Tikehau Capital Sca · EURONEXT:TKO
Tikehau Capital Sca — Tikehau Capital — Investor Presentation (October 2025)
74 slides from Tikehau Capital Sca's investor presentation, October 2025
Slide 1: Investor Presentation October 2025
INVESTOR PRESENTATION OCTOBER 2025
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 €51.0bn €3.1bn 17 735 2004 March 2017 of AuM(1) of shareholders’ equity (1) Offices(1) employees(1) • Complementary • Strong equity base asset classes • Capital allocation priority: • Recurring and predictable ASSET invest
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 • Strong partnerships with leading industrial, distribution and • Investment Grade rating (BBB- from Fitch and S&P) financial players, as well as public en
Slide 6: A significant growth journey
A significant growth journey 2016-2025(1) CAGR 2016 2025(1) €51bn +23% x4 (2) +14% # Investment professionals 57 239 +67% x5.7 +27% # Sales professionals 8 91 x11 AuM €9bn +20% AuM from international investors(3) (€bn) 2 23 x12 5 offices 17 offices 31/12/2016 30/06/2025 Credit Real Assets Private Eq
Slide 7: A solid track record of profitable growth
A solid track record of profitable growth AM revenues Core Fee-Related Earnings(2) Shareholder returns (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 2022 2
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 13% of FTEs(1) in 33% of FTEs(1) in 17 North America Europe(2) & Middle East Offices globally Amsterdam 7% of FTEs(1) in Asia Montreal London Luxembourg 48 New York Brussels Frankfurt Nationalities Seoul Tel Aviv Milan Tokyo Madrid 58% Abu Dhabi Zurich Hong Kong of AM
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 €6.0bn €23.4bn • Fixed Income • Direct & Corporate Lending Permanent capital • Equity • Secondaries CLOs / Leveraged Loans €51.
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 €51.0bn AuM as of 30 June 2025 • Targets mid-high teens gross • Targets mid-high single digit IRRs gross IRRs • Back-ended returns • Predictable & regular returns 7
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 Secondaries 10% In 2012, it established a dedicated Di
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 26% €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: Strong growth reflects successful execution
Strong growth reflects successful execution SELECTIVE DEPLOYMENT • High investment discipline • Strong & local sourcing capabilities DYNAMIC FUNDRAISING • High level of skin in the game • Asset class complementarity • Full integration of sustainability criteria • Innovation-driven mindset • Business
Slide 23: 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 24: 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 25: Solid performance across our funds
Solid performance across our funds Strong performance metrics(1) Example of recent realizations(4) Direct Lending Gross Net Aerospace and Defence Decarbonization strategy IRR IRR Private 3rd vintage (2014) 9.4% 7.1% Equity 4th vintage (2018) 9.0% 7.1% 5th vintage (2020) 8.4% 6.7% Special Opps Gross
Slide 26: 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 9% Dry Powder 1% 9% Dry Powder 15% UK 15% 4% €51.0bn €51.0bn AuM as of 30 June 2025 AuM as of 30 June 2025 Top 15 Real Estate Continental sectors 25% Europe 51%
Slide 27: 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 28: H1 2025 inflows driven by Credit and Private Equity strategies
H1 2025 inflows driven by 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, Aerospace
Slide 29: 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 30: 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 31: 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 32: 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 33: Sustainability fully embedded within our business model
Sustainability fully embedded within our business model Sustainability at Tikehau Capital External recognition (1) (1) 69% 20% 71% of Group’s debt linked to of variable compensation linked to of employee shareholders (2) sustainability criteria people & climate goal PLATFORM TO CONTRIBUTE TO TRANSIT
Slide 34: Granular & Synergetic Investment Portfolio
04 GRANULAR & SYNERGETIC INVESTMENT PORTFOLIO TIKEHAU CAPITAL INVESTOR PRESENTATION 34
Slide 35: Investment portfolio increasingly exposed to our Asset Management 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 4,412 • Exposure to returns deemed attractive 4,001 associated with investments within own 3,858 Ecosys
Slide 36: Dynamic portfolio management in H1 2025
Dynamic portfolio management in H1 2025 +€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 Private Equit
Slide 37: Strong alignment of interests
Strong alignment of interests 4,412 4,412 194 Other direct investments Ecosystem and direct 1,335 1,141 Ecosystem investments investments 120 Alongside Tikehau Capital’s Strategies Capital Markets Strategies (€44m) Fixed income & equity European Core / Core+ real estate 721 Real Assets European valu
