Eurazeo Se · EURONEXT:RF
Eurazeo — Eurazeo Paris Ord — H1 2025 Earnings Presentation
32 slides from Eurazeo's earnings presentation, Jul 24, 2025
Slide 1: H1 2025 Results
2025 H1 2025 RESULTS JULY 24, 2025
Slide 2: Agenda
AGENDA 1. 2. 3. 4. 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 HALF YEAR 2025 RESULTS - 24.07.2025
Slide 3: Key Highlights
1 KEY HIGHLIGHTS William KADOUCH-CHASSAING Co-CEO 3 HALF YEAR 2025 RESULTS - 24.07.2025
Slide 4: Delivering on Strategic Plan
KEY HIGHLIGHTS DELIVERING ON STRATEGIC PLAN GOOD PERFORMANCE OF DYNAMIC BALANCE SHEET MODERATE DECREASE OF OWN ASSET MANAGEMENT ASSET ROTATION PORTFOLIO FAIR VALUE DUE TO FOREX €2.1BN Fundraising €0.9BN 103.4€ / share announced and realized +10% -1% organic change in fair value Fee-paying AUM c.12%2
Slide 5: Strengthened Leadership in Sustainability & Impact
KEY HIGHLIGHTS STRENGTHENED LEADERSHIP IN SUSTAINABILITY & IMPACT SUSTAINABILITY IMPACT INVESTMENTS 13 Eurazeo among the Eurazeo named World’s 500 ESG Direct New Investments Most Sustainable Lending Manager Across Six Impact Funds Companies of the Year Time & Statista Debtwire Environment Healthcare
Slide 6: Fundraising & Asset Rotation
2 FUNDRAISING & ASSET ROTATION Christophe BAVIÈRE Co-CEO 6 HALF YEAR 2025 RESULTS - 24.07.2025
Slide 7: Strong Fundraising at €2.1bn in H1 2025, Driven by Private Equity
FUNDRAISING STRONG FUNDRAISING AT €2.1BN IN H1 2025, DRIVEN BY PRIVATE EQUITY Third party fundraising H1 2025 facts Institutional LPs : €2.1BN €2.1BN Final close of MLBO EC V program at 3 bn€ 0.1 First close securing 300 M€ on Eurazeo Planet Boundaries Fund (article 9, Buyout) 0.9 First close at 650
Slide 8: Expanding Our Client Reach
FUNDRAISING EXPANDING OUR CLIENT REACH Increasing share of international in institutional LPs inflow Wealth Solution inflows 37% 59% 63% 72% International International International International 28% 37% 45% 63% 45% 479 43% 453 39% 27% 348 27% 16% 20% 10% 2018-2020 2021-2022 2023-2024 H1 2025 H1 20
Slide 9: Solid and Diversified Fundraising Pipeline for 2025
FUNDRAISING & ASSET ROTATION 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 FUNDS First closing Ongoing Ongoing Early-stage marketing Eurazeo E.P.I.C. E.P.S.
