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Tikehau: Tikehau Capital's Record Year: AUM Growth and Profitability

Tikehau Capital reported a record year in 2025, with its asset management business growing by 8% in revenue and 18% in EBIT, driven by a 12% growth in core Fee-related Earnings (FRE). The company achieved a core FRE margin of over 40% for the first time, with fee-paying AUM growing by 6% to EUR 358 million. Net income was EUR 136 million, a 51% growth excluding currency effects. The actual EPS came out at 0.2848, missing estimates at 0.83. Analysts estimate next year's revenue growth at 13.1%. With a P/E Ratio of 32.66 and a P/S Ratio of 5.82, the market seems to be pricing in significant growth expectations.

TKO.PA

EUR 17.16

-0.92%

A-Score: 5.3/10

Publication date: February 23, 2026

Full Report

Author: Analystock.ai

šŸ“‹ Highlights
  • Record Deployment & Inflows: EUR 7.6 billion deployed (+35%), EUR 10.5 billion gross inflows, and EUR 8 billion net inflows in 2025.
  • Fee-Related Earnings Growth: 12% core FRE growth, 40% margin achieved, and EUR 358 million fee-paying AUM (+6%).
  • Private Market Focus: EUR 2 billion in private equity and EUR 1.4 billion in real assets deployed, with 25% of third-party inflows from private clients.
  • Strong Financial Performance: EUR 136 million net income (+51% excl. currency) and EUR 22 million record performance-related earnings.
  • 2026 Targets: AUM of EUR 60+ billion, FRE of EUR 175ā€“225 million, and net result of EUR 420ā€“520 million (excl. ForEx).

Asset Management Flywheel and Private Markets Focus

The company's private equity deployment increased to EUR 2 billion, and real assets represented EUR 1.4 billion of investments. Tikehau Capital has been focusing on private markets, with 25% of third-party inflows raised through private clients. According to Thomas Friedberger, private markets are expected to grow to $61 trillion in 2032, with a convergence of private markets with liquid markets. This trend is likely to benefit Tikehau Capital's business model.

Investment Portfolio and Balance Sheet

Tikehau Capital's investment portfolio had a total fair value of EUR 4.4 billion, with approximately EUR 3 billion invested in its own management strategies. The company carried out nearly EUR 800 million of exits, with returns of capital from various asset classes. The balance sheet has been instrumental in its growth, enabling it to invest in its own strategy and accelerate international expansion. Antoine Flamarion mentioned that the firm has been using the balance sheet to seed sponsor new initiatives.

Growth Prospects and Valuation

Tikehau Capital is targeting an AUM of at least EUR 60 billion by end 2026, FRE between EUR 175 million and EUR 225 million, and net result group share between EUR 420 million and EUR 520 million, excluding ForEx effects. With a Price-to-Book Ratio of 0.98, the company's valuation appears reasonable. The Dividend Yield is 4.61%, providing a relatively attractive return for investors. The EV/EBITDA ratio is 69.34, indicating high expectations for future growth.

Tikehau's A-Score