Eurazeo SE · EURONEXT:RF
Eurazeo — 9M 2026 Earnings Presentation
23 slides from Eurazeo's earnings presentation, Nov 5, 2026
Slide 1: 9M 2026 Trading update
9M 2026 Trading update Paris, November 5th, 2026
Slide 2: Key Highlights
KEY HIGHLIGHTS Strategic ambitions 9M 2026 trading update STRONG GROWTH IN ASSET MANAGEMENT 1 Scale our Asset Manager Fundraising AUM €2.8Bn +12% (€40Bn) 1 Management Fees1 PRE (3rd party) +18% +24% (10 M€) Private Markets Complete the shift towards an 2 asset-light model ROBUST PERFORMANCE OF THE B
Slide 3: Strong fundraising momentum in 2026
FUNDRAISING STRONG FUNDRAISING MOMENTUM IN 2026 Third party fundraising 9M 2026 facts Final close of EPD VII (Direct Lending) €3.2BN Final close of ESF V (Secondaries) €2.8BN First close of PME V (Buyout) 0,2 1,7 Good start for Future Industries III REAL ASSETS Continued growth of evergreen EPVE 3 v
Slide 4: Steady growth of third-party FPAUM up +13% LTM
ASSETS UNDER MANAGEMENT STEADY GROWTH OF THIRD-PARTY FPAUM UP +13% LTM ASSETS UNDER MANAGEMENT FEE-PAYING ASSETS UNDER MANAGEMENT BALANCE SHEET THIRD PARTY BALANCE SHEET THIRD PARTY +8% 40,4 +6% 29,5 37,4 27,9 -5% 8,9 6,3 9,4 7,4 -14% +12% 31,5 23,1 28,0 20,5 +13% 9M 2025 9M 2026 9M 2025 9M 2026 4 -
Slide 5: Third-party management fees up +14%
MANAGEMENT FEES THIRD-PARTY MANAGEMENT FEES UP +14%1 MANAGEMENT FEES1 BALANCE SHEET THIRD-PARTY PRIVATE MARKETS THIRD-PARTY IMGP €322m +6% Third Parties : €302m 52 • Private Markets : Strong inflows over the last 12 +3% 51 months, stable fee rate Third-party IMGP • IMGP : Record fundraising on own f
Slide 6: Increased levels of realizations
ASSET ROTATION INCREASED LEVELS OF REALIZATIONS Amounts deployed Realizations €3,9BN €3,5BN 2,0 €2,3BN 1,6 €1,7BN 0,4 0,6 1,7 1,8 1,8 1,1 9M 2025 9M 2026¹ 9M 2025 9M 2026¹ Private Equity Private Debt Real assets ~€6.3BN1 DRYPOWDER FROM 3rd PARTY (+19%) 1. €8 bn to be deployed in total, including €1.
Slide 7: Realizations on good financial terms
ASSET ROTATION REALIZATIONS ON GOOD FINANCIAL TERMS 2023 2024 2025 9M 2026 Uplift +22% +60% +10% +54% +17% +17% -18% +15% +42% +2% +1% >+100% +2% >+100% +150% +150% ~0% >150% ~0% at exit1 up to x3.2 x3.3 5x x3.0 x3.0 >3x 3x x2.7 x2.7 2,7x x2.6 2,6x x2.2 x2.1 x2.1 Gross x1.6 790 x1.5 CoC 1,4x x1.3 mu
Slide 8: 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 3 000 52% FY 2026 EXPECTED BALANCE SHEET 2 500 REALIZATIONS ~15% OF N-1 NAV 2 000 28% 27% 27% 28% 23% 20% 1 500 790 18% 13% 13%1 11% 1 000 6% 500 0 2015 2016 2017 2018 2019 2020 202
Slide 9: Solid performance of portfolio companies
FINANCIAL RESULTS SOLID PERFORMANCE OF PORTFOLIO COMPANIES BUYOUT4 GROWTH +6 % Revenues +18% Revenues 21% +43% EGF IV Net Portfolio Value 13% REAL ASSETS 56% €7.1BN2 Stable Hospitality5 9% Good momentum in Infrastructure 1. 4. 5. 2. 3. 9 - 9M 2026 TRADING UPDATE - 05.11.2026
Slide 10: Conclusion
CONCLUSION CONCLUSION WE ARE SCALING A LEADING EUROPEAN ASSET 01 MANAGER WE DELIVER STEADY EARNINGS GROWTH 02 THANKS TO REVENUE UPLIFT AND DISCIPLINED COST MANAGEMENT WE ARE COMPLETING THE SHIFT TOWARDS AN ASSET 03 LIGHT BUSINESS MODEL, RETURNING SIGNIFICANT CAPITAL TO SHAREHOLDERS 10 - 9M 2026 TRAD
Slide 11: Questions & Answers
Questions & Answers 11 - 9M 2026 TRADING UPDATE - 05.11.2026
Slide 12: Appendices
APPENDICES 12 - 9M 2026 TRADING UPDATE - 05.11.2026
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 (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 14: 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% 71% 76% 531 International International International International International 500 456 24% 427 37% 29% 396 45% 63% 790 45% 44% 43%
Slide 15: Growing AUM in wealth solution
FUNDRAISING GROWING AUM IN WEALTH SOLUTION WEALTH SOLUTION AUM Continued momentum for blockbuster evergreen 16% EPVE 3, surpassing €3.8bn in AUM 6,1 CAGR 5,8 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 16: Strong financial profile
APPENDIX STRONG FINANCIAL PROFILE Solid financial NET Liquidity profile 21% Gearing1 €0.7bn available Diversified source of €500M bond RCF + bilateral lines financing 5Y 4.625% €1.8bn capacity 4x over-subscribed Strong Credit Rating BBB rating 16 - 9M 2026 TRADING UPDATE - 05.11.2026
Slide 17: Assets under management
APPENDIX ASSETS UNDER MANAGEMENT In €M 30/09/2025 30/09/2026 Change (%) Private Equity 17,149 7,760 24,909 18,663 7,407 26,070 5% Capital (ex MLBO) 3,575 3,691 7,266 3,760 3,497 7,257 0% Elevate (ex SMBO) 1,764 957 2,721 2,718 808 3,526 30% Brands 4 656 660 0 516 516 -22% Healthcare (Nov Santé) 396
Slide 18: 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 2022 2 992 1 737 58% 1.0x 2% 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 19: Shareholder base & governance
APPENDIX SHAREHOLDER BASE & GOVERNANCE Treasury Management & Famille shares employés Guyot 8,6% 1,5% CORPORATE GOVERNANCE 0,4% Famille Separation of the roles of Chairman Richardson and CEO 4,3% Famille Free float Independence of the Supervisory Board: Solages 47,8% 6 independent members out of 12 5
Slide 20: Financial agenda
APPENDIX FINANCIAL AGENDA March 10, 2027 May 13, 2027 FULL YEAR 2026 1ST QUARTER 2027 Results Revenues 20 - 9M 2026 TRADING UPDATE - 05.11.2026
Slide 21: 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 22: 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 23: www.eurazeo.com
www.eurazeo.com 23 - 9M 2026 TRADING UPDATE - 05.11.2026