Half-year results
2025
PRESS RELEASE


EURAZEO CONTINUES TO GROW AND
ACCELERATES ITS ASSET ROTATION IN H1 2025
Paris, July 24, 2025




Strong asset management momentum
• Third-party fundraising: €2.1bn (€2.1bn in H1 2024), including €0.5bn in Wealth Solutions
• Assets Under Management (AUM): +4% to €36.8bn, including +10% for third parties
• Fee Paying AUM: +8% to €27.8bn, including +10% for third parties
• Management fees: €211m, including +6% for third parties, excluding catch -up fees
• Asset management contribution up 9%, excluding financial expenses
Increase in balance sheet realizations
• Announced and completed divestments of c.12% of the balance sheet portfolio (vs. 9% for
the same period in 2024) under good financial conditions
• Growth in exits expected in 2025
Robust balance sheet portfolio - value creation impacted by currency fluctuations
• Balance sheet portfolio net value: €7.4bn, or €103.4 per share
• Moderate decrease in portfolio fair value (-1% excluding forex):
o Robust performance of portfolio companies
o Negative currency effects (-2%)
• Accretive impact of share buybacks (+2% on the value per share)
Net result reflecting AM growth and the change in non-cash fair value
• Net result Group share: -€0.3bn (vs. -€0.1bn in H1 2024)
Accelerated shareholder return in line with the strategic plan
• Distribution of an ordinary dividend of €2.65 per share in May (+10%)
• Confirmation of the €400m share buyback program, set to accelerate in H2
Strengthened leadership in sustainability and impact
• Strong deployment momentum across all impact funds (13 transactions in H1)



Christophe Bavière and William Kadouch-Chassaing, Co-CEOs, declared:
“Eurazeo continues to rigorously roll-out its strategic roadmap in a more uncertain economic
environment. Asset management growth is supported by solid fundraising with both institutional
and retail clients, reflecting the relevant positioning of our investment strategies and their
performance. As announced, balance sheet asset rotation increased for the second year running,
and several transactions are planned for the second half of the year. These financial flows will
allow us to continue to improve shareholder return, particularly through the scheduled
acceleration of share buybacks.”




EURAZEO
66, rue Pierre Charron – 75008 Paris
www.eurazeo.com
I. ANALYTICAL P&L

A. ASSET MANAGEMENT ACTIVITY

1. ASSETS UNDER MANAGEMENT

At the end of June 2025, Eurazeo Group Assets Under Management (AUM) totaled €36.8bn, up
+4% over 12 months:

- third-party AUM (Limited Partners and retail clients) stood at €27.5bn (+10% over 12 months),
including drypowder of €5.5bn,

- balance sheet AUM (-10% over 12 months) include the investment portfolio on the Group’s
balance sheet (€7.4bn, -7%) and Eurazeo balance sheet undrawn commitments in Group funds
(€1.9bn, down -17%).



06/30 06/30 % change %
Assets Under Management (€m) 1
2024 PF 2025 LTM AUM
Private Equity 24,622 24,791 +1% 67%
Private Debt 8,716 9,916 +14% 27%
Real Assets 2,024 2,083 +3% 6%
Total AUM 35,363 36,790 +4% 100%
of which third-party AUM 25,044 27,475 +10% 75%
of which balance sheet AUM 2 10,319 9,315 -10% 25%

Fee Paying AUM totaled €27.8bn, up +8% in total and +10% for third parties over 12 months.


