.8 1.6 2022 2023 2024 2025 8 - FULL YEAR 2025 RESULTS - 11.03.2026
Slide 9: Eurazeo Continues to Win Market Share in a Dynamic European Market
FUNDRAISING EURAZEO CONTINUES TO WIN MARKET SHARE IN A DYNAMIC EUROPEAN MARKET GLOBAL AND EUROPEAN FUNDRAISING (Rebased 2019 = 100) €5.5bn EURAZEO +126% vs 2019 790 +33% EUROPEAN MARKET1 vs 2019 €2.4bn -7% GLOBAL MARKET2 vs 2019 2019 2020 2021 2022 2023 2024 2025 9 - FULL YEAR 2025 RESULTS - 11.03.2
Slide 10: Our Private Debt Franchise Is Highly Differentiated
FUNDRAISING OUR PRIVATE DEBT FRANCHISE IS HIGHLY DIFFERENTIATED EXAMPLE: DIRECT LENDING PROGRAMS BY SOURCE OF FINANCING Clear leadership on small to midcap ~€5 BN in direct lending BALANCE SHEET LPS IN FUND MANDATES & WEALTH Internationalize LP base €3.2BN & wealth solutions 790 Scale deployment wit
Slide 11: Expanding Our Institutional Client Franchise
FUNDRAISING EXPANDING OUR INSTITUTIONAL CLIENT FRANCHISE INCREASING SHARE OF INTERNATIONAL NUMBER OF INSTITUTIONAL CLIENTS # IN INSTITUTIONAL LPS INFLOWS +25% 22-25 37% 55% 63% 71% International International International International 500 456 427 37% 29% 396 45% +17% 63% 790 44% 43% 39% 27% +44% 2
Slide 12: Expanding Our Wealth Solution Franchise
FUNDRAISING EXPANDING OUR WEALTH SOLUTION FRANCHISE WEALTH SOLUTION INFLOWS AUM 922 M€ raised in 2025 Continued momentum for blockbuster evergreen 18% EPVE 3, surpassing €3.5bn in AUM (top 3 in Europe) CAGR 5.8 Success in Benelux and good traction in other European markets (Italy, Germany, Switzerla
Slide 13: Solid and Diversified Fundraising Pipeline in 26
FUNDRAISING SOLID AND DIVERSIFIED FUNDRAISING PIPELINE IN 2026 Flagship EPD VII ESF V EGF IV PME V INSTITUTIONAL Funds Direct Lending Secondaries Growth Buyout Thematic EPBF ESMI II EZORE ETIF II Funds Impact buyout Asset-based Real Estate Sust. infra. Art. 9 Art. 9 Art. 9 SOLUTIONS New “Prime” line
Slide 14: Fundraising Is Supported by Strong Performance of Last Vintages
FUNDRAISING FUNDRAISING IS SUPPORTED BY STRONG PERFORMANCE OF LAST VINTAGES1 Funds Key Selling Points EPD VII Direct Lending Top quartile track record (EPD VII 15% gross IRR, with very low default rates) ESF V Secondaries Strong gross IRR of ESF V (+14%) and ESF IV (+14%) EGF IV Good start of EGF IV
Slide 15: Dynamic Deployments Across Key Sectors
ASSET ROTATION DYNAMIC DEPLOYMENTS ACROSS KEY SECTORS AMOUNTS DEPLOYED ILLUSTRATIVE DEPLOYMENTS IN CATEGORY LEADERS IN KEY SECTORS €5.3BN Business €4.6BN Services €3.9BN AI & Tech 2.9 2.2 1.5 Environmental 1 Solutions 2.2 2.3 2.2 Healthcare 2023 2024 2025 Real Assets PRIVATE EQUITY PRIVATE DEBT REAL
Slide 16: Continuing Momentum on Realizations
ASSET ROTATION CONTINUING MOMENTUM ON REALIZATIONS REALIZATIONS SIGNIFICANT EXITS (ILLUSTRATIVE) €3.4BN BUYOUT €3.1BN1 1.1 GROWTH 1.2 / VENTURE €1.3BN GROWTH / VENTURE 0.4 2.2 1.9 PRIVATE 0.9 DEBT 2023 2024 2025 PRIVATE EQUITY PRIVATE DEBT REAL ASSETS 16 - FULL YEAR 2025 RESULTS - 11.03.2026
Slide 17: Realizations Materializing Strong Value Creation
