Good morning. Thank you for joining this call. Christophe and I are pleased to welcome you to our 2025 full year results presentation. Our presentation will be in three parts. First, I will share with you key financial and non-financial highlights for 2025. Second, Christophe will focus on fundraising, client franchise development and asset rotation. Third and last, I will detail our financial results. We'll then be available to take your questions. 2025 was another year of growth for Eurazeo. We continued to execute well on our strategic roadmap in spite of a still complex environment. First, we delivered strong growth in asset management. We continued to gain market share, which reflects the relevance of our positioning and the strengths of our distribution capabilities.
Fundraising reached EUR 5.5 billion in 2025, up 28% compared to last year. Third-party AUM rose by a strong 15% year-on-year. We expanded our client franchise, adding 44 new institutional clients, whilst our AUM in wealth increased by 16%. Third-party management fees grew by 10% in the private market segment. Profitability continues to improve. FRI margin reached 36%, up 40 basis points year-on-year. PREs are starting to deliver. PREs from third parties tripled to EUR 11 million. Second, balance sheet realizations were up 44% at EUR 1.5 billion. We reached a rotation rate of 20% that we had announced, which is much better than the market.
Thanks to the dynamic pace of realizations, we were able to return to our shareholders an additional EUR 600 million of capital while de-leveraging. Third, we kept a prudent approach on valuations in an environment that was and still is overall volatile. As per our guidance, portfolio value was slightly down at -1.6%, excluding foreign exchange impact in 2025. Trend has improved in the second half of the year, and our portfolio companies continue to show positive momentum with a 12% EBITDA growth in buyout as a case in point in 2025. This is positive entering into 2026. We are now two years into the execution of our four-year plan, and this is time for us to take stock of where we stand.
We are tracking ahead of plan on expanding and scaling our client franchise. Christophe would come back to that, with a growing number of institutional clients and a rising share of international LPs, and also continued expansion in wealth solutions. We are among the winning private market platforms in Europe. We are on track on earnings growth. FRI margin is above 35% and continues to grow. PREs are starting to contribute more meaningfully. The asset management cash profile is on plan, thanks to double-digit third-party fee growth and reduced reliance on the balance sheet. We are also on track in implementing the shift towards an asset-lighter model and enhancing shareholder return. We have outperformed the market on realizations, and we have already distributed around EUR 1 billion of capital back to our shareholders. Portfolio value creation was disappointing in 2024 and 2025.
We had to mark down legacy assets. We reflected the downward multiples in some sectors, and we faced unfavorable Forex headwinds. We saw a marked improvement in the second half of 2025 and expect that trend to continue going forward as the operational performance of our portfolio companies remains healthy. We also continue to reinforce our leadership in sustainability and impact. Assets dedicated to environment and healthcare solutions reached EUR 6.1 billion in 2025, representing around 16% of total AUM. Our impact strategies contributed about EUR 460 million of 2025 inflows, i.e., roughly 9% of total fundraising, with EPBF securing EUR 360 million towards the EUR 750 million targets, and SME II in debt completing a first closing at EUR 175 million.
On climate alignment, 28% of eligible private equity portfolio companies now have an SBTi validated targets above our 25% objective for end of 2025. 70% of the eligible portfolio is on the SBTi pathway with an ambition of 100% by 2030. These achievements complement strong external assessments. With that overview, I will hand over to Christophe for fundraising and asset rotation.
Thank you, William. Let's now focus on the operational performance of our asset management, starting with fundraising. As William mentioned, 2025 was a record year for fundraising with third-party inflows of EUR 5.5 billion, up again 28%. This is the third year in a row with a more than 20% increase in fundraising level. Fundraising was well-balanced between debt and equity, reflecting the strengths of Eurazeo's diversified product slate. By strategy, private equity raised EUR 2.7 billion, up 64%, including EC V closing at EUR 3 billion above target. EPBF securing more than 40% of its EUR 750 million target, as William was mentioning, and PME V already above EUR 650 million fundraised.
Growth achieved a first closing for EGF IV at EUR 650 million, and venture strategies raised over EUR 100 million. Secondaries and mandates collected more than EUR 800 million. Private debt raised EUR 2.7 billion, up 8% with, obviously, our flagship fund, EPD VII in direct lending, reaching EUR 3.5 billion by the year-end 2025, and there is more to come as in 2026. At the beginning of this year, we received a request from LPs to increase our cap at EUR 3.9 billion. This breadth across strategies and channels underpin Eurazeo market share gains. Eurazeo is gaining market share, delivering on the promise we made during our capital market day.
