CapMan (CAPMAN) CMD 2025 summary

Strategic direction and transformation

• Targeting €10 billion AUM by 2027, up from €6.1 billion in 2024, through scaling real asset strategies, new product launches, and targeted acquisitions, following divestments and acquisitions like Dasos Capital.

• Real assets—real estate, infrastructure, and natural capital—now represent 75% of AUM, with flagship funds and international capital driving growth.

• Transformation over the past two years has created a scalable, technology-enabled, and people-focused platform, with ongoing investments in people and technology.

• Four strategic programs drive growth: Winning Team, Investors' Choice, Nimble Operations, and Sustainability.

• Half of AUM is now sourced from institutional investors outside the Nordics, a trend expected to continue.

Financial performance and guidance

• AUM reached €6.1 billion in 2024, growing 22% from 2023, with a target of €10 billion by 2027; turnover was €58 million and fee income €53 million in 2024.

• Fee income is expected to grow in line with AUM, while fee profit is projected to grow faster due to scalability and margin improvements.

• Dividend proposed at €0.14 per share for 2024, with a policy of sustainable, growing distributions.

• Long-term financial objectives: >15% annual growth in management company and service business, ROE above 20%, and equity ratio above 50%.

• Over 90% of revenue now comes from recurring fee income, with carried interest and fair value changes providing upside.

Business area developments and operational highlights

• Real Estate: Over 80% of capital comes from outside the Nordics; focus on value-add and income funds, with plans to double AUM in income funds and launch new value-add funds.

• Infrastructure: €650 million AUM across two funds, targeting core plus assets up to €200 million EV, with strong performance and plans for a larger Fund III.

• Natural Capital: €1.5 billion portfolio, 240,000 hectares in eight countries, double-digit returns, and a new European Forest Fund IV in fundraising.

• Hotels II acquisition of Midstar Fastigheter's portfolio in 2025 doubled fund size and added €0.4 billion fee-paying AUM.

• €1.3 billion undeployed capital available for new investments, supporting future growth.