Slides
Page 1
H1 2026 RESULTS PRESENTATION 29 JULY 2026
Page 2
TIKEHAU CAPITAL H1 2026 RESULTS PRESENTATION Today’s Speakers Vincent Picot Group CFO 2 Antoine Flamarion Co-founder Henri Marcoux Deputy CEO
Page 3
Agenda Key highlights Key highlights Operating highlights Operating highlights Financial highlights Financial highlights Outlook Outlook QA Q&A Appendix Appendix 1. 1. 2. 2. 3. 3. 4. 4. 5. 5. 6. 6. 4 4 9 9 16 16 25 25 28 28 29 29
Page 4
TIKEHAU CAPITAL H1 2026 RESULTS PRESENTATION 1. KEY HIGHLIGHTS 4 Antoine Flamarion Co-founder
Page 5
TIKEHAU CAPITAL 5H1 2026 RESULTS PRESENTATION A challenging global environment, yet rich in opportunities Geopolitical developments contributed to market uncertainty Higher financing costs continued to support disciplined capital allocation by investors Private Credit backdrop driving emphasis on underwriting discipline and portfolio resilience Liquidity remained key, leading to increased scrutiny on fund structures Exit activity showed signs of improvement
Page 6
TIKEHAU CAPITAL 6H1 2026 RESULTS PRESENTATION H1 2026: A major first step in our harvesting phase STRONG INCREASE IN PROFITABILITY Continued operating momentum and client base expansion Active portfolio rotation and value crystallization Net result, Group share doubled year-over-year TIKEHAU ASSET MANAGEMENT INVESTMENT ACTIVITY Strong operating leverage with cost management
Page 7
TIKEHAU CAPITAL 7H1 2026 RESULTS PRESENTATION H1 2026 key figures TIKEHAU ASSET MANAGEMENT Strong increase in profitability INVESTMENT PORTFOLIO Strong value crystallization +32% Core FRE YoY growth 42% Core FRE margin +5% AuM growth over the LTM €53.5bn AuM as of 30 June 2026 +13% Management fees and other revenues(1) YoY growth €310m Realized revenues in H1 2026 x3 vs. H1 2025 €165m Net result, Group share The financial information is provided on the basis of Management Accounts. (1) Include management fees, subscription fees, arrangement & structuring fees as well as incentive fees. x2 vs. H1 2025 €222m Portfolio revenues in H1 2026 x2 vs. H1 2025 GROUP Doubling of net result
Page 8
TIKEHAU CAPITAL 8H1 2026 RESULTS PRESENTATION Two key takeaways for today • A more focused platform, now fully regrouped, operational and streamlined to better convert operating leverage into earnings growth • Continued franchise momentum with the successful closing of 6th vintage of Direct Lending strategy at €5.2bn (~60% larger vs. previous vintage) • A more selective approach to growth, focused on scalable and profitable initiatives Tikehau Asset Management: Profitability inflection is now visible1 • Active portfolio rotation and value crystallization • Enhanced financial flexibility, with €1.6bn of available resources and no debt maturing before 2029 • Solid credit profile, with BBB- stable outlook reaffirmed by S&P Global Ratings and Fitch Ratings Balance sheet: Value crystallization and greater financial flexibility2
Page 9
TIKEHAU CAPITAL H1 2026 RESULTS PRESENTATION 2. TIKEHAU ASSET MANAGEMENT OPERATING HIGHLIGHTS 9 Henri Marcoux Deputy CEO
Page 10
TIKEHAU CAPITAL 1.5 1.12.7 3.7 LTM as of 30/06/2025 LTM as of 30/06/2026 10H1 2026 RESULTS PRESENTATION Resilient transaction and commercial activity over the LTM €3.3bn Distributed to LPs over the LTM €8.6bn Gross inflows over the LTM 2.9 2.25.7 7.0 LTM as of 30/06/2025 LTM as of 30/06/2026 Deployment (€bn) Realizations (€bn) Net inflows (€bn) €7.2bn Dry powder as of 30.06.2026 H1 2025 H1 2026 H1 2025 H1 2026 4.0 1.7 7.7 5.7 LTM as of 30/06/2025 LTM as of 30/06/2026 H1 2025 H1 2026
