Tikehau Capital Sca · EURONEXT:TKO
Tikehau Capital Sca — Tikehau Capital — H1 2025 Earnings Presentation
45 slides from Tikehau Capital Sca's earnings presentation, Jul 30, 2025
Slide 1: H1 2025 Results Presentation
H1 2025 RESULTS PRESENTATION 30 JULY 2025
Slide 2: Today's Speakers
Today’s Speakers Antoine Flamarion Henri Marcoux Thomas Friedberger Vincent Picot Co-founder Deputy CEO Deputy CEO Group CFO TIKEHAU CAPITAL H1 2025 RESULTS PRESENTATION 2
Slide 3: Agenda
1. Key highlights 4 1. Key highlights 4 Agenda 2. Operating higlights 8 2. Operating higlights 8 3. Financial highlights 20 3. Financial highlights 20 4. Outlook 30 4. Outlook 30 5. QA 33 5. Q&A 33 6. Appendix 34 6. Appendix 34
Slide 4: Key Highlights
1. KEY HIGHLIGHTS Antoine Flamarion Co-founder TIKEHAU CAPITAL H1 2025 RESULTS PRESENTATION 4
Slide 5: A complex global environment, yet rich in opportunities
A complex global environment, yet rich in opportunities Geopolitical Macroeconomic Sector dynamics Real estate Market dispersion developments trends reflect increasing markets reinforces contribute encourage a divergence continue to the case for to market cautious stance rebalance selectivity uncert
Slide 6: Strong operating and financial performance amid complex environment
Strong operating and financial performance amid complex environment Record fundraising illustrating growing investor confidence in Tikehau Capital’s differentiated and high-conviction investment strategies €10.1bn €51.0bn Gross inflows over the LTM AuM as of 30 June 2025 Disciplined deployment into
Slide 7: H1 2025 key achievements
H1 2025 key achievements ✓ ✓ ✓ Landmark €1bn transaction New product launches dedicated Successful for portfolio company Egis to private clients new bond issue Global co-lead investors, including Apollo, Private Credit ADIA and Neuberger Berman Launch of first semi-liquid fund €500m New bond issue d
Slide 8: Operating Highlights
2. OPERATING HIGHLIGHTS Thomas Friedberger Deputy CEO Henri Marcoux Deputy CEO TIKEHAU CAPITAL H1 2025 RESULTS PRESENTATION 8
Slide 9: Record levels of inflows achieved over the last twelve months
Record levels of inflows achieved over the last twelve months €10.1bn of gross inflows over the LTM €7.7bn of net inflows over the LTM Complementary +15% 10.1 and relevant strategies +17% 7.7 9.3 Solid track-record 7.0 8.8 8.8 6.6 8.6 6.5 6.4 Multi-local footprint More global and diversified client
Slide 10: H1 2025 inflows driven by Credit and Private Equity
H1 2025 inflows driven by our Credit and Private Equity strategies €5.2bn Gross inflows €10.1bn €4.0bn Net inflows Gross inflows over the LTM +18% 0.2 Capital Markets Strat. • Continued momentum for fixed income strategies, supported by strong performance • Fundraising for Decarbonization II, Aerosp
Slide 11: Continued globalization of our client base
Continued globalization of our client base Most represented nationalities in Increasing share of international clients(2) ~80% H1 2025 third-party net inflows(1) in our AuM of H1 2025 third-party net inflows(1) Others €51.0bn raised from international clients(2) Luxembourg Israel €45.6bn US Japan 45
Slide 12: Accelerating the democratization of private markets
Accelerating the democratization of private markets through targeted new product launches Private investors: a secular market opportunity(1) H1 2025 achievements Private 26.0Tn $ markets AuM ~30% Private Credit 2.2x 2.2x $5.8Tn (22%) Private investors of H1 2025 third-party net inflows raised from p
Slide 13: Solid progress in fundraising for flagship strategies
Solid progress in fundraising for flagship strategies EUROPEAN DIRECT LENDING PRIVATE EQUITY DECARBONIZATION €4-5bn target €2-3bn target €3.3bn €3.5bn €2.1bn(2) €2.1bn €1.4bn(1) €610m Vintage III Vintage IV Vintage V Vintage VI Vintage I Vintage II Further internationalization of the client base Dyn
Slide 14: Landmark €1bn transaction for portfolio company Egis
Landmark €1bn transaction for portfolio company Egis 2022 2.7x 2.4x ~€175m Gross MOIC Net MOIC Global leader in architecture, Commitment through 1st vintage of consulting, engineering, construction 32% 21% energy transition fund and and mobility services co-investment vehicles Gross IRR Net IRR €2.2
