Full Year 2025 Tikehau Capital SCA Earnings Call Transcript
Key Points
- Tikehau Capital SCA (FRA:7TI) reported a record year in 2025 with significant growth in asset management profitability, reaching close to $150 million in EBIT.
- The company achieved a 35% increase in deployment, putting €7.6 billion to work, and doubled its realization efforts compared to 2024, returning €4.1 billion to LPs.
- Tikehau Capital SCA saw a 13% increase in net inflows, with €8 billion in net inflows and €10.5 billion in gross inflows, marking the fourth consecutive year of record fundraising.
- The firm expanded its global presence to 17 offices, with 80% of new inflows coming from international clients, highlighting successful geographic diversification.
- Tikehau Capital SCA's asset management business saw an 18% growth in EBIT, with a core fee-related earnings margin exceeding 40% for the first time, indicating strong operational efficiency.
- The company faced currency effects that negatively impacted its portfolio revenues, with a €161 million loss linked to the EUR/sterling exchange rate.
- Despite strong financial performance, Tikehau Capital SCA's share price does not reflect its intrinsic value, causing frustration among management and shareholders.
- The firm acknowledges the challenge of maintaining competitive positioning and market share while controlling operating costs, especially as global peers expand aggressively into Europe.
- There is uncertainty regarding the timing of performance-related earnings, with difficulty in predicting when the €220 million of unrealized performance-related earnings will be realized.
- Tikehau Capital SCA's balance sheet investments have been trapped in a J-curve, impacting the immediate realization of returns and necessitating a more cautious allocation strategy moving forward.
Good morning, ladies and gentlemen.
Thank you for being with us today.
Today is about 3 words.
Acceleration, profitability and value creation, and everything we'll discuss this morning will, Connect back to these three priorities.
I'm Theodore So, head of Investor relations for TKO Capital, and I'm delighted to be hosting today's full year results and strategic update.
So, today, you'll hear from our two co-founders, Antoine Flammarion and Matthieu Chabon.
Our deputy CEOs, Henry Marco, Thomas Riberge and Maxime Laurent Belle and our group CFO Vincent Picot.
So a little bit of housekeeping element on the flow of this session.
So we'll first start with a look on TO capital key achievements for 2025 and then open the floor for a first session of Q&A dedicated to our annual results.
We'll then take a short break to allow everybody to refresh, to grab a coffee before moving into our strategic update.
Then you'll hear first from Thomas, who will share his perspectives on opportunities shaping the next decade.
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