Slides
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2025 FULL-YEAR RESULTS AND STRATEGIC UPDATE PRESENTATION 19 FEBRUARY 2026
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TIKEHAU CAPITAL 2FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Today’s speakers Antoine Flamarion Co-founder Mathieu Chabran Co-founder Vincent Picot Group CFO Thomas Friedberger Deputy CEO Henri Marcoux Deputy CEO Maxime Laurent-Bellue Deputy CEO
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Today’s agenda 2025 Full-Year results presentation Q&A Break Strategic Update presentation Q&A Cocktail
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TIKEHAU CAPITAL 2025 Full-Year results 4FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION
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TIKEHAU CAPITAL FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION 1. OPENING REMARKS 5 Mathieu Chabran Co-founder
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TIKEHAU CAPITAL Improved portfolio revenues contribution excluding main currency effects FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION 2025 Key Takeaways Continued franchise building and stronger recognition Record levels of deployment, realizations (and distributions to LPs) as well as gross and net inflows 1 2 Acceleration in Asset Management profitability generation 3 4 6
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TIKEHAU CAPITAL FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Record levels of deployment, realizations and inflows in 2025 (1) Third-party net new money excluding Sofidy. Larger and more global transactions Acceleration in Private Equity and Credit 4th consecutive record year in fundraising €7.6bn Deployed +35% YoY growth x2 vs. 2024 level €4.0bn Realized €8.0bn of net inflows ~80% of net new money from international investors (1) €10.5bn of gross inflows Deployment Realizations Capital formation €52.8bn of AuM 7
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TIKEHAU CAPITAL FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Key achievements in 2025 Larger and more global transactions Strong performance and distributions to LPs More global capital formation ~€1bn Record net new money in Asia and Middle East in 2025 ~20% Of third-party net new money coming from top four commitments Stronger diversification across geographies ~€1.2bn Third-party commitments secured through co-investments 2.6x Average gross MOIC on realized Private Equity exits €4.1bn Distributed to LPs fueling next phase of fundraising 8 Past performance does not predict future returns.
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TIKEHAU CAPITAL FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION 2025 financials takeaways Solid growth in Asset Management profit generation Solid portfolio revenues growth excluding main currency effects +12% YoY growth in Core FRE(1) +18% YoY growth Asset Management EBIT +8% YoY growth in Asset Management revenues 41% Core FRE margin +33% YoY growth in portfolio revenues excluding main currency effects +19% YoY growth in realized revenues €0.80 Proposed dividend(2) €136m Net result, Group share +51% YoY increase in Net result excluding main currency effects 9 (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. (2) To be proposed to the General Shareholders’ Meeting due to take place on 30 April 2026.
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TIKEHAU CAPITAL FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION 2. OPERATING HIGHLIGHTS 10 Henri Marcoux Deputy CEO
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TIKEHAU CAPITAL FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION 2024 2025 €7.6bn Deployment: larger and more global transactions €7.6bn of dry powder(2) as of 31 December 2025 €bn Credit Private Equity Real Assets €5.6bn 98% of exclusion rate in 2025(1) • Continued conviction-led approach across dedicated verticals (Decarbonization, Aerospace & Defense, Cybersecurity, Regenerative Agriculture) • Successful completion of large-scale transactions across Spain, Belgium, Germany and the US, offering co- investment opportunities • Continued investment discipline focused on high-quality, well-located assets across geographies • In Q4, acquisition of a portfolio of standard residential units, valued at over €350m • Diversification of investments across geographies (Spain, Italy, the Netherlands, Belgium and UK) • Continued good momentum in CLO issuance 11 Past performance does not predict future returns. (1) Exclusion rate presented as total declined deals / total screened deals, (2) Within Asset Management funds.
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TIKEHAU CAPITAL FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Executing larger transactions through co -investments ~€370m ~€350m Nexus Private Equity Decarbonization Real Assets European Value-Add Transformation of sustainable mobility Consulting, engineering, and mobility services Residential portfolio of 38 assets totaling 1,300 housing units ~€1bn ~€1.2bn 3rd party investors commitments secured through co-investments in 2025 >€150m AM EBIT expected over the next 10 years Total deal size 12
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TIKEHAU CAPITAL FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION 2024 2025 Realizations: record year in Private Equity and Credit 2.6x In Private Equity Credit Private Equity Real Assets €4.0bn €bn • Acceleration in exits • 5 exits in 2025, 18 since 2018 • Strategic disposals of granular assets • Financing repayments in Direct Lending and Corporate Lending • 4 exits carried out in 2025 in Special Opportunities €2.1bn Average gross MOIC for 2025 realized exits 1.4x In Corporate and Direct Lending 1.6x In Real Estate 13 Past performance does not predict future returns. 1.6x In Special Opportunities
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TIKEHAU CAPITAL 2024 2025 FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Record level of fundraising in 2025 €bn €10.5bn 2025 Gross inflows +13% YoY growth in net inflows in 2025 €8.0bn Credit Real Assets Private Equity Capital Markets Strat. €7.0bn • Final close of Credit Secondaries II • Additional commitments for Direct Lending VI, CLOs, unit- linked products, semi-liquid credit strategy • Contributions from Value-Add, Core/Core+ strategies and co-investments • Final close for Cybersecurity IV, Regenerative Agriculture strategies • Additional inflows for Decarbonization II, Aerospace & Defense II and co-investments • Launch of a unit-linked product dedicated to European defense and security for private investors • €1bn capital raise for Egis(1) (1) Backed by global co-lead investors, including Apollo, ADIA, and Neuberger Berman. 14
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TIKEHAU CAPITAL FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Solid progress in fundraising for our strategies Final closes held in 2025 Flagship closings in 2026 CYBERSECURITY (4th vintage) REGENERATIVE AGRICULTURE Launch date Q3 2023 Q2 2022 Strategy size €335m ~€600m +90% vs. previous vintage size +22% vs. target size Private Equity Aerospace & Defense (2nd vintage) Credit Direct Lending (6th vintage(1)) + co-investments related to these strategies SPECIAL OPPORTUNITIES (3rd vintage) Q3 2023 €1.2bn x2 vs. previous vintage size CREDIT SECONDARIES (2nd vintage) Q3 2022 ~$1bn +94% vs. previous vintage size Private Equity Private Equity Decarbonization (2nd vintage) 15 (1) Final closing of the flagship vehicle held in Q4 2025. Bespoke mandates, and side vehicles will be closed in Q1 2026.
