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

Executive summary

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

• Deployment reached €7.6bn (+35% year-over-year), realizations doubled to €4bn, and gross inflows hit €10.5bn, with net inflows of €8bn.

• Asset management profitability reached new highs, with EBIT at €150m (+18% year-over-year), and Core FRE margin at 41%.

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

• Strategic focus is shifting from platform build-out to a harvesting phase, emphasizing profitability and value creation.

Financial highlights

• Asset Management revenues grew 8% year-over-year to €380m, with realized revenues up 19%.

• Portfolio revenues increased 33% year-over-year excluding currency effects, but were negatively impacted by €52m in adverse FX movements.

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

• Asset Management EBIT margin improved to 39% (up from 36% in 2024).

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

Outlook and guidance

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

• Return on equity guidance set at 13–16% for 2026, with further improvement expected.

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

• Commitment to maintain investment grade rating and distribute over 80% of AM EBIT.