Page 11
TIKEHAU CAPITAL 11H1 2026 RESULTS PRESENTATION Private Credit: Our platform remains resilient and selective 4.0x Average leverage at closing(2) 100% Covenanted investments(1) 0.08% Annualized realized loss rate(3) Deployment Exits 24 Full exits in H1 2026 €0.6bn realized 1.2x Special Opportunities strategies 43 Investments in H1 2026 €1.3bn deployed ~50% Deployed in add-on financings in Direct Lending strategies Data as of 30 June 2026 except otherwise mentioned. Past performance does not predict future returns. (1) In Direct Lending funds, for Tikehau IM arranged senior financings. (2) Metrics for Tikehau’s 6th vintage of Direct Lending strategy. (3) Figure refers to all Direct Lending funds since inception as of 31 March 2026 (last available data). (4) Figure refers to all Direct Lending and Corporate Lending funds. Prudent CLO issuance in a selective market Key metrics on portfolio quality 1.2x Direct Lending strategies Weighted average gross MOIC for realized exits in H1 2026 98% Rejection rate in H1 2026(4)
Page 12
TIKEHAU CAPITAL 12H1 2026 RESULTS PRESENTATION Real Estate: Dynamic transaction activity >9,000 Units across Real Estate platform 30% Average LTV(1) Deployment Exits Active co-investment activity 9.6% Core+ strategies average acquisition yield Data as of 30 June 2026. Past performance does not predict future returns. (1) Data as of 31 March 2026 (latest data available) across Tikehau’s Real Estate strategies. 2 deals representing an aggregate value of ~€400m Attractive acquisition terms Key metrics on portfolio quality €0.3bn Realized in H1 2026 2.2x Value-Add strategies Disposals of granular assets in Iberia and France €0.7bn Deployed in H1 2026 1.2x Core+ strategies Weighted average gross MOIC for exits in H1 2026
Page 13
TIKEHAU CAPITAL 13H1 2026 RESULTS PRESENTATION Private Equity: Continued value crystallization 3.8x Average leverage(1) 11.3x Average EV/EBITDA multiple at entry(1) Deployment Exits 3 Exits in H1 2026 €0.3bn realized 1.7x Average Gross MOIC on exits in H1 2026(2) 3 New investments in H1 2026 €0.3bn deployed Conviction-led approach across dedicated verticals with a focus on sourcing large-scale transactions offering co-investment opportunities Data as of 30 June 2026. Past performance does not predict future returns. (1) Data as of 31 March 2026 (latest data available). Across Tikehau’s Private Equity strategies. (2) Weighted average gross MOIC. Key metrics on portfolio quality Robust pipeline of identified exit opportunities
Page 14
TIKEHAU CAPITAL 14H1 2026 RESULTS PRESENTATION CMS: Solid performance across the entire product line Performance recognition AuM as of 30.06.26 Overall Rating(1) Tikehau Short Duration €3,210m Tikehau Credit Court Terme €392m Tikehau European High Yield €400m Tikehau Subfin Fund €436m Tikehau Listed Real Estate €119m Enhanced international distribution Geographical focus in United Kingdom Switzerland Italy Germany (1) Source: Morningstar, as of 30 June 2026. References to ratings/labels are not indicative of future fund performance. Further information on ratings is available on the Morningstar website.
