CapMan (CAPMAN) Q1 2025 earnings summary

Executive summary

• Assets under management (AUM) grew 6% to EUR 6.4 billion in Q1 2025, driven by the Hotels II fund's acquisition of Midstar Fastigheter's hotel portfolio.

• Fee profit rose 46% to EUR 1.5 million, supported by strong fund performance and positive fair value development.

• Revenue for Q1 was EUR 13 million, with 8% growth in fee income but no material carried interest, resulting in a year-over-year decline in total revenue.

• Comparable EBIT grew 5% to EUR 7.2 million; operating profit up 22% to EUR 6.9 million.

• CapMan continues to focus on responsible investing, scaling real asset strategies, and sustainability initiatives.

Financial highlights

• Fee profit reached EUR 1.5 million, up 46% year-over-year, with a three-year average annual growth of 26%.

• Fair value of balance sheet investments at EUR 184 million, with a positive fair value change of EUR 5.7 million (3.3% increase).

• Cash and short-term financial assets at EUR 80 million; total liquidity (including credit limits) at EUR 100 million.

• Equity at EUR 193 million and equity ratio of 57.4%.

• Interest-bearing net debt decreased to EUR 28.5 million from EUR 44.2 million year-over-year.

Outlook and guidance

• Long-term financial objectives unchanged: revenue growth above 15% annually, return on equity above 20%, equity ratio above 50%, and sustainable, growing distributions.

• AUM and fee profit expected to grow in 2025, though no numeric estimates are provided due to external factors.

• Market uncertainty and geopolitical risks are expected to delay decision-making and fundraising, with improvement more likely in the latter part of the year.

• Long-term sector growth forecast of 8%-10% per year remains valid.