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TIKEHAU CAPITAL FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION €52.8bn AuM as of 31 December 2025 Credit €24.5bn (46%) Capital Markets Strat. €6.2bn (12%) Private Equity €7.9bn (15%) Real Assets €14.3bn (27%) Diversified and complementary asset classes +8% growth in AuM driven by record net inflows 31-Dec-2024 31-Dec-2025 +€8.0bn Mainly driven by Credit and record inflows in Private Equity strategies €(4.1)bn Acceleration in Private Equity and Credit realizations €(19)m €m €52.8bn Net inflows Distributions Market effects €(90)m Change in scope €49.0bn 16
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TIKEHAU CAPITAL FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Continued globalization of our client base ~80% of 2025 third-party net new money(1) raised from international clients 46% AuM from international clients1 as of 31 December 2025 (1) Third-party net new money excluding Sofidy. Most represented nationalities in 2025 third-party net new money (1) 2025 third-party net new money US UK France Spain Germany UAE Japan Others Increasing share of international clients1 in our AuM 31 Dec. 2024 31 Dec 2025 International1 France €53bn €49bn €24bn (46%)€22bn (44%) +13% South Korea Israel Italy 17
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TIKEHAU CAPITAL FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Further progress in addressing the democratization of private markets 25% of 2025 third-party inflows raised from private clients €1.5bn of total commitments for Private Debt unit-linked products ~€445m Raised since inception in 2022 Private Credit Semi-liquid fund to finance the growth of profitable mid-sized European companies Private Equity Unit-linked product dedicated to European defense and security, available through life insurance 31 Dec 2024 31 Dec 2025 €18bn €15bn 2025 new initiatives19% growth in AuM from private clients 34% 30% % of total AuM +19% 18
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TIKEHAU CAPITAL FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Sustainability achievements 2023 2024 2025 Overachievement of AuM target dedicated to Climate and Biodiversity €5.8bn (>€5bn target) €4.1bn €3.0bn Actively engaging with companies to promote best practices and drive positive change Excluding certain sectors or controversial behaviors based on a strict policy Continued sustainability integration across three core pillars Systematic integration of ESG factors into portfolio analysis +42% 19
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TIKEHAU CAPITAL FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION 3. FINANCIAL HIGHLIGHTS 20 Vincent Picot Group CFO
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TIKEHAU CAPITAL FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Continued growth in Fee-paying AuM supporting long-term management fee generation 39.8 42.1 4.9 6.1 49.0 52.8 31 Dec. 2024 31 Dec. 2025 Fee-paying Future fee-paying Non fee-paying €bn AM +6% 337 358 14 22 351 380 2024 2025 €m +6% +6% growth in Fee-paying AUM +6% growth in Management fees and others Management fees and others(1) Performance fees & carried interest (PRE) Past performance does not predict future returns. (1) Includes arrangement fees, structuring fees as well as incentive fees. (2) Mainly coming from the third vintage of Direct Lending strategy which was fully liquidated as of 31 December 2025. (3) Average revenue margin excluding Performance related-earnings. Record level of PRE mainly coming from Direct Lending strategies(2) 94% of 2025 AM revenues are management fees 88 bps Resilient average revenue margin(3) AM revenues 21
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TIKEHAU CAPITAL FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Performance-related earnings, a material profit driver ahead 22.6 24.8 31 Dec. 2024 31 Dec. 2025 +10% Shareholder-friendly allocation Cautious P&L recognition Material mid-term profitability driver €bn 10% yoy increase in AuM eligible to carried interest Our approach to carried interest Material embedded performance related revenues(1) (1) Unrealized performance related revenues, share allocated to the listed firm, (2) Latest data available. Past performance does not predict future returns. AM ~€220m As of 30 September 2025(2) 22
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TIKEHAU CAPITAL FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Acceleration in Asset Management profitability generation AM 132 148 2024 2025 39% 41%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 +12% 12% yoy increase in Core FRE(1) 126 150 2024 2025 36% 39%AM EBIT margin €m +18% 18% yoy increase in AM EBIT 23
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TIKEHAU CAPITAL FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION A €4.4bn growth-compounding investment portfolio 2,948 4,397 3,017 1,053 1,343 31-Dec-2024 31-Dec-2025 +€1,321m Of which €951m invested in the Group’s Aset Management strategies €(783)m Including returns of capital €(161)m Positive market effects for Schroders plc and positive revaluations in some Private Equity strategies offset by negative market effects in some Real Estate and Credit strategies €m €4,359m Investments Exits & Realizations Market effects (70%) (30%) INVEST €3.Obn Invested in Tikehau Capital strategies Credit €1.1bn (38%) Capital Markets Strat. €43m (1%) Private Equity €0.9bn (29%) Real Assets €0.8bn (26%) Other(1) (5%) Well-balanced exposure across Tikehau Capital strategies 288 307 Number of investments Tikehau Capital strategies Ecosystem & direct invest. €(18)m FX effects mainly linked to €/$ and €/£ FX effects €4,001m 24 (1) Include co-investments alongside Tikehau Capital Asset Management strategies. Past performance does not predict future returns.
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TIKEHAU CAPITAL FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Portfolio revenues impacted by currency effects and fair value changes 202 239 5 (73) 207 166 2024 2025 Unrealized revenues Realized revenues €m INVEST 178 182 24 58202 239 2024 2025 Tikehau Capital strategies Ecosystem & direct investments €m • Unfavorable currency effects: €(52)m in 2025 (vs. positive €43m currency effects in 2024) • Positive fair value changes for Private Equity strategies and ecosystem investments, more than offset by negative fair value changes on some Real Estate and Credit strategies 25 Past performance does not predict future returns. +19% +33% Portfolio revenues growth excluding currency effects
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TIKEHAU CAPITAL FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION 2025 Net result impacted by currency effects on portfolio revenues GROUP €m 2024 2025 % change AM EBIT 126.3 149.6 +18% AM EBIT margin 36.0% 39.3% +3pts Investment portfolio revenues 207.1 165.8 (20%) Corporate expenses (63.0) (71.3) +13% Financial interests (62.8) (70.5) +12% Non-recurring items and others 2.0 12.7 n.m Net result before tax 209.6 186.3 (11%) Tax (53.8) (50.5) (6%) Minority interests 0.0 0.6 n.m Net result, Group share 155.8 136.4 (13%) Mainly linked to the €500m bond issued in April 2025(1) AM profitability improvement year-over-year Mainly driven by impacts of currency effects and negative fair value changes +51% YoY increase excluding main currency effects 26 (1) The proceeds of the bond issue were used for the firm’s general corporate purposes and, in an amount of €200m, to purchase the existing bonds tendered to the tender offer on its €500m 2.250% bonds issued in 2019 and maturing in 2026.
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TIKEHAU CAPITAL FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Robust financial structure supporting our business model €3.1bn Shareholders’ Equity, Group share €1.2bn Short-term financial resources GROUP Investment grade credit ratings BBB- / stable outlook BBB- / stable outlook confirmed in Q2 2025 confirmed in Q2 2025 Assets Liabilities Investment portfolio Cash & equivalents Other assets 4.4 0.2 0.9 3.1 1.9 0.4 Shareholders’ equity Financial Debt Other liabilities Simplified balance sheet as of 31 December 2025 Total 5.45.4 €bn 27
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TIKEHAU CAPITAL 28FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION 2026 milestone AuM FRE Net result(1) Return on Equity(1) An intermediary step in our journey towards future profitable growth (1) Excluding currency effects. (2) “Market expectations” refers to average analysts’ estimates. There is no guarantee that investment objectives will be achieved. Adverse economic, regulatory and market conditions could negatively impact our business assumptions. >€60bn As of 31 December 2026 €175-225m In 2026 €420-520m In 2026 13-16% In 2026 Above market expectations(2) GROUP
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TIKEHAU CAPITAL 29FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Q&A session
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TIKEHAU CAPITAL Strategic Update 30FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION
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TIKEHAU CAPITAL 31FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Key Takeaways for today Accelerating profitability generation for our Asset Management platform Allocating our balance sheet with greater strategic selectivity Two distinct, complementary growth engines to maximize value creation From buildout to harvesting Compounding effect and velocity focus Unlocking optionality
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TIKEHAU CAPITAL 32FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Two distinct and synergistic growing engines offering optionality Asset Management Principal Investing From buildout to harvesting Significant embedded value Acceleration in operating leverage Higher PRE contribution Compounding effect and velocity focus Greater focus Enhanced selectivity More strategic allocation
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TIKEHAU CAPITAL 33FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION A new chapter focused on scalability and profitability Cumulative net new money expected to exceed €34bn over 2026-2029 (+22% vs. €28bn raised 2022-2025)1 Core FRE margin expected to reach between 45-50% by 2029 (vs. 41% in 2025)2 Commitment to maintain Investment Grade rating3 Commitment to distribute >80% of Asset Management EBIT4
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TIKEHAU CAPITAL FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION 1. WE ARE WELL-POSITIONED TO PURSUE TRANSFORMATIVE OPPORTUNITIES IN GROWING MARKETS 34 Thomas Friedberger Deputy CEO
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TIKEHAU CAPITAL $22Tn 35FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Private markets are poised to grow ~$280Tn Total Addressable Market Source: Bain Global Private Equity Report 2023. $47Tn $4Tn 2022 2032 $26Tn $61Tn $13Tn +9% CAGR Institutional investors Private wealth investors Global private markets AuM
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TIKEHAU CAPITAL 36FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Long-term tailwinds supporting private markets growth 0% 20% 40% 60% 80% Capital preservation Inflation-linked income Long-term income Outperformance vs. public markets Diversification of risk and returns Source: Aviva Private Markets Study 2026 Private markets allocation intentions (2025) Increase 49% Maintain 39% Decrease 12% 88% of investors intend to increase or maintain their allocations Key drivers of private markets allocations
