Tikehau Capital Sca · EURONEXT:TKO
Tikehau Capital Sca — Tikehau Capital — Investor Presentation (February 2026)
72 slides from Tikehau Capital Sca's investor presentation, February 2026
Slide 1: Investor Presentation February 2026
INVESTOR PRESENTATION FEBRUARY 2026
Slide 2: Agenda
1. Introduction to Tikehau Capital 2. A large spectrum of expertise Agenda 3. Accelerating growth in Asset Management 4. Granular & Synergetic Investment Portfolio 5. Financials 6. Outlook 7. Appendix
Slide 3: Introduction to Tikehau Capital
01 INTRODUCTION TO TIKEHAU CAPITAL TIKEHAU CAPITAL INVESTOR PRESENTATION 3
Slide 4: A growing global alternative asset manager
A growing global alternative asset manager TIKEHAU CAPITAL Founded in IPO in €51.1bn €3.1bn 17 730 2004 March 2017 of AuM of shareholders’ equity (1) Offices employees • Complementary • Strong equity base asset classes • Capital allocation priority: • Recurring and predictable ASSET invest in Tikeha
Slide 5: Tikehau Capital's key differentiators
Tikehau Capital’s key differentiators Balance Sheet compounding growth Relevant cloud of strategic partnerships • €3.1bn of shareholders’ equity(1) • Strong partnerships with leading industrial, distribution and • Investment Grade rating (BBB- from Fitch and S&P) financial players, as well as public
Slide 6: A significant growth journey
A significant growth journey 2016-2025(1) CAGR 2016 2025(1) €51.1bn +22% x4 (2) +14% # Investment professionals 57 233 +65% x5.7 +26% # Sales professionals 8 90 x11 AuM €9bn +19% AuM from international investors(3) (€bn) 2 23 x12 5 offices 17 offices 31/12/2016 30/09/2025 Credit Real Assets Private
Slide 7: A solid track record of profitable growth
A solid track record of profitable growth AM revenues Core Fee-Related Earnings(2) Returns to shareholders (1) +31% (1) +63% 132 322 0.80 0.40 0.50 39% FRE 7% 0.75 margin 0.70 39 0.60 3 €m €m 0.50 0.50 0.50 2016 2024 2016 2024 0.25 Management fee rate Shareholders’ Equity 2017 2018 2019 2020 2021 20
Slide 8: Our balance sheet acts as a strong growth compounder
Our balance sheet acts as a strong growth compounder Balance-sheet compounding effect Asset Management Investment portfolio Scalability & operating leverage Tikehau Capital’s Funds performance Direct & ecosystem investment performance Mid-teens Target Return on Equity by 2026 Fee-related Performance
Slide 9: Structural tailwinds for alternatives
Structural tailwinds for alternatives Alternative assets to represent 20% of global AuM by 2029… …but capturing 56% of global revenues Passive Management CAGR CAGR $623bn $184tn +8% +7% 37 20% CAGR $435bn CAGR +6% 348 56% $128tn +7% 24 229 53% 18% $259bn $69tn 102 39% $36tn 10 14% $130bn 4 11% 40 31
Slide 10: An increasingly global platform
An increasingly global platform 11% of FTEs(1) in 29% of FTEs(1) in 17 North America Europe(2) & Middle East Offices globally Amsterdam 6% of FTEs(1) in Asia Montreal London Luxembourg 49 New York Brussels Frankfurt Nationalities Seoul Tel Aviv Milan Tokyo Madrid 56% Abu Dhabi Zurich Hong Kong of As
Slide 11: A strong outlook
A strong outlook Our growth playbook Mid-term milestone targets(1) Expand flagship strategies Scalability >€65bn 2026 AuM Operating leverage >€250m 2026 FRE Scale up innovation Mid-teens Return on Equity by 2026, driven by Enhance international development Value creation and partnerships ~€500m Net
Slide 12: A large spectrum of expertise
02 A LARGE SPECTRUM OF EXPERTISE TIKEHAU CAPITAL INVESTOR PRESENTATION 12
Slide 13: Our conviction-based thematic investments
Our conviction-based thematic investments LONG-LASTING EXPERTISE IN MID-MARKET FINANCING ACROSS ASSET CLASSES AND STRATEGIES CREDIT CAPITAL MARKETS TACTICAL REAL ASSETS PRIVATE EQUITY PRIVATE DEBT STRATEGIES STRATEGIES • Special and hybrid capital • Asset transformation • Mid-market financing • Grow
