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2025 H1 2025 RESULTS JULY 24, 2025
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1. KEY HIGHLIGHTS William KADOUCH-CHASSAING Co-CEO 2. FUNDRAISING & ASSET ROTATION Christophe BAVIÈRE Co-CEO 3. FINANCIAL RESULTS William KADOUCH-CHASSAING Co-CEO 4. Q&A SESSION AGENDA 2 HALF YEAR 2025 RESULTS - 24.07.2025
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KEY HIGHLIGHTS 1 William KADOUCH-CHASSAING Co-CEO 3 HALF YEAR 2025 RESULTS - 24.07.2025
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KEY HIGHLIGHTS 4 DELIVERING ON STRATEGIC PLAN GOOD PERFORMANCE OF ASSET MANAGEMENT MODERATE DECREASE OF OWN PORTFOLIO FAIR VALUE DUE TO FOREX HALF YEAR 2025 RESULTS - 24.07.2025 1. excluding catch-up fees 2. as a percentage of portfolio value at 31/12/2024, including realized and announced deals 3. excluding WorldStrides DYNAMIC BALANCE SHEET ASSET ROTATION AM contribution (excl financial expenses) +9% Fee-paying AUM +10% Management fees +6%1 Fundraising €2.1BN -2% headwind from forex (USD) +2% impact of share-buyback robust portfolio performance (Buyout EBITDA3 +17%) -1% organic change in fair value €0.9BN announced and realized c.12%2 of 31/12/2024 portfolio value Valuations consistent with NAV 103.4€ / share
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KEY HIGHLIGHTS 5 STRENGTHENED LEADERSHIP IN SUSTAINABILITY & IMPACT HALF YEAR 2025 RESULTS - 24.07.2025 SUSTAINABILITY IMPACT INVESTMENTS 13 Environment New Investments Across Six Impact Funds Healthcare Eurazeo named ESG Direct Lending Manager of the Year Debtwire Eurazeo among the World’s 500 Most Sustainable Companies Time & Statista Eurazeo Sustainable Maritime Infrastructure named Environmental Fund of the Year Environmental Finance Eurazeo Planetary Boundaries Fund named ESG Initiative of the Year Environmental Finance
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FUNDRAISING & ASSET ROTATION2 Christophe BAVIÈRE Co-CEO 6 HALF YEAR 2025 RESULTS - 24.07.2025
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FUNDRAISING 7 STRONG FUNDRAISING AT €2.1BN IN H1 2025, DRIVEN BY PRIVATE EQUITY 0.4 0.4 1.2 0.8 1.6 0.9 0.1 0.1 H1 2023 H1 2024 H1 2025 1 Third party fundraising PRIVATE EQUITY PRIVATE DEBT REAL ASSETS H1 2025 facts HALF YEAR 2025 RESULTS - 24.07.2025 Institutional LPs : Wealth management : Final close of MLBO EC V program at 3 bn€ Continued success of evergreen EPVE 3 vehicle Success in Belgium Continued good momentum in Private Debt First close securing 300 M€ on Eurazeo Planet Boundaries Fund (article 9, Buyout) 479 M€ collected in H1 (+6%) €1.3BN €2.1BN €2.1BN First close at 650 M€ for Eurazeo Growth Fund IV
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8 EXPANDING OUR CLIENT REACH Increasing share of international in institutional LPs inflow 10% 16% 20% 27% 27% 39% 43% 45% 63% 45% 37% 28% 2018-2020 2021-2022 2023-2024 H1 2025 37% International 59% International 63% International FRANCE OTHER EUROPE REST OF THE WORLD FUNDRAISING HALF YEAR 2025 RESULTS - 24.07.2025 Wealth Solution inflows 348 453 479 H1 2023 H1 2024 H1 2025 72% International
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FUNDRAISING & ASSET ROTATION 9 SOLID AND DIVERSIFIED FUNDRAISING PIPELINE FOR 2025 ESF VEPD VIIFlagship FUNDS EGF IV PME V Thematic FUNDS EZOREESMI IIEPBF E.P.S.O. EEC IIIE.P.I.C. Private Equity Private Debt Real assets Eurazeo HALF YEAR 2025 RESULTS - 24.07.2025 First closing First closing Additional closings Additional closings Crossed 3bn€ in AUM Pre-marketing Ongoing Ongoing Early-stage marketing To be launched Ongoing
