Tikehau Capital Sca · EURONEXT:TKO
Tikehau Capital Sca — Tikehau Capital — Shareholder Meeting (April 2025)
66 slides from Tikehau Capital Sca's shareholder meeting presentation, Apr 30, 2025
Slide 1: Annual General Meeting 2025
ANNUAL GENERAL MEETING 2025 30 APRIL 2025
Slide 2: Agenda
1. General meeting opening 4 1. General meeting opening 4 Agenda 2. A relevant value proposition 9 2. A relevant value proposition 9 3. Our Capital Markets Strategies platform 13 3. Our Capital Markets Strategies platform 13 4. Strategy and outlook 17 4. Strategy and outlook 17 5. A global platform
Slide 3: General Meeting Opening
1. GENERAL MEETING OPENING Christian de Labriffe Chairman of the Supervisory Board TIKEHAU CAPITAL ANNUAL GENERAL MEETING - 30 APRIL 2025 3
Slide 4: A key player in financing the economy
A key player in financing the economy Global savings The economy are growing is in need of financing Demographic growth Growing financing needs (>20m SMEs in Europe) Population ageing Flexible financing solutions offered by Search for yield and excess return Tikehau Capital (debt, equity, real asset
Slide 5: The three growth engines of our model
The three growth engines of our model € INVEST WITH DISCIPLINE 2 COLLECT SAVINGS Private Debt Real Assets Institutional Governments Private Equity Capital Markets Strategies 1 Individuals Partners 3 GENERATE PERFORMANCE Appreciation Realizations / Coupons / Rents / of assets capital gains Dividends
Slide 6: Robust performance across our three growth engines
Robust performance across our three growth engines 1 2 3 Strong diversification Focus on investment Financial performance driven by of capital formation across discipline operating leverage and Tikehau asset classes, geographies and Capital strategies client types €9.3bn 36% +16% €5.6bn FRE margin i
Slide 7: Solid operational performance since 2016
Solid operational performance since 2016 Asset Management AuM AM revenues Fee-Related Earnings (FRE)(1) 2016-24 CAGR +23% +31% +57% 49 126 351 36% 10 FRE 7% 39 margin 3 €bn €m €m 2016 2024 2016 2024 2016 2024 (1) Fee-Related Earnings, defined as management fees and other revenues less Asset Manageme
Slide 8: A Relevant Value Proposition
2. A RELEVANT VALUE PROPOSITION Antoine Flamarion Co-founder TIKEHAU CAPITAL ANNUAL GENERAL MEETING - 30 APRIL 2025 8
Slide 9: Ability to address evolving client needs
Ability to address evolving client needs Recognized midcap investment expertise across asset classes CREDIT CAPITAL TACTICAL REAL ASSETS PRIVATE EQUITY MARKETS PRIVATE DEBT STRATEGIES STRATEGIES Financing European Financing special European real estate Growth capital Listed equities and midcap compa
Slide 10: Solid performance across the three engines of Asset Management
Solid performance across the three engines of the Asset Management activity Record level of net inflows Dynamic yet highly selective deployment Robust realization momentum €7.0bn €5.6bn €2.1bn Raised in 2024 Deployed in 2024 Realized in 2024 Capital Markets Strategies Private Equity Private Equity 1
Slide 11: Continued discipline in selecting quality assets
Continued discipline in selecting quality assets PRIVATE EQUITY REAL ESTATE PRIVATE DEBT A diversified exposure across Floating rates instruments, Granular portfolio of assets secular themes secured with covenants +15% +38% 95% 9,000+ 25% 4.4x LTM revenue LTM EBITDA Financial occupancy Units across
Slide 12: Our Capital Markets Strategies Platform
3. OUR CAPITAL MARKETS STRATEGIES PLATFORM Nina Majstorovic Investment Specialist, Capital Markets Strategies TIKEHAU CAPITAL ANNUAL GENERAL MEETING - 30 APRIL 2025 12
Slide 13: 2024: an excellent vintage for equities and credit
2024: an excellent vintage for equities and credit THE RISE OF RISKY ASSETS TOWARDS NEW HEIGHTS CREDIT MARKETS BENEFITED FROM POSITIVE FUNDAMENTAL AND 2024, A BOOMING YEAR FOR EQUITIES TECHNICAL DYNAMICS 135 111 130 Nasdaq +8.6% 109 +27.0% 125 S&P 500 EUR HY +25.5% 107 +8.2% 120 Nikkei +21.3% US HY
