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 strong contributions from Private Equity, Private Debt, and Wealth Solutions, with Wealth Solutions up 90%.

• Asset rotation continued with €800 million deployed and €716 million realized in Q1, plus over €525 million in post-quarter divestments, including major disposals.

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

• Shareholder returns accelerated with a 10% dividend increase to €2.65 and a €400 million share buyback program, double the prior year.

• Final close of EC5 MLBO program at €3 billion, first closing of EPBF impact fund at €300 million, and completion of Albingia sale (€325 million) and MLBO secondary transaction (€200 million).

Financial highlights

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

• Fee-paying AUM rose 9% to €27.5 billion; third-party FPAUM up 12% to €20.0 billion.

• Management fees from third parties increased 13% to €78 million; total management fees up 9% to €107 million.

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

• Net value of balance sheet investment portfolio at €7.9 billion; portfolio value per share up 1.7% to €109.6.

Outlook and guidance

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

• Exit pipeline expected to increase realization volumes in 2025 despite market uncertainty.

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