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10 ABILITY TO SEIZE MARKET OPPORTUNITIES HALF YEAR 2025 RESULTS - 24.07.2025 Asset Management deployments 1.0 0.8 0.9 0.6 0.7 1.1 0.1 0.1 0.1 H1 2023 H1 2024 H1 2025 1 Private Equity Private Debt Real assets €1.6BN€1.7BN 1. Including €0.3BN of PE exits announced in July 2025 (CPK and syndication of EGF IV assets) 2. €5.5bn in dry powder from 3rd parties and €1.9bn commitment from Eurazeo’s balance sheet ~€7.4BN TO BE DEPLOYED2 ow €5.5BN 3rd PARTY DRY POWDER 0.3 1.1 1.1 0.2 0.5 0.2 H1 2023 H1 2024 H1 2025 €0.5BN Asset Management realizations €1.6BN €1.3BN1 €2.2BN FUNDRAISING & ASSET ROTATION
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FINANCIAL RESULTS 3 William KADOUCH-CHASSAING Co-CEO 11 HALF YEAR 2025 RESULTS - 24.07.2025
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FINANCIAL RESULTS 12 THIRD-PARTY FPAUM UP +10% LTM 25.0 27.5 10.3 9.3 35.4 36.8 H1 2024 H1 2025 ASSETS UNDER MANAGEMENT THIRD PARTYBALANCE SHEET FEE-PAYING ASSETS UNDER MANAGEMENT THIRD PARTYBALANCE SHEET 18.4 20.3 7.4 7.5 25.8 27.8 H1 2024 H1 2025 HALF YEAR 2025 RESULTS - 24.07.2025 +4% +10% +8% +1% +10% -10%
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FINANCIAL RESULTS 1. Excl. catch-up fees 13 THIRD-PARTY MANAGEMENT FEES UP +6%1 MANAGEMENT FEES 59 58 104 109 41 44 H1 2024 H1 2025 €204m €211m BALANCE SHEET THIRD-PARTY PRIVATE MARKETS THIRD-PARTY IMGP HALF YEAR 2025 RESULTS - 24.07.2025 +3% +6% -2% Third-party management fees (excl catch-up fees)
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FINANCIAL RESULTS 14 ASSET MANAGEMENT CONTRIBUTION UP +9% IN €M H1 2024 H1 2025 % change like for like Management fees 204 211 +3% From 3rd party investors 145 153 +6% 1 From Eurazeo Investment Activity 59 58 -2% Operating expenses (133) (137) +3% Fee Related Earnings (FRE), before finance costs & others 71 73 +3% - Performance fees, realized (PRE) 2 6 x3 From 3rd party investors 0 4 - From Eurazeo Investment Activity 2 2 - Contribution of the Asset Management Activity excluding finance costs and other income 73 79 +9% Finance costs and other income (8) (13) of which forex impact 1 (4) Contribution of the Asset Management Activity 65 66 +1% ow minority share (mainly iM Global Partner) 5 1 HALF YEAR 2025 RESULTS - 24.07.2025
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15 BALANCE SHEET ROTATION UP, REACHING MORE THAN €0.9BN YTD HALF YEAR 2025 RESULTS - 24.07.2025 FINANCIAL RESULTS July 2023 July 2024 July 2025 Realized Announced Realized sale of Albingia (c.€325m) Secondary transaction on selected Capital assets (c.€200m1) Announced CPK exit (c.€200m) Realized and announced deals1 12% 9% 3% Main deals
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FINANCIAL RESULTS 16 BALANCE SHEET REALIZATIONS TRENDING BACK TO HISTORICAL ANNUAL AVERAGE % OF (N-1) PORTFOLIO VALUE REALIZED IN YEAR N 28% 27% 23% 27% 28% 11% 52% 18% 6% 13% 0 500 1,000 1,500 2,000 2,500 3,000 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 YTD 2025 REALIZATIONS N/ PORTFOLIO VALUE (N-1)REALIZATIONS/ANNOUNCED EXITS IN M€ HALF YEAR 2025 RESULTS - 24.07.2025 12%
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Gross CoC multiple x4.1 x2.1 x2.5 x0.7 x2.8 x3.2 x1.8 x2.0 x3.0 x2.5 x3.7 x4.4 x2.7 x3.2 x3.3 x2.7 x3.0 x2.6 x1.3 x1.6 x3.0 x2.2 FARFETCH IBERCHEM ADJUST EUROPCAR TRADER INTERACTIVE C25 SEQENS LPCR IN'TECH MEDICAL PLANET OROLIA REDEN SOLAR NEST VITAPROTECH GROUP PREMIUM HUMENS EFESO DORC PETERS SURGICAL GRAPE (partial) I-TRACING ALBINGIA CPK FINANCIAL RESULTS 17 BALANCE SHEET EXITS CONFIRMING NAV MARKS Uplift at exit1 +120% +42%+15%+17%+17%+54%+10%+60%+22%+42%+103%+66%+36%+33%+70%+10%+11%+17%+35% 2020 2021 2022 2023 2024 2 HALF YEAR 2025 RESULTS - 24.07.2025 2025 announced
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42% 8% 9% 21% 12% 4% FINANCIAL RESULTS 18 SOLID PERFORMANCE OF PORTFOLIO COMPANIES 1. 2. 3. 4. GROWTH +14% Total revenue c.+40% EGF IV REAL ASSETS4 +3% Revenues - hospitality +30% Revenues – Infrastructure BUYOUT1 +6% Revenues2 +17% EBITDA2 Private Debt Real Assets Growth Brands Elevate (formerly SMBO) Capital (formerly MLBO) HALF YEAR 2025 RESULTS - 24.07.2025 Net portfolio value €7.4MDS Others4