Taking 2019 as a base, Eurazeo's annual fundraising is up 126% compared to +33% increase for the European market, which as you can see, has regained some strength recently compared to the global market, which is down -7%. In absolute terms, we scaled from EUR 2.4 billion - EUR 5.5 billion over this period, underscoring the strength of Eurazeo platform and the breadth of our client franchise. Now, I would like to take a moment to walk you through the private debt franchise, which as you already know, is a highly differentiated platform. Let's look at the progression by vintage. It is clear and deliberate. The EPD IV program reached EUR 400 million. EPD VI scaled at EUR 3.2 billion.
The total program of EPD VII, including wells and mandates, could surpass EUR 5 billion this year in 2026. This scaling cements our leadership in small to midcap direct lending, and it accelerates the internationalization of our LP base as it is a good entry point for new investors and supports larger, more global deal flow. The franchise continues to generate an average fee rate above 80 basis points, a premium to more vanilla credit strategies, and it reflects the alpha generated by our team in this specific segment of the mid-market, the European mid-market. We continued to expand and internationalize Eurazeo's institutional base with a net addition, as William was mentioning, of 44 new LPs in 2025. The number of Eurazeo's institutional clients has now reached over 500.
Our client base grew by an average of 25%, + 25% per annum since 2022. The share of institutional inflows from outside France rose to 71% in 2025 compared to 37 back in the 2018, 2020 years. This reflects strong contribution from the rest of Europe and the rest of the world, demonstrating Eurazeo's ability to win blue-chip LP mandates across regions. Growing our franchise is not only a testament to the quality of our investment approach and teams, it is also a springboard for future growth. Our experience is that once trust is established, large institutional LPs subscribe to more of our funds over time. As we have mentioned, we continued to expand our wealth solution franchise with EUR 922 million raised in 2025.
We are now reaching EUR 5.8 billion of AUM in this specific wealth solutions. The franchise has compounded at a rate of +18% per annum, supported by our blockbuster evergreen, EPVE 3. It has now surpassed EUR 3.5 billion in AUM and ranks top three in Europe. We are broadening our European footprint with traction in the Benelux and new distribution partnerships in Italy, Germany, and Switzerland. We officially launched the Eurazeo Prime Evergreen program, Evergreen line at the end of 2025 with EPIC in private credit and EPSO in private equity. We continue to invest in brand recognition, and it is paying off. We were among the most recognized fund manager at IPEM Wealth 2026 awards, with three collective prizes and one individual award.
Looking ahead, the 2026 pipeline is solid, well-diversified with both flagship funds and more thematic and wealth-oriented offerings. Let me start with funds targeting institutional LPs. In private debt, EPD VII continues to be very successful and high in demand. It is going to do a final close soon, and it will be reaching its new hard cap. We expect to be launching EPD VIII in a not-too-distant future, and we are also on the road with our asset-based vehicle, SME II. In equities, as you can see, we have a strong pipeline with flagship funds. In buyout, PME V has already a good traction and should be among the highlights of the year. ESF V in secondaries and EGF IV in growth both accelerate their fundraisings.
Finally, in real assets, we are launching the fundraising of our second vintage in infrastructure, ETIF II, and we will be collecting for EZORE, the EZORE fund in operational real estate. In wealth, inflows in our evergreen fund, EPVE 3, remain dynamic, but it's complemented by the rollout of EPIC and EPSO internationally. Our 2026 fundraising pipeline is underpinned by the strong ongoing performance across strategies, with all recent vintages in particular showing top-notch track records. All Eurazeo private debt funds have shown top-quartile track records and very low default rates. Our seventh vintage, EPD VII, is obviously benefiting from that. ESF IV and V, our latest secondary funds, are delivering gross IRR of 14% each. EGF IV in Growth Equity has a good start.
I would say a very good start with +10% gross value creation in 2025, with premium investment in deep, deep tech and AI and the exit of Cognigy leading to best-in-class DPI of already 30%. PME IV posts a strong 29% gross IRR and top-decile DPI of 40%. In real estate, EZORE benefits from the strong track record of the two balance sheet programs in real estate with top-quartile performances above 20% IRR and strong DPI. Finally, in infrastructure, ETIF I portfolio gross IRR is at 13%, supported by strong tailwinds. Deployments totaled EUR 5.3 billion in 2025 compared to EUR 4.6 billion in 2024.