Slide 14: A large spectrum of investment expertise
A large spectrum of investment expertise A COMPREHENSIVE OFFERING ACROSS ASSET CLASSES AND INVESTMENT VEHICLES CAPITAL MARKETS Complementary vehicle types STRATEGIES CREDIT €6.1bn €23.3bn • Fixed Income • Direct & Corporate Lending Permanent capital • Equity • Credit Secondaries CLOs / Leveraged Loa
Slide 15: What our investor-clients are looking for
What our investor-clients are looking for VALUE-ADD 24% YIELD Main performance driver Main performance drivers = = Capital gains Income €51.1bn AuM as of 30 Sept. 2025 • Targets mid-high teens gross • Targets mid-high single digit IRRs gross IRRs • Back-ended returns • Predictable & regular returns
Slide 16: Credit
Credit OVERVIEW OF THE CREDIT PLATFORM Platform overview and summary Key merits of the platform Breakdown of the platform Tikehau Capital began investing in Private Credit in 2007 with the launch of its first Credit strategy. Tactical Strategies Credit Secondaries 9% In 2012, it established a dedica
Slide 17: Real Assets
Real Assets OVERVIEW OF THE REAL ASSETS PLATFORM Platform overview and summary Key merits of the platform Breakdown of the platform Tikehau Capital started investing in Real Estate in 2004 initially using its own balance sheet, followed by club deals in 2014 before adding dedicated value-add Liquid
Slide 18: A granular and diversified Real Assets platform
A granular and diversified Real Assets platform • Diversified platform composed of granular small-sized assets in prime locations • • High-quality long-term tenants Embedded hedge against inflation (rent indexation) >9,000 25% €1.2bn • Prudent and targeted investment approach, while taking advantage
Slide 19: Private Equity
Private Equity OVERVIEW OF THE PRIVATE EQUIT Y PLATFORM Platform overview and summary Key merits of the platform Breakdown of the platform Tikehau Capital began investing in Private Equity in 2013 with early investments made from its own balance sheet. Others Growth Equity 6% In 2018, it broadened t
Slide 20: Capital Markets Strategies
Capital Markets Strategies OVERVIEW OF THE CAPITAL MARKETS STRATEGIES PLATFORM Platform overview and summary Key merits of the platform Breakdown of the platform The investment platform is built on rigorous, in-depth fundamental research, supporting a deep understanding of every company we invest in
Slide 21: Accelerating growth in Asset Management
03 ACCELERATING GROWTH IN ASSET MANAGEMENT TIKEHAU CAPITAL INVESTOR PRESENTATION 21
Slide 22: Disciplined deployment focused on larger-scale transactions
Disciplined deployment focused on larger-scale transactions Acceleration of deployment in Q3 2025 Q3 2025 highlights €7.1bn Deployments €5.3bn • Active deployment across geographies into larger over the LTM transactions offering co-investment opportunities Private Equity • Conviction-led approach on
Slide 23: Robust level of value-creating exits
Robust level of value-creating exits Acceleration of realizations in Q3 2025 Q3 2025 highlights €3.9bn €3.1bn • ~€500m divestment for Egis (Decarbonization strategy) Realizations 0.5 Private Equity • Healthy exits pipeline over the LTM x2.3 1.6 0.3 Real Assets • Disposal of granular assets (retail p
Slide 24: Solid performance across our funds
Solid performance across our funds Strong performance metrics(1) Example of recent realizations(4) Direct Lending strategy Gross IRR Net IRR Aerospace and Defence Decarbonization 3rd vintage (2014) 9.4% 7.1% Private 4th vintage (2018) 9.2% 7.4% Equity 5th vintage (2020) 7.8% 6.1% 6th vintage (2024)(
Slide 25: Granular and diversified exposure by sector and geography
Granular and diversified exposure by sector and geography AuM breakdown by sector AM Assets breakdown by geography Other RoW North America 11% Dry Powder 1% 10% Dry Powder 14% UK 14% 6% €51.1bn €51.1bn AuM as of 30 Sept. 2025 AuM as of 30 Sept. 2025 Top 15 Real Estate Continental sectors 26% Europe
