Tikehau Capital Sca · EURONEXT:TKO
Tikehau Capital Sca — Tikehau Capital — FY2025 Earnings Presentation
129 slides from Tikehau Capital Sca's earnings presentation, Feb 19, 2026
Slide 1: 2025 Full-Year Results and Strategic Update Presentation
2025 FULL-YEAR RESULTS AND STRATEGIC UPDATE PRESENTATION 19 FEBRUARY 2026
Slide 2: Today's speakers
Today’s speakers Antoine Flamarion Mathieu Chabran Co-founder Co-founder Henri Marcoux Thomas Friedberger Maxime Laurent-Bellue Vincent Picot Deputy CEO Deputy CEO Deputy CEO Group CFO TIKEHAU CAPITAL FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION 2
Slide 3: Today's agenda
Today’s 2025 Full-Year results presentation agenda Q&A Break Strategic Update presentation Q&A Cocktail
Slide 4: 2025 Full-Year results
2025 Full-Year results TIKEHAU CAPITAL FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION 4
Slide 5: Opening remarks
1. OPENING REMARKS Mathieu Chabran Co-founder TIKEHAU CAPITAL FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION 5
Slide 6: 2025 Key Takeaways
2025 Key Takeaways 1 Continued franchise building and stronger recognition 2 Record levels of deployment, realizations (and distributions to LPs) as well as gross and net inflows 3 Acceleration in Asset Management profitability generation 4 Improved portfolio revenues contribution excluding main cur
Slide 7: Record levels of deployment, realizations and inflows in 2025
Record levels of deployment, realizations and inflows in 2025 Deployment Realizations Capital formation Larger and more global Acceleration in Private Equity 4th consecutive record year transactions and Credit in fundraising €7.6bn €4.0bn €10.5bn €8.0bn Deployed Realized of gross inflows of net infl
Slide 8: Key achievements in 2025
Key achievements in 2025 Larger and More global Strong performance and more global transactions capital formation distributions to LPs Stronger diversification ~€1bn 2.6x across geographies Record net new money in Asia and Middle East in 2025 Average gross MOIC on realized Private Equity exits ~€1.2
Slide 9: 2025 financials takeaways
2025 financials takeaways Solid growth in Solid portfolio revenues growth Asset Management profit generation excluding main currency effects +8% +18% +19% €136m Net result, Group share YoY growth in YoY growth YoY growth in realized Asset Management revenues Asset Management EBIT revenues +51% YoY i
Slide 10: Operating highlights
2. OPERATING HIGHLIGHTS Henri Marcoux Deputy CEO TIKEHAU CAPITAL FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION 10
Slide 11: Deployment: larger and more global transactions
Deployment: larger and more global transactions 98% • Continued conviction-led approach across dedicated verticals (Decarbonization, Aerospace & Defense, €7.6bn Cybersecurity, Regenerative Agriculture) • Successful completion of large-scale transactions across of exclusion rate Spain, Belgium, Germa
Slide 12: Executing larger transactions through co-investments
Executing larger transactions through co-investments Private Equity Real Assets Decarbonization European Value-Add ~€1.2bn 3rd party investors commitments secured through co-investments Nexus in 2025 Consulting, engineering, Transformation of Residential portfolio of 38 assets and mobility services
Slide 13: Realizations: record year in Private Equity and Credit
Realizations: record year in Private Equity and Credit Average gross MOIC for 2025 realized exits 2.6x €4.0bn In Private Equity • Acceleration in exits Private Equity • 5 exits in 2025, 18 since 2018 1.6x Real Assets • Strategic disposals of granular assets In Real Estate €2.1bn 1.6x Credit • Financ
Slide 14: Record level of fundraising in 2025
Record level of fundraising in 2025 • Final close for Cybersecurity IV, Regenerative Agriculture €8.0bn €10.5bn strategies Capital • Additional inflows for Decarbonization II, Aerospace & €7.0bn Markets Defense II and co-investments Strat. • Launch of a unit-linked product dedicated to European 2025
Slide 15: Solid progress in fundraising for our strategies
Solid progress in fundraising for our strategies Final closes held in 2025 Flagship closings in 2026 Launch date Strategy size Credit Direct Lending SPECIAL OPPORTUNITIES (3rd vintage) Q3 2022 €1.2bn +94% (6th vintage(1)) vs. previous vintage size Private Equity Decarbonization CREDIT SECONDARIES (2
Slide 16: +8% growth in AuM driven by record net inflows
+8% growth in AuM driven by record net inflows +€8.0bn €(4.1)bn Diversified and complementary asset classes €(90)m €(19)m €52.8bn Capital Markets Strat. €49.0bn €6.2bn (12%) Credit €24.5bn Mainly driven by Acceleration in (46%) Private Equity Credit and Private Equity €7.9bn record inflows in Privat
Slide 17: Continued globalization of our client base
Continued globalization of our client base Most represented nationalities in Increasing share of international clients1 2025 third-party net new money(1) in our AuM ~80% of 2025 third-party net new money(1) Others €53bn Italy €49bn raised from international clients Israel US South Korea Japan UAE 20
Slide 18: Further progress in democratization of private markets
