Eurazeo (RF) Q3 2025 earnings summary

Executive summary

• Achieved €3.2bn in fundraising over nine months (+4% year-over-year), outpacing a declining global market and gaining market share, driven by private debt and private equity closings, and international expansion.

• Assets under management (AUM) rose 5% to €37.4bn, with third-party AUM up 11% to €28.0bn and fee-paying AUM up 7%.

• Dynamic asset deployment across business services, AI & tech, environmental solutions, and healthcare, with €3.9bn deployed in 9M 2025.

• Realizations totaled €2.2bn for the balance sheet since end 2023, representing 27% of 2023 NAV, with a 2.1x average cash-on-cash multiple and 8% average upside on latest mark.

• Shareholder returns enhanced via a €400m buyback program and a 10% dividend increase, with total return initiatives targeting ~€1.0bn by end-2025.

Financial highlights

• Management fees reached €316m for the period, with third-party fees up 5% year-over-year; performance fees totaled €10.2m, supported by successful exits.

• Deployments totaled €3.9bn, up 20% year-over-year; Q3 private equity deployment at €800m, private debt at €900m.

• Portfolio companies showed solid performance: buyout revenues up 6%, growth up 15%, and infrastructure real assets up 24%.

• Net value of the balance sheet investment portfolio was €7.4bn as of September 30, 2025.

• Realizations in buyouts, venture, and growth included high-profile exits (e.g., CPK, Ultra Premium Direct, Cognigy, ImCheck), often at or above NAV.

Outlook and guidance

• Fundraising for FY 2025 expected to exceed €4bn, supported by a strong pipeline and international client expansion.

• Guidance for on-balance sheet portfolio value remains between zero and slightly negative for the year, with potential for neutral to slightly positive on a per-share basis due to buybacks.

• Expect continued market share gains and strong fundraising in 2026, especially in lower mid-market buyout and infrastructure funds.

• Performance fees anticipated to gradually increase, targeting 10% of third-party revenues in the medium term.

• Ongoing processes for Q4 2025 expected to further support balance sheet asset rotation.