Tikehau Capital H1 2025 Results

Robust earnings growth supported by continued platform scaling

Regulatory News:

Tikehau Capital (Paris:TKO):

€51.0bn1	+12%	€10.1bn
AuM as of 30 June 2025	AuM year-over-year growth	Level of gross new money over the LTM
+8%	+42%	+50%
Core Fee-Related Earnings2 year-over-year growth	Portfolio revenues year-over-year growth	Net profit, Group share year-over-year growth

• Record fundraising: Gross and net inflows in H1 2025 reached record levels for a six-month period, reaching €5.2bn and €4.0bn respectively (€10.1bn and €7.7bn respectively for the last twelve months to 30 June 2025), driven by Credit strategies and record inflows for Private Equity strategies
• An increasingly global and diversified client base: c.80%³ of net inflows in H1 2025 came from international LPs and 31%⁴ from private clients. Notably, growing interest from Asian investors in Europe and in Tikehau Capital's strategies in particular
• Robust investment activity: Capital deployment reached €2.9bn in H1 2025, driven by Credit and Private Equity strategies, and a sourcing of increasingly large and global transactions
• Solid capital returns supporting future fundraising: Distributions to investor-clients amounted to€1.8bn in H1 2025, driven by €1.5bn in realizations (+68% growth vs. H1 2024)
• Key achievements in H1 2025 include a landmark €1bn capital raise for portfolio company Egis alongside large global investors, the launch of new strategies targeting private clients and a successful €500m new bond issuance
• Demonstrated ability for the Group to create value through its balance sheet investing alongside its funds, with the successful exit from Dedalus, a leading European healthcare IT provider
• Growth in sustainability strategies: AuM specifically allocated to climate and biodiversity increased 42% year-over-year, reaching €4.7bn as of 30 June 2025
• Continued progress in Asset Management profitability: Asset Management EBIT rose by 24% year-over-year to €64m, driven by Core FRE growth of 8% and a material uplift in realized PRE
• Strong growth in investment portfolio revenues: Revenues from the investment portfolio increased by 42% year-over-year to €111m, driven by Tikehau Capital strategies, despite unfavorable foreign exchange effects (€(39)m in H1 2025)
• Significant acceleration in profit generation: Net profit before tax and Net profit, Group share rose by 55% and 50% year-over-year, respectively

Tikehau Capital has established leading positions in key long-term megatrends, including Private Debt, Decarbonization, Aerospace Defense and Cybersecurity, driven by a high-conviction investment approach and a differentiated positioning in the European mid-market.

The Group expects to accelerate both revenues and FRE generation in the second half of the year, while maintaining cost discipline.

Antoine Flamarion and Mathieu Chabran, co-founders of Tikehau Capital, said:

"Our strong performance in the first half of 2025 demonstrates the resilience of our diversified platform and the disciplined execution of our strategy. We maintained robust momentum across all our investment strategies, increasingly deploying capital into larger-scale, cross-border transactions in high-conviction sectors, while achieving record fundraising from a broader and more global client base.

We are particularly pleased with the solid returns delivered to our investor-clients and the significant increase in profitability across both our Asset Management business and our investment portfolio. These achievements highlight the scalability of our business model, the commitment of our teams, and the continued trust placed in us by our investors.

With nine offices across Europe and eight more located across the Americas, Asia, and the Middle East, our differentiated positioning supports us to originate innovative, high-quality investments while offering global investors privileged access to European opportunities. Looking ahead, we are confident in our ability to deliver sustainable value for all stakeholders, guided by client needs and anchored in long-term structural megatrends."

Key operating metrics

	Q2			Half-year		YoY change
In €bn, AM perimeter	2024	2025		2024	2025
Capital deployment	1.9	1.1		2.8	2.9	+2%
Realizations	0.6	0.7		0.9	1.5	+68%
Net new money (NNM)	1.9	2.3		3.4	4.0	+18%

		H1 2024	H1 2025		YoY change
AuM5	€bn	45.6	51.0		+12%
Fee-paying AuM	€bn	37.2	40.8		+10%
Management fees and others	€m	155.9	168.5		+8%
Asset Management revenues	€m	161.0	181.9		+13%
Core Fee-Related earnings (FRE)	€m	55.7	60.0		+8%
Fee-related earnings (FRE)	€m	46.3	50.3		+9%
Asset Management EBIT	€m	51.4	63.7		+24%
Investment portfolio	€m	4,017	4,412		+10%
Net result, Group share	€m	57.5	86.5		+50%
Shareholders' equity, Group share	€m	3,127	3,093		(1%)

Company presentation

A presentation for investors and analysts will be held at 6:15pm CEST 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 October 2025	Q3 2025 announcement (after market close)
19 February 2026	FY 2025 results (before market open) Management presentation to be held
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
22 October 2026	Q3 2026 announcement (after market close)

The Tikehau Capital Supervisory Board met on 29 July 2025 to review the consolidated financial statements⁶ as of 30 June 2025.