Slide 14: 2025 and the before and after Liberation Day
2025 and the « before and after Liberation Day » TRUMP’S TARIFF POLICIES IN THE SPOTLIGHT US TREASURIES AND THE DOLLAR COULD BE LOSING THEIR INTEREST RATES ARE ANCHORED AT PAST DECADE HIGHS SAFE-HAVEN STATUS 7 115 5 6 US 10 Y 110 5 4 4.24% 4 105 US 30 Y 3 3 2.47% 100 2 USD Bund 10 Y 2 1 95 0 1 90 -1
Slide 15: A 360-platform covering listed assets
A 360-platform covering listed assets FLEXIBLE & EQUITY STRATEGIES FIXED INCOME STRATEGIES A dedicated team of 5 experts Non-benchmarked strategies managed by conviction A long-term and patrimonial approach A diversified platform seeking opportunities in various segments of the credit market: Invest
Slide 16: Strategy and Outlook
4. STRATEGY AND OUTLOOK Mathieu Chabran Co-founder TIKEHAU CAPITAL ANNUAL GENERAL MEETING - 30 APRIL 2025 16
Slide 17: An increasingly global platform
An increasingly global platform 11% of FTEs(1) in 27% of FTEs(1) in 17 North America Europe(2) & Middle East Offices globally Amsterdam 5% of FTEs(1) in Asia Montreal London Luxembourg 48 New York Brussels Frankfurt Nationalities Seoul Tel Aviv Milan Tokyo Madrid 54% Abu Dhabi Zurich Hong Kong of AM
Slide 18: Continued expansion of our platform and client base
Continued expansion of our platform and client base An increasingly global client base Further progress in addressing private clients’ growing demand AuM from international(1) clients AuM from private clients Others UK €22bn €15bn South Korea +28% +30% €17bn €11bn Top nationalities in 2024 third-par
Slide 19: Balance sheet investment portfolio increasingly exposed to our strategies
Our balance sheet investment portfolio is increasingly exposed to our Asset Management strategies Balance sheet investment portfolio mix (€m) 4,001 Capital Markets Co-investments 3,858 Strategies 3,527 Ecosystem & 2%4% 1,053 2,685 direct investments 2,410 36% Credit 2,336 79% 2,948 Tikehau Capital’s
Slide 20: Alignment of interests: a key differentiator
Alignment of interests: a key differentiator Unique alignment of interests powered by a robust equity base Management Management is the #1 shareholder controlling 58% of the Group’s capital Shareholders A solid investment portfolio 74% invested in the strategies managed by the Group Investor-Clients
Slide 21: Sustainability achievements
Sustainability achievements Sustainability by design approach Continued growth for our thematic and External recognition impact platform 50% of companies with a (3) sustainability roadmap in Private Equity (2) 4 areas of focus 65% of new Direct and Corporate Lending deals with an ESG ratchet in 2024
Slide 22: A strong outlook
A strong outlook Our growth playbook Mid-term milestone targets(1) Expand flagship strategies Scalability >€65bn 2026 AM AuM Operating leverage >€250m 2026 FRE(2) Scale up innovation Mid-teens Return on Equity by 2026, driven by Enhance international development Value creation and partnerships ~€500
Slide 23: A Global Platform Dedicated to Private Clients
5. A GLOBAL PLATFORM DEDICATED TO PRIVATE CLIENTS Célia Hamoum Co-Head Private Wealth Solutions Margaux Buridant Co-Head Private Wealth Solutions TIKEHAU CAPITAL ANNUAL GENERAL MEETING - 30 APRIL 2025 23
Slide 24: Private Wealth at Tikehau Capital
Private Wealth at Tikehau Capital Our offering dedicated to private clients Intermediated approach Direct approach Digital approach Distribution networks Private clients Digital distribution platforms Private Banks High Net Worth Individuals Democratizing access to private markets for individual inv
Slide 25: Continued progress in the democratization of private markets
