Tikehau Capital (TKO) H1 2025 earnings summary

Executive summary

• Achieved record gross inflows of €10.1bn over the last 12 months, driving AuM to €51.0bn as of 30 June 2025, up 12% year-over-year, with 80% of net inflows from international clients and 31% from private clients.

• Net profit, group share, rose 50% year-over-year to €87m in H1 2025, supported by strong operating performance and disciplined platform investments.

• Private Equity AuM doubled in three years, with record inflows and landmark €1bn Egis transaction, and successful fundraising for decarbonization and defense strategies.

• Significant progress in sustainability, with AuM dedicated to climate and biodiversity up 42% year-over-year to €4.7bn.

• Issued a €500m bond, extending average debt maturity and strengthening capital structure.

Financial highlights

• Asset management revenues rose 13% year-over-year to €182m in H1 2025, driven by 8% growth in management fees and a stable 90 bps revenue margin.

• Asset management EBIT increased 24% year-over-year to €63.7m, with core fee-related earnings up 8% and margin at 35%.

• Net result, group share, reached €87m, up 50% year-over-year.

• Portfolio revenues increased 43% to €111m, despite negative forex effects.

• Financial debt rose to €2.1bn, mainly due to the new €500m bond issue.

Outlook and guidance

• Expects acceleration in revenues and fee-related earnings in H2 2025, supported by resilient private markets, active capital rotation, and strong fundraising momentum from international and private wealth clients.

• Targets for 2026: €65bn AuM, €250m Fee-Related Earnings, and €500m net income, subject to market conditions.

• Focus on megatrends: decarbonization, defense, digitalization, and resilience, with higher government involvement and increased CAPEX.

• Real estate platform positioned to capitalize on high-yield opportunities as market conditions improve.

• Plans to rebalance capital allocation toward scaling adjacencies, innovation, and ecosystem investments.