Press Release: Tikehau: Strong Increase in Asset Management Profitability with 32% Growth in Core FRE and Doubling of Net Result

Dow Jones
Jul 29
PARIS--(BUSINESS WIRE)--July 29, 2026-- 

Regulatory News:

Tikehau (Paris:TKO):

TIKEHAU ASSET MANAGEMENT: PROFITABILITY INFLECTION IS NOW VISIBLE

   --  13% y-o-y growth in management fees and other revenues1 to EUR190m2 in 
      H1 2026 driven by a 7% growth in Fee-Paying AuM vs. 30 June 2025 
 
   --  32% y-o-y growth in Core FRE to EUR80m driving Core FRE margin to 42% 
      (+6 points vs. H1 2025) 
 
   --  Asset Management EBIT of EUR78m (up 22% y-o-y), with an EBIT margin of 
      39% (+4 points) 
 
   --  EUR53.5bn of AuM, +5% y-o-y, implying 2016-26 CAGR of 21% 
 
   --  Broader diversification of client inflows across key markets with 60% 
      of net new money3 sourced from Germany, Israel, South Korea and the US 

BALANCE SHEET: VALUE CRYSTALLIZATION AND ENHANCED FINANCIAL FLEXIBILITY

   --  Active portfolio rotation with EUR637m of returns of capital and exits 
      in the first half 
 
   --  Portfolio revenues doubled y-o-y to EUR222m, driven by capital gains on 
      the disposal of the Schroders stake 
 
   --  EUR1.6bn of available resources4 as of 30 June 2026. Proforma for the 
      2026 bond redemption5, gross debt will decrease to EUR1.5bn (vs. EUR1.8bn 
      as of 30 June 2026) 
 
   --  BBB- rating with stable outlook reaffirmed by Fitch Ratings and S&P 
      Global Ratings 

STRONG INCREASE IN NET RESULT

   --  Net result, Group share, reached EUR165m, double the level of H1 2025 
 

OUTLOOK

   --  As in prior years, FRE generation is expected to be weighted toward the 
      second half of the year, with Private Equity fundraising potentially 
      reinforcing that pattern 
 
   --  The Group also has a healthy Private Equity and Real Estate exit 
      pipeline, supporting visibility on future value crystallization 

" In a volatile macroeconomic backdrop and a more selective private markets environment, we have continued to execute with discipline, with a focus on improving profitability. H1 2026 marks a clear step-up for Tikehau and a first step in our harvesting phase, as we increasingly look to translate the strength of our model into profitability and earnings.

We believe Tikehau is best understood by looking at its two value-creation engines separately and on a standalone basis: a fee-generating Asset Management franchise, now fully regrouped and operational, and a proprietary balance sheet that invests alongside our clients. This offers a clearer view of the recurring earnings power of our Asset Management platform, distinct from the returns generated by our own capital.

We look ahead with confidence, supported by a more streamlined model, a more robust balance sheet and our ability to turn execution into performance."

Antoine Flamarion and Mathieu Chabran -- co-founders of Tikehau

Tikehau Asset Management

Financial Table Not Included

Investment portfolio

Financial Table Not Included

Other Group items

Financial Table Not Included

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's website.

The Supervisory Board met on 28 July 2026 to review the consolidated financial statements(6) as of 30 June 2026.

1. Tikehau Asset Management

1.1. Operating highlights

1.1.1 Deployment

Financial Table Not Included

   --  EUR2.2bn deployed in H1 2026 (EUR7.0bn over the LTM) with an 
      acceleration in Q2 2026 (+15% vs. Q1 2026) 
 
   --  Credit: 
 
          --  Continued execution in a more selective Credit environment with 
             sustained add-on financing activity in Direct Lending, 
             contributing 50% of deployment in H1 2026. Investment activity 
             remained well diversified across geographies including France, 
             Italy, the Netherlands, and Spain 
 
          --  Lower CLO issuance in H1 2026 vs. H1 2025, reflecting the timing 
             of issuance and the firm's disciplined approach to deployment 
 
 
 
   --  Real Assets: 
 
          --  Active deployment momentum in a market environment still marked 
             by limited transaction activity. Investments were completed across 
             France, Germany and Spain, including the acquisition, alongside 
             co-investors, of a Spanish portfolio of 5,000 residential units 
             valued at EUR300m in Q2 2026 
 
