Eurazeo (RF) Q1 2026 earnings summary

Executive summary

• Q1 2026 fundraising reached €1.1bn, up 11% year-on-year, led by strong private debt and secondary inflows from both institutional and wealth clients.

• Total AUM as of March 31, 2026, was €39.2bn, up 7% year-on-year, with third-party AUM up 14%.

• Asset rotation accelerated, with realizations up 140% to €0.6bn, including high-value exits in Fermax and Ex-Nihilo.

• Group deployments increased 17% to €915m, driven by private debt.

• Strengthened financial position with investment grade ratings and a successful €500m bond issue.

Financial highlights

• Third-party fee-paying AUM up 13% year-on-year to €30.4bn; total fee-paying AUM up 5%.

• Management fees from third parties grew 10% year-on-year, with private markets fees up 14%.

• Performance fees more than doubled to €5m, mainly from Wealth Solutions and recent exits.

• Portfolio value per share was €102 at end of March 2026.

• Net financial debt stood at €1,047m, with limited gearing of 16%.

Outlook and guidance

• Fundraising pipeline for 2026 is solid and diversified, with multiple flagship and thematic funds in progress.

• Performance fees expected to reach about 10% of third-party management fees by end-2027.

• Dry powder from third parties reached €6.2bn, up 9% year-on-year, supporting future investment activity.

• Shareholder return to accelerate in 2027 with further buybacks planned.

• Evergreen funds expected to see gradual growth, with significant flows anticipated in future years.