Thank you. Good morning and thanks to all for joining this call.

I am pleased to welcome you all to our Q1 2026 trading update. As usual, let me walk through the key highlights for the quarter pertaining to: first, fundraising, AUM and management fees; second, asset rotation; and third, the underlying performance of the on-balance sheet portfolio.

We will then be available to take questions. Let's start with our fundraising activity.

We had a strong quarter in Q1 2026 with €1.1 billion raised during the quarter the period, an increase of 11% versus last year. This performance was driven by: first, strong inflows in private debt with more than €850 million raised in Q1, nearly twice as much as Q1 2025.

This strong performance comes on the back of a top-quartile track record of our direct lending funds and our leading position in the mid-market category. Second, a continued momentum in the secondaries strategy, which makes up for the majority of the €200 million raised in equity during Q1.

Our wealth solutions channel continues to grow nicely with AUM up 16% year-on-year to reach €5.7 billion. Inflows were similar in Q1 2026 as in the same period last year.

Our evergreen fund EPVE 3 enjoys positive net inflows with redemptions staying in Q1 well below 1% and in line with historical average, in fact a tad lower. We are still in the rollout period for our new evergreen funds in the prime line, which should contribute more significantly in the coming years.

As we highlighted with Christophe during our first-year full full-year results, sorry, our pipeline of fundraising for 2026 is solid and diversified, both on the institutional side as well as on the wealth solutions segment. Let me give you an update on where we stand based on Q1.

First, as we highlighted, we have four flagships which are expected to fundraise in 2026. We continue to benefit from the ongoing momentum in our direct lending fund, which will shortly be announcing a final close.

We should shortly be announcing a first close of PME V, the lower mid-market buyout fund managed by the Elevat team. We confirm that this fund has good traction, benefiting from the strong performance of previous vintages.

In equities, we continue to have good inflows in secondaries, as highlighted before, and we are on the road with our growth equity fund on the back of a successful first closing and strong performance overall. Second, we are on the road with five thematic funds: in equities, EPBF, an impact Article 9 fund, which already had a successful first closing as as well as Eurazeo Future of Industries in venture, which is currently fundraising; in debt, also an Article 9 fund focused on decarbonization financing; and in real assets, two funds, Eurazeo in Operational Real Estate is already on the road, and we are launching a second vintage in sustainable infrastructure after a successful first vintage.

In wealth solution, as we announced, we are rolling out our new evergreen products, and we are initiating another growth fund for wealth investors. As we continue to fundraise dynamically, we post steady increase in both our AUM and fee-paying AUM.

Total AUM stood at €39 billion as of 31st of March 2026, up 7% year-on-year, with AUM from third party up double-digit at +14%. Fee-paying AUM were up 5% year-on-year, with fee-paying AUM from third parties double-digit growing double-digit at +13%.

Third-party recurring revenues from asset management posted solid growth logically, whilst we continue to voluntarily decrease the contribution pertaining to our balance sheet. Hence, management fees from third parties are up 10%, excluding catch-up fees and forex.

Management fees from third party in private markets specifically are up 14% year-on-year, in line with fee-paying AUM. IMGP revenues were down 1%, excluding forex, pro forma of the sale of their wealth management activity at the end of 2025.

IMGP had a positive momentum from most of its partners and from its own funds, especially in managed ETFs, but was impacted by market effects and some outflows of its manager specialized in growth equities in the US. Management fees related to Eurazeo's balance sheet came at €25 million.

They are down 16% due to disposals and lower balance sheet commitments in funds, in line with the strategy announced at the end of 2023. Regarding asset rotation, group deployments were up 17% in Q1 2026 relative to last year, totaling €915 million.

Group realizations in Q1 2026 amounted to €550 million, a doubling from €220 million in Q1 '25. We were active both in private debt and in private equity.

Of note, our dry powder from third parties continues to grow. It is up 9%, and we think we are well placed to grasp investment opportunities.

Let's now focus on the current trading of our underlying investments. As a reminder, we recently hosted a workshop on our balance sheet portfolio, commenting on its key characteristics, its performance, and the main lines.

Both the link and the webcast to the webcast and the presentation can be found on our website. In the first quarter, the companies in the balance sheet portfolio continue to perform well operationally in spite of an arguably more uncertain environment.

