Tikehau Capital Sca · EURONEXT:TKO
Tikehau Capital Sca — Tikehau Capital — Investor Presentation (November 2026)
79 slides from Tikehau Capital Sca's investor presentation, November 2026
Slide 1: Shareholder Presentation November 2026
SHAREHOLDER PRESENTATION NOVEMBER 2026
Slide 2: Agenda
1. Introduction to Tikehau 3 1. Introduction to Tikehau 3 Agenda 2. A large spectrum of expertise 11 2. A large spectrum of expertise 11 3. Accelerating growth in Asset Management 21 3. Accelerating growth in Asset Management 21 4. Granular Synergetic Investment Portfolio 30 4. Granular & Synergetic
Slide 3: 1. Introduction to Tikehau
1. INTRODUCTION TO TIKEHAU TIKEHAU CAPITAL SHAREHOLDER PRESENTATION 3
Slide 4: A global alternative asset manager with two distinct engines
A global alternative asset manager with two distinct engines Founded in IPO in €51.7bn €3.2bn 17 672 2004 March 2017 of AuM of shareholders’ equity(1) Offices Employees Complementary Solid equity base asset classes Supports Asset Recurring and predictable Principal Investor Management growth managem
Slide 5: Tikehau's key differentiators
Tikehau’s key differentiators Balance Sheet compounding growth Relevant cloud of strategic partnerships • €3.2bn(1) of shareholders’ equity (Group share) • Strong partnerships with leading industrial, distribution and • Investment Grade rating (BBB- from Fitch and S&P) financial players, as well as
Slide 6: Our differentiated value proposition
Our differentiated value proposition Broad and Culture of Focus on Consistent Deep Partnerships relevant continuous megatrend investment European DNA set of innovation and thematic discipline and expertise capabilities investing skin in the game TIKEHAU CAPITAL SHAREHOLDER PRESENTATION 6
Slide 7: A significant growth journey
A significant growth journey 2016-2026 CAGR 2016 2026 €52bn +20% x4 (1) +13% # Investment professionals 57 231 +55% x6 +24% # Sales professionals 8 74 x9 AuM €9bn +18% # of offices 5 17 +12 31/12/2016 30/09/2026 Credit Real Assets Private Equity Capital Markets Strategies As of 30 September 2026. (1
Slide 8: A solid track record of profitable growth
A solid track record of profitable growth Asset Management revenues Core Fee-Related Earnings(2) Returns to shareholders (1) +29% (1) +56% 380 148 0.80 0.40 0.50 41% Core FRE 0.80 7% 0.75 margin 0.70 39 0.60 3 €m €m 0.50 0.50 0.50 2016 2025 2016 2025 0.25 Management fee rate Shareholders’ Equity 201
Slide 9: Structural tailwinds for alternatives
Structural tailwinds for alternatives Alternative assets to represent 20% of global AuM by 2030… …but capturing 54% of global revenues CAGR CAGR $213Tn $657bn +8% +7% 20% CAGR CAGR $147Tn $463bn 54% +6% +8% 18% 50% $259bn $7Tn 14% 38% $38Tn $131bn 11% 29% 2005 2015 2025 2030 2005 2015 2025 2030 Alte
Slide 10: An increasingly global platform
An increasingly global platform 52 FTEs in North America 590 FTEs in Europe & Middle East 17 Offices globally 30 FTEs in Asia Amsterdam London Montreal Luxembourg 672 Brussels Seoul Frankfurt New York France Employees Tel Aviv Tokyo Milan Hong Kong Madrid Abu Dhabi Zurich Singapore 47 Nationalities
Slide 11: 2. A large spectrum of expertise
2. A LARGE SPECTRUM OF EXPERTISE TIKEHAU CAPITAL SHAREHOLDER PRESENTATION 11
Slide 12: Our conviction-based thematic investments
Our conviction-based thematic investments LONG-LASTING EXPERTISE IN MID-MARKET FINANCING ACROSS ASSET CLASSES AND STRATEGIES CREDIT CAPITAL MARKETS TACTICAL REAL ASSETS PRIVATE EQUITY PRIVATE DEBT STRATEGIES STRATEGIES • Special and hybrid capital • Asset transformation • Mid-market financing • Grow
