Eurazeo SE Achieves Key Milestones in Fiscal Year 2025
Eurazeo SE announced robust full-year 2025 results, highlighting record fundraising and accelerated asset rotation. The investment firm raised €5.5 billion, marking a 28% increase year-over-year and surpassing broader market growth.
Strong Growth in Assets Under Management
Assets under management expanded 8% to €39 billion, with third-party assets rising 15%. Fee-paying assets under management grew 8% to €28 billion, including a 12% uptick for third parties. Management fees reached €435 million, driven by a 10% rise in third-party private markets fees.
Fee-related earnings margin improved to 35.9%, up 40 basis points, supported by disciplined cost management. Asset management EBITDA climbed 12% to €206 million.
Accelerated Balance Sheet Realizations
Balance sheet realizations surged 44% year-over-year to €1.5 billion, equivalent to about 20% of the balance sheet portfolio—compared to 13% in 2024. These exits occurred under favorable terms, with significant volumes anticipated in 2026.
The balance sheet portfolio net value stood at €102 per share. Fair value experienced a moderate 1.6% decline excluding forex impacts, aligning with guidance and showing improvement in the second half due to strong portfolio company performance.
Financial Performance and Shareholder Returns
Net income attributable to the group share remained stable at -€0.4 billion, impacted by a non-cash investment loss of -€552 million from fair value changes.
Eurazeo returned €1 billion to shareholders over two years via dividends (€0.4 billion) and share buybacks (€0.6 billion, or 12% of shares). For 2026, distributions are projected at around €400 million, including a proposed dividend of €2.92 per share (up 10% year-over-year) and €200 million in buybacks (about 4% of share capital).
Executive Commentary
Co-CEOs Christophe Bavière and William Kadouch-Chassaing stated: “The implementation of Eurazeo’s strategic plan over the past two years is delivering tangible results. In 2025, the attractiveness of our platform was reflected in unprecedented fundraising, market share gains and the continued expansion of our institutional and Wealth client base, particularly internationally. Asset rotation by the Group outpaced the market, creating financial headroom to reinvest strategically in its franchises and increase shareholder return. In a polarized market, Eurazeo consolidated its position as a leading player in the European mid-market, supporting its fundraising, asset rotation and value-creation outlook for 2026.”
