CapMan Plc
Stock Exchange Release / Half-Year Financial Report
7 August 2025 at 8:00 a.m. EEST

CapMan Plc 1-6 2025 Half-Year Report

Results for continuing operations and significant events in 1-6 2025:

CapMan has classified CaPS business as a discontinued operation in the income statement and restated the comparison periods' figures accordingly.

• Assets under management EUR 6.5 billion 30 June 2025 (EUR 6.1 billion 31 December 2024)
• Group revenue was MEUR 27.1 1 January-30 June 2025 (MEUR 30.9 1 January-30 June 2024)
• Fee income was MEUR 26.9 (MEUR 27.1)
• Carried interest was MEUR 0.2 (MEUR 3.8)
• Operating profit was MEUR 9.3 (MEUR 9.4) and comparable operating profit was MEUR 10.6 (MEUR 11.0)
• Fee profit was MEUR 2.8 (MEUR 3.7)
• Fee profit before group costs was MEUR 4.4 (MEUR 5.2)
• Diluted earnings per share were 2.4 cents (1.6 cents) and comparable diluted earnings per share were 3.0 cents (2.4 cents)
• In March, CapMan Real Estate fund CapMan Hotels II closed the acquisition of Midstar Fastigheter AB's hotel portfolio, growing CapMan's assets under management by EUR 0.4 billion
• In June, CapMan signed an agreement to acquire majority of German based real estate debt specialist CAERUS Debt Investments AG and launched new investment area Real Asset Debt. The transaction was closed on 31 July 2025.

This stock exchange release is a summary of CapMan Plc's Half-Year Report for the period 1 January-30 June 2025. The complete report is available in pdf-format as an attachment to this release and on the company's website at https://capman.com/shareholders/result-reports/.

CEO's comment:

We continue to systematically implement our growth strategy. At the end of the second quarter, CapMan's assets under management stood at EUR 6.5 billion, a growth of 8% from the beginning of the year. In June we announced the acquisition of CAERUS Debt Investments AG and the expansion into Real Asset Debt. The acquisition will add some 700 million euros of assets under management in the third quarter.

For the first half of 2025 fee income was 1% below previous year, mainly due to the of timing of the final closings during the comparison period. Looking at the underlying recurring fee income, the development continued in line with the assets under management growth.

The increased economic and geopolitical uncertainty have limited immediate impact on CapMan's existing fee generating business, as it is based on long-term agreements with good predictability. However, the increased uncertainty is slowing fundraising processes.

New investment area Real Asset Debt established with the acquisition of German real estate debt specialist CAERUS Debt Investments AG

In July CapMan acquired 51 percent of the share capital in CAERUS Debt Investments AG, one of the pioneers and market leading German real estate debt investment managers. This expansion and consequent establishment of Real Asset Debt as a new investment area, supports our objective to reach EUR 10 billion of assets under management and further strengthens CapMan's focus on real assets by complementing the existing real estate, infrastructure and natural capital investment areas. I am extremely excited to welcome the whole CAERUS team as part of CapMan and look forward to our future value creation journey together.

Continued solid investment activity and performance across funds

At the core of our business is to maintain a solid investment activity through the cycles and deliver strong sustainable returns to our investors. During the first half of the year, the fair value development has been positive in all investment areas, and we have completed 5 new investments and several add-on acquisitions to further accelerate growth. In addition, several exit processes are ongoing, and already during the third quarter we have signed the sale of one of the portfolio companies from the Buyout XI fund and one from the Growth II fund.

In June, as one of the first companies globally, CapMan Real Estate received validation of its net zero climate targets from the Science Based Targets initiative (SBTi) in accordance with the Buildings Criteria.

Since the beginning of the year, we have raised some EUR 500 million of new capital, primarily to our Real Estate products, which is a testament to the strong performance of our products in an overall challenging market. Fundraising for flagship funds Nordic Real Estate IV and European Forest Fund IV continue with good investor interest, and as earlier communicated the target is to hold the first close for both funds in the latter part of the year.

Pia Kåll

CEO, CapMan Plc

Key figures

Long-term financial objectives

CapMan's distribution policy is to pay sustainable distributions that grow over time. CapMan's objective is to distribute at least 70% of the Group's profit attributable to equity holders of the company excluding the impact of fair value changes, subject to the distributable funds of the parent company. In addition, CapMan may pay out distributions accrued from investment operations, taking into consideration foreseen cash requirements for future investments.

The revenue growth target excluding carried interest income is more than 15% p.a. on average. The target for return on equity is more than 20% and for equity ratio more than 50%.

CapMan expects to achieve these financial targets gradually and key figures are expected to show fluctuations on an annual basis considering the nature of the business.

Outlook estimate for 2025

CapMan's objective is to improve results in the long term, taking into consideration annual fluctuations related to the nature of the business. Carried interest income from funds managed by CapMan and the return on CapMan's investments have a substantial impact on CapMan's overall result. In addition to asset-specific development and exits from assets, various factors outside of the portfolio's and CapMan's control influence fair value development of CapMan's overall investments, as well as the magnitude and timing of carried interest. For these reasons, CapMan does not provide numeric estimates for 2025.

CapMan estimates assets under management to grow in 2025. The company estimates fee profit also to grow in 2025. These estimations do not include possible items affecting comparability.

Result webcast today at 9:30 a.m. EEST

CapMan's management will present the result for the review period in a webcast to be held at 9:30 a.m. EEST. Please access the webcast at https://capman.events.inderes.com/q2-2025. The webcast will be held in English. A replay of the webcast will be available on the company's website after the event.

CAPMAN PLC
Board of Directors

Contact details:
Atte Rissanen, CFO, CapMan Plc, tel. +358 50 040 5732

Distribution:
Nasdaq Helsinki Ltd
Principal media
www.capman.com

Appendix: CapMan Plc 1-6 2025 Half-Year Report

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation and €6.5 billion in assets under management. As one of the private equity pioneers in the Nordics we have developed hundreds of companies and assets creating significant value for over three decades. Our objective is to provide attractive returns and innovative solutions to investors by enabling change across our portfolio companies. An example of this is greenhouse gas reduction targets that we have set under the Science Based Targets initiative in line with the 1.5°C scenario and our commitment to net-zero GHG emissions by 2040. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover real estate and infrastructure assets, real asset debt, natural capital and minority and majority investments in portfolio companies. We also provide wealth management solutions. Altogether, CapMan employs around 200 professionals in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo, London, Luxembourg, and Düsseldorf. We are listed on Nasdaq Helsinki since 2001. www.capman.com