Slide 13: A large spectrum of investment expertise
A large spectrum of investment expertise A COMPREHENSIVE OFFERING ACROSS ASSET CLASSES AND INVESTMENT VEH ICLES CAPITAL MARKETS Complementary vehicle types STRATEGIES CREDIT €6.0bn €24.1bn • Fixed Income • Direct & Corporate Lending Permanent capital • Equity • Credit Secondaries • CLOs / Leveraged
Slide 14: Early mover advantage on thematic investing
Early mover advantage on thematic investing Direct Decarboni- Cyber- Aerospace & Credit Regenerative Lending zation security Defense Secondaries Agriculture 2009 2018 2018 2020 2020 2022 Strategy launch year shown. TIKEHAU CAPITAL SHAREHOLDER PRESENTATION 14
Slide 15: What our investor-clients are looking for
What our investor-clients are looking for VALUE-ADD 22% YIELD Main performance driver Main performance drivers = = Capital gains Income €51.7bn AuM as of 30 Sept. 2026 • Targets mid-high teens gross • Targets mid-high single digit IRRs gross IRRs • Back-ended returns • Predictable & regular returns
Slide 16: Credit
Credit OVERVIEW OF THE CREDIT PLATFORM Platform overview and summary Key merits of the platform Breakdown of the platform Tikehau began investing in Private Credit in 2007 with the launch of its first Credit strategy. Tactical Strategies Credit Secondaries 8% In 2012, it established a dedicated Dire
Slide 17: Real Assets
Real Assets OVERVIEW OF THE REAL ASSETS PLATFORM Platform overview and summary Key merits of the platform Breakdown of the platform Tikehau started investing in Real Estate in 2004 initially using its own balance sheet, followed by club deals in 2014 before adding dedicated value-add funds REIT sinc
Slide 18: A granular and diversified Real Assets platform
A granular and diversified Real Assets platform • Diversified platform composed of granular small-sized assets in prime locations • • High-quality long-term tenants Embedded hedge against inflation (rent indexation) >12,000 32% €1.1bn • Prudent and targeted investment approach, while taking advantag
Slide 19: Private Equity
Private Equity OVERVIEW OF THE PRIVATE EQUIT Y PLATFORM Platform overview and summary Key merits of the platform Breakdown of the platform Tikehau began investing in Private Equity in 2013 with early investments made from its own balance sheet. Growth Equity Others 5% 1% In 2018, it broadened the Pr
Slide 20: Capital Markets Strategies
Capital Markets Strategies OVERVIEW OF THE CAPITAL MARKETS STRATEGIES PLATFORM Platform overview and summary Key merits of the platform Breakdown of the platform The investment platform is built on rigorous, in-depth fundamental research, supporting a deep understanding of every company we invest in
Slide 21: 3. Accelerating growth in Asset Management
3. ACCELERATING GROWTH IN ASSET MANAGEMENT TIKEHAU CAPITAL SHAREHOLDER PRESENTATION 21
Slide 22: Resilient transaction and commercial activity over the LTM
Resilient transaction and commercial activity over the LTM Deployment (€bn) Realizations (€bn) Net inflows (€bn) 7.1 3.9 7.5 5.7 2.8 5.0 LTM LTM LTM LTM LTM LTM as of 30/09/2025 as of 30/09/2026 as of 30/09/2025 as of 30/09/2026 as of 30/09/2025 as of 30/09/2026 Private Equity 4% Real Assets Private
Slide 23: Deployment: focused on larger and more global transactions
Deployment: focused on larger and more global transactions 98% • Continued conviction-led approach across dedicated verticals (Decarbonization, Aerospace & Defense, €7.6bn Cybersecurity, Regenerative Agriculture) • Successful completion of large-scale transactions across of exclusion rate Spain, Bel
Slide 24: Realizations: record year in Private Equity and Credit in 2025