Further progress in addressing the democratization of private markets 25% 19% growth in AuM from private clients 2025 new initiatives % of total AuM 30% 34% of 2025 third-party inflows raised from private clients €18bn Private Credit +19% Semi-liquid fund to finance the growth of €1.5bn €15bn profit
Slide 19: Sustainability achievements
Sustainability achievements Overachievement of AuM target dedicated to Climate and Biodiversity Continued sustainability integration across three core pillars Excluding certain sectors or controversial behaviors based on a strict policy €5.8bn +42% (>€5bn target) €4.1bn Systematic integration of ESG
Slide 20: Financial highlights
3. FINANCIAL HIGHLIGHTS Vincent Picot Group CFO TIKEHAU CAPITAL FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION 20
Slide 21: Continued growth in Fee-paying AuM
Continued growth in Fee-paying AuM supporting long-term AM management fee generation +6% growth in Fee-paying AUM +6% growth in Management fees and others 52.8 AM revenues 380 49.0 351 Record level of PRE mainly coming Non fee-paying 22 from Direct Lending strategies(2) Performance fees Future fee-p
Slide 22: Performance-related earnings, a material profit driver ahead
Performance-related earnings, a material profit driver ahead AM 10% yoy increase in AuM eligible to carried interest Our approach to carried interest Material embedded performance related revenues(1) 24.8 Shareholder-friendly 22.6 +10% allocation Cautious P&L recognition ~€220m As of 30 September 20
Slide 23: Acceleration in Asset Management profitability generation
Acceleration in Asset Management profitability generation AM 12% yoy increase in Core FRE(1) 18% yoy increase in AM EBIT Core FRE AM EBIT 39% 41% 36% 39% margin margin 148 150 132 +12% +18% 126 €m €m 2024 2025 2024 2025 (1) Core FRE correspond to Fee-Related Earnings excluding expenses linked to sha
Slide 24: A €4.4bn growth-compounding investment portfolio
A €4.4bn growth-compounding investment portfolio INVEST 288 307 Number of investments +€1,321m €(783)m €(18)m €(161)m Well-balanced exposure across Tikehau Capital strategies €4,359m €4,001m Capital Markets Strat. Other(1) €43m 1,343 (5%) (1%) Ecosystem & (30%) Credit direct invest. 1,053 Of which €
Slide 25: Portfolio revenues impacted by currency effects and fair value changes
Portfolio revenues impacted by currency effects and fair value INVEST changes 166 +19% 239 Unrealized 207 5 202 revenues 58 Ecosystem & 24 direct investments 239 +33% Tikehau Capital 182 178 Realized strategies 202 revenues €m 2024 2025 Portfolio revenues growth €m excluding currency effects (73) •
Slide 26: 2025 Net result impacted by currency effects
2025 Net result impacted by currency effects on portfolio revenues GROUP €m 2024 2025 % change AM EBIT 126.3 149.6 +18% AM profitability improvement year-over-year AM EBIT margin 36.0% 39.3% +3pts Mainly driven by impacts of currency effects and negative fair value Investment portfolio revenues 207.
Slide 27: Robust financial structure supporting our business model
Robust financial structure supporting our business model GROUP Simplified balance sheet as of 31 December 2025 Total 5.4 5.4 €3.1bn €1.2bn Shareholders’ Equity, Short-term financial Group share resources Shareholders’ Investment 3.1 4.4 equity portfolio Investment grade credit ratings BBB- / stable
Slide 28: 2026 milestone
2026 milestone GROUP An intermediary step in our journey towards future profitable growth AuM FRE Net result(1) Return on Equity(1) >€60bn €175-225m €420-520m 13-16% As of 31 December 2026 In 2026 In 2026 In 2026 Above market expectations(2) (1) Excluding currency effects. (2) “Market expectations”
Slide 29: Q&A session
Q&A session TIKEHAU CAPITAL FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION 29
Slide 30: Strategic Update
Strategic Update TIKEHAU CAPITAL FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION 30
Slide 31: Key Takeaways for today
Key Takeaways for today From buildout to Compounding effect Unlocking harvesting and velocity focus optionality Accelerating profitability Two distinct, Allocating our balance generation for complementary growth sheet with greater our Asset Management engines to maximize value strategic selectivity
Slide 32: Two distinct and synergistic growing engines offering optionality
Two distinct and synergistic growing engines offering optionality Asset Management Principal Investing From buildout Compounding effect and to harvesting velocity focus Significant embedded value Greater focus Acceleration in operating leverage Enhanced selectivity Higher PRE contribution More strat
Slide 33: A new chapter focused on scalability and profitability
A new chapter focused on scalability and profitability 1 Cumulative net new money expected to exceed €34bn over 2026-2029 (+22% vs. €28bn raised 2022-2025) 2 Core FRE margin expected to reach between 45-50% by 2029 (vs. 41% in 2025) 3 Commitment to maintain Investment Grade rating 4 Commitment to di
Slide 34: Well-positioned to pursue transformative opportunities in growing markets
1. WE ARE WELL-POSITIONED TO PURSUE TRANSFORMATIVE OPPORTUNITIES IN GROWING MARKETS Thomas Friedberger Deputy CEO TIKEHAU CAPITAL FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION 34
