HALF-YEAR FINANCIAL
REPORT
2025




Confidential information
• GROUP ACTIVITY AND RESULTS _____________________________________ 6

1. ACTIVITY IN THE FIRST HALF OF 2025 ______________________________ 6

2. FINANCIAL RESULTS AND CONSOLIDATED FINANCIAL
STATEMENTS _____________________________________________________________ 7

2.1 Consolidated financial statements ___________________________________________ 7

2.1.1 Contribution of the asset management activity ______________________________ 8
2.1.2 Contribution of the investment activity ______________________________________ 9
2.1.3 Non-recurring items _________________________________________________________ 9

2.2 Asset management activity _________________________________________________ 10

2.2.1 Assets under management _________________________________________________ 10
2.2.2 Fundraising _________________________________________________________________ 11
2.2.3 Asset rotation ______________________________________________________________ 12

2.3 Investment activity _________________________________________________________ 13

2.3.1 Changes in the investment portfolio ________________________________________ 13
2.3.2 Portfolio change in fair value _______________________________________________ 13

2.5 Shareholder return _________________________________________________________ 15


3. SUBSEQUENT EVENTS _______________________________________________ 15

4. TRANSACTIONS WITH RELATED PARTIES __________________________ 16

5. RISK MANAGEMENT AND DISPUTES _______________________________ 16

6. OTHER INFORMATION ______________________________________________ 16

6.1 Outlook_____________________________________________________________________ 16

6.2 Strengthened organization _________________________________________________ 16

6.3 Sustainability and impact ___________________________________________________ 17




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Confidential information
• 2025 CONDENSED INTERIM CONSOLIDATED FINANCIAL
STATEMENTS ____________________________________________________________ 18

1. CONSOLIDATED STATEMENT OF FINANCIAL POSITION __________ 18

2. CONSOLIDATED INCOME STATEMENT _____________________________ 20

3. CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE
INCOME __________________________________________________________________ 21

4. CONSOLIDATED STATEMENT OF CHANGES IN EQUITY ___________ 22

5. CONSOLIDATED STATEMENT OF CASH FLOWS ____________________ 23

6. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS _______ 24

6.1 Basis of preparation ________________________________________________________ 24

6.1.1 Basis of preparation of the consolidated financial statements ______________ 24
6.1.2 Critical accounting estimates and judgment ________________________________ 26
6.1.3 Specific characteristics of interim financial statements _____________________ 26

6.2 Consolidation scope ________________________________________________________ 27

6.2.1 Consolidation method ______________________________________________________ 27
6.2.2 Changes in consolidation scope ____________________________________________ 28

6.3 Accounting principles and methods ________________________________________ 29

6.4 Significant events ___________________________________________________________ 29

6.5 Segment reporting _________________________________________________________ 29

6.5.1 Consolidated Income Statement by business _______________________________ 30
6.5.2 Statement of reconciliation _________________________________________________ 31
6.5.3 Segment income statement for the period ended June 30, 2025 ____________ 31
6.5.4 Segment income statement for the period ended June 30, 2024 ____________ 32
6.5.5 Segment net debt as of June 30, 2025 ______________________________________ 32
6.5.6 Segment net debt as of June 30, 2024 ______________________________________ 33



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6.6 Consolidated income statement ____________________________________________ 33

6.6.1 Revenue ____________________________________________________________________ 33
6.6.2 Fair value gains (losses) on investment activities ____________________________ 33
6.6.3 Other operating income and expenses _____________________________________ 34
6.6.4 Net financial expense_______________________________________________________ 34

6.7 Consolided balance sheet __________________________________________________ 35

6.7.1 Goodwill, property, plant and equipment, intangible assets and right-of-use
assets________________________________________________________________________________35

6.7.1.1 Goodwill _____________________________________________________________________ 35

6.7.1.2 Intangible assets _____________________________________________________________ 35

6.7.1.3 Property, plant and equipment _______________________________________________ 36

6.7.1.4 Right-of-use assets ___________________________________________________________ 36

6.7.1.5 Impairment losses on fixed assets ____________________________________________ 36

6.7.2 Investment portfolio ________________________________________________________ 37
6.7.3 Investments in associates __________________________________________________ 38
6.7.4 Other financial assets ______________________________________________________ 38
6.7.5 Net debt ____________________________________________________________________ 39
6.7.6 Provisions __________________________________________________________________ 40
6.7.7 Equity and earnings per share ______________________________________________ 41

6.7.7.1 Equity and share capital ______________________________________________________ 41

6.7.7.2 Non-controlling interests _____________________________________________________ 41

6.7.7.3 Earnings per share ___________________________________________________________ 41

6.7.8 Breakdown of cash flows ___________________________________________________ 42

6.7.8.1 Cash assets __________________________________________________________________ 42

6.7.8.2 Net cash flows from operating activities ______________________________________ 42

6.7.8.3 Net cash flows from investing activities _______________________________________ 42


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6.7.8.4 Net cash flows used in financing activities ____________________________________ 42

6.8 Other information __________________________________________________________ 43

6.8.1 Risk management __________________________________________________________ 43

6.8.1.1 Liquidity risk _________________________________________________________________ 43

6.8.1.2 Market risk ___________________________________________________________________ 43

6.8.2 Subsequent events _________________________________________________________ 45
6.8.3 Off-balance sheet commitments____________________________________________ 46

6.8.3.1 Eurazeo SE commitments ____________________________________________________ 46

6.8.3.2 Legendre Holding 36 commitments __________________________________________ 49

6.8.3.3 Legendre Holding 84 commitments __________________________________________ 49

6.8.3.4 Eurazeo PME Capital commitments ___________________________________________ 50

6.8.3.5 Kurma Partners commitments________________________________________________ 50


• STATUTORY AUDITORS’ REVIEW REPORT ON THE INTERIM HALF-
YEARLY FINANCIAL INFORMATION ___________________________________ 51

• DECLARATION BY THE PERSON RESPONSIBLE FOR THE HALF-
YEAR FINANCIAL REPORT ______________________________________________ 53

Appendix 1 : iM Global Partner ______________________________________________________ 54

Appendix 2 : Breakdown of eurazeo balance sheet AUM _____________________________ 54

Appendix 3 : Assets under management _____________________________________________ 55

Appendix 4 : Fee paying aum (FPAUM) _______________________________________________ 56

Appendix 5 : Fund performance as of march 31, 2025 _______________________________ 57




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Confidential information
• GROUP ACTIVITY AND RESULTS

1. ACTIVITY IN THE FIRST HALF OF 2025
EURAZEO CONTINUES TO GROW AND ACCELERATES ITS ASSET ROTATION IN H1
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 (-3%):
o Robust performance of portfolio companies
o Negative currency effects (-2%)
o 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.”




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2. FINANCIAL RESULTS AND CONSOLIDATED
FINANCIAL STATEMENTS

2.1 CONSOLIDATED FINANCIAL STATEMENTS

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.



(€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




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2.1.1 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% 1
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




1 Excluding catch-up fees




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2.1.2 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)



2.1.3 Non-recurring items

Income and expenses totaled €9m for the period ended June 30, 2025.




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2.2 ASSET MANAGEMENT ACTIVITY

2.2.1 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) 2
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 3 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) 3
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%




2 Figures at end June 2024 are pro forma of MCH (divested) and include Eurazeo’s balance sheet commitments in Group funds
3 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)



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2.2.2 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 72%
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 Group’s
funds during the half year, mainly in Private Debt.




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2.2.3 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 realizations 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.




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2.3 INVESTMENT ACTIVITY

2.3.1 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



2.3.2 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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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).



2.4 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%.




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
8 Excluding IFRS 16
9 Excluding shares held for cancellation



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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



2.5 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).


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.


3. 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 c hocolate 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.




10 Including dividends already received




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4. TRANSACTIONS WITH RELATED PARTIES

The compensation set for members of the Executive Board for 2025 and share transactions covered by
Article L621-18-82 of the Financial and Monetary Code (Code Monétaire et Financier) performed by these
individuals are presented in the section « Compensation and Other Benefits received by corporate
Officers” of the Executive Board’s report, in the Universal Registration Document filed with the AMF on
March 27, 2025.


5. RISK MANAGEMENT AND DISPUTES

The Group’s businesses are exposed to a number of macro-economic, sector, operational, market,
industrial, environmental and legal risks. Due to the current economic and health crisis, the main risk
factors facing the Group are detailed in the section “Risk management, internal control and main risk
factors” of the Universal Registration Document 2024 filed with the AMF on March 27, 2025. There were
no material changes in these risks during the first six months of 2025.


6. OTHER INFORMATION

6.1 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.


6.2 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).




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6.3 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.