Page 15
TIKEHAU CAPITAL 15H1 2026 RESULTS PRESENTATION Solid progress in fundraising for flagship strategies DECARBONIZATION AEROSPACE & DEFENSE Vintage I & Co-invest. Vintage II & Co-invest. €1.4bn >€3bn target Vintage I & Co-invest. Vintage II & Co-invest. €1.4bn target €2.6bn €700m €830m Fundraising period ending Q1 2027 Fundraising period ending Q4 2026 EUROPEAN DIRECT LENDING Completed Ongoing fundraising for Private Equity flagship strategies As of 30 June 2026. There is no guarantee that investment objectives will be achieved. Vintage III Vintage IV Vintage V Vintage VI €610m €2.1bn €3.3bn Above the €4-5bn target €5.2bn Final closing of the 6th vintage at €5.2bn in H1 2026 ~60% larger than its predecessor
Page 16
TIKEHAU CAPITAL H1 2026 RESULTS PRESENTATION 3. FINANCIAL HIGHLIGHTS 16 Vincent Picot Group CFO
Page 17
TIKEHAU CAPITAL 17H1 2026 RESULTS PRESENTATION Tikehau Asset Management key metrics +32% Core FRE YoY growth 42% Core FRE margin +13% Management fees YoY growth +7% Fee-Paying AuM YoY growth +22% AM EBIT YoY growth 39% AM EBIT margin STRONG INCREASE IN PROFITABILITY TIKEHAU ASSET MANAGEMENT
Page 18
TIKEHAU CAPITAL 18H1 2026 RESULTS PRESENTATION Continued growth in Fee-Paying AuM supporting long-term management fee generation 40.8 43.5 5.4 5.5 51.0 53.5 30 June 2025 30 June 2026 Fee-paying Future fee-paying Non fee-paying €bn +7% 169 190 13 8182 198 H1 2025 H1 2026 €m +13% +7% growth in fee-paying AuM +13% growth in Management fees and others Management fees and others(1) Performance fees & carried interest Past performance does not predict future returns. (1) Includes arrangement fees, structuring fees as well as incentive fees. 96% of H1 2026 AM revenues are management fees 90 bps Resilient average management fee rate AM revenues TIKEHAU ASSET MANAGEMENT
Page 19
TIKEHAU CAPITAL 19H1 2026 RESULTS PRESENTATION Marked increase in Asset Management profitability 60 80 H1 2025 H1 2026 36% 42%Core FRE margin (1) 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. €m +32% 32% yoy increase in Core FRE(1) 64 78 H1 2025 H1 2026 35% 39%AM EBIT margin €m +22% 22% yoy increase in AM EBIT TIKEHAU ASSET MANAGEMENT
Page 20
TIKEHAU CAPITAL 20H1 2026 RESULTS PRESENTATION Performance-related earnings: profit driver ahead TIKEHAU ASSET MANAGEMENT 24.1 25.2 30 June 2025 30 June 2026 +5% Shareholder-friendly allocation Cautious P&L recognition Mid-term profitability driver €bn 5% yoy increase in AuM eligible to carried interest Our approach to carried interest Embedded performance related revenues(1) Past performance does not predict future returns. (1) Unrealized performance related revenues, share allocated to Tikehau, based on current portfolios performance, as of 31 March 2026. (2) Latest data available. ~€207m As of 31 March 2026(2) ~€160m Maturing by 2029
Page 21
TIKEHAU CAPITAL 21H1 2026 RESULTS PRESENTATION A €4.0bn growth-compounding investment portfolio 3,017 4,005 2,995 1,343 967 31-Dec-2025 30-Jun-2026 +€261m Of which €218m invested in the Group’s AM strategies €(637)m Including the €369m returns of capital linked to the exit of Schroders +€40m Mainly linked to fair value changes related to some direct legacy and listed investments €m €4,359m €3,962m Investments Exits & Realizations Market effects (76%) (24%) €3.0bn Invested in Tikehau strategies Credit €1.2bn (40%) Capital Markets Strat. €44m (1%) Private Equity €0.9bn (29%) Real Assets €0.8bn (27%) Other(1) (3%) Past performance does not predict future returns. (1) Includes co-investments alongside Tikehau Asset Management strategies. Well-balanced exposure across Tikehau strategies 288 318 Number of investments Tikehau strategies Ecosystem & direct invest. €(60)m Mainly linked to the appreciation of the USD and GBP against EUR FX effects INVESTMENT ACTIVITY