06/30 06/30 % change %
Fee Paying AUM (€m) 1
2024 PF 2025 LTM FPAUM
Private Equity 18,332 19,042 +4% 69%
Private Debt 5,840 6,989 +20% 25%
Real Assets 1,618 1,758 +9% 6%
Total FPAUM 25,789 27,789 +8% 100%
of which third-party FPAUM 18,412 20,327 +10% 73%
of which balance sheet FPAUM 7,377 7,462 +1% 27%




1
Figures at end June 2024 are pro forma of MCH (divested) and include Eurazeo’s balance sheet commitments in Group funds
2
Including the balance sheet investment portfolio and balance sheet commitments in Group funds (€2.4m as of June 30, 2024,
€1.9m as of June 30, 2025)




EURAZEO
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www.eurazeo.com
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2. FUNDRAISING

In H1 2025, Eurazeo raised €2.1bn from its clients, compared to €2.1bn in H1 2024 :

- Private Equity fundraising totaled €1.2bn, nearly three times the amount raised in H1 2024.
The Group closed fundraising for the Capital “EC V” program in the half -year at €3.0bn,
exceeding its target. The EPBF impact fund (“Planet Boundaries”) secured €300m in the first
quarter, out of a target of €750m (including c. €150m on the Eurazeo balance sheet) . The
Eurazeo Growth IV fund completed a first closing at €650m (including c. €250m on the
balance sheet), with a target of €1bn;
- Private Debt momentum is strong, with €0.9bn raised in the first half of the year, down on
H1 2024 when fundraising was particularly robust.

The Group continues to grow its institutional Limited Partners (LP) client base and expand it
internationally, particularly in Asia and Continental Europe. LPs outside France accounted for 7 2%
of institutional flows in the first half of 2025.

Wealth Solutions fundraising from retail clients totaled €479m (+6% compared to H1 2024).
Initial successes were reported outside France, particularly in Belgium and the signing of
distribution partnerships in Germany, Switzerland and Italy. The EPVE 3 fund surpassed €3bn,
making it one of the largest private market evergreen funds in Europe. It received the “Best Private
Market Product – Mass Affluent” award from IPEM in January 2025. The Wealth Solutions activity
represents €5.3bn or 19% of Group third-party AUM.


Third-party fundraising
H1 2024 H1 2025 % chg.
(€m)
Private Equity 424 1,181 +179%
Private Debt 1,592 885 -44%
Real Assets 89 6 -93%
Total 2,105 2,072 -2%
including Wealth Solutions 453 479 +6%

In addition, the Eurazeo balance sheet contracted additional commitments of €0.1bn in the Grou p’s
funds during the half year, mainly in Private Debt.




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www.eurazeo.com
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3. ASSET ROTATION

Group realizations totaled €1.0bn in H1 2025 (€1.6bn in H1 2024) or €1.3bn including the
divestitures announced in July. Private Equity exits are therefore at a similar level to H1 2024
(€1.1bn), demonstrating the Group’s ability to monetize its assets.

Announced and completed Eurazeo balance sheet divestments currently stand at more than
€0.9bn, or approximately 12% of the portfolio value at the end of 2024, up on the same period
in 2024 (9%). These transactions are being carried out under good financial conditions, consistent
with the most recent valuations. Several other divestment processes have been initiated, and
the Group’s exit pipeline should generate a further increase in balance sheet realization s in 2025,
despite a more uncertain environment. Historically, the Group sells on average 20% -25% of its
portfolio each year.

The main transactions notably include the completion by the Group of the Albingia divestment
for c.€485m (including c.€325m for the balance sheet). Eurazeo also sold to third parties, in a
dedicated secondary fund, approximately 20% of the balance sheet stake in three Capital portfolio
assets (Questel, Planet and Aroma-Zone) for approximately €200m (including €100m still to be
received before the end of 2025). In July, the Capital activity also announced it had entered into
exclusive negotiations for the sale of CPK (approximately €200m of additional proceeds expected
for the balance sheet). Finally, the first closing of the EGF IV fund, announced in July, will allow
part of the portfolio initially carried by the balance sheet to be syndicated, for approximately
€130m.