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FINANCIAL RESULTS 19 MODERATE DECREASE IN OWN PORTFOLIO VALUE MAINLY DUE TO WEAKER FOREX Valuations drivers in H1 2025 Positive revenue and EBITDA growth Caution on multiples given market environment Headwind from weaker forex (-2% of portfolio value) Market impact on real estate Value per share 103.4€ -4% YTD incl. +2% impact of buybacks Long term track-record + 10% pa €7.9BN €7.4BN -171 -2385% FY 2024 H1 2025Buyout1 Real assets Growth & Venture Scope Others2 -1%-€101M org. change in fair value HALF YEAR 2025 RESULTS - 24.07.2025 Forex 1% +8 1%
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FINANCIAL RESULTS 20 CONTRIBUTION OF THE INVESTMENT ACTIVITY: P&L IN €M H1 2024 H1 2025 Change in fair value on the portfolio (48) (273) Other changes in fair value (6) 17 Performance fees in favor of the AM activity (2) (2) Net unrealized and realized capital (+/-), dividends and others (56) (258) Management fees in favor of the AM activity (59) (58) Group strategic management costs (13) (13) Financial expense and others1 (23) (34) Contribution of the Investment company (156) (364) HALF YEAR 2025 RESULTS - 24.07.2025
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FINANCIAL RESULTS 21 GROUP PROFIT & LOSS IN €M H1 2024 H1 2025 Contribution of the Asset Management Activity 65 66 Contribution of the Investment Activity (156) (364) Consolidated net income / (loss) (98) (301) Attributable to owners of the Company (105) (309) A B HALF YEAR 2025 RESULTS - 24.07.2025
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QUESTIONS & ANSWERS 4 HALF YEAR 2025 RESULTS - 24.07.2025
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APPENDIX
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APPENDIX 24 ROBUST FINANCIAL STRUCTURE TOTAL Equity As of end of June 2025 NET Financial debt1 As of end of June 2025 NET Financial debt1 Proforma of announced exits2 €6.9BN €1.5BN €1.1BN REVOLVING Credit Facility €1.5BN HALF YEAR 2025 RESULTS - 24.07.2025
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APPENDIX 25 ASSETS UNDER MANAGEMENT In €M 31/12/2024 PF1 30/06/2025 Change (%) Private Equity 16,433 8 314 24,746 17,102 7,689 24,791 0% Private Debt 8,805 424 9 229 9,417 499 9,916 +7% Real Assets 945 1 181 2 126 956 1,127 2,083 -2% Total Portfolio 26,183 9,919 36,102 27 475 9,315 36,790 +2% HALF YEAR 2025 RESULTS - 24.07.2025
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APPENDIX 26 GROWING ASSETS UNDER MANAGEMENT ASSETS UNDER MANAGEMENT 31/12/2024 30/06/2025 Value CreationFundraising 3rd Party AUM UP +10% 75% of total AUM AUM €36.8BN UP +2% 36.1 36.8+2.2 -1.2 -0.3 HALF YEAR 2025 RESULTS - 24.07.2025 Taildown, redemptions & others
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APPENDIX 27 SELECTED FUNDS PERFORMANCE1 Glossary : HALF YEAR 2025 RESULTS - 24.07.2025 Fund name Vintage Year Fund size (m€) o/w BS (€m) % invested Gross MOIC Gross IRR Gross DPI Private Equity PRIVATE DEBT REAL ASSETS
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28 SHAREHOLDER BASE & GOVERNANCE 1- Including individual shareholders and others 2- Shareholders acting in concert 3- Estimated APPENDIX CORPORATE GOVERNANCE • Separation of the roles of Chairman and co-CEOs • Independence of the Supervisory Board: 6 independent members out of 12 • Four committees : • Audit Committee • Finance Committee • Compensation and Appointments Committee • CSR Committee • Existence of shareholder agreements between main shareholders and Eurazeo 2 Free float1 54.09% JCDecaux Holding SAS 20.45% Famille Michel David-Weill2 9.99% Famille Solages 5.22% Famille Richardson 3.96% Famille Guyot 0.38% Treasury shares 4.64% Management & employés 1.28% Shareholding structure3 June. 2025