Page 22
TIKEHAU CAPITAL 22H1 2026 RESULTS PRESENTATION Portfolio revenues doubled linked to active asset rotation Past performance does not predict future returns. (1) €310m of realized revenues net of the unrealized gains recognized before 1 January 2026 on Schroders (-€38m). (2) Excluding Schroders. (3) Total unrealized revenues including Schroders reversal amount to €(88)m. 114 272 (2) (50) 111 222 H1 2025 H1 2026 €m Realized revenues growth notably driven by the disposal of the Schroders stake generating €217m Capital gain 64% Gross IRR 1.65x Gross MOIC • Positive fair value changes for Private Equity strategies and our co -investment in a leading US radiology service provider • Negative fair value changes related to some direct legacy and listed investments • Favorable currency effects: €10m in H1 2026 (vs. negative €(39)m currency effects in H1 2025) INVESTMENT ACTIVITY Realized revenues(1) Unrealized revenues of the remaining portfolio(2) x2 (1) (3)
Page 23
TIKEHAU CAPITAL 23H1 2026 RESULTS PRESENTATION H1 2026 net result doubled year-over-year €m H1 2025 H1 2026 % change Core FRE 60.0 79.5 +32% Core FRE margin 35.6% 41.7% +6pts FRE 50.3 69.9 +39% FRE margin 29.9% 36.7% +7pts AM EBIT 63.7 77.9 +22% AM EBIT margin 35.0% 39.2% +4pts Investment portfolio revenues 111.2 222.2 +100% Corporate expenses (36.5) (35.2) (4)% Financial interests (33.3) (33.1) (1)% Non-recurring items and others 10.2 (1.5) n.m Net result before tax 115.3 230.2 +100% Tax (29.3) (66.3) n.m Minority interests 0.4 0.7 +62% Net result, Group share 86.5 164.7 +90% Doubling in net profit, driven by our two growth engines Tikehau Asset Management Strong increase in profitability driven by solid operating leverage coupled with cost management Investment portfolio Active portfolio rotation and value crystallization (incl. the disposal of the Schroders stake) GROUP
Page 24
TIKEHAU CAPITAL 24H1 2026 RESULTS PRESENTATION Robust financial structure supporting our business model Early redemption of 2026 bond to occur in August €1.6bn Short-term financial resources (1) Investment grade credit ratings BBB- / stable outlook BBB- / stable outlook confirmed in Q2 2026 confirmed in Q3 2026 Assets Liabilities Investment portfolio Cash & equivalents Other assets 4.0 0.5 0.9 3.2 1.8 0.4 Shareholders’ equity Financial Debt Other liabilities Simplified balance sheet as of 30 June 2026 Total 5.35.3 €bn GROUP Increased financial flexibility (1) Including cash and cash equivalents and undrawn Revolving Credit Facility (RCF).
Page 25
TIKEHAU CAPITAL H1 2026 RESULTS PRESENTATION 4. OUTLOOK 25 Antoine Flamarion Co-founder
Page 26
TIKEHAU CAPITAL 26H1 2026 RESULTS PRESENTATION Towards a more streamlined organization Real Estate activities successfully regrouped into one unified platform Disposal of 80% in Homunity and Opale to grant them greater autonomy Separation agreement signed with Duke Street (London-based mid-market private equity manager) Focus on core activities to drive Tikehau Asset Management growth
Page 27
TIKEHAU CAPITAL 27H1 2026 RESULTS PRESENTATION We enter the next stage of our development with confidence, focus and ambition A more streamlined organization and integrated operating model Healthy Private Equity and Real Estate exit pipeline €1.6bn of available resources(1) and no debt maturing before 2029 TIKEHAU ASSET MANAGEMENT BALANCE SHEET FRE generation is expected to be more weighted toward the second half of 2026 (1) Including cash and cash equivalents and undrawn Revolving Credit Facility (RCF).