ASSET ROTATION REALIZATIONS MATERIALIZING STRONG VALUE CREATION 2023 2024 2025 2026 Uplift +22% +60% +10% +54% +17% +17% -18% +15% +42% +2% +1% >+100% +2% >+100% +150% +150% at exit1 x3.2 x3.3 x3.0 x3.0 >3x x2.7 x2.7 2.7x x2.6 2.6x x2.2 x2.1 x2.1 Gross CoC 790 x1.6 X1.5 multiple x1.3 NEST VITAPROTEC
Slide 18: Financial Results
Financial Results William KADOUCH-CHASSAING Co-CEO 18 - FULL YEAR 2025 RESULTS - 11.03.2026
Slide 19: Double Digit Increase in Third Party and Fee-Paying AUM
FINANCIAL RESULTS DOUBLE DIGIT INCREASE IN THIRD PARTY AND FEE-PAYING AUM ASSETS UNDER MANAGEMENT FEE-PAYING ASSETS UNDER MANAGEMENT BALANCE SHEET THIRD PARTY BALANCE SHEET THIRD PARTY +8% 39.0 36.1 +8% -11% 8.9 28.0 9.9 25.9 -2% 7.2 7.4 +15% 30.1 26.2 +12% 20.7 18.5 2024 2025 2024 2025 19 - FULL YE
Slide 20: Third-Party Management Fees
FINANCIAL RESULTS THIRD-PARTY MANAGEMENT FEES FROM PRIVATE MARKETS UP +10% MANAGEMENT FEES 120 bps BALANCE SHEET THIRD PARTY PRIVATE MARKETS THIRD PARTY IMGP +3% Average fee rate 421 435 -2% 85 87 790 +7.5% Total 3rd party management fees 216 +10% 237 (excl. forex) 118 -5% 113 -5% Balance sheet mana
Slide 21: FRE Margin Up at ~36%
FINANCIAL RESULTS FRE MARGIN UP 40 BPS AT ~36% FEE RELATED EARNINGS1 (FRE, before finance costs & others) 35.5% 35.9% 34.4% 35-40% mid-term target • Already reaching announced range 30.7% +520 • Enhanced cash-flow profile bps 790 135 150 156 +3% 111 • Well contained opex 2022 2023 2024 2025 21 - FUL
Slide 22: EBITDA from Asset Management Up +12%
FINANCIAL RESULTS EBITDA FROM ASSET MANAGEMENT UP +12% FY 2024 FY 2025 in €M % change IFRS 10 IFRS 10 Management fees 421 435 +3% From 3rd party investors 303 322 +6%1 From Eurazeo Investment Activity 118 113 -5% Operating expenses (271) (279) +3% Fee Related Earnings (FRE), before finance costs & o
Slide 23: Slight Decrease in Value Creation in 2025 as per Guidance
FINANCIAL RESULTS SLIGHT DECREASE IN VALUE CREATION IN 2025 AS PER GUIDANCE, IMPROVING TREND IN H2 H1 H2 €7.9BN organic Perimeter forex organic forex and others -101 -171 -24 -25 €6.8BN -3.5% -0.7% -733 790 FY 2024 FY 2025 23 - FULL YEAR 2025 RESULTS - 11.03.2026
Slide 24: Share Buyback Creates Significant Value
FINANCIAL RESULTS SHARE BUYBACK CREATES SIGNIFICANT VALUE Portfolio Perimeter Share value creation & others buybacks -4% -9% +8% €107.8 -4.4 €102.1 -10.1 8.8 790 FY 2024 FY 2025 24 - FULL YEAR 2025 RESULTS - 11.03.2026
Slide 25: Solid Performance of Portfolio Companies
FINANCIAL RESULTS SOLID PERFORMANCE OF PORTFOLIO COMPANIES BUYOUT1 GROWTH +8% Revenues2 +14% Total revenue 8% +12% EBITDA2 7% >+40% EGF IV 22% 790 €6.8MDS Net portfolio value REAL ASSETS3 12% 40% Capital (formerly MLBO) 6% +3% Revenues - Hospitality Elevate (formerly SMBO) Brands +30% Revenues – Inf
Slide 26: Contribution of the Investment Activity Mainly Driven by Non Cash Elements
FINANCIAL RESULTS CONTRIBUTION OF THE INVESTMENT ACTIVITY MAINLY DRIVEN BY NON CASH ELEMENTS FY 2024 FY 2025 IN €M IFRS 10 IFRS 10 Change in fair value on the portfolio non-cash (323) (322) Other changes in fair value non-cash (9) (7) Performance fees in favor of the AM activity non-cash (13) (22) N