Continued progress in the democratization of private markets AM AuM breakdown by client type Key partnerships and relationships Tikehau Capital Institutional investors Private clients and private banks Family offices Others Distribution platform €14.9bn 5% 1% 10% Private banks Private investors 25%
Slide 26: Presentation of the 2024 Financial Statements
6. PRESENTATION OF THE 2024 FINANCIAL STATEMENTS Henri Marcoux Group Deputy Chief Executive Officer TIKEHAU CAPITAL ANNUAL GENERAL MEETING - 30 APRIL 2025 26
Slide 27: Management fees represent 96% of total AM revenues
Management fees represent 96% of total AM revenues 351 322 304 337 312 Performance fees and carried interest 294 +8% +31% Management fees growth Management fees vs. 2023 2016-24 CAGR Management fees and other fees(1) €m 2022 2023 2024 (1) Include management fees, subscription fees, arrangement fees
Slide 28: Significant increase in Asset Management profitability
Significant increase in Asset Management profitability 132 39% 123 +7% 39% Core FRE and margin(1) 337 Management fees 312 Significant improvement in and other fees(2) +7% profitability in H2, Core FRE growth vs. 2023 reflecting disciplined €m cost management (189) (205) Operating costs 2023 2024 (1)
Slide 29: Increasing contribution from Tikehau Capital strategies to portfolio revenues
Increasing contribution from Tikehau Capital strategies to portfolio revenues +16% 207 +65% Growth in H2 2024 (vs. H1 2024) 179 Mainly driven by significant growth for Tikehau Capital Private Equity and Credit strategies 202 Realized revenues growth driven by Tikehau Capital strategies Realized port
Slide 30: Consolidated P&L
Consolidated P&L €m 2023 2024 Management fees and other fees 312.3 337.1 Core Fee-Related Earnings(1) 123.0 132.0 Core FRE up 7%, driven by growth in management fees and disciplined cost management Fee-Related Earnings(2) 106.8 112.7 Asset Management EBIT 116.8 126.3 Investment portfolio revenues 17
Slide 31: Consolidated balance sheet
Consolidated balance sheet Consolidated balance sheet (€bn) 5.2 5.2 €3.2bn €1.0bn 78% Total Other 0.3 0.9 liabilities Shareholders’ Equity, Short-term financial ESG-linked debt Other assets Group share resources Cash 0.3 1.6 Financial & equivalents Debt Strong investment grade credit ratings Shareho
Slide 32: Proposed dividend for shareholders
Proposed dividend for shareholders +7% 0.80 0.50 0.40 +7% ordinary dividend growth vs. 2023 0.75 0.70 Linked to the strong value creation across the 0.60 Group’s business lines 0.50 0.50 0.50 Greater than the Group’s payout objective(1) 0.25 € 2017 2018 2019 2020 2021 2022 2023 2024 Ordinary dividen
Slide 33: Tikehau Capital meets with its shareholders
Tikehau Capital meets with its shareholders 2024 EVENTS September 2024 Shareholders meeting in Nice November 2024 Investir Day Shareholders meeting in Paris – Shareholders meeting in Nice – December 2024 December 2024 with PDI September 2024 with PDI Shareholders meeting in Paris OUR NEXT EVENTS Jun
Slide 34: Presentation of the Statutory Auditors
7. PRESENTATION OF THE STATUTORY AUDITORS THE STATUTORY AUDITORS’ REPORT TO THE COMBINED GENERAL MEETING OF 30 APRIL 2025 Vincent Roty Gilles Magnan Partner at Ernst & Young Partner at Forvis Mazars et Autres TIKEHAU CAPITAL ANNUAL GENERAL MEETING - 30 APRIL 2025 34
Slide 35: Statutory Auditors' Reports
Statutory Auditors’ Reports Ordinary General Meeting – Report on the annual accounts – Report on the consolidated financial statements – Special report on regulated agreements – Report on the certification of sustainability information and verification of the disclosure requirements under Article 8
Slide 36: Reports on the annual and consolidated financial statements
Reports on the annual and consolidated financial statements 1st resolution: annual financial statements of the Company Tikehau Capital – Section 7.2 of the 2024 Universal Registration Document. – We certify that, pursuant to French accounting rules and principles, the annual financial statements giv