Page 28
TIKEHAU CAPITAL H1 2026 RESULTS PRESENTATION 5. Q&A 28
Page 29
TIKEHAU CAPITAL H1 2026 RESULTS PRESENTATION 6. APPENDIX 29
Page 30
TIKEHAU CAPITAL 30H1 2026 RESULTS PRESENTATION A COMPREHENSIVE OFFERING ACROSS ASSET CLASSES AND INVESTMENT VEH ICLES A large spectrum of investment expertise €53.5bn AuM as of 30 June 2026 +5% YoY CREDIT €25.2bn • Direct & Corporate Lending • Credit Secondaries • CLOs / Leveraged Loans • Special Opportunities • Multi-Asset strategies • Digital Infrastructure • Real Estate Debt REAL ASSETS €14.3bn • European Core / Core+ real estate • European value-add real estate • US infrastructure CAPITAL MARKETS STRATEGIES €6.1bn • Fixed Income • Equity As of 30 June 2026. PRIVATE EQUITY €7.9bn • Growth Equity / Impact • Decarbonization • Regenerative Agriculture • Aerospace & Defense • Cybersecurity Complementary vehicle types Permanent capital Closed-end funds SMA & evergreen mandates Co-investment vehicles Open-ended funds
Page 31
TIKEHAU CAPITAL 31H1 2026 RESULTS PRESENTATION 9% 43% 25% 13% 10% €53.5bn AuM as of 30.06.26 Continued diversification of our client base AuM breakdown by nationality AuM breakdown by type of clients 9% 56% 31% 3% 1% Tikehau AM, Banks, Instit. HNWI, Retail, Private Banks Family Offices Other €53.5bn AuM as of 30.06.26 (1) Excluding France. Tikehau France Europe(1) North America Asia & Middle East RoW
Page 32
TIKEHAU CAPITAL 32H1 2026 RESULTS PRESENTATION Fee-paying AuM and management fee rate by strategy (1) Include management fees, subscription fees, arrangement fees and structuring fees as well as incentive fees. (2) Average fee rates are calculated based on average Fee-Paying AuM over the last twelve months. €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 5,124 4,078 4,644 5,732 6,158 5,987 6,084 Private Equity 2,650 3,040 3,403 3,805 4,811 5,312 5,056 5,789 Total Fee-Paying AuM 23,245 28,365 31,417 34,948 39,751 42,096 40,784 43,479 in bps 2020 2021 2022 2023 2024 2025 30 June 2025 30 June 2026 Real Assets 96 111 108 100 86 84 85 85 Credit 77 86 93 85 81 72 78 75 Capital Markets Strategies 60 53 45 50 56 55 54 56 Private Equity 189 203 160 163 178 189 188 192 Management fees¹ 92 102 98 94 90 88 90 90 Performance-related fees 3 7 4 3 4 5 6 4 Total weighted average fee-rate² 95 108 102 97 94 93 95 94 Fee-Paying AuM breakdown Average fee rate breakdown (LTM)
Page 33
TIKEHAU CAPITAL Simplified consolidated P&L Simplified consolidated balance sheet 33H1 2026 RESULTS PRESENTATION Simplified consolidated P&L and balance sheet (1) Include management fees, subscription fees, arrangement & structuring fees as well as incentive fees. (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) Group portfolio revenues are broken down between €10.8m (€73.2m in H1 2025) generated from Tikehau’s Asset Management strategies and €211.5m (€38.0m in H1 2025) from ecosystem and other direct investments. (4) In H1 2025, include net result from associates and non-recurring items, mainly foreign exchange impacts on financing activities, totaling +€8.5m on a net basis. (5) Gearing = Total financial debt / Shareholders’ Equity, Group share. Management Accounts in €m 30/06/2026 31/12/2025 Investment portfolio 3,962 4,359 Cash & cash equivalents 460 167 Other current and non-current assets 906 914 Total assets 5,329 5,440 Shareholders' equity, Group share 3,196 3,148 Minority interests 7 6 Total Group shareholders' equity 3,202 3,154 Financial debt 1,759 1,924 Other current and non-current liabilities 367 362 Total liabilities 5,329 5,440 Gearing ⁵ 55% 61% Undrawn committed facilities 1,150 1,000 Management Accounts in €m H1 2026 H1 2025 Management fees & other revenues¹ 190.4 168.5 Operating costs (111.0) (108.5) Core Fee Related Earnings (Core FRE) ² 79.5 60.0 Core FRE margin 41.7% 35.6% Share-based compensation (non-cash) (9.6) (9.7) Fee Related Earnings (FRE) 69.9 50.3 Realized Performance-related earnings (PRE) 7.9 13.4 Asset Management EBIT 77.9 63.7 AM EBIT margin 39.2% 35.0% Group portfolio revenues ³ 222.2 111.2 Group corporate expenses (35.2) (36.5) Financial interests (33.1) (33.3) Non-recurring items and others⁴ (1.5) 10.2 Net result before tax 230.2 115.3 Tax (66.3) (29.3) Minority interests 0.7 0.4 Net result, Group share 164.7 86.5
Page 34
