Eurazeo Se · EURONEXT:RF
Eurazeo — Eurazeo Paris Ord — FY2024 Earnings Presentation
42 slides from Eurazeo's earnings presentation, Mar 6, 2025
Slide 1: Annual Results
EURAZEO ANNUAL RESULTS | EURAZEO
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 FULL YEAR 2024 RESULTS - 06.03.2025 2
Slide 3: Key highlights
Key highlights William KADOUCH-CHASSAING Co-CEO CONFIDENTIAL
Slide 4: Delivering on Strategic Plan
KEY HIGHLIGHTS DELIVERING ON STRATEGIC PLAN STRONG GROWTH FURTHER EXPANSION REBOUND SOLID VALUE CREATION, OFFSET IN ASSET MANAGEMENT OF FRE MARGIN1 IN ROTATION BY WRITE-OFFS Strong portfolio performance €4.3BN 35.5% x2.5 +9% +27% Fundraising FRE margin (%) Asset Management realizations Sales EBITDA
Slide 5: Increasing Shareholder Return
KEY HIGHLIGHTS INCREASING SHAREHOLDER RETURN 2023 2024 2025e 2.20€ / share (+26%) 2.42€ / share (+10%) 2.65 € / share1 (+10%) DIVIDEND ~€170m ~€180m ~€190m SHARE BUY-BACK ~€100m ~€210m Raised to €400m FOR CANCELLATION TOTAL ~€270m ~€400m ~€600m 1. FULL YEAR 2024 RESULTS - 06.03.2025 5
Slide 6: Strengthened Leadership in Sustainability & Impact
KEY HIGHLIGHTS STRENGTHENED LEADERSHIP IN SUSTAINABILITY & IMPACT SUSTAINABILITY IMPACT RECOGNITION FUNDRAISING EURAZEO TRANSITION >€700M AA LEADERS MSCI ESG FINAL CLOSING INFRASTRUCTURE FUND INFRA 5 STARS KURMA UN PRI €140M BIOFUND IV HEALTH 1ST CLOSING 13.4 LOW RISK SUSTAINALYTICS €300M EURAZEO PL
Slide 7: Fundraising & Asset Rotation
Fundraising & Asset Rotation Christophe BAVIÈRE Co-CEO CONFIDENTIAL
Slide 8: Surpassing €4bn Target on Fundraising
FUNDRAISING & ASSET ROTATION SURPASSING €4BN TARGET ON FUNDRAISING Third party fundraising1 +23% Key programs 4.3 EPD VII First closing - strong +21% ongoing momentum 0.1 3.5 EC V Final closing above 0.3 target at €3bn 2.9 2.5 0.2 ESF V Good ongoing 1.4 momentum 1.0 1 ETIF Final closing above target
Slide 9: Continued Strong Momentum in Private Debt
FUNDRAISING & ASSET ROTATION CONTINUED STRONG MOMENTUM IN PRIVATE DEBT Example: Direct Lending programs1 by source of financing BALANCE SHEET LPS WEALTH MANAGEMENT to be raised >€4.0BN €3.2BN Internationalize LP base & wealth solutions €0.5BN €2.0BN €0.7BN Scale deployment with international deal fl
Slide 10: Further Growth of International LP Base
FUNDRAISING & ASSET ROTATION FURTHER GROWTH OF INTERNATIONAL LP BASE Growth in International institutional LPs inflows Increasing share of international in institutional LPs inflow 37% 59% 63% International International International x2 2.0 10% 16% 20% 1.7 27% 39% 43% 1.0 63% 45% 37% 2022 2023 2024
Slide 11: Momentum on Wealth Distribution as We Accelerate in Europe