          --  Continued focus on high-quality, well-located assets and 
             conservative use of leverage across geographies, particularly in 
             Core+ strategies offering an attractive average acquisition yield 
             of 9.6% 
 
 
 
   --  Private Equity: Three new investments in H1 2026, driven by a 
      conviction-led approach across dedicated verticals. Solid pipeline for H2 
      2026 with a few transactions already signed and expected to close in the 
      period 
 
   --  EUR7.2bn of dry powder7 as of 30 June 2026 (vs. EUR7.6bn as of 31 
      December 2025) 

1.1.2 Realizations

Financial Table Not Included

   --  EUR1.1bn in realizations in H1 2026 (EUR3.7bn over the LTM), with a 
      marked acceleration in Private Equity in the second quarter 
 
   --  Credit: 
 
          --  Direct Lending: mainly corresponding to financing repayments 
             (average gross MOIC of 1.2x8) 
 
          --  Special Opportunities: three exits carried out in H1 2026 at an 
             average gross MOIC of 1.2x 
 
 
 
   --  Real Assets: 
 
          --  Continued exit momentum in a selective market, driven by 
             disposals of granular assets, primarily in Iberia and France. 
             Exits in H1 2026 in Real Estate were carried out at an average 
             gross MOIC of 2.2x in Value-Add strategies and 1.2x in Core+ 
             strategies 
 
          --  Robust pipeline of identified exit opportunities 
 
 
 
   --  Private Equity: 
 
          --  Three exits at an average gross MOIC of 1.7x from the firm's 
             Cybersecurity, Aerospace and Defense and Growth Equity strategies 
 
 
          --  Healthy exit pipeline, supporting visibility on future value 
             crystallization 
 
 

1.1.3 Net new money

Financial Table Not Included

   --  EUR1.7bn raised in H1 2026 (EUR2.0bn across private markets strategies, 
      EUR5.7bn over the LTM), demonstrating resilient fundraising against a 
      high H1 2025 comparison base. H1 2025 had benefited from the EUR1bn 
      capital raise for portfolio company Egis through the firm's first Private 
      Equity continuation vehicle9 as well as fundraising for the flagship 
      Direct Lending and Secondaries strategies, whose main funds closed at the 
      end of 2025 
 
   --  Credit: 
 
          --  The sixth vintage of Direct Lending side vehicles raised a 
             further EUR230m in H1 2026, bringing the strategy's total size to 
             EUR5.2bn10, 60% larger than its predecessor, indicating strong 
             investor confidence in the firm's longstanding investment approach 
             across the European middle market 
 
          --  Warehouse of European CLO XVI in Q2 2026 (EUR200m) bringing 
             total net inflows from the CLO activity to EUR570m in H1 2026 
             compared to EUR1bn in H1 2025 
 
          --  The European semi-liquid fund continued to attract capital in H1 
             2026, reaching EUR181m of AuM as of 30 June 2026 
 
 
 
   --  Real Assets: Contributions from Value-Add and Core/Core+ strategies, 
      mainly driven by co-investment opportunities, including notably a Spanish 
      residential portfolio transaction and a prime office building acquisition 
      in the southern fringe of Paris completed through a 50/50 joint venture 
      with Batipart 
 
   --  Private Equity: Additional inflows for Decarbonization and Aerospace & 
      Defense flagship strategies, reaching EUR2.6bn and EUR0.7bn in AuM11 
      respectively as of 30 June 2026 
 
   --  Capital Markets Strategies: net positive inflows recorded in Q2 2026 
      driven by sustained investor demand for yield. Fund performance remained 
      solid across the entire product line 

1.1.4 Continued diversification of the client base

   --  Broader diversification of client inflows across key markets, with 60% 
      of third-party net new money coming from investors based in Germany, 
      Israel, South Korea and the US 
 
   --  AuM from private investors increased by 17% year-over-year to EUR18.4bn, 
      supported by continued demand for our private markets products. Private 
      investors accounted for 26% of H1 2026 third-party net inflows 

1.2. Financial review(12)

   --  Continued growth in Fee-Paying AuM supported a 13% growth in Management 
      fees and other revenues 
 