TIKEHAU CAPITAL 34H1 2026 RESULTS PRESENTATION Portfolio revenues breakdown The financial information is provided on the basis of Management Accounts. in €m 30/06/2026 30/06/2025 Tikehau funds 6.1 66.8 Investments alongside Tikehau funds 4.6 6.4 Tikehau AM strategies 10.8 73.2 Ecosystem investments 229.4 46.4 Other direct investments (17.9) (8.4) Ecosystem and direct investments 211.5 38.0 Total portfolio revenues 222.2 111.2 in €m 30/06/2026 30/06/2025 Dividends, coupons and distributions 94.0 110.9 Realized change in fair value 215.9 2.6 Realized portfolio revenues 309.9 113.5 Unrealized portfolio revenues on remaining portfolio (excl. Schroders) (50.1) (2.3) Reversal of unrealized gains recognized on Schroders before 1 January 2026 (37.5) - Total portfolio revenues 222.2 111.2
Page 35
TIKEHAU CAPITAL 35H1 2026 RESULTS PRESENTATION Financial indebtedness and amortization plan 3.7 years of average debt maturity (1) (1) As of 30 June 2026 (2) Tikehau has decided to exercise its pre-maturity call option with respect to all outstanding 2.25% bonds due 14 October 2026 issued on 14 October 2019. The redemption date of the Bonds will occur on 7 August 2026. (3) The syndicated revolving credit facility, amounting to €1.15 billion, was signed on December 10, 2025, for a term of 5 years. It includes two one-year extension options, securing financing until at least 2030 (potentially 2032) 300 500 300 500 1,150 101 57 2026 2027 2028 2029 2030 2031 2032 2033 2034 2019 Bond - €500m 2021 Sustainable Bond - €500m 2023 Sustainable Bond - €300m 2025 Bond - €500m RCF - €1.15bn USPP - 10 Y - $115m USPP - 12Y - $65m (2) (3) (2)
Page 36
TIKEHAU CAPITAL 36H1 2026 RESULTS PRESENTATION Key Alignments and Differences between IFRS and Management Accounts (1) Below EBIT and portfolio revenues P&L items. Contribution from intermediary holdings Management Accounts IFRS Accounts Fee-Related Earnings (FRE) Fully aligned PRE Fully consolidated Fair valued via P&L (Unrealized portfolio revenues) Realized and unrealized portfolio revenues Fully consolidated Fair valued via P&L (Unrealized portfolio revenues) Other P&L items(1) Fully consolidated Fair valued via P&L (Unrealized portfolio revenues) FX effects on Investment portfolio Fair valued via Other Comprehensive Income Fair valued via P&L (Unrealized portfolio revenues) Assets and liabilities items Fully consolidated Fair valued in Investment Portfolio (Total Assets) Shareholders’ Equity – Group share Fully aligned BS items P&L items
Page 37
TIKEHAU CAPITAL 37H1 2026 RESULTS PRESENTATION Management to IFRS accounts – Reconciliation (1/2) P&L Main impact linked to FX effects on investment portfolio ⎯ Management Accounts: 100% recognized amongst Other Comprehensive Income (balance sheet item) ⎯ IFRS accounts: 100% recognized within P&L through unrealized portfolio revenues H1 2026 H1 2025 Manag. Manag. accounts accounts Fee-Related Earnings (FRE) 70 - - 70 50 - - 50 Performance-related earnings (PRE) 8 - - 8 13 (1) - 12 Asset Management EBIT 78 - - 78 64 (1) - 63 Realized portfolio revenues 310 - - 311 114 5 - 118 Unrealized portfolio revenues (88)¹ (10) 25 (73)¹ (2) (4) (107) (114) Portfolio revenues 222 (10) 25 238 111 - (107) 4 Corporate expenses (35) 2 - (33) (36) 8 - (29) Financial result (33) - - (33) (33) (1) - (35) Other non-recurring items and others (2) 1 - (1) 10 (2) - 8 Income tax (66) 6 (3) (63) (29) (4) 15 (18) Minority interests 1 - - 1 - (1) - - Net result, Group share 165 - 21 186 86 - (92) (6) Exchange differences (net of tax) 23 - (21) 2 (100) - 92 (8) Total Comprehensive income 187 - - 187 (14) - - (14) ¹ Including -€38m reversal of the unrealised gain recognized on Schroders before 1 January 2026. IFRS in €m Adj. FX effects IFRS Adj. FX effects H1 2026 H1 2025 Manag. Manag. accounts accounts Total portfolio revenues 237.5 222.2 4.1 111.2 of which: realized portfolio revenues 310.6 309.9 118.2 113.5 of which: unrealized portfolio revenues (73.0) (87.6) (114.1) (2.3) Net result, Group share 186.0 164.7 (5.9) 86.5 IFRS in €m IFRS
Page 38
