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2025 9M 2025 TRADING UPDATE November 6, 2025
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FUNDRAISING 2 STRONG FUNDRAISING IN 9M 2025 0.6 1.0 1.4 0.9 1.9 1.7 0.2 0.1 9M 2023 9M 2024 9M 2025 1 Third party fundraising PRIVATE EQUITY PRIVATE DEBT REAL ASSETS 9M 2025 facts Institutional LPs : Wealth management : Strong mix of Private Equity thanks to closings in Buyout (EC V), Impact (EPBF) and Growth (EGF IV) in H1 Continued success of evergreen EPVE 3 vehicle First successes in international expansion In Q3, continued momentum in Private Debt and Secondaries & Mandates 676 M€ raised in 9M (+7%) €1.7BN €3.0BN €3.2BN FUNDRAISING FOR FY 2025 EXPECTED ABOVE €4BN
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3 EXPANDING OUR CLIENT REACH Increasing share of international in institutional LPs inflows 10% 16% 20% 32% 27% 39% 43% 42% 63% 45% 37% 26% 2018-2020 2021-2022 2023-2024 9M 2025 37% International 59% International 63% International FRANCE OTHER EUROPE REST OF THE WORLD FUNDRAISING Wealth Solution inflows 74% International 9M 2023 9M 2024 9M 2025 1 €566m €629m €676m FRANCE OTHER EUROPE
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4 STEADY GROWTH OF THIRD-PARTY FPAUM UP +11% LTM 25.2 28.0 10.3 9.4 35.5 37.4 9M 2024 9M 2025 ASSETS UNDER MANAGEMENT THIRD PARTYBALANCE SHEET FEE-PAYING ASSETS UNDER MANAGEMENT THIRD PARTYBALANCE SHEET 18.6 20.5 7.4 7.4 26.0 27.9 9M 2024 9M 2025 +5% +11% +7% +11% -9% ASSETS UNDER MANAGEMENT 0%
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MANAGEMENT FEES 1. Excluding catch-up fees and forex impacts 5 THIRD-PARTY MANAGEMENT FEES UP +5%1 MANAGEMENT FEES 89 86 160 166 63 64 9M 2024 9M 2025 €312m €316m BALANCE SHEET THIRD-PARTY PRIVATE MARKETS THIRD-PARTY IMGP +1% +5%1 -3% Third-party private markets +4%1 Third-party IMGP Balance sheet Third Parties : • Strong inflows in Private Markets : • planned rate step downs on older vintages in Venture, Biotech and Buyout • mix effect (Private Debt and S&M) • IMGP : • positive market effects • net outflows, in line with the US market Balance Sheet : • Management fees down as expected thanks to exits and reduced commitments
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ASSET ROTATION DYNAMIC DEPLOYMENTS ACROSS KEY SECTORS Amounts deployed ILLUSTRATIVE DEPLOYMENTS IN CATEGORY LEADERS IN KEY SECTORS ~€7.2BN1 TO BE DEPLOYED Business Services AI & Tech Environmental Solutions 1. Including €5.2bn of third-party dry powder and €2.0bn of commitments from Eurazeo’s balance sheet 1.8 1.6 1.7 1.1 1.6 2.0 0.2 0.1 9M 2023 9M 2024 9M 2025 1 Private Equity Private Debt Real assets €3.2BN €3.0BN €3.9BN Real Assets Healthcare 6
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ASSET ROTATION CONTINUING MOMENTUM ON REALIZATIONS IN 9M 2025 Significant exits (illustrative)Realizations BUYOUT GROWTH / VENTURE PRIVATE DEBT BIOTECH 0.5 1.5 1.50.3 0.8 0.6 9M 2023 9M 2024 9M 2025 €2.4BN €0.8BN €2.2BN1 Private Equity Private Debt Real assets NEW partial secondary 1. including c€0.4bn for the announced sales of CPK and UPD NEW NEW NEW NEW 7
