Tikehau Capital (TKO) investor relations material

Executive summary

• Net result, Group share, doubled year-on-year to €165m in H1 2026, driven by strong asset management, investment activity, and a significant capital gain from the Schroders stake sale.

• The platform demonstrated resilience and operational momentum, with client base expansion, active portfolio rotation, and streamlined operations including the unification of Real Estate and divestment of non-core digital subsidiaries.

• Enhanced financial flexibility with €1.6bn in available resources, no debt maturing before 2029, and investment grade ratings reaffirmed by S&P and Fitch.

Financial highlights

• Assets under management (AuM) reached €53.5bn as of 30 June 2026, up 5% year-on-year, with Fee-Paying AuM growing 7% to €43.5bn.

• Management fees and other revenues increased by 13% year-on-year to €190m, with 96% of revenues from management fees and a stable 90 bps margin.

• Core FRE rose 32% to €80m, with margin expanding to 42%; Asset Management EBIT up 22% to €78m, margin at 39%.

• Portfolio revenues doubled to €222m, mainly from a €217m capital gain on the Schroders stake disposal.

• Cash & cash equivalents increased to €0.5bn, gross financial debt reduced to €1.8bn, and shareholders' equity at €3.2bn.

Outlook and guidance

• FRE generation expected to be more weighted toward H2 2026, with Private Equity fundraising and catch-up fees potentially reinforcing this trend.

• Healthy exit pipeline in Private Equity and Real Estate supports visibility on future value crystallization.

• No debt maturities before 2029 after bond redemption in August 2026; €1.6bn available resources.

• Management reiterates confidence in accelerating profitability growth and long-term value creation.