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

Executive summary

• Achieved record year in 2025 with AuM reaching €52.8bn, a 22% CAGR since IPO, driven by €7.6bn deployment (+35% vs. 2024), €4.0bn realizations, and €10.5bn gross inflows, with 80% of net new money from international clients.

• Asset Management profitability accelerated, with EBIT at €150m (+18% year-over-year), Core FRE margin surpassing 40% for the first time, and AM EBIT margin at 39%.

• Net result, Group share, reached €136m, up 51% year-over-year excluding currency effects; proposed dividend of €0.80 per share.

• Entering a new strategic phase focused on harvesting, with a shift from growth enablement to strategic allocation of the balance sheet and enhanced profitability.

• International clients contributed 80% of third-party net new money, with 46% of AuM from international sources.

Financial highlights

• Asset Management revenues grew 8% year-over-year to €380m; realized revenues up 19% and portfolio revenues increased 33% year-over-year excluding currency effects.

• Management fees rose 6% to €358m, with average revenue margin at 88 bps.

• Core Fee-Related Earnings (Core FRE) reached €148m (+12% year-over-year), with margin at 41%.

• Net income for 2025 reached €136m, up 51% year-over-year excluding currency effects.

• Proposed dividend of €0.80 per share.

Outlook and guidance

• 2026 targets: AuM of at least €60bn, FRE between €175–225m, and net result group share between €420–520m (excluding Forex effects).

• Return on equity guidance for 2026 set at 13–16%.

• 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 to shareholders.