Tikehau Capital (TKO) H1 2025 earnings summary

Executive summary

• Achieved record gross inflows of €10.1bn over the last 12 months, with €5.2bn gross and €4.0bn net inflows in H1 2025, driving AuM to €51.0bn as of 30 June 2025, up 12% year-over-year, and reflecting strong investor confidence and global expansion.

• Net profit, Group share rose 50% year-over-year to €86.5m, supported by strong asset management and investment activity performance.

• Private Equity AuM doubled in three years, with €1.3bn raised in H1 2025 and a landmark €1bn Egis transaction, backed by major global investors.

• International clients contributed 80% of H1 2025 inflows, with non-domestic AuM up 20% year-over-year and 31% of AuM from private clients.

• Significant progress in sustainability, with AuM dedicated to climate and biodiversity up 42% year-over-year to €4.7bn.

Financial highlights

• Asset management revenues rose 13% year-over-year to €182m in H1 2025, driven by 8% growth in management fees and a stable 90 bps revenue margin.

• Asset management EBIT increased 24% year-over-year to €63.7m, with margin improvement to 35%.

• Net result, group share, reached €86.5m, up 50% year-over-year.

• Portfolio revenues increased 43% to €111m, despite negative forex effects.

• Financial debt rose to €2.1bn, mainly due to a new €500m bond issue in April 2025.

Outlook and guidance

• Expects acceleration in revenues and Fee-Related Earnings (FRE) in H2 2025, supported by resilient private markets and active capital rotation.

• Strategic targets for 2026: €65bn AuM, €250m FRE, and €500m net income, subject to macroeconomic and geopolitical developments.

• Focus on megatrends: decarbonization, defense, digitalization, and resilience, with higher government involvement and increased CAPEX.

• Plans to rebalance capital allocation toward scaling adjacencies, innovation, and ecosystem investments.

• Real estate platform positioned to capitalize on high-yield opportunities as market conditions improve.