In private equity, we deployed EUR 2.2 billion with high-quality companies like, for example, MAPAL in Spain, Ekoscan in France, OMMAX in Germany, Scripi in Belgium, and Dexory in the U.K.. In private debt and secondaries, pacing is fully in line with objectives. At year-end, EPD VII was invested at 61%, and ESF V in secondaries was invested at 53%. In real asset, we invested in Aquardens in Italy, Water Direct in the U.K., Terra Hely in Germany. We enter 2026 with dry powder of EUR 6.2 billion, up 15% year-over-year, and EUR 2 billion of balance sheet commitment, positioning the platform to capture attractive opportunities with a total dry powder of EUR 8.2 billion. Now, realization. We continued our good momentum on realization after a pickup in 2024.
At group level, realizations totaled EUR 3.1 billion in 2025 compared to EUR 3.4 billion in 2024. Private equity exits reached EUR 1.9 billion, confirming the group's ability to monetize assets on strong terms. In private debt, realizations were at EUR 1.2 billion, slightly ahead of last year, reflecting steady portfolio turnover. As far as 2026 is concerned, we have a good pipeline of potential exits, and we have already closed and announced two deals, Fairmax and Ex Nihilo. Let me take some time to highlight the quality of our realizations. As you can see, we continued in 2025 to crystallize strong value creation, continuing our track record of 2.1 gross realized MOIC since 2012, and consistent uplift to latest marks.
Again, we have a good start for 2026 with the closing of Fairmax and Ex Nihilo. Realizations and distributions are top priorities for LPs and a key factor in the transformation of our business model. It will remain an area of focus for us and our teams in the years to come. Thank you for your attention. William, over to you for the financial results.
Thank you, Christophe. I will now take you through the financial results for 2025. Let me start with the asset management activity. I said we delivered double-digit growth in both third-party AUM and fee-paying AUM. At the end of 2025, total AUM were EUR 39 billion, up 8% over one year, with third-party AUM standing at EUR 30 billion, an increase of 15%. Fee-paying AUM reached EUR 28 billion, up 8%, driven by third-party fee-paying AUM which were up 12%, while balance sheet fee-paying AUM declined 2% as we continue to reduce the weight of our balance sheet. Of note, let me stress that our fee-paying AUM ratio to total AUM continues to stand high at around 72%. Management fees came in at EUR 435 million in 2025, up 3% year-on-year.
Third-party management fees total EUR 322 million, up 7.5% at constant currency. Private markets fees, core of our business, increased by 10% to EUR 237 million, supported by strong fundraising momentum as said, and higher third-party fee-paying AUM, with the average fee rate holding firm at around 120 basis points, which compares well with the rest of the industry. iM Global Partner came in at EUR 85 million of management fees, down 2%, mainly affected by a Forex headwind, a dollar exchange rate headwinds of -4%, while AUM and revenues in US dollar grew by 2%. Balance sheet-related management fees were EUR 113 million, down 5%.
This reflects completed disposals and lower balance sheet commitments in the funds, which is fully consistent with the asset-lighter strategy announced at end 2023. Fee-related earnings increased to EUR 356 million, with the FRI margin up 40 basis points year-on-year to approximately 36%. We already reached our midterm target range of 35%-40%. The uplifts reflects healthy third-party fee growth, as said, combined with tight cost control. Costs were only up 3% in 2025. EBITDA from the asset management activities is the first time we give you the EBITDA, now, and we will do that in the next quarters and years. EBITDA from the asset management activity was EUR 206 million, up 12%.
This is consistent with a 44% margin, a more than two points gain year-on-year. Realized performance fees reached EUR 33 million, doubling versus last year, with a portion coming from third parties tripling to EUR 11 million. Several firms are approaching distribution threshold that will allow for more meaningful recognition of performance fees over a midterm investment cycle, as we committed. PREs should progressively represent around 10% of third-party revenue. We continue to grow the base of our third-party management fees as well as performance fees. Thus, our asset management business has turned into a positive and growing cash flow contributor for the group. Let me turn to the results of the investment company. At the end of 2025, net portfolio value amounted to EUR 6.8 billion with the following drivers.