Slide 35: Private markets are poised to grow
Private markets are poised to grow ~$280Tn Total Addressable Market $61Tn Global private markets AuM $26Tn $47Tn Institutional investors $22Tn +9% CAGR $13Tn $4Tn Private wealth investors 2022 2032 Source: Bain Global Private Equity Report 2023. TIKEHAU CAPITAL FY25 RESULTS AND STRATEGIC UPDATE PRES
Slide 36: Long-term tailwinds supporting private markets growth
Long-term tailwinds supporting private markets growth Key drivers of private markets allocations Private markets allocation intentions (2025) Diversification of risk and returns Decrease 12% Outperformance vs. public markets Long-term income 88% Increase 49% of investors intend to increase or Inflat
Slide 37: Towards increased sophistication
Towards increased sophistication Before 2008 2008-2024 2024-… Initiation of Institutionalization and Consolidation and private markets allocations acceleration of private sophistication of private markets allocations markets allocations TIKEHAU CAPITAL FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION
Slide 38: Key trends reshaping private markets
Key trends reshaping private markets Investor demand Implications for GPs Industry implications Increased LP/GP consolidation Global reach Higher selectivity One-stop-shop Proprietary origination Convergence of Growing demand for Institutional co-investments and bespoke Portfolio construction & trad
Slide 39: Opportunities for the next decade
Opportunities for the next decade RISING WEIGHT OF CAPITAL EXPENDITURE A CASE FOR EUROPE GOVERNMENT IN THE ECONOMY Deglobalization, protectionism, Resilience = CAPEX Fiscal expansion commercial war = public spending, Accommodative monetary policy regulation, intervention $130Tn of capex required bet
Slide 40: Implications across our asset classes
Implications across our asset classes Credit Private Equity Real Assets Capital Markets Strategies Compelling relative value in Importance of thematic Opportunities driven by 360 view across liquid and European Direct Lending investing in resilient structural attractive valuations private credit, eq
Slide 41: Our differentiated value proposition
Our differentiated value proposition Broad and Culture of Focus on Consistent Deep Partnerships relevant continuous megatrend investment European DNA set of innovation and thematic discipline expertise capabilities investing TIKEHAU CAPITAL FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION 41
Slide 42: From buildout to harvesting: accelerating profitability generation
2. FROM BUILDOUT TO HARVESTING: ACCELERATING PROFITABILITY GENERATION FOR OUR ASSET MANAGEMENT PLATFORM Mathieu Chabran Antoine Flamarion Maxime Laurent-Bellue Co-founder Co-founder Deputy CEO TIKEHAU CAPITAL FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION 42
Slide 43: What we have accomplished
WHAT WE HAVE ACCOMPLISHED TIKEHAU CAPITAL 43
Slide 44: Tikehau Capital: 22 years of entrepreneurial journey
Tikehau Capital: 22 years of entrepreneurial journey 22 years ago, we began our journey as a French private investment firm before building our asset management platform Today, we are a global alternative asset management firm with deep European expertise and supported by a sizable permanent capital
Slide 45: Tikehau Capital: 22 years of entrepreneurial journey
Tikehau Capital: 22 years of entrepreneurial journey 2004 Today French player with local footprint Global brand and franchise Private company with no asset management arm Publicly listed global alternative asset manager No AuM €53bn AuM(1) €4m shareholders’ equity €3.1bn shareholders’ equity TIKEHAU
Slide 46: Increased recognition of our franchise globally
Increased recognition of our franchise globally "But any investor would be Tikehau Capital in Paris wise to have a solid mix of is acquiring a majority stake in “Our conviction is that reasonably priced growth utility infrastructure deglobalisation is probably stocks as well as more value company Ce
Slide 47: Our key strengths
Our key strengths STRONG SKIN IN INVESTMENT PARTNERSHIP EUROPEAN INNOVATION THE GAME CONVICTIONS CULTURE EXPERTISE TIKEHAU CAPITAL FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION 47
Slide 48: Our entrepreneurial mindset has supported our growth journey
Our entrepreneurial mindset has supported our growth journey Our Values Our Mottos Our Mindset EXCELLENCE WE RAISE THE STANDARDS AMBITIOUS WE MAKE IT HAPPEN INDEPENDENCE INNOVATIVE WE CONNECT THE DOTS COMMITMENT WE CREATE, NOT COMPETE NIMBLE TIKEHAU CAPITAL FY25 RESULTS AND STRATEGIC UPDATE PRESENTA
Slide 49: We have moved forward rapidly since our IPO
We have moved forward rapidly since our IPO AuM # Offices # Strategies Net New Money AuM from international clients(1) IPO €9bn 5 9 €2bn 2016 €2bn 31 Dec. 2016 x6 +12 +12 x4 x13 Today €53bn 17 21 €8bn €25bn 31 Dec. 2025 2025 (1) International investors refers to non-French investors. TIKEHAU CAPITAL
Slide 50: We have scaled faster than peers
We have scaled faster than peers +23% +30% +38% AuM Management fees Fee-Related Earnings 2017-24 CAGR 2017-24 CAGR 2017-24 CAGR European listed peers +17% +20% +25% average(1) (1) European listed alternative asset managers, calculated using latest publicly reported figures. TIKEHAU CAPITAL FY25 RESU
