Half Year 2026 Tikehau Capital SCA Earnings Call Transcript
Key Points
- Net results group share doubled year-on-year to EUR165 million, driven by strong asset management profitability and balance sheet value crystallization.
- Core FRE increased by 32% year-on-year to EUR80 million, with the core FRE margin expanding to 42%, demonstrating clear operating leverage.
- Successful fundraising for the sixth direct lending vintage at EUR5.2 billion, approximately 60% larger than its predecessor, reflecting strong investor confidence.
- Active portfolio rotation generated EUR310 million in realized revenue and EUR222 million in total portfolio revenue, including a significant EUR217 million gain from the Schrader stake sale.
- Balance sheet strengthened with EUR1.6 billion in available short-term resources and investment grade ratings reaffirmed by both S&P Global and Scope Ratings.
- Fundraising in H1 2026 was slower than H1 2025, impacted by a high comparison base and a voluntary reduction in CLO issuance pace.
- Market environment remains volatile and selective, with geopolitical uncertainties and tight financing conditions weighing on visibility.
- Deployment pace in credit slowed during H1, primarily due to reduced CLO activity in a less supportive environment.
- The investment portfolio saw negative fair value changes of EUR61 million, linked to certain direct legacy and listed investments.
- Retail investor appetite for real estate remains muted, with the market still suffering from a prolonged downturn.
Ladies and gentlemen, welcome to TKO Capital's Half Year 2026 Results Conference Call.
Today, I am pleased to present Antoine Flamarion, co-founder Henri Marcoux, Deputy CEO and Vincent Picot, Group CFO. Mr. Flamarion, the floor is yours.
Thank you very much. Good evening, ladies and gentlemen. Thank you for joining us today for H1 results. I will start with the first couple of four slides and hand over to Henri.
Market environments remain volatile and selective, geopolitical developments continue to wait on visibility, financing conditions remain relatively tight and investors remain highly selective in their capital allocation decisions. In that context, discipline matters more than ever, discipline in deployment, underwriting, capital allocation and cost management.
This environment is challenging, but it also creates opportunities for experienced professionals. Importantly, we are also seeing encouraging signs of improvement in exit activity, particularly in part of private equity
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