Tikehau Capital (0RP0) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good evening, ladies and gentlemen. Thank you for joining us today for H1 results. I will start with the first couple of slides four slides and hand over to Henri. First slide. Market environments remain volatile and selective. Geopolitical developments continue to wait on visibility, financing condition remain relatively tight and investor remain highly selective in their capital allocation decision. In that context, discipline matters more than ever. Discipline in deployment, underwriting, capital allocation and cost management. This environment is challenging, but it also creates opportunities for experienced professional. Importantly, we are also seeing encouraging sign of improvement in exit activity, particularly in part of Private Equity and Real Estate. So the environment remains challenging, but it is supportive of differentiated platform that can execute with discipline, innovation, entrepreneurship and agility. Next slide. H1 twenty twenty six marks a clear step up for Tikehau and in our view, a major first step in our harvesting phase. What we are seeing now is the translation execution into profitability and earnings. For Tikehau Asset Management, we delivered a strong increase in profitability supported by continued operation momentum, client base expansion and strong operating leverage. Leverage. On the investment portfolio side, we deliver active portfolio rotation and value create crystallization as a consequence. The combination of these two engines results in a doubling of net results group share year on year. More fundamentally, this semester confirms that our model is becoming more scalable, more visible in its earnings power. Now a few key figures for H1. We reached 53.5% of AUM, up 5% year on year, reflecting continued franchise momentum in a s...