Eurazeo Paris Ord (EUZOF) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to the Eurazeo 9 Months 2025 Trading Update presentation. Today's conference will be hosted by William Kadush Shahsong, co-CEO. For the first part of the conference, the participants will be on listen-only mode. During the questions and answers session, you may ask in two ways, by submitting a written question in the box below the player, or by joining the conference call and dial pound key 5 on your telephone keypad to enter the queue. Now I will hand the conference over to the speaker. Please go ahead. Thank you very much. Good morning. Thank you all for joining this call. I'm pleased to welcome you to our trading update for the first nine months of 2025. To remind everyone, for the trading update, we don't update the NAV. That will be done at the end of the year. But I'm, of course, ready for questions you may have on the topic. In a nutshell, Euraseo continues to gain market share in asset management. We had another quarter of dynamic fundraising and AUM growth outperforming the market. Second, we continue to outperform the market in realizations and distributions, which is, as you know, a key differentiating factor in the current market environment. And third, The quality of our balance sheet portfolio remains strong, with healthy operational metrics across the board and realizations confirming our ability to monetize our balance sheet above its carrying value. Let me start with fundraising. We raised 3.2 billion euros from our clients in the first nine months of 2025, which is 4% above last year and well above market. As global fundraising is estimated to be down this year at about 10%, according to PitchBook, you may find as well other sources that will go in the same direction. This confirms our ability to gain market share in a more and more competit...