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TIKEHAU CAPITAL 37FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Towards increased sophistication Initiation of private markets allocations Institutionalization and acceleration of private markets allocations Consolidation and sophistication of private markets allocations Before 2008 2008-2024 2024-…
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TIKEHAU CAPITAL 38FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Key trends reshaping private markets Institutional investors Private wealth investors Increased LP/GP consolidation Higher selectivity Growing demand for co-investments and bespoke solutions Growing demand for private markets Liquidity features expectations Global reach One-stop-shop Proprietary origination Portfolio construction & management Global distribution channels Digitalization Liquidity management Implications for GPsInvestor demand Convergence of traditional and alternative AM M&A Partnerships Industry implications
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TIKEHAU CAPITAL 39FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Opportunities for the next decade Deglobalization, protectionism, commercial war = public spending, regulation, intervention Industrial policies and strategic priorities defined by governments RISING WEIGHT OF GOVERNMENT IN THE ECONOMY Resilience = CAPEX $130Tn of capex required between 2022 and 2027(1) 4D: Defense, deglobalization, digitalization, decarbonation CAPITAL EXPENDITURE Fiscal expansion Accommodative monetary policy Attractive valuations Lower average leverage than US companies SMEs: need to create European champions A CASE FOR EUROPE (1) Source: “Capital Investment is about to surge: are your operations ready?” McKinsey April 2022
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TIKEHAU CAPITAL 40FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Implications across our asset classes Private EquityCredit Capital Markets StrategiesReal Assets Managers with cross-markets expertise and the ability to capture opportunities in market dispersion are best placed to benefit Importance of thematic investing in resilient structural trends Importance of local footprint Capex-led growth: opportunities to invest in solution providers Compelling relative value in European Direct Lending Market developments towards Large-cap Lending Increased opportunities in Secondaries Special Opportunities: growing need for flexible and tailored solutions 360 view across liquid and private credit, equity and real estate Exposure to asset classes traditionally inaccessible via private assets High scalability potential Opportunities driven by attractive valuations Importance of proprietary origination Increased opportunities in Real Estate Debt
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TIKEHAU CAPITAL 41FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Our differentiated value proposition Partnerships DNA Deep European expertise Consistent investment discipline Focus on megatrend and thematic investing Broad and relevant set of capabilities Culture of continuous innovation
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TIKEHAU CAPITAL FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION 2. FROM BUILDOUT TO HARVESTING: ACCELERATING PROFITABILITY GENERATION FOR OUR ASSET MANAGEMENT PLATFORM 42 Antoine Flamarion Co-founder Mathieu Chabran Co-founder Maxime Laurent-Bellue Deputy CEO
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TIKEHAU CAPITAL WHAT WE HAVE ACCOMPLISHED 43
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TIKEHAU CAPITAL 44FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Tikehau Capital: 22 years of entrepreneurial journey 22 years ago, we began our journey as a French private investment firm before building our asset management platform Today, we are a global alternative asset management firm with deep European expertise and supported by a sizable permanent capital base Now more than ever, our entrepreneurial mindset, spirit of innovation, partnership-driven DNA and the diversity of our business set us apart After a sustained growth journey, we are entering our next chapter: harvesting the embedded profitability of our more scalable and diversified platform
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TIKEHAU CAPITAL 45FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Tikehau Capital: 22 years of entrepreneurial journey Publicly listed global alternative asset manager Global brand and franchise €3.1bn shareholders’ equity €53bn AuM(1) Today2004 Private company with no asset management arm French player with local footprint €4m shareholders’ equity No AuM (1) As of 31 December 2025. Figures have been rounded for presentation purposes.
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TIKEHAU CAPITAL 46FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Increased recognition of our franchise globally “Our conviction is that deglobalisation is probably triggering a switch in the way financial value is created: instead of the creation of efficiency it is from the creation of resilience.” Tikehau Capital in Paris is acquiring a majority stake in utility infrastructure company Cebat from Brookfie ld-controlled Oaktree Capital Management. "But any investor would be wise to have a solid mix of reasonably priced growth stocks as well as more value names in their portfolio," Tikehau Capital in Paris is acquiring a majority stake in utility infrastructure company Cebat from Brookfield- controlled Oaktree Capital Management.
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TIKEHAU CAPITAL 47FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Our key strengths INVESTMENT CONVICTIONS SKIN IN THE GAME INNOVATION PARTNERSHIP CULTURE STRONG EUROPEAN EXPERTISE
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TIKEHAU CAPITAL 48FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Our entrepreneurial mindset has supported our growth journey EXCELLENCE INDEPENDENCE COMMITMENT AMBITIOUS INNOVATIVE NIMBLE WE RAISE THE STANDARDS WE MAKE IT HAPPEN WE CONNECT THE DOTS WE CREATE, NOT COMPETE Our Values Our MindsetOur Mottos
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TIKEHAU CAPITAL 49FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION We have moved forward rapidly since our IPO 9 # Strategies 21 # Offices €9bn €53bn AuM from international clients(1) 5 AuM 17 Net New Money +12x6 +12 x4 IPO 31 Dec. 2016 Today 31 Dec. 2025 x13 €2bn €25bn €2bn 2016 €8bn 2025 (1) International investors refers to non-French investors.
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TIKEHAU CAPITAL 50FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION We have scaled faster than peers +30% +38% European listed peers average(1) AuM 2017-24 CAGR Management fees 2017-24 CAGR Fee-Related Earnings 2017-24 CAGR +23% +17% +20% +25% (1) European listed alternative asset managers, calculated using latest publicly reported figures.
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TIKEHAU CAPITAL 51FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Our journey to our first scale milestone and the path to $100bn Sector average(1) 19 years after inception 22 years after inception $50bn AuM $50bn AuM 5 years $100bn AuM $100bn AuM Including transformative M&A Including transformative M&A Bolt-on acquisitions (1) US and European listed and non-listed peers.
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TIKEHAU CAPITAL 52FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION We have extended our global footprint 2017 2025 Tel Aviv Zurich Abu Dhabi Montreal Hong Kong Paris London Singapore Brussels MilanMadrid Seoul New York Tokyo Luxembourg Amsterdam Frankfurt 17 offices covering capital formation, distribution, deployment and strategic partnerships Paris London Singapore Brussels Milan
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TIKEHAU CAPITAL 53FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION We have expanded the breadth of our investment strategies Listed equities Fixed Income European CLO Corporate Lending Direct Lending Core/Core+ Real Estate Special Opportunities Sale & Leaseback Loan funds IPO Today Real Estate Crowdfunding US CLO Credit Secondaries Multi-Asset Strategies Cybersecurity Aerospace & Defense Decarboni- zation Regenerative Agriculture Growth EquityCore/Core+ Real Estate Value-Add Real Estate Opportunistic Real Estate Sale & Leaseback Infrastructure European CLO Special Opportunities Direct Lending Corporate Lending Loan funds Solid = Added since IPO Credit Real Assets CMS(1) Credit Real Assets CMS Private Equity Listed equities Fixed Income Real Estate Debt (1) Refers to Capital Markets Strategies.
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TIKEHAU CAPITAL 54FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION New strategies have accounted for ~60% of our AuM growth since IPO 31/12/2016 31/12/2017 31/12/2025 €9bnAuM €53bn Private Equity Infrastructure Real Estate Other Credit Tactical Strategies Direct Lending Corporate Lending European and US CLOs Capital Markets Strategies # of >€1bn size strategies - 3 6 Credit Secondaries €18bn Growth from existing strategies €26bn Growth from innovation and adjacencies 2016 2022 2025 Figures have been rounded for presentation purposes, which in some cases may result in rounding differences.
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TIKEHAU CAPITAL 55FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION We are an early mover on conviction-based and thematic investing Direct Lending 2009 Decarboni- zation 2018 Regenerative Agriculture 2022 Cyber- security 2018 Aerospace & Defense 2020 Credit Secondaries 2020 Strategy launch year shown.
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TIKEHAU CAPITAL 56FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION We offer a comprehensive product suite to accommodate clients’ needs SMAs and customized mandates Traditional closed-end funds Co- investment vehicles Evergreen funds Semi-liquid funds Open-ended funds Pooled vehicles Bespoke solutions Partnerships Listed REITs
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TIKEHAU CAPITAL 57FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION With focused discipline we have scaled up investments Increased investment ticket across our flagship strategies (1) Execute larger-scale transactions in growing sectors to unlock compelling exit opportunities European Direct Lending Private Equity Decarbonization 66 127 157 2017 2021 2025 142 530 2021 2025 x5 €m €m (1) For European Direct Lending, the average investment ticket is calculated based on the 5 largest transactions executed each year, due to the granularity of the portfolios. For Private Equity Decarbonization, the average investment ticket reflects all transactions executed in each respective year. For Real Estate Value-Add, only the largest investment ticket for each year was considered. Value-Add Real Estate €270m 2021 €350m 2025
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TIKEHAU CAPITAL 58FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION We have built downside-protected portfolios Conviction-based investment approach Granular portfolios Conservative use of leverage Low entry multiples Direct Lending(1) 4.2x Average leverage at closing 1.3% Annualized default rate(4) 100% Covenanted investments Private Equity(2) 3.2x Average leverage at entry 9.7x Average EV/EBITDA multiple at entry +13% LTM EBITDA growth Real Estate(3) >9,000 Units across Real Estate platform 25% Average LTV Data as of 30 September 2025 (latest data available) (1) Metrics for Tikehau Capital’s 6th vintage of Direct Lending strategy. (2) Across Tikehau Capital’s Private Equity strategies. (3) Across Tikehau Capital’s Real Estate strategies (4) Figure refers to all direct lending funds.