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• 2025 CONDENSED INTERIM CONSOLIDATED
FINANCIAL STATEMENTS

1. CONSOLIDATED STATEMENT OF FINANCIAL
POSITION

06/30/2025 12/31/2024
(In thousands of euros) Note

ASSETS
Goodwill 6.7.1.1 280,506 280,574
Intangible assets 6.7.1.2 40,958 43,449
Property, plant and equipment 6.7.1.3 22,049 23,869
Right-of-use assets 6.7.1.4 69,978 75,992
Non-current investment portfolio 6.7.2 7,373,482 7,876,176
Non-current financial assets 6.7.4 653,809 708,569
Other non-current assets 2,726 2,898
Deferred tax assets 6,790 7,790
Total non-current assets 8,450,298 9,019,318
Trade and other receivables 243,544 242,176
Current tax assets 2,602 11,124
Other current assets 23,164 19,584
Current financial assets 6.7.4 116,436 33,373
Other current financial assets 13,263 930
Other short-term deposits 6.7.8.1 10 9
Cash and cash equivalents 6.7.8.1 85,284 90,393
Total current assets 484,302 397,588
Assets classified as held for sale - -
TOTAL ASSETS 8,934,576 9,416,906




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06/30/2025 12/31/2024
(In thousands of euros) Note

EQUITY AND LIABILITIES
Issued capital 222,912 232,050
Share premium 167,548 167,548
Consolidated reserves 6,548,967 7,288,694
Net income (loss) attributable to owners of the Company (308,685) (429,785)
Equity attributable to owners of the Company 6,630,742 7,258,506
Non-controlling interests 260,890 288,171
Equity 6.7.7 6,891,632 7,546,677
Provisions 6.7.6 299 7,897
Employee benefit liabilities 6.7.6 4,519 4,163
Long-term borrowings 6.7.5 199,146 198,453
Long-term lease liability 6.7.5 72,902 77,876
Deferred tax liabilities 23,199 32,114
Other non-current liabilities - 422
Total non-current liabilities 300,064 320,925
Current provisions 6.7.6 5,471 10,895
Current income tax payable 2,720 2,135
Trade and other payables 75,702 86,862
Other liabilities 287,277 292,207
Short-term lease liability 6.7.5 8,075 5,586
Other financial liabilities 13,263 27
Bank overdrafts and current portion of long-term borrowings 6.7.5 1,350,371 1,151,592
Total current liabilities 1,742,880 1,549,304
Liabilities directly associated with assets classified as held for sale - -
TOTAL EQUITY AND LIABILITIES 8,934,576 9,416,906




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2. CONSOLIDATED INCOME STATEMENT



(In thousands of euros) Note H1 2025 H1 2024


Revenue 6.6.1 193,770 180,710
Fair value gains (losses) on investment activities 6.6.2 (290,573) (84,209)
Other income and expenses 8,063 7,304
Cost of sales and administrative expenses (44,385) (45,003)
Taxes other than income tax (13,448) (11,279)
Employee benefits expense (94,549) (95,760)
Depreciation and amortization (excluding intangible assets relating to
(8,330) (10,025)
acquisitions)
Additions to/(reversals of) provisions (1) 319

Operating income before other income and expenses (249,454) (57,943)

Amortization of intangible assets relating to acquisitions - (3,169)
Other income and expenses 6.6.3 (8,892) (3,027)

Operating income (258,346) (64,139)

Income and expenses on cash and cash equivalents and other financial
561 341
instruments
Finance costs, gross (35,556) (34,481)

Net finance costs 6.6.4 (34,995) (34,140)

Other financial income and expenses 6.6.4 (13,084) 3,769
Income tax expense 5,247 (4,139)

Net income (loss) before net income (loss) from discontinued operations (301,178) (98,160)

NET INCOME (LOSS) (301,178) (98,160)

Net income (loss) attributable to non-controlling interests 6.7.7.2 7,507 6,395

NET INCOME (LOSS) ATTRIBUTABLE TO OWNERS OF THE COMPANY (308,685) (104,555)

Earnings per share 6.7.7.3 (4.38) (1.43)
Diluted earnings per share 6.7.7.3 (4.38) (1.43)




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3. CONSOLIDATED STATEMENT OF OTHER
COMPREHENSIVE INCOME


H1 2025 H1 2024
(In thousands of euros)
Net income (loss) for the period (301,178) (98,160)

Recognition of actuarial gains and losses in equity - -

Actuarial gains and losses, net (not reclassifiable) - -
Gains (losses) arising on foreign currency translation (57,187) 9,238
Foreign currency translation reserves (potentially reclassifiable) (57,187) 9,238

TOTAL INCOME AND EXPENSES RECOGNIZED DIRECTLY IN EQUITY (57,187) 9,238

TOTAL COMPREHENSIVE INCOME AND EXPENSES (358,365) (88,922)
Attributable to:
- Eurazeo shareholders (335,677) (99,956)
- Non-controlling interests (22,687) 11,035




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4. CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Foreign Total equity
Share-based Actuarial
Share Fair value Hedging currency Treasury Retained attributable to Non-controlling
(In thousands of euros) Issued capital payment gains and Total equity
premium reserves reserves translation shares earnings owners of the interests
reserves losses
reserves Company

As of December 31, 2023 232,050 167,548 25,926 8,612 49,832 68,084 (147,983) (177) 7,698,056 8,101,954 252,536 8,354,490

Net income (loss) for the period - - - - - - - - (429,786) (429,786) 9,962 (419,823)
Gains (losses) recognized directly in equity - - - - 16,250 - - (237) - 16,013 17,718 33,731

Total comprehensive income and expenses - - - - 16,250 - - (237) (429,786) (413,772) 27,680 (386,092)

Treasury shares - - - - - - (249,649) - - (249,649) - (249,649)
Dividends paid to shareholders - - - - - - - - (179,218) (179,218) (810) (180,028)
Transactions with non-controlling interests - - - - - - - - (5,510) (5,510) 7,304 1,794
Reclassifications - - (25,926) (8,612) (17,367) - - - 51,905 - -
Other changes - - - - - 11,616 - (50) (6,865) 4,701 (1,180) 3,521


As of December 31, 2024 232,050 167,548 - - 48,715 79,700 (397,632) (464) 7,128,581 7,258,506 288,170 7,546,677


Net income (loss) for the period - - - - - - - - (308,685) (308,685) 7,507 (301,178)
Gains (losses) recognized directly in equity - - - - (26,993) - - - - (26,993) (30,194) (57,187)

Total comprehensive income and expenses - - - - (26,993) - - - (308,685) (335,677) (22,687) (358,365)

Treasury shares (1) (9,138) - - - - - 117,968 - (213,652) (104,822) - (104,822)
Dividends paid to shareholders - - - - - - - - (188,583) (188,583) (644) (189,227)
Transactions with non-controlling interests - - - - - - - - (2,900) (2,900) (2,100) (5,000)
Reclassifications - - - - - - - - - - -
Other changes - - - - (929) 5,959 - 68 (881) 4,217 (1,850) 2,368

As of June 30, 2025 222,912 167,548 - - 20,793 85,659 (279,664) (396) 6,413,880 6,630,741 260,890 6,891,632


(1) On February 18, 2025, Eurazeo SE carried out a capital reduction through the cancellation of 2,996,114 treasury shares.




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5. CONSOLIDATED STATEMENT OF CASH FLOWS


(In thousands of euros) Note H1 2025 H1 2024

NET CASH FLOWS FROM OPERATING ACTIVITIES
Consolidated net income (loss) (301,178) (98,160)
Net depreciation, amortization and provision allowances (3,638) 12,996
Impairment (including on financial assets) 154 (7)
Unrealized fair value gains (losses) 6.6.2 287,524 84,209
Share-based payments 6,472 (3,302)
Other calculated income and expenses 5,091 (1,797)
Capital gains (losses) on disposals, dilution gains (losses) (319) 381
Share of income of associates - (490)
Cash flows after finance costs and tax (5,894) (6,170)
Net finance costs 34,995 34,131
Income tax expense (5,247) 4,139
Cash flows before finance costs and tax 23,854 32,101
Income taxes paid 4,506 1,743
Change in operating working capital requirements (WCR) (19,228) (76,923)
NET CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES 6.7.8.2 9,132 (43,079)
Purchases of intangible assets (1,048) (1,198)
Purchases of property, plant and equipment (1,111) (15,720)
Proceeds from sales of property, plant and equipment 2 54
Purchases of non-current financial assets:
. Investment portfolio 6.7.2 (345,041) (287,098)
. Consolidated securities (5,000) -
. Financial assets (6,841) (104,858)
Proceeds from sales of non-current financial assets:
. Investment portfolio 6.7.2 582,733 562,114
. Consolidated securities 8,414 -
. Financial assets 10,716 9,786
. Change in investment portfolio receivables and payables (119,473) 16,915
Change in other short-term deposits (1) (10)
NET CASH FLOWS FROM INVESTING ACTIVITIES 6.7.8.3 123,349 179,985
Proceeds from issuance of shares:
- paid by minority interests in consolidated entities (125) 646
Treasury share repurchases and sales (108,869) (144,613)
Dividends paid during the fiscal year:
- paid to parent company shareholders (188,583) (179,218)
- paid to minority interests in consolidated entities (649) (810)
Proceeds from new borrowings 6.7.5 1,390,182 221,665
Repayment of borrowings 6.7.5 (1,193,862) (6,544)
Payment of balancing cash adjustment 903 -
Net interest paid (36,200) (30,044)
NET CASH FLOWS USED IN FINANCING ACTIVITIES 6.7.8.4 (137,203) (138,918)