Realizations: record year in Private Equity and Credit in 2025 Average gross MOIC for 2025 realized exits 2.6x €4.0bn In Private Equity • Acceleration in exits Private Equity • 5 exits in 2025, 18 since 2018 1.6x Real Assets • Strategic disposals of granular assets In Real Estate €2.1bn 1.6x Credit
Slide 25: Granular and diversified exposure by sector and geography
Granular and diversified exposure by sector and geography AuM breakdown by sector AM Assets breakdown by geography Other RoW North America 2% 12% Dry Powder Dry Powder 11% 14% 14% UK 6% €51.7bn €51.7bn AuM as of 30 Sept. 2026 AuM as of 30 Sept. 2026 Top 14 Real Estate Continental sectors 26% Europe
Slide 26: Attractive portfolio metrics with embedded downside protection
Attractive portfolio metrics with embedded downside protection Conviction-based Granular Conservative use Low entry investment approach portfolios of leverage multiples Direct Lending Private Equity(4) Real Estate 100% +14% Covenanted investments(1) LTM EBITDA growth >12,000 Units across Real Estate
Slide 27: Record level of fundraising in 2025
Record level of fundraising in 2025 • Final close for Cybersecurity IV, Regenerative Agriculture €8.0bn €10.5bn strategies Capital • Additional inflows for Decarbonization II, Aerospace & €7.0bn Markets Defense II and co-investments Strat. • Launch of a unit-linked product dedicated to European 2025
Slide 28: Continued diversification of our client base
Continued diversification of our client base AuM breakdown by nationality AuM breakdown by type of clients 1% 10% 9% 3% 9% Tikehau Tikehau France 13% AM, Banks, Instit. 31% Europe(1) HNWI, Retail, Private Banks North America €53.5bn €53.5bn AuM as of 30.06.26 43% Family Offices Asia & Middle East Au
Slide 29: Tikehau's sustainability milestones
Tikehau’s sustainability milestones A continuous improvement approach Where commitments meet results 2025-2026 New ESG-linked structure included in Revolving Credit Facility 5.8bn €18bn target set for cumulative deployment in impact and transition strategies by 2029 Surpassing the Tikehau’s € initia
Slide 30: 4. Granular & Synergetic Investment Portfolio
4. GRANULAR & SYNERGETIC INVESTMENT PORTFOLIO TIKEHAU CAPITAL SHAREHOLDER PRESENTATION 30
Slide 31: A sizeable and strategic investment portfolio
A sizeable and strategic investment portfolio Balance sheet investment portfolio fair value (€bn) LP interest in external funds 4.4 GP stakes 3.9 4.0 4.0 Listed investments 3.5 1.0 Ecosystem & Co-investments alongside external GPs and 25% direct investments funds 2.7 79% 74% 69% 2.3 2.4 79% 3.0 2.1
Slide 32: Strong alignment of interests
Tikehau strategies Ecosystem & direct investments Strong alignment of interests 3,964 3,964 193 Other direct investments Ecosystem and direct 986 investments 793 Ecosystem investments Alongside Tikehau’s Strategies (€95m) 114 Capital Markets Strategies Fixed income & equity European Core / Core+ rea
Slide 33: €4.3bn committed in our strategies since IPO
Tikehau strategies Ecosystem & direct investments €4.3bn committed in our strategies since IPO Support new fund launches and accelerate the scaling of established strategies FLAGSHIPS ADJACENCIES NEW INITIATIVES CLOs CO-INVESTMENTS Real Assets 17% Private Debt 29% Credit 15 6 24 €4.3bn 48% Private B
Slide 34: Facilitating co-investments and larger transactions alongside our funds
Tikehau strategies Ecosystem & direct investments Facilitating co-investments and larger transactions alongside our funds Co-investment alongside Vintage I Co-investment alongside Vintage II of Credit Secondaries (2022) Our balance sheet supports of Decarbonization (2025) co-investments ~$500m ~€370
