Eurazeo Se · EURONEXT:RF
Eurazeo — H1 2026 Earnings Presentation
46 slides from Eurazeo's earnings presentation, Jul 23, 2026
Slide 1: H1 2026 Results
H1 2026 RESULTS Paris, July 23rd, 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 - H1 2026 RESULTS - 23.07.2026
Slide 3: Key Highlights: H1 2026 in Review
KEY HIGHLIGHTS H1 2026 IN REVIEW William KADOUCH-CHASSAING Co-CEO 3 - H1 2026 RESULTS - 23.07.2026
Slide 4: H1 2026 Results Showing Very Good Momentum
KEY HIGHLIGHTS H1 2026 RESULTS SHOWING VERY GOOD MOMENTUM ASSET MANAGEMENT BALANCE SHEET SHAREHOLDER RETURN SUCCESSFUL SCALING, DRIVING IMPROVING VALUE CREATION ON TRACK TO RETURN EARNINGS AND CASH FLOW GROWTH WHILST SHIFTING BUSINESS MODEL €2.3 BN BY 2027 Momentum in fundraising Improving value cre
Slide 5: Fundraising & Asset Rotation
Fundraising & Asset Rotation Christophe BAVIÈRE Co-CEO 5 - H1 2026 RESULTS - 23.07.2026
Slide 6: Strong Fundraising Momentum in H1 2026
FUNDRAISING STRONG FUNDRAISING MOMENTUM IN H1 2026 Third party fundraising H1 2026 facts €2.3BN €2.1BN Final close of EPD VII (Direct Lending) REAL ASSETS Final close of ESF V (Secondaries) 0,9 1,5 First close of PME V (Buyout) PRIVATE DEBT Continued success of evergreen EPVE 3 vehicle with positive
Slide 7: Successfully Scaling Our Strategies
FUNDRAISING SUCCESSFULLY SCALING OUR STRATEGIES DIRECT LENDING PROGRAM SECONDARIES PROGRAM LOWER-MID BUYOUT FUND +70% +130% €5.5bn €2.3bn expected €3.2bn €1.0bn €1.0bn €1.0bn (1st closing) EPD VI EPD VII Secondaries IV Secondaries V PME IV PME V (2021) (2024) (2020) (2024) (2021) (2026) Institutiona
Slide 8: Expanding Our Institutional Client Franchise
FUNDRAISING EXPANDING OUR INSTITUTIONAL CLIENT FRANCHISE INCREASING SHARE OF INTERNATIONAL NUMBER OF INSTITUTIONAL CLIENTS # IN INSTITUTIONAL LPS INFLOWS 37% 55% 63% 69% 531 International International International International 500 456 427 37% 31% 396 45% 63% 790 38% 43% 39% 27% 31% 16% 20% 10% 20
Slide 9: Growing AUM in Wealth Solution
FUNDRAISING GROWING AUM IN WEALTH SOLUTION WEALTH SOLUTION AUM Continued momentum for blockbuster evergreen 17% EPVE 3, surpassing €3.7bn in AUM CAGR 5,8 6,0 5,0 Limited redemptions, in line with historical average 4,3 3,5 790 Roll-out of new evergreen line Eurazeo Prime for International markets: •
Slide 10: 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 (Closed) (Closed) (1st Close) (1st Close) Art. 9 Art. 9 Art. 9 Thematic EPBF ESMI II Biofund IV Future Industries EZORE ETIF II Funds Impact
Slide 11: Resilient Asset Rotation
ASSET ROTATION RESILIENT ASSET ROTATION Asset Management deployments Asset Management realizations €2.2BN REAL ASSETS 0,1 €1.9BN €1.0BN 0,1 0,2 €0.7BN PRIVATE DEBT 1,1 1,2 0,3 0,8 PRIVATE EQUITY 0,9 0,4 0,6 H1 2025 H1 2026 H1 2025 H1 2026 ~€6.6BN1 DRYPOWDER FROM 3rd PARTY (+20%) 11 - H1 2026 RESULTS
Slide 12: Financial Results
Financial Results William KADOUCH-CHASSAING Co-CEO 12 - H1 2026 RESULTS - 23.07.2026
Slide 13: 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 +9% 40.1 36.8 8,9 +6% 29.4 -4% 27.8 9,3 -14% 6,4 7,5 +13% 31,1 27,5 23,0 20,3 +13% H1 2025 H1 2026 H1 2025 H1 2026
Slide 14: Third-Party Management Fees Up +14%
