Eurazeo (RF) AGM 2026 summary

Opening remarks and agenda

• The meeting welcomed shareholders, supervisory board, and management, outlining the agenda to review results, ambitions, and resolutions, with a focus on transparency, engagement, and sustainability.

• All formalities for convening the AGM were completed in accordance with regulations, and digital access to documents was provided to support CSR policy.

• The agenda included reports from the Supervisory Board, CAG Committee, statutory auditors, and a general discussion session for stakeholder engagement.

Financial performance review

• Asset management achieved double-digit growth, with assets under management reaching EUR 39 billion, up 15%, and third-party assets up 15%.

• Management fees rose 44% to €1.5bn, fundraising reached a record €5.5bn in 2025, and EBITDA for asset management increased 12%.

• Divestments increased by 40%, but value creation in the portfolio was negative for 2024 and 2025, with a slight decrease in portfolio value (-1.6% excl. forex).

• Recurring income from fee-related earnings rose to EUR 156 million, and the FRE margin reached 36% (+40bps).

• Group net income remained negative, but improved from the previous year.

Strategic initiatives and plans

• The group is focused on building a private asset management platform for European mid-market caps, optimizing performance, and reducing balance sheet size.

• The strategic plan (2024-2027) emphasizes scaling the client franchise, an asset-light model, and value creation.

• Expansion of the institutional client base, especially internationally, with 71% of institutional flows from outside France.

• Continued investment in environmental and health solutions, with EUR 6.1 billion dedicated to impact strategies and 28% of eligible companies having SBTi-validated targets.

• The group maintains a robust pipeline for 2026, including new funds in private debt, equity, and infrastructure.