Tikehau Capital Sca · EURONEXT:TKO
Tikehau Capital Sca — Tikehau Capital — H1 2026 Earnings Presentation
41 slides from Tikehau Capital Sca's earnings presentation, Jul 29, 2026
Slide 1: H1 2026 Results Presentation
H1 2026 RESULTS PRESENTATION 29 JULY 2026
Slide 2: Today's Speakers
Today’s Speakers Antoine Flamarion Henri Marcoux Vincent Picot Co-founder Deputy CEO Group CFO TIKEHAU CAPITAL H1 2026 RESULTS PRESENTATION 2
Slide 3: Agenda
1. Key highlights 4 1. Key highlights 4 Agenda 2. Operating highlights 9 2. Operating highlights 9 3. Financial highlights 16 3. Financial highlights 16 4. Outlook 25 4. Outlook 25 5. QA 28 5. Q&A 28 6. Appendix 29 6. Appendix 29
Slide 4: 1. Key Highlights
1. KEY HIGHLIGHTS Antoine Flamarion Co-founder TIKEHAU CAPITAL H1 2026 RESULTS PRESENTATION 4
Slide 5: A challenging global environment, yet rich in opportunities
A challenging global environment, yet rich in opportunities Geopolitical Higher financing Private Credit Liquidity Exit activity developments costs backdrop driving remained key, showed signs of contributed to continued to support emphasis on leading to increased improvement market uncertainty disci
Slide 6: H1 2026: A major first step in our harvesting phase
H1 2026: A major first step in our harvesting phase TIKEHAU ASSET MANAGEMENT INVESTMENT ACTIVITY STRONG INCREASE IN PROFITABILITY Continued operating Strong operating Active portfolio rotation momentum and client base leverage with and value crystallization expansion cost management Net result, Grou
Slide 7: H1 2026 key figures
H1 2026 key figures TIKEHAU ASSET MANAGEMENT INVESTMENT PORTFOLIO GROUP Strong increase in profitability Strong value crystallization Doubling of net result €53.5bn +5% €310m AuM as of 30 June 2026 AuM growth over the LTM Realized revenues in H1 2026 x3 vs. H1 2025 €165m Net result, Group share +13%
Slide 8: Two key takeaways for today
Two key takeaways for today 1 Tikehau Asset Management: Profitability inflection is now visible • A more focused platform, now fully regrouped, operational and streamlined to better convert operating leverage into earnings growth • Continued franchise momentum with the successful closing of 6th vint
Slide 9: 2. Tikehau Asset Management Operating Highlights
2. TIKEHAU ASSET MANAGEMENT OPERATING HIGHLIGHTS Henri Marcoux Deputy CEO TIKEHAU CAPITAL H1 2026 RESULTS PRESENTATION 9
Slide 10: Resilient transaction and commercial activity over the LTM
Resilient transaction and commercial activity over the LTM Deployment (€bn) Realizations (€bn) Net inflows (€bn) 3,7 7,7 7,0 5,7 2,7 1,1 H1 2026 5,7 2,2 H1 2026 H1 2025 4,0 1,7 H1 2026 H1 2025 2,9 H1 2025 1,5 LTM LTM LTM LTM LTM LTM as of 30/06/2025 as of 30/06/2026 as of 30/06/2025 as of 30/06/2026
Slide 11: Private Credit: Our platform remains resilient and selective
Private Credit: Our platform remains resilient and selective Key metrics on portfolio quality 100% Covenanted investments(1) Deployment 43 ~50% Prudent CLO issuance in a selective market Investments in H1 2026 Deployed in add-on financings 4.0x €1.3bn deployed in Direct Lending strategies Average le
Slide 12: Real Estate: Dynamic transaction activity
Real Estate: Dynamic transaction activity Key metrics on portfolio quality Active co-investment activity Attractive acquisition terms €0.7bn 2 deals representing an 9.6% >11,000 Deployment aggregate value of Deployed in H1 2026 ~€400m Core+ strategies average acquisition yield Units across Real Esta
Slide 13: Private Equity: Continued value crystallization
Private Equity: Continued value crystallization Key metrics on portfolio quality Deployment 3 Conviction-led approach across dedicated verticals with a focus on sourcing large-scale transactions 3.8x New investments in H1 2026 €0.3bn deployed offering co-investment opportunities Average leverage(1)
Slide 14: CMS: Solid performance across the entire product line