Slide 10: Ability to Seize Market Opportunities
FUNDRAISING & ASSET ROTATION ABILITY TO SEIZE MARKET OPPORTUNITIES Asset Management deployments Asset Management realizations €2.2BN €1.6BN 0.1 €1.7BN €1.3BN1 €1.6BN 0.5 0.1 0.1 1.1 0.2 0.6 0.7 1 €0.5BN 1.1 1.1 1.0 0.9 0.2 0.8 0.3 H1 2023 H1 2024 H1 2025 H1 2023 H1 2024 H1 2025 Private Equity Privat
Slide 11: Financial Results
3 FINANCIAL RESULTS William KADOUCH-CHASSAING Co-CEO 11 HALF YEAR 2025 RESULTS - 24.07.2025
Slide 12: Third-Party FPAUM Up +10% LTM
FINANCIAL RESULTS THIRD-PARTY FPAUM UP +10% LTM ASSETS UNDER MANAGEMENT FEE-PAYING ASSETS UNDER MANAGEMENT BALANCE SHEET THIRD PARTY BALANCE SHEET THIRD PARTY +4% 36.8 35.4 +8% 27.8 9.3 25.8 10.3 -10% 7.5 +1% 7.4 +10% 27.5 25.0 +10% 20.3 18.4 H1 2024 H1 2025 H1 2024 H1 2025 12 HALF YEAR 2025 RESULTS
Slide 13: Third-Party Management Fees Up +6%
FINANCIAL RESULTS THIRD-PARTY MANAGEMENT FEES UP +6%1 MANAGEMENT FEES BALANCE SHEET THIRD-PARTY PRIVATE MARKETS THIRD-PARTY IMGP €204m +3% €211m 41 44 +6% Third-party management fees 104 (excl catch-up fees) 109 59 -2% 58 H1 2024 H1 2025 1. Excl. catch-up fees 13 HALF YEAR 2025 RESULTS - 24.07.2025
Slide 14: Asset Management Contribution Up +9%
FINANCIAL RESULTS ASSET MANAGEMENT CONTRIBUTION UP +9% % change IN €M H1 2024 H1 2025 like for like Management fees 204 211 +3% From 3rd party investors 145 153 +6% 1 From Eurazeo Investment Activity 59 58 -2% Operating expenses (133) (137) +3% Fee Related Earnings (FRE), before finance costs & othe
Slide 15: Balance Sheet Rotation Up, Reaching More Than €0.9bn YTD
FINANCIAL RESULTS BALANCE SHEET ROTATION UP, REACHING MORE THAN €0.9BN YTD Realized and announced deals1 Main deals 12% Announced CPK exit (c.€200m) 9% Realized sale of Albingia (c.€325m) Secondary transaction on selected 3% Capital assets (c.€200m1) July 2023 July 2024 July 2025 Realized Announced
Slide 16: Balance Sheet Realizations Trending Back to Historical Annual Average
FINANCIAL RESULTS BALANCE SHEET REALIZATIONS TRENDING BACK TO HISTORICAL ANNUAL AVERAGE % OF (N-1) PORTFOLIO VALUE REALIZED IN YEAR N REALIZATIONS/ANNOUNCED EXITS IN M€ REALIZATIONS N/ PORTFOLIO VALUE (N-1) 3,000 52% 2,500 2,000 28% 27% 27% 28% 23% 1,500 18% 13% 11% 1,000 12% 6% 500 0 2015 2016 2017
Slide 17: Balance Sheet Exits Confirming NAV Marks
FINANCIAL RESULTS BALANCE SHEET EXITS CONFIRMING NAV MARKS Uplift at exit1 2020 2021 2022 2023 2024 2025 +120% +35% +17% +11% +10% +70% +33% +36% +66% +103% +42% +22% +60% +10% +54% +17% +17% +15% +42% x4.4 x4.1 x3.7 x3.2 x3.2 x3.3 x3.0 x3.0 x3.0 x2.8 x2.7 x2.7 x2.5 x2.5 x2.6 Gross CoC x2.2 multiple
Slide 18: Solid Performance of Portfolio Companies
FINANCIAL RESULTS SOLID PERFORMANCE OF PORTFOLIO COMPANIES BUYOUT1 GROWTH +6% Revenues2 +14% Total revenue +17% EBITDA2 c.+40% EGF IV 9% 8% 21% €7.4MDS Net portfolio REAL ASSETS4 Capital (formerly MLBO) value 12% Elevate (formerly SMBO) 42% Brands 4% +3% Revenues - hospitality Growth Real Assets +30
Slide 19: Moderate Decrease in Own Portfolio Value Mainly Due to Weaker Forex