TIKEHAU CAPITAL 38H1 2026 RESULTS PRESENTATION Management to IFRS accounts – Reconciliation (2/2) BALANCE SHEET No change in Group shareholders’ equity ⎯ P&L impact on net result fully compensated through Other Comprehensive Income Limited impact on total assets and liabilities ⎯ Non-elimination of intragroup positions June 2026 December 2025 Manag. Manag. accounts accounts Investment portfolio 3,962 (3) 3,960 4,359 - 4,360 Cash & cash equivalent 460 (20) 440 167 (4) 163 Other current & non-current assets 906 (8) 898 914 (47) 867 Total assets 5,329 (31) 5,298 5,440 (51) 5,389 Shareholders' equity - Group share 3,196 - 3,196 3,148 - 3,148 Minority interests 7 - 7 6 - 6 Shareholders' equity 3,202 - 3,202 3,154 - 3,154 Financial debt 1,759 - 1,759 1,924 - 1,924 Other current & non-current liabilities 367 (31) 336 362 (51) 311 Total liabilities & Shareholders' equity 5,329 (31) 5,298 5,440 (51) 5,389 in €m Adj. IFRS Adj. IFRS
Page 39
TIKEHAU CAPITAL 39H1 2026 RESULTS PRESENTATION Disclaimer By viewing or receiving or reading this Presentation (as such term is defined herein) or attending any meeting where this Presentation is made, you agree to be bound by the limitations, qualifications and restrictions set out below: The existence and content of the presentation that follows (the “Presentation”), regarding Tikehau Capital SCA (the “Company”) and the group to which it belongs (the “Group”), does not constitute and should not be construed as a contract or an offer to contract or a public or non-public, binding or non- binding, offer to sell or a solicitation of an offer to buy any securities, investment products, share of funds or other financial product or services in any jurisdiction. This Presentation is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, transmission, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. The information contained in this Presentation is of an indicative nature and has not been verified independently. No representation or warranty, whether express or implied, is given regarding the correctness, comprehensiveness or accuracy of the information and opinions contained in this Presentation. This Presentation is not meant to serve as a basis for, and shall not be used in connection with an investment decision. No person shall be entitled to rely on, or shall have any claims against the Company, AF&Co Management, MCH Management, Tikehau Capital Advisors, any of their affiliates, officers, directors, employees, any of their advisers, consultants or any other person arising from this Presentation. Investors are invited to consult the risk factors described in the Universal Registration Document of Tikehau Capital before making any investment decision. Should all or some of those risks actually occur, they would be likely to have a negative effect on Tikehau Capital’s business, financial position, financial results or targets. The information contained in this Presentation is indicative as at the date of this Presentation and may have to be updated, amended or completed significantly. This Presentation contains only summary information and does not purport to be comprehensive. The Company, AF&Co Management, MCH Management and Tikehau Capital Advisors do not undertake to update, amend or complete the information contained in the Presentation in order to reflect new information, new events or for any other reason and the information contained in this Presentation may therefore be modified without prior notification. This Presentation contains forward looking statements about the Group and its subsidiaries. These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance. Although the Group believes that the expectations reflected in such forward-looking statements are reasonable, investors and holders of the Group’s securities are cautioned that forward-looking information and statements are subject to various risks, whether known or unknown, uncertainties and other factors, which may be beyond the control of the Group and which may result in significant differences between the actual performances and those expressly or impliedly set out in such forward looking statements. These risks and uncertainties include those discussed or identified in filings with the Autorité des Marchés Financiers (“AMF”) made or to be made by the Group. The Group undertakes no obligation to publicly update its forward- looking statements, whether as a result of new information, future events, or otherwise. Any information relating to past performance contained herein is no indication as to future performance. The market data and certain industry forecasts included in this Presentation were obtained from internal surveys, estimates, reports and studies, where appropriate, as well as from external market research, publicly available information and industry publications. Neither the Company, nor its affiliates, directors, officers, advisors, employees, consultants or agents have independently verified the accuracy of any external market data and industry forecasts and do not make any undertakings representations or warranties in relation thereto. Such data and forecasts are included herein for information purposes only.