Slide 26: Attractive portfolio metrics with embedded downside protection
Attractive portfolio metrics with embedded downside protection Asset selection + Value creation DIRECT LENDING(1) PRIVATE EQUITY(2) REAL ESTATE(3) High-quality assets High level of granularity +14% +13% 27% LTM Revenue growth LTM EBITDA growth >9,000 Units across Real Estate platform Average EBITDA
Slide 27: 9m 2025 inflows driven by Credit and Private Equity strategies
9m 2025 inflows driven by Credit and Private Equity strategies Q3 2025 highlights €5.2bn • Continued momentum for fixed income strategies, supported 4.8 0.2 Capital Markets Strat. by strong performance 1.2 €7.5bn • Final close of Regenerative Agriculture (~€560m) and 1.4 1.6 Cybersecurity IV (€335m)
Slide 28: Continued expansion of our client base globally
Continued expansion of our client base globally AuM breakdown by investors nationalities as of 30 June 2025 Most represented nationalities in AuM as of 30 June 2025(2) Office Opening Year International investors(1) €22.8bn 10% 10% 1 United States 2018 11% 2 Italy 2015 +20% 3 United Kingdom 2013 Non-
Slide 29: Major steps forward in expansion in Asia
Major steps forward in expansion in Asia Client Finalization of the outreach & strategic partnership with Investment Client outreach & Investment Partnership with Hong-Kong + office opening Distribution agreement for Tikehau Capital funds Client Establishment of an investment outreach & joint-ventur
Slide 30: Continued progress in the democratization of private markets
Continued progress in the democratization of private markets AuM breakdown by client type as of 30 June 2025 Key partners Insurance Private banks Distribution Private investors companies platform 0% €15.7bn 5% 10% 31% 26% ~30% €51.0bn of AuM as of 30 June 2025 of H1 2025 3rd party AuM as of 30 June
Slide 31: Tikehau Capital's sustainability milestones
Tikehau Capital’s sustainability milestones Closing of the first vintage €1.4bn of the Private Equity Group climate transition plan A+ fixed income Decarbonisation strategy (including co-investment) Launch impact platform €4.7bn ofAuMClimate & Biodiversity #1 Climate report A+ strategy & governance
Slide 32: Sustainability fully embedded within our business model
Sustainability fully embedded within our business model Sustainability at Tikehau Capital External recognition (1) (1) 20% 71% of variable compensation linked to of employees are shareholders (2) people & climate goal PLATFORM TO CONTRIBUTE TO TRANSITION AND RESILIENCE TARGETS TO BUILD LONG-TERM VAL
Slide 33: Granular & Synergetic Investment Portfolio
04 GRANULAR & SYNERGETIC INVESTMENT PORTFOLIO TIKEHAU CAPITAL INVESTOR PRESENTATION 33
Slide 34: Our investment portfolio is increasingly exposed to our AM strategies
Our investment portfolio is increasingly exposed to our Asset Management strategies Balance sheet investment portfolio mix (€m) • Disciplined capital allocation • Support of innovation initiatives 4,499 • Exposure to returns deemed attractive 4,001 associated with investments within own 3,858 Ecosys
Slide 35: Dynamic portfolio management in 9m 2025
Dynamic portfolio management in 9m 2025 +€1,037m €(385)m €(153)m Divestments & returns Investments Market effects & FX of capital Tikehau Capital strategies Ecosystem / direct investments Granular asset exits and +€7m of net positive fair +€686m +€351m disposals value changes reflecting positive mar
Slide 36: Strong alignment of interests
Strong alignment of interests 4,499 4,499 187 Other direct investments Ecosystem and direct 1,308 1121 Ecosystem investments investments 278 Alongside Tikehau Capital’s Strategies Capital Markets Strategies (€53m) Fixed income & equity European Core / Core+ real estate 765 Real Assets European value