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TIKEHAU CAPITAL 59FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Solid track record of performance (1/2) European Direct Lending(1) 8.8% Average Gross IRR across vintages 0.09% Annualized realized loss ratio Credit Secondaries 15.3% 1st vintage Gross IRR Special Opportunities 15.2% Average Gross IRR across vintages on realized investments(2) 23.2% 2nd vintage Gross IRR Data as of 30 September 2025. Past performance does not predict future returns. (1) Refers to all funds on a blended share class basis and pre carried interest ( TPC, TDL III, TDL IV, TDL FL, TDL 4L, TDL V, TDL 5L, TDL VI, TDL FL Evergreen, TDL 6L). (2) Excluding Tactical Liquid Credit. 0.23% Annualized realized loss ratio 7.6% Average Net IRR across vintages 12.5% 1st vintage Net IRR 19.2% 2nd vintage Net IRR
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TIKEHAU CAPITAL 60FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Solid track record of performance (2/2) Private Equity(1) (1) As of 31 December 2025, (2) As of 30 September 2025, (3) Total performance corresponds to the sum of distributions in 2025 and the change in subscription price between 1 January 2025 and 1 January 2026. Past performance does not predict future returns. Value-Add Real Estate(2) Core/Core+ Real Estate(1) 14.0% Sofidynamic 2025 total performance (3) 2.6x Gross MOIC on realized investments <1.5% Loss ratio on invested capital 33% 2nd vintage of Value-Add Real Estate Gross IRR on realized investments 21% 2nd vintage of Value-Add Real Estate Net IRR on realized investments 9.3% Immorente net IRR since inception
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TIKEHAU CAPITAL 61FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Progress in client diversification and capital formation Geography % of AuM from international investors Type % of AuM from private investors Average commitment size(1) Last CMD 31 Dec. 2021 25% €85m36% IPO 31 Dec. 2016 17% €51m~20% Annual number of commitments >€100m 7 2 Date refers to last fiscal year prior. (1) Based on Top 20 commitments for each presented year. Today 31 Dec. 2025 34% €160m46% 14
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TIKEHAU CAPITAL 62FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Fundraising acceleration since 2022 €19bn 2018-2021 €28bn 2022-2025 Cumulative net new money SOLID FUND PERFORMANCE MORE GLOBAL FOOTPRINT SKIN IN THE GAME GROWING CLIENT BASE Fundraising drivers PLATFORM EFFECT +47% €5bn per year on average €7bn per year on average
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TIKEHAU CAPITAL OUR GROWTH ROADMAP TO ACCELERATE PROFITABILITY GENERATION 63
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TIKEHAU CAPITAL 64FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Building a scalable and profitable platform FOUNDATION Institutionalization 2004 – 2016 ACCELERATION Platform Buildout 2016 – 2025 PROFITABILITY Value Harvesting Starting 2026
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TIKEHAU CAPITAL 65FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Our priority is to scale and accelerate profitability generation for our Asset Management platform ENHANCE SCALE ACCELERATE REVENUE GENERATION ALLOCATE RESSOURCES MORE SELECTIVELY Deliver strong investment performance Broaden our distribution network globally Scale up investments with focused discipline Scale our strategies Enhance business mix Harvest strong PRE potential Streamline our offering Selectively launch new funds Accelerate operating leverage PROFITABILITY GENERATION
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TIKEHAU CAPITAL 66FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Broad sources of growth Institutional investors Private Wealth Share in % of AuM (2025) Our priorities Deepen existing relationships Expand coverage in underrepresented regions Scale co-investment vehicles to attract and convert new clients Strengthen strategic partnerships with insurance and reinsurance groups 66% 34% Expand the reach of our digital platforms (Opale Capital, Homunity) Expand our offering with suitable solutions for IFAs and private banks Continued focus on asset-liability management
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TIKEHAU CAPITAL 67FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Unlocking co-investment opportunities to strengthen our solutions provider capabilities Leverage the existing platform to generate new revenue streams Enhance our offerings and cross-selling to support franchise development Access a new ecosystem of large and sophisticated investors focused on direct deals Optimize use of balance sheet Generate higher velocity Maintain our alignment of interests DNA ~€1.2bn Third-party investors commitment secured through co-investments in 2025 >€150m AM EBIT expected over the next 10 years There is no guarantee that investment objectives will be achieved. Adverse economic, regulatory and market conditions could negatively impact our business assumptions.
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TIKEHAU CAPITAL 68FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Co-investments: our Investment and Capital Solutions Team as an accelerator of platform synergies Investment and Capital Solutions Support LPs to efficiently deploy and manage allocations Unlock prime quality deal flow for LPs (co-underwriting, co-investment, financing, CVs, etc.) Provide LPs with direct access to GP process and strengthen the LP-GP relationship New relationships and repeat business with sophisticated investors globally
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TIKEHAU CAPITAL 69FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Accelerating profitable growth across asset classes Credit Private Equity Real Assets Capital Markets Strategies Strategy Distribution and Partnerships Performance • Scale flagships • Innovate with adjacencies • Scale mandates • Grow APAC financings • Accelerate partnerships • Maintain strict underwriting standards and portfolio monitoring • Scale thematic investing • Innovate with adjacencies • Develop co-investments and bespoke solutions • Scale private wealth access • Accelerate value creation and execute disciplined exits • Develop a large Core/Core+ flagship fund • Prioritize defensive segments • Grow third-party capital via co-investments • Deepen retail distribution • Maintain conservative deployment approach • Enhance asset management • Scale high-conviction fixed income strategies • Expand equity offering • Strengthen private wealth distribution • Maintain robust fixed income performance
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TIKEHAU CAPITAL 70FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION We have structured our model with two distinct yet synergistic engines Integrated global Asset Manager Principal Investor with large permanent capital
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TIKEHAU CAPITAL 71FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Two engines offering significant optionality supporting us in closing the valuation gap Asset Manager Principal Investor Governance Valuation Synergies Dedicated governance at Asset Manager level(1) AM EBIT multiple Skin in the game, Cross-fertilization Dedicated governance at Tikehau Capital level Fair Value (1) To be implemented by H1 2026, subject to regulatory approvals.
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TIKEHAU CAPITAL FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION 3. COMPOUNDING EFFECT AND VELOCITY FOCUS: ALLOCATING OUR BALANCE SHEET WITH GREATER STRATEGIC SELECTIVITY 72 Henri Marcoux Deputy CEO Antoine Flamarion Co-founder Mathieu Chabran Co-founder
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TIKEHAU CAPITAL WE HAVE USED OUR BALANCE SHEET TO ACCELERATE THE SCALE OF OUR ASSET MANAGEMENT PLATFORM 73
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TIKEHAU CAPITAL 74FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION A sizeable investment portfolio 3.0 1.4 1.6 2.1 2.3 2.4 2.7 3.5 3.9 4.0 4.4 2017 2018 2019 2020 2021 2022 2023 2024 2025 Ecosystem & direct investments Tikehau Capital’s strategies69% 79% 33% 31% 43% 61% 68% 79% 79% 74% Balance sheet investment portfolio fair value (€bn) LP interest in external funds GP stakes Listed investments Co-investments alongside external GPs and funds GP commitments in own Asset Management strategies Co-investments alongside own strategies (IPO) (Last CMD) (Today)
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TIKEHAU CAPITAL 75FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Why do we have a balance sheet? Investments in our own strategies Investments in our ecosystem To create alignment of interests with our partners To compound third-party fundraising To accelerate international expansion To scale flagship strategies across asset classes To accelerate “time to market” for adjacencies and new strategies To facilitate co-investments alongside our funds To forge strategic partnerships with key institutions To complement our expertise and build market intelligence To structure value-creating co-investments To deliver strong and quicker realized performance BALANCE SHEET
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TIKEHAU CAPITAL 6 Adjacencies and new funds launched(2) 24 European and US CLOs issued(2) 15 Vintages of flagship funds supported(2) 76FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION €4.3bn committed in our strategies since IPO CO-INVESTMENTSADJACENCIES CLOs Support new fund launches and accelerate the scaling of established strategies FLAGSHIPS NEW INITIATIVES €4.3bn Balance sheet commitments (2017-25)(1) Credit 48% Real Assets 17% Private Equity 36% Private Debt CLOs 18% 29% Tikehau Capital strategies Ecosystem & direct investments (1) Balance sheet net commitments in Tikehau Capital funds and co-investments, (2) Since IPO. Number of CLOs issued, excluding resets and refinancings.
