Eurazeo (RF) Q2 2025 earnings summary

Executive summary

• Achieved €2.1bn in fundraising in H1 2025, with strong growth in private equity and private debt, and fee-paying AUM up 10% year-over-year.

• Assets under management rose 4% to €36.8bn, with third-party AUM up 10% and fee-paying AUM up 8%.

• Net result Group share was -€309m in H1 2025, mainly due to negative fair value changes and currency effects.

• Portfolio value per share at €103.4, down 4% year-to-date, with a 2% positive impact from share buybacks.

• Recognized for sustainability leadership, with multiple ESG awards and impact AUM reaching €5.7bn (15% of total AUM).

Financial highlights

• Total AUM up 4% to €36.8bn; third-party AUM up 10%; fee-paying AUM up 8% to nearly €28bn.

• Management fees reached €211m, up 3% year-over-year; third-party management fees up 6%.

• Asset management contribution up 9% year-over-year; OpEx up 3%.

• Consolidated net loss attributable to owners was -€309m, mainly due to negative fair value changes and FX.

• Buyout portfolio EBITDA grew 17% and revenues 6% year-over-year; growth segment revenues up 14%.

Outlook and guidance

• Value creation for 2025 expected to be neutral or slightly negative, mainly due to FX and market uncertainties.

• Growth objectives and ambition to lead European mid-market, growth, and impact private asset management segments are confirmed.

• Reiterated commitment to €400m share buyback for 2025, not contingent on additional exits unless a systemic crisis occurs.

• Anticipate performance fees to increase in H2 with higher realizations.

• Long-term plan through 2027 targets a return to significant value creation, aiming for a 10% ten-year average.