Tikehau Capital Full-Year 2025 Earnings

A landmark year across Asset Management growth levers driving an acceleration in profitability generation

PARIS–(BUSINESS WIRE)–Regulatory News:

Tikehau Capital (Paris:TKO):

€52.8bn¹	€7.6bn	€8.0bn
AuM as of 31 December 2025	Capital deployment in 2025	Net new money in 2025
~80%	€148m	€0.80
2025 net new money² from international investors	Core Fee-Related Earnings³⁴in 2025	Proposed dividend per share⁵

Record levels of deployment, realizations and inflows in 2025:
- €7.6bn of deployment (+35% vs. 2024) with increasingly larger and global transactions
- €4.0bn of realizations (twice the level of 2024) driven by an acceleration in Private Equity and Credit, translating into €4.1bn in distributions for LPs
- €10.5bn of gross inflows surpassing €10bn for the first time and €8.0bn of net inflows
- €52.8bn of AuM as of 31 December 2025, representing a 22% CAGR since IPO
Internationalization of client base: ~80% of net new money² came from international investors in 2025 (vs. 66% in 2024), notably supported by three significant commitments from new LPs based in high-growth geographies (Japan, Germany and the US)
Climate and biodiversity AuM of €5.8bn, exceeding target, reflecting strong momentum in Private Equity’s Decarbonization strategy and in financing the climate transition within Credit strategies
Solid revenue growth: Management fees grew by 6% year-over-year to €358m, with an acceleration in the second half of the year
Acceleration in Asset Management profitability generation:
- Core Fee-Related Earnings⁴ (Core FRE) reached €148m in 2025, +12% year-over-year. Core FRE margin reached 41% in 2025, exceeding 40% for the first time
- Asset Management EBIT reached €150m in 2025, +18% year-over-year, representing a 51% CAGR since IPO
Group portfolio revenues impacted by currency effects and fair value changes:
- Realized revenues reached €239m in 2025, +19% growth year-over-year
- Unrealized revenues stood at €(73)m in 2025, including €(52)m of currency effects and €(21)m of fair value changes

Excluding currency effects, portfolio revenues grew by 33% year-over-year

Net result, Group share of €136m in 2025. Excluding main currency effects, net result increased 51% year-over-year
Proposed dividend of €0.80 per share⁵, a stable level compared to 2024

Company presentation

A presentation for investors and analysts will be held at 9:00am GMT today and will be broadcast live.

To watch the presentation, please connect via the following link.

A recording of the presentation will be available on Tikehau Capital’s website.

Financial calendar

23 April 2026		Q1 2026 announcement (after market close)
30 April 2026		Annual General Meeting
29 July 2026		2026 half-year results (after market close) Management presentation to be held by audiocast
22 October 2026		Q3 2026 announcement (after market close)

The Tikehau Capital Supervisory Board met on 18 February 2026 to review the consolidated financial statements⁶ as of 31 December 2025.

OPERATING REVIEW

Deployment: Larger and more global transactions

€7.6bn deployed in 2025, +35% vs. 2024, with an acceleration in H2 2025 and maintained disciplined investment approach (exclusion rate⁷ of 98%)
Credit (55% of deployment):
- Direct Lending: greater diversification of investments across geographies including Spain, Italy, Netherlands, Belgium and the United Kingdom
- Special Opportunities: continued geographic expansion in the United Kingdom, US and Norway, focusing on M&A growth funding and development loans across the Real Estate and Digital Infrastructure sectors
- Credit Secondaries: dynamic deployment maintained throughout the year, with the second vintage being over 50% deployed as of 31 December 2025
- CLO platform: solid momentum in new CLO issuances and focus on older vintages reset. In Q4 2025, pricing of European CLO XIV, reaching a total size of €600m, representing the Group’s largest European CLO
Private Equity (27% of deployment):
- Successful completion of large-scale transactions, across Spain, Belgium, Germany and the US, offering co-investment opportunities, reflecting both increased market conviction and the depth of the Group’s sourcing capabilities
- Continued conviction-led approach across dedicated verticals
Real Assets (18% of deployment):
- In Q4 2025, completion of the acquisition, from GIC, of a portfolio of standard residential units, valued at over €350m
- Continued investment discipline focused on high-quality, well-located assets and conservative use of leverage across geographies
€7.6bn of dry powder⁸ as of 31 December 2025 (vs. €7.0bn as of 31 December 2024)