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TIKEHAU CAPITAL 77FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Strong third-party fundraising compounder 7x 13x 2018-2021 2022-2025 Significant step-up in compounding effect Compounding effect = Ratio of third-party client inflows to balance sheet commitments >€1bn Flagship funds compounding effect 1st vintage of Private Equity Decarbonization strategy 14x 5th vintage of Direct Lending strategy 33x For €1m committed by our balance sheet, we have raised on average approximately ~€10m from third-party clients since IPO Tikehau Capital strategies Ecosystem & direct investments Average ~10x
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TIKEHAU CAPITAL Our balance sheet supports co-investments Quicker execution of investments alongside our funds Supports the warehouse of larger-scale transactions Attracts new third-party investors Strengthens portfolio performance 78FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Facilitating co-investments and larger transactions alongside our funds Tikehau Capital strategies Ecosystem & direct investments Co-investment alongside Vintage I of Credit Secondaries (2022) Co-investment alongside Vintage II of Decarbonization (2025) ~$500m Deal size ~$50m Fund investment ~$450m Balance Sheet warehouse >55% disposed to third-party investors, of which: €100m to a Chinese insurance company €100m to a French insurance company ~€50m to global family offices and institutionals ~€370m Deal size ~€200m Fund investment ~€185m Balance Sheet warehouse >70% disposed to third-party investors, of which: ~€100m to a Chinese sovereign wealth fund ~€30m to a Spanish sovereign wealth fund
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TIKEHAU CAPITAL 79FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Rich and diversified ecosystem offering complementary exposure and sector expertise Finance and Insurance Telecoms Multi-sector Healthcare Other Data as of 31 December 2025. Geography coverage Sector coverage Co-investments Fund investments Listed investments Direct Private Equity investments Other €1.4bn Ecosystem & direct investments Investment type €1.4bn Ecosystem & direct investments Tikehau Capital strategies Ecosystem & direct investments 60 LP interests in external funds 56 GP relationships 23 Co-investments alongside external funds Europe North America Asia Other €1.4bn Ecosystem & direct investments
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TIKEHAU CAPITAL 80FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Tikehau Capital strategies Ecosystem & direct investments Long-standing relationships with high-profile GPs 2.0x(1) 2.3x / 27% 3.7x / 82% Finance 2011 5 2 Showcased performance (MOIC and IRR) is gross. Past performance does not predict future returns. Company logos and trademarks in this document are used for illustrative purposes and remain the exclusive property of their respective owners. (1) Based on realized portion of investment. GP Sector First investment date # co-investments # LP interests Realized co-investments (MOIC / IRR) Healthcare 2014 2 1
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TIKEHAU CAPITAL 81FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Solid value creation track record since IPO Tikehau Capital strategies Ecosystem & direct investments Co- investments alongside external funds Listed ecosystem investments ~€270m Realized proceeds 2.3x Net MOIC 27.5% Net IRR 23 exited investments ~ €1.5bn Realized proceeds 1.4x Net MOIC 13.2% Net IRR 5 exited investments Data as of 13 February 2026. Past performance does not predict future returns.
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TIKEHAU CAPITAL 82FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Our investment in Schroders generated significant value creation Tikehau Capital strategies Ecosystem & direct investments €586m Total proceeds €239m Total P&L (incl. €179m in 2026) 1.65x Gross MOIC 64% Gross IRR As of 13 February 2026.
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TIKEHAU CAPITAL ALLOCATING OUR BALANCE SHEET WITH GREATER STRATEGIC SELECTIVITY 83
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TIKEHAU CAPITAL 84FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION After reaching a first phase of maturity, we are adapting the use of our balance sheet to fuel continuous growth BALANCE SHEET 2017 – 2025 GROWTH ENABLER LOOKING AHEAD STRATEGIC ALLOCATOR
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TIKEHAU CAPITAL 85FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Transitioning our balance sheet into a more strategic allocator to maximize velocity and returns BALANCE SHEET Continued skin in the game with further selective commitments in our funds Focus on Value-Add strategies (Private Equity and Real Estate) and credit deals with expected returns >15% Greater flexibility allocated to co-investment opportunities supporting quicker returns generation Allocation framework Strategic transactions with double-digit capital-mobilization multiplier Focus on high-performing investments with increased velocity potential Ancillary business generation (co-investments, business partners, etc.) Tikehau Capital strategies Ecosystem and direct investments Improve portfolio velocity Generate increased profitability Grow shareholders returns
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TIKEHAU CAPITAL 86FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Lower capital intensity in our funds, greater flexibility for co- investments opportunities Breakdown of balance sheet net commitments in Tikehau Capital’s strategies 453 332 119 453 451 2018-2021 2022-2025 2026-2029 illustrative On average per year (in €m) Co-investments alongside Tikehau Capital funds Tikehau Capital funds €m
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TIKEHAU CAPITAL FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION 4. WE ARE ENTERING A HARVESTING PHASE FOCUSED ON PROFITABILITY AND LONG-TERM VALUE CREATION 87 Henri Marcoux Deputy CEO Antoine Flamarion Co-founder Mathieu Chabran Co-founder
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TIKEHAU CAPITAL Increased returns to shareholders 88FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Our next phase of growth: focus on scalability and profitability Operating leverage Performance-Related Earnings (PRE) Investment portfolio
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TIKEHAU CAPITAL 89FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION We expect cumulative net new money to exceed €34bn over the next fundraising cycle (2026-2029) Growth drivers • Scale existing funds • Selectively launch and grow adjacencies and new initiatives • Deepen institutional relationships • Broaden distribution channels to capture private wealth opportunities €28bn 2022-2025 >€34bn 2026-2029 Operating leverage PRE Investment portfolio
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TIKEHAU CAPITAL 90FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION We have significantly accelerated Asset Management profitability generation since IPO Operating leverage PRE Investment portfolio 95 128 19 22 4 114 150 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 €m FRE PRE +52% CAGR AM EBIT
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TIKEHAU CAPITAL 91FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Core FRE margin expected to reach between 45-50% by 2029 Operating leverage PRE Investment portfolio 7% 22% 29% 30% 35% 39% 37% 39% 39% 41% 45-50% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 By 2029 Growth drivers • Enhanced business mix • Co-investments • Stronger operating leverage • Disciplined cost management Platform buildout Harvesting
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TIKEHAU CAPITAL 92FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION We have adopted a cautious and shareholder-friendly carry allocation Operating leverage PRE Investment portfolio Cautious, back-ended P&L recognition Shareholder-friendly allocation Significant profitability driver
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TIKEHAU CAPITAL 93FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION We expect material performance-related earnings to be recognized in the P&L Operating leverage PRE Investment portfolio €220m Unrealized PRE (1) ~€160m Maturity by 2029 ~€60m Maturity >2029 (1) Based on performance as of 30 September 2025.