Net increase (decrease) in cash and cash equivalents (4,722) (2,012)

Cash and cash equivalents at the beginning of the year 6.7.8.1 90,393 117,435
Other changes - (22)
Effect of foreign exchange rate changes (388) 240

Cash and cash equivalents at the end of the year (net of bank overdrafts) 6.7.8.1 85,284 115,641
including restricted cash of: 5,846 7,419




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6. NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS

The Eurazeo condensed interim consolidated financial statements for the half -year ended June 30,
2025 were drawn up in accordance with IAS 34, Interim Financial Reporting. Since these financial
statements are condensed, they do not include all the information required under IFRS and should
therefore be read alongside Eurazeo’s consolidated financial statements for the year ended
December 31, 2024, drawn up in accordance with IFRS as adopted by the European Union.


The consolidated financial statements were authorized for publication by Eurazeo's Executive
Board on July 18, 2025. They were reviewed by the Audit Committee on July 22, 2025 and the
Supervisory Board on July 23, 2025.



6.1 BASIS OF PREPARATION

6.1.1 Basis of preparation of the consolidated financial statements

The accounting principles used to prepare the consolidated financial statements are compliant
with IFRS standards and interpretations as adopted by the European Union on June 30, 2025, and
available on the website: http://ec.europa.eu/finance/company-reporting/standards-
interpretations/index_en.htm.


The financial statements are presented in euros, rounded to the nearest thousand. In certain
cases, this rounding may lead to a slight difference in totals and variations.


The accounting policies adopted are identical to those applied for the preparation of the
consolidated financial statements for the year ended December 31, 2024.


The following standard is of mandatory application for fiscal years beginning on or after January
1, 2025:
- Amendments to IAS 21 – Lack of Exchangeability, applicable from January 1, 2025.


This new text did not have a material impact on the financial statements.


The Group applies IFRS as published by the IASB. The Group did not opt for early application of
the following standards and interpretations not of mandatory application in 2025:
- Amendments to IFRS 7 and IFRS 9, Classification and Measurement of Financial Assets,
applicable as of January 1, 2026;
- Amendments to IFRS 7 and IFRS 9: Contracts Referencing Nature-dependent Electricity,
applicable as of January 1, 2026;
- Annual improvements - Volume 11: IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7, applicable as
of January 1, 2026;
- IFRS 18 – Presentation and Disclosure in Financial Statements , applicable as of January 1, 2027;




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- IFRS 19 – Subsidiaries without Public Accountability: Disclosures, applicable as of January 1,
2027.

Eurazeo is currently determining the potential impacts of these new standards and standard
amendments on the Group's consolidated financial statements.


Global minimum tax – GloBe/Pillar 2

Council Directive (EU) 2022/2523 of December 14, 2022 on ensuring a global minimum level of
taxation for multinational enterprise groups and large-scale domestic groups in the Union, building
on the work of the OECD/G20 Inclusive Framework, was enacted into French law by Article 33 of
Finance Law 2023-1322 of December 29, 2023 for 2024.


These provisions apply to fiscal years beginning after December 31, 2023 and seek to reform
international taxation by guaranteeing that multi‑national companies with consolidated revenue
of €750 million or more in at least two of the previous four fiscal years, pay an effective tax rate of
at least 15% in each of the jurisdictions where they operate.


Eurazeo SE has not currently determined whether it falls within the Pillar 2 application scope, given
the specificities relating to its classification as an investment company (within the meaning of IFRS
10) since January 1, 2023. A request has been submitted to the tax authorities for a ruling on the
issue. Pending a response, the Group performed a calculation as of December 31, 2024 which
showed the absence of an impact on the consolidated financial statements if application were
effective. As a result, no tax expense was recognized in the Group's financial statements as of June
30, 2025.




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6.1.2 Critical accounting estimates and judgment

When preparing its consolidated financial statements, Eurazeo must make estimates and
assumptions that affect the carrying amount of certain assets, liabilities, revenue and expenses
and can have an impact on the information contained in the notes to the f inancial statements.
Eurazeo regularly reviews these estimates and judgments, taking into consideration past
experience and other factors deemed relevant in light of economic conditions. Depending on
changes in those assumptions or if conditions vary from those anticipated, amounts in future
financial statements could differ from the current estimates.


The estimates and assumptions adopted for the preparation of the financial statements for the
half-year ended June 30, 2025 concern:
- The fair value of unlisted portfolio investments;
- The recoverable amount of goodwill;
- The fair value of non-current financial assets;
- The valuation of lease contracts (determination of the lease term and discount rates);
- The measurement of retirement benefit obligations and share-based payments.


6.1.3 Specific characteristics of interim financial statements

The results of asset management activity, particularly performance fees, are subject to a certain
degree of seasonality. As such, the interim results for the half -year ended June 30, 2025 are not
necessarily indicative of the results which may be expected for fiscal year 2025.


Furthermore, at interim period-ends, the income tax expense (current and deferred) is calculated
comprehensively by collecting tax adjustments in the same manner as for the annual financial
statements. The Group does not apply the effective interest rate m ethod considering the nature
of the business of the companies that complicates the effective tax rate calculation, mainly due to
changes in the fair value of portfolio companies




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6.2 CONSOLIDATION SCOPE

6.2.1 Consolidation method

As of January 1, 2023, the Eurazeo Group consolidated financial statements are prepared by
applying the investment entity exemption provided for in IFRS 10. Eurazeo satisfies the three
cumulative criteria that are needed for classification as an investment company within the meaning
of IFRS 10, i.e.:
- Obtains funds from one or more investors for the purpose of providing those investor(s)
with investment management services;
- Commits to its investor(s) that its business purpose is to invest funds solely for returns
from capital appreciation, investment income, or both;
- Measures and evaluates the performance of substantially all of its investments on a fair
value basis.

Therefore only those subsidiaries whose purpose and business consist in providing services
relating to investment activities are consolidated. These subsidiaries are fully consolidated or
accounted for using the equity method according to the following rul es:
- Fully consolidated companies: companies are fully consolidated when the Group exercises
de jure or de facto exclusive control over them. This rule applies regardless of the actual
percentage of shares held. The concept of control represents the power to govern the
financial and operating policies of an entity so as to obtain benefits from its activities.
Minority interests in subsidiaries are shown in the balance sheet in a separate equity
category. Net income attributable to minority shareholders is clearly shown in the income
statement.

- Equity-accounted associates: companies in which the Group exercises significant influence
on financial and business decisions but does not have majority control, or in which it
exercises joint control are accounted for in accordance with the equity method.

The other subsidiaries controlled by the Group or over which the Group exercises significant
influence and whose purpose and business does not consist in providing services relating to
investment activities, are:
- Investment vehicles;
- Interests held by these investment vehicles.


These subsidiaries are recognized in financial assets and measured at fair value through profit or
loss.