CMS: Solid performance across the entire product line Performance recognition Enhanced international distribution Geographical focus in AuM as of Overall Rating(1) 30.06.26 United Kingdom Tikehau Short Duration €3,210m Tikehau Credit Court Terme €392m Switzerland Tikehau European High Yield €400m It
Slide 15: Solid progress in fundraising for flagship strategies
Solid progress in fundraising for flagship strategies Completed Ongoing fundraising for Private Equity flagship strategies EUROPEAN DIRECT LENDING DECARBONIZATION AEROSPACE & DEFENSE >€3bn €1.4bn Above the target target €4-5bn target €5.2bn €3.3bn €2.6bn €830m €1.4bn €2.1bn €700m €610m Vintage III V
Slide 16: 3. Financial Highlights
3. FINANCIAL HIGHLIGHTS Vincent Picot Group CFO TIKEHAU CAPITAL H1 2026 RESULTS PRESENTATION 16
Slide 17: Tikehau Asset Management key metrics
TIKEHAU ASSET MANAGEMENT Tikehau Asset Management key metrics STRONG INCREASE IN PROFITABILITY +7% +13% +32% +22% Core FRE YoY growth AM EBIT YoY growth Fee-Paying AuM Management fees YoY growth YoY growth 42% Core FRE margin 39% AM EBIT margin TIKEHAU CAPITAL H1 2026 RESULTS PRESENTATION 17
Slide 18: Continued growth in Fee-Paying AuM supporting long-term management fee generation
TIKEHAU ASSET MANAGEMENT Continued growth in Fee-Paying AuM supporting long-term management fee generation +7% growth in fee-paying AuM +13% growth in Management fees and others 53,5 198 51,0 AM revenues 182 8 Non fee-paying 13 5,5 Performance fees Future fee-paying 5,4 & carried interest 43,5 190 +
Slide 19: Marked increase in Asset Management profitability
TIKEHAU ASSET MANAGEMENT Marked increase in Asset Management profitability 32% yoy increase in Core FRE(1) 22% yoy increase in AM EBIT Core FRE AM EBIT 36% 42% 35% 39% margin margin 80 78 +22% +32% 64 60 €m €m H1 2025 H1 2026 H1 2025 H1 2026 (1) Core FRE correspond to Fee-Related Earnings excluding
Slide 20: Performance-related earnings: profit driver ahead
TIKEHAU ASSET MANAGEMENT Performance-related earnings: profit driver ahead 5% yoy increase in AuM eligible to carried interest Our approach to carried interest Embedded performance related revenues(1) Shareholder-friendly ~€207m +5% 25,2 24,1 allocation Cautious P&L recognition As of 31 March 2026(2
Slide 21: A €4.0bn growth-compounding investment portfolio
INVESTMENT ACTIVITY A €4.0bn growth-compounding investment portfolio 288 318 Number of investments +€261m €(637)m €4,359m Well-balanced exposure across Tikehau strategies €(60)m +€40m Ecosystem & €3,962m Capital Markets Strat. direct invest. Other(1) 1 343 €44m 967 (3%) Of which €218m Including Main
Slide 22: Portfolio revenues doubled linked to active asset rotation
INVESTMENT ACTIVITY Portfolio revenues doubled linked to active asset rotation Realized revenues(1) Unrealized revenues of the remaining portfolio(2) 222 Realized revenues growth notably driven by the disposal of the Schroders stake generating x2 €217m 64% 1.65x 272 (1) 111 Capital gain Gross IRR Gr
Slide 23: H1 2026 net result doubled year-over-year
GROUP H1 2026 net result doubled year-over-year €m H1 2025 H1 2026 % change Core FRE 60.0 79.5 +32% Core FRE margin 35.6% 41.7% +6pts Tikehau Asset Management FRE 50.3 69.9 +39% Strong increase in profitability driven by solid operating leverage coupled with FRE margin 29.9% 36.7% +7pts cost managem
Slide 24: Robust financial structure supporting our business model
GROUP Robust financial structure supporting our business model Simplified balance sheet as of 30 June 2026 Increased financial flexibility Total 5.3 5.3 €1.6bn Early redemption of 2026 Short-term financial resources(1) bond to occur in August Investment Shareholders’ 4.0 3.2 portfolio equity Investm
Slide 25: 4. Outlook
4. OUTLOOK Antoine Flamarion Co-founder TIKEHAU CAPITAL H1 2026 RESULTS PRESENTATION 25
Slide 26: Towards a more streamlined organization
Towards a more streamlined organization Real Estate activities Disposal of 80% in Separation agreement successfully Homunity and Opale to signed with Duke Street regrouped into one grant them greater (London-based mid-market unified platform autonomy private equity manager) Focus on core activities