Slide 35: Ecosystem and direct investments serving our global platform
Tikehau strategies Ecosystem & direct investments Ecosystem and direct investments serving our global platform 3,964 Ecosystem Invest as an LP to complement and Develop long-term strategic relationships and direct 986 consolidate expertise through GP stakes investments Co-invest alongside top-tier G
Slide 36: Rich and diversified ecosystem offering complementary exposure
Tikehau strategies Ecosystem & direct investments Rich and diversified ecosystem offering complementary exposure and sector expertise Investment type Geography coverage Sector coverage 56 GP relationships €1.4bn €1.4bn €1.4bn 60 Ecosystem & direct Ecosystem & direct Ecosystem & direct investments in
Slide 37: Case Study: Long-standing relationships with high-profile GPs
Tikehau strategies Ecosystem & direct investments Case Study: Long-standing relationships with high-profile GPs GP Sector Finance Healthcare First investment date 2011 2014 # co-investments 5 2 # LP interests 2 1 Realized co-investments (MOIC / IRR) 8.6x(1) / 2.0x(2) 2.3x / 27% 3.7x / 82% Showcased
Slide 38: Case Study: Our investment in Schroders generated significant value creation
Tikehau strategies Ecosystem & direct investments Case Study: Our investment in Schroders generated significant value creation € m586 € 239 m 1.65x 64% Total proceeds Total P&L Gross MOIC Gross IRR (incl. €179m in 2026) As of 13 February 2026. TIKEHAU CAPITAL SHAREHOLDER PRESENTATION 38
Slide 39: Our balance sheet: a strategic allocator to maximize value creation
Our balance sheet: a strategic allocator to maximize value creation Allocation framework Continued skin in the game with further selective commitments in our funds Improve Tikehau Focus on Value-Add strategies (Private Equity and Real Estate) portfolio strategies and credit deals with expected retur
Slide 40: Lower capital intensity in our funds, greater flexibility for co-investments
Lower capital intensity in our funds, greater flexibility for co- investments opportunities Breakdown of balance sheet net commitments in Tikehau’s strategies On average per year (in €m) 453 451 119 Co-investments alongside Tikehau funds 453 332 Tikehau funds €m 2018-2021 2022-2025 2026-2029 illustr
Slide 41: 5. Financials
5. FINANCIALS TIKEHAU CAPITAL SHAREHOLDER PRESENTATION 41
Slide 42: Simplified consolidated P&L
GROUP Simplified consolidated P&L €m H1 2025 H1 2026 % change Core FRE 60.0 79.5 +32% Core FRE margin 35.6% 41.7% +6pts Tikehau Asset Management FRE 50.3 69.9 +39% Strong increase in profitability driven by solid operating leverage coupled with FRE margin 29.9% 36.7% +7pts cost management AM EBIT 63
Slide 43: Tikehau Asset Management key metrics
TIKEHAU ASSET MANAGEMENT Tikehau Asset Management key metrics STRONG INCREASE IN PROFITABILITY IN H1 2026 +7% +13% +32% +22% Core FRE YoY growth AM EBIT YoY growth Fee-Paying AuM Management fees(1) YoY growth YoY growth 42% Core FRE margin 39% AM EBIT margin (1) Include management fees, subscription
Slide 44: Continued growth in Fee-Paying AuM supporting management fee generation
TIKEHAU ASSET MANAGEMENT Continued growth in Fee-Paying AuM supporting long-term management fee generation +7% growth in fee-paying AuM +13% growth in Management fees and others 53.5 198 51.0 AM revenues 182 8 Non fee-paying 13 5.5 Performance fees Future fee-paying 5.4 & carried interest 43.5 190 +
Slide 45: Marked increase in Asset Management profitability