Slide 37: Ecosystem and direct investments serving our global platform
Ecosystem and direct investments serving our global platform 4,499 Invest as an LP to complement and Develop long-term strategic relationships Ecosystem consolidate expertise through GP stakes 1,308 and direct investments Co-invest alongside top-tier GPs globally Create value through balance sheet l
Slide 38: Financials
05 FINANCIALS TIKEHAU CAPITAL INVESTOR PRESENTATION 38
Slide 39: Simplified consolidated P&L
Simplified consolidated P&L €m H1 2024 H1 2025 Management fees & other revenues(1) 155.9 168.5 Operating costs(2) (100.2) (108.5) (3) Core Fee-Related Earnings (FRE) 55.7 60.0 Core FRE Margin 35.7% 35.6% Share-based compensation (non-cash) (9.4) (9.7) Fee-Related Earnings (FRE) 46.3 50.3 Realized PR
Slide 40: Continued growth in Fee-Paying AuM supporting management fees
Continued growth in Fee-Paying AuM supporting long-term management fee generation +11% growth in AuM which are or will become fee-generating +8% growth in Management fees and others 51.0 Mainly coming from the 3rd vintage of 181.9 Direct Lending strategy, 45.6 AM revenues 161.0 Egis co-investment ve
Slide 41: Performance-related earnings, a material profit driver ahead
Performance-related earnings, a material profit driver ahead 17% yoy increase in AuM eligible to carried interest Our approach to carried interest Material embedded performance related revenues(1) +17% 24.1 Shareholder-friendly allocation ~€215m 20.5 Cautious P&L recognition As of 31 March 2025(2) M
Slide 42: Tikehau Capital's approach to performance fees
Tikehau Capital’s approach to performance fees Shareholder-friendly Material mid-term Cautious P&L recognition allocation profitability driver 53% No negative ~€24bn of carried interest on closed-end funds AuM eligible for carried interest at revenue retained by Tikehau Capital 30 June 2025 100% giv
Slide 43: 24% year-over-year growth in AM EBIT
24% year-over-year growth in AM EBIT Ongoing profitability improvement AM EBIT 51.4 63.7 Core FRE Core FRE(1) margin 55.7 35.7% 60.0 35.6% +8% +24% Core FRE YoY growth AM EBIT YoY growth 155.9 168.5 Management fees and others(2) €m Discipline in platform investments Operating costs(3) (100.2) (108.5
Slide 44: Portfolio revenues growth driven by Tikehau Capital strategies
Portfolio revenues growth driven by Tikehau Capital strategies Total +€33m portfolio revenues growth despite unfavorable FX effects, amounting to 111 111 revenues €(39)m in H1 2025 (vs. +€21m in H1 2024) +42% 38 Main contributors of revenues Tikehau Capital strategies account for 78 from Tikehau Cap
Slide 45: Robust financial structure supporting our business model
Robust financial structure supporting our business model €m 31 Dec. 2024 30 June 2025 Investment portfolio 4,001 4,412 €3.1bn €0.7bn €0.5bn Cash & cash equivalents 337 207 Other current & non-current assets 859 884 Total assets 5,197 5,503 Shareholders’ Equity, Short-term financial New bond issue in
Slide 46: Outlook
06 OUTLOOK TIKEHAU CAPITAL INVESTOR PRESENTATION 46
Slide 47: Flagship strategies: 2025 fundraising priorities
2025 fundraising priorities Launch date Timeline End date(1) Target size Raised since launch EUROPEAN DIRECT LENDING (6th vintage) Q1 2023 Q4 2025 €4-5bn ~€3.8bn Flagship strategies PRIVATE EQUITY DECARBONIZATION Q2 2024 Q2 2026 €2-3bn ~€2.3bn (2nd vintage) PRIVATE EQUITY AEROSPACE Q3 2024 Q3 2026 ~
Slide 48: Capturing future growth for our Asset Management business
Capturing future growth for our Asset Management business Key priorities Action plan Strategic levers Source large allocations and Organic access larger transactions 1 UNLOCK LARGE & HYBRID ASSET OWNERS development Extend our liability maturity Bespoke mandates, 2 ACCESS PERMANENT POOLS OF CAPITAL c
Slide 49: Maximizing value creation through our balance sheet