FINANCIAL RESULTS THIRD-PARTY MANAGEMENT FEES UP +14%1 MANAGEMENT FEES +6%1 202 213 +2%1 34 35 +14.4% 109 +18% 790 129 total 3rd party management fees ~120 bps 58 -14% 50 on private markets H1 2025 PF H1 2026 BALANCE SHEET THIRD PARTY PRIVATE MARKETS THIRD PARTY IMGP 14 - H1 2026 RESULTS - 23.07.202
Slide 15: Business Transformation Progressing Well
FINANCIAL RESULTS BUSINESS TRANSFORMATION PROGRESSING WELL AUM evolution (€bn) Management fees (%) growth (%) 100% 100% €40bn +16% €35bn 69% 77% 78% +30% 3rd Party 69% Balance 31% 31% 22% -17% 23% Sheet 2023 H1 2026 2023 H1 2026 15 - H1 2026 RESULTS - 23.07.2026
Slide 16: Earnings Momentum Drives Growth in Operating Cash Flow
FINANCIAL RESULTS EARNINGS MOMENTUM COMBINED WITH BUSINESS TRANSFORMATION DRIVES GROWTH IN OPERATING CASH FLOW FRE EBITDA OP FCF1 +20% +11% +74% 100 54 78 54 44,7% 36,6% 84 31 31 70 34,6% 40,4% H1 25 H1 26 H1 25 H1 26 H1 25 H1 26 16 - H1 2026 RESULTS - 23.07.2026
Slide 17: Contribution of the Asset Management Activity
FINANCIAL RESULTS CONTRIBUTION OF THE ASSET MANAGEMENT ACTIVITY HY 2025 HY 2026 % change in €M PF l-f-l Management fees 202 213 +6%1 From 3rd party investors 144 163 +14%2 From Eurazeo Investment Activity 58 50 -14% Operating expenses (132) (135) +2% Fee Related Earnings (FRE), before finance costs
Slide 18: Portfolio Value Creation Resumed in H1 2026
FINANCIAL RESULTS PORTFOLIO VALUE CREATION RESUMED IN H1 2026 +0.3% BALANCE SHEET PORTFOLIO VALUE (20M€) change in fair value +1.0% €6.9BN €6.8BN €6.8BN + 0.2% + 1.0% 0.0% -0.3% FY 2025 Buyout1 Growth Private Real Portfolio Perimeter H1 2026 & Venture Debt assets at constant & other2 perimeter 18 H1
Slide 19: Share Buyback Adding +2% to Portfolio Value per Share
FINANCIAL RESULTS SHARE BUYBACK IS ADDING +2% TO PORTFOLIO VALUE PER SHARE BALANCE SHEET PORTFOLIO VALUE PER SHARE +3.3% +0.3% +2.0% +1.0% €105.4 €102.1 Value Impact Perimeter FY 2025 H1 2026 creation of SBB & other1 19 H1 2026 RESULTS - 23.07.2026
Slide 20: Solid Performance of Portfolio Companies
FINANCIAL RESULTS SOLID PERFORMANCE OF PORTFOLIO COMPANIES BUYOUT4 GROWTH +4 % Revenues +22% Revenues 22% +7 % EBITDA +>50% EGF IV Net Portfolio Value REAL ASSETS 14% 57% €6.9BN2 +6% EBITDA - Hospitality5 8% Strong growth in Infrastructure 1. 4. 5. 2. 3. 20 - H1 2026 RESULTS - 23.07.2026
Slide 21: Contribution of the Investment Activity
FINANCIAL RESULTS CONTRIBUTION OF THE INVESTMENT ACTIVITY HY 2025 HY 2026 IN €M IFRS 10 IFRS 10 Change in fair value on the portfolio non-cash (273) +20 Other changes in fair value non-cash 17 6 Performance fees in favor of the AM activity non-cash (2) (3) Net unrealized and realized capital (+/-),
Slide 22: Group Profit & Loss
FINANCIAL RESULTS GROUP PROFIT & LOSS HY 2025 PF HY 2026 IN €M IFRS 10 IFRS 10 A Contribution of the Asset Management Activity 62 86 B Contribution of the Investment Activity (364) (69) Consolidated net income / (loss) (305) (2) Attributable to owners of the Company (311) (6) 22 - H1 2026 RESULTS -
Slide 23: Robust Pipeline of Balance Sheet Realizations for 2026
FINANCIAL RESULTS ROBUST PIPELINE OF BALANCE SHEET REALIZATIONS FOR 2026 % OF (N-1) PORTFOLIO VALUE REALIZED IN YEAR N H1 2026 realizations 3 000 52% • ~ €0.3bn • ~4.3% of N-1 NAV 2 500 • Good H2 pipeline 2 000 28% 27% 27% 28% 23% 20% 1 500 790 18% 13% 11% 1 000 6% 500 H1 0 2015 2016 2017 2018 2019