Slide 51: Our journey to $50bn and the path to $100bn
Our journey to our first scale milestone and the path to $100bn 19 years after inception $50bn $100bn AuM AuM Bolt-on acquisitions Sector 22 years after inception $50bn 5 years $100bn average(1) AuM AuM Including transformative M&A Including transformative M&A (1) US and European listed and non-list
Slide 52: We have extended our global footprint
We have extended our global footprint 2017 2025 Paris London Singapore Paris London Singapore Brussels Milan Brussels Madrid Milan Seoul New York Luxembourg Tokyo Amsterdam Frankfurt Tel Aviv Zurich Abu Dhabi Montreal Hong Kong 17 offices covering capital formation, distribution, deployment and stra
Slide 53: We have expanded the breadth of our investment strategies
We have expanded the breadth of our investment strategies Today Credit Real Assets CMS Private Equity Direct Corporate Sale & Decarboni- Fixed Income Lending Lending Leaseback zation Special Core/Core+ Listed Loan funds Growth Equity Opportunities Real Estate equities IPO European Opportunistic Rege
Slide 54: New strategies accounted for ~60% of AuM growth since IPO
New strategies have accounted for ~60% of our AuM growth since IPO €53bn Private Equity Infrastructure €26bn Growth from Real Estate innovation and adjacencies Other Credit Tactical Strategies Credit Secondaries €18bn Direct Lending Growth from Corporate Lending existing AuM €9bn strategies European
Slide 55: Early mover on conviction-based and thematic investing
We are an early mover on conviction-based and thematic investing Direct Decarboni- Cyber- Aerospace & Credit Regenerative Lending zation security Defense Secondaries Agriculture 2009 2018 2018 2020 2020 2022 Strategy launch year shown. TIKEHAU CAPITAL FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION 5
Slide 56: Comprehensive product suite to accommodate clients' needs
We offer a comprehensive product suite to accommodate clients’ needs Pooled vehicles Bespoke solutions Partnerships Traditional Evergreen Semi-liquid Listed Open-ended SMAs and Co- closed-end funds funds REITs funds customized investment funds mandates vehicles TIKEHAU CAPITAL FY25 RESULTS AND STRAT
Slide 57: With focused discipline we have scaled up investments
With focused discipline we have scaled up investments Increased investment ticket across our flagship strategies(1) European Direct Lending Private Equity Decarbonization Value-Add Real Estate 530 127 157 €350m 2025 x5 66 €270m 142 2021 €m €m 2017 2021 2025 2021 2025 Execute larger-scale transaction
Slide 58: We have built downside-protected portfolios
We have built downside-protected portfolios Conviction-based Granular Conservative use Low entry investment approach portfolios of leverage multiples Direct Lending(1) Private Equity(2) Real Estate(3) 100% +13% Covenanted investments LTM EBITDA growth >9,000 Units across Real Estate platform 4.2x 3.
Slide 59: Solid track record of performance (1/2)
Solid track record of performance (1/2) European Direct Lending(1) Credit Secondaries Special Opportunities 8.8% 7.6% 15.3% 12.5% 15.2% Average Gross IRR Average Net IRR 1st vintage 1st vintage Average Gross IRR across vintages across vintages across vintages Gross IRR Net IRR on realized investment
Slide 60: Solid track record of performance (2/2)
Solid track record of performance (2/2) Private Equity(1) Value-Add Real Estate(2) Core/Core+ Real Estate(1) 2.6x 33% 9.3% Gross MOIC 2nd vintage of Value-Add Real Estate Immorente net IRR since inception on realized investments Gross IRR on realized investments <1.5% 21% 14.0% 2nd vintage of Value-
Slide 61: Progress in client diversification and capital formation
Progress in client diversification and capital formation Geography Type Average commitment Annual number of % of AuM from international % of AuM from size(1) commitments >€100m investors private investors IPO 31 Dec. 2016 ~20% 17% €51m 2 Last CMD 31 Dec. 2021 36% 25% €85m 7 Today 31 Dec. 2025 46% 34
Slide 62: Fundraising acceleration since 2022
Fundraising acceleration since 2022 €28bn +47% Cumulative net new money €19bn 2022-2025 2018-2021 €5bn per year on average €7bn per year on average Fundraising SOLID FUND SKIN IN PLATFORM MORE GLOBAL GROWING drivers PERFORMANCE THE GAME EFFECT FOOTPRINT CLIENT BASE TIKEHAU CAPITAL FY25 RESULTS AND S
Slide 63: Our growth roadmap to accelerate profitability generation
OUR GROWTH ROADMAP TO ACCELERATE PROFITABILITY GENERATION TIKEHAU CAPITAL 63
Slide 64: Building a scalable and profitable platform
Building a scalable and profitable platform Starting 2026 PROFITABILITY Value Harvesting 2016 – 2025 ACCELERATION Platform Buildout 2004 – 2016 FOUNDATION Institutionalization TIKEHAU CAPITAL FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION 64
Slide 65: Priority: scale and accelerate Asset Management profitability
Our priority is to scale and accelerate profitability generation for our Asset Management platform ACCELERATE ALLOCATE RESSOURCES ENHANCE SCALE REVENUE GENERATION MORE SELECTIVELY Deliver strong investment performance Scale our strategies Streamline our offering Broaden our Enhance business mix Sele
