CapMan (CAPMAN) investor relations material

Executive summary

• Achieved record capital intake and first closes in flagship real estate and infrastructure funds, driving assets under management (AUM) to an all-time high of €7.7 billion as of June 30, 2026, up 6% since year-end 2025.

• Expanded into European infrastructure debt and opened a Paris office, strengthening Western European presence and advancing strategic growth initiatives.

• Fee income grew 16% year-over-year to €31.1 million, and fee profit rose 28% to €3.6 million, reflecting strong scalability and margin improvement.

• Eleven new fund investments and four successful exits were completed in H1 2026, supporting capital distributions and future carried interest.

Financial highlights

• Group revenue increased 16% year-over-year to €31.4 million for H1 2026, mainly from fee income growth.

• Comparable EBIT was €10 million, nearly flat year-over-year due to lower fair value uplift.

• Fee profit margin improved to 11% in H1 2026, with fee profit before group costs reaching €4.9 million, up 13% year-over-year.

• Fair value changes of investments totaled €6.2 million (3.4% for H1), with a three-year average return of +4.7% p.a.

• Net carried interest for H1 2026 was €0.3 million, up 67% year-over-year, with higher carry expected in H2.

Outlook and guidance

• AUM and fee profit are expected to grow in 2026, but no numeric estimates are provided due to business volatility.

• On track to reach €10 billion AUM by end of 2027, requiring 16% annual growth in 2026–2027 through scaling real asset strategies and new product launches.

• Fee profit margin expected to improve as large funds reach final closes and AUM grows.

• Carried interest income and investment returns will continue to significantly impact results.