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FULL YEAR 2025 Results March 05, 2026 APPENDIX 29 FINANCIAL AGENDA 3RD QUARTER 2025 Revenues November 06, 2025 HALF YEAR 2025 RESULTS - 24.07.2025 1st QUARTER 2026 Revenues May 13, 2026
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APPENDIX 30 EURAZEO CONTACTS Pierre BERNARDIN INVESTOR RELATIONS pbernardin@eurazeo.com +33 (0)1 44 15 16 76 EURAZEO SHARES Share capital as of June 30, 2025 73,085,760 Statutory threshold declarations 1% Bloomberg/Reuters RF FP, Eura.pa ISIN code FR0000121121 Indices DJ STOXX EUROPE 600 DJ EURO STOXX MSCI NEXT 150 CAC MID&SMALL CAC FINANCIALS SBF120 www.eurazeo.com ANALYST COVERAGE Saïma HusseinAlpha Value Isobel HettrickAutonomous Bernstein Christoph GreulichBerenberg Arnaud PalliezCM-CIC Joren Van Aken Degroof Petercam Nicolas VaysselierExane BNP Paribas Oliver CarruthersGoldman Sachs Matthew HoseJefferies Christopher BrownJP Morgan Cazenove David CerdanKepler Cheuvreux Geoffroy MichaletODDO BHF HALF YEAR 2025 RESULTS - 24.07.2025
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APPENDIX 31 DISCLAIMER CONFIDENTIALITY This presentation (the “Presentation”) has been prepared by Eurazeo. This presentation may not be distributed, published or reproduced, in full or in part, and the information contained herein must not be released by its recipients to third parties. The recipients of this Presentation undertake not to use the information received hereby for purposes other than those for which the information was communicated to them. REGULATION Eurazeo SE is a company listed on Euronext Paris. The recipients of information acknowledge having read and understood the provisions of applicable securities laws and market regulations relating to the use of inside information, and in particu lar of EU Market Abuse Regulation (Regulation (EU) 596/2014 of the European Parliament and of the Council dated 16 April 2014) as well as article L.465-1 of the French Monetary and Financial Code. The recipients of information acknowledge moreover that some of the confidential information contained in the Presentation may be regarded as inside information within the meaning of such securities laws and market regulations relating to the use of inside information. The recipients undertake, in their name and on behalf of the companies of their group, to comply with applicable securities laws and market regulations. DISCLAIMER The information contained in this Presentation is provided for information purposes only. Some of the information contained in this Presentation has been obtained from published sources prepared by other parties and it has not been independently verified. Neither Eurazeo nor the group to which it belongs nor any other person assumes any responsibility for the accuracy or completeness of the information contained in this Presentation and no representation or warranty, expressed or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of this information o r opinions contained herein. The information set out herein is provided as of the date of the Presentation and Eurazeo is under no obligation to update, complete, revise, verify or amend the information contained in this Presentation and/or to provide to you any previous, current or future other materials in relation to Eurazeo or its products or services. Certain statements contained in this document may be statements of future expectations and other forward -looking statements that are based on certain assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. No information provided in the Presentation constitutes or should be used or considered as an offer to sell or a solicitation of any offer to buy the securities or servi ces of Eurazeo or any other issuer in any jurisdiction whatsoever. None of Eurazeo or any of its affiliates, advisors or representat ives shall have any liability