Group deployments totaled €2.2bn in H1 2025, compared to €1.6bn in the same period in 2024.
Deployment was robust in Private Debt and Secondaries in line with fundraising momentum. The
Group continues to invest in first-rate companies in Europe, including:
- Capital (formerly MLBO): acquisition of Malpa (hospitality software) in Spain ,
- Elevate (formerly SMBO): Ekoscan Integrity (ultrasonic non-destructive testing) in France and
build-up for iTracing in the UK. Also, announcement of the acquisition of 3P (procurement
software), based in Belgium and OMMAX (digital consulting) in Germany.
- EPBF: Bioline Agroscience Group (crop bio-protection), and announcement of the acquisition
of SMP Energies (geothermal energy) in France
- Real Estate: Aquardens (Spa & Resorts) in Italy
- Sustainable Infrastructures: investment in an MPC Capital vehicle (specialized vessels for
servicing offshore wind turbines) in Germany.


Deployments Realizations
(€m)
H1 2024 H1 2025 % chg. H1 2024 H1 2025 % chg.
Private Equity 823 946 +15% 1.075 759 -29%
Private Debt 712 1,114 +56% 532 191 -64%
Real Assets 74 117 +58% 18 16 -11%
Total 1,609 2,177 +35% 1,625 966 -41%
of which balance sheet 240 345 +44% 552 583 +6%


Eurazeo enjoys substantial leeway for its future investments: drypowder of around €5.5bn and
balance sheet commitments in the funds of €1.9bn.




EURAZEO
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www.eurazeo.com
4 / 15
4. CONTRIBUTION OF THE ASSET MANAGEMENT ACTIVITY

Management fees totaled €211m in H1 2025, up +3% year-on-year and break down as follows:
i) third-party management fees up +5% to €153m (+6% excluding catch -up fees),
including +4% for private market activity fees to €109m and +6% for IMGP to €44m;
ii) management fees on Eurazeo’s balance sheet totaled €58m, down -2% following the
exits completed and the decline in balance sheet commitments in the funds, in line
with the strategy announced at the end of 2023.

Group operating expenses rose slightly by +3% to €137m .


Fee Related Earnings (FRE), which measure the activity’s net recurring income, totaled €73.3m,
compared to €71.2m in H1 2024. The FRE margin is 34.8% (in line with the H1 2024 margin).

Performance fees (PRE) totaled €6m thanks to recent successful exits in Buyout. Some Group
funds are approaching distribution levels that will allow higher performance fees to be recognized.
PRE should gradually increase to represent around 10% of third-party revenues within a medium-
term investment cycle.

Excluding financial expenses, the contribution of the asset management activity was €79m,
up 9% compared to H1 2024. Overall, the contribution of the asset management activity was €66m
in H1 2025.

Contribution of the asset management activity
H1 2024 H1 2025 % chg.
(€m)
Management fees 204.4 210.7 +3%
of which third parties 145.4 152.6 +6% 3
of which balance sheet 59.0 58.1 -2%
(-) Operating expenses (133.2) (137.4) +3%
(=) FRE (before financial and other expenses) 71.2 73.3 +3%
FRE margin 34.8% 34.8% -
(+) Performance fees (PRE) 1.6 5.8 x3
of which third parties 0.1 3.6 x35
of which balance sheet 1.6 2.1 +30%
Contribution of the asset management activity
72.8 79.1 +9%
excluding financial expenses
(+) Financial and other expenses (7.7) (13.2)
of which currency effects 0.7 (4.4)
A. Contribution of the asset management
65.1 65.8 +1%
activity
of which attributable to non-controlling interests 5.1 0.7




3
Excluding catch-up fees




EURAZEO
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www.eurazeo.com
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B. INVESTMENT ACTIVITY

1. CHANGES IN THE INVESTMENT PORTFOLIO
At the end of June 2025, the net value of the investment portfolio was €7,373m (-6% vs.
December 31, 2024). Changes in the portfolio value during the half year were due to:

- a moderate decline (–1%) in the portfolio fair value excluding currency effects,

- a significant currency effect (-2%) mainly related to the dollar,

- a scope impact (-3%) related to divestments.