Slide 24: Realizations Materializing Uplift on Latest Marks
ASSET ROTATION REALIZATIONS MATERIALIZING UPLIFT ON LATEST MARKS 2023 2024 2025 H1 2026 Uplift +22% +60% +10% +54% +17% +17% -18% +15% +42% +2% +1% >+100% +2% >+100% +150% +150% 0% >150% at exit1 up to x3.2 x3.3 5x 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 1,5x mu
Slide 25: On Track to Return €2.3Bn to Shareholders Over 2024-2027E
SHAREHOLDER RETURNS ON TRACK TO RETURN €2.3BN TO SHAREHOLDERS OVER 2024-2027E SHAREHOLDER RETURNS OVER THE STRATEGIC PLAN (€bn) €1.3 Bn 0,6 Cumulated ordinary €1.0 Bn dividends expected ordinary 0,2 dividends1 Cumulated Share buybacks Share buybacks 0,7 (~14% of shares) 0,8 (~11% of shares) + specia
Slide 26: Significant Upside Potential to Current Market Valuation
VALUATION SIGNIFICANT UPSIDE POTENTIAL TO CURRENT MARKET VALUATION - Assessed by the market based on earnings Asset Management potential Activity1 ~ 30€1-40€ / share - Indicative valuation based on median EBITDA multiple of European peers (10x) on LTM figures1 Balance sheet - Marked-to-market biannu
Slide 27: Questions & Answers
Questions & Answers 27 - H1 2026 RESULTS - 23.07.2026
Slide 28: Appendices
APPENDICES 28 - H1 2026 RESULTS - 23.07.2026
Slide 29: Our Balance Sheet Is Primarily Invested in Our Core Programs
APPENDIX OUR BALANCE SHEET IS PRIMARILY INVESTED IN OUR CORE PROGRAMS ALONGSIDE OUR LIMITED PARTNERS €0.5Bn €0.5Bn Others1 Brands Elevate • As investor in LP programs (~65%) 7% • Capital 7% Growth • Elevate €1.5Bn 22% • Growth Funds • Venture • Secondaries €6.9Bn • Private Debt • Infrastructure Net
Slide 30: Our Current Balance Sheet Portfolio Is Very Granular
APPENDIX OUR CURRENT BALANCE SHEET PORTFOLIO IS VERY GRANULAR Weight of TOP underlying assets in gross portfolio value 83% 80% 75% 66% c.70 assets at > 0.1% 48% of portfolio value >600 underlying 30% assets in total 8% TOP 1 TOP 5 TOP 10 TOP 20 TOP 30 TOP 40 TOP 50 Average weight 8% 5.6% 3.6% 1.9% 0
Slide 31: Our Top Holdings Are High-Quality Companies in Diversified Sectors
APPENDIX OUR TOP HOLDINGS ARE HIGH-QUALITY COMPANIES IN DIVERSIFIED SECTORS TOP 1 to 10 assets by descending year of investment TOP 11 to 20 assets by descending year of investment Investment Investment Portfolio company Strategy Sector Portfolio company Strategy Sector year year Eres Capital Financ
Slide 32: Average Duration of Our Portfolio Reflects Ability to Rotate Assets
APPENDIX AVERAGE DURATION OF OUR PORTFOLIO REFLECTS OUR ABILITY TO ROTATE ASSETS AND FUTURE VALUE CREATION POTENTIAL Age of BS portfolio by strategy1 – as of jun 30, 2026 6,6 5,8 5,4 Weighted average 4,3 4,4 4.5 years Elevate Capital Growth2 Brands Real Estate 32 - H1 2026 RESULTS - 23.07.2026
Slide 33: We Apply a Prudent Financial Policy Across the Board
APPENDIX WE APPLY A PRUDENT FINANCIAL POLICY ACROSS THE BOARD Key financial characteristics of underlying portfolio companies Buyout BUYOUT GROWTH REAL ESTATE Average senior leverage ~45% Loan-to-Value < 5x Significant cash runway (~3 years on average) Interest rates covered at Interest rates hedged
Slide 34: We Follow a Strict Valuation Process