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TIKEHAU CAPITAL FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Historically, portfolio rotation has driven cash generation but P&L recognition hasn’t been fully captured 94 Investments in our Private Equity funds Fund DPI <1x Fund DPI >1x EXIT CAPITAL GAINS P&L REALIZED REVENUES CASH FLOW ✓ EXIT CAPITAL GAINS P&L REALIZED REVENUES CASH FLOW ✓✓ Operating leverage PRE Investment portfolio J-curve effect: time delays in capital gains recognition in the P&L
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TIKEHAU CAPITAL 95FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Future portfolio revenue generation is supported by J -Curve mitigation and more selective balance sheet allocation Operating leverage PRE Investment portfolio Time Portfolio revenues (P&L) Projected portfolio J-Curve Current portfolio J-Curve Drivers for future profitability Exit J-curve for existing investments Allocation in new investments allowing for higher-velocity 1 2 1 2
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TIKEHAU CAPITAL 96FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION More significant returns of capital will be delivered by 2029 Operating leverage PRE Investment portfolio 0.4 1.2 ~€2bn 2018-2021 2022-2025 2026-2029 €bn New investments in our funds and ecosystem Balance sheet optimization Shareholder returns
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TIKEHAU CAPITAL 97FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Dividend distribution to increase supported by Asset Management EBIT growth 0.50 0.25 0.50 0.50 0.60 0.70 0.75 0.80 0.80 0.50 0.40 2017 2018 2019 2020 2021 2022 2023 2024 2025 Commitment to distribute >80% of AM EBIT per year €
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TIKEHAU CAPITAL 98FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Q&A session
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Appendix 2025 Full-year results 99
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TIKEHAU CAPITAL FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Deployment and realizations examples 100 Private Equity Real AssetsCredit Aerospace and Defense Strategy • Industry: Industrials • Support the company’s buy & build strategy and growth in a highly fragmented market • Transaction size: €95m Dec. 2025Dec. 2025 Direct Lending • Industry: Construction and engineering • Support the primary buyout investment thesis • Transaction size: c.€103m Financing package Oct. 2025 Real Estate Debt – Tactical Strategies • Industry: Real Estate project in the US • An asset located in the Lower East Side providing 367 hotel room, alongside 5 meeting spaces and seven food and beverage venues • Transaction size: $57m Mezzanine facility Hotel Valaisia Real Estate – Value-Add • Asset: Hotel Valaisia in Crans Montana • Acquisition of a 4-star hotel, in partnership with Propreal, an independent European real estate manager headquartered in Geneva • Transaction size: CHF45m Dec. 2025 Investment Credit Real Estate Project in New York Investment Credit Credit Exit Investment Oct. 2025 Direct Lending • Industry: IT value-add seller and services • Support the carve-out investment thesis • Transaction size: c.£83m Unitranche and incremental add-on facility Exit Tactical Strategies • Industry: digital infrastructure • Large-scale data center development of 100MW • Transaction size: €80m facility Dec. 2025 Westpoort Project Exit
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TIKEHAU CAPITAL FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Simplified consolidated P&L and balance sheet €m 31 Dec. 2024 31 Dec. 2025 Management fees & other revenues(1) 337.1 358.3 Operating costs(2) (205.1) (210.7) Core Fee-Related Earnings (FRE) (3) 132.0 147.6 Core FRE Margin 39.2% 41.2% Share-based compensation (non-cash) (19.3) (20.0) Fee-Related Earnings (FRE) 112.7 127.6 Realized PRE 13.6 22.0 AM EBIT 126.3 149.6 AM EBIT margin 36.0% 39.3% Investment portfolio revenues 207.1 165.8 o/w Realized revenues 201.7 239.2 o/w Unrealized revenues 5.4 (73.4) Corporate expenses (63.0) (71.3) Financial interests (62.8) (70.5) Non-recurring items and others(4) 2.0 12.7 Net result before tax 209.6 186.3 Tax (53.8) (50.5) Minority interests 0.0 0.6 Net result, Group share 155.8 136.4 €m 31 Dec. 2024 31 Dec. 2025 Investment portfolio 4,001 4,359 Cash & cash equivalents 337 167 Other current & non-current assets 859 914 Total assets 5,197 5,440 Shareholders' equity - Group share 3,245 3,148 Minority interests 4 6 Total Group shareholders’ equity 3,249 3,154 Financial debt 1,641 1,924 Other current & non-current liabilities 306 362 Total liabilities & shareholders’ equity 5,197 5,440 Gearing 51% 61% Undrawn committed facilities 650 1,000 Simplified consolidated P&L Simplified consolidated balance sheet GROUP 101 (1) Management fees and other revenues include management fees, subscription fees, arrangement & structuring fees as well as incentive fees. (2) Excluding share-based compensation. (3) 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. (4) Include net result from associates and non-recurring items, mainly foreign exchange impacts on financing activities, totaling +€8.5m on a net basis.
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TIKEHAU CAPITAL FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Fee-paying AuM and management fee rate by strategy in €m 31/12/2023 31/12/2024 31/12/2025 Credit 15,358 17,670 18,414 Real Assets 11,141 11,538 12,211 Capital Markets Strategies 4,644 5,732 6,158 Private Equity 3,805 4,811 5,312 Fee-paying AuM 34,947 39,751 42,096 in bps 31/12/2023 31/12/2024 31/12/2025 Credit 85.4 80.8 72.2 Real Assets 100.2 86.3 84.3 Capital Markets Strategies 50.1 56.3 54.6 Private Equity 162.5 177.8 188.6 Management fees¹ 94.1 90.2 87.6 Performance-related fees 3.0 3.6 5.4 Total weighted average fee-rate² 97.1 93.9 92.9 AM 102 (1) AM fees include management fees, subscription fees, arrangement fees and other revenues, net of distribution fees. (2) Implied fee rates are calculated based on average fee-paying AuM.
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TIKEHAU CAPITAL FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Dynamic portfolio management in 2025 €(783)m +€1,321m Investments Divestments & returns of capital Tikehau Capital strategies +€951m Ecosystem / direct investments +€370m Investment in Schroders plc − 5.2% of capital crossed on 24 February 2025 Co-investment alongside JC Flowers in Enstar (a global insurance group based in the US) Credit (40%) Real Assets (19%) Private Equity (15%) Co-invest. (23%) Granular asset exits and disposals Returns of capital driven by several of the firm’s Private Equity strategies (notably Decarbonization and Aerospace & Defense) and CLOs INVEST €(179)m Market effects & FX €(18)m of negative fair value changes reflecting positive market effects for Schroders plc and positive revaluations in some Private Equity strategies offset by negative market effects in some Real Estate and Credit strategies €(161)m of FX effects mainly linked to €/$ and €/£ Past performance does not predict future returns. Capital Markets Strat. (2%) 103
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TIKEHAU CAPITAL FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION +33% growth in portfolio revenues, excluding currency effects INVEST Excluding FX Excluding FX Tikehau Capital strategies Ecosystem & direct investments Tikehau Capital strategies Ecosystem & direct investments FX effects (1) €43m €(52)m +33% Portfolio revenues YoY growth (excluding FX effects) FX effects mainly linked to €/$, €/£ and €/SGD in 2025 €(52)m FX effects in 2025 €/$ (41%) €/£ (48%) €/SGD (9%) Others (1) Impact of the FX changes if there had been no change of FX since the opening date of each period (resp. 1 January 2024 and 2025 for each year presented). €m 112 102 52 116164 218 FY 2024 FY 2025 124 89 83 77 207 166 FY 2024 FY 2025 104
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TIKEHAU CAPITAL FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Portfolio revenues breakdown in €m 31/12/2024 31/12/2025 Tikehau Capital funds 101.7 76.0 Investments alongside Tikehau Capital funds 21.9 13.1 Tikehau Capital AM strategies 123.6 89.1 Ecosystem investments 79.2 80.7 Other direct investments 4.3 (4.0) Ecosystem and direct investments 83.5 76.7 Total portfolio revenues 207.1 165.8 in €m 31/12/2024 31/12/2025 Dividends, coupons and distributions 195.3 222.9 Realized change in fair value 6.4 16.3 Realized portfolio revenues 201.7 239.2 Unrealized portfolio revenues 5.4 (73.4) Total portfolio revenues 207.1 165.8 INVEST 105
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TIKEHAU CAPITAL FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION A €4.4bn growth-compounding investment portfolio INVEST 3,017 1,150 889 789 146 1,1471,343 195 31-Dec-2025 31-Dec-2025 Ecosystem and direct investments 4,359 Strategies Credit Real Assets Private Equity Capital Markets Strategies (€43m) Alongside Tikehau Capital’s Strategies Other direct investments Ecosystem investments 4,359 €m Fixed income & equity Direct & Corporate Lending Secondaries CLOs / Leveraged Loans Special Opportunities Real Estate Debt Decarbonization / Regenerative Ag. Aerospace & Defense Cybersecurity European Core / Core+ real estate European value-add real estate US mid-market infrastructure (70%) (30%) 106
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TIKEHAU CAPITAL FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Reduced level of off-balance sheet undrawn commitments INVEST 1,380 1,452 1,194 242 208 202 1,622 1,660 1,396 31-Dec-2023 31-Dec-2024 31-Dec-2025 €m Credit €0.5bn (45%)Private Equity €0.5bn (39%) Real Assets €0.2bn (14%) Other(1) (2%) €1.2bn Undrawn commitments in Tikehau Capital strategies 107
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TIKEHAU CAPITAL FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Presentation of intermediate investment holdings Since 2013, intermediate investment holdings have been established to support and accelerate the Group’s development and to perform investment -related services: ⎯ Contribution to accelerate the development of the Group’s Asset Management activities, by investing alongside its strategies, with a long-term horizon ⎯ Primary location in the US and the UK with functional currencies in USD or EUR These holdings have been fully consolidated to present a clear view of the underlying performance of their investments 108
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TIKEHAU CAPITAL FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Change in the scope of consolidation in IFRS accounts NO CHANGE IN MANAGEMENT ACCOUNTS A reassessment of facts and circumstances has been conducted in application of IFRS 10 ⎯ Intermediate holdings are strictly required to be fair valued ⎯ Impact of this change of scope of consolidation is presented as of 1 January 2024 ► Reduced visibility of the underlying investments performance and associated transactions: all realized and unrealized portfolio revenues, performance -related earnings, operating expenses from these entities will be aggregated into unrealized portfolio revenues in IFRS accounts The Group will continue to monitor its activities by consolidating these intermediate investment holdings (“Management Accounts”) on a similar basis to prior years and preserve comparability of performance 109