The portfolio value per share is €103.4 (compared to €107.8 at the end of 2024, -4%) thanks to
the accretive impact of share buybacks (+2%) on the value per share of the portfolio.


12/31 Value Change 06/30
Portfolio net value (€m) Deployment Realizations Other4
2024 creation (%) 2025
Buyout 4,804 (181) -4% 213 (556) 10 4,290
Capital (MLBO) 3,415 (118) -3% 133 (551) 1 2,879
Elevate (SMBO) 503 37 7% 61 (3) 11 610
Secondaries & Mandates 89 (2) -2% 7 0 (1) 92
Brands 754 (97) -13% 2 (3) 0 656
Other invest. as LP 5 44 (1) -2% 10 0 (1) 53
Growth & Venture 1,821 (31) -2% 24 (4) 3 1,813
Growth 1710 (34) -2% 9 (3) 4 1,686
Venture 85 3 4% 7 0 0 95
Kurma 25 1 2% 8 0 (1) 32
Private Debt 329 (7) -2% 44 (21) (1) 344
Real Assets 922 (54) -6% 66 (2) (5) 926
Total net portfolio 7,876 (273) -3% 345 (583) 8 7,373
# shares (m) 73.1 71.3
Value per share (€) €107.8 €103.4




2. PORTFOLIO CHANGE IN FAIR VALUE


As a reminder, the investment portfolio carried on the balance sheet is invested almost exclusively
in Group funds and programs, with over 70 main underlying companies, the largest of which
represents less than 8% of the total value.




4
Share of management fees generated by the Asset Management activity collected from Eurazeo funds in which the balance
sheet is a LP, carried interest movements and other changes in scope.
5
Includes Healthcare, Planetary Boundaries and other investments as LP




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6 / 15
The change in portfolio fair value in H1 2025 breaks down by investment segment as follows:

- The Buyout segment (Capital, Elevate, Brands, Secondaries and other investments as LP)
reported value creation of -€181m (-4%). The fair value of the portfolio at constant
exchange rates is broadly stable (-1%), with robust growth in revenue (+2%) and EBITDA
(+11%) 6. The current macroeconomic uncertainties are taken into account by the Group in its
valuations. Exchange rate fluctuations had a negative impact of -€154m (-3%) in the half
year, mainly reflecting the decline in the dollar. The change in value of the Capital portfolio
was -3% (essentially forex related), while the change in the value of the Elevate portfolio was
+7%. The value of the Brands portfolio decreased -13%, with the US portfolio particularly
impacted by the decline in the dollar and the market context, while value creation in the
European portfolio was positive (+3%);
- The value of Growth and Venture7 assets remained almost stable during the half year
(-2% linked to exchange rate fluctuations). Growth companies’ momentum remained solid
overall but disparate (average revenue growth of +14%). The most recent investments, in EGF
IV, are growing strongly by around 40% on average. The Kurma portfolio increased by +2%
and the Venture portfolio grew by +4% over the period;

- The fair value of the Real Assets portfolio fell by -€54m (-6%). The real assets activity
benefited from the solid performance of its hotel operations (revenue +3%), more than offset
by real estate downward value adjustments in a soft market. The Sustainable Infrastructures
portfolio delivered another excellent performance with value creation of +8%.

The Group expects value creation prospects to improve over the plan’s duration. However, given
the negative currency effects and market uncertainties, value creation is expected to be neutral or
slightly negative in 2025. As a reminder, the value of the Eurazeo balance sheet portfolio has
increased significantly in recent years (+10% per year on average over 5 years).




6 Excluding WS, which was significant depreciated at the end of 2024, revenues grew by +6% and EBITDA by +17%
7 Including the Kurma scope




EURAZEO
66, rue Pierre Charron – 75008 Paris
www.eurazeo.com
7 / 15
3. CONTRIBUTION OF THE INVESTMENT ACTIVITY


The contribution of the investment activity was -€364m, primarily due to:

- a change in fair value of -€258m;

- internal management fees, paid to the asset management activity, down to -€58m;
- Group strategic management costs stable at €13m;

- increased financial expenses, partly due to currency fluctuations.




