Eurazeo Paris Ord (EUZOF) Q4 2024 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:03.816 Good morning. Thank you for joining this call. 00:00:03.816 -- 00:00:10.461 Christophe and I are pleased to welcome you to our 2024 full year results presentation. 00:00:10.504 -- 00:00:15.289 Our presentation will be in three parts. First, I will share with you the financial and 00:00:15.289 -- 00:00:20.435 non-financial highlights for the year. Second, Christophe will focus on fundraising, 00:00:20.435 -- 00:00:23.359 commercial dynamic and asset rotation. 00:00:23.359 -- 00:00:26.643 Third and last, I will detail our financial results. 00:00:26.643 -- 00:00:30.585 We will then be available to take questions. 00:00:31.672 -- 00:00:33.314 2024 00:00:33.314 -- 00:00:38.061 marks the first year of execution of the mid-term plan we have presented to investors 00:00:38.061 -- 00:00:41.323 back in November 2023. 00:00:42.187 -- 00:00:45.992 We have made progress in the key pillars of the plan. 00:00:45.992 -- 00:00:50.078 First, asset management is growing dynamically. 00:00:50.078 -- 00:00:55.186 Fundraising is up 23% relative to 2023 00:00:55.186 -- 00:01:01.152 at 4.3 billion euros, which is above our guidance of 4 billion euros. 00:01:01.152 -- 00:01:06.920 Fee-paying AUM from third parties are up 12%, and management fees from third parties 00:01:06.920 -- 00:01:10.583 are up 14%. Second, 00:01:10.926 -- 00:01:16.274 we continue to improve operational efficiency as our FRE margin 00:01:16.274 -- 00:01:20.658 gained 110 basis points to reach 35.5%. 00:01:21.121 -- 00:01:26.469 We are already within our 35% to 40% medium-term 00:01:26.469 -- 00:01:31.710 guidance. As a result, contribution from the asset management activity is 00:01:31.710 -- 00:01:33.472 up 20%. 00:01:33.472 -- 00:01:35.472 Third, 00:01:35.755 -- 00:01:39.579 asset ...