          --  Fee-Paying AuM amounted to EUR43bn as of 30 June 2026 (+7% 
             year-over-year), notably driven by net new money for Private 
             Equity strategies as well as fundraising and deployment across 
             Credit strategies 
 
          --  Management fees and other revenues13 reached EUR190m in H1 2026, 
             +13% compared to H1 2025, driven primarily by fundraising in 
             Private Equity, CLO activity and continued deployment of Direct 
             Lending and Special Opportunities strategies 
 
          --  Average management fee rate was resilient and stood at 0.90% in 
             H1 2026 (stable compared to H1 2025) 
 
          --  Performance related revenues amounted to EUR8m in H1 2026 
             compared to EUR13m in H1 2025, which provided a high comparison 
             base14. In H1 2026, they were mainly linked to the disposal of 
             assets from an Iberian residential portfolio, alongside smaller 
             contributions from legacy Private Equity and Credit vehicles 
             Performance-related revenues represent a significant 
             value-creation driver embedded in Tikehau's operating model with: 
             - EUR25bn of AuM eligible for carried interest as of 30 June 2026 
             (+5% year-over-year) - EUR207m15 of unrealized 
             performance-related revenues, provisioned within the Group's 
             funds. This amount is expected to increase as the relevant funds 
             approach maturity and crystallize their performance 
 
 
 
   --  Strong operating leverage with 32% growth in Core FRE 
 
          --  Asset Management operating expenses16 grew at a controlled pace 
             (+2%), to EUR(111)m in H1 2026, reflecting cost management 
             alongside targeted strategic hires 
 
          --  32% growth in Core FRE17 to EUR80m, with Core FRE margin 
             expanding to 42% in H1 2026 from 36% in H1 2025 
 
          --  39% growth in Fee-Related earnings (FRE) to EUR70m with FRE 
             margin reaching 37% (vs. 30% in H1 2025) 
 
          --  22% growth in Asset Management EBIT to EUR78m, with EBIT margin 
             at 39% (vs. 35% in H1 2025) 
 
 

This strong improvement in Asset Management profitability marks an important first step in Tikehau's harvesting phase and highlights the operating leverage embedded in the platform.

2. Towards a more streamlined organization

   --  Following the successful integration of its Real Estate activities into 
      a unified platform, and as part of its broader ambition to further 
      streamline its structure and focus on core activities, Tikehau has 
      entered into a separation agreement in respect of its partnership 
      interests in Duke Street, a London-based mid-market Private Equity 
      manager, with whom it had partnered since 2013, which will result in 
      Tikehau receiving a series of deferred consideration payments until March 
      2029. This divestment illustrates the Group's selective approach to 
      capital allocation and its commitment to concentrating resources on 
      scalable strategies that support the continued growth of its Asset 
      Management platform. 
 
   --  Tikehau also announced the disposal of an 80% stake in Homunity, its 
      Real Estate crowdfunding business, and in Opale Capital, its digital 
      platform providing investors with access to private markets. Since 
      acquiring Homunity in 2019 and supporting the launch of Opale Capital in 
      2022, Tikehau has helped both businesses reach profitability and scale. 
      With these platforms now firmly established, the Group has decided to 
      grant them greater autonomy while retaining its position as an anchor 
      shareholder. As of 30 June 2026, Homunity and Opale Capital represented 
      EUR1bn of AuM and a team of 40 employees. 

3. Investment activity

Investment portfolio: active portfolio rotation in H1 2026

   --  Tikehau investment portfolio fair value amounted to EUR4.0bn as of 30 
      June 2026 (vs. EUR4.4bn as of 31 December 2025). Over the first half, the 
      main variations in the portfolio were the following: 

- EUR261m of capital calls and investments, mainly in our Credit and Real Assets strategies and new ecosystem investments, notably one co-investment in a US cybersecurity and defense company

- EUR(637)m of returns of capital and exits, mainly linked to:

   --  The exit of Schroders, generating EUR369m of returns of capital. Over 
      the holding period, the investment delivered a 64% gross IRR and 1.65x 
      gross MOIC. This investment had been revalued by +EUR38m in prior periods 
      and these unrealized gains have been reversed on the H1 2026 P&L for the 
      same amount 
 