(€m) H1 2024 H1 2025
(+) Portfolio fair value gains (losses) (48) (273)
(+) Other fair value gains (losses) (6) +17
(-) Performance fees in favor of Asset Management Activity (2) (2)
+/- unrealized and realized net capital gains (losses),
(56) (258)
dividends and other
(-) Management fees in favor of Asset Management Activity (59) (58)
(-) Group strategic management costs (13) (13)
(+/-) Financial and other expenses (23) (34)
B. Contribution of the investment activity (156) (364)



C. NON-RECURRING ITEMS
Income and expenses totaled €9m for the period ended June 30, 2025.



D. SUMMARY INCOME STATEMENT
The asset management activity recorded good momentum in H1 2025, with an increase in third-
party management fees. The asset management contribution was €66m, compared to €65m in H1
2024.
The investment activity contribution was -€364m in H1 2025, compared to -€156m in H1 2024,
mainly due to the change in portfolio fair value during the half year, and in particular the
depreciation of the US dollar. Investment activity costs remained contained.
The net loss Group share amounted to -€309m in H1 2025, compared to -€105m in H1 2024.




EURAZEO
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www.eurazeo.com
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(€m) H1 2024 H1 2025
A. Contribution of the asset management activity 65 66
B. Contribution of the investment activity (156) (364)
Amortization of assets relating to goodwill allocation (3) -
Income tax expense (4) 5
Non-recurring items 1 (9)
Consolidated net income (loss) (98) (301)
Consolidated net income (loss) – Attributable to owners
(105) (309)
of the Company
Attributable to non-controlling interests 6 8



II. CASH AND CASH EQUIVALENTS AND DEBT
As of June 30, 2025, Group net financial debt 8 totaled €1.5bn (€21.7 per share 9), including a
drawdown of €1.3bn on the syndicated revolving credit facility (RCF), IMGP debt of €0.2bn (non -
recourse on the Group) and gross cash and cash equivalents of €85m. This limited debt represents
a gearing of 21%. It is recalled that Eurazeo has an RCF of €1.5bn maturing in 2026, as well as
additional open bilateral lines.

Proforma of the announced divestments (CPK, syndication of EGF IV) and the €100m still receivable
on the secondary transaction, net debt would have been €1.1bn, i.e. a gearing of 16%.

As of June 30, 2025, the Group held 3,389,921 treasury shares, i.e. 4.64% of total outstanding
shares (73,085,760 shares). Excluding treasury shares held for cancellation, there are 71,302,405
shares outstanding.



(in thousands) 12/31/2024 06/30/2025
Number of shares 76,081 73,086

Of which shares held for cancellation 2,996 1,783
Number of shares outstanding 73,086 71,302
(used for per share calculations)
Of which other treasury shares 2,285 1,607




III. SHAREHOLDER RETURN
The 2025 Shareholders’ Meeting of May 7 approved the payment of an ordinary dividend of €2.65
per share, i.e. a further increase of around 10% compared to the 2024 ordinary dividend (€2.42).




8
Excluding IFRS 16
9
Excluding shares held for cancellation




EURAZEO
66, rue Pierre Charron – 75008 Paris
www.eurazeo.com
9 / 15
In addition, the Executive Board decided to accelerate the share buyback program to €400m in
2025, compared to €200m in 2024. During the first half of 2025, the Group bought back 1, 783,355
shares for €120m, with an accretive effect for shareholders (+2%). The buyback program will
accelerate in the second half of the year.

These increases in the dividend and the share buyback program are in line with the Group’s
willingness to boost shareholder return, as announced at the Capital Markets Day on November
30, 2023.


