Eurazeo (RF) AGM 2025 summary

Opening remarks and agenda

• The meeting welcomed shareholders, board members, and management, confirmed legal formalities and quorum, and was opened by Jean-Charles Decaux, with Gabriel Kunde presenting legal formalities.

• The agenda included the sustainability report, strategic plan review, Supervisory Board activities, CAG Committee report, statutory auditors' report, presentation and voting on resolutions, and general discussion.

• The meeting was broadcast live, and all required documents were made available digitally in line with CSR policy.

Financial performance review

• Achieved double-digit growth in asset management, with assets under management rising 4% to EUR 36.1 billion and third-party AUM up 10%.

• Management fees increased 14% to EUR 216 million from third-party investors, with FRE margin at 35.5%.

• Fundraising increased 23% to EUR 4.3 billion, with strong international LP participation and expansion in wealth solutions.

• Disposals/realizations rebounded, with volumes three times higher than 2023 and totaling EUR 3.4 billion, with solid value creation (+9%) offset by legacy asset write-offs.

• Net income attributable for 2024 was EUR -420 million, with a positive EUR 158 million from asset management and a negative EUR 544 million from investment activities.

Board and executive committee updates

• The Supervisory Board comprised 50% women and 60% independent members at year-end, with six meetings held in 2024 and high attendance rates.

• Several committee appointments were made to strengthen governance, and the board met 19 times in 2024, reflecting strong engagement.

• The Compensation, Selection and Governance Committee (CAG) met nine times, reviewed remuneration policies, and redefined variable pay criteria to better align with shareholder interests.

• Board reviewed strategic direction, succession planning, fund performance, and sustainability strategy.

• 2025 compensation policy for the Executive Board was adjusted to reflect business model changes and introduce new long-term criteria.