Slide 37: Special report of the statutory auditors on regulated agreements
Special report of the statutory auditors on regulated agreements 4th resolution: review and authorization of agreements governed by Article L.226-10 of the French Commercial Code ▪ Section 3.5.4 of the 2024 Universal Registration Document. – AGREEMENTS SUBMITTED TO THE APPROVAL OF THE GENERAL MEETIN
Slide 38: Report on the certification of sustainability information
Report on the certification of sustainability information and verification of the disclosure requirements under Article 8 of Regulation (EU) 2020/852 – Section 4.5.6 of the 2024 Universal Registration Document. – Based on the procedures we have carried out, we have not identified any material errors
Slide 39: Presentation of the Draft Resolutions
8. PRESENTATION OF THE DRAFT RESOLUTIONS Geoffroy Renard General Counsel TIKEHAU CAPITAL ANNUAL GENERAL MEETING - 30 APRIL 2025 39
Slide 40: Presentation of the draft resolutions
Presentation of the draft resolutions RESOLUTIONS RELATED TO THE END OF THE FINANCIAL YEAR APPROVAL OF THE ANNUAL FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024 (1st resolution) APPROVAL OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024 (2nd r
Slide 41: Presentation of the draft resolutions
Presentation of the draft resolutions RESOLUTIONS RELATED TO TIKEHAU CAPITAL’S GOVERNANCE APPOINTMENT OF MR PIERRE-HENRI FLAMAND AS MEMBER OF TIKEHAU CAPITAL’S SUPERVISORY BOARD, REPLACING MR JEAN CHAREST (5th resolution) RENEWAL OF THE TERM OF OFFICE OF TWO MEMBERS OF TIKEHAU CAPITAL’S SUPERVISORY
Slide 42: Strong Corporate Governance
Strong Corporate Governance Board composition Board Committees Audit & Risk Governance & Sustainability 11 50% Committee Committee Members, including Independent 1 non-voting members 3 members 3 members member 2/3 independent 2/3 independent 40% >95% Women Attendance rate in 2024 At 31 December 2024
Slide 43: A highly independent and experienced Supervisory Board
A highly independent and experienced Supervisory Board Christian de LABRIFFE 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 Director of
Slide 44: Presentation of the draft resolutions
Presentation of the draft resolutions RESOLUTIONS RELATED TO TIKEHAU CAPITAL’S GOVERNANCE MANAGEMENT REMUNERATION POLICY (8th resolution) – Renewal without amendment of the Managers’s remuneration policy, which was approved by 96.97% of the votes cast at the General Meeting of 6 May 2024, with the e
Slide 45: Presentation of the draft resolutions
Presentation of the draft resolutions RESOLUTIONS RELATED TO TIKEHAU CAPITAL’S GOVERNANCE OTHER RESOLUTIONS RELATING TO THE REMUNERATION OF TIKEHAU CAPITAL’S CORPORATE OFFICERS SUBMITTED IN ACCORDANCE WITH ARTICLES L.22-10-76 AND L.22-10-77 OF THE FRENCH COMMERCIAL CODE (‘SAY ON PAY’) (9th to 13th r
Slide 46: Presentation of the draft resolutions
Presentation of the draft resolutions Authorisation to be given to the Managers to make transactions in Tikehau Capital shares (14th resolution) Stock option or similar plans Employees shareholding plans Allocation of free shares to employees or corporate officers Objectives for the share buy-back D
Slide 47: Presentation of the draft resolutions
Presentation of the draft resolutions AMENDMENT OF ARTICLE 10 OF THE ARTICLES OF ASSOCIATION– AMENDMENT TO THE PROCEDURES FOR DELIBERATION WITHIN THE SUPERVISORY BOARD (15th resolution) – Incorporation of a fourth paragraph to Article 10.3.2 of the Articles of Association of Tikehau Capital, accordi
Slide 48: Q&A Session
9. Q&A SESSION TIKEHAU CAPITAL ANNUAL GENERAL MEETING - 30 APRIL 2025 48
Slide 49: Vote on the Resolutions
10. VOTE ON THE RESOLUTIONS TIKEHAU CAPITAL ANNUAL GENERAL MEETING - 30 APRIL 2025 49
Slide 50: Vote on the resolutions
