Tikehau Capital (TKO) H2 2025 & Status update earnings summary

Executive summary

• Achieved record AuM of €52.8bn as of 31 December 2025, with 80% of net new money from international clients and a 22% CAGR since IPO.

• Capital deployment reached €7.6bn (+35% vs. 2024), with €4.0bn in realizations, mainly in Private Equity and Credit.

• Asset management profitability reached new highs, with EBIT at €150m (+18% YoY) and core FRE margin surpassing 40%.

• Gross fundraising reached €10.5bn, net inflows €8.0bn, both record levels, with strong momentum in climate and biodiversity strategies.

• Entering a new phase focused on harvesting, profitability, and strategic balance sheet allocation.

Financial highlights

• Net income for 2025 was €136m, up 51% YoY excluding currency effects; proposed dividend of €0.80 per share.

• Asset management revenues grew 8% YoY to €380m, with EBIT up 18% and core FRE up 12%.

• Portfolio realized revenues rose 19% YoY to €239m; excluding FX, portfolio revenues grew 33%.

• AUM increased to €52.8bn, up from €49bn at end-2024, driven by strong inflows, especially in Private Equity and Credit.

• Fee-paying AUM and management fees both grew 6%; 94% of AM revenues were management fees.

Outlook and guidance

• 2026 targets: AUM of at least €60bn, FRE €175–225m, net result €420–520m, and ROE 13–16%, all excluding currency effects.

• By 2029, aim for cumulative net inflows over €34bn and core FRE margin of 45–50%.

• Commitment to maintain investment-grade rating and distribute over 80% of asset management EBIT as dividends.