Tikehau Capital

Reported H1 2026 figures included AUM of EUR 53.5 billion, up 5% year over year, and fee-paying AUM of EUR 43.5 billion, up 7% year over year. Management fees rose 13% year over year from EUR 169 million to EUR 190 million; total asset management revenues were EUR 198 million, including EUR 8 million of performance-related earnings. Core FRE increased 32% year over year from EUR 60 million to EUR 80 million, with core FRE margin at 42% versus 36% a year earlier, and Asset Management EBIT rose 22% to EUR 78 million with a 39% margin. Net results group share was EUR 165 million, about double H1 2025. Investment portfolio revenues doubled to EUR 222 million, including a EUR 217 million capital gain on the Schroder stake sale, which management said had a 64% gross IRR and 1.65x gross MOIC. On the balance sheet, management cited EUR 3.2 billion of shareholders’ equity, EUR 1.6 billion of short-term financial resources, EUR 500 million of cash, EUR 1.1 billion in the RCF, and financial debt of EUR 1.5 billion; they also said no debt maturity comes before 2029 after the August redemption. Guidance-wise, management did not restate full-year numerical targets on the call, but said FRE generation is typically more weighted to H2 and could be helped in 2026 by private equity catch-up fees, while the private equity and real estate exit pipeline supports future value crystallization.

Antoine Flamarion framed the quarter as the beginning of a harvesting phase, saying the group is moving from building the platform to monetizing its scale and improving profitability. He repeatedly emphasized simplification, including consolidating real estate, disposing of an 80% stake in Homunity and Opale, and signing a separation agreement with Duke Street to focus resources on core activities. His tone was confident but disciplined: growth is not being pursued for its own sake, and the priority is profitable AUM, stronger margins, and value creation from the balance sheet.

Vincent Picot focused on operating leverage and recurring revenue quality. He said fee-paying AUM reached EUR 43.5 billion, management fees rose to EUR 190 million, 96% of H1 asset-management revenue came from management fees, and average revenue margin was resilient at 90 bps. He highlighted the jump in core FRE from EUR 60 million to EUR 80 million, the 42% core FRE margin, EBIT of EUR 78 million, and the balance-sheet position of EUR 3.2 billion of equity and EUR 1.6 billion of short-term resources, alongside financial debt of EUR 1.5 billion and reaffirmed investment-grade ratings from Fitch and S&P.

Analysts pressed on softer fundraising and whether the recent run rate was being hurt by weaker LP appetite or digestion after 2025 fund closings; management said the slowdown mainly reflected prior closings, a deliberate reduction in CLO issuance, and a slower fundraising comparison base. On the 2026 targets for AUM, FRE and net profit, management did not re-issue hard numbers, saying they still see a path to the milestones but that the environment is more uncertain and they are prioritizing profitable AUM rather than growth for growth’s sake. They also said retail real estate remains muted, while exits in private equity are being driven by strong underlying portfolio performance and are coming from industrial buyers and funds, with IPOs possible but less central in the mid-market.