Eurazeo (RF) investor relations material

Executive summary

• Asset management delivered strong growth in H1 2026, with AUM up 9% to €40bn and third-party AUM up 13%, supported by €2.3bn in fundraising and a 10% dividend increase.

• Management fees from third parties rose 14%, EBITDA grew 20% to €100m with a margin of 44.7%, and operating cash flow increased 74% to €54m.

• Net income improved sharply to -€6m from -€311m in H1 2025, reflecting asset management growth and portfolio value creation.

• Shareholder returns remain a priority, with €1.3bn returned since 2024 via dividends and buybacks, and a share buyback program covering 4% of share capital in 2026.

• Ordinary dividend per share increased by 10% to €2.92.

Financial highlights

• Total AUM up 9% year-over-year to €40bn; third-party AUM up 13% to €31.1bn.

• Fee-paying AUM rose 6% to €29.4bn; third-party fee-paying AUM up 13%.

• Management fees reached €213m (+6%), with third-party management fees at €163m (+14%).

• Asset management EBITDA up 20% to €100m; operating free cash flow up 74% to €54m.

• Performance fees doubled to €12m (+112%), mainly from third-party funds.

Outlook and guidance

• Growth and profitability targets for asset management, asset rotation, and shareholder distributions confirmed, with a robust exit pipeline for H2 2026.

• On track to deliver €2.3bn in shareholder returns by end-2027, with further increases in ordinary dividends and share buybacks planned.

• Long-term ambition to lead European private asset management in mid-market, growth, and impact segments.

• Fundraising outlook remains optimistic, supported by a diversified pipeline and international expansion.