Companies in the buyout portfolios grew 6% year-on-year, with a broad-based revenue growth across geographies and sectors. Companies in the growth portfolio posted a +22% average growth, an acceleration from previous quarters, with the largest lines in the portfolio performing particularly well.

The most recent investments in Growth 4 fund have seen average sales growth also accelerate at over +60%, 6-0, confirming their very good momentum. In real assets, hospitality revenues were up 6% in the first quarter.

Sales of companies in the sustainable infrastructure portfolio are also up dynamically by 36% on average. At March 31, 2026, investment portfolio carried on the balance sheet was valued at €6.8 billion net and, as usual, is not revalued during the quarter.

The portfolio value per share was €102 at end of March 2026, consequently. We are now available for your questions.

Thanks for attending this call again.

Thank you. Good morning.

I hope you're doing well. Just two quick questions from my side.

The first one is on the fee-paying AUM dynamics. The jump from one quarter to the previous is pretty big, and I wanted to know which asset class has been driving this.

I suspect it's private debt. Then despite this increase in fee-paying AUM, the overall fee margin stood at 1.10 versus 1.2 on my calculations in previous quarter.

I'm definitely interested in understanding the mix dynamics for this quarter in the fee-paying AUM growth. Then my last question, you mentioned those new evergreen products that are about to hit the market.

I'm curious to see what traction you expect from them in terms of fundraising in the near term, given that flows in wealth remain pretty consistent, but I suppose are quite skewed to your big evergreen fund.

Nicolas, I think we didn't hear fully the second question, if you could—

No, the third question. Could you repeat, sorry?

Yeah. Sorry, it's just you're about to hit the market with two new evergreen products, right?

I'd like just to have a bit of a color on what you expect in terms of fundraising traction for those in the near term, because I suppose what you raised in wealth mandates so far remains heavily skewed to your large €3.7 billion fund.

Okay. Yes, thank you.

Sorry because we had on our side a bad connection. Let's start with fee-paying AUM.

What we can say, you're right to point out it's fairly dynamic and above-market growth we seek as we commit to deliver. It is rather broad-based.

We have double-digit fee-paying growth both in private equity and in private debt. As the dynamic is a little different for PE.

It relates to commitments. For private debt, it is linked to also the pace of deployment.

It's fairly consistent across the board between PE and private debt. Overall fee margin, just to remind, and thanks again, Nicolas, for asking that question, to remind everyone, the 110 basis points, which is a healthy rate, is associated to the third-party management fees.

At group level, we are 120. For us, it's fairly stable.

The difference between group level and third party stems from the fact that the balance sheet is rather skewed towards private equity and less so towards private debt. It's also has in private equity less exposure traditionally to secondaries.

As a result, there is a mix effect that makes up for a difference between the average balance sheet fees and the overall yield on third party. It's fairly stable, and the difference again stems from what I just explained.

It may vary slightly within years or between years because of mix effects, but what we experience, I guess this is the implicit question behind your question, is that the fee rates hold well. Evergreen, we have a good traction as relates to converting or onboarding distributors outside of France for this new evergreen fund, which are ELTIF funds, one pertaining to private debt, the other one pertaining to secondaries in different countries in Europe.

Also we have some traction in France. Now, as we said with Christophe a few times already, it will take time before the machine works at full steam, because first of all, we had to shape the product, get the authorization.

We are starting now to warehouse some assets in these funds. You don't market evergreen funds to individual clients unless you have already some inventory.

We are onboarding distributors, and so we don't expect, to your question, big flows in the short term. We expect some flows in 2026, and then we expect the thing to grow gradually and accelerate in the years next.

To your point on our EPVE 3 flagship, it continues to perform well in terms of gross collection. As I said before, because we still have low redemption rates, in fact, as I said, a tad below the average of '25 for the first quarter, that the net collection continues to be positive.

Now we are also aware that this is a product that you have really to make sure that you educate well the public as to its features because there is a bit of noise stemming from the US.

Thank you.

Good morning, William. Good morning, Pierre, and thank you for taking my questions.