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6.2.2 Changes in consolidation scope
06/30/2025 12/31/2024
Consolidation
Company name Country
method % control % interest % control % interest

Parent company
Eurazeo France FC 100.00% 100.00% 100.00% 100.00%

Eurazeo Infrastructure Partners France FC 66.67% 66.67% 66.67% 66.67%
Eurazeo Global Investor France FC 100.00% 100.00% 100.00% 100.00%
Eurazeo PME Capital France FC 100.00% 100.00% 100.00% 100.00%
Kurma Partners (1) France FC 100.00% 100.00% 78.23% 78.23%
Legendre Holding 36 France FC 88.00% 88.00% 88.00% 88.00%
Legendre Holding 84 France FC 100.00% 100.00% 100.00% 100.00%
Eurazeo Funds Management Luxembourg Luxembourg FC 100.00% 100.00% 100.00% 100.00%
Eurazeo Management Luxembourg Luxembourg FC 100.00% 100.00% 100.00% 100.00%
Eurazeo Services Lux Luxembourg FC 100.00% 100.00% 100.00% 100.00%

Eurazeo UK Ltd United Kingdom FC 100.00% 100.00% 100.00% 100.00%

Alpine Newco Inc United States FC 100.00% 100.00% 100.00% 100.00%
Eurazeo North America Inc United States FC 100.00% 100.00% 100.00% 100.00%

Eurazeo Shanghai Investment Managers Co Ltd China FC 100.00% 100.00% 100.00% 100.00%
Eurazeo Global Investor Japan Japan FC 100.00% 100.00% 100.00% 100.00%
Eurazeo Global Investor Singapore Singapore FC 100.00% 100.00% 100.00% 100.00%

IM Global Partner sub-group
Im Square France FC 52.97% 46.61% 52.97% 46.61%
IM Global Partner France FC 52.97% 46.61% 52.97% 46.61%
iMS Managers France FC 52.97% 46.61% 52.97% 46.61%
iM Square Holding 6 France FC 52.97% 46.61% 52.97% 46.61%
iM Square Partner Holding France FC 52.97% 46.61% 52.97% 46.61%
IM Global Partner Asset Management Luxembourg FC 52.97% 46.61% 52.97% 46.61%
iM Global Partner UK Limited United Kingdom FC 52.97% 46.61% 52.97% 46.61%
iM Square Holding 11 United Kingdom FC 52.97% 46.61% 52.97% 46.61%
IM Global Partner Switzerland Switzerland FC 52.97% 46.61% 52.97% 46.61%
iM Square Holding 1 United States FC 52.97% 46.61% 52.97% 46.61%
iM Square Holding 2 United States FC 52.97% 46.61% 52.97% 46.61%
iM Square Holding 3 United States FC 52.97% 46.61% 52.97% 46.61%
iM Square Holding 4 United States FC 52.97% 46.61% 52.97% 46.61%
iM Square Holding 5 United States FC 52.97% 46.61% 52.97% 46.61%
iM Global US distributors United States FC 52.97% 46.61% 52.97% 46.61%
iM Global Partner Fund Management United States FC 52.97% 46.61% 52.97% 46.61%
Litman Gregory Wealth Management United States FC 52.97% 46.61% 52.97% 46.61%
iM Square Holding 7 United States FC 52.97% 46.61% 52.97% 46.61%
iM Square Holding 8 United States FC 52.97% 46.61% 52.97% 46.61%
iM Square Holding 9 United States FC 52.97% 46.61% 52.97% 46.61%
iM Square Holding 10 United States FC 52.97% 46.61% 52.97% 46.61%
(1) On April 30, 2025, Eurazeo acquired the remaining shares of Kurma Partners.


There are no assets or liabilities held for sale as of June 30, 2025 or December 31, 2024.




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6.3 ACCOUNTING PRINCIPLES AND METHODS

The accounting policies adopted are identical to those applied for the preparation of the
consolidated financial statements for the year ended December 31, 2024. They are detailed in
Section 6.1 “Consolidated financial statements for the year ended Decembe r 2024”, Note 3 of the
2024 Universal Registration Document filed with the AMF on March 27, 2025 .


6.4 SIGNIFICANT EVENTS

Group realizations totaled €0.6 billion in H1 2025, in line with the most recent valuations. The main
transactions include the divestment of Albingia (€0.3 billion) and the partial divestment of three
assets in the Capital portfolio — Questel, Planet and Aroma-Zone (€0.2 billion).


Group deployments reached €0.3 billion during the half year, with targeted investments in Europe
(particularly Mapal, Ekoscan Integrity and Aquardens).


As of June 30, 2025, the net value of the Eurazeo investment portfolio was €7.4 billion, down 6%
on the end of 2024, primarily due to three factors:
- a moderate decline (–1%) in the fair value of the portfolio excluding currency effects;
- the negative impact (-2%) of the depreciation of the US dollar against the euro;
- a scope impact (-3%) tied to the divestments during the half year.

In addition, on March 17, 2025, the Eurazeo Supervisory Board took due note of the resignation of
Olivier Millet, a member of the Eurazeo Executive Board since 2018 and Managing Partner in charge
of the investment activity dedicated to small and medium-sized businesses.


6.5 SEGMENT REPORTING

Pursuant to IFRS 8, Operating Segments, segment reporting is presented in line with internal
reporting and information presented to the chief operating decision maker (Eurazeo’s Executive
Board) for the purposes of allocating resources to the segment and assessing its performance.


Eurazeo’s business model has significantly changed in recent years, with the development of third -
party management and the growing importance of monitoring its investments by activity or
division based on their fair value. The income statement by business reflects the operating
segments as monitored by Eurazeo's Executive Board. Net income is identical to IFRS consolidated
net income. A reconciliation is presented in Note 6.5.2.


Its asset management activity is mainly attributable to its subsidiaries, Eurazeo Global Investor,
Eurazeo Funds Management Luxembourg, Eurazeo Infrastructure Partners, iM Global Partners and
Kurma Partners.


The Income Statement by business presented below seeks to provide a transversal perspective
and enable our analysts and investors to more precisely value the Eurazeo group, by distinguishing
between the contribution from these two activities: asset management and investment.




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6.5.1 Consolidated Income Statement by business

(In millions of euros) H1 2025 H1 2024

Contribution of the asset management activity 66 65
Contribution of the investment activity (364) (156)

Amortization of assets relating to goodwill allocation - (3)
Income tax expense 5 (4)
Non-recurring items (9) 1

Consolidated net income (loss) (301) (98)

Attributable to owners of the Company (309) (105)
Attributable to non-controlling interests 8 6


Net income in the Income Statement by business is identical to IFRS consolidated net income. The
identified segments represent each of the businesses as follows:
Contribution of the asset management activity: this comprises Eurazeo’s net income as an
asset manager using its own balance sheet and on behalf of investment partners. It breaks down
into Fee Related Earnings (FRE) and Performance Related Earnings (PRE). FRE and PRE include
income relating to management fees and performance fees calculated on the Eurazeo balance
sheet and deducted from the contribution of the investment activity. These two reclassifications
are therefore neutral in Eurazeo’s consolidated income statement by business:
o “Management fees on Eurazeo’s balance sheet” total €58 million as of June 30, 2025.
They amounted to €59 million as of June 30, 2024.
o “Performance fees on Eurazeo’s balance sheet” total €2 million as of June 30, 2025.
They also amounted to €2 million as of June 30, 2024.


Fee-Related Earnings (FRE) comprise all management fees (i) on limited partner funds and (ii)
related to balance sheet investment activities, less operating expenses of the asset management
activity.


Performance-Related Earnings (PRE) are equal to (i) performance fees received on management
activities for limited partners and (ii) performance fees calculated on amounts invested by
Eurazeo for its balance sheet investment activity.


Contribution of the investment activity: this comprises Eurazeo net income from investment
activities using its own balance sheet, as if it had entrusted the management of its investments
to an asset manager under normal market conditions. The investment activity receives realized
and accrued capital gains and pays management fees to the asset manager, as well as
performance fees when the conditions are satisfied.


The contribution of the investment activity also includes Group strategic management costs. They
amounted to €13 million for the half-year ended June 30, 2025, unchanged on June 30, 2024.




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6.5.2 Statement of reconciliation

Reconciliation of the Income Statement by business and the IFRS Income Statement.

Asset
Internal
management Reclass.
H1 2025 (€m) P&L by activity management IFRS P&L
performance fees financial items
fees (1)
(1)
Management fees 211 (26) - - 185
Performance fees 6 - (2) - 4
Operating & other expenses (151) - - 17 (133)
Contribution of the asset management activity 66 (26) (2) 17 55
Contribution of the investment activity (364) 26 2 31 (304)
Operating income (loss) before other income and expenses n.a. - - 48 (249)

Other income and expenses (9) - (0) (9)
Operating income (loss) n.a. - - 48 (258)

Net financial expense n.a. - (48) (48)
Income tax expense 5 - - 5

NET INCOME (LOSS) (301) - - - (301)

(1) Share of management and performance fees calculated for asset management activity, with no impact on net
income.


6.5.3 Segment income statement for the period ended June 30, 2025
Asset Unallocated
Investment
H1 2025 management income and
(In millions of euros) activity
activity expenses
Revenue (*) 194 - 194 -
Fair value gains (losses) on investment activities (291) (291) - -
Theoretical management and performance fees on Eurazeo’s balance
- (28) 28 -
sheet
Net operating expenses (153) (14) (139) -
Operating income (loss) before other income and expenses (249) (332) 83 -
Amortization of intangible assets relating to acquisitions - - - -
Other income and expenses (9) - - (9)
Operating income (loss) (258) (332) 83 (9)
Net financial expense (48) (31) (17) 0
Income tax expense 5 - - 5
Net income (loss) (301) (364) 66 (3)
(*) including management fees on Eurazeo’s balance sheet of €32 million invoiced to entities controlled by the
Group and not consolidated as they do not provide services relating to the investment company activity.


Revenue totals €194 million in H1 2025, including €131 million realized in France, €35 million
realized in the United States, €21 million realized in Luxembourg and €6 million realized in the
United Kingdom.