Realizations: Record year in Private Equity and Credit

€4.0bn in realizations in 2025, twice the amount of 2024
Credit (66% of realizations):
- Direct Lending and Corporate Lending: mainly corresponding to financing repayments (average gross MOIC of 1.4x)
- Special Opportunities: four exits carried out in 2025 at an average gross MOIC of 1.6x
Private Equity (22% of realizations): five exits in 2025 at an average gross MOIC of 2.6x
Real Assets (12% of realizations): Strategic disposals of granular assets, including retail parks, residential assets across Iberia and individual sales of light industrial assets in France. Exits in 2025 were carried out at an average gross MOIC of 1.6x

Capital formation: Record levels of gross and net inflows

4^th consecutive record year of fundraising, with gross and net new money reaching respectively €10.5bn and €8.0bn
Cumulative gross inflows over the past four years of €37bn, and cumulative net inflows reached €28bn
Credit (55% of net new money):
- €4.8bn of AuM⁹ for the sixth vintage of the Direct Lending strategy, with the two largest individual LP commitments in the Group’s history from German and US reinsurance groups committing €350m and $500m respectively in Q4 2025
- In Q4 2025, final close of the second vintage of the Credit Secondaries strategy with over $1bn in LP commitment, surpassing target size and representing more than twice the size of the first vintage¹⁰
- In Q4 2025, pricing of European CLO XIV (€400m accounted in 2025 net new money), reaching a total size of €600m, representing the Group’s largest European CLO
Private Equity (25% of net new money):
- Additional inflows for Decarbonization and Aerospace & Defense flagship strategies, notably including co-investments across Spain and Belgium. The second vintage of the Decarbonization strategy reached €2.5bn in AuM¹¹ as of 31 December 2025
- 2025 was marked by the final closes of the first vintage of Regenerative Agriculture (c.€600m) and the fourth vintage of Cybersecurity (€335m), representing a c.90% increase in size compared to the previous vintage and making it one of the largest European Cybersecurity funds to date
Real Assets (16% of net new money): Contributions from Value-Add, Core/Core+ strategies and co-investments notably the completion of the acquisition from GIC of a portfolio of standard residential units, valued at over €350m
Capital Markets Strategies (3% of net new money): Continued momentum for fixed income strategies, which continued to deliver strong performance.

Client base: continued globalization and diversification

~80% of net new money¹² came from international investors, led by strong momentum in the US, United Kingdom, Spain, Germany, United Arab Emirates, Japan, South Korea and Israel. AuM from international clients reached €24bn as of 31 December 2025 (+13% vs. 2024);
Private investors accounted for 25% of net inflows¹³, supported by continued successful fundraising for the Group’s Private Debt unit-linked products (raising approximately €140m in 2025, attracting c.€1.5bn since inception) and Opale Capital (c.€210m of inflows in 2025). AuM from private clients reached €18bn as of 31 December 2025 (+20% vs. 2024).

AUM TARGET DEDICATED TO CLIMATE AND BIODIVERSITY SURPASSED

In 2021, the Group set the target of exceeding €5bn in AuM allocated to climate and biodiversity by the end of 2025. Tikehau Capital exceeded its target, reaching €5.8bn in AuM (+42% year-over-year), mainly driven by its thematic and impact strategies. This progress notably reflects the momentum of the second vintage of the Decarbonization strategy in Private Equity and the launch of climate transition initiatives within its Credit strategies.

FINANCIAL REVIEW¹⁴

+8% growth in Asset Management revenues
- Fee-paying AuM amounted to €42bn as of 31 December 2025 (+6% year-over-year), notably driven by net new money for Private Equity funds and Capital Markets Strategies as well as dynamic fundraising and deployment across Direct Lending and CLOs. Future fee-paying AuM grew by 24% securing future management fees generation. This growth was notably supported by solid net new money in Direct Lending strategies, which charge management fees on invested capital, as well as co-investments in Private Equity.
- Management fees and other revenues¹⁵ reached €358m in 2025, +6% compared to 2024. Growth accelerated in the second half of the year, with management fees increasing 13% compared to the first half, driven primarily by Private Equity net new money, CLO activity and deployments of the sixth vintage of Direct Lending and third vintage of Special Opportunities strategies.
- Average management fee rate stood at 0.88% in 2025 (vs. 0.90% in 2024).
- Performance-related revenues amounted to €22m in 2025, +61% year-over-year, mainly linked to Direct Lending¹⁶ strategies.
  