Organic value change was a slight decline of -1.6%, as per our guidance. The good momentum in earnings in our portfolio was compensated by multiple compression in some segments, which, you know, for a large part we had anticipated, and still unfavorable cap rates in real estate. Forex accounted for -2.5%, and perimeter effect accounted for -9% in line with the expected downsizing of our balance sheet that we had announced. As you can see, value creation in the second half of the year improved quite significantly relative to the first half. As the operational metrics of the underlying portfolio continue to be healthy, we now expect to post positive value creation going forward. This assumes obviously some stabilization of current high market volatility.
Portfolio value per share stood at EUR 102.1 at the end of 2025. This is down 5% in spite of a perimeter effect of -9% and value creation of -4%. The accretion from buybacks hence meaningfully enhances per share value, which is consistent with our capital allocation priorities. Our portfolio companies delivered a solid performance in 2025. Another year, I should say, of solid performance with a pretty strong Q4 overall. Buyout companies delivered robust progress, with revenues up 7% and EBITDA up 12%, supported by a clear acceleration in the second half. In growth and venture, fundamentals remain sound. Average revenue growth was 14%. The most recent EGF IV investments are scaling fast and even faster at around 40% growth on average.
In real estate, hospitality revenues were up 3%, and infrastructure continued to perform strongly with a 30% year-on-year revenue growth. The investment activity was logically the contribution was logically mainly driven by non-cash elements and amounted to -EUR 552 million in 2025, with EUR 351 million pertaining to fair value change and EUR 113 million of management fees from the asset management activity. This is an interco flow. Strategic management costs and financial expenses were both roughly stable and fairly low. Consolidated net income group share was -EUR 403 million. Asset management contributed +EUR 161 million, while investment activity, as you just said, contributed -EUR 552 million, mainly non-cash. Let's move now on to the balance sheet realizations.
Balance sheet divestments totaled EUR 1.5 billion in 2025. This is up 44% over one year, and this represented about 20% of the 2024 year-end portfolio value, completely in line with our guidance. We are entering 2026 with a diversified pipeline of exits and aim to maintain our good pace of rotation. Let me remind, together with Christophe, that over the first two years of the plan, we have exited EUR 2.6 billion of balance sheet assets, representing around 31% of the 2023 year-end NAV. These exits have generated an average gross cash-on-cash multiple of 2.1x, an average gross IRR of about 21%, and an average uplift on the latest mark of about 14%.
This highlights, in our view, the quality of our portfolio, the overall conservativeness of the way we are marking our assets, and our ability to monetize them. This bodes well for the future development. Return to shareholders, which is obviously number one priority in capital allocation, as you know. In 2025, we returned EUR 189 million in dividends, with a dividend per share up 10%. We will propose an ordinary dividend of EUR 2.92 per share, a further 10% increase versus last year, with an expected cash-out of around EUR 200 million in 2026. Loyalty premium of 10% will be paid to registered shareholders holding their shares for more than two years within the 0.5% legal ownership threshold.
Over 2024-2026, i.e., two- to three-year, cumulative dividends will have reached EUR 600 million. Our share buyback program remains active. Since launch, we have executed about EUR 600 million of buybacks over 2024-2025, or about 12% of the share count. In 2026, we plan to buy back 4% additionally to this 12% for about EUR 200 million, which will bring the cumulative buyback over 2024-2026 to about EUR 800 million. Very importantly, through 2027, our budget objective remains to purchase around 25% of total shares, i.e., approximately 45% of the free float. The sequencing of execution in 2026-2027 is driven by our ability to maximize regulatory volumes each year while remaining continuously active in the market.
To conclude, as we have now executed two years of our strategic plan, let us recall the three pillars of our equity story. First, we are building a leader in an attractive private markets industry. Second, we deliver steady earnings growth through revenue expansion and disciplined cost management. Third, we return significant capital to shareholders, accelerating our shifts towards an asset lighter business model. Thank you for your attention. We can now open the Q&A session.
Thank you. Ladies and gentlemen, if you would like to ask a question, please press star one on your telephone keypad. We'll pause for a brief moment. Thank you. We will now take our first question from Nicolas Vaysselier of BNP Paribas. Your line is open. Please go ahead.