No client individually represents more than 10% of revenue.




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6.5.4 Segment income statement for the period ended June 30, 2024
Unallocated
Asset management
H1 2024 Investment activity income and
(In millions of euros) activity
expenses
Revenue (*) 181 - 181 -
Fair value gains (losses) on investment activities (84) (84) - -
Theoretical management and performance fees on Eurazeo’s balance
- (32) 32 -
sheet
Net operating expenses (154) (13) (141) -
Operating income (loss) before other income and expenses (58) (129) 70 -
Amortization of intangible assets relating to acquisitions (3) - - (3)
Other income and expenses (3) (5) 2 (0)
Operating income (loss) (64) (134) 72 (3)
Net financial expense (30) (23) (7) 0
Share of income of associates 0 - 0 -
Income tax expense (4) - - (4)
Net income (loss) (98) (156) 65 (7)

(*) including management fees on Eurazeo’s balance sheet of €31 million invoiced to entities controlled by the
Group and not consolidated as they do not provide services relating to the investment company activity.


Revenue totaled €181 million in H1 2024, including €125 million realized in France, €36 million
realized in the United States, €18 million realized in Luxembourg and €2 million realized in the
United Kingdom.


No client individually represents more than 10% of revenue.




6.5.5 Segment net debt as of June 30, 2025

Detailed information on debt maturities and the nature of covenants is presented in Note 6.7.5.


Asset
(In millions of euros) 06/30/2025 Investment activity management
activity

Borrowings 1,550 1,350 199
Cash assets (85) (26) (60)

Net debt 1,464 1,325 140
Lease liabilities 81 16 65
IFRS net debt 1,545 1,341 204




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6.5.6 Segment net debt as of June 30, 2024
Asset
Investment
(In millions of euros) 06/30/2024 management
activity
activity
Borrowings 1,129 916 213
Cash assets (116) (24) (92)

Net debt 1,012 892 121
Lease liabilities 81 23 57
IFRS net debt 1,093 915 178




6.6 CONSOLIDATED INCOME STATEMENT

6.6.1 Revenue


H1 2025 H1 2024
(In thousands of euros)

Management fees 184,536 175,708
Performance fees 3,636 57
Other income 5,598 4,945
Total 193,770 180,710


6.6.2 Fair value gains (losses) on investment activities


H1 2025 H1 2024
(In thousands of euros)

Fair value gains (losses) on investment portfolio activities (304,703) (77,864)
Fair value gains (losses) on other financial assets 17,179 (6,345)
Cost of financial asset disposals (3,049) -
Total (290,573) (84,209)



Fair value gains (losses) on the investment portfolio include the impact of management fees
invoiced by the Eurazeo management companies of €31 million in the first half of 2025 and 2024.
Restated for these fees, fair value losses on the investment portfol io totaled -€273 million in H1
2025 (compared to -€48 million in H1 2024).




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6.6.3 Other operating income and expenses

For the half-year ended June 30, 2025, other income and expenses totaled -€8.9 million, compared
to -€3.0 million for the half-year ended June 30, 2024.




6.6.4 Net financial expense




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6.7 CONSOLIDED BALANCE SHEET

6.7.1 Goodwill, property, plant and equipment, intangible assets and
right-of-use assets

6.7.1.1 Goodwill

Goodwill is allocated to the Asset Management Activity - CGU in the amount of €280,506 thousand.
The movement in 2025 solely reflects changes in foreign exchange rates.


6.7.1.2 Intangible assets


(In thousands of euros) 12/31/2024 Increase Amortization Disposals Other 06/30/2025

Trademarks 2,386 - - - - 2,386
Other assets relating to acquisitions 88,201 - - - (3,185) 85,016
Other intangible assets 23,432 1,048 - (85) (197) 24,262
Total gross value 114,019 1,048 - (85) (3,382) 111,664
Trademarks (2,386) - - - - (2,386)
Other assets relating to acquisitions (58,914) - - - 280 (58,634)
Other intangible assets (9,270) - (940) - 523 (9,687)
Total amortization and impairment (70,570) - (940) - 803 (70,707)
Trademarks - - - - - -
Other assets relating to acquisitions 29,287 - - - (2,905) 26,382
Other intangible assets 14,162 1,048 (940) (85) 326 14,576

Total intangible assets 43,449 1,048 (940) (85) (2,579) 40,958



The Other column mainly presents the impact of changes in foreign exchange rates.




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6.7.1.3 Property, plant and equipment

(In thousands of euros) 12/31/2024 Increase Depreciation Disposals Other 06/30/2025

Land and buildings 177 - - - (5) 172
Installations and equipment 8,415 43 - - (837) 7,621
Other property, plant and equipment 28,343 1,068 - (155) 43 29,300
Total gross value 36,935 1,111 - (155) (799) 37,093
Land and buildings (91) - (14) - 3 (102)
Installations and equipment (4,746) - (1,095) - 737 (5,104)
Other property, plant and equipment (8,229) - (1,291) - (317) (9,837)
Total depreciation and impairment (13,066) - (2,401) - 424 (15,043)
Land and buildings 86 - (14) - (2) 70
Installations and equipment 3,669 43 (1,095) - (99) 2,517
Other property, plant and equipment 20,114 1,068 (1,291) (155) (274) 19,463

Total property, plant and equipment: 23,869 1,111 (2,401) (155) (375) 22,049




6.7.1.4 Right-of-use assets


(In thousands of euros) 12/31/2024 Increase Depreciation Other 06/30/2025


Land 2,253 - (371) - 1,882
Buildings 73,739 1,761 (5,372) (2,032) 68,096

Total right-of-use assets 75,992 1,761 (5,743) (2,032) 69,978
Right-of-use assets 104,379 1,761 - (3,180) 102,332
Depreciation of right-of-use assets (28,387) - (5,743) 1,147 (32,354)




6.7.1.5 Impairment losses on fixed assets


Pursuant to IAS 36, Eurazeo allocated goodwill to Cash-Generating Units (CGUs) for the purpose of
conducting impairment tests. As of June 30, 2025, the Group identified two CGUs: Investment activity
and Asset management activity.


Eurazeo sought to identify indications of impairment based on external and internal information
sources. As of June 30, 2025, the review of indications of impairment did not give rise to any
impairment tests. No impairment was therefore recognized during the period.




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6.7.2 Investment portfolio
Change in
fair value
(In thousands of euros) 12/31/2024 Acquisitions Divestments Other (1) 06/30/2025
though profit
or loss
Capital (formerly Mid-Large buyout) 3,414,526 132,616 (551,047) (132,301) 14,979 2,878,774
Elevate (formerly Small-Mid buyout) 502,659 61,281 (2,785) 33,593 14,979 609,728
Brands 753,959 1,627 (2,781) (97,120) - 655,685
Planetary Boundaries - 6,300 - (428) - 5,872
Secondaries & Mandates (formerly Private Funds Group) 92,763 6,918 - (3,225) (4,095) 92,361
Other LP Investments 40,392 3,996 (88) (1,058) 4,095 47,338
Total Buyout 4,804,298 212,739 (556,701) (200,538) 29,959 4,289,758
Growth 1,732,445 9,240 (2,992) (38,460) (14,644) 1,685,589
Venture 63,202 6,334 - 1,974 23,948 95,459
Kurma 25,100 7,477 (232) (339) - 32,005
PRIVATE EQUITY 6,625,045 235,790 (559,925) (237,364) 39,263 6,102,811
PRIVATE DEBT 329,470 43,709 (20,758) (8,660) 437 344,197
Real Estate 860,861 65,542 (2,050) (62,879) - 861,474
Infrastructure 60,800 - - 4,200 - 65,000
REAL ASSETS 921,661 65,542 (2,050) (58,679) - 926,474

Total Investment portfolio 7,876,176 345,041 (582,733) (304,703) 39,700 7,373,482
(1) The “Other” column corresponds to the reclassification of assets previously classified in other financial assets,
without impact on the income statement (primarily the stake in the Eurazeo Principal Investments fund), as well as
the reallocation of an asset between the Growth and Venture strategies (without impact on the overall investment
portfolio).


The entire investment portfolio is classified at fair value Level 3 (non-observable data). Investments
are not quoted and their fair value is determined using non‑observable data.


Acquisitions of the period mainly concern Mapal acquired by the EC V fund (Capital), EkoScan
(Elevate) and Aquardens (Real Estate), as well as calls for funds by the Private Debt funds.


Divestments of the period mainly concern the Capital strategy with the divestment of Albingia and
the Lightquest transaction. In this respect, Eurazeo entered into an agreement on May 2, 2025 for
the partial sale of its stake in three companies - Planet, Aroma-Zone and Questel, representing
approximately 20% of its total investment in these companies for a disposal price of €199 million
(including €102 million received at the end of June 2025). The transaction was completed on June
18, 2025.