  Performance-related revenues represent a significant value-creation driver embedded in Tikehau Capital’s operating model with €24.8bn of AuM eligible for carried interest as of 31 December 2025 (+10% year-over-year). This profit engine is not yet crystallized in the financial statements, given the firm’s conservative accounting policy. Unrealized performance-related revenues for Tikehau Capital, provisioned within the Group’s funds stood at approximately €220m¹⁷ as of 30 September 2025. This amount only reflects a portion of the long-term value creation potential linked to this type of revenue and is expected to increase as the relevant funds approach maturity and crystallize their performance.
- Asset Management revenues reached a total of €380m in 2025 (+8% year-over-year).

+12% growth in Core FRE, with margin exceeding 40%
- Asset Management operating expenses¹⁸ grew by 3% year-over-year, reaching €(211)m in 2025, reflecting selective investments carried out by the firm coupled with efficient cost management in an inflationary context.
- Core Fee-Related Earnings¹⁹ (Core FRE) amounted to €148m in 2025 (+12% year-over-year) with a notable acceleration in Core FRE generation in the second half of the year linked to management fees growth. Core FRE margin reached 41% in 2025, exceeding 40% for the first time and reached 46% in H2 2025, reflecting a notable rebound from 36% in H1 2025.
- Fee-Related earnings (FRE) grew by 13% to reach €128m in 2025, compared to €113m in 2024. FRE margin reached 36% (vs. 33% in 2024).
- Asset Management EBIT amounted to €150m in 2025, compared to €126m in 2024
  
  (+18% year-over-year). EBIT margin reached 39% (vs. 36% in 2024).

Group portfolio revenues impacted by currency effects and fair value changes in Credit and Real Estate
- Tikehau Capital’s balance sheet investment portfolio reached €4.4bn as of 31 December 2025, compared to €4.0bn as of 31 December 2024. The main variations in the portfolio were the following:
  - €1.3bn of capital calls and investments, mainly driven by acquisition of shares in Schroders plc. It also included €951m of capital calls and investments into the Group’s own Asset Management strategies (particularly in CLOs, Credit Secondaries and Private Equity strategies) and co-investments alongside its strategies;
  - €(0.8)bn of exits, including returns of capital from the firm’s CLOs, Special Opportunities, Decarbonization and Aerospace and Defense strategies;
  - €(18)m of net negative fair value changes reflecting positive market effects for Schroders plc and positive revaluations in some Private Equity strategies in particular Aerospace and Defense and Decarbonization offset by negative market effects in some Credit and Real Estate strategies;
  - €(161)m of foreign exchange effects, mainly linked to €/$ and €/£, of which €(52)m accounted in 2025 P&L.
- Portfolio revenues reached €166m in 2025, compared to €207m in 2024
  - Realized revenues reached €239m (+19% vs. 2024), primarily composed of dividends, coupons and distributions from the firm’s Credit strategies (Special Opportunities, CLOs and Credit Secondaries), listed REITs and ecosystem investments (mainly Schroders plc).
  - Unrealized revenues stood at €(73)m in 2025. They included:
    - €(52)m of foreign exchange effects (vs. €43m of positive currency effects in 2024), of which €(13)m in the second half of the year mainly linked to €/£
    - €(21)m of fair value changes linked to positive fair value changes for the firm’s Private Equity strategies and ecosystem investments (mainly Schroders plc and a co-investment with JC Flowers), more than offset by negative fair value changes on some of the firm’s Real Estate and Credit strategies.

Excluding currency effects, portfolio revenues grew by 33% year-over-year.

Net result, Group share reached €136m in 2025

Group corporate expenses amounted to €(71)m, reflecting increased spending in technology and transformation and the development of the Group’s global franchise.
Financial result reached €(71)m in 2025, compared to €(63)m in 2024. The increase in financial interests was mainly driven by the successful placement of a €500m senior unsecured bond issue with a fixed annual coupon of 4.250% in April 2025.
After taking into account €13m of positive results from non-recurring and other items, notably including €20m of positive €/$ effects linked to the Group’s US Private Placement, and a €(50)m tax expense, net result, Group share reached €136m in 2025. Excluding main currency effects, net result increased 51% year-over-year.