   --  The successful disposal to third-party investors of our balance sheet 
      co-investment in EYSA, initially made alongside our Decarbonization 
      strategy in Private Equity, demonstrating our ability to use our balance 
      sheet to execute co-investments and support the profitability of our 
      Asset Management platform 
 
   --  The exit of our investment in Augmentum for an amount of EUR9m 

- EUR(60)m of fair value changes on the remaining portfolio, reflecting:

   --  Positive revaluations for our Private Equity strategies and our 
      co-investment in a leading US radiology services provider 
 
   --  Negative fair value changes on some direct legacy and listed 
      investments, including our listed REIT in Singapore 

- EUR40m of positive foreign exchange effects, linked to the appreciation of the USD and GBP against the EUR. EUR10m were included in H1 2026 P&L and EUR30m in other comprehensive income

   --  Portfolio revenues doubled year-on-year to EUR222m, driven by active 
      portfolio rotation and value crystallization: 

- Realized revenues increased to EUR310m (vs. EUR114m in H1 2025) primarily driven by the EUR217m capital gain on the disposal of the Schroders stake, together with a resilient level of dividends, coupons and distributions, driven by Credit strategies (Direct Lending, CLO, and Credit Secondaries), Real Estate strategies, listed REITs and some ecosystem investments

- The reversal of unrealized gains recognized on our investment in Schroders amounted to EUR(38)m(18)

(-) Unrealized revenues on remaining portfolio amounted to EUR(50)m, reflecting the movements described above, and included EUR10m of positive currency effects

4. Group items

   --  Net result before tax doubled year-on-year to EUR230m in H1 2026 driven 
      by a significant increase in Asset Management profitability coupled with 
      active portfolio rotation 
 
   --  Net result, Group share, doubled year-on-year to EUR165m in H1 2026 
 
          --  Group corporate expenses decreased to EUR(35)m in H1 2026 (vs. 
             EUR(37)m in H1 2025) 
 
          --  Financial results of EUR(33)m in H1 2026, a stable level 
             compared to H1 2025 
 
          --  After EUR(2)m of non-recurring and other items and a EUR(66)m 
             tax expense, net result, Group share, came in at EUR165m in H1 
             2026, twice the level of H1 2025 
 
 
 
   --  A balance sheet generating substantial skin in the game 
 
          --  As of 30 June 2026, consolidated shareholders' equity, Group 
             share, reached EUR3.2bn and consolidated cash position reached 
             EUR0.5bn. In H1 2026, Tikehau fully reimbursed its Revolving 
             Credit Facility (RCF) renewed and upsized in December 2025 from 
             EUR800m to EUR1.15bn, following the disposal of the Group's stake 
             in Schroders 
 
          --  Gross financial debt as of 30 June 2026 reached EUR1.8bn, with a 
             gearing ratio19 of 55% 
 
 

5. Post-closing events

   --  In July 2026, Tikehau announced that it has decided to exercise its 
      pre-maturity call option20 with respect to all outstanding 2.25% bonds 
      due 14 October 2026 issued on 14 October 2019. Redemption will occur on 7 
      August 2026, reducing gross debt to EUR1.5bn, further streamlining the 
      Group's balance sheet and leaving no further debt maturities until 2029. 
 
 
   --  This proactive balance sheet management was further supported by S&P 
      Global Ratings and Fitch Ratings' reaffirmation in Q2 2026 and July 2026 
      of Tikehau's BBB- rating with a Stable outlook, reflecting the Group's 
      solid financial structure. 

6. Share buy-back

   --  In June 2026, Tikehau announced it has extended the share repurchase 
      mandate signed and announced on 19 March 2020 until 26 February 2027 
      (inclusive). 
 
   --  As of 29 July 2026, 7,342,339 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 Universal Registration 
      Document filed with the French Financial Markets Authority on 19 March 
      2026 under number D.26-0116) is available on the company's website in the 
      Regulated Information section. 

7. Outlook

   --  Tikehau Asset Management: 
 
          --  Tikehau enters the second half of 2026 with a more streamlined 
             organization and integrated operating model, supporting further 
             profitability and earnings growth. 
 
          --  As in previous years, FRE generation is expected to be more 
             weighted toward the second half of 2026, in line with the 
             seasonality observed in 2024 and 2025, potentially further 
             amplified by fundraising activity in Private Equity strategies. 
 
