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CapMan (CAPMAN) investor relations material
CapMan Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved record levels in all key financial metrics for 2025, including assets under management (AUM), fee income, and fee profit, with AUM rising 19% year-over-year to €7.2 billion.
Revenue increased 9% to €63 million, driven by 11% growth in fee income; operating profit rose 39% to €23.2 million.
Strategic focus strengthened on real asset investments through major acquisitions and new fund launches, targeting €10 billion AUM.
Major acquisitions included Midstar Fastigheter AB's hotel portfolio and a 51% stake in CAERUS Debt Investments AG, expanding real asset debt capabilities.
Completed 15 exits and deployed capital into 10 platform investments, with strong value creation across all funds.
Financial highlights
Comparable EBIT rose 36% to €25.8 million, driven by fee profit growth and strong fair value development.
Fee income reached €58.9 million (+11% year-over-year); fee profit was €7.4 million (+6%).
Carried interest at €3 million, slightly down due to timing of exits; fair value changes totaled €15.5 million (+99%).
Equity ratio stood at 57.6% as of December 31, 2025; cash and short-term assets at €65 million, with €20 million undrawn credit.
Return on equity was 9% for 2025.
Outlook and guidance
Assets under management and fee profit are expected to grow in 2026, though no numeric guidance is provided due to business volatility.
Several flagship fundraisings ongoing across Infra, real asset debt, Natural Capital, and real estate.
Market sentiment improving but still uncertain; investors showing more willingness to allocate capital.
Focus remains on scaling real asset strategies and fundraising for flagship funds.
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