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TIKEHAU CAPITAL FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Reconciliation between Management Accounts and IFRS Accounts No change on the Group shareholders’ equity & comprehensive result ⎯ P&L impact on net result fully compensated through Other Comprehensive Income Limited impact on total assets and liabilities Foreign exchange effects on investment portfolio are presented within unrealized change in FV in IFRS and through OCI in Management Accounts (no change vs. previous presentation) PRE items linked to intermediate investment holdings are included in unrealized portfolio revenues in IFRS and remain in AM EBIT in Management Accounts 110
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TIKEHAU CAPITAL FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Change in the scope of consolidation regarding intermediate holdings • Each individual contribution from intermediate holding is fully consolidated in BS and P&L • Foreign exchange effects deriving from investment portfolio are recognized in Other Comprehensive Income (OCI) Limited volatility and better clarity of the P&L items • PRE items, realized revenues, FX exchange effects are aggregated in consolidated unrealized portfolio revenues • All balance sheet net contribution is pooled in portfolio investment (FV) Reduced transparency of the Group’s underlying performance Tikehau Capital Investment portfolio Asset Management entities Intermediate investment holdingsInvestment portfolio Tikehau Capital Group Consolidation perimeter Consolidated Fair valued Tikehau Capital Investment portfolio Asset Management entities Intermediate investment holdings Investment portfolio Tikehau Capital Group Consolidation perimeter Consolidated Fair valued Portfolio investments included in the fair value of the intermediate investment holdings 1 deriving from investment portfolio held by intermediary holdings Management Accounts – Historical basis of preparation IFRS 10 – New basis of preparation 111
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TIKEHAU CAPITAL FY25 RESULTS AND STRATEGIC UPDATE 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) items 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 112
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TIKEHAU CAPITAL FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Main P&L impacts on 2025 and 2024 accounts 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 2025 2024 in €m Manag. accounts Adj. FX effects IFRS Manag. accounts Adj. FX effects IFRS Fee-Related Earnings (FRE) 127 - - 127 113 - - 113 Performance-related earnings (PRE) 22 (5) - 17 14 (1) - 13 AM EBIT 149 (5) - 144 126 (1) - 126 Realized portfolio revenues 239 (6) - 233 202 46 - 248 Unrealized portfolio revenues (73) (16) (94) (183) 5 (41) 24 (12) Portfolio revenues 166 (23) (94) 50 207 6 24 236 Corporate expenses (72) 9 - (62) (63) 1 - (62) Financial result (71) (2) - (73) (63) (1) - (64) Other non-recurring items and others 13 (1) - 11 2 (0) - 2 Income tax (50) 22 - (28) (54) (5) - (59) Minority interests 1 - - 1 (0) - - (0) Net result, Group share 136 - (94) 42 156 - 24 179 Other Comprehensive Income (OCI) (102) - 94 (8) 27 - (24) 3 113
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TIKEHAU CAPITAL FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Main Balance Sheet impacts on 2025 and 2024 accounts 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 2025 2024 in €m Manag. accounts Adj. IFRS Manag. accounts Adj. IFRS Investment portfolio 4,359 0 4,360 4,001 56 4,057 Cash & cash equivalent 167 (4) 163 337 (66) 271 Other current & non-current assets 915 (47) 868 859 (14) 845 Total assets 5,441 (51) 5,390 5,197 (24) 5,173 Shareholders' equity - Group share 3,147 - 3,147 3,245 - 3,245 Minority interests 6 - 6 4 - 4 Shareholders' equity 3,153 - 3,153 3,249 - 3,249 Financial debt 1,924 - 1,924 1,641 - 1,641 Other current & non-current liabilities 364 (51) 313 306 (24) 282 Total liabilities & Shareholders' equity 5,441 (51) 5,390 5,197 (24) 5,173 114
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Appendix Strategic update 115
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TIKEHAU CAPITAL 116FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Credit: leverage our mature strategies and value -creating adjacencies Strategy Distribution and Partnerships Performance and Profitability Scale flagship strategies Direct Lending, Credit Secondaries, Special Opportunities Grow emerging strategies Real Estate Debt Keep a steady print/reset cadence across Europe and US CLO platforms Complement offering with adjacencies TPDS Flex, CLO equity retention Scale SMAs and mandates Grow Asia Private Credit and APAC financings Accelerate banking partnerships to address new strategies Maintain momentum with private wealth channels Unit-linked products through insurance channels and digital platforms Maintain strict underwriting standards Maintain intensive portfolio monitoring with capital preservation
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TIKEHAU CAPITAL 117FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Real Assets: capture dislocated value through targeted investments and active management Strategy Distribution and Partnerships Performance and Profitability Continue to offer diversified risk- adjusted returns Develop a large Core/Core+ flagship fund Prioritize defensive segments Living, residential, high-street retail Continue to seize off-market investment opportunities Grow third-party capital via co-investments Expand investment capabilities in North America through local partnerships Deepen relationships with IFAs, bank and insurance partners for retail distribution Accelerate distribution through digital platforms Maintain conservative leverage discipline and portfolios granularity Enhance asset management Leasing velocity, capex discipline
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TIKEHAU CAPITAL 118FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Private Equity: strengthen our positioning as the go-to-partner for thematic investing Strategy Distribution and Partnerships Performance and Profitability Scale flagship strategies Decarbonization, Aerospace & Defense, Cybersecurity Grow emerging strategies and adjacencies Regenerative Agriculture Develop new strategies with industrial partners Develop co-investments and bespoke solutions for larger transactions Accelerate the Amova partnership in APAC Scale private wealth access with dedicated initiatives Develop larger feeder funds with private banks Accelerate value creation Enhance portfolio value creation playbooks Disciplined exit planning Growth Equity and Legacy Wind down and deliver exit to focus on flagship strategies
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TIKEHAU CAPITAL 119FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Capital Markets Strategies: accelerate scale up potential Strategy Distribution and Partnerships Performance and Profitability Scale high-conviction fixed income strategies Expand our equity offering dedicated to financing European sovereignty and resilience Strengthen private wealth and retail distribution through banks and insurers Broaden institutional distribution across European Maintain robust performance for fixed income strategies Restore positive performance and flows dynamic on flexible and equity strategies Accelerate scalability and operating leverage generation
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TIKEHAU CAPITAL 120FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Internal AI tools to enhance process efficiency (1/2) TIKEHAU CAPITAL WINNER OF THE 2025 DIGITAL INNOVATION CHALLENGE CLIENTS PORTFOLIO ASSETS EMPLOYEES DDQ AI Platform Retina Investment Hub AI Training Automation of Due Diligence Questionnaires (DDQs) Reduces time to complete DDQs Smarter investing Centralization of institutional knowledge Centralization of deal history across global teams Access to investment data, fund information, legal documentation, and internal processes Connections within Tikehau Capital’s network and with external partners
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TIKEHAU CAPITAL 121FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Internal AI tools to enhance process efficiency (2/2) ABC ABC ABC ABC ABC ABC ABC ABC ABC ABC ABC ABC
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TIKEHAU CAPITAL 122FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Performance Track Record – Direct Lending FUND LEVEL OVERVIEW AS OF SEPTEMBER 2025 FUND VINTAGE COMMITMENTS (€M) % DRAWN Net DPI (2) IRR MOIC Gross IRR Net IRR Gross MOIC Net MOIC Tikehau Direct Lending II (1) 2012 133.5 100% 1.51x 12.8% 9.6% 1.67x 1.51x Tikehau Direct Lending III 2015 610.0 100% 1.26x 9.4% 7.1% 1.36x 1.26x Tikehau Direct Lending IV 2018 1,317 98% 1.04x 9.0% 7.3% 1.44x 1.35x Tikehau Direct Lending V 2020 2,010 96% 0.35x 7.7% 6.0% 1.27x 1.20x Tikehau Direct Lending VI 2024 2,759(3) 22%(3) 0.08x 14.4% 11.1% 1.13x 1.11x Source: Tikehau Investment Management as of 30 September 2025. TDL I, vintage year 2010 and called Tikehau Special Situations II with €85m of committed capital, is not included in the above metrics given it is not representative of a predominately direct lending focused strategy. TDL I was the first commingled fund to include direct lending investments that reflect the strategy of the successor funds. The fund, launched in the aftermath of the 2008 financial crisis, also invested in leveraged loans and was therefore hybrid in nature. The fund has been fully realized. (1) As of 10 November 2023, date of final distribution of the fund. (2) Post Management fees & Carried Interest. (3) As of 31 December 2025, date of finale close of the Unlevered Fund. TDL VI Vintage globally raised €5.0bn, including the levered and first lien only vehicle as well as SMAs investing alongside the co-mingled Funds. Performance figures based on lowest fee-paying share class available to and subscribed by external investors. The above performance metrics are estimated by the Manager as of 30 September 2025. Please refer to the IRR disclaimer in the annex for further information. Past performance is no guarantee of future results. Forward-looking statements are not guarantees and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied. Investing in private markets involves various risk factors including, but not limited to potential total capital loss, liquidity constraints and lack of transparency.