Slide 66: Broad sources of growth
Broad sources of growth Institutional investors Private Wealth Share in % of AuM (2025) 66% 34% Deepen existing relationships Expand the reach of our digital platforms Expand coverage in (Opale Capital, Homunity) underrepresented regions Our Expand our offering with suitable priorities Scale co-inve
Slide 67: Unlocking co-investment opportunities
Unlocking co-investment opportunities to strengthen our solutions provider capabilities Access a new ecosystem of large and sophisticated investors focused on direct deals Optimize use of balance sheet ~€1.2bn Third-party investors commitment secured through co-investments in 2025 Enhance our offeri
Slide 68: Investment and Capital Solutions Team as accelerator of synergies
Co-investments: our Investment and Capital Solutions Team as an accelerator of platform synergies Support LPs to efficiently deploy and manage allocations New relationships and repeat Provide LPs with direct access to GP process and Investment and strengthen the LP-GP relationship business with Capi
Slide 69: Accelerating profitable growth across asset classes
Accelerating profitable growth across asset classes Credit Private Equity Real Assets Capital Markets Strategies • Develop a large Core/Core+ • Scale high-conviction fixed • Scale flagships • Scale thematic investing flagship fund Strategy income strategies • Innovate with adjacencies • Innovate wit
Slide 70: Two distinct yet synergistic engines
We have structured our model with two distinct yet synergistic engines Integrated global Principal Investor with Asset Manager large permanent capital TIKEHAU CAPITAL FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION 70
Slide 71: Two engines offering optionality to close the valuation gap
Two engines offering significant optionality supporting us in closing the valuation gap Asset Manager Principal Investor Dedicated governance at Dedicated governance at Governance Asset Manager level(1) Tikehau Capital level Valuation AM EBIT multiple Fair Value Synergies Skin in the game, Cross-fer
Slide 72: Compounding effect and velocity focus: allocating our balance sheet
3. COMPOUNDING EFFECT AND VELOCITY FOCUS: ALLOCATING OUR BALANCE SHEET WITH GREATER STRATEGIC SELECTIVITY Mathieu Chabran Antoine Flamarion Henri Marcoux Co-founder Co-founder Deputy CEO TIKEHAU CAPITAL FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION 72
Slide 73: We have used our balance sheet to accelerate scale
WE HAVE USED OUR BALANCE SHEET TO ACCELERATE THE SCALE OF OUR ASSET MANAGEMENT PLATFORM TIKEHAU CAPITAL 73
Slide 74: A sizeable investment portfolio
A sizeable investment portfolio Balance sheet investment portfolio fair value (€bn) 4.4 LP interest in external funds GP stakes 4.0 3.9 Listed investments 1.4 Ecosystem & 3.5 Co-investments alongside external GPs and 31% direct investments funds 2.7 79% 74% 2.3 2.4 79% 3.0 Tikehau Capital’s 2.1 69%
Slide 75: Why do we have a balance sheet?
Why do we have a balance sheet? Investments in our own strategies Investments in our ecosystem To create alignment of interests with our partners To forge strategic partnerships with key institutions To compound third-party fundraising To complement our expertise and build market To accelerate inter
Slide 76: €4.3bn committed in our strategies since IPO
Tikehau Capital strategies Ecosystem & direct investments €4.3bn committed in our strategies since IPO Support new fund launches and accelerate the scaling of established strategies FLAGSHIPS ADJACENCIES NEW INITIATIVES CLOs CO-INVESTMENTS Real Assets 17% Private Debt 29% Credit 15 6 24 €4.3bn 48% P
Slide 77: Strong third-party fundraising compounder
Tikehau Capital strategies Ecosystem & direct investments Strong third-party fundraising compounder Significant step-up in compounding effect Compounding effect = Ratio of third-party client inflows to balance sheet commitments For €1m committed by our balance sheet, we have raised on average 13x ap
Slide 78: Facilitating co-investments alongside our funds
Tikehau Capital strategies Ecosystem & direct investments Facilitating co-investments and larger transactions alongside our funds Co-investment alongside Vintage I Co-investment alongside Vintage II of Credit Secondaries (2022) Our balance sheet supports of Decarbonization (2025) co-investments ~$50
Slide 79: Rich and diversified ecosystem
Tikehau Capital strategies Ecosystem & direct investments Rich and diversified ecosystem offering complementary exposure and sector expertise Investment type Geography coverage Sector coverage 56 GP relationships €1.4bn €1.4bn €1.4bn 60 Ecosystem & direct Ecosystem & direct Ecosystem & direct invest
Slide 80: Long-standing relationships with high-profile GPs
Tikehau Capital strategies Ecosystem & direct investments Long-standing relationships with high-profile GPs GP Sector Finance Healthcare First investment date 2011 2014 # co-investments 5 2 # LP interests 2 1 Realized co-investments (MOIC / IRR) 2.0x(1) 2.3x / 27% 3.7x / 82% Showcased performance (M
Slide 81: Solid value creation track record since IPO