APPENDIX WE FOLLOW A STRICT VALUATION PROCESS VALUATION FRAMEWORK VALUATION PROCESS IPEV Guidelines International Private Equity & Venture Capital Valuation INTERNAL VALUATION COMMITTEES 1 including investment and portfolio monitoring teams, – Industry best practices for valuing private equity and a
Slide 35: Buyout Portfolio
APPENDIX BUYOUT PORTFOLIO # of H1 2026 H1 2026 Strategy investments NAV (€BN) VALUE CREATION Capital 12 2.7 +1% Elevate 17 0.5 +2% Brands US 7 0.4 -2% Brands Europe 2 0.1 -2% Secondaries1 3 0.1 -10% Others1 5 0.08 ns BUYOUT 45 €4.0BN +0.2% 35 - H1 2026 RESULTS - 23.07.2026
Slide 36: Growth Portfolio
APPENDIX GROWTH PORTFOLIO # of H1 2026 H1 2026 Strategy investments NAV (€BN) VALUE CREATION Top assets 3 1.0 -60% Average discount to latest financing round Other assets1 8 0.2 790 EGF III Fund 16 0.1 1.2x Average Cash-on-Cash EGF IV Fund 7 0.15 +30% multiple GROWTH2 34 €1.5BN +1% 36 - H1 2026 RESU
Slide 37: Real Assets
APPENDIX REAL ASSETS # of H1 2026 H1 2026 Strategy investments NAV (€BN) VALUE CREATION Real Estate 15 0.78 790 Sustainable 8 0.08 +1% Infrastructure REAL ASSETS 23 €0.9BN -0.3% 37 - H1 2026 RESULTS - 23.07.2026
Slide 38: Assets Under Management
APPENDIX ASSETS UNDER MANAGEMENT ASSETS UNDER MANAGEMENT 39.0 2.3 +0.3 40.1 AUM at €40BN -1.4 UP 2.8% 790 3rd party AUM UP 3% 78% of total AUM Taildown Value FY 2025 Fundraising & redemptions Creation HY 2026 38 - H1 2026 RESULTS - 23.07.2026
Slide 39: Robust Financial Structure
APPENDIX ROBUST FINANCIAL STRUCTURE TOTAL €6.3BN Equity As of end of June 2026 Liquidity Revolving Credit Facility €1.43BN €1.5BN NET Financial debt1 o/w €950m drawn As of end of June 2026 o/w €500m bond issued in April with a BBB rating Bilateral lines €0.4BN €1.36BN NET Financial debt1 Fully undra
Slide 40: Assets Under Management
APPENDIX ASSETS UNDER MANAGEMENT In €M 31/12/2025 30/06/2026 Change (%) Private Equity 18,419 7,296 25,715 18,790 7,314 26,105 2% Capital (ex MLBO) 3,650 3,483 7,133 3,761 3,471 7,231 1% Elevate (ex SMBO) 2,654 822 3,476 2,744 811 3,555 2% Brands 9 567 576 0 511 511 -11% Healthcare (Nov Santé) 382 1
Slide 41: Selected Funds Performance
APPENDIX SELECTED FUNDS PERFORMANCE1 o/w BS Gross Gross Gross Strategy Fund name Vintage Year Fund size (€m) % invested (€m) MOIC IRR DPI Private Equity EC V 2021 2 992 1 737 58% 1.1x 0% 0.0x Pluto (Planet) 2021 985 465 87% 1.5x 9% 0.0x CAPITAL ECAF B 2020 666 224 65% 1.3x 14% 0.5x EC IV 2017 2 500
Slide 42: Shareholder Base & Governance
APPENDIX SHAREHOLDER BASE & GOVERNANCE Treasury Management Famille & employés Guyot shares 7.65% 1.55% 0.39% CORPORATE GOVERNANCE Famille Richardson Separation of the roles of Chairman 4.26% 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 November 05, 2026 March 10, 2027 3RD QUARTER 2026 FULL YEAR 2026 Revenues Results 43 - H1 2026 RESULTS - 23.07.2026
Slide 44: Analyst Coverage and Contacts
APPENDIX EURAZEO CONTACTS www.eurazeo.com INVESTOR RELATIONS ANALYST COVERAGE Pierre BERNARDIN Alpha Value Alexandre Desprez pbernardin@eurazeo.com Autonomous Bernstein in transition +33 (0)1 44 15 16 76 Berenberg Christoph Greulich CM-CIC Arnaud Palliez & Alexandre Gérard EURAZEO SHARES Exane BNP P
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 - H1 2026 RESULTS - 23.07.2026