          --  The Group also benefits from a healthy Private Equity and Real 
             Estate exit pipeline, which provides additional visibility on 
             potential value crystallization going forward. 
 
 
 
   --  Balance sheet: 
 
          --  A EUR0.6bn year-on-year reduction in net debt, EUR1.6bn of 
             available resources and no debt maturing before 2029 give the 
             Group greater financial flexibility to support growth. 
 
 
 
   --  Taken together, these elements give the Group strong confidence in its 
      ability to accelerate profitability growth, supported by a selective 
      approach to AuM growth while continuing to deliver long-term value 
      creation. 

8. Appendix

Assets under management

Financial Table Not Included

Fee-Paying Assets under Management

Financial Table Not Included

Weighted average management fee rate $(LTM)$

Financial Table Not Included

Investment portfolio fair value breakdown (EURbn)

Graphic not included

Investment portfolio fair value evolution (EURm)

Graphic not included

Portfolio revenues breakdown (EURm)

Financial Table Not Included

Simplified consolidated P&L

Financial Table Not Included

Simplified consolidated balance sheet

Financial Table Not Included

Management and IFRS accounts reconciliation

Financial Table Not Included

Main P&L impacts

Financial Table Not Included

Main balance sheet impacts

Financial Table Not Included

Financial calendar

 
22 October 2026    Q3 2026 announcement (after market close) 
25 February 2027   FY 2026 results (before market open) -- Management 
                   presentation to be held 
22 April 2027      Q1 2027 announcement (after market close) 
28 April 2027      Annual General Meeting 
29 July 2027       2027 half-year results (after market close) -- Management 
                   presentation to be held 
21 October 2027    Q3 2027 announcement (after market close) 
 

About Tikehau

Tikehau is a global alternative asset management group managing EUR53.5 billion of assets (as of 30 June 2026). 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 (EUR3.2 billion as of 30 June 2026), Tikehau invests its own capital alongside its investor-clients. The Group is guided by a strong entrepreneurial spirit and DNA, shared by its 709 employees (as of 30 June 2026) 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 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's advisory activities in the US or with respect to US persons relate to Tikehau Capital North America.

(1) Include management fees, subscription fees, arrangement fees and structuring fees as well as incentive fees.

(2) The financial information is provided on the basis of Management Accounts, unless otherwise indicated. Figures have been rounded for presentation purposes, which in some cases may result in rounding differences.

(3) Third-party net new money.

(4) Including cash and cash equivalents and undrawn Revolving Credit Facility (RCF).

(5) Redemption will occur on 7 August 2026.

(6) On 29 July 2026, the auditors issued their report on their limited review of the consolidated financial statements as of 30 June 2026.

(7) Amounts available for investment at the level of the funds managed by the Group.

(8) All average gross MOIC data included in this press release refer to weighted average gross MOIC, unless otherwise mentioned.

(9) Please refer to press release dated 7 July 2025.

(10) Please refer to press release dated 23 July 2026.

(11) Including flagship vehicle, bespoke mandates and side vehicles.

(12) The financial information is provided on the basis of Management Accounts. Please refer to p.13 of this document related to Management and IFRS accounts reconciliation.

(13) Include management fees, subscription fees, arrangement fees and structuring fees as well as incentive fees.

(14) Including EUR7m of PRE linked to the contribution of Egis co-investment vehicles in H1 2025.

(15) Unrealized performance related revenues, share allocated to Tikehau, based on current portfolios performance, as of 31 March 2026 (last data available).

(16) Excluding the non-cash impact of share-based compensation.

(17) Core FRE correspond to FRE excluding expenses linked to share-based payment transactions (IFRS 2), but for the social charges linked to share-based compensation.

(18) Unrealized gains recognized before 1 January 2026.

(19) Gearing = Total financial debt / Shareholders' Equity, Group share.

(20) Please refer to press release dated 8 July 2026.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260729437033/en/

 
    CONTACT:    Shareholder and Investor Contacts 

Théodora Xu -- +33 1 40 06 18 56

Julie Tomasi -- +33 1 40 06 58 44

shareholders@tikehaucapital.com

Press Contacts

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

 
 

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