Thank you. Good morning. Thank you for the presentation. Just two questions for me. The first one will be regarding your exposure to software and more broadly tech. Could you clarify what is the percent exposure on the balance sheet portfolio for both software and broader tech? I wanted to ask regarding your valuation NAV as of December 2025. Obviously a big part of the rout for software companies happened in January and February. I was wondering to what extent you have reflected this market move already in the NAV as of December 2025. I seem to remember already in 2024 you were mentioning downward pressure on some SaaS multiples that were a bit reflected in your NAV.
I'm wondering to what extent the rout we've seen for software companies has been reflected in your valuation. My second question would be on third-party management fees. It's good to see the increase this quarter. I suppose the fundraising in private equity has helped with a high fee margin, but I was wondering to what extent you also have catch-up fees in Q4, if any. Thank you very much.
Well, thank you, Nicolas. Let me start with the exposure at group level. I mean, we operate and manage EUR 39 billion of assets under management. If you want to compare the type of exposure, the risk appetite of Eurazeo relative to the peers that I've already published, you need to take the full AUM. Simply put, the number is 10% ex the venture and growth strategies, and it's a bit more than 15% at group level if you include the venture and growth exposure that we have. That's very consistent with the market, a tad lower than some peers. Why is it a bit lower? Because we have very low exposure in debt, 9%.
We'll come back with Christophe if you have more question as to what we mean by exposure to software and debt. You know, we are very disciplined, and the type of, you know, leverage we take is a bit different than the rest of the market, a bit more cautious. We have zero exposure, obviously, in real assets. We have very little exposure in secondaries, etc. Now, if you stick to the balance sheet, which is your question, there's a bit more exposure logically because of the fact that balance sheet is composed of 60% roughly of buyout and 24% of growth and venture. You would have in total something like 16%-17% exposure, ex growth and venture, and going above 25%, including growth and venture.
I think that answer quite clearly your comment or question on the exposure. Now, you touch on a very important element. How are these assets valued? You remember that, you know, we had some pushback from the market when we were saying the whole of 2025, and you're nice enough to remember what we had already said in 2024, that no, not all the multiples were up. In fact, the decrease in multiples and valuation of SaaS models has started much before January, February 2026. If you really look at what happened.
This is the reason why, among other things, in spite of seeing good performance of our underlying portfolios, including in SaaS, I have to say that most of the companies that we have that, you know, would qualify under software are at or above budget for 2025, and they all show high single digit or double-digit EBITDA growth. Yet we have decided to be very cautious on multiples. Why are we decided to be disciplined? A, because we were seeing already some decrease, but also because we want to maintain the calibration that we have at the outset, i.e., a discount, using a discount to the multiple we see in the market. This is what we have continued to do. It's very hard to predict what can happen in the multiples of such a large sector going forward.
What I can say together with Christophe is that we have already factored in that pressure pretty much in 2024 and 2025. Given the underlying performance of the companies we're invested into, that should be seen as a positive on your side. You didn't ask it, but we are ready with Christophe to answer to you also about the qualitative elements that needs to be taken into consideration when talking about software and tech. We are talking about very different business models. Some of these business model are very resilient to what's happening in AI because they adapt to the AI opportunities. They have added to the product slate a lot of AI product. Take the Doctolib in our portfolio, for example. That's a case in point. Or they have very, very strong barriers to entry.
Take NeoXam in the Elevate portfolio. I mean, they manage software for compliance and this in the finance industry in particular and beyond. That all obviously goes with very strong barriers to entry in managing that type of complexity. I mean, you know, the generic software comment is always a bit easy. Now, third-party management fees. Yes, we have catch-up fees. You it's about 8% roughly, adjusted for foreign exchange, of which 3% pertains to catch-up fees.
Thank you very much. Very fair point.
Thank you. We'll now take our next question from Alexandre Girard of CIC-CIB. Please go ahead.
Yes, good morning, and thank you for the pre-presentation. I have three questions. Can we have a better feel of any assets maybe in your portfolio that could be directly exposed to the current geopolitical situation? I don't know, maybe tourism-related companies. If we could have a better feel of that. Second question also regarding asset rotation in 2026. Do you expect to be ahead of 20% in terms of asset rotation? And can you or have you already communicated on the value creation on the two deals that you have already announced? I'm talking about Fairmax and Ex Nihilo in terms of EUR per share.