IV. SUSTAINABILITY AND IMPACT
Eurazeo continues to strengthen its impact platform:

- The Eurazeo Planetary Boundaries Fund impact fund completed its first close with €300m
secured, or 40% of its €750m target, completing its first two investments. This buyout fund
aims to roll-out at scale environmental solutions to prevent, reverse or adapt to the
overstepping of planetary boundaries. This strategy is illustrated by its acquisition of a
majority stake in Bioline AgroSciences, one of the world leaders in biological plant protection
specializing in macro-organisms (insects), and in SMP Energies, a leading geothermal drilling
contractor in France.

- Eurazeo’s other impact funds also showed strong deployment momentum during the half
year, with around ten investments in Eurazeo Smart City II, Eurazeo Transition Infrastructure
Fund, Nov Santé Actions Non Cotées, Kurma Diagnostics II and Kurma Biofund IV.

- Including new impact investments in both dedicated funds and generalist funds, impact
assets under management totaled €5.7bn at the end of June 2025 (15% of AUM),
compared with €5.1bn at the end of 2024.




V. STRENGTHENED ORGANIZATION
The Group (excluding IMGP) had a full-time workforce of 438 employees as of June 30, 2025, up
+3% on December 31, 2024 (424 people).




VI. OUTLOOK
The Group presented its growth outlook at a Capital Markets Day on November 30, 2023, and its
ambition to become the private asset management leader in Europe in the mid -market, growth
and impact segments.

The objectives presented at this event are confirmed.




EURAZEO
66, rue Pierre Charron – 75008 Paris
www.eurazeo.com
10 / 15
VII. SUBSEQUENT EVENTS
In July 2025, Eurazeo, through its Capital strategy, has entered into exclusive discussions with a
European holding company of Ferrara Candy Company, a top selling sugar candy company in the
U.S., regarding the sale of CPK, the European confectionery and ch ocolate champion. Under the
terms of this agreement, Eurazeo and its partners would sell their entire financial stake in CPK. As
such, Eurazeo reaffirms its strategy of building European champions, supporting ambitious and
responsible transformations. The transaction is expected to bring approximately €240m 10 of
proceeds to Eurazeo’s balance sheet.

Furthermore, Eurazeo, through its Elevate team, has completed its investment in OMMAX, one of
the fastest-growing digital strategy consultancies in Europe. This transaction marks Elevate’s
fourth investment outside France – and its first in Germany – and illustrates the strategy’s
European ambition.


ABOUT EURAZEO
• Eurazeo is a leading European investment group with €36.8 billion in diversified assets under
management, including €27.5 billion on behalf of institutional and retail clients through its
private equity, private debt, real estate and infrastructure strategies. The Group supports more
than 600 mid-market companies, leveraging the commitment of its 400-strong workforce, its
in-depth sector expertise, its privileged access to global markets through 13 offices across
Europe, Asia and the United States, and its responsible approach to value creation based on
growth. The company's institutional and family shareholding structure, and its solid financial
structure, ensure its long-term viability.
• Eurazeo has offices in Paris, New York, London, Frankfurt, Berlin, Milan, Madrid, Luxembourg,
Shanghai, Seoul, Singapore, Tokyo and São Paulo.
• Eurazeo is listed on Euronext Paris.
• ISIN: FR000121121 - Bloomberg: RF FP - Reuters: EURA.PA.




EURAZEO CONTACTS PRESS CONTACTS

Coralie Savin Mael Evin (France)
GROUP CHIEF COMMUNICATIONS OFFICER HAVAS
csavin@eurazeo.com mael.evin@havas.com
+33 (0)6 86 89 57 48 +33 (0)6 44 12 14 91

Pierre Bernardin David Sturken (UK)
MANAGING DIRECTOR – HEAD OF H/ADVISORS MAITLAND
INVESTOR RELATIONS david.sturken@h-advisors.global
ir@eurazeo.com +44 (0) 7990 595 913
+33 (0)1 44 15 01 11




10
Including dividends already received




EURAZEO
66, rue Pierre Charron – 75008 Paris
www.eurazeo.com
11 / 15
APPENDIX 1: IM GLOBAL PARTNER
iM Global Partner (no consolidated AUM)

It is recalled that iM Global Partner’s assets are not included in assets under management
published by Eurazeo.

