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Eurazeo (RF) investor relations material
Eurazeo Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
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.
How does selling above NAV validate portfolio value?
What is Eurazeo's unique mid-market value proposition?
How does current gearing align with asset-light model?
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Frequently asked questions
Eurazeo SE is a global investment group managing a diversified portfolio of assets across private equity, real assets, and private debt. The company invests in businesses across various industries, including technology, healthcare, consumer goods, and financial services, providing capital and strategic guidance to support growth and transformation. Eurazeo’s activities include fostering innovation, sustainability, and value creation for its portfolio companies. With a presence in Europe, North America, and Asia, Eurazeo serves institutional and private investors worldwide. The company is headquartered in Paris, France, and its shares are listed on Euronext Paris.
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