CapMan (CAPMAN) AGM 2026 presentation summary

Strategic and operational highlights

• Achieved record high fee income, fee profit, and assets under management (AUM) in 2025, with AUM reaching €7.2 billion, up 19% year-on-year.

• Significant acquisitions included CAERUS (real estate debt manager) and Midstar Fastigheter's hotel portfolio, expanding real asset and debt offerings.

• Strategic focus on scaling real asset investment strategies, launching new products, and targeted acquisitions to reach €10 billion AUM by 2027.

• Strong cost control and operational scalability achieved through over 20 automation and technology projects in 2025.

• Sustainability efforts recognized with top international ESG ratings and benchmarks.

Financial performance

• Revenue for 2025 was €63.0 million, with comparable EBIT of €25.8 million and a fee profit margin of 12%.

• Average annual AUM growth was 20% from 2023–2025, with fee profit growing faster than fee income due to operational scaling.

• Equity stood at €194.4 million with a 57.6% equity ratio, and liquidity was strong with €65 million in cash and €20 million undrawn credit.

• Dividend proposal for 2025 is €0.12 per share, with €0.06 to be paid in April 2026 and an additional €0.06 subject to Board approval.

Investment activity and portfolio development

• Raised €900 million in new capital and added €600 million AUM via CAERUS acquisition in 2025.

• Hotels II acquisition doubled fund size, adding €400 million AUM and expanding Nordic hotel portfolio.

• 2025 saw ten new investments and 15 successful exits, with 90% of funds in value creation phase above hurdle.

• Continued strong transaction activity into early 2026 with several new investments and exits.