FINANCIAL RESULTS MODERATE DECREASE IN OWN PORTFOLIO VALUE MAINLY DUE TO WEAKER FOREX -€101M -1% org. change in fair value Valuations drivers in H1 2025 Positive revenue and EBITDA growth Caution on multiples given market environment €7.9BN Headwind from weaker forex (-2% of portfolio value) +8 €7.4
Slide 20: Contribution of the Investment Activity: P&L
FINANCIAL RESULTS CONTRIBUTION OF THE INVESTMENT ACTIVITY: P&L IN €M H1 2024 H1 2025 Change in fair value on the portfolio (48) (273) Other changes in fair value (6) 17 Performance fees in favor of the AM activity (2) (2) Net unrealized and realized capital (+/-), dividends and others (56) (258) Man
Slide 21: Group Profit & Loss
FINANCIAL RESULTS GROUP PROFIT & LOSS IN €M H1 2024 H1 2025 A Contribution of the Asset Management Activity 65 66 B Contribution of the Investment Activity (156) (364) Consolidated net income / (loss) (98) (301) Attributable to owners of the Company (105) (309) 21 HALF YEAR 2025 RESULTS - 24.07.2025
Slide 22: Questions & Answers
4 QUESTIONS & ANSWERS HALF YEAR 2025 RESULTS - 24.07.2025
Slide 23: Appendix
APPENDIX
Slide 24: Robust Financial Structure
APPENDIX ROBUST FINANCIAL STRUCTURE TOTAL €6.9BN Equity As of end of June 2025 NET €1.5BN Financial debt1 As of end of June 2025 REVOLVING Credit Facility NET €1.1BN Financial debt1 Proforma of announced exits2 €1.5BN 24 HALF YEAR 2025 RESULTS - 24.07.2025
Slide 25: Assets Under Management
APPENDIX ASSETS UNDER MANAGEMENT In €M 31/12/2024 PF1 30/06/2025 Change (%) Private Equity 16,433 8 314 24,746 17,102 7,689 24,791 0% Private Debt 8,805 424 9 229 9,417 499 9,916 +7% Real Assets 945 1 181 2 126 956 1,127 2,083 -2% Total Portfolio 26,183 9,919 36,102 27 475 9,315 36,790 +2% 25 HALF Y
Slide 26: Growing Assets Under Management
APPENDIX GROWING ASSETS UNDER MANAGEMENT ASSETS UNDER MANAGEMENT 36.1 +2.2 36.8 AUM €36.8BN -1.2 -0.3 UP +2% 3rd Party AUM UP +10% Taildown, 75% of total AUM Fundraising Value 31/12/2024 redemptions & Creation 30/06/2025 others 26 HALF YEAR 2025 RESULTS - 24.07.2025
Slide 27: Selected Funds Performance
APPENDIX Glossary : SELECTED FUNDS PERFORMANCE1 Fund name Vintage Year Fund size (m€) o/w BS (€m) % invested Gross MOIC Gross IRR Gross DPI Private Equity PRIVATE DEBT REAL ASSETS 27 HALF YEAR 2025 RESULTS - 24.07.2025
Slide 28: Shareholder Base & Governance
APPENDIX SHAREHOLDER BASE & GOVERNANCE CORPORATE GOVERNANCE Famille Treasury Management Guyot shares & employés Famille 0.38% 4.64% 1.28% Richardson 3.96% • Separation of the roles of Chairman Famille Solages and co-CEOs 5.22% Famille Michel • Independence of the Supervisory Board: David-Weill2 6 in
Slide 29: Financial Agenda
APPENDIX FINANCIAL AGENDA November 06, 2025 March 05, 2026 May 13, 2026 3RD QUARTER 2025 FULL YEAR 2025 1st QUARTER 2026 Revenues Results Revenues 29 HALF YEAR 2025 RESULTS - 24.07.2025
Slide 30: Analyst Coverage
APPENDIX EURAZEO CONTACTS www.eurazeo.com ANALYST COVERAGE Alpha Value Saïma Hussein 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 Parib
Slide 31: 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 32: www.eurazeo.com
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