Maximizing value creation through our balance sheet Investment portfolio evolution Ecosystem & direct investments €4.0bn Capital allocation priorities Tikehau Capital strategies Prioritize active capital rotation and capital recycling Investment Maintain alignment of interests while reducing capital
Slide 50: Asset class target mix by 2026
Asset class target mix by 2026 EXCLUDING POTENTIAL M&A 76% ~1/3 Value-add c.100% 24% €9bn As of 31 Dec. 2016 €51bn As of 30 Sept. 2025 >€65bn in 2026 Yield Value-add ~2/3 Yield As of 30 September 2025. Achievement of objectives and forecasts is not guaranteed. TIKEHAU CAPITAL INVESTOR PRESENTATION 5
Slide 51: Appendix
07 APPENDIX TIKEHAU CAPITAL INVESTOR PRESENTATION 51
Slide 52: Continued increase in fee-paying AuM
Continued increase in fee-paying AuM SUPPORTING LONG-TERM MANAGEMENT FEE GENERATION AuM breakdown Fee-paying AuM by duration 15% 8% Permanent capital Fee-paying 7y or + Future fee-paying 9% €40.8bn 3 to 6y Non fee-paying €51.0bn 80% 20% Fee-paying AUM as of 28% Less than 3y 11% AuM as of 30 June 202
Slide 53: A model on its way to deliver full potential
A model on its way to deliver full potential Fee-related earnings Performance-related earnings Investment returns Platform investments ahead of Large flagship funds still in A large share of investments Current features management fees generation J-curve effect + investment phase Conservative P&L ac
Slide 54: Solid track record in European mid-market lending
Solid track record in European mid-market lending Breakdown of Credit AuM Tactical Strategies • A leadership position in European mid-market lending allowing for selective (9%) deal sourcing Credit Secondaries • Attractive features and risk-adjusted returns thanks to floating rate (5%) instruments D
Slide 55: Solid performance track record in Credit (1/2)
Solid performance track record in Credit (1/2) Direct Lending: from emerging to flagship strategy Credit Secondaries: future flagship in the making Net IRR 7.1% 7.4% 6.1% €3.3bn • Early mover within the credit secondaries space €2.1bn illustrating our innovation capabilities • Solid sourcing capacit
Slide 56: Solid performance track record in Credit (2/2)
Solid performance track record in Credit (2/2) Direct Lending: from emerging to flagship strategy(1) Credit Secondaries: future flagship in the making(1) €m Vintage III Vintage IV Vintage V €m 1st vintage Date of inception Dec. 2014 Jul. 2017 Oct. 2020 Date of inception June 2021 Strategy size(2) €6
Slide 57: Our value-creating approach in Private Equity
Our value-creating approach in Private Equity Tikehau Capital Expertise • Disciplined investment on value-creating megatrends Others • Thematics approach with top-tier corporate partners (6%) • Conservative use of leverage Growth Equity(2) • Patient capital and active management (7%) Aerospace & Def
Slide 58: Capital Markets Strategies: solid performance across diversified products
Capital Markets Strategies: solid performance across a well-diversified range of products FLEXIBLE & EQUITY STRATEGIES 6% Performance recognition FIXED INCOME STRATEGIES 94% A dedicated team of 5 experts A long-term and patrimonial approach Non-benchmarked strategies managed by conviction A dynamic
Slide 59: Focus on Tactical Strategies
Focus on Tactical Strategies LEVERAGING ON TIKEHAU CAPITAL’S PLATFORM TO OFFER DIFFERENTIATED INVESTMENT SOLUTIONS INVESTMENT UNIVERSE 2 CONTRARIAN INVESTMENT PROPOSITIONS Broad investment scope providing multi-asset Special Opportunities Multi-Asset Solutions exposure and navigating across the capi
Slide 60: An active and accretive M&A strategy
An active and accretive M&A strategy SUCCESSFUL INTEGRATION OF PAST ACQUISITIONS What we look for in an acquisition 2020 AuM at acquisition AuM as of 3O Sept. 2025 AuM CAGR International expansion €0.5bn €0.7bn +8% 2019 AuM at acquisition AuM as of 3O June 2025 AuM CAGR Business mix rebalancing €0.0