Fair value losses on the portfolio totaled -€305 million in the first half of the year, including -€171
million due to the change in the US dollar against the pound sterling:
- Capital (-€132 million): including a loss of €108 million due to the devaluation of the US
dollar;
- Elevate (+€34 million): good performance of EasyVista;
- Brands (-€97 million): including a loss of €45 million due to the devaluation of the US dollar;
- Growth (-€38 million): including a loss of €14 million due to the devaluation of the US dollar;
- Real Estate (-€63 million): including a loss of €4 million due to the devaluation of the pound
sterling.




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As of June 30, 2025, the main investments carried on the Eurazeo group balance sheet are:

- Capital: Planet, Aroma-Zone, Elemica, BMS and Eres;
- Growth: Doctolib, BackMarket and ContentSquare.



6.7.3 Investments in associates


As of June 30, 2025 and December 31, 2024, the group no longer held any investments in
associates.



6.7.4 Other financial assets

Change In fair Foreign
(In thousands of euros) 12/31/2024 Acquisitions Disposals value through Other currency 06/30/2025
profit or loss translation

IM Global Partner assets 619,061 - - 17,179 3,460 (60,945) 578,755
Other financial assets 122,881 127,456 (12,892) - (47,094) (2,323) 191,488

Total Other financial assets 741,942 127,456 (12,892) 17,179 (43,634) (63,268) 770,243

Current 33,373 116,436
Non-current 708,569 653,809



Assets relating to iM Global Partner’s asset management activities are measured at fair value
through profit or loss for €579 million (€619 million as of December 31, 2024).


Other financial assets total €191 million and mainly comprise:
▪ carried interest retained at historical cost for €49 million (non-current);
▪ earn-out in the Lightquest transaction for €22 million (non-current);
▪ receivable related to the disposal of MCH Private Equity for €9 million (including non-current
receivables of €4.5 million);
▪ receivable related to the Lightquest transaction for €97 million (current), see Note 6.7.2 ;
▪ receivable related to the disposal of Rhône for €14 million (current).




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6.7.5 Net debt

Net debt (including lease liabilities), as defined by the Group, may be broken down as follows:

06/30/2025

Comments/Nature
(In thousands of euros) Gross debt Cash assets Net debt
of main covenants

- Maturities: 2028 (syndicated credit
Eurazeo 1,366,661 (25,743) 1,340,918
facility)
- Covenants:
~ LTV (1)

Investment activity 1,366,661 (25,743) 1,340,918


Eurazeo 39,914 - 39,914

Eurazeo Global Investor 1,407 (24,721) (23,314)
IM Global Partner 209,309 (7,679) 201,630 - Maturities: 2028
- Covenants:
~ Net debt / EBITDA (2)
Eurazeo North America Inc. 9,062 (712) 8,350
Eurazeo Infrastructure Partners - (2,386) (2,386)
Eurazeo UK Ltd 1,592 (4,332) (2,740)
Eurazeo Funds Management Luxembourg - (7,762) (7,762)
Kurma Partner 2,027 (5,133) (3,106)
Other companies 521 (6,826) (6,304)

Asset management activity 263,833 (59,551) 204,282


TOTAL NET DEBT 1,630,494 (85,294) 1,545,200


ow borrowings maturing in less than one year 1,358,446
ow borrowings maturing in more than one year 272,048

Cash and cash equivalent assets (79,437)
Restricted cash (5,846)
Other short-term deposits (10)
(1) LTV: Loan to Value (Accounting Net Assets)

(2) Earnings before interest, taxes, depreciation and amortization, adjusted where applicable in accordance with bank documents.




Eurazeo complies with all covenants as of June 30, 2025.


On March 26, 2025, Eurazeo SE negotiated with its bank pool a 2-year extension to the maturity of
its €1,500 million confirmed credit facility, initially set to expire on December 20, 2026. From
December 20, 2026, Eurazeo will have access to a €1,163 million credit facility maturing on
December 20, 2028.


As of June 30, 2025, Eurazeo SE has drawn €1,350 million on its syndicated credit facility (see Note
6.8.3). This facility, which matures in 2028, is classified in current financial liabilities due to its
nature.


In addition, the Group has total undrawn credit facilities totaling €335 million as of June 30, 2025.


All Group gross debt is at floating rates (except for lease liabilities).




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The debt repayment schedule was drawn up based on current scheduled maturity dates.
Borrowings maturing in less than one year mainly concern (i) draw downs on the syndicated credit
facility by Eurazeo SE scheduled for repayment in less than one year (€1,350 million) and (ii)
short‑term lease liabilities (€8 million).

Less than Two to five More than
Total
(In thousands of euros) one year years five years

Debt 1,549,517 1,350,371 199,146
IFRS16 80,977 8,075 41,712 31,190
Total 1,630,494 1,358,446 240,858 31,190


The increase in gross financial debt breaks down as follows:


Foreign
Reclassification
(In thousands of euros) 12/31/2024 Increase Decrease currency 06/30/2025
& Other
translation


Non-current debt 198,453 182 (0) 335 176 199,146
Current debt 1,151,592 1,390,000 (1,190,570) (651) 0 1,350,371
Lease liabilities 83,461 3,050 (3,292) (98) (2,144) 80,977


Total Gross debt 1,433,507 1,393,232 (1,193,862) (414) (1,968) 1,630,494


Cash impact 1,390,182 (1,193,862)
Non-cash impact 3,050 0
Total 1,393,232 (1,193,862)




6.7.6 Provisions

Provisions break down as follows:


(In thousands of euros) 12/31/2024 Charge Reversal Other 06/30/2025

Employee benefit liabilities 4,163 296 - - 4,519
Other provisions 18,791 5,680 (18,697) (4) 5,770
Total 22,954 5,976 (18,697) (4) 10,289
o/w non-current provisions 12,060 4,818
o/w current provisions 10,895 5,471




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6.7.7 Equity and earnings per share

6.7.7.1 Equity and share capital

Equity attributable to owners of the Company is €6,631 million, or €95.1 per share, as of June 30,
2025.
On February 18, 2025, Eurazeo SE decreased the share capital by canceling 2,996,114 ordinary
treasury shares. The share capital is therefore €222,912 thousand, divided into 73,085,760 fully
paid-up ordinary shares.
At the same date, Eurazeo held 3,389,921 treasury shares.


6.7.7.2 Non-controlling interests

Non-controlling interests solely concern minority interests in iM Global Partners, which is
controlled and 52.97% owned by Eurazeo (percentage interest) and fully consolidated. Non -
controlling interests totaled €261 million as of June 30, 2025 (€288 millio n as of December 31,
2024).
In the income statement, the share of net income attributable to non -controlling interests totaled
€7.5 million for the half-year ended June 30, 2025 (compared to €6.4 million for the half-year ended
June 30, 2024).


6.7.7.3 Earnings per share


(In thousands of euros) H1 2025 H1 2024
Net income attributable to owners of the Company (308,685) (104,555)
Net income from continuing operations attributable to
owners of the Company (308,685) (104,555)
Weighted average number of ordinary shares
outstanding 70,403,551 72,976,742

Basic earnings per share published (4.38) (1.43)


Weighted average number of potential ordinary shares 70,935,139 74,457,292


Diluted earnings per share published (4.38) (1.43)




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6.7.8 Breakdown of cash flows

6.7.8.1 Cash assets


The cash flow statement analyzes changes in cash presented net of bank overdrafts and including
restricted cash.


As of June 30, 2025, restricted cash mainly consists of cash allocated to the Eurazeo liquidity
contract.


Bank overdrafts are included in "Bank overdrafts and current portion of long -term borrowings" in
consolidated balance sheet liabilities.


(In thousands of euros) 06/30/2025 12/31/2024
Demand deposits 76,808 79,171
Term deposits and marketable securities 2,629 3,675
Cash and cash equivalent assets 79,437 82,846
Restricted cash 5,846 7,547
NET CASH AND CASH EQUIVALENTS 85,284 90,393
Other short-term deposits 10 9
TOTAL GROSS CASH ASSETS 85,294 90,402



6.7.8.2 Net cash flows from operating activities


Net cash flows from operating activities totaled €9 million (compared to cash flows used in
operating activities of -€43 million in H1 2024).




6.7.8.3 Net cash flows from investing activities


Net cash flows from investing activities totaled €123 million (compared to €180 million in H1 2024)
and mainly concern:
- Investments in the investment portfolio for -€345 million (see Note 6.7.2);
- Divestments in the investment portfolio for €583 million (see Note 6.7.2);

- Changes in receivables on the investment portfolio for -€119 million (Lightquest
transaction, see. Note 6.7.2).


