Dynamic growth in asset management, driven by record fundraising
Fundraising: €5.5bn, +28% yoy, outpacing market growth
Assets Under Management (AUM): +8% to €39bn, including +15% for third parties
Fee Paying AUM (FPAUM): +8% to €28bn, including +12% for third parties
Management fees: €435m, including +10% for third parties on private markets
FRE margin: 35.9% (+40 bps), reflecting strong cost discipline
Balance sheet realizations up 44% year-on-year
€1.5bn of realizations completed, representing c.20% of the balance sheet portfolio (compared to 13% in 2024) under favorable financial terms
Significant exit volume expected in 2026
Robust balance sheet portfolio - stable value creation in the second half
Balance sheet portfolio net value: €102 per share
Moderate decline in fair value (-1.6% excluding forex) in line with guidance
Improvement in trends in the second half
Solid performance of portfolio companies
Strong value creation from share buybacks
Net income reflecting AM growth and non-cash change in fair value
Net income group share: -€0.4bn (stable on FY 2024)
Asset management EBITDA up +12% to €206m
Non-cash investment loss of -€552m due to changes in fair value
Attractive shareholder return, aligned with the strategic plan
€1bn returned to shareholders over two years, through dividends (€0.4bn) and share buybacks (€0.6bn, representing 12% of shares)
Expected shareholder distributions of around €400m in 2026
c. €200m in dividends (proposed dividend of €2.92, +10% yoy)
c. €200m in share buybacks, representing around 4% of the share capital, reaching the maximum regulatory limit. The Group expects to repurchase c.13% of its shares in 2026 and 2027.
Christophe Bavière and William Kadouch-Chassaing, Co-CEOs, said:
“The implementation of Eurazeo’s strategic plan over the past two years is delivering tangible results. In 2025, the attractiveness of our platform was reflected in unprecedented fundraising, market share gains and the continued expansion of our institutional and Wealth client base, particularly internationally. Asset rotation by the Group outpaced the market, creating financial headroom to reinvest strategically in its franchises and increase shareholder return. In a polarized market, Eurazeo consolidated its position as a leading player in the European mid‑market, supporting its fundraising, asset rotation and value‑creation outlook for 2026.”