OPERATING REVIEW

• Dynamic capital deployment, leveraging the firm's solid sourcing capabilities with larger and more global transactions, while remaining particularly selective

Deployment of Tikehau Capital's closed-end funds reached €2.9bn in H1 2025 and €5.7bn over the last twelve months. The Group maintained a disciplined investment approach, as evidenced by a selectivity rate⁷ of 99%, surpassing previous highs.

Fund deployment (€m)	Q2 2024	Q2 2025	H1 2024	H1 2025
Credit	1,627	625	2,198	1,875
Real Assets	100	423	356	614
Private Equity	220	68	277	389
Total Fund deployment	1,947	1,115	2,831	2,878

Tikehau Capital's Credit strategies deployed €1.9bn, accounting for 65% of H1 2025 deployment:

• For Direct Lending strategies, deal flow remained active in the first half, driven by Tikehau Capital's pioneering position in the European market. The firm focused on supporting portfolio companies through add-on financings and follow-on transactions, while maintaining a disciplined approach to capital deployment. Leverage levels were carefully managed, and documentation standards remained stringent. In addition, the firm continued to take advantage of its multi-local platform to diversify investments across geographies. The first half was notably marked by Tikehau Capital's first investment in the Asia Pacific region through its partnership with UOB-Kay Hian as well as investments in Spain, Belgium and Italy, leveraging the strength of its global deal-sourcing capabilities to access high-quality opportunities beyond its home market.
• The firm maintained an opportunistic stance on new CLO issuances and remained highly focused on resetting older vintages to capture more attractive financing terms and enhance returns.
• For Special Opportunities strategies, Tikehau Capital continued to diversify its investments geographically. In Q2, the firm executed a real estate financing transaction in the United States, following an investment in Norway in Q1 2025.

Tikehau Capital's Real Assets strategies deployed €0.6bn, accounting for 21% of H1 2025 deployment:

• The real estate investment landscape is showing early signs of recovery, with larger transactions beginning to emerge, suggesting a potential inflection point in the market.
• The firm's robust origination capabilities enabled it to source compelling off-market investment opportunities across geographies.
• In this context, Tikehau Capital continued to capitalize on its pan-European platform and local expertise across France, Germany, Spain, Portugal, and Italy. The firm maintained a disciplined investment approach, targeting high-quality and well-located assets, with a conservative use of leverage.
• In the second quarter, the firm notably completed the acquisition of one of the largest shopping malls in the Netherlands, located in Zoetermeer (€150m).

Tikehau Capital's Private Equity strategies deployed €0.4bn, accounting for 14% of H1 2025 deployment:

• The first half of the year was marked by investments across geographies, capitalizing on the Group's multilocal platform. This included transactions across Germany (TTSP⁸ and FTAPI⁹) and Spain (Juan Navarro García¹⁰

• The Group also sourced larger-scale transactions that should materialize in the second half of the year in Belgium (first investment of the second vintage of Aerospace Defense strategy in ScioTeq¹¹) and in Spain (EYSA¹² for the decarbonization strategy). These transactions offer more co-investment opportunities, reflecting both increased market conviction and the depth of the Group's sourcing capabilities.

• These investments underscore Tikehau Capital's conviction-led approach across dedicated verticals such as decarbonization, aerospace defense, and cybersecurity, areas where the firm has built strong positions and continues to identify as long-term structural themes.

Looking ahead, Tikehau Capital benefits from a promising pipeline of deployment opportunities across all asset classes. As of 30 June 2025, Tikehau Capital had €7.8bn of dry powder¹³ (compared to €7.0bn as of 31 December 2024), supporting the funds managed by the firm to capture attractive investment opportunities.

Examples of deployments

Credit

• Tikehau Capital arranged a €216m Unitranche (of which €130m drawn at closing) to Groupe Carso, the second-largest player in the French public safety testing and analytical services market, behind Eurofins.
• Tikehau Capital acted as lead arranger for a €60m PIK Facility to support the acquisition of Alvest by PAI and ADIA. Founded in 1897 and headquartered in France, Alvest is the world leader in aviation and airport ground support equipment, providing innovative and sustainable solutions to the aviation industry.
• The second quarter was also marked by the first Real Estate Debt deal in the US for Tikehau Capital, with the closing of a $35m mezzanine facility for a project in New York. The project will consist of two Class A mixed-use towers providing 971 residential units, alongside ~96k net square feet of retail space and 49 parking spaces.

Real Assets

• In June 2025, Sofidy partnered with Werldhave through a club-deal to acquire the Stadshart Zoetermeer shopping centerand associated parking garages in Zoetermeer, the Netherlands, from Unibail-Rodamco-Westfield. The total transaction value amounts to €150m, with Sofidy contributing 85% of the equity stake and Wereldhave 15%.
• In May 2025, the second vintage of Tikehau Capital's European real estate value-add strategy, completed the off-market acquisition of an office asset in central Frankfurt (€19m) to be redeveloped into 172 serviced apartments under a 20-year lease contract.