6.7.8.4 Net cash flows used in financing activities

Net cash flows used in financing activities totaled -€137 million (compared to -€139 million in H1
2024) and mainly concern:
- The draw-down on the Eurazeo syndicated credit facility for €205 million;
- The distribution of dividends to Eurazeo shareholders for -€189 million;
- The share buyback program for -€109 million.


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6.8 OTHER INFORMATION

6.8.1 Risk management

6.8.1.1 Liquidity risk


Eurazeo manages its liquidity risk by maintaining an adequate level of cash to cover its debts.


As of June 30, 2025, cash assets totaled €85 million (see Note 6.7.8.1). Furthermore, the amount
still to be drawn on the syndicated credit facility as of June 30, 2025 totaled €150 million (see Note
6.8.3).


The Eurazeo group has given investment commitments of approximately €1.4 billion for the period
to 2029, including an estimated €0.4 billion for the second half of 2025.


6.8.1.2 Market risk


The Group’s main exposure to market risk involves its investment portfolio and assets relating to
its asset management activities. A change in the equity market may impact the value of these
assets:
- either directly due to the value of its listed portfolio companies;
- or indirectly through stock market comparables used to set the value of unlisted
investments.

Price / equity risk


As of June 30, 2025, the Eurazeo Group does not own listed securities in the portfolio and is
therefore no longer directly exposed to equity markets.


Unlisted securities are valued primarily on the basis of comparable multiples. Such multiples can
be based on market capitalization or on recent transactions, which by definition are sensitive to
changes in the financial markets and economic conditions. The establishment of a panel of
comparable companies necessarily involves estimates and assumptions, insofar as it requires
reliance on pertinent comparability criteria.




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As of June 30, 2025, he Group’s entire investment portfolio consists of unlisted securities. The
portfolio is classified at fair value level 3 within the meaning of IFRS 13. The valuation methods are
presented in Note 3 to the 2024 Universal Registration Document. The table below presents the
main unobservable inputs used to value assets for the most significant strategies:


Value range as
Asset Strategy Valuation method Unobservable inputs of
June 30, 2025

Investment
Capital Comparables method EBITDA multiple 7.1x - 24.0x
portfolio
Investment
Elevate Comparables method EBITDA multiple 8.0x - 18.7x
portfolio
Investment Comparables method & most recent unlisted
Growth Revenue multiple 1.2x - 10.8x
portfolio fundraising
Investment
Brands Comparables method Revenue multiple 1.0x - 4.2x
portfolio


* Discounted Cash Flow * Discount rate * 7.90% - 12.70%
Investment
Real Estate * Comparables method * EBITDA multiple * 11.8x - 12.1x
portfolio * Real estate expert valuation * Yield * 5.00%- 5.84%



Assets of the asset
*EBITDA multiple *9x - 12x
Financial assets management Comparables method
*Revenue multiple *9x - 12x
activity



The Group performed a sensitivity test on the portfolio’s main investments based on the revenue
or EBITDA multiples used to value these assets as of June 30, 2025, with the exception of holdings
in the investment funds (valued based on the most recent net asset values). A change of +/- 5% in
these multiples has an impact of between 4.8% and 9.5% depending on the portfolio valuation
strategy.


Additional sensitivity tests were performed on some Real Estate strategy assets due to the specific
characteristics of their sector. A change of +/- 0.5% in the yield would, in particular, impact the
value of the assets concerned by 15%.


Furthermore, the Venture, Secondaries & Mandate, Private Debt, Planetary Boundaries, Kurma and
Other invested GPs as LP strategies present the specific characteristic of carrying a very high
number of underlying assets in which only a very minority stake m ay be held. In this context,
sensitivity tests would be extremely complex to perform due to the range of valuation methods
applied to the underlying assets and the high volume.


The Group also performed a sensitivity test on the assets of the asset management activity based
on multiples and discount rates used to value these assets as of June 30, 2025. A change of +/ - 5%
in the multiplies would impact the valuation by 4.2%.




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Foreign currency risk

The Group is also exposed to foreign currency risk on some of its foreign-currency denominated
investments.

To safeguard against this risk, foreign exchange hedging instruments are set up for certain
investments in the Group investment portfolio, particularly those exposed to the US dollar and the
pound sterling. As of June 30, 2025, Eurazeo has entered into forward contract for US$ 189 million
on behalf of these companies.

As of June 30, 2025, Group exposure to foreign currency risk is as follows:

June 30, 2025
Assets of the
(In millions of euros) asset
Investment portfolio Total
management
activity
Balance sheet exposure 1,662 568 2,230
USD 1,093 463 1,556
GBP 569 105 674


Impact of a change of +/- 10% in the euro
123 57 180
against these currencies
USD 86 46 132
GBP 37 11 47




Interest rate risk

Finally, the Group is exposed to interest rate risk (the impact of interest rate changes on the net
financial expense). All group gross debt is at floating rates (except for lease liabilities).

A 100 basis point increase or decrease in interest rates would have an impact of €6 million on
Eurazeo group net finance costs, i.e. a change of 18%.



6.8.2 Subsequent events

In July 2025, Eurazeo, through its Capital strategy, entered into exclusive discussions with the
European holding company of the Ferrara Candy group, a leading sugar candy company in the
United States, regarding the sale of CPK, the European confectionery and chocolate champion.
Under the terms of this agreement, Eurazeo and its partners would sell their entire 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 €240 million of
proceeds to Eurazeo’s balance sheet.


In addition, Eurazeo’s Elevate team announced it had completed its investment in OMMAX, one of
the fastest growing digital strategy consultancies in Europe. This transaction is the Elevate team’s
fourth investment outside France – and its first in Germany – reflecting this strategy’s European
ambitions.




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6.8.3 Off-balance sheet commitments

All Eurazeo Group commitments deemed material under current accounting standards are
described below, except for those resulting from confidential shareholders’ agreements.

06/30/2025

(In millions of euros) Asset 12/31/2024
Investment
Total management
activity
activity

Commitments given (1,125) (1,125) - (1,107)

Purchase commitments (1,125) (1,125) - (1,107)

Commitments received 485 485 - 355

Syndicated credit facility 150 150 - 355
Other credit facilities 335 335 -




6.8.3.1 Eurazeo SE commitments

▪ Commitments given

Eurazeo SE has given the following investment commitments to various investments funds or
vehicles:


(In thousands of euros) 06/30/2025
Eurazeo SE: 1,056,677
Capital 117,466
Elevate 206,938
Growth 40,731
Planetary Boundaries 93,700
Venture 61,122
Secondaries & Mandates 208,096
Private Debt 151,302
Real Estate 41,352
Infrastructure 46,500
Kurma 63,814
Other LP Investments 25,656




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ICADE


Pursuant to the sale of the shares of ICADE (formerly ANF Immobilier) completed on October 10,
2017, Eurazeo granted ICADE various fundamental warranties (authority, capacity and ownership
of shares) and an uncapped specific warranty covering current ident ified disputes in favor of
ICADE. These disputes are described in Section 4.3 of the 2024 Universal Registration Document.
This warranty will expire on final settlement of the disputes. Some of the disputes have been
settled, while other disputes are still ongoing.


Highlight (Eurazeo Real Estate)


Pursuant to the acquisition of the Highlight real estate project, completed on May 29, 2018 (off -
plan acquisition) by SNC Highlight (JV with the JC Decaux group), Eurazeo undertook to invest a
residual amount of €1.6 million through LHH1 and LHH2, Eurazeo Patrimoine subsidiaries and
shareholders in SNC Highlight. This commitment will expire on the sale of Highlight.


Grape Hospitality


Pursuant to the Grape Hospitality group debt refinancing, Eurazeo undertook to finance indirectly,
via EREL and EREL 1, certain expenses of the Grape Hospitality group under the hotel
refurbishment program, in the event that external financing and self ‑financing by the group are
inadequate and this up to the debt maturity date (that is July 2026 at the latest) or a change in
control of Grape.


France China Cooperation Fund (FCCF)


Under the terms of the FCCF Joint Advisors S.à r.l. shareholders’ agreement entered into with BNP
Paribas SA and Beijing Shunrong Investment Corporation, Eurazeo SE granted sales commitments
to BNP Paribas and Beijing Shunrong Investment Corporation that m ay be exercised in the event
of certain events relating to BNP Paribas’ and Beijing Shunrong Investment Corporation’s
compliance with certain of their regulatory obligations or if the FCCF fund is not dissolved in the
year it expires.


