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
MEUR 1-9/25 1-9/24
Continuing operations:
Operating profit 17.2 11.1
Items impacting comparability 1.9 2.0
Comparable operating profit 19.1 13.1
Result for the period 11.8 5.8
Items impacting comparability 1.6 1.8
Comparable result for the period 13.4 7.6
Earnings per share, cents 5.5 0.9
Items impacting comparability, cents 0.9 1.0
Comparable earnings per share, cents 6.4 1.9
Earnings per share, diluted, cents 5.5 0.9
Items impacting comparability, cents 0.9 1.0
Comparable earnings per share, diluted, cents 6.4 1.9
% 30 Sep 25 30 Sep 24
Return on equity, % p.a. 8.0 9.7
Return on equity from 9.1 8.0
continuing operations,
comparable, % p.a.
Equity ratio, % 59.3 48.6
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