Slide 38: Ecosystem and direct investments serving our global platform
Ecosystem and direct investments serving our global platform 4,412 Invest as an LP to complement and Develop long-term strategic relationships Ecosystem consolidate expertise through GP stakes and direct 1,335 investments Co-invest alongside top-tier GPs globally Create value through balance sheet l
Slide 39: Financials
05 FINANCIALS TIKEHAU CAPITAL INVESTOR PRESENTATION 39
Slide 40: 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 41: Continued growth in Fee-Paying AuM
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 42: 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 43: 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 44: 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 45: 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 46: 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 47: Outlook
06 OUTLOOK TIKEHAU CAPITAL INVESTOR PRESENTATION 47
Slide 48: 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 ~€3.5bn Flagship strategies PRIVATE EQUITY DECARBONIZATION Q2 2023 Q1 2026 €2-3bn ~€2bn (2nd vintage) PRIVATE EQUITY AEROSPACE Q3 2024 2026 ~€800m
Slide 49: 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 50: 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 51: 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 June 2025 >€65bn in 2026 Yield Value-add ~2/3 Yield As of 30 June 2025. Achievement of objectives and forecasts is not guaranteed. TIKEHAU CAPITAL INVESTOR PRESENTATION 51
Slide 52: Appendix
07 APPENDIX TIKEHAU CAPITAL INVESTOR PRESENTATION 52
Slide 53: 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 54: 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 55: Solid track record in European mid-market lending
Solid track record in European mid-market lending Breakdown of Credit AuM Tactical Strategies • Leadership position in European mid-market lending allowing for selective (10%) deal sourcing Secondaries • Attractive features and risk-adjusted returns thanks to floating rate (4%) instruments Direct /
Slide 56: 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% 7.1% 6.7% €3.3bn • Early mover within the credit secondaries space €2.1bn illustrating our innovation capabilities • Solid sourcing capacit
Slide 57: 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 Oct. 2020 Strategy size(2) €6
Slide 58: Our value-creating approach in Private Equity
Our value-creating approach in Private Equity Tikehau Capital Expertise • Disciplined investment on value-creating megatrends Others (6%) • Thematics approach with top-tier corporate partners Growth Equity(2) • Conservative use of leverage (8%) Aero & • Patient capital and active management Cybersec
Slide 59: Capital Markets Strategies: solid performance across diversified products
Capital Markets Strategies: solid performance across a well-diversified range of products FLEXIBLE & EQUITY STRATEGIES 7% Performance recognition FIXED INCOME STRATEGIES 93% A dedicated team of 5 experts A long-term and patrimonial approach Non-benchmarked strategies managed by conviction A dynamic
Slide 60: 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 61: 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 June 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 €0.05
Slide 62: 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 63: A €4.4bn growth-compounding investment portfolio
A €4.4bn growth-compounding investment portfolio 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 €380m Inclu
Slide 64: Dynamic portfolio management in H1 2025
Dynamic portfolio management in H1 2025 +€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 Private Equit
Slide 65: 4 years of average debt maturity
4 years of average debt maturity Financial indebtedness and amortization plan(1) 2019 Bond - €500m (2) 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. (2) On 7 April 2025, Tikehau Capital announce
Slide 66: 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 67: 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% 46% Tikehau Capital (TKO FP) As of 30 June 2025. (1) Other entities controlled by AF&Co, MCH and the
Slide 68: 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 69: 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 70: 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 71: Contacts
Contacts Shareholders and Investors contact Louis IGONET Théodora XU Julie TOMASI Global co-Head of Investors, Clients & Head of Investor Relations Investor Relations Officer Capital Formation txu@tikehaucapital.com jtomasi@tikehaucapital.com ligonet@tikehaucapital.com +33 (0) 1 40 06 18 56 +33 (0)
Slide 72: 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 73: 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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