Private Equity

• In March 2025, Tikehau Capital finalized the acquisition of a controlling stake in Juan Navarro García (JNG), a Spanish leading processor and distributor of paprika and oleoresins, internationally recognized for its product quality, safety and traceability, for c. €45m. This marks the second investment for Tikehau Capital's Private Equity strategy dedicated to Regenerative Agriculture.
• In February 2025, Tikehau Capital, through its private equity cybersecurity strategy and alongside Armira Growth, announced a €65m investment in FTAPI, a German provider of secure data exchange solutions.
• In January 2025, Tikehau Capital's flagship Private Equity decarbonization strategy had signed a majority investment of approximately €150m in TTSP HWP, a German technical advisor providing engineering, design and project management services for the development of large and complex data centers.

• Realizations within Tikehau Capital funds amounted to €1.5bn in H1 2025, with a robust contribution from Credit strategies

In the first half of 2025, realizations within Tikehau Capital's closed-ended funds amounted to €1.5bn, bringing realizations over the last twelve months to €2.7bn. In H1 2025, Credit strategies accounted for 83% of total exit, followed by Real Assets at 15% and Private Equity at 2%.

The Group's investment teams have remained actively engaged in enhancing operational performance across portfolio companies and assets, positioning themselves to capitalize on attractive exit opportunities.

Realizations (€m)	Q2 2024	Q2 2025	H1 2024	H1 2025
Credit	481	541	669	1,203
Real Assets	104	149	191	222
Private Equity	3	28	4	31
Total realizations	587	718	864	1,455

Within Credit strategies, realizations in the first half were primarily driven by Direct Lending, Corporate Lending and Tactical Strategies, corresponding to financing repayments as well as activity on the CLO platform, including the liquidation of European CLO I.

In Real Assets strategies, Tikehau Capital continued to strategically carry out disposals of granular assets, including retail parks, residential assets across Iberia and individual sales of light industrial assets in France, further optimizing its portfolio.

In Private Equity strategies, the pipeline of planned exits remains healthy, with additional realizations expected in the coming quarters.

Examples of realizations in Credit

The first semester was notably marked by:

• The repayment of a ~€110m Unitranche to APEM, a UK specialist environmental consultancy offering environmental impact assessments, surveys, and consultancy services to the Renewable Energy, Marine, and Water Infrastructure verticals, operating across both the United Kingdom and Australia.
• The repayment of a €76m Unitranche to AtlanticGeo (formerly Terratest's subsidiary in the US), a Spanish global geotechnical engineering and foundations solutions provider.

• Net new money reached €4.0bn in H1 2025, a historical high for a six-month period

Gross and net inflows reached record levels for a six-month period, reaching €5.2bn and €4.0bn (+20% compared to H1 2024) respectively in H1 2025 bringing gross and net inflows over the last twelve months to €10.1bn and €7.7bn respectively. The first half of 2025 was marked by record inflows in Private Equity, amounting to €1.3bn. Over the past three years, Private Equity AuM have doubled, reaching €7.8bn as of 30 June 2025.

This performance reflects the firm's robust commercial activity, driven by its multi-local and diversified platform and performance track-record. It also illustrates the Group's ability to deepen relationships with existing clients, while continuing to onboard new investors.

Net New Money (€m)	Q2 2024	Q2 2025	H1 2024	H1 2025
Credit	1,406	871	2,258	2,015
Real Assets	(6)	288	132	496
Capital Markets Strategies	294	(8)	637	163
Private Equity	175	1,177	324	1,297
Total Net New Money	1,869	2,328	3,351	3,971

Tikehau Capital continued to broaden and globalize its client base in the first semester:

• Approximately 80% of net inflows¹⁴came from international investors¹⁵, led bystrong momentum in the United States, United Kingdom, Luxembourg, Spain, United Arab Emirates, Japan and Israel. AuM from international clients reached €22.8bn as of 30 June 2025 (+20% vs. H1 2024);
• Private investors accounted for 31% of net inflows¹⁶, supported by continued successful fundraising for the Group's Private Debt unit-linked products (raising approximately €150m in H1 2025, attracting c. €1.5bn since inception) and Opale Capital (c.€100m in inflows in H1 2025). AuM from private clients reached €15.7bn as of 30 June 2025 (+15% vs. H1 2024).

Investor demand from Asia continued to grow, particularly for the Group's credit strategies. In H1 2025, Asian investors accounted for approximately 15% to 30% of commitments in the Group's Direct Lending and Credit Secondaries strategies.

In the first half of the year, Tikehau Capital broadened its offering to private clients to further capture opportunities in the growing private wealth segment. The firm launched its first semi-liquid Private Debt fund, Tikehau European Private Credit¹⁷, and a private equity fund dedicated to European defense and security (Tikehau Défense et Sécurité)¹⁸. The latter is available as a unit-linked product within the life insurance and retirement savings policies of Société Générale Assurances, CNP Assurances, and CARAC Group.

