CapMan Plc
Stock Exchange Release / Q3 Interim Report
6 November 2025 at 8:00 a.m. EET

CapMan Plc 1-9 2025 Interim Report

Results for continuing operations and significant events in 1-9 2025:

• Assets under management EUR 7.1 billion 30 September 2025 (EUR 6.1 billion 31 December 2024)
• Group revenue was MEUR 42.5 1 January-30 September 2025 (MEUR 43.7 1 January-30 September 2024) of which:
• Fee income was MEUR 42.2 (MEUR 39.9)
• Carried interest was MEUR 0.3 (MEUR 3.8)
• Operating profit was MEUR 17.2 (MEUR 11.1) and comparable operating profit was MEUR 19.1 (MEUR 13.1)
• Fee profit was MEUR 6.5 (MEUR 6.5)
• Fee profit before group costs was MEUR 8.6 (MEUR 8.7)
• Diluted earnings per share were 5.5 cents (0.9 cents) and comparable diluted earnings per share were 6.4 cents (1.9 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.
• In September, CapMan's Board of Directors decided on the additional dividend of EUR 0.07 per share authorised by the Annual General Meeting, bringing the total dividend distribution to EUR 0.14 per share for 2024

This stock exchange release is a summary of CapMan Plc's Interim Report for the period 1 January-30 September 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 have continued systematic execution of our strategy towards the objective of EUR 10 billion of assets under management. Since the start of the year assets under management have grown 17% to EUR 7.1 billion as a combination of EUR 560 million of new capital raised, and the acquisition of CAERUS Debt Investments, which added EUR 640 million. Fee income grew 6% for the first nine months of 2025, which is a strong development. 

The economic and geopolitical uncertainty has somewhat diminished compared to the first half of the year. While the uncertainty is still impacting the length of fundraisings, it has had limited immediate impact on CapMan's existing fee generating business, which is based on long-term agreements with good predictability.

Solid value creation and increased transaction activity

Our funds continued to deploy capital in a disciplined manner. During the year, we have completed eight new investments, out of which three in the third quarter. The Nordic real estate market offers attractive opportunities, and six of eight investments were made by our Real Estate funds. Investments in our own funds continued positive performance with fair value up 8% since the start of the year. In the annual GRESB assessment, which is the leading sustainability benchmark, Real Estate and Infra improved their scores and four Real Estate funds were awarded the highest rating of five stars.

Strong asset performance enables strong exits also in tougher market conditions. During the third quarter we completed two exits from Buyout XI, one from Growth Equity II and a portfolio of forest assets in Portugal from Dasos Timberland II. In addition, Real Estate completed two exits in October, one from Nordic Real Estate III and one from Kokoelmakeskus. For the Kokoelmakeskus exit carried interest will be recorded in the fourth quarter.

Strategy execution progressed with new investment area Real Asset Debt established

Following the acquisition in July, we have welcomed the CAERUS team as part of CapMan. Integration is progressing as planned and with combined forces we have kicked-off fundraising for CAERUS VIII. CAERUS is a market leading German real estate debt investment manager and forms the core of CapMan's new investment area Real Asset Debt, that further strengthens our strategic focus on real assets.

We currently have fundraising ongoing or being planned in all investment areas. Since the start of the year CapMan has raised EUR 560 million of new capital primarily to the specialised open-ended Real Estate funds Hotels II, Social Real Estate and Residential. With continued investor appetite for these products, we are prioritising them and the first close target for Nordic Real Estate IV is consequently moved into 2026. For Natural Capital's European Forest Fund IV we see good momentum, and the target is to hold the first close by end of year. Within Infra we have started preparations for the third fund with fundraising start planned for 2026.

Value creation for our shareholders stays top priority as we continue to execute on our growth strategy with a focus on creating scalable profitable operations.  

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. EET

CapMan's management will present the result for the review period in a webcast to be held at 9:30 a.m. EET. Please access the webcast at https://capman.events.inderes.com/q3-2025. 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 1-9 2025 Interim Report

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation and €7.1 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