Third question also, same thing for 2026, in terms of fundraising, given the fact that you raised EUR 5.5 billion, which is a very high amount in 2025. Do you expect to be ahead of that level in 2026? And can you remind us also the funds that will be marketed in 2026? Yeah. Thank you.
Okay. I'll take the first one, and Christophe will take the outlook on fundraising. Assets in the portfolio that may be impacted by the current geopolitical crisis, you know, by definition, if what's happening would translate into a severe, prolonged economic crisis, you know, you can assume that most of the assets that are in any portfolio will feel some implications. It would be silly to say otherwise. Now, in reality, we are not very exposed to industrials, and so we don't feel so much impact from the energy price moves. That's first point. We don't have much exposure to the Middle Eastern market in terms of the underlying growth of the companies we have in the portfolios.
We have clients in our funds in the Middle East and loyal and large clients, but we don't have much exposure to this market. I don't expect in a nutshell much impact, absent of course a severe deterioration in the macro data, which allows me to say that what we've seen in Q4 and you've seen some data points particularly pertaining to Europe and the U.S. in the beginning of the year. We've seen rather the contrary, an improvement in the overall macro environment so far. Rotation. We want to stick to what we've said. You know, we are cautious people. We deliver, you know, it's been three years that we deliver back what we've said we would do.
We are saying to you we have a good pipeline. We've already started to execute some of this pipeline and we'll keep the pace. It's probably consistent with our capacity to reach the average pace of 20%. Then you had a question on the markups. You can see that Fairmax as well as Ex Nihilo were sold at very significant mark-ups uplift relative to the last mark. That would be translated into the H1 numbers.
Thank you. If it goes to obviously.
Fundraising prospects in 2026. As you know, we don't give guidance for the year. Yes, you are right to mention that the momentum is still very strong. Where Eurazeo has a very strong point is that first, our product offering is highly diversified. We are fundraising this year private debt vehicles, and we benefit again from the fact that private debt number seven is increasing its hard cap. We will benefit at the beginning of this year of this increase of the hard cap. It's already something that we are currently finalizing. There is still strong demand for private debt in Europe.
We also have a strong private equity product offering with a combination of funds that are already in the tail end of their fundraising. For example, in secondary, we are in the tail end of the fundraising. With PME V, we are preparing the first closing. With Growth IV, we have already raised the first closing, and we are benefiting from an acceleration of demand in this field. If we talk about real estate, you know, the real assets we'll have in 2026 two products. Infrastructure, the demand is still very strong. Again, we focus on the specific segment of the infrastructure, which is energy transition infrastructure in the mid-market. So it's a very differentiated product.
In real estate, we also benefit from the fact that it is a very differentiated product. It's operational real estate, so it's something very different than what the competition can offer. We are also very diversified by geography. We still benefit from a general movement where Europe, and more specifically mid-market in Europe, is perceived by more and more international investors, especially from Asia, for example, as a relatively predictable investment universe, relatively safe. We are benefiting from that. Last, by market, we are also very diversified. Wealth management and institutional investors don't behave the same way. To keep a long answer short, we benefit from very diversified opportunities in terms of the flow. Yes, we intend to maintain the good momentum in fundraising.
Thank you. Once again, as a reminder, if you would like to ask a question, please press star one on your telephone keypad. Thank you. We'll now move on to our next question from Arnaud Palliez of CIC-CIB. Please go ahead.
Yes. Hello, good morning, and thank you for the presentation. Can you give us some details about liquidity on your fund? Do you face any issue at this level, especially in real estate and wealth management? As you know, this is a concern in the U.S., so I would like to know if you are facing the same kind of issue in Europe.
Thank you for that. Yes, we have a strong wealth management vehicle, and we have also to say it clearly, we have evergreen vehicles. The beauty of evergreen vehicles is that you can subscribe at any time, but you can also use gates to withdraw your money. EPVE 3 is our blockbuster, and today inside EPVE 3 you have 20% of cash. 20% of cash, which is quite differentiating from some of our peers. If you look at the gross demand, not the net demand, the gross demand for exits for the new gates that will be at the end of this quarter, it's 0.7%. Today, first of all, we are not facing redemption or people are not asking for gates.
If it increases, we have the ability to face it. On top of that, the number I mentioned is gross, but we also face huge subscription flows. Today we are very confident on this component of our activities. All evergreen vehicles are managed in a very, very robust way. Regarding real estate, our current investments are done for our balance sheet only. We are launching a new fund, and so we don't have this liquidity issues that can face some of our competitors in third-party managed vehicles.