In H1 2025, net new money was driven by the following developments:

• Additional fundraising for the sixth vintage of Tikehau Capital's Direct Lending strategy, reaching approximately €3.5bn of AuM¹⁹ as of 30 June 2025;
• Ongoing fundraising for the second vintage of the Group's Credit Secondaries strategy, driven by strong momentum from Latin American and Asian investors;
• Continued momentum for the firm's CLO business in Europe and in the US,with a total of €8.5bn of AuM as of 30 June 2025, up +3% since 31 December 2024. As of 30 June 2025, the Group has 4 CLO warehouses open, positioning itself to remain nimble and capitalize of potentially dislocated markets;
• The final close of the firm's third vintage of Special Opportunities strategy, which raised a record level of €1.2bn²⁰, exceeding its initial target of €1 billion and nearly doubling the size of the previous vintage, demonstrating the increasing demand for flexible credit solutions;
• In Private Equity, the firm secured additional third-party inflows for its second vintages of Decarbonization and Aerospace Defense strategies as well as the fourth vintage of Cybersecurity strategy. The fundraising pipeline for these strategies remains healthy, with a growing interest from Asian investors in the Group's high-conviction thematic strategies. The second vintage of Decarbonization strategy reached €2.1bn in total commitments as of 30 June 2025. This amount includes the impact of the €1bn capital raise for the firm's portfolio company Egis²¹ through Tikehau Capital's first Private Equity continuation fund, supported by a consortium composed of Apollo S3, ADIA, and Neuberger Berman as co-lead investors;
• The successful and oversubscribed placement of IREIT's inaugural S$85m (~€60m) green notes. The proceeds will finance the first phase of the transformation of one of its German assets undergoing a repositioning project;

• Continued momentum for fixed income strategies within the Capital Markets Strategies. Funds have continued to deliver strong year-to-date performance, supported by a consistent five-year track record of outperformance relative to benchmarks. Positive momentum remains particularly strong in Spain, while a healthy pipeline of opportunities is building in Italy and Switzerland, supporting growth prospects for the coming quarters.

• Tikehau Capital's balance sheet investment portfolio amounted to €4.4bn as of 30 June 2025, compared to €4.0bn as of 31 December 2024. Over the first half, the main variations in the portfolio were the following:

• €730m of capital calls and investments, mainly driven by acquisition of shares in Schroders plc. The first half also included capital calls and investments across the Group's own Asset Management strategies (particularly in CLOs, Private Equity and Real Assets strategies) and co-investments alongside its strategies.
  In H1 2025, Tikehau Capital partnered with JC Flowers to co-invest in Enstar Group Limited, a leading global reinsurance group. This transaction builds on the strong relationship established between Tikehau Capital and JC Flowers since their first investment together in 2011. Over the years, the partnership has expanded through a combination of fund commitments and direct co-investments;

• €(209)m of exits, including returns of capital driven by the firm's CLOs and Credit Secondaries strategies;

• €38m of positive fair value changes reflecting revaluations in some Private Equity, Real Estate and CLOs strategies offsetting negative market effects on listed REITs;

• €(148)m of foreign exchange effects, mainly linked to €/$ and €/£.

• Tikehau Capital's investment portfolio as of 30 June 2025 was composed of

• €3.1bn (70% of total portfolio²²) of investments in the Asset Management strategies developed and managed by the Group, generating a substantial alignment of interests with its investor-clients;

• €1.3bn (30% of total portfolio) invested in ecosystem and direct investments, notably direct private equity investments, co-investments, investments in third-party funds or minority investments in asset managers, most of which aim at serving Tikehau Capital's Asset Management franchise globally.

STRENGHTENING OUR CLIMATE STRATEGY

In the first half of 2025, Tikehau Capital published its inaugural Sustainability Statement in accordance with the Corporate Sustainability Reporting Directive (CSRD), while continuing to integrate sustainability features across all its strategies:

• Private Equity: €1bn raised to support Egis, a leading global architectural, consulting, construction engineering, operations, and mobility services firm. With this transaction, the second vintage of Tikehau Capital's private equity strategy dedicated to decarbonization has surpassed €2 billion in capital raised, just one year after its first closing, reaching a size 1.5 time larger than its predecessor.
• Credit: Following the successful launch of two Private Debt funds dedicated to companies committed to decarbonization in line with the Paris Agreement and SBTi methodology, the investment team has already deployed capital across 17 companies, fully aligned with the funds' ambitious decarbonization objectives. More broadly, as of 30 June 2025, 40 portfolio companies have committed to define SBTi targets, of which 23 had their targets validated.
• Real Estate: At the end of an initial three-year cycle, the SRI (Socially Responsible Investment) labels for SCPI Sofidy Europe Invest and the OPCIs Sofidy Pierre Europe and Soliving have been renewed. Additionally, SCPI Sofidynamic, launched in 2024, has just been awarded the SRI label.
• Capital Markets Strategies: For liquid strategies, the Group continued to deploy its approach in a disciplined manner and further strengthened automation, while maintaining engagement with portfolio companies and exercising its voting rights. The group remains committed on its net zero targets and actively monitors its portfolio to ensure targets alignment across its liquid strategies.