FUNDRAISING & ASSET ROTATION MOMENTUM ON WEALTH DISTRIBUTION AS WE ACCELERATE IN EUROPE Wealth Solution inflows FRANCE INTERNATIONAL Wealth Solutions franchise +8% PA. 941 €5BN AUM 816 867 >19% OF 3RD PARTY AUM EPVE 3: a blockbuster evergreen funds €2.6BN AUM Expanding in Europe New distribution par
Slide 12: Solid and Diversified Fundraising Pipeline
FUNDRAISING & ASSET ROTATION SOLID AND DIVERSIFIED FUNDRAISING PIPELINE Flagship EPD VII ESF V EGF IV PME V FUNDS Thematic EPBF ESMI II EZORE ETIF II FUNDS Eurazeo E.P.I.C. E.P.S.O. EEC III Private Equity Private Debt Real assets FULL YEAR 2024 RESULTS - 06.03.2025 12
Slide 13: Fundraising Supported by Strong Performance of Last Vintages
FUNDRAISING & ASSET ROTATION FUNDRAISING SUPPORTED BY STRONG PERFORMANCE OF LAST VINTAGES Funds Key Selling Points EPD VII Top quartile track record (EPD VI 11% gross IRR, with very low default rates) ESF V Strong gross IRR of ESF V (+28%) and ESF IV (+17%) EGF IV Good start of EGF IV (+5% gross val
Slide 14: Strong Rebound in Realizations in 2024
FUNDRAISING & ASSET ROTATION STRONG REBOUND IN REALIZATIONS IN 2024 Realizations Main exits x2.5 2.3x Real assets €3.4BN BUYOUT Announced average gross CoC Private Debt Private Equity 1.1 GROWTH 4.0x / VENTURE NASDAQ IPO average gross CoC €1.3BN PRIVATE 1 DEBT 0.4 2.2 0.9 REAL Partial 1.6x ASSETS Ex
Slide 15: Accelerating Deployments Across Key Sectors
FUNDRAISING & ASSET ROTATION ACCELERATING DEPLOYMENTS ACROSS KEY SECTORS Amounts deployed SELECTIVE DEPLOYMENT Real assets Private Debt Private Equity IN CATEGORY LEADERS €4.6BN CORE SECTORS +18% (ILLUSTRATIVE EXEMPLES) 0.1 €3.9BN 0.3 Tech-enabled 2.2 business services 1.5 Healthcare EYE-Q 1 Financi
Slide 16: Financial Results
Financial Results William KADOUCH-CHASSAING Co-CEO CONFIDENTIAL
Slide 17: 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 34.6 +4% 36.1 9.9 +8% 10.7 -7% 27.0 24.9 -1% 7.4 7.5 +10% 26.2 23.9 19.5 17.4 +12% 2023 2024 2023 2024 FULL YEAR 20
Slide 18: Third-Party Management Fees Up +14%
FINANCIAL RESULTS THIRD-PARTY MANAGEMENT FEES UP +14%2 MANAGEMENT FEES1 +7% 421 392 +14% 87 75 Third-party management fees (excl. catch-up fees) 195 216 -3% Balance sheet management fees 122 118 2023 2024 1. 2. BALANCE SHEET THIRD-PARTY PRIVATE MARKETS THIRD-PARTY IMGP FULL YEAR 2024 RESULTS - 06.03
Slide 19: FRE Margin Above 35%
FINANCIAL RESULTS FRE MARGIN ABOVE 35% FEE RELATED EARNINGS1 +11% YoY FRE 35.5% 35-40% 34.4% 30.7% +6% Positive jaw effect thanks to well contained opex 150 135 111 35-40% Already reaching mid-term range announced 2022 2023 2024 2027e 1. FULL YEAR 2024 RESULTS - 06.03.2025 19
Slide 20: Contribution of the Asset Management Activity