Slide 27: Group Profit & Loss
FINANCIAL RESULTS GROUP PROFIT & LOSS FY 2024 FY 2025 IN €M IFRS 10 IFRS 10 A Contribution of the Asset Management Activity 153 161 B Contribution of the Investment Activity (544) (552) Consolidated net income / (loss) (420) (416) Attributable to owners of the Company (430) (403) Attributable to own
Slide 28: Balance Sheet Realizations Up 44% at 1.5 Bn€
FINANCIAL RESULTS BALANCE SHEET REALIZATIONS UP 44% AT 1.5 BN€ % OF (N-1) PORTFOLIO VALUE REALIZED IN YEAR N 3,000 52% 2,500 2,000 28% 27% 27% 28% 23% 20% 1,500 790 18% 13% 11% 1,000 6% 500 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 REALIZATIONS EXITS IN M€ REALIZATIONS N/ PORTFOLIO VA
Slide 29: Good Track Record of Realizations for the First 2 Years of the Plan
FINANCIAL RESULTS GOOD TRACK RECORD OF REALIZATIONS FOR THE FIRST 2 YEARS OF THE PLAN €2.6bn in proceeds for the balance sheet ~31% of NAV 2023 ~2.1x average gross cash-on-cash multiple1 ~21% average gross IRR1 ~14% average upside on latest mark1 Strong 2026 pipeline 29 - FULL YEAR 2025 RESULTS - 11
Slide 30: Dividend per Share in 2026 Proposed at 2.92€, Up +10%
SHAREHOLDER RETURN DIVIDEND PER SHARE IN 2026 PROPOSED AT 2.92€, UP +10% +10% +10% 2.921 +10% +10% 2.65 Dividend Per Share proposed at the 2026 AGM 2.42 790 2.20 c.€200m distribution expected in 2026 c.€600m 2023 2024 2025 2026e Cumulated distribution over 2024-2026 30 - FULL YEAR 2025 RESULTS - 11.
Slide 31: ~€200M Share Buyback Program in 2026, €800M Since Beginning of Plan
SHAREHOLDER RETURN ~€200M SHARE BUYBACK PROGRAM IN 2026, €800M SINCE THE BEGINNING OF PLAN Active buyback program: • ~600 M€ SBB over 2024-2025 (~12% of shares) 9% 25% • ~200 M€ SBB for 2026 (~4% of shares) • ~25% of total shares (~45% of free-float) expected to be bought over 2024-2027e 4% Pace of
Slide 32: Conclusion
CONCLUSION CONCLUSION WE ARE BUILDING A LEADER 01 IN THE ATTRACTIVE PRIVATE MARKETS INDUSTRY WE DELIVER STEADY EARNINGS GROWTH 02 THANKS TO REVENUE UPLIFT AND DISCIPLINED COST MANAGEMENT WE RETURN SIGNIFICANT CAPITAL TO SHAREHOLDERS, 03 ACCELERATING OUR SHIFT TOWARDS AN ASSET LIGHT BUSINESS MODEL 32
Slide 33: Questions & Answers
Questions & Answers 33 - FULL YEAR 2025 RESULTS - 11.03.2026
Slide 34: Appendices
APPENDICES 34 - FULL YEAR 2025 RESULTS - 11.03.2026
Slide 35: Value Creation in Buyout Offset by Forex Impact
APPENDIX VALUE CREATION IN BUYOUT OFFSET BY FOREX IMPACT # of 2025 2025 Strategy investments NAV (€BN) VALUE CREATION Capital 11 2.7 0% excl forex Elevate 17 0.5 +14% +14% Brands US 7 0.4 excl forex Brands Europe 3 0.2 +10% +10% Secondaries1 2 0.1 +3% +3% Others1 5 0.04 ns ns BUYOUT 45 €4.0BN -2% +1
Slide 36: Marginal Adjustments of Growth Portfolio
APPENDIX MARGINAL ADJUSTMENTS OF GROWTH PORTFOLIO # of 2025 2025 Strategy investments NAV (€BN) VALUE CREATION Top assets 4 0.9 -60% Average discount to latest financing round Other assets1 7 0.2 790 EGF III Fund 16 0.2 1.2x Average Cash-on-Cash EGF IV Fund 7 0.1 +10% multiple GROWTH2 34 €1.5BN -7%