As of 30 June 2025, Tikehau Capital manages €4.7bn in assets dedicated to climate and biodiversity, putting the Group firmly on track to reach its €5bn target by end-2025. Building on this momentum, the Group aims to further accelerate climate investments by scaling low-carbon solutions (electrification, renewables, efficiency) and strengthening resilience through infrastructure upgrades and real estate adaptation.

FINANCIAL REVIEW

• 13% growth in Asset Management revenues driven by Fee-Paying AuM growth, resilient fee margin and performance-related revenues growth

• Fee-paying AuM amounted to €40.8bn as of 30 June 2025, up 10% year-over-year. This growth was notably driven by Private Debt funds which have been dynamic in both fundraising and deployment across Direct Lending, CLOs and Credit Secondaries strategies, as well as inflows for Private Equity funds and Capital Markets Strategies.
• Future fee-paying AuM grew 24% year-over-year to €5.4bn as of 30 June 2025, notably driven solid fundraising in Direct Lending strategies, which charge management fees on invested capital as well as the continuation fund linked to Egis and the launch of the unit-linked product dedicated to European defense and security, which will begin to generate fees in the course of H2 2025.
• Non-fee-paying AuM increased 20% year-over-year to €4.8bn as of 30 June 2025, reflecting revaluations of funds in their post-investment period, leverage for some Real Estate funds and a portion of the continuation fund linked to Egis.

• Management fees and other revenues²³ reached €169m in H1 2025, up 8% compared to H1 2024. Management fees and other revenues represented 93% of Asset management revenues in H1 2025.

• Average management fee rate was resilient and stood at 0.90% in H1 2025 (vs. 0.88% in H1 2024). Its evolution reflects the fundraising mix as well as calendar effects on high fee-generating strategies.

• Performance-related revenues amounted to €13m in H1 2025, mainly coming from the third vintage of Direct Lending strategy, co-investment vehicles linked to Egis and Capital Markets Strategies' fixed income funds.
  Performance-related revenues represent a significant value-creation driver embedded in Tikehau Capital's operating model with €24bn of AuM eligible to carried interest as of 30 June 2025, representing a 17% year-over-year growth. This profit engine is not yet crystallized in its financial statements, given the firm's conservative accounting policy. Unrealized performance-related revenues for Tikehau Capital, provisioned within the Group's funds stand at approximately €215m²⁴ at 31 March 2025. This amount only reflects a portion of the long-term value creation potential linked to this type of revenues and will increase as the funds approach maturity and crystallize their performance.

• As a result, totalAsset Management revenues reached a total of €182m in H1 2025, a 13% growth compared to H1 2024.

• Solid growth in Asset Management profitability with AM EBIT increasing by 24% YoY

• Asset management operating expenses²⁵remained under controlamounting to €109m in H1 2025, up +8% compared to H1 2024 and +3% compared to H2 2024. Personnel expenses accounted for c.70% of operating expenses. This reflects selective investments carried out by the firm in H1 2025 to strengthen its asset management teams and its multi-local platform as well as the launch of initiatives to support future growth, coupled with efficient cost management.

• Core Fee-Related Earnings²⁶ (Core FRE) amounted to €60m in H1 2025, compared to €56m in H1 2024, up 8%. Core FRE margin was resilient at 36% in H1 2025 (stable compared to H1 2024).

• Fee-Related earnings (FRE) stood at €50m in H1 2025, compared to €46m in H1 2024. FRE margin reached 30% stable compared to H1 2024.

• After taking into account €13m of Performance-related earnings (PRE), EBIT for the Asset Management business amounted to €64m in H1 2025, compared to €51m in H1 2024, representing a 24% growth and a 35% margin (compared to 32% as of 30 June 2024).

• Group portfolio revenues reached €111m in H1 2025, up 42% YoY, despite unfavorable foreign exchange effects

• Realized revenues reached €114m in H1 2025, driven by an 18% growth in dividends, coupons and distributions, mainly coming from Tikehau Capital's asset management strategies, accounting for c. 70% of total realized revenues. Listed investments, Private Debt and Real Assets strategies were the main contributors to realized revenues in H1 2025.

• Unrealized revenues stood at €(2)m in H1 2025, including €(39)m of negative FX impacts. They are composed of positive unrealized revenues notably from the firm's Private Equity strategies (mainly Aerospace Defense and Growth Equity) and ecosystem investments,as well as negative market effects on some Credit and Real Assets strategies and listed REITs.

• Net result, Group share reached €87m in H1 2025

• Group corporate expenses for H1 2025 amounted to €(37)m, a stable level compared to H1 2024.

• Financial result reached €(33)m in H1 2025, compared to €(21)m in H1 2024. This change is due to the refinancing transaction carried out during the first half of 2025, as well as market effects related to interest rate swap.

