Eurazeo (RF) Q1 2025 earnings summary

Executive summary

• Q1 2025 saw €944 million in third-party fundraising, a fourfold year-over-year increase, led by private equity and private debt, with strong contributions from institutional LPs and Wealth Solutions.

• Asset rotation continued with €800 million deployed and €716 million in realizations year-to-date, including major disposals and a €325 million Albingia sale.

• Portfolio companies delivered robust growth: buyout revenues up 7% (excluding WorldStrides), growth segment up 14%, and sustainable infrastructure up 20%.

• Wealth Solutions segment grew significantly, now representing 19% of third-party AUM, with fundraising up 90% to €307 million.

• Ordinary dividend increased 10% to €2.65 per share; €400 million share buyback program underway for 2025.

Financial highlights

• Total AUM reached €36.8 billion as of March 31, 2025, up 7% year-on-year; third-party AUM up 12% to €26.7 billion.

• Fee-paying AUM increased 9% year-on-year to €27.5 billion; third-party fee-paying AUM up 12%.

• Management fees from third parties rose 13% year-on-year (excluding catch-up fees); total management fees up 9% to €107 million.

• Private Debt AUM grew 29% year-on-year; Real Assets AUM up 12%.

• Dry powder from third parties rose 19% year-on-year to €5.7 billion; total dry powder at €7.8 billion.

Outlook and guidance

• Fundraising pipeline for 2025 remains solid and diversified across institutional, wealth, flagship, thematic, and evergreen funds.

• Exit pipeline expected to increase realization volumes in 2025 despite a more uncertain environment.

• Targeting the lower end of historical balance sheet realization rate (20-25%), aiming for €1.6 billion in 2025.

• Share buyback program to double in 2025 versus 2024, with acceleration expected in the second half.

• Group maintains substantial investment capacity with €5.7 billion dry powder and €2.1 billion balance sheet commitments.