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
MEUR 1-6/25 1-6/24restated
Continuing operations:
Operating profit 9.3 9.4
Items impacting comparability 1.3 1.6
Comparable operating profit 10.6 11.0
Result for the period 5.6 6.2
Items impacting comparability 1.0 1.5
Comparable result for the period 6.7 7.7
Earnings per share, cents 2.4 1.6
Items impacting comparability, cents 0.6 0.8
Comparable earnings per share, cents 3.0 2.4
Earnings per share, diluted, cents 2.4 1.6
Items impacting comparability, cents 0.6 0.8
Comparable earnings per share, diluted, cents 3.0 2.4
% 30 Jun 25 30 Jun 24restated
Return on equity, % p.a. 5.6 13.6
Return on equity from 6.4 11.9
continuing operations,
comparable, % p.a.
Equity ratio, % 60.7 50.7
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