TIKEHAU ASSET MANAGEMENT Marked increase in Asset Management profitability 32% yoy increase in Core FRE(1) 22% yoy increase in AM EBIT Core FRE AM EBIT 36% 42% 35% 39% margin margin 80 78 +22% +32% 64 60 €m €m H1 2025 H1 2026 H1 2025 H1 2026 (1) Core FRE correspond to Fee-Related Earnings excluding
Slide 46: Tikehau's approach to performance fees
TIKEHAU ASSET MANAGEMENT Tikehau’s approach to performance fees Shareholder-friendly Material mid-term Cautious P&L recognition allocation profitability driver 53% No negative ~€25bn of carried interest on closed-end funds revenue retained by Tikehau AuM eligible for carried interest as of 100% give
Slide 47: Performance-related earnings: profit driver ahead
TIKEHAU ASSET MANAGEMENT Performance-related earnings: profit driver ahead 5% yoy increase in AuM eligible to carried interest Our approach to carried interest Embedded performance related revenues(1) Shareholder-friendly ~€207m +5% 25.2 24.1 allocation Cautious P&L recognition As of 31 March 2026(2
Slide 48: Portfolio revenues doubled linked to active asset rotation
INVESTMENT ACTIVITY Portfolio revenues doubled linked to active asset rotation Realized revenues(1) Unrealized revenues of the remaining portfolio(2) 222 Realized revenues growth notably driven by the disposal of the Schroders stake generating x2 €217m 64% 1.65x 272 (1) 111 Capital gain Gross IRR Gr
Slide 49: Robust financial structure supporting our business model
GROUP Robust financial structure supporting our business model €m 30 June 2025 30 June 2026 Increased financial flexibility Investment portfolio 4,359 3,962 Cash & cash equivalents 167 460 Other current and non-current assets 914 906 €1.5bn No maturity Total assets 5,440 5,329 Short-term financial r
Slide 50: 6. Outlook
6. OUTLOOK TIKEHAU CAPITAL SHAREHOLDER PRESENTATION 50
Slide 51: Fundraising for our flagship strategies
Fundraising for our flagship strategies Completed Ongoing fundraising for Private Equity flagship strategies EUROPEAN DIRECT LENDING DECARBONIZATION AEROSPACE & DEFENSE >€3bn €1.4bn Above the target target €4-5bn target €5.2bn €3.3bn €2.7bn €830m €1.4bn €2.1bn €800m €610m Vintage III Vintage IV Vint
Slide 52: Maximizing value creation through our balance sheet
Maximizing value creation through our balance sheet Investment portfolio evolution Ecosystem & direct investments €4.4bn Capital allocation priorities Tikehau strategies Prioritize active capital rotation and capital recycling Investment Maintain alignment of interests while reducing capital intensi
Slide 53: More significant returns of capital should be delivered by 2029
More significant returns of capital should be delivered by 2029 ~€2bn New investments in our funds and ecosystem 1.2 Balance sheet optimization 0.4 Shareholder returns €bn 2018-2021 2022-2025 2026-2029 There is no guarantee that investment objectives will be achieved. Adverse economic, regulatory an
Slide 54: Two distinct and synergistic growing engines offering optionality
Two distinct and synergistic growing engines offering optionality Asset Management Principal Investing From buildout Compounding effect and to harvesting velocity focus Significant embedded value Greater focus Acceleration in operating leverage Enhanced selectivity Higher PRE contribution More strat
Slide 55: A new chapter focused on scalability and profitability
A new chapter focused on scalability and profitability 1 Cumulative net new money expected to exceed €34bn over 2026-2029 (+22% vs. €28bn raised 2022-2025) 2 Core FRE margin expected to reach between 45-50% by 2029 (vs. 41% in 2025) 3 Commitment to maintain Investment Grade rating 4 Commitment to di