A balance sheet generating substantial skin in the game

As of 31 December 2025, consolidated shareholders’ equity, Group share reached €3.1bn and consolidated cash position reached €0.2bn. In December 2025, Tikehau Capital renewed and upsized its Revolving Credit Facility (RCF), from €800m to €1.15bn, exceeding the original €1bn target. The renewed RCF replaces the previous facility, which was due to mature in 2028, and has been concluded for a five-year term, with two optional one-year extensions, extending the Group’s financing horizon to a minimum of 2030 and potentially up to 2032. As of 31 December 2025, Tikehau Capital has drawn €150m compared to €350m as of 30 June 2025. The RCF was fully reimbursed on 17 February 2026 following the disposal of the Group’s stake in Schroders plc.
Financial debt as of 31 December 2025 reached €1.9bn, with a gearing²⁰ ratio of 61%.

Proposed dividend of €0.80 per share for 2025

A dividend pay-out of €0.80 per share for 2025 will be submitted to the General Shareholders’ Meeting due to take place on 30 April 2026, a stable level compared to 2024. This is in line with the Group’s guidance to distribute to shareholders more than 80% of the EBIT of the Asset Management business.
Pending the approval of the General Shareholders’ Meeting, the ex-date will be 4 May 2026, and the payment will take place on 6 May 2026.

SHARE BUY-BACK

Tikehau Capital announces it has extended until 23 April 2026 (inclusive), the date of the Group’s Q1 2026 announcement, the share buy-back mandate, which was signed and announced on 19 March 2020 and extended until today.

As of 18 February 2026, the day before the results, 6,579,645 shares were repurchased under the share buy-back mandate. The description of the share buy-back program (published in paragraph 8.3.4 of the Tikehau Capital Universal Registration Document filed with the French Financial Markets Authority on 20 March 2025 under number D.25-0123) is available on the company’s website in the Regulated Information section.

(https://www.tikehaucapital.com/en/shareholders/regulated-information).

GOVERNANCE

Tikehau Capital announces the following proposed resolutions regarding its Supervisory Board, which will be proposed to the next General Shareholders’ Meeting to take place on 30 April 2026:

The ratification of the co-optation of Xavier Musca, Chairman of the Supervisory Board, and the renewal of his office as a Board member.
The renewal of the offices of Roger Caniard, Fanny Picard, and Constance de Poncins.
François Pauly has informed Tikehau Capital of his intention to resign from his office as a member of the Supervisory Board by the date of the General Shareholders’ Meeting, following his appointment as Chairman of the Board of Directors of a company within his group. It will be proposed to the General Shareholders’ Meeting that he be replaced by Jean-Pierre Denis, whose office as censor will end at the end of the same Meeting.

These appointments reflect Tikehau Capital’s commitment to having a competent, engaged Supervisory Board with a strong knowledge of its activities and industry, in order to effectively oversee the Group’s strategic direction and performance.

ABOUT TIKEHAU CAPITAL

Tikehau Capital is a global alternative asset management group managing €52.8 billion of assets (as of 31 December 2025). The Group has developed a wide range of expertise across four asset classes: Credit, Real Assets, Private Equity, and Capital Markets Strategies. Capitalizing on its strong equity base (€3.1 billion as of 31 December 2025), Tikehau Capital invests its own capital alongside its investor-clients. The Group is guided by a strong entrepreneurial spirit and DNA, shared by its 717 employees (as of 31 December 2025) across 17 offices in Europe, Asia, and North America.

DISCLAIMER

This document does not constitute an offer of securities for sale or investment advisory services. It contains general information only and is not intended to provide general or specific investment advice. Past performance is not a reliable indicator of future earnings and profit, and targets are not guaranteed.

Certain statements and forecasted data are based on current forecasts, prevailing market and economic conditions, estimates, projections and opinions of Tikehau Capital and/or its affiliates. Due to various risks and uncertainties, actual results may differ materially from those reflected or expected in such forward-looking statements or in any of the case studies or forecasts. All references to Tikehau Capital’s advisory activities in the US or with respect to US persons relate to Tikehau Capital North America.

