Eurazeo (AO) | Hold | H1-26 results preview

研报英文原文证据摘录

Eurazeo (AO) | Hold | H1-26 results preview

#EarningsPreview

Release date: 26 June 2026

David Cerdan

Head of French Small/Mid Cap

+33 1 70 81 57 43

dcerdan@keplercheuvreux.com

HoldEurazeo

France | Holding companies MCap: EUR3.1bn

Target Price: EUR60.00 Bloomberg: RF FP Reuters: EURA.PA

Current Price: EUR40.30 Free float 54%

Up/downside: 48.9% Avg. daily volume (EURm) 8.5

YTD abs performance -24.4% Market data: 25 June 2026

52-week high/low (EUR) 64.65/37.78

H1-26 results preview

Key points:

Eurazeo will report its interim results on 23 July.

Focus should be on the third-party Asset Management performances (AuM, fundraising, AM revenues / margins...) and the change

in Eurazeo's permanent capital.

Hold rating

Reporting date 23-JULY

Conference call TBA

Dial in number TBA

Table 1:Third-party AM activities

EURm H1-25 H1-26E

Management fees 211 210

% change 0%

FRE 73 73.5

% sales 35% 35%

Performance fees 6 7

Group's contribution of asset management 65 66

Source: Kepler Cheuvreux

At end-March, Eurazeo's permanent capital was EUR6.8bn or EUR102 per share, stable YTD as it is not revalued quarterly.

On 23 July, Eurazeo will disclose its updated permanent capital that could be impacted by lower valuation multiples in some

parts of its Private Equity investments (>70% of its portfolio) while valuation for Private Debt and Real Assets is expected to be

more resilient.

We understand that some sectors, as evidenced by the Software companies, could be impacted by lower valuation metrics.

For the third-party Asset Management, we expect a positive trajectory as evidenced by the performances reported in Q1-26.

In Q1-26, Eurazeo continued to expand its AUM through a successful commercialization of its products along with the continued

development of its assets under LBO.