Slide 15: A pioneer in decarbonization-focused Private Equity investing
A pioneer in decarbonization-focused Private Equity investing Decarbonization Regenerative Agriculture >10 years Investing in Decarbonization Electricity is accelerating global energy Solid macro tailwinds – RegenAg sector demand expected to grow ~10x until 2030 Investments in low carbon solutions a
Slide 16: Strong expertise in Aerospace, Defense and Cybersecurity
Strong expertise in Aerospace, Defense and Cybersecurity Aerospace & Defense (A&D) Cybersecurity 22 16 Dedicated Operating Change of scale for the Defense industry in Unprecedented increase in the volume of professionals partners Europe data and digitalization of processes European manufacturers wel
Slide 17: Disciplined deployment focused on larger-scale transactions
Disciplined deployment focused on larger-scale transactions • Active deployment of thematic strategies (Decarbonization, Aerospace & Defense, Cybersecurity, Regenerative Agriculture) €5.7bn €2.9bn • ~€150m investment in TTSP (Germany), €65m investment in FTAPI (Germany), €45m in Juan Navarro García
Slide 18: Robust level of value-creating exits
Robust level of value-creating exits €2.7bn €1.5bn • Egis transaction to be accounted in H2 2025 realizations Realizations over the LTM +68% Private Equity • Healthy exits pipeline 0.2 Real Assets • Disposal of granular assets (retail parks, residential assets across Iberia and individual sales of l
Slide 19: 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 level of granularity High-quality assets +11% +23% 24% LTM Revenue growth LTM EBITDA growth >9,000 Units across Real Estate platform Average EBITDA
Slide 20: Financial Highlights
3. FINANCIAL HIGHLIGHTS Vincent Picot Group CFO TIKEHAU CAPITAL H1 2025 RESULTS PRESENTATION 20
Slide 21: Continued growth in Fee-Paying AuM supporting long-term management fee generation
Continued growth in Fee-Paying AuM supporting long-term AM 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 fund, 45.6 AM revenues 161.0 Egis co-investment veh
Slide 22: Performance-related earnings, a material profit driver ahead
Performance-related earnings, a material profit driver ahead AM 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
Slide 23: 24% year-over-year growth in AM EBIT
24% year-over-year growth in AM EBIT AM 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) (10
Slide 24: A €4.4bn growth-compounding investment portfolio
A €4.4bn growth-compounding investment portfolio INVEST 288 298 Number of investments +€730m €(209)m +€38m €(148)m €4,412m Well-balanced exposure across Tikehau Capital strategies €4,001m Ecosystem & 1,335 Capital Markets Strat. Other(1) direct invest. €44m (30%) (4%) 1,053 (1%) Credit Of which €380
Slide 25: Dynamic portfolio management in H1 2025
Dynamic portfolio management in H1 2025 INVEST +€730m €(209)m €(110)m Divestments & returns Investments Market effects & FX of capital Tikehau Capital strategies Ecosystem / direct investments Granular asset exits and +€38m of positive fair +€380m +€349m disposals value changes linked to some Privat
Slide 26: Portfolio revenues growth driven by Tikehau Capital strategies
Portfolio revenues growth driven by Tikehau Capital strategies INVEST 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 Tike
Slide 27: Supporting value creation through our balance sheet
Supporting value creation through our balance sheet 2016-2020 – Investment (funds and balance sheet) 1.9x ~€155m Net MOIC Leading global provider of healthcare IT solutions, , offering software for ~€180m From Direct Lending strategies hospitals, laboratories, diagnostics, and integrated care Financ
Slide 28: 50% increase in Net Result
50% increase in Net Result GROUP €m H1 2024 H1 2025 % change AM EBIT 51.4 63.7 +24% AM profitability improvement year-over-year AM EBIT margin 31.9% 35.0% +3pts Investment portfolio revenues 78.0 111.2 +42% Strong growth in portfolio revenues driven by Tikehau Capital’s strategies Corporate expenses