• After taking into account €10m of positive result from non-recurring and other items (mainly €/$ exchange rate effects), net result before tax reached €115m, up +55% year-over-year. After deducting a €(29)m tax expense and minority interests, net result, Group share reached €87m, up +50% compared to H1 2024

• A balance sheet generating a substantial skin in the game

• As of 30 June 2025, consolidated shareholders' equity, Group share reached €3.1bn and consolidated cash position reached €207m. The Group also has a €800m revolving credit facility, maturing in July 2028, drawn for €350m as of 30 June 2025.

• Gross financial debt as of 30 June 2025 increased to €2.1bn, with a gearing ratio²⁷ of 68%. During the first half of the year, Tikehau Capital announced the successful placement of a €500m senior unsecured bond issue with a fixed annual coupon of 4.250%. The strong investor demand, with an oversubscription of 2.8 times, reflects the Group's solid credit profile and investor confidence in a challenging market environment. The proceeds of this new issuance will be used for Tikehau Capital's general corporate purposes, and, an amount of €200m has been used to purchase its existing €500m 2.250% bonds issued in 2019 and maturing in 2026²⁸

• In Q2 2025, the financial ratings agencies Fitch Ratings and S&P Global Ratings both confirmed Tikehau Capital's Investment Grade credit rating (BBB-) with a stable outlook, confirming the strength of the firm's financial profile.

POST-CLOSING ACHIEVEMENTS

• Tikehau Capital recently concluded a flagship private credit transaction with the successful refinancing of Dedalus, a leading European healthcare IT provider. This deal marks the conclusion of a multi-year partnership that began in 2016, during which Tikehau Capital's balance sheet invested alongside its Direct Lending funds to support Dedalus' rapid growth and international expansion.
  Over the investment period, Dedalus' revenues grew sixfold, and the Group's €180 million financing package played a key role in supporting strategic acquisitions. The 2025 refinancing, arranged by KKR and ClearLake, generated strong returns and P&L for both the Group's Direct Lending funds and balance sheet, with 1.9x of Net MOIC and 14.2% of Net IRR. This transaction demonstrates the power of the Group's integrated investment approach and its ability to deliver value through disciplined, partnership-driven investing.

• On 28 July 2025, Eurogroup's main shareholder EMS and leading Asian private equity firm FountainVest announced a strategic alliance to accelerate the company's global growth. As part of this transaction, Tikehau Capital, Eurogroup's second largest shareholder, has agreed to sell its entire stake, held through its first vintage of Private Equity energy transition fund, to FountainVest at a significant premium, supporting the company's next phase of expansion. This follows Tikehau Capital's pivotal role in Eurgroup's journey since 2020, including its support during the company's successful IPO on Euronext Milan in 2023.
  The deal, expected to close in H1 2026, will result in a new majority shareholding structure and a subsequent tender offer to delist Eurogroup from Euronext Milan. Tikehau Capital is proud to have supported Eurogroup's transformation into a global leader in electrification and energy transition, and welcomes this new chapter for the company.

SHARE BUY-BACK

• Tikehau Capital announces that it has extended until 23 October 2025 (included), the date of the Group's Q3 2025 announcement, the share buy-back mandate, which was signed and announced on 19 March 2020 and extended until today.
• As of 30 July 2025, 6,221,828 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).

OUTLOOK

• Favorable structural tailwinds are expected to continue to support the expansion of private markets globally. In this context, Tikehau Capital is well positioned to navigate ongoing macroeconomic and geopolitical uncertainties, capitalizing on by its defensive portfolio construction, disciplined investment approach and compounding balance sheet.
• The Group's multi-local presence, thematic investment strategies and strong European footprint are proving increasingly relevant amid rising investor interest in the region.
• Tikehau Capital continues to view its balance sheet as a key asset, having driven the growth of its Asset Management platform. As the firm's well-established Asset Management strategies scale and capital is recycled, capital intensity in these strategies will decrease. Capital allocation will be increasingly rebalanced from these mature strategies toward scaling adjacencies, innovation, and ecosystem investments. Tikehau Capital will prioritize selective investments to generate complementary profits, enhance Return on Equity, and maintain strong alignment with clients.
• Looking ahead, Tikehau Capital anticipates an acceleration in both revenues and FRE generation in the second half of the year, while maintaining its disciplined approach to cost management.
• Tikehau Capital has set ambitious targets for 2026 that continue to define its strategic vision (generate €65bn of AuM, €250m of Fee-Relating Earnings and €500m of net income). While these goals remain central to its drive for excellence, they remain merely milestones in the Group's long-term growth journey, and their ultimate achievement will naturally depend on the evolving economic and geopolitical landscape.

ABOUT TIKEHAU CAPITAL

Tikehau Capital is a global alternative asset management Group with €51.0 billion of assets under management (as of 30 June 2025).

Tikehau Capital has developed a wide range of expertise across four asset classes (credit, real assets, private equity and capital markets strategies) as well as multi-asset and special opportunities strategies.