Slide 37: Promising Start of Sustainable Infrastructure, Adjustments on Real Estate
APPENDIX PROMISING START OF SUSTAINABLE INFRASTRUCTURE ADJUSTEMENTS ON REAL ESTATES # of 2025 2025 Stable performance Strategy investments NAV (€BN) VALUE CREATION of hotels in a more difficult environment Real Estate 14 0.8 790 Further adjustments Sustainable 8 0.08 +9% on office buildings Infrastr
Slide 38: Growing Assets Under Management
APPENDIX GROWING ASSETS UNDER MANAGEMENT ASSETS UNDER MANAGEMENT 5.5 0.4 39.0 AUM at €39BN 36.1 -2.3 -0.8 UP 8% 790 3rd party AUM UP 15% 77% of total AUM New BS Taildown Value FY 2024 Fundraising commitments & redemptions Creation FY 2025 38 - FULL YEAR 2025 RESULTS - 11.03.2026
Slide 39: Realizations Enabled Strong Shareholder Return While Keeping a Low Gearing
CASH FLOWS AND NET DEBT REALIZATIONS ENABLED STRONG SHAREHOLDER RETURN WHILE KEEPING A LOW GEARING €1.5Bn €0.8Bn NET DEBT END 2025 960 M€ Eurazeo SE 170 M€ IMGP 790 68 M€ net cash in other subsidiaries €0.6Bn LOW GEARING 16% of total Equity >€0.1Bn Cash Reinvestments Shareholder Deleveraging realiza
Slide 40: Assets Under Management
APPENDIX ASSETS UNDER MANAGEMENT In €M 31/12/20241 31/12/2025 Change (%) Private Equity 16,433 8,314 24,746 18,419 7,296 25,715 +4% Capital (ex MLBO) 3,270 4,247 7,517 3,650 3,483 7,133 -5% Elevate (ex SMBO) 1,649 829 2,478 2,654 822 3,476 +40% Brands 3 754 757 9 567 576 -24% Healthcare (Nov Santé)
Slide 41: 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 1,734 47% 1.1x 3% 0.0x 2017 2,500 1,712 86% 1.9x 15% 1.1x 2021 1,049 200 81% 1.8x 29% 0.4x 2017 658 203 93% 1.9x 16% 1.0x 2025 662 250 45% 1.2x 1
Slide 42: Shareholder Base & Governance
APPENDIX SHAREHOLDER BASE & GOVERNANCE Famille Treasury Management & Guyot shares employés 0.40% 5.89% 1.43% Famille Richardson CORPORATE GOVERNANCE 4.18% Separation of the roles of Chairman and co-CEOs Famille Solages 5.14% Independence of the Supervisory Board: 6 independent members out of 12 Fami
Slide 43: Financial Agenda
APPENDIX FINANCIAL AGENDA May 13, 2026 July 23, 2026 November 05, 2026 1ST QUARTER 2026 HALF YEAR 2026 3RD QUARTER 2025 Revenues Results Revenues 43 - FULL YEAR 2025 RESULTS - 11.03.2026
Slide 44: Analyst Coverage
APPENDIX EURAZEO CONTACTS www.eurazeo.com INVESTOR RELATIONS ANALYST COVERAGE Pierre BERNARDIN Alpha Value Alexandre Desprez pbernardin@eurazeo.com Autonomous Bernstein Isobel Hettrick +33 (0)1 44 15 16 76 Berenberg Christoph Greulich CM-CIC Arnaud Palliez & Alexandre Gérard EURAZEO SHARES Exane BNP
Slide 45: Disclaimer
APPENDIX DISCLAIMER CONFIDENTIALITY This presentation (the “Presentation”) has been prepared by Eurazeo. This presentation may not be distributed, published or reproduced, in full or in part, and the information contained herein must not be released by its recipients to third parties. The recipients
Slide 46: www.eurazeo.com
www.eurazeo.com 46 - FULL YEAR 2025 RESULTS - 11.03.2026