Eurazeo (RF) AGM 2025 summary

Opening remarks and agenda

• The meeting welcomed shareholders, board members, and management, confirmed legal formalities and quorum, and was opened by Jean-Charles Decaux, with Gabriel Kunde presenting legal formalities.

• The agenda included financial and non-financial results, sustainability report, strategic plan review, board activities, committee reports, statutory auditors' report, and voting on 22 resolutions.

Financial performance review

• Achieved double-digit growth in asset management, with assets under management rising 4% to €36.1 billion and third-party AUM up 10%.

• Management fees from third-party investors rose 14% to €216 million, with fee-related earnings up 11% to €150 million and operating margin at 35.5%.

• Fundraising increased 23% to €4.3 billion, with strong international LP participation and expansion in wealth solutions.

• Realizations doubled to €3.4 billion, with exit volumes three times higher than 2023, and net portfolio value at €7.9 billion, down 5% due to disposals and fair value adjustments.

• Net income for 2024 was a loss of €420 million, mainly due to non-cash investment losses and legacy asset write-offs.

Board and executive committee updates

• The Supervisory Board comprised 12 members (50% women, 60% independent), with new appointments to strengthen financial and governance expertise.

• Board activities focused on strategy, succession planning, fund performance, equity allocation, and ESG oversight, meeting up to 19 times in 2024 with high attendance.

• The Compensation, Selection and Governance Committee (CAG) met nine times, reviewed remuneration policies, co-investment programs, and recommended adjustments to align executive incentives with shareholder interests.

• Three-yearly assessment by Spencer Stuart rated the Board highly, recommending more informal meetings and ongoing training.

• 2025 compensation policy for the Executive Board was adjusted to reflect business model changes and introduce new long-term criteria.