Slide 27: We enter the next stage of our development with confidence, focus and ambition
We enter the next stage of our development with confidence, focus and ambition TIKEHAU ASSET MANAGEMENT BALANCE SHEET A more streamlined FRE generation is Healthy Private €1.6bn of available organization and expected to be more Equity and Real resources(1) and integrated operating weighted toward th
Slide 28: 5. Q&A
5. Q&A TIKEHAU CAPITAL H1 2026 RESULTS PRESENTATION 28
Slide 29: 6. Appendix
6. APPENDIX TIKEHAU CAPITAL H1 2026 RESULTS PRESENTATION 29
Slide 30: A large spectrum of investment expertise
A large spectrum of investment expertise A COMPREHENSIVE OFFERING ACROSS ASSET CLASSES AND INVESTMENT VEHICLES CAPITAL MARKETS Complementary vehicle types STRATEGIES CREDIT €6.1bn €25.2bn • Fixed Income • Direct & Corporate Lending Permanent capital • Equity • Credit Secondaries CLOs / Leveraged Loa
Slide 31: Continued diversification of our client base
Continued diversification of our client base AuM breakdown by nationality AuM breakdown by type of clients 1% 10% 9% 3% 9% Tikehau Tikehau 13% France 31% AM, Banks, Instit. Europe(1) HNWI, Retail, North America €53.5bn AuM Private Banks €53.5bn AuM 43% Asia & Middle East as of 30.06.26 as of 30.06.2
Slide 32: Fee-paying AuM and management fee rate by strategy
Fee-paying AuM and management fee rate by strategy Fee-Paying AuM breakdown €m 2020 2021 2022 2023 2024 2025 30 June 2025 30 June 2026 Real Assets 8,925 10,188 11,207 11,141 11,538 12,211 11,883 12,356 Credit 7,486 10,013 12,729 15,358 17,670 18,414 17,859 19,250 Capital Markets Strategies 4,184 5,1
Slide 33: Simplified consolidated P&L and balance sheet
Simplified consolidated P&L and balance sheet Simplified consolidated P&L Simplified consolidated balance sheet Management Accounts Management Accounts in €m H1 2026 H1 2025 in €m 30/06/2026 31/12/2025 Management fees & other revenues¹ 190.4 168.5 Investment portfolio 3,962 4,359 Cash & cash equival
Slide 34: Portfolio revenues breakdown
Portfolio revenues breakdown in €m 30/06/2026 30/06/2025 Tikehau funds 6.1 66.8 Investments alongside Tikehau funds 4.6 6.4 Tikehau AM strategies 10.8 73.2 Ecosystem investments 229.4 46.4 Other direct investments (17.9) (8.4) Ecosystem and direct investments 211.5 38.0 Total portfolio revenues 222.
Slide 35: Financial indebtedness and amortization plan
Financial indebtedness and amortization plan 3.7 years of average debt maturity (1) 1 150 500 500 (2) 300 300 101 57 2026 2027 2028 2029 2030 2031 2032 2033 2034 (2) (3) 2019 Bond - €500m 2021 Sustainable Bond - €500m 2023 Sustainable Bond - €300m 2025 Bond - €500m RCF - €1.15bn USPP - 10 Y - $115m
Slide 36: 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) Fully aligned PRE Fully consolidated Fair valued via P&L (Unrealized portfolio revenues) P&L items Realized and unrealized portfoli
Slide 37: Management to IFRS accounts – Reconciliation (1/2)
Management to IFRS accounts – Reconciliation (1/2) P&L H1 2026 H1 2025 Manag. Adj. FX effects IFRS Manag. Adj. FX effects IFRS Main impact linked to FX effects on investment portfolio in €m accounts accounts Fee-Related Earnings (FRE) 70 - - 70 50 - - 50 Performance-related earnings (PRE) 8 - - 8 13
Slide 38: Management to IFRS accounts – Reconciliation (2/2)
Management to IFRS accounts – Reconciliation (2/2) BALANCE SHEET June 2026 December 2025 No change in Group shareholders’ Manag. Adj. IFRS Manag. Adj. IFRS equity in €m accounts accounts Investment portfolio 3,962 (3) 3,960 4,359 - 4,360 ⎯ P&L impact on net result fully Cash & cash equivalent 460 (2
Slide 39: 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 40: Disclaimer
Disclaimer This Presentation or any part thereof is not for publication, release or distribution in the United Calculations of Gross Return at the fund level use the scheduled date of contribution by fund States. No securities of the Company have been or will be registered under the U.S. Securities
Slide 41: Slide 41