Vote on the resolutions FIRST RESOLUTION Approval of the annual financial statements for the financial year ended 31 December 2024 TIKEHAU CAPITAL ANNUAL GENERAL MEETING - 30 APRIL 2025 50
Slide 51: Vote on the resolutions
Vote on the resolutions SECOND RESOLUTION Approval of the consolidated financial statements for the financial year ended 31 December 2024 TIKEHAU CAPITAL ANNUAL GENERAL MEETING - 30 APRIL 2025 51
Slide 52: Vote on the resolutions
Vote on the resolutions THIRD RESOLUTION Allocation of result for the financial year ended 31 December 2024 TIKEHAU CAPITAL ANNUAL GENERAL MEETING - 30 APRIL 2025 52
Slide 53: Vote on the resolutions
Vote on the resolutions FOURTH RESOLUTION Review and authorisation of agreements governed by Article L.226-10 of the French Commercial Code TIKEHAU CAPITAL ANNUAL GENERAL MEETING - 30 APRIL 2025 53
Slide 54: Vote on the resolutions
Vote on the resolutions FIFTH RESOLUTION Appointment of Mr Pierre-Henri Flamand as member of the Supervisory Board to replace Mr Jean Charest TIKEHAU CAPITAL ANNUAL GENERAL MEETING - 30 APRIL 2025 54
Slide 55: Vote on the resolutions
Vote on the resolutions SIXTH RESOLUTION Renewal of the term of office of Mr Maximilien de Limburg Stirum as member of the Supervisory Board TIKEHAU CAPITAL ANNUAL GENERAL MEETING - 30 APRIL 2025 55
Slide 56: Vote on the resolutions
Vote on the resolutions SEVENTH RESOLUTION Renewal of the term of office of Fonds Stratégique de Participations with Ms Florence Lustman as its appointed permanent representative, as member of the Supervisory Board TIKEHAU CAPITAL ANNUAL GENERAL MEETING - 30 APRIL 2025 56
Slide 57: Vote on the resolutions
Vote on the resolutions EIGHTH RESOLUTION Approval of the components of the remuneration policy applicable to the Managers TIKEHAU CAPITAL ANNUAL GENERAL MEETING - 30 APRIL 2025 57
Slide 58: Vote on the resolutions
Vote on the resolutions NINTH RESOLUTION Approval of the components of the remuneration policy applicable to the Supervisory Board TIKEHAU CAPITAL ANNUAL GENERAL MEETING - 30 APRIL 2025 58
Slide 59: Vote on the resolutions
Vote on the resolutions TENTH RESOLUTION Approval of information referred to in Article L.22-10-9, I of the French Commercial Code and presented in the corporate governance report TIKEHAU CAPITAL ANNUAL GENERAL MEETING - 30 APRIL 2025 59
Slide 60: Vote on the resolutions
Vote on the resolutions ELEVENTH RESOLUTION Approval of the components of remuneration paid to AF&Co Management, Manager, during the 2024 financial year or awarded in respect of the 2024 financial year TIKEHAU CAPITAL ANNUAL GENERAL MEETING - 30 APRIL 2025 60
Slide 61: Vote on the resolutions
Vote on the resolutions TWELFTH RESOLUTION Approval of the components of remuneration paid to MCH Management, Manager, during the 2024 financial year or awarded in respect of the 2024 financial year TIKEHAU CAPITAL ANNUAL GENERAL MEETING - 30 APRIL 2025 61
Slide 62: Vote on the resolutions
Vote on the resolutions THIRTEENTH RESOLUTION Approval of the components of remuneration paid to the Chairman of the Supervisory Board during the 2024 financial year or awarded in respect of the 2024 financial year TIKEHAU CAPITAL ANNUAL GENERAL MEETING - 30 APRIL 2025 62
Slide 63: Vote on the resolutions
Vote on the resolutions FOURTEENTH RESOLUTION Authorisation to be given to the Managers to trade in the Company’s shares TIKEHAU CAPITAL ANNUAL GENERAL MEETING - 30 APRIL 2025 63
Slide 64: Vote on the resolutions
Vote on the resolutions FIFTEENTH RESOLUTION Amendment of Article 10 of the Articles of Association – Amendments to the procedures for deliberation within the Supervisory Board TIKEHAU CAPITAL ANNUAL GENERAL MEETING - 30 APRIL 2025 64
Slide 65: Vote on the resolutions
Vote on the resolutions SIXTEENTH RESOLUTION Powers to carry out legal formalities TIKEHAU CAPITAL ANNUAL GENERAL MEETING - 30 APRIL 2025 65
Slide 66: Appendix