Tikehau Capital strategies Ecosystem & direct investments Solid value creation track record since IPO 5 exited investments 23 exited investments ~ €1.5bn ~€270m Realized proceeds Realized proceeds Co- Listed investments ecosystem 1.4x 2.3x alongside investments Net MOIC Net MOIC external funds 13.2%
Slide 82: Investment in Schroders generated significant value creation
Tikehau Capital strategies Ecosystem & direct investments Our investment in Schroders generated significant value creation € m586 € 239 m 1.65x 64% Total proceeds Total P&L Gross MOIC Gross IRR (incl. €179m in 2026) As of 13 February 2026. TIKEHAU CAPITAL FY25 RESULTS AND STRATEGIC UPDATE PRESENTATI
Slide 83: Allocating our balance sheet with greater strategic selectivity
ALLOCATING OUR BALANCE SHEET WITH GREATER STRATEGIC SELECTIVITY TIKEHAU CAPITAL 83
Slide 84: Adapting the use of our balance sheet to fuel growth
After reaching a first phase of maturity, we are adapting the use of our balance sheet to fuel continuous growth LOOKING AHEAD 2017 – 2025 BALANCE SHEET STRATEGIC ALLOCATOR GROWTH ENABLER TIKEHAU CAPITAL FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION 84
Slide 85: Balance sheet as a more strategic allocator
Transitioning our balance sheet into a more strategic allocator to maximize velocity and returns Allocation framework Continued skin in the game with further selective commitments in our funds Improve Tikehau portfolio Focus on Value-Add strategies (Private Equity and Real Estate) Capital strategies
Slide 86: Lower capital intensity in funds, greater flexibility for co-investments
Lower capital intensity in our funds, greater flexibility for co- investments opportunities Breakdown of balance sheet net commitments in Tikehau Capital’s strategies On average per year (in €m) 453 451 119 Co-investments alongside Tikehau Capital funds 453 332 Tikehau Capital funds €m 2018-2021 202
Slide 87: Entering a harvesting phase focused on profitability
4. WE ARE ENTERING A HARVESTING PHASE FOCUSED ON PROFITABILITY AND LONG-TERM VALUE CREATION Mathieu Chabran Antoine Flamarion Henri Marcoux Co-founder Co-founder Deputy CEO TIKEHAU CAPITAL FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION 87
Slide 88: Next phase of growth: scalability and profitability
Our next phase of growth: focus on scalability and profitability Performance-Related Operating leverage Investment portfolio Earnings (PRE) Increased returns to shareholders TIKEHAU CAPITAL FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION 88
Slide 89: Operating leverage: net new money above €34bn
Operating leverage PRE Investment portfolio We expect cumulative net new money to exceed €34bn over the next fundraising cycle (2026-2029) Growth drivers >€34bn • Scale existing funds • Selectively launch and grow adjacencies and new €28bn initiatives • Deepen institutional 2026-2029 relationships 2
Slide 90: Accelerated Asset Management profitability since IPO
Operating leverage PRE Investment portfolio We have significantly accelerated Asset Management profitability generation since IPO +52% CAGR 150 AM EBIT 22 PRE 114 19 128 FRE 95 4 €m 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TIKEHAU CAPITAL FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION 90
Slide 91: Core FRE margin expected to reach 45-50% by 2029
Operating leverage PRE Investment portfolio Core FRE margin expected to reach between 45-50% by 2029 Platform buildout Harvesting Growth drivers 45-50% • Enhanced business 41% mix 39% 39% 39% 35% 37% 29% 30% • Co-investments 22% • Stronger operating leverage • Disciplined cost 7% management 2016 201
Slide 92: Cautious and shareholder-friendly carry allocation
Operating leverage PRE Investment portfolio We have adopted a cautious and shareholder-friendly carry allocation Cautious, back-ended Shareholder-friendly Significant profitability P&L recognition allocation driver TIKEHAU CAPITAL FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION 92
Slide 93: Material performance-related earnings to be recognized
Operating leverage PRE Investment portfolio We expect material performance-related earnings to be recognized in the P&L ~€60m Maturity >2029 ~€160m €220m Maturity by 2029 Unrealized PRE (1) (1) Based on performance as of 30 September 2025. TIKEHAU CAPITAL FY25 RESULTS AND STRATEGIC UPDATE PRESENTATI
Slide 94: Portfolio rotation has driven cash generation; P&L recognition lagged
Operating leverage PRE Investment portfolio Historically, portfolio rotation has driven cash generation but P&L recognition hasn’t been fully captured Investments in our Private Equity funds Fund DPI <1x Fund DPI >1x EXIT EXIT CAPITAL GAINS CAPITAL GAINS P&L P&L CASH FLOW CASH FLOW REALIZED REVENUES
Slide 95: Future portfolio revenue supported by J-Curve mitigation
Operating leverage PRE Investment portfolio Future portfolio revenue generation is supported by J-Curve mitigation and more selective balance sheet allocation Portfolio revenues Projected (P&L) portfolio J-Curve Drivers for future profitability Current portfolio J-Curve 1 2 1 Exit J-curve for existi
Slide 96: More significant returns of capital by 2029
