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 equity and private debt 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 rotation with €2.2bn in realizations, including major exits in buyout, venture, growth, and biotech, often at or above NAV.

• Shareholder returns accelerated via a €400m–€500m buyback program and a 10% dividend increase, with a commitment to return close to €1bn by end-2025.

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

Financial highlights

• Management fees reached €316m for the period (+2% year-over-year, +5% for third-party fees, excluding catch-up and FX); performance fees totaled €10.2m.

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

• Realizations for the balance sheet at 2.1x average cash-on-cash multiple and 8% average upside on latest mark.

• Dividend per share for 2025 estimated at €2.65 (+10%), with ongoing share buybacks totaling €0.4bn–€0.5bn.

• Net financial debt at €1.6bn (23% gearing), pro forma €1.2bn (17% gearing) after recent asset sales.

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.

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

• Ongoing focus on asset rotation, aiming for annual disposals of ~20% of prior year portfolio value.

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