Eurazeo: Record Collection of 5.5 Billion Euros but Impairments Persist
Eurazeo realizes the fruits of its strategic plan with impressive growth figures in asset management. The collection reached a record level, assets under management increased to 39 billion euros, and the turnover of the balance sheet portfolio accelerated. However, this positive operational momentum does not fully offset the impairments recorded on investments, revealing a persistent gap between the health of the collection business and value creation for shareholders.
Strategic Milestone Achieved
Eurazeo reached a strategic milestone in 2025 with a third-party collection of 5.5 billion euros, up by 28% year-over-year. This performance exceeds market growth and illustrates the increasing attractiveness of the platform, particularly among institutional clients and Wealth clients internationally. Assets under management reached 39 billion euros (+8%), with a 15% growth in third-party share, indicating a reorientation of the business model towards asset management for external clients. Commission-generating assets also increased to 28 billion euros (+8%). Management fees were established at 435 million euros, with a 10% increase for third parties in private markets. EBITDA from asset management rose to 206 million euros (+12%), reflecting the leverage effect of the model.
Accelerated Portfolio Restructuring
Beyond collection, Eurazeo undertook an accelerated restructuring of its direct investment portfolio. Balance sheet realizations jumped to 1.5 billion euros, about 20% of the portfolio, compared to 13% the previous year. This 44% increase in divestitures demonstrates a desire to regenerate the portfolio under favorable financial conditions and to redeploy resources. Despite these exits, the net value of the balance sheet portfolio stands at 102 euros per share. However, the overall fair value of the portfolio declined by 1.6% excluding currency effects, reflecting tensions in the private investment market. The improvement observed in the second half and the strong performance of the portfolio companies suggest an ongoing stabilization.
Net Result Remains Stable
The net result attributable to the Group remains stable at -0.4 billion euros, identical to 2024. This figure masks the tension between operational growth (EBITDA AM increase) and a heavily negative investment result at -552 million euros, due to non-cash fair value variations. This lack of accounting translation of operational dynamics into net profit encourages the group to prioritize returns to shareholders. Over two years, Eurazeo has distributed 1 billion euros to its shareholders (0.4 billion in dividends and 0.6 billion in buybacks, representing 12% of the shares). In 2026, distributions are expected to reach about 400 million euros (200 million in dividends with a 10% increase to 2.92 euros per share and 200 million in buybacks covering 4% of the capital). These distributions underline a strategy of sharing the fruits of the strategic plan with shareholders, while the group anticipates further significant divestitures in 2026.