Operating leverage PRE Investment portfolio More significant returns of capital will be delivered by 2029 ~€2bn New investments in our funds and ecosystem 1.2 Balance sheet optimization 0.4 Shareholder returns €bn 2018-2021 2022-2025 2026-2029 TIKEHAU CAPITAL FY25 RESULTS AND STRATEGIC UPDATE PRESEN
Slide 97: Dividend distribution to increase with AM EBIT growth
Dividend distribution to increase supported by Asset Management EBIT growth 0.80 0.50 0.40 Commitment to distribute >80% of AM EBIT 0.70 0.75 0.80 per year 0.60 0.50 0.50 0.50 0.25 € 2017 2018 2019 2020 2021 2022 2023 2024 2025 TIKEHAU CAPITAL FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION 97
Slide 98: Q&A session
Q&A session TIKEHAU CAPITAL FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION 98
Slide 99: Appendix: 2025 Full-year results
Appendix 2025 Full-year results 99
Slide 100: Deployment and realizations examples
Deployment and realizations examples Credit Credit Real Assets Investment Real Estate Project in Investment Hotel Investment Dec. 2025 Dec. 2025 New York Dec. 2025 Valaisia Direct Lending Real Estate Debt – Tactical Strategies Real Estate – Value-Add • Industry: Construction and engineering • Indust
Slide 101: Simplified consolidated P&L and balance sheet
Simplified consolidated P&L and balance sheet GROUP Simplified consolidated P&L Simplified consolidated balance sheet €m 31 Dec. 2024 31 Dec. 2025 €m 31 Dec. 2024 31 Dec. 2025 (1) Management fees & other revenues 337.1 358.3 Investment portfolio 4,001 4,359 Operating costs(2) (205.1) (210.7) Cash &
Slide 102: Fee-paying AuM and management fee rate by strategy
Fee-paying AuM and management fee rate by strategy AM in €m 31/12/2023 31/12/2024 31/12/2025 Credit 15,358 17,670 18,414 Real Assets 11,141 11,538 12,211 Capital Markets Strategies 4,644 5,732 6,158 Private Equity 3,805 4,811 5,312 Fee-paying AuM 34,947 39,751 42,096 in bps 31/12/2023 31/12/2024 31/
Slide 103: Dynamic portfolio management in 2025
Dynamic portfolio management in 2025 INVEST +€1,321m €(783)m €(179)m Divestments & returns Investments Market effects & FX of capital Tikehau Capital strategies Ecosystem / direct investments Granular asset exits and €(18)m of negative fair +€951m +€370m disposals value changes reflecting positive m
Slide 104: +33% growth in portfolio revenues, excluding currency effects
+33% growth in portfolio revenues, excluding currency effects INVEST FX effects (1) €43m €(52)m 207 218 +33% Portfolio revenues YoY growth (excluding FX effects) Ecosystem & 164 166 Ecosystem & 83 116 direct investments direct investments FX effects mainly linked to €/$, €/£ and €/SGD in 2025 52 77
Slide 105: Portfolio revenues breakdown
Portfolio revenues breakdown INVEST in €m 31/12/2024 31/12/2025 in €m 31/12/2024 31/12/2025 Tikehau Capital funds 101.7 76.0 Dividends, coupons and distributions 195.3 222.9 Investments alongside Tikehau Capital funds 21.9 13.1 Realized change in fair value 6.4 16.3 Tikehau Capital AM strategies 123
Slide 106: A €4.4bn growth-compounding investment portfolio
A €4.4bn growth-compounding investment portfolio INVEST 4,359 4,359 195 Other direct investments Ecosystem and direct 1,343 Ecosystem investments investments 1,147 (30%) 146 Alongside Tikehau Capital’s Strategies Capital Markets Strategies (€43m) Fixed income & equity European Core / Core+ real esta
Slide 107: Reduced level of off-balance sheet undrawn commitments
Reduced level of off-balance sheet undrawn commitments INVEST 1,622 1,660 208 242 1,396 Other(1) (2%) 202 Credit 1,452 Private Equity €1.2bn €0.5bn 1,380 Undrawn commitments (45%) €0.5bn 1,194 (39%) in Tikehau Capital strategies €m Real Assets €0.2bn 31-Dec-2023 31-Dec-2024 31-Dec-2025 (14%) TIKEHAU
Slide 108: Presentation of intermediate investment holdings
Presentation of intermediate investment holdings Since 2013, intermediate investment holdings have been established to support and accelerate the Group’s development and to perform investment-related services: ⎯ Contribution to accelerate the development of the Group’s Asset Management activities, b
Slide 109: Change in scope of consolidation in IFRS accounts
Change in the scope of consolidation in IFRS accounts NO CHANGE IN MANAGEMENT ACCOUNTS A reassessment of facts and circumstances has been conducted in application of IFRS 10 ⎯ Intermediate holdings are strictly required to be fair valued ⎯ Impact of this change of scope of consolidation is presented
Slide 110: Reconciliation between Management Accounts and IFRS Accounts
Reconciliation between Management Accounts and IFRS Accounts No change on the Group shareholders’ equity & comprehensive result ⎯ P&L impact on net result fully compensated through Other Comprehensive Income Limited impact on total assets and liabilities Foreign exchange effects on investment portfo
Slide 111: Change in scope of consolidation regarding intermediate holdings
Change in the scope of consolidation regarding intermediate holdings Management Accounts – Historical basis of preparation IFRS 10 – New basis of preparation Tikehau Capital Group Tikehau Capital Group Tikehau Capital Consolidation perimeter Tikehau Capital Consolidation perimeter Intermediate Asset