APPENDIX

Examples of deployments

Credit

In December 2025, Tikehau Capital joint-arranged a £85m financing package in support of Cinven’s investment in Flint Global, a UK-based provider of strategic advisory services in public policy, politics, regulation, and competition.
In December 2025, Tikehau Capital lead-arranged a €102m financing package in support of TowerBrook Capital Partners’ investment in GMC, a provider of engineering services to critical utilities infrastructure across Ireland’s Water, Gas, Power, and Transport sectors.
In December 2025, Tikehau Capital, through its third vintage of Tactical Strategies, closed a $57m mezzanine facility for the Public Hotel project in Manhattan, New York. This deal marks Tikehau Capital’s second Real Estate Debt transaction in the US.
Tikehau Capital closed a €42m senior secured loan for the refurbishment of a major office complex in Rome, Italy, through its Real Estate Credit platform. The deal represents Tikehau Capital’s first Real Estate Credit transaction in Italy and the fourth Real Estate Credit transaction closed in 2025.
In October 2025, Tikehau Capital arranged a €95m Unitranche Facility to support Xenon Private Equity in the creation of the newly formed Italian waste management platform RinovHa.

Real Assets

In December 2025, Tikehau Capital completed the acquisition of the c. €350m Nexus residential portfolio, marking the largest transaction in the traditional residential sector in France for the year. Previously owned by Singapore’s sovereign fund GIC and managed locally by Ampère Gestion, the portfolio consists of 78,000 square meters across 38 newly built assets in Île-de-France and major regional cities, totalling around 1,300 housing units. This landmark deal stood out in a market where residential portfolios accounted for nearly 35% of total investment volume in 2025, a figure largely driven by managed segments such as student housing.
In December 2025, Tikehau Capital, via its Real Estate Value-Add strategy, completed the acquisition of Hotel Valaisia, a 4-star hotel located in Crans Montana, with total investment volume of CHF 45m. This transaction was executed in partnership with Propreal, an independent European Real Estate manager headquartered in Geneva.

Private Equity

In December 2025, Tikehau Capital completed the acquisition of ScioTeq, a Belgium-based provider of rugged, high-performance display systems and mission-critical electronics that support situation awareness in the most demanding areas. The transaction has been executed through its Private Equity Aerospace and Defence strategy, which supports the growth, modernization, and ownership transition of high-potential industrial businesses.
In December 2025, Tikehau Capital, through its dedicated Cybersecurity strategy, has agreed with Revaia to acquire a majority stake in Intersec, alongside the Management team, to support the company’s next phase of growth. Founded in 2004 and headquartered in France, Intersec is a global leader in AI-powered metadata solutions for government agencies and mobile network operators. The closing of the transaction is expected in Q1 2026.

Examples of realizations

Credit

The fourth quarter was notably marked by:

The repayment of a £83m loan to Trustmarque, a UK-based IT value-added reseller and services group, following its merger with Ultima, an IT services provider backed by Apse Capital.
The full repayment of a £40m Senior Secured Loan and a €7.5m Revolving Credit facility to Secret Escapes, a luxury travel company, following its sale of Slevomat, the leading platform for curated travel, leisure and local experiences in the Czech Republic and Slovakia.
In December 2025, the second vintage of Tikehau Capital’s Special Opportunities strategy completed the sale of its large-scale data centre development of 100MW in Westpoort, Amsterdam.

Private Equity

In October 2025, Tikehau Capital, through the second vintage of its Private Equity Growth Equity strategy, announced the successful completion of the €95m sale of ADDEV Materials, a global solutions provider of high-performance materials for critical applications.
In September 2025, Tikehau Capital finalized the c.€495m exit from Egis, marking the successful divestment of the first vintage of its flagship decarbonization strategy.

Change in the scope of consolidation of intermediate investment holdings in IFRS

Since 2013, intermediate investment holdings have been established to support and accelerate the Group’s development by providing investment-related services. They contributed to accelerate the development of the Group’s Asset Management activities, by investing alongside its strategies, with a long-term horizon. They are primarily based in the US and the UK, with their functional currencies in USD or EUR.
These holdings have been fully consolidated to present a clear view of the underlying performance of their investments.
A reassessment of facts and circumstances has bee

Contacts

Press Contacts

Tikehau Capital: Valérie Sueur – +33 1 53 59 03 64

UK – Prosek Partners: Philip Walters – +44 (0) 7773 331 589

USA – Prosek Partners: Trevor Gibbons – +1 646 818 9238

press@tikehaucapital.com

Shareholder and Investor Contacts
Théodora Xu – +33 1 40 06 18 56

Julie Tomasi – +33 1 40 06 58 44

shareholders@tikehaucapital.com

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