We don't intend to go in all asset classes with wealth vehicles. I mean, that's a very important thing. Our strong belief with Christophe is that the best underlying that you can have for wealth distribution as relates to evergreens, i.e., with liquidity windows, remains private debt and secondaries, and we will stick to that conservative approach.
Thank you. We'll now take our next question from Alexandre Casas of Casas & Associés . Please go ahead.
Good morning. Thank you. I have three questions about valuation of Eurazeo stock, please. The first question, could you please give us what are at the end of 2025, the five biggest participations of your portfolio with valuation of 102 EUR per share and the respective valuation of that five stocks. Second question, if my calculations are correct, and with the guidance of the share buyback for the years 2026 and 2027, the total number of shares of Eurazeo at the end of 2027 could be less than 60 million shares. 59 million shares with my calculation. That number is to compare to 79 million shares at the end of 2021. Down 25%, so 20 million shares less. Are my calculations correct?
The last question, the number three, you don't give the total net asset value per share since some years. But with the asset valuation and less of the net debt, could we assume that at the end of 2025, your total net asset value per share could be between EUR 115 and EUR 120. So that means that is a discount which is incredibly high of 60%-63%, given the current price of EUR 25. Is this correct valuation? Thank you.
Well, thank you for your questions. If you allow me, together with Christophe, we'll take the question starting with the end, because we think it's a way to approach the valuation of Eurazeo, and thank you for saying that. No, we don't publish anymore a NAV, including the value of the asset management, because we consider, as we moved into IFRS 10 back two years ago, that this is for the market to decide what is the sum of the parts of Eurazeo. Along the line of what you said, we have a portfolio on the balance sheet, which is worth EUR 102, roughly. EUR 102.1 exactly.
This is already net of potential capital gain tax, and this is also already net of carried due to the teams. We have the valuation of the asset management. That asset management has produced EUR 206 million of EBITDA in 2025. You look at the multiples, even after multiples compression that we have observed in the past quarters. Let's say we are between 15x-20x EBITDA for 2025 and going into 2026. You probably add at least a good EUR 30 per share in to evaluation. You have the net debt of the group, particularly the non-recourse debt should be taken into consideration.
916,902, adjusted for the pro forma sale of Ex Nihilo, that's roughly 15 EUR per share. Your calculation, in other words, is pretty good. Yet, which means that there is a discount which is significant or there is an unjustified discount, in our view, to the asset that has demonstrated its capacity to sell its portfolio, always with an uplift relative to the last mark. An asset manager that is growing double-digit and a very tight and well managed leverage. We are operating the company with one of the lowest gearing that you can find in the industry. That's, in my view, linking it to your point, one, we are not dependent upon any specific item in the portfolio.
Again, you know, our valuation is a sum of portfolio asset managers, asset management, minus debt. In the portfolio, we have approximately 70 lines that are, you know, significant. They are very high-quality assets. There is no asset that represent more than 7%-8% of the total. Which are the biggest assets in the portfolio? When I tell you which they are, you'll see that they are very good assets. They're all growing double-digit and operate with a high EBITDA. Number one, Planet, which is a digital payment platform based in Ireland, operating globally. This is a leader in the digital payment for hospitality, in a nutshell. They're growing their EBITDA this year, again, double-digit.
You have Aroma-Zone, which is growing rather in the 40-50% category per annum. I'm talking about revenues and EBITDA. You see that the largest assets in the portfolio are also very good quality. I could go on and on. We have very good other assets. You know, one of the largest, I think it's number four or five in the portfolio, assets pertaining to the growth equity portfolio would be Doctolib.
Doctolib has a 30% growth and is already at breakeven in a nutshell. On the share buyback, your calculation is correct. Which allows me again, thank you very much for your question, to stress to everyone that we're operating one of the very largest de-equitizations that has been seen in the market for years. I can appreciate the debate as to the sequencing. We manage with Christophe the company in a way that it always sticks to its duties, including regulatory threshold when they may occur. We are very consistent in implementing that share buyback program aggressively because we think this is the best way to rebalance our business model while remunerating our shareholders.
Thank you. We'll now take our next question, a follow-up from Nicolas Vaysselier of BNP Paribas. Please go ahead. Nicolas, you might want to unmute your audio.