whatsoever for any loss howsoever arising from any use of this document or its content or otherwise arising in connection with this document. DISCLAIMER The information contained in this Presentation is provided for information purposes only. Some of the information contained in this Presentation has been obtained from published sources prepared by other parties and it has not been independently verified. Neither Eurazeo nor the group to which it belongs nor any other person assumes any responsibility for the accuracy or completeness of the information contained in this Presentation and no representation or warranty, expressed or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of this information o r opinions contained herein. The information set out herein is provided as of the date of the Presentation and Eurazeo is under no obligation to update, complete, revise, verify or amend the information contained in this Presentation and/or to provide to you any previous, current or future other materials in relation to Eurazeo or its products or services. Certain statements contained in this document may be statements of future expectations and other forward -looking statements that are based on certain assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. No information provided in the Presentation constitutes or should be used or considered as an offer to sell or a solicitation of any offer to buy the securities or servi ces of Eurazeo or any other issuer in any jurisdiction whatsoever. None of Eurazeo or any of its affiliates, advisors or representat ives shall have any liability whatsoever for any loss howsoever arising from any use of this document or its content or otherwise arising in connection with this document. UNITED STATES OF AMERICA None of the interests of funds managed by Eurazeo or any entity of its group has been registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any U.S. state or other relevant jurisdiction. No s uch registration is contemplated. Neither the U.S. Securities and Exchange Commission nor any U.S. state or other authority or securities commission has reviewed or passed upon the accuracy or adequacy of this Presentation. Any representation to the contrary is a criminal offense. In addition, none of the funds managed by Eurazeo will be registered as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”), in reliance on one or more exclusions or exemptions therefrom. Investors in any such funds will be required to make certain representations regarding their qualifications, including that each is an “accredited investor” and a “qualified purchaser” as those terms ar e defined in the Securities Act and Investment Company Act, respectively. There is no public market for the interests in the funds managed by Eurazeo and no such market is expected to develop in the future. Accordingly, investors should be aware that they will be required to bear the financial risks of an investment for an indefin ite period of time, including the risk of loss of their entire investment. Past performance is not necessarily indicative of futu re results and no guarantee can be given that the investment objectives of Eurazeo will be achieved or that investors will receive a return of capital or return on any of their capital. No representations or warranties of any kind are intended or should be inferred with respect to the economic returns or the tax consequences of an investment any fund managed by Eurazeo. This Presentation relates to investments managed by Eurazeo, which is not registered as an investment adviser pursuant to the Investment Advisers Act of 1940, as amended. As a result, the protections of such registration shall not be afforded to a ny investor in any fund managed by Eurazeo. HALF YEAR 2025 RESULTS - 24.07.2025
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