FINANCIAL RESULTS CONTRIBUTION OF THE ASSET MANAGEMENT ACTIVITY Proforma of Rhône and MCH FY 2023 FY 2024 % change IN €M IFRS 10 IFRS 10 like for like Management fees 392 421 +7% From 3rd party investors 270 303 +12%1 From Eurazeo Investment Activity 122 118 -3% Operating expenses (257) (271) +6% Fe
Slide 21: Broadbased Value Creation on Balance Sheet, Offset by Write-offs
FINANCIAL RESULTS BROADBASED VALUE CREATION ON BALANCE SHEET, OFFSET BY WRITE-OFFS ON SOME LEGACY ASSETS -€323M -4% Change in fair value Valuations drivers in 2024 Realizations above NAV €8.3BN 13 Operational performance 1 14 €7.9BN Write-offs of legacy assets -351 +9% value creation -60 -60 0% +1%
Slide 22: Solid Performance of Portfolio Companies
FINANCIAL RESULTS SOLID PERFORMANCE OF PORTFOLIO COMPANIES3 BUYOUT (61% of portfolio) GROWTH (22%) +9% Revenues4 +14% Revenues Significant cash runway (c.2.4 years on avg.) +27% EBITDA4 10% Cash burn decreased by close to 50% Moderate leverage at 4.9x EBITDA (MLBO & SMBO) 7% 22% Interest rates hedge
Slide 23: Broadbased Value Creation in Buyout
FINANCIAL RESULTS BROADBASED VALUE CREATION IN BUYOUT, OFFSET BY ADJUSTMENTS ON A FEW LEGACY INVESTMENTS # of 2024 2024 Strategy investments NAV (€BN) VALUE CREATION Strong value creation Mid-Large BO 14 3.4 +8% excl. Worldstrides (2017) of latest vintages in 2024 Small-Mid BO 18 0.5 +10% +20% excl.
Slide 24: Additional Adjustments of Growth Portfolio
FINANCIAL RESULTS ADDITIONAL ADJUSTMENTS OF GROWTH PORTFOLIO LEADING TO 60% DISCOUNT TO LATEST FINANCING ROUNDS # of 2024 2024 Strategy investments NAV (€BN) VALUE CREATION -60% Top assets 3 1.0 Average discount to latest financing round Other assets1 8 0.3 EGF III Fund 17 0.2 1.3x EGF IV Fund 5 0.2
Slide 25: Positive Momentum on Operational Real Estate
FINANCIAL RESULTS POSITIVE MOMENTUM ON OPERATIONAL REAL ESTATE, PROMISING START OF SUSTAINABLE INFRASTRUCTURE # of 2024 2024 Strategy investments NAV (€BN) VALUE CREATION Robust performance of operations (hotels) Real Estate 15 0.9 +1% Some adjustments Sustainable Infrastructure (ETIF) 6 0.05 +12% o
Slide 26: Strong Rebound in Realizations in 2024
FINANCIAL RESULTS STRONG REBOUND IN REALIZATIONS IN 2024 Realizations ~x2 1,070 BUYOUT REAL ASSETS Announced Partial Exit 507 1 2.3x average gross CoC 1.6x gross CoC 2023 2024 FULL YEAR 2024 RESULTS - 06.03.2025 26
Slide 27: Exits Materialized a 10% Uplift on Average
FINANCIAL RESULTS EXITS MATERIALIZED A 10% UPLIFT ON AVERAGE FOR THE BALANCE SHEET IN 2024 2020 2021 2022 2023 2024 Uplift +120% +35% +17% +11% +10% +70% +33% +36% +66% +103% +42% +22% +60% +10% +54% +17% +17% +15% +42% at exit1 x4.4 x4.1 10% x3.7 uplift weighted average x3.2 x3.2 x3.3 x3.0 x3.0 x3.