Slide 56: Cumulative net new money to exceed €34bn over 2026-2029
We expect cumulative net new money to exceed €34bn over the next fundraising cycle (2026-2029) Growth drivers >€34bn • Scale existing funds • Selectively launch and grow adjacencies and new €28bn initiatives • Deepen institutional 2026-2029 relationships 2022-2025 • Broaden distribution channels to
Slide 57: Core FRE margin expected to reach between 45-50% by 2029
Core FRE margin expected to reach between 45-50% by 2029 Platform buildout Harvesting Growth drivers 45-50% • Enhanced business 41% mix 39% 39% 39% 35% 37% 29% 30% • Co-investments 22% • Stronger operating leverage • Disciplined cost 7% management 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 By
Slide 58: 7. Appendix
7. APPENDIX TIKEHAU CAPITAL SHAREHOLDER PRESENTATION 58
Slide 59: Capital structure
Capital structure Share capital ownership as of 30 June 2026 Other shareholders 1 Including Tikehau Capital Advisors(1) and other Management and free float entities(2) 26% 2 Shareholders which are also shareholders of Tikehau Capital 1 Advisors and / or part of a shareholders’ agreement with Managem
Slide 60: Tikehau's simplified organizational chart
Tikehau’s simplified organizational chart Founders & Management Strategic investors 69% 31% Tikehau Capital Advisors and Other shareholders other Management entities(1) (incl. free float) 56% 44% Tikehau Capital (TKO FP) As of 30 June 2026. (1) Other entities controlled by AF&Co, MCH and the Managem
Slide 61: Shareholder-friendly allocation of carried interest
Shareholder-friendly allocation of carried interest Tikehau Capital: Group’s parent company whose securities are listed on Tikehau Capital the regulated market of Euronext Paris. The purpose of the company is to 53.3% 26.7% invest directly or indirectly in the Group’s investment platforms Asset Mana
Slide 62: An active and accretive M&A strategy
An active and accretive M&A strategy SUCCESSFUL INTEGRATION OF PAST ACQUISITIONS What we look for in an acquisition 2020 AuM at acquisition AuM as of 30 Sept. 2026 International expansion €0.5bn €0.5bn Business mix rebalancing 2018 AuM at acquisition AuM as of 30 Sept. 2026 Entrepreneurial spirit &
Slide 63: Performance track record – Direct Lending
Performance track record – Direct Lending FUND (MASTER FUND) CURRENCY VINTAGE AuM (€M) FUND STATUS % INVESTED(1) % DIVESTED(2) NET DPI(3) GROSS IRR(4) GROSS MOIC(4) Tikehau Direct Lending IV EUR 2017 470 Post-investment 99% 70% 1.0x 9.6% 1.3x Tikehau Direct Lending V EUR 2020 1,619 Post-investment 9
Slide 64: Performance track record – Special Opportunities
Performance track record – Special Opportunities FUND (MASTER FUND) CURRENCY VINTAGE AuM (€M) FUND STATUS % INVESTED(1) % DIVESTED(2) NET DPI(3) GROSS IRR(4) GROSS MOIC(4) Tikehau Special Opportunities II EUR 2019 331 Post-investment 86% 45% 0.7x 7.4% 1.3x Tikehau Special Opportunities III EUR 2022
Slide 65: Performance track record – Private Debt Secondaries
Performance track record – Private Debt Secondaries FUND CURRENCY VINTAGE AuM ($M) FUND STATUS % INVESTED(1) % DIVESTED(2) NET DPI(3) GROSS IRR(4) GROSS MOIC(4) Debt Secondaries(5) USD 2020 181 Post-investment 71% 47% 0.7x 16.1% 1.3x Debt Secondaries II(5) USD 2023 946 Investment 47% 15% 0.2x 27.6%
Slide 66: Performance track record – Private Equity
Performance track record – Private Equity FUND (MASTER FUND) CURRENCY VINTAGE AuM (€M) FUND STATUS % INVESTED(1) % DIVESTED(2) NET DPI(3) GROSS IRR(4) GROSS MOIC(4) Decarbonization Vintage I(5) EUR 2019 860 Post- investment 93% 38% 0.4x 11.4% 1.5x Currently in Vintage II(5) EUR 2024 1,252 48% n.a n.