Slide 29: Robust financial structure supporting our business model
Robust financial structure supporting our business model GROUP Simplified balance sheet as of 30 June 2025 Total 5.5 5.5 €3.1bn €0.7bn €0.5bn Shareholders’ Equity, Short-term financial New bond issue in Shareholders’ Investment 3.1 Group share resources H1 2025(1) 4.4 equity portfolio Strong investm
Slide 30: Outlook
4. OUTLOOK Antoine Flamarion Co-founder TIKEHAU CAPITAL H1 2025 RESULTS PRESENTATION 30
Slide 31: 4 themes for 2025 and beyond
4 themes for 2025 and beyond RESILIENCE AS A MAIN SOURCE HIGHER WEIGHT OF CAPITAL HIGHER COST OF CAPITAL OF VALUE CREATION GOVERNMENT IN THE ECONOMY EXPENDITURE AND COST OF LIQUIDITY Deglobalization and higher interest Deglobalization, protectionism, Resilience = CAPEX Higher budget deficit rates =
Slide 32: Looking ahead
Looking ahead Asset Management Investment Portfolio Trends shaping long-term growth and investor appetite Relevant positioning on Prioritize active capital rotation key megatrends and and recycling democratization of private markets Resilient private markets allocations Rebalance capital allocation
Slide 33: Q&A
5. Q&A TIKEHAU CAPITAL H1 2025 RESULTS PRESENTATION 33
Slide 34: Appendix
6. APPENDIX TIKEHAU CAPITAL H1 2025 RESULTS PRESENTATION 34
Slide 35: 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 €6.0bn €23.4bn • Fixed Income • Direct Lending Permanent capital • Equity • Corporate Lending Secondaries €51.0bn • PRIVATE EQU
Slide 36: Deployment and realizations examples
Deployment and realizations examples Credit Real Assets Private Equity Investment Stadshart Zoetermeer Investment Investment June 2025 June 2025 shopping center March 2025 Sofidy Direct Lending Private Equity (Regenerative Agriculture Strategy) • Asset: shopping mall and associated parking lots • In
Slide 37: 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 Non-domestic investors(1) €22.8bn 10% 10% 1 United States 2018 11% 2 Italy 2015 +20% 3 United Kingdom 2013 Non-d
Slide 38: 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 1% €15.7bn 5% 10% 31% 26% ~30% of AuM as of 30 June 2025 €51.0bn of H1 2025 3rd party 2025 initiatives A
Slide 39: Sustainability achievements
Sustainability achievements Continued growth for our thematic and External recognition impact platform (1) (2) 4 areas of focus Decarbonization Nature & Resilience Resilient cities Biodiversity (2) +42% growth in AuM dedicated to Climate and Biodiversity Award winner – Best ESG Investment Fund for T
Slide 40: Simplified consolidated P&L and balance sheet
Simplified consolidated P&L and balance sheet Simplified consolidated P&L Simplified consolidated balance sheet €m H1 2024 H1 2025 €m 31 Dec. 2024 30 June 2025 (1) Management fees & other revenues 155.9 168.5 Investment portfolio 4,001 4,412 Operating costs(2) (100.2) (108.5) Cash & cash equivalents
Slide 41: 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 42: Portfolio revenues breakdown
Portfolio revenues breakdown €m H1 2024 H1 2025 €m H1 2024 H1 2025 Tikehau Capital funds 18.1 66.8 Dividends, coupons & distributions 94.0 110.9 Investments alongside Tikehau Capital funds 9.5 6.4 Realized change in fair value 1.3 2.6 Tikehau Capital AM strategies 27.6 73.2 Realized portfolio revenu
Slide 43: 4 years of average debt maturity
4 years of average debt maturity Financial indebtedness and amortization plan(1) €m 2019 Bond - €500m 2021 Sustainable Bond - €500m 2023 Sustainable Bond - €300m 2025 Bond - €500m RCF - €800m USPP - 10 Y - $115m USPP - 12Y - $65m (1) As of 30 June 2025. TIKEHAU CAPITAL H1 2025 RESULTS PRESENTATION 4
Slide 44: Disclaimer, IRR, CAGR, MOIC, AUM, TVPI, DVPI
Disclaimer, IRR, CAGR, MOIC, AUM, TVPI, DVPI “Gross IRR” represents the aggregate, compound, annualized internal rate of costs, and other expenses to be borne at fund level which will reduce returns return calculated on the basis of cash flows to and from all investors inclusive of and, in the aggre
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