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TIKEHAU CAPITAL 123FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION FUND LEVEL OVERVIEW AS OF SEPTEMBER 2025 Performance track record – Special Opportunities Excluding Tactical Liquid Credit. Source: Tikehau Investment Management – Data as of 30 September 2025, unless stated otherwise. Unaudited figures. no guarantee that investment objectives will be achieved. Please refer to the disclaimer for IRR and MOIC definitions. 1) Gross IRR / MOIC based on realized investments cashflows excluding tactical liquid credit investments. Figures will be lower on a net basis. 2) Gross IRR/MOIC based on portfolio-level cash flows before management fees, carried interest, and the latest fund NAV as of 30 September 2025 excluding tactical liquid credit investments, 3) €1.2bn raised across the Special Opportunities Strategy Including a €200m allocation from a Special Opportunities SMA and €56m from co-investors. Past performance is no guarantee of future results. Issuance and redemption commissions are not included in the performance figures. The funds mentioned above are quoted for past performance track record only. They are not open to subscription. Please refer to the disclaimer section for the definitions of IRR and MOIC. FUND VINTAGE COMMITMENTS (€M) % DRAWN DPI IRR MOIC GROSS IRR(1) NET IRR (2) Gross MOIC(1) Net MOIC (2) Tikehau Special Opportunities I 2016 €140m 77% 0.91x 9.8% 6.26% 1.23x 1.15x Tikehau Special Opportunities II 2020 €618m 86% 0.43x 12.6% 9.2% 1.41x 1.36x Tikehau Special Opportunities III 2023 €932m(3) 55% 0.17x 18.7% 14.3% 1.21x 1.18x
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TIKEHAU CAPITAL 124FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Performance track record – Private Debt Secondaries FUND LEVEL OVERVIEW FUND SIZE ($M) VINTAGE % DRAWN Net DPI IRR Multiple Gross IRR Net IRR Gross Multiple Net Multiple TPDS I 415.3 2021 69% 0.73x 15.3% 12.5% 1.47x 1.37x TPDS II1 1,011 2023 30% 0.38x 23.2% 19.2% 1.26x 1.21x Source: Tikehau Investment Management. As of September 30, 2025. (1) As of final closing in Q4-2025 and including co-investments.
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TIKEHAU CAPITAL 125FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Performance track record – Private Equity FUND LEVEL OVERVIEW AS OF SEPTEMBER 2025 Source: Tikehau Investment Management – Data as of 30 September 2025 (1) Based on capital called as a % of fund size as of 30th September 2025, (2) Portfolio Gross IRR/MOIC (unaudited Including FX hedging): based on all the cash flows generated by the underlying investments, i.e. on latest valuations plus existing cash flows for the current transactions, and the past cash flows for the realized ones, with respect to the respective funds structure in terms of upfront fee allocation, (3) Based on investors cash flows post management fees, post carried interest, and the latest fund NAV. Net LP IRR will vary by entry/ commitment date, (4) Not available for Tikehau Growth Equity II and Tikehau Growth Equity Secondary. Note that for T2 Energy Transition Fund, the forecast is the view as of 30th June 2025, (5) Includes T2 Energy Transition Fund + T2 ELTIF. Note that the first investment for T2 Energy Transition Fund took place in December 2018 and is therefore appropriately classified as a 2019 vintage Fund, (6) AAP – Ace Aero Partenaires is comprised of AAP Platform and AAP Support compartments, (7) DPI is pro-forma including the exit of Egis which was exited on 3rd July 2025 with proceeds distributed to investors during Q4 2025, (8) DPI is pro-forma LMB exit, which closed on 23rd December 2025, (9) As of February 2026, including approved accounts being onboarded in Q1 2026. FUND VINTAGE COMMITMENTS (€M) % DRAWN (1) DPI IRR MOIC Gross IRR (2) Net IRR (3) Gross MOIC (2) Net MOIC (3) Growth Equity II 2018 €374m 92% 0.3x 9% 7% 1.5x 1.4x Growth Equity Secondary 2019 €210m 89% 1.3x 15% 14% 1.6x 1.5x T2 Energy Transition Fund (5) 2019 €989m 93% 0.4x (7) 13% 8% 1.5x 1.3x Brienne III (Cybersecurity) 2019 €175m 93% 0.2x 11% 6% 1.4x 1.2x AAP I (Aerospace & Defense) (6) 2020 €768m 95% 0.3x (8) 18% 12% 1.5x 1.3x Regenerative Agriculture Fund 2022 €564m 48% 0.0x n.m n.m 1.0x 1.0x Brienne IV (Cybersecurity) 2023 €304m 33% 0.0x 3% (10%) 1.0x 0.9x Decarbonization Fund II 2024 €1,384m (9) 48% 0.0x 10% n.m. 1.1x 1.0x AAP II (Aerospace & Defense) 2025 €582m (9) 6% n.m. n.m. n.m. n.m. n.m.
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TIKEHAU CAPITAL 126FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Performance track record – Real Estate FUND LEVEL OVERVIEW AS OF SEPTEMBER 2025 Source: Tikehau Investment Management – Data as of 30 September 2025 (1) Based on capital called as a % of funds displayed commitments, (2) Portfolio Gross IRR/MOIC (unaudited Including FX hedging): based on all the cash flows generated by the underlying investments, i.e. on latest valuations plus existing cash flows for the current transactions, and the past cash flows for the realized ones, with respect to the respective funds structure in terms of upfront fee allocation, (3) Based on investors cash flows post management fees, post carried interest, and the latest fund NAV. Net LP IRR will vary by entry/ commitment date, (4) TREO 2018 and TREO II advertised returns were: 16.2% gross / 12.15% net IRR; 1.5–1.7x gross / 1.3–1.4x net MOIC. FUND VINTAGE COMMITMENTS (€M) % DRAWN (1) DPI(2) IRR Gross IRR (2) Net IRR (3) TRP I (Mr BRICOLAGE) 2014 135 100% 1.38x 7.4% 6.1% TREIC 2015 256 76% 0.44x 5.8% 3.9% TRP III (BABOU) 2015 175 100% 1.08x 8.9% 7.2% TRP II (BERCY 2) 2015 54 100% 0.12x n.a. n.a. TRE II (OPTIMO) 2016 180 100% 1.24x 11.7% 9.5% TIRF 1 2016 35 100% 0.32x 6.2% 3.9% TRE III (OPTIMO 2) 2017 238 100% 1.17x 10.7% 7.6% TIRF 2 2017 42 100% 0.39x 6.9% 4.2% TREO 2018 (4) 2018 560 82% 0.19x 3.2% n.a. TR1 (PLM) 2019 104 92% 0.17x 3.0% 0.8% ZIP (FM TURAI) 2021 150 77% 1.36x 38.0% 26.9% REWF (STELLANTIS) 2022 250 56% - 9.5% 6.3% TREO II (4) 2022 466 45% - 39.0% 31.0% TRE V (OPTIMO V) 2023 93 100% 0.11x 1.4% 4.7% THB (CALIFORNIA) 2023 103 96% - 8.0% 1.8% CALISTO (CASINO) 2024 61 96% 0.08x 11.8% 16.5%
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TIKEHAU CAPITAL 127FY25 RESULTS AND STRATEGIC UPDATE 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.
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TIKEHAU CAPITAL 128FY25 RESULTS AND STRATEGIC UPDATE PRESENTATION Disclaimer This Presentation includes certain pro forma financial information about the Group. This pro forma financial information has been prepared on the basis of historical financial statements of the Company but has not been audited by the Group’s auditors. The pro forma financial information is presented for illustrative purposes only and is not indicative of the results of operations or financial condition. 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. 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.