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ASSET ROTATION 8 EURAZEO ASSET ROTATION VS PE MARKET DISTRIBUTION YIELD GLOBAL PRIVATE EQUITY DISTRIBUTION YIELD 3 EURAZEO BALANCE SHEET REALIZATIONS1 1. Realizations (N)/ Portfolio value (N-1) 2. Buyout (Capital, Elevate, Brands, Secondaries & Mandates) 3. Source : Cambridge Associates LLC - Calendar year distribution yield is annual LP distributions/beginning NAV. 2025 data is prel iminary and through June, 30, 2025. EURAZEO GROUP PRIVATE EQUITY REALIZATIONS1 2 45% 14% 9% 12% 10% 52% 18% 6% 13% 14% 2021 2022 2023 2024 YTD 2025 2021-2024 EZ Group PE 20% EZ Balance Sheet 22% PE Market2 15% AVERAGE DISTRIBUTION YIELDS EURAZEO PRIVATE EQUITY DISTRIBUTIONS OUTPERFORM THE MARKET
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9 EURAZEO HAS COMPLETED SUCCESSFUL EXITS ACROSS ITS VENTURE AND GROWTH PORTFOLIOS • c.1bn$ • 2.1x cash-on-cash in 2 years • >+100% upside from last mark • 0.35bn€ to 1bn€ (with milestones) • 3x to 7x • >+100% upside from last mark • 0.8bn€ to 1bn€ (with milestones) • >3.8x cash-on-cash • >+200% upside from last mark client-service AI agents new generation immunotherapy antibodies Peptide therapies for rare endocrine diseases • 650m$ • 4.5x cash-on-cash on average AI-powered digital identity verification • 650m$ • >4.4x to 20x (depending on fund) Employee- experience and intranet • NiCE • IPSEN • AstraZeneca • Entrust • Bridgepoint Venture & Growth Biotech (Kurma) COMPANY (ILLUSTRATIVE) ACQUIRER DEAL METRICS • july 2025 • oct 2025 • march 2024 • feb 2024 • may 2024 DATE FOCUS ON GROWTH & VENTURE
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10 ON TRACK TO DELIVER BALANCE SHEET ASSET ROTATION BALANCE SHEET ROTATION 2023 2024 2025 Actual Expected 14% YTD2 11% 6% 1. % of N-1 net portfolio value. 2. Realized and announced €2.2bn for the balance sheet c.27% of NAV 2023 2.1x average cash-on-cash multiple +8% average upside on latest mark Ongoing processes for Q4 2025 REALIZATIONS2 SINCE END 2023 (YTD) BALANCE SHEET REALIZATIONS1
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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 x1.4 x2.1 x2.1 >3x 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 COGNIGY UPD ImCheck Gross CoC multiple 11 EXITS CONFIRMING NAV MARKS AND STRONG RETURNS Uplift at exit1 2021 2022 2023 2024 2 2025 ASSET ROTATION +17% +11% +10% +70% +0% +33% +36% +66% +103% +42% +22% +60% +10% +54% +17% +17% -18% +15% +42% +2% +1% >+100% +2% >+100% H2 ANNOUNCED EXITS
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42% 10% 8% 20% 12% 4% PORTFOLIO COMPANIES 12 SOLID PERFORMANCE OF PORTFOLIO COMPANIES 1. 2. 3. 4. GROWTH +15% Total revenue c.+37% EGF IV REAL ASSETS +0% Revenues – Hospitality3 +24% Revenues – Infrastructure BUYOUT1 +6% Revenues2 Private Debt Real Assets Growth Brands Elevate (formerly SMBO) Capital (formerly MLBO) Net portfolio value Sept. 30, 2025 €7.4MDS Others4