Slide 61: Fee-paying AuM and management fee rate by strategy
Fee-paying AuM and management fee rate by strategy €m 2020 2021 2022 2023 2024 30 June 2024 30 June 2025 Real Assets 8,925 10,188 11,207 11,141 11,538 11,212 11,883 Credit 7,486 10,013 12,729 15,358 17,670 16,601 17,859 Capital Markets Strategies 4,184 5,124 4,078 4,644 5,732 5,417 5,987 Private Equ
Slide 62: A €4.5bn growth-compounding investment portfolio
A €4.5bn growth-compounding investment portfolio 288 303 Number of investments +€1,037m €(385)m +€7m €(160)m €4,499m Well-balanced exposure across Tikehau Capital strategies €4,001m Ecosystem & 1,308 direct invest. Capital Markets Strat. Other(1) (30%) €53m (9%) 1,053 (2%) Credit Of which €686m Incl
Slide 63: 3.9 years of average debt maturity
3.9 years of average debt maturity Financial indebtedness and amortization plan(1) 800 500 500 300 300 98 55 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2019 Bond - €500m (2) 2021 Sustainable Bond - €500m 2023 Sustainable Bond - €300m 2025 Bond - €500m RCF - €800m USPP - 10 Y - $115m USPP - 12
Slide 64: Capital structure
Capital structure Share capital ownership as of 30 June 2025 Other shareholders 1 Including Tikehau Capital Advisors(1) and other Management and free float entities(2) 27% 2 Shareholders which are also shareholders of Tikehau Capital 1 Advisors and / or part of a shareholders’ agreement with Managem
Slide 65: Tikehau Capital's simplified organizational chart
Tikehau Capital’s simplified organizational chart Founders & Management Strategic investors 69% 31% Tikehau Capital Advisors and Other shareholders other Management entities(1) (incl. free float) 56% 44% Tikehau Capital (TKO FP) As of 30 June 2025. (1) Other entities controlled by AF&Co, MCH and the
Slide 66: Shareholder-friendly allocation of carried interest
Shareholder-friendly allocation of carried interest Tikehau Capital: Group’s parent company whose securities are listed on Tikehau Capital the regulated market of Euronext Paris. The purpose of the company is to 53.3% 26.7% invest directly or indirectly in the Group’s investment platforms Asset Mana
Slide 67: Strong Corporate Governance
Strong Corporate Governance A highly independent and experienced Supervisory Board Capital Allocation Committee Board composition Board Committees Role: assist the Managers in its 11 ▪ Audit & Risk Committee investment decisions and in Members, including monitoring the financial performance 1 non-vo
Slide 68: Tikehau Capital – Supervisory Board
Tikehau Capital – Supervisory Board INDEPENDENCE, EXPERIENCE AND EXPERTISE Xavier MUSCA Roger CANIARD Fonds Stratégique de Participations, Sophie COULON-RENOUVEL Maximilien DE LIMBURG STIRUM Jean-Pierre DENIS Chairman of the Supervisory board Head of MACSF Financial represented by Florence LUSTMAN D
Slide 69: Contacts
Contacts Shareholders and Investors contact Théodora XU Julie TOMASI Head of Investor Relations Investor Relations Officer txu@tikehaucapital.com jtomasi@tikehaucapital.com +33 (0) 1 40 06 18 56 +33 (0) 1 40 06 58 44 Analyst coverage Autonomous CIC Market Solutions Exane BNP Paribas Goldman Sachs Ke
Slide 70: Disclaimer
Disclaimer By viewing or receiving or reading this Presentation (as such term is defined herein) or attending any This Presentation contains forward looking statements about the Group and its subsidiaries. These meeting where this Presentation is made, you agree to be bound by the limitations, quali
Slide 71: Disclaimer
Disclaimer This Presentation includes certain pro forma financial information about the Group. This pro forma a revolving credit facility to be subsequently repaid with investor contributions. financial information has been prepared on the basis of historical financial statements of the Calculations
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