Tikehau Capital is a founder-led team with a differentiated business model, a strong balance sheet, proprietary global deal flow and a track record of backing high quality companies and executives.

Deeply rooted in the real economy, Tikehau Capital provides bespoke and innovative alternative financing solutions to companies it invests in and seeks to create long-term value for its investors, while generating positive impacts on society. Leveraging its strong equity base (€3.1 billion of shareholders' equity as of 30 June 2025), the Group invests its own capital alongside its investor-clients within each of its strategies.

Controlled by its managers alongside leading institutional partners, Tikehau Capital is guided by a strong entrepreneurial spirit and DNA, shared by its 735 employees (as of 30 June 2025) across its 17 offices in Europe, the Middle East, Asia and North America.

Tikehau Capital is listed in compartment A of the regulated Euronext Paris market (ISIN code: FR0013230612; Ticker: TKO.FP). For more information, please visit: www.tikehaucapital.com.

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

Assets under management

	AuM as of 30-06-2025		YoY change		QoQ change
In €m	Amount (€m)	Weight (%)	In %	In €m	In %	In €m
Credit	23,407	46%	+9%	+1,966	+0%	+95
Real Assets	13,841	27%	+5%	+647	+1%	+174
Capital Markets Strategies	5,994	12%	+11%	+570	+1%	+61
Private Equity	7,756	15%	+39%	+2,186	+16%	+1,082
AuM29	50,998	100%	+12%	+5,369	+3%	+1,412

LTM evolution, in €m	AuM as of 30-06-2024	Net new money	Distributions	Market effects	Change in scope	AuM as of 30-06-2025
Credit	21,442	+4,248	(2,155)	(127)		23,407
Real Assets	13,193	+925	(471)	+194		13,841
Capital Markets Strategies	5,424	+295	(2)	+292	(16)	5,994
Private Equity	5,570	+2,190	(123)	+119		7,756
AuM	45,629	+7,659	(2,751)	+477	(16)	50,998

YTD evolution, in €m	AuM as of 31-12-2024	Net new money	Distributions	Market effects	Change in scope	AuM as of 30-06-2025
Credit	23,208	+2,015	(1,593)	(222)		23,407
Real Assets	13,605	+496	(233)	(27)		13,841
Capital Markets Strategies	5,742	+163	(2)	+110	(19)	5,994
Private Equity	6,458	+1,297	(11)	+13		7,756
AuM	49,013	+3,971	(1,839)	(127)	(19)	50,998

Q2 evolution In €m	AuM as of 31-03-2025	Net new money	Distributions	Market effects	Change in scope	AuM as of 30-06-2025
Credit	23,312	+871	(573)	(203)		23,407
Real Assets	13,667	+288	(123)	+9		13,841
Capital Markets Strategies	5,933	(8)	(2)	+71		5,994
Private Equity	6,675	+1,177	(11)	(85)		7,756
AuM	49,586	+2,328	(709)	(208)		50,998

	AuM as of 30-06-2024	AuM as of 31-12-2024	AuM as of 30-06-2025	YTD change		YoY change
In €m				In %	In €m	In %	In €m
Fee-paying AuM	37,233	39,751	40,784	+3%	+1,033	+10%	+3,551
Future fee-paying AuM	4,388	4,917	5,420	+10%	+502	+24%	+1,032
Non-fee-paying AuM	4,009	4,344	4,795	+10%	+450	+20%	+786
AuM	45,629	49,013	50,998	+4%	+1,985	+12%	+5,369

Fee-paying assets under management

In €m	30-06-2024	30-06-2025
Credit	16,601	17,859
Real Assets	11,212	11,883
Capital Markets Strategies	5,417	5,987
Private Equity	4,002	5,056
Fee-paying AuM	37,233	40,784

Weighted average management fee rate (LTM)

In bps	30-06-2024	30-06-2025
Credit	80	78
Real Assets	88	85
Capital Markets Strategies	51	54
Private Equity	174	188
Management fees30	88	90
Performance-related fees	3	6
Total weighted average fee-rate31	92	95

Portfolio revenues breakdown

In €m	H1 2024	H1 2025
Tikehau Capital funds	18.1	66.8
Investments alongside Tikehau Capital funds	9.5	6.4
Tikehau Capital AM strategies	27.6	73.2
Ecosystem investments	51.5	46.4
Other direct investments	(1.1)	(8.4)
Ecosystem and direct investments	50.4	38.0
Total portfolio revenues	78.0	111.2

Portfolio revenues breakdown

In €m	H1 2024	H1 2025
Dividends, coupons and distributions	94.0	110.9
Realized change in fair value	1.3	2.6
Realized portfolio revenues	95.3	113.5
Unrealized portfolio revenues	(17.3)	(2.3)
Total portfolio revenues	78.0	111.2

