Eurazeo (EURA.PA): 1H26 First Take: Positive value creation marks upward inflection point

Research evidence excerpt

Eurazeo (EURA.PA): 1H26 First Take: Positive value creation marks upward inflection point

Equity Research

23 July 2026 | 7:02AM BST

Eurazeo (EURA.PA): 1H26 First Take: Positive value creation marks

upward inflection point

Eurazeo reported 1H26 results this morning (July 23) which marked a positive Oliver Carruthers, CFA

+44(20)7552-9364 |

inflection point in its Investment Activity and demonstrated continued momentum in oliver.carruthers@gs.com

Goldman Sachs International

asset management activity. On the balance sheet, portfolio value creation turned

Anshika Mehrotra

positive at +0.3% in 1H26 (after two years), vs -3.5% in 1H25 and -0.7% in 2H25, +1(212)934-7679 |

with management reiterating expectations for a continued improvement through the anshika.mehrotra@gs.comGoldman Sachs India SPL

remainder of 2026. Portfolio value per share was up 3.3% vs Dec-25, supported by Naimeh Sabourian

+2% accretive impact of share buybacks. Asset rotation also progressed, with €0.3bn +44(20)7051-0573naimeh.sabourian@gs.com|

of announced and completed divestments in 1H (4.3% of portfolio value), and Goldman Sachs International

Fergusonseveral additional exit processes underway, supporting management’s expectation Tom | +44(20)7051-0547

for significant exit volumes in 2026. In particular, value creation was broadly positive tom.ferguson@gs.com Goldman Sachs International

across the portfolio, with Buyout up +0.2% (including +0.7% in Capital and +1.8% in

Elevate), Growth up +1.0%, and Venture stable, only partly offset by Real Assets at

-0.3%. Eurazeo noted that it continues to incorporate adjustments to certain sector

multiples, including SAAS, into its valuations. On the asset management side,

momentum remained strong, with third-party AUM and third-party management