Slide 28: Rebound in Asset Rotation in 2024, Volumes Expected to Increase
FINANCIAL RESULTS REBOUND IN ASSET ROTATION IN 2024 VOLUMES EXPECTED TO INCREASE AGAIN IN 2025 % OF (N-1) PORTFOLIO VALUE REALIZED IN YEAR N 3,000 REALIZATIONS/ANNOUNCED EXITS IN M€ REALIZATIONS N/ PORTFOLIO VALUE (N-1) 52% 2,500 2,000 28% 28% 27% 27% 23% 18% 17% 1,500 11% 4% announced 6% 1,000 13%
Slide 29: Contribution of the Investment Activity: P&L
FINANCIAL RESULTS CONTRIBUTION OF THE INVESTMENT ACTIVITY: P&L Proforma of Rhône and MCH FY 2023 FY 2024 IN €M IFRS 10 IFRS 10 Change in fair value on the portfolio 62 (323) Other changes in fair value 47 (9) Performance fees in favor of the AM activity (3) (13) Net unrealized and realized capital (
Slide 30: Group Profit & Loss
FINANCIAL RESULTS GROUP PROFIT & LOSS Proforma of Rhône and MCH FY 2023 FY 2024 IN €M IFRS 10 IFRS 10 A Contribution of the Asset Management Activity 127 153 B Contribution of the Investment Activity (91) (544) Consolidated net income / (loss) 1,853 (420) Attributable to owners of the Company 1,824
Slide 31: Conclusion
CONCLUSION .1 We are building a leader in the attractive private markets industry .2 We deliver steady earnings growth thanks to revenue uplift and disciplined cost management .3 We return significant capital to shareholders, accelerating our shift towards an asset light business model 31
Slide 32: Questions & Answers
Questions & Answers CONFIDENTIAL
Slide 33: Appendix
Appendix www.eurazeo.com CONFIDENTIAL
Slide 34: Robust Financial Structure
APPENDIX ROBUST FINANCIAL STRUCTURE TOTAL €7.5BN Equity As of end 2024 NET €1.3BN Financial debt1 REVOLVING As of end 2024 Credit Facility NET €1.0BN Financial debt1 €1.5BN Proforma of announced exits2 1. 2. FULL YEAR 2024 RESULTS - 06.03.2025 34
Slide 35: Assets Under Management
APPENDIX ASSETS UNDER MANAGEMENT In €M 31/12/2023 PF1 31/12/2024 Change (%) Private Equity 15,987 9,187 25,174 16,433 8,314 24,746 -2% Private Debt 7,117 363 7,479 8 805 424 9,229 23% Real Assets 771 1,169 1,939 945 1,181 2,126 10% Total Portfolio 23,874 10,718 34,592 26,183 9,919 36,102 4% 1. FULL
Slide 36: Growing Assets Under Management
APPENDIX GROWING ASSETS UNDER MANAGEMENT ASSETS UNDER MANAGEMENT 4.3 0.4 34.6 36.1 -3.0 -0.2 AUM €36.1BN UP 4% 3rd Party AUM UP 10% New BS Taildown Value 73% of total AUM FY 2023 Fundraising commitments & redemptions Creation FY 2024 FULL YEAR 2024 RESULTS - 06.03.2025 36
Slide 37: Selected Funds Performance
APPENDIX SELECTED FUNDS PERFORMANCE1 Strategy Fund name Vintage Year Fund size (m€) o/w BS (€m) % invested Gross MOIC Gross IRR Gross DPI Private Equity PRIVATE DEBT REAL ASSETS 1. Glossary : 2. 3. FULL YEAR 2024 RESULTS - 06.03.2025 37
Slide 38: Shareholder Base & Governance
APPENDIX SHAREHOLDER BASE & GOVERNANCE 6.8% 1.2% CORPORATE GOVERNANCE 0.4% Treasury shares Group Executives & Guyot Family Others 3.8% Richardson Family 5.4% • Separation of the roles of Chairman Solages Family and co-CEOs • Independence of the Supervisory Board: 9.6% 6 independent members out of 12
Slide 39: Financial Agenda
APPENDIX FINANCIAL AGENDA May 15, 2025 July 24, 2025 November 06, 2025 1ST QUARTER 2025 HALF YEAR 2025 3RD QUARTER 2025 Revenues Results Revenues FULL YEAR 2024 RESULTS - 06.03.2025 39
Slide 40: Eurazeo Contacts, 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 41: 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 42: www.eurazeo.com
www.eurazeo.com CONFIDENTIAL