Page 40
TIKEHAU CAPITAL 40H1 2026 RESULTS PRESENTATION Disclaimer This Presentation or any part thereof is not for publication, release or distribution in the United States. No securities of the Company have been or will be registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or under any state securities laws, and the securities of the Company may not be offered or sold in the U.S. (or to, or for the account or benefit of U.S. Persons) except pursuant to an exemption from, or a transaction not subject to, the registration requirements of the U.S. Securities Act. The distribution of this Presentation and any information contained herein in certain jurisdictions may be restricted by law or regulation and persons into whose possession this document comes should make themselves aware of the existence of, and observe any such restriction. In particular, neither this Presentation, nor any part of it may be distributed, directly or indirectly, in the United-States, Canada, Australia or Japan. Non-compliance with these restrictions may result in the violation of legal or regulatory restrictions in certain jurisdictions. All projections, forecasts and estimates of returns and other “forward-looking” information not purely historical in nature are based on assumptions, which are unlikely to be consistent with, and may differ materially from, actual events or conditions. Such forward-looking information only illustrates hypothetical results under certain assumptions and does not reflect actual investment results and is not a guarantee of future results. Actual results will vary over time, and the variations may be material. Nothing herein should be construed as an investment recommendation or as legal, tax, investment or accounting advice. “Gross IRR” represents the aggregate, compound, annualized internal rate of return calculated on the basis of cash flows to and from all investors, but disregarding carried interest, management fees, taxes and organizational expenses payable by investors, which will reduce returns and, in the aggregate, are expected to be substantial. Actual returns will be substantially lower on a net basis. Calculations of Gross Return at the investment level use the date of the relevant investment without regard to whether the investment was initially funded by investor contributions or by borrowings under a revolving credit facility to be subsequently repaid with investor contributions. Calculations of Gross Return at the fund level use the scheduled date of contribution by fund investors to the fund for the relevant investments. For funds that borrow on a temporary basis prior to calling capital, if calculations of Gross Return at the fund level used the dates of each investment rather than the dates of each contribution by fund investors, the Gross Return may be lower since internal rate of return calculations are time-weighted and the relevant calculations would incorporate longer periods of time during which capital is deployed. Past performance is not indicative of future results. Performance results referring to a period of less than twelve months are not a reliable indicator for future results due to the short track record. As a result of various risks and uncertainties, actual results may differ materially from those reflected in this Presentation. Calculations of net return are equal to the internal rate of return after fees, carried interest and organizational expenses are factored in. There is no guarantee any of the companies acquired will reach their IRR targets. There can be no assurance that investment objectives or investments made by Fund will be successful. Targeted investments are based on generally prevailing industry conditions. Adverse economic, regulatory and market conditions could negatively impact our business assumptions.