Eurazeo (RF) Q3 2025 earnings summary

Executive summary

• Achieved strong fundraising of €3.2bn in the first nine months of 2025 (+4% year-over-year), outperforming a global market that declined by over 10%, with gains in private debt, private equity, and wealth management.

• 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 deployment and rotation, with €3.9bn deployed and €2.2bn in realizations, generating a 2.1x average cash-on-cash multiple and 8% premium over latest marks.

• Shareholder returns enhanced by a €400m buyback program and a 10% dividend increase, with total returns close to €1bn by end-2025.

• Continued international expansion and operational efficiency, with AI adoption as a strategic focus.

Financial highlights

• Management fees reached €316m for the period, with third-party fees up 5% year-over-year; performance fees totaled €10.2m.

• Private equity distributions outperformed the market, with a 20% average group distribution yield (2021-2024) versus 15% for the market.

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

• Net value of the balance sheet investment portfolio was €7.4bn as of September 30, 2025.

• Net financial debt stood at €1.6bn (23% gearing), proforma at €1.2bn (17% gearing) after Q3 exits.

Outlook and guidance

• Confident that full-year 2025 fundraising will exceed €4bn, with continued market share gains and a diversified pipeline across private equity, private debt, and real assets.

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

• 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.

• Ongoing processes for Q4 2025 expected to further support balance sheet asset rotation.

• Dry powder of €5.2bn and €2.0bn in balance sheet commitments provide significant investment capacity.