Yeah, good morning. Thank you for coming back to me. Just two quick questions. There's been some headlines last week about you being shortlisted along with some other European managers for managing EU Tech Champions Initiative. If you can make some comment on potential size and economics for Eurazeo, I appreciate at this stage it might be difficult for you. Secondly, you've launched two additional evergreen products in wealth this year. I wanted to know what was the traction in terms of fundraising growth and what pipeline for 2026 in terms of new wealth products.
Question number one, as you would understand, we will be very prudent in any representation we can do. It's a competitive process with the European Commission being involved in coordinating the whole process. We have some duties in terms of what we can disclose and not disclose. The only thing I can say is, together with Christophe, number one, we're very proud to be five out of a large number of contenders being selected for the final round. Which, you know, and that's my last point on the thing. I mean, it's a dedication, is a testament to the high quality of what Eurazeo has achieved in the tech space over years.
The high quality of the team that is headed by Hala Fadel, which we appointed now three years ago as head of growth. I mean, Christophe mentioned to you, by the way, the performance of EGF IV, which is the performance of our team in charge that has been in charge for three years, a 10% value creation and already 30% DPI. That's pretty strong. We'll do everything we can to win that one, but it is obviously very competitive with all the largest and biggest most prestigious firms in tech Europe being involved.
To complete on what William just mentioned, it is sometimes better perceived by international investors. The quality of innovation, the quality of business models built in Europe in innovative space, in deep tech and in AI, is sometimes, sorry to say it this way, better perceived by international players, rather than by us. Regarding evergreen vehicles, yes, our FPCI today is a French legal structure. It is perfectly adapted to French, for example, life insurance regime. It's largely used as a unit-linked inside life insurance contract. To do the same all over Europe, we needed Luxembourg international structure, so they are Luxembourg-based, and obviously, they are now entirely adapted to serve well markets, wealth market in Italy, Germany, Switzerland, and also Benelux. We are starting.
We are putting our own money to seed these two vehicles so that they can have a track record and a portfolio. It takes time because we are not selling directly to the end user. We are selecting, we are partnering with banks, insurance companies, independent brokers, independent networks of brokers, to get access to the final user. We currently have a very good list of Italian, German, and Swiss names that are interested. Again, let's face it, wealth management as a whole are not over-allocated to private equity, private debt or real assets all over Europe.
Thank you. We have no further questions in the queue currently. Handing it over for webcast question.
Yes. We have some questions very quickly on the web. I mean, we have a few from Isobel Hettrick from Autonomous. A few of them have already been answered, and I will combine it with an investor's question. Can we expect value creation on the balance sheet at constant exchange rates in 2026? How long would it take to go back to sort of the historical average of the 10% long-term average?
The 10%, and I should say above, long-term average is obviously our minimum goal to begin with. Let me say that when you look at beyond the sequential value creation at the return of the balance sheet investment funds. I mean, we are still double-digit across the main categories in terms of IRR. That's a very important thing to consider for shareholders. 2026, we start the year with a better outlook idiosyncratically. As I said, we have very strong dynamics in the underlying portfolio. Fundamentals are good. Macro environment in Q4 has improved. We have been quite prudent in the approach of multiples.
In a nutshell, that should be a positive for 2026. I mean, except that I will do a little caveat. As we said with Christophe, there is a significant volatility in the markets today with the context that nobody knows where it leads. Fundamentally, ex Forex, and if things stabilize on the overall environment, we are on track for a much better year.
I have a last question, which I think we already answered partially, at least on the share buyback program. To know, I mean, there's these regulatory limits. Are there any opportunities to accelerate the buyback in a synthetic way or any other way to take advantage of the discounted stock valuation at the moment?
This is not our intention. We do things, you know, we do plain things that, you know, are easy to understand. We've already executed 12%. You know, the aim is 25%. We are exactly at the middle of the plan in two years out of four. We'll do an additional 4%. I mean, happy to go into the details of what these limits are, but you know, we will be at 16% at the end of 2026, and we know that we will have some room to execute an additional 8%-9%, which we have done just in 2025. We know that we can manage that. By the way, we've done that without relying much on blocks.
We've done that mainly in the flow. Remember that we can execute share buybacks with the combination of flow and blocks.
Thank you. There is no further question.
Thank you very much.
Thank you very much today. Thank you.
Have a nice day.
You too.
Bye-bye.