Slide 67: Performance track record – Real Assets (1/2)
Performance track record – Real Assets (1/2) FUND CURRENCY VINTAGE AuM (€M) FUND STATUS % INVESTED(1) % DIVESTED(2) NET DPI(3) GROSS IRR(4) GROSS MOIC(4) Core / Core + TREIC EUR 2015 204 Investment 80% 28%(7) 0.5x 5.8% 1.3x EUR 2017 147 Post- 100% 57%(7) 1.2x 9.1% 1.6x EDF – Sale & Leaseback II inve
Slide 68: Performance track record – Real Assets (2/2)
Performance track record – Real Assets (2/2) LAUNCH IRR ANNUAL GLOBAL FUND CURRENCY AuM (€M) FUND STATUS DISTRIBUTION RATE YEAR SINCE INCEPTION(1) PERFORMANCE Immorente EUR 1988 4,402 Evergreen 9.3% 5.0% 5.0% Efimmo 1 EUR 1987 1,803 Evergreen 8.6% 4.4% 4.4% Sofipierre EUR 1989 170 Evergreen 9.7% 6.0
Slide 69: CMS: Solid performance across the entire product line
CMS: Solid performance across the entire product line Performance recognition Enhanced international distribution Geographical focus in AuM as of Overall Rating(1) 30.09.26 United Kingdom Tikehau Short Duration €3,246m Tikehau Credit Court Terme €388m Switzerland Tikehau European High Yield €386m It
Slide 70: Fee-paying AuM and management fee rate by strategy
Fee-paying AuM and management fee rate by strategy Fee-Paying AuM breakdown €m 2020 2021 2022 2023 2024 2025 30 June 2025 30 June 2026 Real Assets 8,925 10,188 11,207 11,141 11,538 12,211 11,883 12,356 Credit 7,486 10,013 12,729 15,358 17,670 18,414 17,859 19,250 Capital Markets Strategies 4,184 5,1
Slide 71: Consolidated P&L and balance sheet
Consolidated P&L and balance sheet Simplified consolidated P&L Simplified consolidated balance sheet €m 2024 2025 €m 31 Dec. 2024 31 Dec. 2025 (1) Management fees & other revenues 337.1 358.3 Investment portfolio 4,001 4,359 Operating costs(2) (205.1) (210.7) Cash & cash equivalents 337 167 Core Fee
Slide 72: A €4.0bn growth-compounding investment portfolio
A €4.0bn growth-compounding investment portfolio 307 320 Number of investments +€503m €(846)m €4,359m Well-balanced exposure across Tikehau strategies €(97)m +€45m €3,964m Ecosystem & Capital Markets Strat. Other(1) 1,343 €0.1bn direct invest. 986 (3%) Of which €429m Including Mainly linked to FX ef
Slide 73: Financial indebtedness and amortization plan
Financial indebtedness and amortization plan 4.0 years of average debt maturity(1) 1,150 500 500 300 101 57 (2) 2026 2027 2028 2029 2030 2031 2032 2033 2034 (3) (4) (4) 2021 Sustainable Bond - €500m 2023 Sustainable Bond - €300m 2025 Bond - €500m RCF - €1.15bn USPP - 10 Y - $115m USPP - 12Y - $65m (
Slide 74: Strong Corporate Governance
Strong Corporate Governance A highly independent and experienced Supervisory Board Capital Allocation Committee Board composition Board Committees Role: assist the Managers in its 10 ▪ Audit & Risk Committee investment decisions and in Members monitoring the financial performance 3 members expected
Slide 75: Tikehau – Supervisory Board
Tikehau – Supervisory Board INDEPENDENCE, EXPERIENCE AND EXPERTISE Xavier MUSCA Roger CANIARD Fonds Stratégique de Participations, Sophie COULON-RENOUVEL Maximilien DE LIMBURG STIRUM Jean-Pierre DENIS Chairman of the Supervisory board Head of MACSF Financial represented by Florence LUSTMAN Director
Slide 76: Contacts
Contacts Shareholders and Investors contact Théodora XU Julie TOMASI Head of Investor Relations Investor Relations Officer [email protected] [email protected] +33 (0) 1 40 06 18 56 +33 (0) 1 40 06 58 44 Analyst coverage Autonomous CIC CIB Degroof Petercam Exane BNP Paribas Jefferies Od
Slide 77: Disclaimer
Disclaimer By viewing or receiving or reading this Presentation (as such term is defined herein) or attending any This Presentation contains forward looking statements about the Group and its subsidiaries. These meeting where this Presentation is made, you agree to be bound by the limitations, quali
Slide 78: Disclaimer
Disclaimer This Presentation includes certain pro forma financial information about the Group. This pro forma a revolving credit facility to be subsequently repaid with investor contributions. financial information has been prepared on the basis of historical financial statements of the Calculations
Slide 79: VO) caviita
VO) caviita
Tikehau Capital — Investor Presentation (November 2026) on 6ix