The assets under management of iM Global total US$45.9bn at the end of June 2025, up +1%
compared to the end of December 2024. They include the pro rata share of iM Global in its partners’
AUM for US$43.1bn and its own asset management AUM for US$2.7bn. The company continues to
regularly expand its portfolio of affiliate partners: in April 2024, iM Global acquired 40% of Trinity
Street Asset Management, a London-based company managing global and international equity
portfolios using an opportunistic value approach.



APPENDIX 2: BREAKDOWN OF EURAZEO BALANCE SHEET AUM


Eurazeo balance sheet
AUM (€m) Total AUM
Portfolio Drypowder
06/30/2025


Private Equity 6,103 1,586 7,689
Capital (formerly MLBO) 2,879 807 3,686
Elevate (formerly SMBO) 610 271 880
Brands 656 - 656
Healthcare (Nov Santé) 1 0 1
Growth 1,686 30 1,716
Venture 95 74 170
Kurma 32 66 98
Secondaries & Mandates 92 208 301
Planet Boundaries 6 94 100
Other investments as LP 47 35 81
Private Debt 344 155 499
Real Assets 926 201 1,127
Total 7,373 1,941 9,315




EURAZEO
66, rue Pierre Charron – 75008 Paris
www.eurazeo.com
12 / 15
APPENDIX 3: ASSETS UNDER MANAGEMENT


€m 12/31/2024 PF 11 06/30/2025

Third-party Eurazeo balance Eurazeo balance sheet
Total AUM Third-party AUM Total AUM
AUM sheet AUM AUM
Private Equity 16,433 8,314 24,746 17,102 7,689 24,791
Capital (formerly MLBO) 3,270 4,247 7,517 3,620 3,686 7,306
Elevate (formerly SMBO) 1,649 829 2,478 1,714 880 2,594
Brands 3 754 757 4 656 660
Healthcare (Nov Santé) 415 1 416 408 1 409
Growth 1,966 1,748 3,714 2,171 1,716 3,887
Venture 2,877 155 3,033 2,765 170 2,935
Kurma 518 99 617 502 98 600
Secondaries & Mandates 5,701 308 6,009 5,742 301 6,042
Planet Boundaries 34 100 134 177 100 277
Other investments as LP - 72 72 - 81 81
Private Debt 8,805 424 9,229 9,417 499 9,916
Real Assets 945 1,181 2,126 956 1,127 2,083
Total 26,183 9,919 36,102 27,475 9,315 36,790




11
The figures as of December 31, 2024 are pro forma of the reclassification of IGF II from Growth to Venture




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APPENDIX 4: FEE PAYING AUM (FPAUM)


12/31/2024 06/30/2025
€m
Eurazeo Eurazeo
Third-party balance Total Third-party balance Total
FPAUM sheet FPAUM FPAUM sheet FPAUM
FPAUM FPAUM
Private Equity 12,410 6,269 18,679 12,959 6,084 19,042
Private Debt 6,396 178 6,574 6,712 277 6,989
Real Assets 698 1,000 1,698 657 1,101 1,758
Total 19,504 7,447 26,950 20,327 7,462 27,789




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66, rue Pierre Charron – 75008 Paris
www.eurazeo.com
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APPENDIX 5: FUND PERFORMANCE AS OF MARCH 31, 2025

Fund size o/w BS % Gross Gross Gross
Strategy Fund Vintage
(€m) (€m) invested MOIC IRR DPI
Private Equity

Capital


Elevate

Growth

Venture

Secondaries &
Mandates
Private Debt

Direct Lending

Real Assets

Real Estate




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