Slide 112: Key Alignments and Differences between IFRS and Management Accounts
Key Alignments and Differences between IFRS and Management Accounts Contribution from intermediary holdings Management Accounts IFRS Accounts Fee-Related Earnings (FRE) items Fully aligned PRE Fully consolidated Fair valued via P&L (Unrealized portfolio revenues) P&L items Realized and unrealized po
Slide 113: Main P&L impacts on 2025 and 2024 accounts
Main P&L impacts on 2025 and 2024 accounts 2025 2024 Manag. Manag. Main impact linked to FX in €m Adj. FX effects IFRS Adj. FX effects IFRS accounts accounts effects on investment Fee-Related Earnings (FRE) 127 - - 127 113 - - 113 portfolio Performance-related earnings (PRE) 22 (5) - 17 14 (1) - 13
Slide 114: Main Balance Sheet impacts on 2025 and 2024 accounts
Main Balance Sheet impacts on 2025 and 2024 accounts 2025 2024 Manag. Manag. No change in Group in €m Adj. IFRS Adj. IFRS accounts accounts shareholders’ equity Investment portfolio 4,359 0 4,360 4,001 56 4,057 Cash & cash equivalent 167 (4) 163 337 (66) 271 ⎯ P&L impact on net result fully Other cu
Slide 115: Appendix: Strategic update
Appendix Strategic update 115
Slide 116: Credit: leverage mature strategies and adjacencies
Credit: leverage our mature strategies and value-creating adjacencies Strategy Distribution and Partnerships Performance and Profitability Scale flagship strategies Scale SMAs and mandates Maintain strict Direct Lending, Credit Secondaries, Special underwriting standards Opportunities Grow Asia Priv
Slide 117: Real Assets: capture dislocated value
Real Assets: capture dislocated value through targeted investments and active management Strategy Distribution and Partnerships Performance and Profitability Continue to offer diversified risk- Grow third-party capital via Maintain conservative leverage adjusted returns co-investments discipline and
Slide 118: Private Equity: go-to-partner for thematic investing
Private Equity: strengthen our positioning as the go-to-partner for thematic investing Strategy Distribution and Partnerships Performance and Profitability Scale flagship strategies Develop co-investments and Accelerate value creation Decarbonization, Aerospace & Defense, bespoke solutions for large
Slide 119: Capital Markets Strategies: accelerate scale up potential
Capital Markets Strategies: accelerate scale up potential Strategy Distribution and Partnerships Performance and Profitability Maintain robust performance for fixed Scale high-conviction fixed income Strengthen private wealth and retail income strategies strategies distribution through banks and ins
Slide 120: Internal AI tools to enhance process efficiency (1/2)
Internal AI tools to enhance process efficiency (1/2) CLIENTS PORTFOLIO ASSETS EMPLOYEES DDQ AI Platform Retina Investment Hub AI Training TIKEHAU CAPITAL WINNER OF THE 2025 Automation of Due Smarter investing Access to investment data, DIGITAL INNOVATION Diligence Questionnaires fund information, l
Slide 121: Internal AI tools to enhance process efficiency (2/2)
Internal AI tools to enhance process efficiency (2/2) ABC ABC ABC ABC ABC ABC ABC ABC ABC ABC ABC ABC TIKEHAU CAPITAL FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION 121
Slide 122: Performance Track Record – Direct Lending
Performance Track Record – Direct Lending FUND LEVEL OVERVIEW AS OF SEPTEMBER 2025 COMMITMENTS IRR MOIC FUND VINTAGE % DRAWN Net DPI (2) (€M) Gross IRR Net IRR Gross MOIC Net MOIC Tikehau Direct Lending II (1) 2012 133.5 100% 1.51x 12.8% 9.6% 1.67x 1.51x Tikehau Direct Lending III 2015 610.0 100% 1.
Slide 123: Performance track record – Special Opportunities
Performance track record – Special Opportunities FUND LEVEL OVERVIEW AS OF SEPTEMBER 2025 IRR MOIC COMMITMENTS FUND VINTAGE % DRAWN DPI (€M) GROSS IRR(1) NET IRR (2) Gross MOIC(1) Net MOIC (2) Tikehau Special Opportunities I 2016 €140m 77% 0.91x 9.8% 6.26% 1.23x 1.15x Tikehau Special Opportunities I
Slide 124: Performance track record – Private Debt Secondaries
Performance track record – Private Debt Secondaries FUND LEVEL OVERVIEW IRR Multiple FUND SIZE ($M) VINTAGE % DRAWN Net DPI Gross IRR Net IRR Gross Multiple Net Multiple TPDS I 415.3 2021 69% 0.73x 15.3% 12.5% 1.47x 1.37x TPDS II1 1,011 2023 30% 0.38x 23.2% 19.2% 1.26x 1.21x Source: Tikehau Investme
Slide 125: Performance track record – Private Equity
Performance track record – Private Equity FUND LEVEL OVERVIEW AS OF SEPTEMBER 2025 IRR MOIC FUND VINTAGE COMMITMENTS (€M) % DRAWN (1) DPI Gross IRR (2) Net IRR (3) Gross MOIC (2) Net MOIC (3) Growth Equity II 2018 €374m 92% 0.3x 9% 7% 1.5x 1.4x Growth Equity Secondary 2019 €210m 89% 1.3x 15% 14% 1.6
Slide 126: Performance track record – Real Estate
Performance track record – Real Estate FUND LEVEL OVERVIEW AS OF SEPTEMBER 2025 IRR FUND VINTAGE COMMITMENTS (€M) % DRAWN (1) DPI(2) Gross IRR (2) Net IRR (3) TRP I (Mr BRICOLAGE) 2014 135 100% 1.38x 7.4% 6.1% TREIC 2015 256 76% 0.44x 5.8% 3.9% TRP III (BABOU) 2015 175 100% 1.08x 8.9% 7.2% TRP II (B
Slide 127: 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 128: 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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