Simplified consolidated P&L

	Published
In €m	H1 2024	H1 2025
Management fees other revenues32	155.9	168.5
Operating costs	(100.2)	(108.5)
Core Fee Related Earnings (FRE)33	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 Performance-related earnings (PRE)	5.1	13.4
Asset Management EBIT	51.4	63.7
AM EBIT margin	31.9%	35.0%
Group portfolio revenues34	78.0	111.2
of which Realized portfolio revenues	95.3	113.5
of which Unrealized portfolio revenues	(17.3)	(2.3)
Group corporate expenses	(36.4)	(36.5)
Financial interests	(20.9)	(33.3)
Non-recurring items and others35	2.5	10.2
Tax	(17.4)	(29.3)
Minority interests	0.3	0.4
Net result, Group share	57.5	86.5

Simplified consolidated balance sheet

	Published
In €m	31-Dec-2024	30-Jun-2025
Investment portfolio	4,001	4,412
Cash cash equivalents	337	207
Other current and non-current assets	859	884
Total assets	5,197	5,503
Shareholders' equity, Group share	3,245	3,093
Minority interests	4	7
Financial debt	1,641	2,107
Other current and non-current liabilities	306	297
Total liabilities	5,197	5,503
Gearing36	51%	68%
Undrawn credit facilities	650	450

¹ Figures have been rounded for presentation purposes, which in some cases may result in rounding differences.
² Core FRE correspond to Fee-related Earnings excluding expenses linked to share-based payment transactions (IFRS 2), but for the social charges linked to share-based compensation.
³ Third-party net inflows, excluding Sofidy. International LPs refer to non-French investors.
⁴ Third-party net inflows.
⁵ As of 30 June 2025, Tikehau Capital no longer includes Investment Activity AuM in its financial communication. Going forward, AuM will refer exclusively to Asset Management AuM. This change provides greater clarity and focus by centering disclosures exclusively on Asset Management AuM, which is the most relevant metric to reflect the firm's growth strategy in alternative asset management.
⁶ On 30 July 2025, the auditors issued their report on their review of the interim consolidated financial statements as of 30 June 2025.
⁷ Selectivity rate presented as total declined deals total screened deals.
⁸ Please refer to press release dated 28 January 2025.
⁹ Please refer to press release dated 4 February 2025.
¹⁰ Please refer to press release dated 10 March 2025.
¹¹ Please refer to press release dated 16 June 2025.
¹² Please refer to press release dated 20 May 2025.
¹³ Amounts available for investment at the level of the funds managed by the Group.
¹⁴ Third party net new money excluding Sofidy.
¹⁵ International investors refer to non-French investors.
¹⁶ Third-party net new money.
¹⁷ Please refer to press release dated 5 June 2025.
¹⁸ Please refer to press release dated 16 June 2025.
¹⁹ Including the flagship vehicle, bespoke mandates and side vehicles.
²⁰ Please refer to press release dated 18 February 2025.
²¹ Please refer to press release dated 7 July 2025.
²² Includes investments in funds managed by Tikehau Capital and co-investments alongside Tikehau Capital Asset Management strategies.
²³ Include management fees, subscription fees, arrangement fees structuring fees as well as incentive fees.
²⁴ Unrealized performance related revenues, share allocated to the listed firm.
²⁵ Excluding the non-cash impact of share-based compensation.
²⁶ Core FRE correspond to Fee-related Earnings excluding expenses linked to share-based payment transactions (IFRS 2), but for the social charges linked to share-based compensation.
²⁷ Gearing Total financial debt Shareholders' Equity, Group share.
²⁸ Please refer to press release dated 7 April 2025.
²⁹ As of 30 June 2025, Tikehau Capital no longer includes Investment Activity AuM in its financial communication. Going forward, AuM will refer exclusively to Asset Management AuM. This change provides greater clarity and focus by centering disclosures exclusively on Asset Management AuM, which is the most relevant metric to reflect the firm's growth strategy in alternative asset management.
³⁰ Corresponding to management fees, subscription fees and arrangement fees.
³¹ Implied fee rates are calculated based on average fee-paying AuM over the last 12 months.
³² Include management fees, subscription fees, arrangement fees structuring fees as well as incentive fees.
³³ Core FRE correspond to Fee-Related Earnings excluding expenses linked to share-based payment transactions (IFRS 2), but for the social charges linked to share-based compensation.
³⁴ Group portfolio revenues are broken down between €73.2m (€27.6m in H1 2024) generated from Tikehau Capital's asset management strategies and €38.0m (€50.4m in H1 2024) from ecosystem and other investments.
³⁵ Include net result from associates and non-recurring items, mainly foreign exchange impacts on financing activities, totaling +€8.5m on a net basis.
³⁶ Gearing Total financial debt Shareholders' Equity, Group share.

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Contacts:

Press Contacts

Tikehau Capital: Valérie Sueur [phone]
UK Prosek Partners: Philip Walters [phone]
USA Prosek Partners: Trevor Gibbons [phone]
[e-mail]

Shareholder and Investor Contacts

Louis Igonet [phone]
Théodora Xu [phone]
Julie Tomasi [phone]
[e-mail]