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SHAREHOLDER RETURN DELIVERING ON SHAREHOLDER RETURN 1. 13 2024 2025e DIVIDEND SHARE BUY-BACK ~€0.2 bn ~€0.4 bn 2.42€ / share (+10%) ~€0.2 bn 2.65 € / share (+10%) ~€0.2 bn ~ €1.0 bn Cumulated ~ €0.6 bn c.12% of capital ~ €0.4 bn ongoing1 ~€0.4 bn ~€0.6 bnTOTAL
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QUESTIONS & ANSWERS 4
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APPENDIX
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FUNDRAISING 16 SOLID AND DIVERSIFIED FUNDRAISING PIPELINE FOR 2025 ESF VEPD VIIFlagship FUNDS EGF IV PME V Thematic FUNDS EZORE Kurma Biofund IVESMI IIEPBF E.P.S.O. EEC IIIE.P.I.C. Private Equity Private Debt Real assets Eurazeo First closing First closing Additional closings Additional closings Crossed 3bn€ in AUM Pre-marketing Ongoing Ongoing Ongoing Approved Ongoing
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APPENDIX 17 ASSETS UNDER MANAGEMENT In €M 30/09/20241 30/09/2025 Change (%) Private Equity 15,887 8,713 24,600 17,148 7,760 24,909 +1% Capital 3,222 4,415 7,637 3,575 3,691 7,266 -5% Elevate 1,506 852 2,358 1,764 957 2,721 +15% Brands 0 764 764 4 656 660 -14% Healthcare (Nov Santé) 418 0 418 396 1 397 -5% Impact 0 0 0 203 98 301 - Private Funds Group 5,224 318 5,542 5,827 304 6,131 +11% Other investments as LP 0 176 176 0 66 66 -63% Growth 1,989 1,923 3,912 2,178 1,735 3,912 +0% Venture 3,012 157 3,169 2,724 154 2,879 -9% Kurma 517 106 623 478 98 576 -8% Private Debt 8,409 432 8,841 9,913 482 10,394 +18% Real Assets 930 1,166 2,096 984 1,112 2,096 +0% Total Portfolio 25,225 10,311 35,537 28,045 9,354 37,399 +5%
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APPENDIX 18 SELECTED FUNDS PERFORMANCE1 Glossary : Fund name Vintage Year Fund size (m€) o/w BS (€m) % invested Gross MOIC Gross IRR Gross DPI Private Equity 2021 2,992 1,737 53% 1.1x 4% 0.0x 2017 2,500 1,712 86% 1.9x 15% 1.1x 2021 1,049 400 74% 1.8x 30% 0.5x 2017 658 405 97% 1.8x 17% 0.8x 2019 1,084 250 89% 1.0x 0% 0.1x 2021 289 75 35% 1.0x 2% 0.1x 2017 350 21 74% 1.3x 6% 0.1x 2024 515 200 66% 1.2x 20% 0.0x 2020 695 60 114% 1.4x 15% 0.3x 2018 128 3 67% 1.7x 25% 0.8x 2022 167 40 35% 1.3x 19% 0.3x PRIVATE DEBT 2024 2,406 200 39% 1.1x 12% 0.1x 2021 2,328 192 100% 1.2x 10% 0.4x REAL ASSETS 2020 504 500 82% 1.1x 4% 0.1x 2018 559 500 88% 1.8x 24% 1.5x
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FULL YEAR 2025 Results March 11, 2026 APPENDIX 19 FINANCIAL AGENDA 1st QUARTER 2026 Revenues May 13, 2026
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APPENDIX 20 EURAZEO CONTACTS Pierre BERNARDIN INVESTOR RELATIONS pbernardin@eurazeo.com +33 (0)1 44 15 16 76 EURAZEO SHARES Share capital as of Sept. 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 NEXT 150 CAC MID&SMALL CAC FINANCIALS SBF120 www.eurazeo.com ANALYST COVERAGE Alexandre Desprez Alpha 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 MSCI
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APPENDIX 21 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.
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