CarryCo companies


Pursuant to agreements entered into with certain corporate officers and employees of the Eurazeo
group concerning investments in CarryCo Capital 1 SAS, CarryCo Capital 2 SAS, CarryCo Pluto,
CarryCo Brands, CarryCo Patrimoine SAS, CarryCo Patrimoine 2 SAS, Eurazeo Patrimoine 3 SAS,
CarryCo Croissance SAS, CarryCo Croissance 2 SAS and CarryCo Croissance 3 SAS. Eurazeo SE
undertook to acquire the shares held by these corporate officers and employees in these entities
on the occurrence of certain events and unconditionally during certain periods, that is:
- (i) between June 30, 2025 and June 30, 2027 for CarryCo Capital 2 SAS;
- (ii) between January 1, 2026 and January 1, 2028 for CarryCo Brands;
- (iii) between January 1, 2026 and December 31, 2027 for CarryCo Patrimoine 2 SAS;
- (iv) between January 1, 2028 and December 31, 2029 for Eurazeo Patrimoine 3 SAS;
- (v) between January 1, 2027 and December 31, 2028 for CarryCo Croissance 3 SAS.




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CarryCo Pluto SAS did not provide an unconditional repurchase commitment.

Similar commitments were given under the CarryCo Capital 1, CarryCo Patrimoine and CarryCo
Croissance 2 programs, which expired on December 31, 2024.


The documentation for certain Eurazeo investment team co-investment plans includes share or
unit purchase commitments in favor of the investment teams in the event of a change in control
of Eurazeo, the terms of which are detailed in Section 5.14 of the 20 24 Universal Registration
Document.

Current Executive Board members do not benefit from these clauses or waived them with effect
from February 5, 2024.


Commitments given to hold shares


Pursuant to shareholders’ agreements entered into with third parties, Eurazeo has undertaken, as
appropriate, to maintain certain investment levels in intermediary holding companies.




▪ Commitments received

Syndicated credit facility


On June 27, 2014, Eurazeo secured a five-year €1 billion loan with a banking syndicate, which was
extended on two occasions by one year, i.e. until June 27, 2021. On December 20, 2019, this
syndicated credit facility was renewed for5 years (potentially ext ended to 7 years under certain
conditions). An initial extension period was accepted extending the maturity to December 2025. A
second extension period was accepted extending the maturity to December 2026 but only for an
amount of €1,432.5 million. The syndicated credit facility is notably based on clauses set out by
the Loan Market Association. The only financing covenant concerns compliance with a Loan to
Value (Accounting Net Assets) ratio. As of June 30, 2025, Eurazeo has received a total commitment
of €1.5 billion and the residual commitment is €150 million.


On March 26, 2025, Eurazeo SE negotiated with its bank pool a 2-year extension to the maturity of
its credit facility. From December 20, 2026, Eurazeo will have access to a €1,163 million credit
facility maturing on December 20, 2028.


France China Cooperation Fund (FCCF)

Under the terms of the FCCF Joint Advisors S.a r.l. shareholders’ agreement entered into with BNP
Paribas SA and Beijing Shunrong Investment Corporation, Eurazeo SE received a sales commitment
covering the shares held by BNP Paribas SA and Beijing Shunrong Investment Corporation that
may be exercised in the event of certain events relating to BNP Paribas’ and Beijing Shunrong
Investment Corporation’s compliance with certain of their regulatory obligations, if the FCCF fund
is not dissolved in the year it expires or if the investment held by BNP Paribas SA and Beijing
Shunrong Corporation should decrease by half.




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Eurazeo Global Investor


Pursuant to the acquisition of Idinvest Partners (renamed Eurazeo Global Investor) on April 12,
2018, Eurazeo holds standard warranties for transactions of this type and certain specific
warranties granted by the sellers. The warranties were granted for ap plicable limitation periods,
except for the warranties covering the financial statements and compliance, that expired on
October 12, 2019. Compensation receivable under these warranties is capped, according to the
case, at 10% or 100% of the acquisition price received by each seller.


In addition, pursuant to the purchase of the remaining share capital of Idinvest Partners (renamed
Eurazeo Global Investor) in 2021, Eurazeo holds a specific warranty covering some ongoing
disputes between Idinvest Partners and certain third parties. This warranty will expire on
December 31, 2025.


6.8.3.2 Legendre Holding 36 commitments

▪ Commitments given

Pursuant to the acquisition of its investment in IM Square, on June 29, 2018, Legendre Holding 36
granted purchase and sales commitments to managers in the event of their departure. These
commitments were maintained on the sale by Legendre Holding 36 of a portion of its investment
in iMSquare to IK and Luxempart on May 6, 2021.




6.8.3.3 Legendre Holding 84 commitments

▪ Commitments received

Pursuant to agreements entered into concerning the development of new investment activities in
the infrastructure sector, Legendre Holding 84 received sales commitments enabling Legendre
Holding 84 to acquire some shares held by Eurazeo Infrastructure Mana gers SAS and/or certain
indirect shareholders of this company on the occurrence of specific events provided for in the
various agreements (departure of certain indirect shareholders of EIM, change in control of
Tangerine, change in strategy, financial difficulties, growth of the fund). In addition, Legendre
Holding 84 granted a number of purchase commitments enabling Eurazeo Infrastructure Managers
SAS and/or certain indirect shareholders of this company to sell certain shares to Legendre Holding
84 on the occurrence of specific events provided for in the various agreements (departure of
certain indirect shareholders of EIM due to death or disability, change in control of Legendre
Holding 84).




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6.8.3.4 Eurazeo PME Capital commitments

▪ Commitments given

Eurazeo PME Capital has given the following investment commitments to various investment funds
or vehicles:


(In thousands of euros) 06/30/2025
Eurazeo PME Capital:
Elevate (formerly Small-Mid buyout) 65,601




6.8.3.5 Kurma Partners commitments

▪ Commitments given

Kurma Partners has given the following investment commitments to various investment funds or
vehicles:

(In thousands of euros) 06/30/2025
Kurma Partners:
Kurma: 2,706




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• STATUTORY AUDITORS’ REVIEW REPORT ON
THE INTERIM HALF-YEARLY FINANCIAL
INFORMATION


PricewaterhouseCoopers Audit FORVIS MAZARS
63, rue de Villiers 45, rue Klebler
92208 Neuilly-sur-Seine Cedex 92300 Levallois-Perret



(For the period from January 1st, 2025 to June 30th, 2025)

This is a free translation into English of the statutory auditors’ review report on half -yearly financial information issued in
French and is provided solely for the convenience of English-speaking users. This report includes information relating to the
specific verification of information given in the Group’s half -yearly management report. This report should be read in
conjunction with, and construed in accordance with, French law and professional standards applicable in France.



To the Shareholders,
EURAZEO SE
66, rue Pierre Charron
75008 PARIS

In compliance with the assignment entrusted to us by your General meeting and in accordance with the
requirements of article L.451-1-2 III of the French Monetary and Financial Code (“Code monétaire et
financier”), we hereby report to you on:

- the review of the accompanying condensed half-yearly consolidated financial statements of EURAZEO
SE, for the period from January 1st, 2025 to June 30th, 2025;
- the verification of the information presented in the half-yearly management report.


These condensed half-yearly consolidated financial statements are the responsibility Management
Board. Our role is to express a conclusion on these financial statements based on our review.


I - Conclusion on the financial statements
We conducted our review in accordance with professional standards applicable in France.
A review of interim financial information consists of making inquiries, primarily of persons responsible
for financial and accounting matters, and applying analytical and other review procedures. A review is
substantially less in scope than an audit conducted in accordance with professional standards applicable
in France and consequently does not enable us to obtain assurance that we would become aware of all
significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Based on our review, nothing has come to our attention that causes us to believe that the accompanying
condensed half-yearly consolidated financial statements are not prepared, in all material respects, in
accordance with IAS 34 standard of the IFRSs as adopted by the European Union applicable to interim
financial information.




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II - Specific verification
We have also verified the information presented in the half-yearly management report on the condensed
half-yearly consolidated financial statements subject to our review.
We have no matters to report as to its fair presentation and consistency with the condensed half-yearly
consolidated financial statements.




Neuilly-sur-Seine et Courbevoie, July 24, 2025




The Statutory Auditors


PricewaterhouseCoopers Audit Forvis Mazars


Sarah Kressmann-Floquet Virginie Chauvin & Guillaume Machin




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• DECLARATION BY THE PERSON RESPONSIBLE
FOR THE HALF-YEAR FINANCIAL REPORT

I hereby certify that, to the best of my knowledge, the condensed half -year financial statements
have been prepared in accordance with the applicable accounting standards and give a true and
fair view of the assets, liabilities, financial position and results of the Company and all consolidated
companies, and that the accompanying half-year activity report provides a fair review of any major
events that have occurred in the first six months of the year, their impact on the financial
statements and the main transactions between related parties, together with an accurate
description of the principal risks and uncertainties for the remaining six months of t he year.




Christophe Bavière William Kadouch-Chassaing


Co-CEO (1)
Co-CEO (1)




(1) Messrs. William Kadouch-Chassaing and Christophe Bavière are Chairman of the Executive Board and Chief
Executive Officer, respectively.




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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)
Portfolio Drypowder Total AUM
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




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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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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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