I have three questions. The first one is related to performance fees related to fee-related earnings as the rotation of the balance sheet normalizes within the historical range, 20% to 25%, and if we take normative assumptions regarding cash-on-cash multiples, what would be the size of the performance earnings?

Can you remind us what we can expect in terms of, yeah, performance fees compared to fee-related earnings? This is my first question.

Second question is regarding the share buyback program. You bought back 1% of the capital during the first quarter.

Can we expect the same for the coming quarters, 1% per quarter, or do you think that maybe accelerating the share buyback program given the fact that the share price is trading on a steep discount to its fair value might be interesting? The last question is regarding fundraising.

I know that you don't give guidance for the year, but if you look at all the initiatives that you mentioned on slide number I think 3 or 4, all the funds on the road, can we maybe not have a precise estimate, but a very wide range in terms of fundraising for the year, for what you expect? Can we multiply by 4 what you raised during the first quarter?

Voilà, this is a rough and the vague estimate of the fundraising. These are my three questions.

Thank you, William.

Thank you very much, Alexandre, for these questions. On the performance fees, I think things develop as we had said, but you invite me and thank you for that to reiterate the guidance we had given or what is the midterm objective we had given.

Let's start with that. The midterm objective is that by 2027, and end of 2027, we should have converged, given the maturity of funds and the pace of rotation, towards performance fees representing roughly 10% of the third-party revenues.

That's positive because that would translate into a nice increase in the cash flow, but also it's positive because it mean that the company will remain very centered on predictable management fees in its revenue composition. Now to your point on what's happening as more short term, clearly we have a number of funds that are now approaching their hurdle where we can recognize from an accounting standpoint the performance fees.

We are on a positive trend, consistent with what you've seen in 2025, which is an increase, and then we should continue on that pace towards what I highlighted. Share buyback, the program is structured in order to enable us to be constantly in market.

Assume that 1% each quarter is a basis. We always evaluate if we should accelerate or not in case of more weakness on the stock price, but fundamentally, if you take that assumption, you don't take too much risk.

On the fundraising, I like the way you phrase your question in a very smart way, which is to say, "We are aware that you don't give guidance, but please give me a number." I won't give you that number.

A rough estimate, or there is a wide range. It will be helpful anyway, I think.

What we can say is, as you see, we have a positive trend. Nevertheless, that quarterly fundraising is not even, it's not a linear growth that you would expect.

There are quarters which are much more dynamic than others, but overall, what I'd like you to keep in mind that we are continue our journey on a positive trend after record year 2025. We'll be more specific in the next quarters when we see also where the environment lead us, but just keep this as a positive message that we have a diversified product offering with a number of announcements we will do in the next weeks and months pertaining to either the final close of EPD 7 on the debt side or the first close of PME V.

We continue to fundraise also on the thematic funds and some of the other flagships. That's all what I can say now.

I don't want to qualify more the number, but we have a good start of the year.

Okay. Thank you, William.

I didn't mean to be frustrating, Alexandre, but I want to be cautious

and

keep to our guidance policy as we have it every year.

Understood. Thank you.

Do we have any more questions on the line? Maybe I can ask a question that I have on the chat then, a question on IMGP from Mathias.

What is the expected trajectory on IMGP fees going forward?

As we have seen in Q1, IMGP is fundamentally dependent on its ability to generate net new flows, net new money, but also market effects. Q1, we had positive inflows net of everything, because we had strong inflows in the IMGP proprietary products like managed ETFs that I said.

We have strong inflows in many of the underlying partners asset managers, and we had outflows in a few of them, particularly one I mentioned, which is specialized on growth equity in the US. We should continue that trend of net positive flows for the rest of the year, absent, of course, major shocks or further major shocks.

Then the market effect has started to improve in April. It was negative for the first quarter, which let me be a bit more cautious on that one.

All in all, as you can see, that's a platform that has some potential to do better than in Q1, spending of course market effects, forex, and the environment. That's all what I can say now.

I would add also one point, which is that IMGP has also a tradition to manage very well its costs. Q1 is not the moment where we talk about profitability and cost, but I think there is some flexibility there to adjust and protect the profitability depending upon the revenue generation.

Thank you, William. I don't know if there's any more questions on the line, Pierette?

Thank you very much for attending this call, and have a good day.

Have a good day, everyone.